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1 Accounting policies
1.1 General information
Bytes Technology Group plc, together with its subsidiaries
(\u2018the Group\u2019 or \u2018the Bytes business\u2019) is one of the UK\u2019s
leading providers of IT software offerings and solutions,
with a focus on cloud and security products. The Group
enables effective and cost-efficient technology sourcing,
adoption and management across software services,
including in the areas of security and cloud. The Group
aims to deliver the latest technology to a diverse and
embedded non-consumer customer base and has a long
track record of delivering strong financial performance.
The Group has a primary listing on the Main Market of the
London Stock Exchange (LSE) and a secondary listing on
the Johannesburg Stock Exchange (JSE).
1.2 Basis of preparation
The Group\u2019s consolidated financial statements have been
prepared in accordance with UK-adopted International
Accounting Standards (IAS) in conformity with the
requirements of the Companies Act 2006.
The Group\u2019s material accounting policies and
presentation considerations on both the current and
comparative periods are detailed below.
In adopting the going concern basis for preparing the
financial statements, the directors have considered the
business activities and the Group\u2019s principal risks and
uncertainties in the context of the current operating
environment. This includes the current geopolitical
environment, the current challenging economic
conditions, and reviews of future liquidity headroom
against the Group\u2019s revolving credit facilities, during the
period under assessment. The approach and conclusion
are set out fully in note 1.3.
The consolidated financial statements comprise the
financial statements of the Company and its subsidiaries,
see notes 1.6.1 and 1.6.2, and have been prepared on a
historical cost basis, as modified to include derivative
financial assets and liabilities at fair value through the
consolidated statement of profit or loss.
1.3 Going concern
The going concern of the Group is dependent on
maintaining adequate levels of resources to continue to
operate for the foreseeable future. The directors have
considered the principal risks, which are set out in the
Group\u2019s strategic report, in addition to ever-present risks
such as the Group\u2019s exposure to credit risk as described in
note 17, and liquidity risk, currency risk and foreign
exchange risk as described in note 23.
When assessing the going concern of the Group, the
directors have reviewed the year-to-date financial results,
as well as detailed financial forecasts for the going
concern assessment period up to 31 August 2026, being
15 months after the authorisation of these financial
statements.
The assumptions used in the financial forecasts are based
on the Group\u2019s historical performance and management\u2019s
extensive experience of the industry. Taking into
consideration the Group\u2019s principal risks, the impact of the
current economic conditions and geopolitical
environment, and future expectations, the forecasts have
been stress-tested through a number of downside
scenarios to ensure that a robust assessment of the
Group\u2019s working capital and cash requirements has been
performed.
Operational performance and operating model
Following the previous years of strong growth since it
listed in December 2020, the Group has again achieved
double-digit growth in gross invoiced income (GII), gross
profit (GP) and operating profit, and finished the year with
\u00a3113.1 million of cash compared to the prior year
\u00a388.8 million.
During the year, customers have continued to move their
software products and data off-site and into the cloud,
requiring the Group\u2019s advice and ongoing support around
this, as well as needing flexibility and added security, with
hybrid working continuing to be significant for many
customers.
We are also seeing growing requirements for artificial
intelligence (AI) functionality within IT applications and a
demand for guidance and support from our customers.
While we also recognise this as an emerging risk, due to
the potential of this technology to change the IT and
working landscape and the associated risks from security,
moral, legal and ethical standpoints, we primarily consider
AI and machine learning an opportunity for our business,
as we expand sales into areas such as Microsoft\u2019s Copilot
and support our customers to capitalise on this emerging
technology.
Resilience continues to be built into the Group\u2019s operating
model from its wide customer base, high levels of repeat
business, strong vendor relationships and incentive
funding, increased demand driven by heightened IT
security risks, and the back-to-back nature of most of its
sales. This is explained further below.
\u2022 \u2022 Wide ranging customer base \u2013 The Group\u2019s income
includes a large volume of non-discretionary spend
from UK corporates because IT is vital to run their
day-to-day operations and to establish competitive
advantage in an increasingly digital age. Public sector
organisations have similarly sought efficiencies,
resilience, and security within their IT infrastructures.
This is evident from the 15.2% increase in GII during
the year, and our mix of private and public customers
across multiple sectors means that a downturn in one
area can be compensated by upturns in others.
Sales risk is further mitigated by the fact that none of
the Group\u2019s wide range of customers contributes
more than 1.3% of GP. Indeed, during the year only six
customers generated GP in excess of \u00a31 million out of
a total Group GP of \u00a3163.2 million, the largest
\u00a32.1 million and the six combined at \u00a38.3 million (5.1%
of total GP). While we have some significant
contributions to our GII by individual customers, most
notably the NHS, these are primarily long-term
(three-year) contracts within the public sector, which
makes our income even more secure and provides
the opportunity to develop and monetise those
accounts further. Even then, the largest customer has
provided only 9.1% of our total GII of \u00a32.1 billion
during the year.
\u2022 \u2022 High levels of repeat business \u2013 Due to the nature of
licensing schemes and service contracts, a high
proportion of business is repeatable in nature, with
subscriptions needing to be renewed for the customer
to continue to enjoy the benefit of the product or
service. Indeed, excluding sales of hardware and
services, the remaining dominant balance of our GII
\u2013 some \u00a32.0 billion (95%) of software \u2013 falls into this
bracket. The largest software contracts, Microsoft
enterprise agreements (EAs), run for three years and
it is rare to lose a contract mid-term, which mitigates
the risk of income reducing rapidly. The Group has a
high success rate in securing renewals of existing EA
agreements and winning new ones.
Increasingly, customers transact their cloud software
requirements under usage-based cloud solution
provider (CSP) contracts, which provide flexibility but
also make the running of many of their key business
functions dependent on maintaining these
agreements and reliant on the Group\u2019s support to
manage them.
The high level of customer retention and growth is
illustrated by the renewal rate for the year of 109%,
a measure of the rate of growth in GP from existing
customers, who also contributed 97% of total GP
in the year. The Group will continue to focus on
increasing its customer base and spend per
customer during the going concern period.
\u2022 \u2022 Microsoft relationship strength \u2013 With around 68% of
the Group\u2019s GII and around 50% of GP generated
from sales of Microsoft products and associated
service solutions, this continues to be a very
important partnership for both sides. These
contributions from Microsoft remain in line with
previous years in percentage terms; in absolute
terms, as our largest vendor, we have now seen their
contribution to GII and GP exceed \u00a31.4 billion and
\u00a380 million respectively.
As with the customer side, the licensing of a large
proportion of EA software over three-year terms
reduces the risk of income falling away quickly. Also,
with the notable move towards more agile \u2018pay-as-
you-go\u2019 CSP contracts around cloud-based
applications, this makes those agreements even more
\u2018sticky\u2019, by increasing the dependency of the
customer on the cloud infrastructure and products
which Microsoft provides.
Further, the Microsoft partnership has created the
opportunity for the Group to develop a host of skill
sets, so it is best placed to advise and support the
customers in whatever direction they choose to fulfil
their licensing requirements from a programmatic,
purchasing and consumption perspective. To this
end, the Group has attained high levels of Microsoft
expert status, specialisations and solution
partner designations in numerous Microsoft
technology areas.
The Board and operating company directors are
engaged directly with Microsoft executives on a
regular basis in developing the partnership further
and Microsoft business is currently growing at
double-digit rates.
In two areas in particular we are seeing high levels of
interest leading to increased demand. The first is for
security products and functionality to protect
customer IT systems. This has arisen from the
increased risk of cyber threats and attacks and has
generated additional requirements for the Group\u2019s
support in this area.
The second has arisen from Microsoft\u2019s launch of its AI
product, Copilot. The Group has been highly engaged
this year in educating customers and supporting them
in improving their productivity using Copilot within their
Microsoft 365 applications, and we have developed
associated services to support customer readiness
and adoption. We will continue to carefully expand our
internal skills in line with this increasing AI momentum
in the next year and beyond and to complement the
existing Microsoft solutions we sell.
While vendor concentration, and over-reliance on any
one supplier, is identified as one of our principal risks,
the very close daily workings between the two sides,
the mutually beneficial growth in business, and the
increase in accreditations and awards, makes the
Group a key partner to Microsoft, as they are to us.
We therefore believe the risk of cessation of the
Microsoft relationship to be remote.
\u2022 Microsoft incentives \u2013 Microsoft rewards partners with a range of incentives comprising transactional rebates and fees for license sales plus additional levels of funding for partners who have attained their technical specialisations through a range of programmes aligned to customer engagement in areas such as cloud migrations, and technology onboarding, adoption and consumption. This latter funding corresponds strongly to the Group\u2019s strategic focus on services and solutions expansion, so is a growing income stream which supplements the traditional transactional schemes. Hence while recent Microsoft EA incentive changes will see certain transactional rebates and fees reduced, the Group has the opportunity to offset this through the growth of other services linked incentives. Further, any negative impact on EA profitability will diminish as we move through the going concern period as new and renewing contracts are re-priced to reflect the new level of EA incentives available, which affects all Microsoft partners similarly, and hence we will compete for future business on a level playing field. The Group is therefore well positioned to manage such changes, backed by our long track record of successfully adapting to shifts in Microsoft, and other vendor, programmes generally. We therefore believe our stress tests, detailed below, consider downsides around reducing gross profit that are sufficiently severe to cater for any adverse impacts from these incentive changes, should they arise. \u2022 \u2022 Back-to-back sales model \u2013 The Group\u2019s business is substantially derived from the sale of software that it transacts on a \u2018back-to-back\u2019 basis, meaning all orders placed with vendors follow the receipt of a customer order, and the intangible nature of software products means that the Group is not exposed to inventory risk. Hardware sales are also made on a back-to-back basis, and delivered direct from suppliers to customers, so the Group is not required to invest in, or hold, stock. As a result of these factors described above, the directors believe that the Group operates in a resilient industry, which will enable it to continue its profitable growth trajectory \u2013 but it remains very aware of the risks that exist in the wider economy. Over the past year we have seen continued risks arising from macroeconomic and geopolitical factors which align to those identified in our principal risks statement, notably economic disruption, inflation, and attraction and retention of staff. The Board monitors these macroeconomic and geopolitical risks on an ongoing basis. These risks are considered further below. Macroeconomic risks \u2022 \u2022 Cost of sales inflation and competition leading to margin pressure \u2013 While pricing from our suppliers may be at risk of increasing, as they too face the same macroeconomic pressures as ourselves, our commercial model is based on passing on supplier price increases to our customers. We also see pressure from our customers, notably in the public sector space where new business must often be won under highly competitive tendering processes. So, while there has been a small reduction in our GP/GII margin from 8.0% last year to 7.8% this year, it has been substantially contained and remains one of the biggest focus areas in our business. \u2022 \u2022 Wage inflation \u2013 The business has been facing pressure from wage inflation over the past two to three years. Where strategically required, we have increased salaries to retain key staff in the light of approaches from competitors, especially where staff have specialist or technical skills. We monitor our staff attrition rate and have maintained a level around 14%, which is down on last year\u2019s 16%. We do not believe there has been any significant outflow of staff due to being uncompetitive with salaries. We have a strong, collaborative and supportive culture and offer our staff employment in a business that is robust and they are proud of. This is a key part of our attraction and retention strategy. In addition, when we look at our key operational efficiency ratio of operating profit/GP, we have achieved just over 40% which is in line with last year, demonstrating the control over rising staff costs in response to the growth of the business. While we have already aligned staff salaries to market rates, further expected rises have been factored into the financial forecasts in line with those awarded in the past year. \u2022 \u2022 Interest rates \u2013 While interest rates have been high in the past two years, they have now appeared to stabilise and started to fall. The Group has no debt exposure, nor has it ever needed to call on its revolving credit facility (RCF). Due to the timing difference we see in our cash flow model between customer receipts and supplier payments, we place cash on the money markets through our monthly cash cycle. While interest rates may fall further in the coming months we still see substantial interest income opportunity over the going concern period. We take have taken advantage of the recent higher interest rates to generate a significant \u00a38.5 million of interest income in the reporting period and with projected growth in profits and cash we should be able to offset rate reductions. \u2022 \u2022 Economic conditions impacting on customer spending \u2013 While customers may consider reducing spending on IT goods and services, if they are seen as non-essential, we have seen increased spending by our customers, because IT may be a means to efficiencies and savings elsewhere. As our customers undergo IT transformation, trending to the cloud, automation and managed service, and with growing cybersecurity concerns also heightening the requirements for IT security, we are seeing no let-up in demand, as illustrated by our reported trading performance. This is supported by our robust operating model, with business spread over many customers in repeat subscription programmes and service contracts, and high renewal rates. \u2022 Economic conditions impacting on customer payments \u2013 Across the year we have seen our average debtor days of 38 remaining close to that in the previous two years of 37 and 39 respectively and with our closing debtor days standing at just 32. There is limited evidence that customers ultimately do not pay and we have only suffered \u00a30.7 million of bad debt during the year against GII of \u00a32.1 billion (see note 17). We were carrying sufficient loss allowance to cover this. As in previous years, the majority of our GII (65%), came from the public sector, traditionally with low credit risk, while our corporate customer base includes a wide range of blue-chip organisations and with no material reliance on any single customer. \u2022 \u2022 Tariffs impacting the Group directly or indirectly \u2013 Recently we have seen the introduction of import tariffs by certain countries which will increase the cost of imported goods within the global supply chain. As we are neither a significant exporter nor importer of goods, we do not expect this will have a direct material impact on the profitability of the business within the going concern period. This is a fast moving matter which we will therefore continue to monitor closely for further changes, and in particular for any indirect impact on our customers\u2019 spending and payments, as noted above. Geopolitical risks The current geopolitical environment, including the ongoing conflicts in Ukraine and the Middle East, has created potential supply problems, product shortages and general price rises, particularly in relation to fuel, gas and electricity. \u2022 \u2022 In terms of supply chain, we are not significantly or materially dependent on the movement of goods, so physical trade obstacles are not likely to affect us directly, with hardware making up less than 2% of our GII during the year. Nevertheless, we have ensured that we have a number of suppliers with substitute, or alternative, technologies that we can rely on if one supplier cannot meet our requirements or timescales. This indicates that we have managed the supply chain well. \u2022 \u2022 Software sales though continue to be the dominant element of our overall GII and hence are not inherently affected by cross-border issues. Climate change risks The Group does not believe that the effects of climate change will have a material impact on its operations and performance over the going concern assessment period. Climate risks are considered fully in the Task Force on Climate-related Financial Disclosures (TCFD) included in the Annual Report. Liquidity and financing position At 28 February 2025, the Group held instantly accessible cash and cash equivalents of \u00a3113.1 million. The consolidated balance sheet shows net current assets of \u00a338.2 million at year end; this amount is after the Group paid final and special dividends for the prior year totalling \u00a335.4 million and an interim dividend for the current year of \u00a37.5 million. Post year end the Group has remained cash positive and this is expected to remain the case with continued profitable operations in the future and customer receipts collected ahead of making the associated supplier payments. The Group has access to a committed RCF of \u00a330 million with HSBC. The facility commenced on 17 May 2023, replacing the Group\u2019s previous facility for the same amount, and runs for three years, until 17 May 2026. The new facility includes an optional one-year extension to 17 May 2027 and a non-committed \u00a320 million accordion to increase the availability of funding should it be required for future activity. To date, the Group has not been required to use either its previous or new facilities, and we do not forecast use of the new facility over the going concern assessment period. Approach to cash flow forecasts and downside testing The going concern analysis reflects the actual trading experience through the financial year to date, Board- approved budgets to 28 February 2026 and detailed financial forecasts for the period up to 31 August 2026, being the going concern assessment period. The Group has taken a measured approach to its forecasting and has balanced the expected trading conditions with available opportunities. In its assessment of going concern, the Board has considered the potential impact of the current economic conditions and geopolitical environment as described above. If any of these factors leads to a reduction in spending by the Group\u2019s customers, there may be an adverse effect on the Group\u2019s future GII, GP, operating profit, and debtor collection periods. Under such downsides, the Board has factored in the extent to which they might be offset by reductions in headcount, recruitment freezes and savings in pay costs (including commissions and bonuses). As part of the stressed scenario, where only partial mitigation of downsides is possible, the Board confirmed that the RCF would not need to be used during the going concern period up to 31 August 2026. Details of downside testing The Group assessed the going concern by comparing a base case scenario to two downside scenarios and in each of the downside cases taking into consideration two levels of mitigation, \u2018full\u2019 and \u2018partial\u2019. These scenarios are set out below. \u2022 \u2022 Base case was forecast using the Board-approved budget for the year ending 28 February 2026 and extended across the first six months of the following year to 31 August 2026. \u2022 \u2022 Downside case 1, Severe but plausible, modelled gross invoiced income reducing by 10% year on year, gross profit reducing by 15% year on year and debtor collection periods extending by five days, in each case effective from June 2025. \u2022 Downside case 2, Stressed, modelled both gross invoiced income and gross profit reducing by 30% year on year and debtor collection periods extending by ten days, again in each case effective from June 2025. \u2022 \u2022 Partial mitigation measures modelled immediate \u201cself-mitigating\u201d reduction of commission in line with falling gross profit, freezing recruitment of new heads and not replacing natural leavers from September 2025, freezing future pay from March 2026 (as current year rises are already committed) and freezing rises in general overheads from March 2026. \u2022 \u2022 Full mitigation measures modelled additional headcount reductions from March 2026, in line with falling gross profit. The pay and headcount mitigations applied in the downside scenarios are within the Group\u2019s control and, depending on how severe the impacts of the modelled downside scenarios are, the Group could activate further levels of mitigation. For example: \u2022 \u2022 those relating to headcount freezes or reductions could be implemented even more quickly than indicated above to respond to downward trends as, considering the sudden and significant falls in profitability and cash collections modelled under both downsides, we would not wait for a full three months before taking any action. \u2022 \u2022 we would also be able to take more action to lower our operating cost base, given the flexibility of our business model. \u2022 \u2022 a natural reduction in the level of shareholder dividends would follow, in line with the modelled reductions in profit after tax. Therefore, the Board believes that all mitigations have been applied prudently and are within the Group\u2019s control. Under all scenarios assessed, the Group would remain cash positive throughout the whole of the going concern period and therefore with no requirement to call upon the revolving credit facility and remaining compliant with the facility covenants. Dividends are forecast to continue to be paid in line with the Group\u2019s dividend policy to distribute 40\u201350% of the post-tax pre-exceptional earnings to shareholders. The directors consider that the level of stress-testing is appropriate to reflect the potential collective impact of all the macroeconomic and geopolitical matters described and considered above. Going concern conclusion Based on the analysis described above, the Group has sufficient liquidity headroom through the forecast period. The directors therefore have reasonable expectation that the Group has the financial resources to enable it to continue in operational existence for the period up to 31 August 2026, being the going concern assessment period. Accordingly, the directors conclude it to be appropriate that the consolidated financial statements be prepared on a going concern basis. 1.4 Critical accounting estimates and judgements The preparation of the consolidated financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. This note provides an overview of the areas that involved estimates or judgements and whether any are considered critical due to their complexity or risk impact. (i) Critical estimates and judgements There are no critical areas of judgement. There are no critical areas of estimation uncertainty that may have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. (ii) Other estimates and judgements Areas involving non-critical accounting estimates and judgements are: \u2022 \u2022 Principal versus agent (see note 1.10). When recognising revenue, the Group is required to assess whether its role in satisfying its various performance obligations is to provide the goods or services themselves (in which case it is considered to be acting as principal) or arrange for a third party to provide the goods or services (in which case it is considered to be acting as agent). Where it is considered to be acting as principal, the Group recognises revenue at the gross amount of consideration to which it expects to be entitled. Where it is considered to be acting as agent, the Group recognises revenue at the amount of any fee or commission to which it expects to be entitled or the net amount of consideration that it retains after paying the other party. To determine the nature of its obligation, the standard primarily requires that an entity shall: (a) Identify the specified goods or services to be provided to the customer (b) Assess whether it controls each specified good or service before that good or service is transferred to the customer by considering if it: a. is primarily responsible for fulfilling the promise to provide the specified good or service b. has inventory risk before the specified good or service has been transferred to a customer c. has discretion in establishing the price for the specified good or service. The specific judgements made for each revenue category are discussed in the accounting policy for revenue as disclosed in note 1.10. The Group considers the determination of principal versus agent to be well established within the business processes. Therefore management has concluded that the level of judgement is no longer considered to be significant. \u2022 Estimation of recoverable amount of goodwill (see notes 1.15 and 11). The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in note 1.15. The recoverable amounts of the relevant cash generating units (CGUs) have been determined based on value-in-use calculations in respect of future forecasts which require the use of assumptions. The growth rates used in the short-term forecasts are based on historical growth rates achieved by the Group and longer-term cash flow forecasts (beyond a five-year period) are extrapolated using the estimated growth rates disclosed in note 11. The forecast cash flows are discounted, at the rates disclosed in note 11, to determine the CGUs value in use. The sensitivity of changes in the estimated growth rates and the discount rate are disclosed in note 11. \u2022 \u2022 Provisions (see note 1.24). IAS 37 Provisions, Contingent Liabilities and Contingent Assets requires a provision to be recognised when an entity has a present obligation (legal or constructive) because of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the obligation. If any of the conditions for recognition are not met, no provision is recognised, and an entity may instead have a contingent liability. Contingent liabilities are not recognised, but explanatory disclosures are required, unless the possibility of an outflow in settlement is remote. The Group makes provision for future tax liabilities and assets in relation to its unexercised share options. This requires judgement to be made in respect of the Group share price at the time of exercise which crystalises the future liability or asset. \u2022 \u2022 Property, plant and equipment (see note 1.20). The Group classifies owner occupied properties as property, plan and equipment. Where tenancies were assumed upon acquisition of the properties and rental income are earned, this requires judgement as to whether the properties are property, plant and equipment or investment property taking into account the evaluation of terms and conditions of the arrangement and intention of future use. \u2022 \u2022 Estimation of recoverable amount of investment in associate (see note 12). The Group tests annually whether its investment in associate has suffered any impairment, in accordance with the accounting policy stated in note 1.15 Impairment of non-financial assets. The recoverable amount of the Group\u2019s investment has been estimated based on value-in-use calculations in respect of future forecasts which require the use of assumptions. The growth rates used in the short-term forecasts are based on historical growth rates achieved and longer-term cash flow forecasts (beyond a five-year period) are extrapolated using the estimated growth rates disclosed in note 12. The forecast cash flows are discounted, at the rates disclosed in note 12, to determine the value-in-use. The sensitivity of changes in these rates are disclosed in note 12. 1.5 New standards, interpretations and amendments adopted by the Group (a) New and amended standards adopted by the Group The Group has applied the following standard or amendments for the first time in the annual reporting period commencing 1 March 2024: \u2022 \u2022 Classification of liabilities as current or non-current \u2013 Amendments to IAS 1 \u2022 \u2022 Non-current liabilities with covenants \u2013 Amendments to IAS 1 \u2022 \u2022 Lease liability in a sale and leaseback \u2013 Amendments to IFRS 16 \u2022 \u2022 Supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7 The amendments listed above did not have any impact on the amounts recognised in current or prior periods and are not expected to affect future periods. (b) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for the year ended 28 February 2025 and have not been adopted early by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods. \u0583 Lack of exchangeability \u2013 Amendments to IAS 21 \u0583 Classification and measurement of financial instruments \u2013 Amendments to IFRS 7 and IFRS 9 The Group is assessing the impact of IFRS 18 Presentation and disclosure in financial statements which, if adopted by the UK Endorsement Board, will be effective for reporting periods beginning on or after 1 January 2027. 1.6 Principles of consolidation 1.6.1 Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. 1.6.2 Associate An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The Group\u2019s investment in its associate is accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of profit of the associate. Where there is objective evidence that the investment in associate is impaired, the amount of the impairment is recognised within \u2018Share of profit of associate\u2019 in the statement of profit or loss. 1.7 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker who views the Group\u2019s operations on a combined level, given they sell similar products and services, and substantially purchase from the same suppliers and under common customer frameworks. The Group has therefore determined that it has only one reportable segment under IFRS 8, which is that of \u2018IT solutions provider\u2019. 1.8 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the effective interest method. Finance costs comprises interest expense on borrowings and the unwinding of the discount on lease liabilities, that are recognised in profit or loss as it accrues using the effective interest method. 1.9 Foreign currency translation (i) Functional and presentation currency Items included in the consolidated financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. All foreign exchange gains and losses are presented in the statement of profit or loss on a net basis, within \u2018other gains/(losses)\u2019. 1.10 Revenue recognition Revenue recognition principles across all revenue streams The Group recognises revenue on completion of its performance obligations at the fixed transaction prices specified in the underlying contracts or orders. There are no variable price elements arising from discounts, targets, loyalty points or returns. Where the contract or order includes more than one performance obligation, the transaction price is allocated to each obligation based on their stand-alone selling prices. These are separately listed as individual items within the contract or order. In the case of sales of third-party products and services, the Group\u2019s performance obligations are satisfied by fulfilling its contractual requirements with both the customer and the supplier (which may be direct with the product vendor), ensuring that orders are processed within any contractual timescales stipulated. In the case of sales of the Group\u2019s own in-house products and internal services, this includes the Group fulfilling its contractual responsibilities with the customer. Software The Group acts as an advisor, analysing customer requirements and designing an appropriate mix of software products under different licensing programmes. This may include a combination of cloud and on-premise products, typically used to enhance users\u2019 productivity, strengthen IT security or assist in collaboration. The way in which the Group satisfies its performance obligations depends on the licensing programme selected. Direct software sales \u2013 the Group\u2019s performance obligation is to facilitate software sales between vendors and customers, but the Group is not party to those sales contracts. Supply and activation of the software licences, invoicing and payment all take place directly between the vendor and the customer. The transaction price for the customer is set by the vendor with no involvement from the Group. Therefore, the Group does not control the licences prior to their delivery to the customer and hence acts as agent. The Group is compensated by the vendor with a fee based on fixed rates set by the vendor applied to the customer transaction price and determined according to the quantity and type of products sold. Revenue is recognised as the fee received from the vendor on a point in time basis when the vendor\u2019s invoicing to the customer takes place.
Indirect software sales \u2013 the Group\u2019s performance
obligation is to fulfil customers\u2019 requirements through the
procurement of appropriate on-premise software
products, or cloud-based software, from relevant
vendors. Operating as a reseller, the Group invoices, and
receives payment from, the customer itself. Whilst the
transaction price is set by the Group at the amount
specified in its contract with the customer, the software
licensing agreement is between the vendor and the
customer. The vendor is responsible for issuing the
licences and activation keys, for the software\u2019s
functionality, and for fulfilling the promise to provide the
licences to the customer. Therefore, the Group acts as
agent and revenue is recognised as the amount retained
after paying the software vendor. As a reseller, the Group
recognises indirect software sales revenue on a point-in-
time basis once it has satisfied its performance
obligations. This takes two main forms as follows:
In the case of cloud-based software sales, the Group
arranges for third-party vendors to provide customers
with access to software in the cloud. As the sales
value varies according to monthly usage, revenue is
recognised once the amount is confirmed by the
vendor and the Group has analysed the data and
advised the customer. This is because the
responsibilities of the Group to undertake such
activities mean that these performance obligations
are satisfied at each point usage occurs and the
Group has a right to receive payment.
In the case of licence sales (non cloud-based
software) arising from fixed-price subscriptions where
the customer makes an up-front payment, the Group
recognises revenue when the contract execution or
order is fulfilled by the Group because its
performance obligation is fully satisfied at that point.
Typically, these take the form of annual instalments
where the Group is required to undertake various
contract review activities at each anniversary date.
Hardware \u2013 resale of hardware products
The Group\u2019s activities under this revenue stream comprise
the sale of hardware items such as servers, laptops and
devices. For hardware sales, the Group acts as principal,
as it assumes primary responsibility for fulfilling the
promise to provide the goods and for their acceptability, is
exposed to inventory risk during the delivery period and
has discretion in establishing the selling price.
Revenue is recognised at the gross amount receivable
from the customer for the hardware provided and on a
point-in-time basis when delivered and control has
passed to the customer.
Services internal \u2013 provision of services to customers
using the Group\u2019s own internal resources
The Group\u2019s activities under this revenue stream comprise
the provision of consulting services using its own internal
resources. The services provided include, but are not limited
to, helpdesk support, cloud migration, implementation of
security solutions, infrastructure, and software asset
management services. The services may be one-off
projects where completion is determined on delivery of
contractually agreed tasks, or they may constitute an
ongoing set of managed service or support contract
deliverables over a contract term which may be multi-year.
When selling internally provided services, the Group acts
as principal as there are no other parties involved in the
process. Revenue is recognised at the gross amount
receivable from the customer for the services provided.
The Group recognises revenue from internally provided
consulting services on an over-time basis, unless they are
short term one-off projects. This is because the customer
benefits from the Group\u2019s activities as the Group performs
them. Where one-off projects are completed in less than a
month the revenue is recognised when the work has been
completed and the customer has confirmed all
performance conditions have been satisfied. For longer
service projects extending over more than one month the
Group applies an inputs basis by reference to the hours
expended to the measurement date, and the day rates
specified in the contract, subject to sign off of milestones
agreed with the customer. For managed services and
support contracts the revenue is recognised evenly over
the contract term.
Services external \u2013 provision of services to customers
using third-party contractors
The Group\u2019s activities under this revenue stream comprise
the sale of a variety of IT services which are provided by
third-party contractors. These may be similar to the
internally provided consulting services, where the Group
does not have the internal capacity at the time required by
the customer or may be services around different IT
technologies and solutions where the Group does not
have the relevant skills in-house.
Whilst the transaction price is set by the Group at the
amount specified in its contract with the customer, when
selling externally provided services, the Group acts as
agent because responsibility for delivering the service
relies on the performance of the third-party contractor.
If the customer is not satisfied with their performance, the
third party will assume responsibility for making good the
service and obtaining customer sign-off. The Group will
not pay the third party until customer sign-off has been
received. Revenue is recognised at the amount retained
after paying the service provider for the services delivered
to the customer on a point-in-time basis. The Group does
not control the services prior to their delivery and its
performance obligations are satisfied at the point the
service has been delivered by the third party and
confirmed with the customer.
1.11 Contract costs, assets and liabilities
Contract costs
Incremental costs of obtaining a contract
The Group recognises the incremental costs of obtaining
a contract when those costs are incurred. For revenue
recognised on a point-in-time basis, this is consistent with
the transfer of the goods or services to which those costs
relate. For revenue recognised on an over-time basis, the
Group applies the practical expedient available in IFRS 15
and recognises the costs as an expense when incurred
because the amortisation period of the asset that would
otherwise be recognised is less than one year.
Costs to fulfil a contract
The Group recognises the costs of fulfilling a contract
when those costs are incurred. This is because the nature
of those costs does not generate or enhance the Group\u2019s
resources in a way that enables it to satisfy its
performance obligations in the future and those costs do
not otherwise qualify for recognition as an asset.
Contract assets
The Group recognises a contract asset for accrued
revenue. Accrued revenue is revenue recognised from
performance obligations satisfied in the period that has
not yet been invoiced to the customer.
Contract assets also include costs to fulfil services
contracts (deferred costs) when the Group is invoiced by
suppliers before the related performance obligations of
the contract are satisfied by the third party. Deferred costs
are measured at the purchase price of the associated
services received. Deferred costs are released from the
consolidated statement of financial position in line with the
recognition of revenue on the specific transaction.
Contract liabilities
The Group recognises a contract liability for deferred
revenue when the customer is invoiced before the related
performance obligations of the contract are satisfied. A
contract liability is also recognised for payments received
in advance from customers. Contract liabilities are
recognised as revenue when the Group performs its
obligations under the contract to which they relate.
1.12 Incentives from suppliers
As a value-added IT reseller, the Group can earn incentive
income from suppliers in addition to any profit made on
the underlying transactions.
Rebates from software and hardware sales
Where the Group invoices a customer directly, it may
receive additional rebates from suppliers. These are
accounted for in the period in which they are earned and
are based on commercial agreements with suppliers.
Rebates earned are mainly determined by the type and
quantity of products within each sale but may also be
volume-purchase related. They are generally short term in
nature, with rebates earned but not yet received typically
relating to the preceding month\u2019s or quarter\u2019s trading.
Rebate income is recognised in cost of sales in the
consolidated statement of profit or loss and rebates
earned but not yet received are included within trade and
other receivables in the consolidated statement of
financial position.
Fees from software sales
Where the Group sells on behalf of a vendor who invoices
the customer directly, the Group is paid a fee from the vendor
for our service in managing the customer relationship and
providing licensing advice and support to them. As noted
above in note 1.10 under Direct software sales, the fee is
recognised in revenue when the vendor\u2019s invoicing to the
customer takes place. Fees recognised but not yet received
are included within trade and other receivables in the
consolidated statement of financial position.
Fees from service engagements
Where the Group provides internal services in relation to
certain vendor technologies, the activity may be funded by
the vendor themself rather than by the customer, for
example where the vendor is seeking to increase
awareness and/or uptake in certain technical solution
areas, refer to note 1.10 revenue recognition - services
internal.
1.13 Income tax
The income tax expense or credit for the period is the tax
payable on the current period\u2019s taxable income, based on
the applicable income tax rate for each jurisdiction, adjusted
by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses.
The current income tax charge is calculated based on the
tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the company and
its subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax
regulation is subject to interpretation. It establishes
provisions, where appropriate, based on amounts
expected to be paid to the tax authorities.
Deferred income tax is provided for in full, using the
liability method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying
amounts in the consolidated financial statements.
However, deferred tax liabilities are not recognised if they
arise from the initial recognition of goodwill. Deferred
income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other
than a business combination that, at the time of the
transaction, affects neither accounting nor taxable profit
or loss. Deferred income tax is determined using tax rates
(and laws) that have been enacted or substantially enacted
by the end of the reporting period and are expected to
apply when the related deferred income tax asset is
realised, or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable
that future taxable amounts will be available to utilise
those temporary differences and losses.
Deferred tax liabilities and assets are not recognised for
temporary differences between the carrying amount and
tax bases of investments in foreign operations where the
Group is able to control the timing of the reversal of the
temporary differences and it is probable that the
differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset where there is
a legally enforceable right to offset current tax assets and
liabilities and where the deferred tax balances relate to the
same taxation authority. Current tax assets and tax liabilities
are offset where the entity has a legally enforceable right to
offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss,
except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this
case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.
1.14 L ea ses
Group as a lessee
The Group leases a property and various motor vehicles.
Lease agreements are typically made for fixed periods but
may have extension options included. Lease terms are
negotiated on an individual basis and contain different
terms and conditions. The lease agreements do not
impose any covenants, but leased assets may not be used
as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a
corresponding liability at the date at which the leased
asset is available for use by the Group. Each lease
payment is allocated between the liability and finance
cost. The finance cost is charged to profit or loss over the
lease period to produce a constant periodic rate of
interest on the remaining balance of the liability for each
period. The right-of-use asset is depreciated over the
shorter of the asset\u2019s useful life and the lease term on a
straight-line basis. The Group is depreciating the right-of-
use assets over the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially
measured at the net present value of the minimum lease
payments. The net present value of the minimum lease
payments is calculated as follows:
\u2022 \u2022 Fixed payments, less any lease incentives receivable
\u2022 \u2022 Variable lease payments that are based on an index or
a rate
\u2022 \u2022 Amounts expected to be payable by the lessee under
residual value guarantees
\u2022 \u2022 The exercise price of a purchase option if the lessee is
reasonably certain to exercise that option
\u2022 \u2022 Payments of penalties for terminating the lease, if the
lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate
implicit in the lease; where this rate cannot be determined,
the Group\u2019s incremental borrowing rate is used.
Right-of-use assets are measured at cost comprising the
following:
\u2022 \u2022 The net present value of the minimum lease payments
\u2022 \u2022 Any lease payments made at, or before, the
commencement date less any lease incentives
received
\u2022 \u2022 Any initial direct costs.
Payments associated with short-term leases and leases of
low-value assets are recognised on a straight-line basis as
an expense in profit or loss. Short-term leases are leases
with a lease term of 12 months or less. Low-value assets
comprise IT equipment and small items of office furniture.
Depreciation
Depreciation is recognised in profit or loss for each
category of assets on a straight-line basis over the
lease term.
The estimated useful lives for the current and comparative
periods are as follows:
\u2022 \u2022 Buildings, 8 years
\u2022 \u2022 Motor vehicles, 2 to 3 years.
The depreciation methods, useful lives and residual values
are reassessed annually and adjusted if appropriate.
Gains and losses arising on the disposal of leased assets
are included as capital items in profit or loss.
Group as a lessor
Leases in which the Group does not transfer substantially
all the risks and rewards incidental to ownership of an
asset are classified as operating leases. Rental income
arising accounted for on a straight-line basis over the
lease term and is included in the statement of profit
or loss.
1.15 Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite
useful life are not subject to amortisation and are tested
annually for impairment, or more frequently if events or
changes in circumstances indicate that they might be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the
carrying amount might not be recoverable. 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 of disposal and value in use. For the purposes
of assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash
inflows which are largely independent of the cash inflows
from other assets or groups of assets (cash generating
units). Non-financial assets other than goodwill that
suffered an impairment are reviewed for possible reversal
of the impairment at the end of each reporting period.
1.16 Cash and cash equivalents
Cash is represented by cash in hand and deposits with
financial institutions repayable without penalty on notice
of not more than 24 hours. Cash equivalents are highly
liquid investments that mature in no more than three
months from the date of acquisition and that are readily
convertible to known amounts of cash with insignificant
risk of change in value.
For purposes of the consolidated statement of cash flows,
cash and cash equivalents consist of cash and short-term
deposits as defined above.
1.17 Trade receivables
Trade receivables are amounts due from customers for
merchandise sold or services rendered in the ordinary
course of business. Trade receivables are recognised
initially at the amount of consideration that is
unconditional, i.e. fair value and subsequently measured
at amortised cost using the effective interest method, less
loss allowance. Prepayments and other receivables are
stated at their nominal values.
1.18 Inventories
Inventories are measured at the lower of cost and net
realisable value considering market conditions and
technological changes. Cost is determined on the first-in
first-out and weighted average cost methods. Work and
contracts in progress and finished goods include direct
costs and an appropriate portion of attributable overhead
expenditure based on normal production capacity. Net
realisable value is the estimated selling price in the
ordinary course of business, less the estimated costs of
completion and selling expenses.
1.19 Financial instruments
Financial instruments comprise investments in equity,
loans receivable, trade and other receivables (excluding
prepayments), investments, cash and cash equivalents,
non-current loans, current loans, bank overdrafts,
derivatives and trade and other payables.
Recognition
Financial assets and liabilities are recognised in the
Group\u2019s statement of financial position when the Group
becomes a party to the contractual provisions of the
instruments. Financial assets are recognised on the date
the Group commits to purchase the instruments (trade
date accounting).
Financial assets are classified as current if expected to be
realised or settled within 12 months from the reporting
date; if not, they are classified as non-current. Financial
liabilities are classified as non-current if the Group has an
unconditional right to defer payment for more than 12
months from the reporting date.
Classification
The Group classifies financial assets on initial recognition
as measured at amortised cost, fair value through other
comprehensive income (FVOCI), or fair value through
profit or loss (FVTPL) based on the Group\u2019s business
model for managing the financial asset and the cash flow
characteristics of the financial asset.
Financial assets are classified as follows:
\u2022 \u2022 Financial assets to be measured subsequently at fair
value (either through other comprehensive income
(OCI) or through profit or loss)
\u2022 \u2022 Financial assets to be measured at amortised cost.
Financial assets are not reclassified unless the Group
changes its business model. In rare circumstances
where the Group does change its business model,
reclassifications are done prospectively from the date
that the Group changes its business model.
Financial liabilities are classified and measured at
amortised cost except for those derivative liabilities and
contingent considerations that are measured at FVTPL.
Measurement on initial recognition
All financial assets and financial liabilities are initially
measured at fair value, including transaction costs, except
for those classified as FVTPL which are initially measured
at fair value excluding transaction costs. Transaction costs
directly attributable to the acquisition of financial assets or
financial liabilities at FVTPL are recognised immediately in
profit or loss.
Subsequent measurement: financial assets
Subsequent to initial recognition, financial assets are
measured as described below:
\u2022 \u2022 FVTPL \u2013 these financial assets are subsequently
measured at fair value and changes therein (including
any interest or dividend income) are recognised in
profit or loss
\u2022 \u2022 Amortised cost \u2013 these financial assets are
subsequently measured at amortised cost using the
effective interest method, less impairment losses.
Interest income, foreign exchange gains and losses
and impairments are recognised in profit or loss. Any
gain or loss on derecognition is recognised in profit
or loss
\u2022 \u2022 Equity instruments at FVOCI \u2013 these financial assets
are subsequently measured at fair value. Dividends
are recognised in profit or loss when the right to
receive payment is established. Other net gains and
losses are recognised in OCI. On derecognition,
gains and losses accumulated in OCI are not
reclassified to profit or loss.
Subsequent measurement: financial liabilities
All financial liabilities, excluding derivative liabilities and
contingent consideration, are subsequently measured at
amortised cost using the effective interest method.
Derivative liabilities are subsequently measured at fair
value with changes therein recognised in profit or loss.
Derecognition
Financial assets are derecognised when the rights to
receive cash flows from the assets have expired or have
been transferred and the Group has transferred
substantially all risks and rewards of ownership. Financial
liabilities are derecognised when the obligations specified
in the contracts are discharged, cancelled or expire. On
derecognition of a financial asset or liability, any
difference between the carrying amount extinguished and
the consideration paid is recognised in profit or loss.
Offsetting financial instruments
Offsetting of financial assets and liabilities is applied when
there is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net basis or
realise the asset and settle the liability simultaneously. The
net amount is reported in the statement of financial position.
Impairment
The Group applies the IFRS 9 simplified approach to
measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables.
To measure the expected credit losses, trade receivables
have been grouped based on credit risk characteristics
and the days past due.
The expected credit loss (ECL) rates are based on the
payment profiles of sales over a 12-month period before
28 February 2025, 29 February 2024, and 1 March 2023
respectively and the corresponding historical credit
losses experienced within this period. The historical loss
rates are reviewed and adjusted to reflect current and
forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the
receivables.
Trade receivables are written off where there is no
reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include, among
others, the failure of a debtor to engage in a repayment
plan with the Group, and a failure to make contractual
payments for a period of greater than 120 days past due.
Impairment losses on trade receivables are presented as
net impairment losses within operating profit. Subsequent
recoveries of amounts previously written off are credited
against the same line item.
Derivatives
Derivatives are initially recognised at fair value on the date
that a derivative contract is entered into as either a
financial asset or financial liability if they are considered
material. Derivatives are subsequently remeasured to
their fair value at the end of each reporting period, with the
change in fair value being recognised in profit or loss.
1.20 Property, plant and equipment
Owned assets
Property, plant and equipment is measured at cost less
accumulated depreciation and impairment losses. When
components of an item of property, plant and equipment
have different useful lives, those components are
accounted for as separate items of property, plant and
equipment.
Property acquired and held for future use and
development as owner-occupied property is included in
owned property.
Cost includes expenditure that is directly attributable to
the acquisition of the asset. Purchased software that is
integral to the functionality of the related equipment is
capitalised as part of that equipment.
Subsequent costs
The Group recognises in the carrying amount of an item of
property, plant and equipment the cost of replacing part of
such an item when the cost is incurred, if it is probable that
future economic benefits embodied within the item will
flow to the Group and the cost of such item can be
measured reliably. The carrying amount of the replaced
item of property, plant and equipment is derecognised. All
other costs are recognised in profit or loss as an expense
when incurred.
Depreciation
Depreciation is recognised in profit or loss for each
category of assets on a straight-line basis over their
expected useful lives up to their respective estimated
residual values. Land is not depreciated.
The estimated useful lives for the current and comparative
periods are as follows:
\u2022 \u2022 Buildings, 20 to 50 years
\u2022 \u2022 Leasehold improvements (included in land and
buildings), shorter of lease period or useful life of
asset
\u2022 \u2022 Plant and machinery, 3 to 20 years
\u2022 \u2022 Motor vehicles, 4 to 8 years
\u2022 \u2022 Furniture and equipment, 5 to 20 years
\u2022 \u2022 IT equipment and software, 2 to 8 years
The depreciation methods, useful lives and residual values
are reassessed annually and adjusted if appropriate.
Gains and losses arising on the disposal of property, plant
and equipment are included in profit or loss.
1.21 Intangible assets
Goodwill
Goodwill is measured as described in note 1.15. Goodwill
on acquisitions of subsidiaries is included in intangible
assets. Goodwill is not amortised, but it is tested for
impairment annually, or more frequently if events or
changes in circumstances indicate that it might be
impaired and is carried at cost less accumulated
impairment losses. Gains and losses on the disposal of an
entity include the carrying amount of goodwill relating to
the entity sold.
Goodwill is allocated to cash generating units for the
purpose of impairment testing. The allocation is made to
those cash generating units or groups of cash generating
units that are expected to benefit from the business
combination in which the goodwill arose. The units or
groups of units are identified at the lowest level at which
goodwill is monitored for internal management purposes.
Brands and customer relationships
Brands and customer relationships acquired in a business
combination are recognised at fair value at the acquisition
date. They have a finite useful life and are subsequently
carried at cost less accumulated amortisation and
impairment losses.
The useful lives for the brands and customer relationships
are as follows:
\u2022 \u2022 Customer relationships, 10 years
\u2022 \u2022 Brands, 5 years.
Software
Costs associated with maintaining software programs are
recognised as an expense as incurred. Development
costs that are directly attributable to the design and
testing of identifiable and unique software products
controlled by the Group are recognised as intangible
assets where the following criteria are met:
\u2022 \u2022 It is technically feasible to complete the software so
that it will be available for use
\u2022 \u2022 Management intends to complete the software and
use or sell it
\u2022 \u2022 There is an ability to use or sell the software
\u2022 \u2022 It can be demonstrated how the software will
generate probable future economic benefits
\u2022 \u2022 Adequate technical, financial and other resources to
complete the development and to use or sell the
software are available
\u2022 \u2022 The expenditure attributable to the software during its
development can be reliably measured.
The useful lives for software is 2 to 8 years.
Research and development
Research expenditure and development expenditure that
do not meet the criteria above are recognised as an
expense as incurred. Development costs previously
recognised as an expense are not recognised as an asset
in a subsequent period.
1.22 Trade and other payables
Trade payables, sundry creditors and accrued expenses
are obligations to pay for goods or services that have been
acquired in the ordinary course of business from
suppliers. They are accounted for in accordance with the
accounting policy for financial liabilities as included
above. Amounts received from customers in advance,
prior to confirming the goods or services required, are
recorded as other payables. Upon delivery of the goods
and services, these amounts are recognised in revenue.
Other payables are stated at their nominal values.
1.23 Borrowings
Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of
the borrowings using the effective-interest method. Fees
paid on the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that it is
probable that some or all of the facility will be drawn down.
In this case, the fee is deferred until the drawdown occurs.
To the extent that there is no evidence that it is probable
that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and
amortised over the period of the facility to which it relates.
1.24 Provisions
Provisions are recognised when the Group has a present
legal or constructive obligation because of past events, for
which it is probable that an outflow of economic benefits
will be required to settle the obligation, and where a reliable
estimate can be made of the amount of the obligation.
Provisions are determined by discounting the expected
future cash flows at a pre-tax discount rate that reflects
current market assessments of the time value of money
and, where appropriate, the risks specific to the liability.
1.25 Employee benefits
Short-term obligations
Liabilities for wages and salaries, including non-monetary
benefits, annual leave and accumulating sick leave, that
are expected to be settled wholly within 12 months after
the end of the period in which the employees render the
related service are recognised in respect of employees\u2019
services up to the end of the reporting period and are
measured at the amounts expected to be paid when the
liabilities are settled. The liabilities are presented as
current employee benefit obligations in the balance sheet.
Post-employment obligations
The Group operates various defined contribution plans for
its employees. Once the contributions have been paid, the
Group has no further payment obligations. The
contributions are recognised as employee benefit
expense when they are due. Prepaid contributions are
recognised as an asset to the extent that a cash refund or
a reduction in the future payments is available.
Termination benefits
Termination benefits are payable when employment is
terminated by the Group before the normal retirement
date, or when an employee accepts voluntary redundancy
in exchange for these benefits. The Group recognises
termination benefits at the earlier of the following dates:
(a) when the Group can no longer withdraw the offer of
those benefits; and (b) when the Group recognises costs
for a restructuring that is within the scope of IAS 37 and
involves the payment of termination benefits. In the case
of an offer made to encourage voluntary redundancy, the
termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling
due more than 12 months after the end of the reporting
period are discounted to present value.
Share-based payments
Equity settled share-based payment incentive scheme
Share-based compensation benefits are provided to
particular employees of the Group through the Bytes
Technology Group plc share option plans. Information
relating to all schemes is provided in note 27.
Employee options
The fair values of options granted under the Bytes
Technology Group plc share option plans are recognised
as an employee benefit expense, with a corresponding
increase in equity. The total amount to be expensed is
determined by reference to the fair value of the options
granted. The share-based payment reserve comprises
the fair value of share awards granted which are not yet
exercised. The amount will be reversed to retained
earnings as and when the related awards vest and are
exercised by employees.
The total expense is recognised over the vesting period,
which is the period over which all the specified vesting
conditions are to be satisfied. At the end of each period,
the Group revises its estimates of the number of options
issued that are expected to vest based on the service
conditions. It recognises the impact of the revision to
original estimates, if any, in profit or loss, with a
corresponding adjustment to equity.
1.26 Share capital
Ordinary shares are classified as equity. Incremental
costs directly attributable to the issue of ordinary shares
are recognised as a deduction from equity, net of any tax
effects.
1.27 Dividends
Dividends paid on ordinary shares are classified as equity
and are recognised as distributions in equity.
1.28 Earnings per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
\u2022 \u2022 The profit attributable to owners of the company,
excluding any costs of servicing equity other than
ordinary shares
\u2022 \u2022 By the weighted average number of ordinary shares
outstanding during the financial year, adjusted for
bonus elements in ordinary shares issued during the
year and excluding treasury shares.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share to consider:
\u2022 \u2022 The after-income tax effect of interest and other
financing costs associated with dilutive potential
ordinary shares
\u2022 \u2022 The weighted average number of additional ordinary
shares that would have been outstanding, assuming
the conversion of all dilutive potential ordinary shares.
1.29 Rounding of amounts
All amounts disclosed in the consolidated financial
statements and notes have been rounded off to the
nearest thousand, unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-222": { "value": "1.1 General information Bytes Technology Group plc, together with its subsidiaries (\u2018the Group\u2019 or \u2018the Bytes business\u2019) is one of the UK\u2019s leading providers of IT software offerings and solutions, with a focus on cloud and security products. The Group enables effective and cost-efficient technology sourcing, adoption and management across software services, including in the areas of security and cloud. The Group aims to deliver the latest technology to a diverse and embedded non-consumer customer base and has a long track record of delivering strong financial performance. The Group has a primary listing on the Main Market of the London Stock Exchange (LSE) and a secondary listing on the Johannesburg Stock Exchange (JSE). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-2": { "value": "Bytes Technology Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-217": { "value": "Bytes Technology Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-220": { "value": "Bytes Technology Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-3": { "value": "one of the UK\u2019s leading providers of IT software offerings and solutions, with a focus on cloud and security products. The Group enables effective and cost-efficient technology sourcing, adoption and management across software services, including in the areas of security and cloud.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-223": { "value": "1.2 Basis of preparation The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006. The Group\u2019s material accounting policies and presentation considerations on both the current and comparative periods are detailed below. In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities and the Group\u2019s principal risks and uncertainties in the context of the current operating environment. This includes the current geopolitical environment, the current challenging economic conditions, and reviews of future liquidity headroom against the Group\u2019s revolving credit facilities, during the period under assessment. The approach and conclusion are set out fully in note 1.3. The consolidated financial statements comprise the financial statements of the Company and its subsidiaries, see notes 1.6.1 and 1.6.2, and have been prepared on a historical cost basis, as modified to include derivative financial assets and liabilities at fair value through the consolidated statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-277": { "value": "The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-224": { "value": "1.3 Going concern The going concern of the Group is dependent on maintaining adequate levels of resources to continue to operate for the foreseeable future. The directors have considered the principal risks, which are set out in the Group\u2019s strategic report, in addition to ever-present risks such as the Group\u2019s exposure to credit risk as described in note 17, and liquidity risk, currency risk and foreign exchange risk as described in note 23. When assessing the going concern of the Group, the directors have reviewed the year-to-date financial results, as well as detailed financial forecasts for the going concern assessment period up to 31 August 2026, being 15 months after the authorisation of these financial statements. The assumptions used in the financial forecasts are based on the Group\u2019s historical performance and management\u2019s extensive experience of the industry. Taking into consideration the Group\u2019s principal risks, the impact of the current economic conditions and geopolitical environment, and future expectations, the forecasts have been stress-tested through a number of downside scenarios to ensure that a robust assessment of the Group\u2019s working capital and cash requirements has been performed. Operational performance and operating model Following the previous years of strong growth since it listed in December 2020, the Group has again achieved double-digit growth in gross invoiced income (GII), gross profit (GP) and operating profit, and finished the year with \u00a3113.1 million of cash compared to the prior year \u00a388.8 million. During the year, customers have continued to move their software products and data off-site and into the cloud, requiring the Group\u2019s advice and ongoing support around this, as well as needing flexibility and added security, with hybrid working continuing to be significant for many customers. We are also seeing growing requirements for artificial intelligence (AI) functionality within IT applications and a demand for guidance and support from our customers. While we also recognise this as an emerging risk, due to the potential of this technology to change the IT and working landscape and the associated risks from security, moral, legal and ethical standpoints, we primarily consider AI and machine learning an opportunity for our business, as we expand sales into areas such as Microsoft\u2019s Copilot and support our customers to capitalise on this emerging technology. Resilience continues to be built into the Group\u2019s operating model from its wide customer base, high levels of repeat business, strong vendor relationships and incentive funding, increased demand driven by heightened IT security risks, and the back-to-back nature of most of its sales. This is explained further below. \u2022 \u2022 Wide ranging customer base \u2013 The Group\u2019s income includes a large volume of non-discretionary spend from UK corporates because IT is vital to run their day-to-day operations and to establish competitive advantage in an increasingly digital age. Public sector organisations have similarly sought efficiencies, resilience, and security within their IT infrastructures. This is evident from the 15.2% increase in GII during the year, and our mix of private and public customers across multiple sectors means that a downturn in one area can be compensated by upturns in others. Sales risk is further mitigated by the fact that none of the Group\u2019s wide range of customers contributes more than 1.3% of GP. Indeed, during the year only six customers generated GP in excess of \u00a31 million out of a total Group GP of \u00a3163.2 million, the largest \u00a32.1 million and the six combined at \u00a38.3 million (5.1% of total GP). While we have some significant contributions to our GII by individual customers, most notably the NHS, these are primarily long-term (three-year) contracts within the public sector, which makes our income even more secure and provides the opportunity to develop and monetise those accounts further. Even then, the largest customer has provided only 9.1% of our total GII of \u00a32.1 billion during the year. \u2022 \u2022 High levels of repeat business \u2013 Due to the nature of licensing schemes and service contracts, a high proportion of business is repeatable in nature, with subscriptions needing to be renewed for the customer to continue to enjoy the benefit of the product or service. Indeed, excluding sales of hardware and services, the remaining dominant balance of our GII \u2013 some \u00a32.0 billion (95%) of software \u2013 falls into this bracket. The largest software contracts, Microsoft enterprise agreements (EAs), run for three years and it is rare to lose a contract mid-term, which mitigates the risk of income reducing rapidly. The Group has a high success rate in securing renewals of existing EA agreements and winning new ones. Increasingly, customers transact their cloud software requirements under usage-based cloud solution provider (CSP) contracts, which provide flexibility but also make the running of many of their key business functions dependent on maintaining these agreements and reliant on the Group\u2019s support to manage them. The high level of customer retention and growth is illustrated by the renewal rate for the year of 109%, a measure of the rate of growth in GP from existing customers, who also contributed 97% of total GP in the year. The Group will continue to focus on increasing its customer base and spend per customer during the going concern period. \u2022 \u2022 Microsoft relationship strength \u2013 With around 68% of the Group\u2019s GII and around 50% of GP generated from sales of Microsoft products and associated service solutions, this continues to be a very important partnership for both sides. These contributions from Microsoft remain in line with previous years in percentage terms; in absolute terms, as our largest vendor, we have now seen their contribution to GII and GP exceed \u00a31.4 billion and \u00a380 million respectively. As with the customer side, the licensing of a large proportion of EA software over three-year terms reduces the risk of income falling away quickly. Also, with the notable move towards more agile \u2018pay-as- you-go\u2019 CSP contracts around cloud-based applications, this makes those agreements even more \u2018sticky\u2019, by increasing the dependency of the customer on the cloud infrastructure and products which Microsoft provides. Further, the Microsoft partnership has created the opportunity for the Group to develop a host of skill sets, so it is best placed to advise and support the customers in whatever direction they choose to fulfil their licensing requirements from a programmatic, purchasing and consumption perspective. To this end, the Group has attained high levels of Microsoft expert status, specialisations and solution partner designations in numerous Microsoft technology areas. The Board and operating company directors are engaged directly with Microsoft executives on a regular basis in developing the partnership further and Microsoft business is currently growing at double-digit rates. In two areas in particular we are seeing high levels of interest leading to increased demand. The first is for security products and functionality to protect customer IT systems. This has arisen from the increased risk of cyber threats and attacks and has generated additional requirements for the Group\u2019s support in this area. The second has arisen from Microsoft\u2019s launch of its AI product, Copilot. The Group has been highly engaged this year in educating customers and supporting them in improving their productivity using Copilot within their Microsoft 365 applications, and we have developed associated services to support customer readiness and adoption. We will continue to carefully expand our internal skills in line with this increasing AI momentum in the next year and beyond and to complement the existing Microsoft solutions we sell. While vendor concentration, and over-reliance on any one supplier, is identified as one of our principal risks, the very close daily workings between the two sides, the mutually beneficial growth in business, and the increase in accreditations and awards, makes the Group a key partner to Microsoft, as they are to us. We therefore believe the risk of cessation of the Microsoft relationship to be remote. \u2022 Microsoft incentives \u2013 Microsoft rewards partners with a range of incentives comprising transactional rebates and fees for license sales plus additional levels of funding for partners who have attained their technical specialisations through a range of programmes aligned to customer engagement in areas such as cloud migrations, and technology onboarding, adoption and consumption. This latter funding corresponds strongly to the Group\u2019s strategic focus on services and solutions expansion, so is a growing income stream which supplements the traditional transactional schemes. Hence while recent Microsoft EA incentive changes will see certain transactional rebates and fees reduced, the Group has the opportunity to offset this through the growth of other services linked incentives. Further, any negative impact on EA profitability will diminish as we move through the going concern period as new and renewing contracts are re-priced to reflect the new level of EA incentives available, which affects all Microsoft partners similarly, and hence we will compete for future business on a level playing field. The Group is therefore well positioned to manage such changes, backed by our long track record of successfully adapting to shifts in Microsoft, and other vendor, programmes generally. We therefore believe our stress tests, detailed below, consider downsides around reducing gross profit that are sufficiently severe to cater for any adverse impacts from these incentive changes, should they arise. \u2022 \u2022 Back-to-back sales model \u2013 The Group\u2019s business is substantially derived from the sale of software that it transacts on a \u2018back-to-back\u2019 basis, meaning all orders placed with vendors follow the receipt of a customer order, and the intangible nature of software products means that the Group is not exposed to inventory risk. Hardware sales are also made on a back-to-back basis, and delivered direct from suppliers to customers, so the Group is not required to invest in, or hold, stock. As a result of these factors described above, the directors believe that the Group operates in a resilient industry, which will enable it to continue its profitable growth trajectory \u2013 but it remains very aware of the risks that exist in the wider economy. Over the past year we have seen continued risks arising from macroeconomic and geopolitical factors which align to those identified in our principal risks statement, notably economic disruption, inflation, and attraction and retention of staff. The Board monitors these macroeconomic and geopolitical risks on an ongoing basis. These risks are considered further below. Macroeconomic risks \u2022 \u2022 Cost of sales inflation and competition leading to margin pressure \u2013 While pricing from our suppliers may be at risk of increasing, as they too face the same macroeconomic pressures as ourselves, our commercial model is based on passing on supplier price increases to our customers. We also see pressure from our customers, notably in the public sector space where new business must often be won under highly competitive tendering processes. So, while there has been a small reduction in our GP/GII margin from 8.0% last year to 7.8% this year, it has been substantially contained and remains one of the biggest focus areas in our business. \u2022 \u2022 Wage inflation \u2013 The business has been facing pressure from wage inflation over the past two to three years. Where strategically required, we have increased salaries to retain key staff in the light of approaches from competitors, especially where staff have specialist or technical skills. We monitor our staff attrition rate and have maintained a level around 14%, which is down on last year\u2019s 16%. We do not believe there has been any significant outflow of staff due to being uncompetitive with salaries. We have a strong, collaborative and supportive culture and offer our staff employment in a business that is robust and they are proud of. This is a key part of our attraction and retention strategy. In addition, when we look at our key operational efficiency ratio of operating profit/GP, we have achieved just over 40% which is in line with last year, demonstrating the control over rising staff costs in response to the growth of the business. While we have already aligned staff salaries to market rates, further expected rises have been factored into the financial forecasts in line with those awarded in the past year. \u2022 \u2022 Interest rates \u2013 While interest rates have been high in the past two years, they have now appeared to stabilise and started to fall. The Group has no debt exposure, nor has it ever needed to call on its revolving credit facility (RCF). Due to the timing difference we see in our cash flow model between customer receipts and supplier payments, we place cash on the money markets through our monthly cash cycle. While interest rates may fall further in the coming months we still see substantial interest income opportunity over the going concern period. We take have taken advantage of the recent higher interest rates to generate a significant \u00a38.5 million of interest income in the reporting period and with projected growth in profits and cash we should be able to offset rate reductions. \u2022 \u2022 Economic conditions impacting on customer spending \u2013 While customers may consider reducing spending on IT goods and services, if they are seen as non-essential, we have seen increased spending by our customers, because IT may be a means to efficiencies and savings elsewhere. As our customers undergo IT transformation, trending to the cloud, automation and managed service, and with growing cybersecurity concerns also heightening the requirements for IT security, we are seeing no let-up in demand, as illustrated by our reported trading performance. This is supported by our robust operating model, with business spread over many customers in repeat subscription programmes and service contracts, and high renewal rates. \u2022 Economic conditions impacting on customer payments \u2013 Across the year we have seen our average debtor days of 38 remaining close to that in the previous two years of 37 and 39 respectively and with our closing debtor days standing at just 32. There is limited evidence that customers ultimately do not pay and we have only suffered \u00a30.7 million of bad debt during the year against GII of \u00a32.1 billion (see note 17). We were carrying sufficient loss allowance to cover this. As in previous years, the majority of our GII (65%), came from the public sector, traditionally with low credit risk, while our corporate customer base includes a wide range of blue-chip organisations and with no material reliance on any single customer. \u2022 \u2022 Tariffs impacting the Group directly or indirectly \u2013 Recently we have seen the introduction of import tariffs by certain countries which will increase the cost of imported goods within the global supply chain. As we are neither a significant exporter nor importer of goods, we do not expect this will have a direct material impact on the profitability of the business within the going concern period. This is a fast moving matter which we will therefore continue to monitor closely for further changes, and in particular for any indirect impact on our customers\u2019 spending and payments, as noted above. Geopolitical risks The current geopolitical environment, including the ongoing conflicts in Ukraine and the Middle East, has created potential supply problems, product shortages and general price rises, particularly in relation to fuel, gas and electricity. \u2022 \u2022 In terms of supply chain, we are not significantly or materially dependent on the movement of goods, so physical trade obstacles are not likely to affect us directly, with hardware making up less than 2% of our GII during the year. Nevertheless, we have ensured that we have a number of suppliers with substitute, or alternative, technologies that we can rely on if one supplier cannot meet our requirements or timescales. This indicates that we have managed the supply chain well. \u2022 \u2022 Software sales though continue to be the dominant element of our overall GII and hence are not inherently affected by cross-border issues. Climate change risks The Group does not believe that the effects of climate change will have a material impact on its operations and performance over the going concern assessment period. Climate risks are considered fully in the Task Force on Climate-related Financial Disclosures (TCFD) included in the Annual Report. Liquidity and financing position At 28 February 2025, the Group held instantly accessible cash and cash equivalents of \u00a3113.1 million. The consolidated balance sheet shows net current assets of \u00a338.2 million at year end; this amount is after the Group paid final and special dividends for the prior year totalling \u00a335.4 million and an interim dividend for the current year of \u00a37.5 million. Post year end the Group has remained cash positive and this is expected to remain the case with continued profitable operations in the future and customer receipts collected ahead of making the associated supplier payments. The Group has access to a committed RCF of \u00a330 million with HSBC. The facility commenced on 17 May 2023, replacing the Group\u2019s previous facility for the same amount, and runs for three years, until 17 May 2026. The new facility includes an optional one-year extension to 17 May 2027 and a non-committed \u00a320 million accordion to increase the availability of funding should it be required for future activity. To date, the Group has not been required to use either its previous or new facilities, and we do not forecast use of the new facility over the going concern assessment period. Approach to cash flow forecasts and downside testing The going concern analysis reflects the actual trading experience through the financial year to date, Board- approved budgets to 28 February 2026 and detailed financial forecasts for the period up to 31 August 2026, being the going concern assessment period. The Group has taken a measured approach to its forecasting and has balanced the expected trading conditions with available opportunities. In its assessment of going concern, the Board has considered the potential impact of the current economic conditions and geopolitical environment as described above. If any of these factors leads to a reduction in spending by the Group\u2019s customers, there may be an adverse effect on the Group\u2019s future GII, GP, operating profit, and debtor collection periods. Under such downsides, the Board has factored in the extent to which they might be offset by reductions in headcount, recruitment freezes and savings in pay costs (including commissions and bonuses). As part of the stressed scenario, where only partial mitigation of downsides is possible, the Board confirmed that the RCF would not need to be used during the going concern period up to 31 August 2026. Details of downside testing The Group assessed the going concern by comparing a base case scenario to two downside scenarios and in each of the downside cases taking into consideration two levels of mitigation, \u2018full\u2019 and \u2018partial\u2019. These scenarios are set out below. \u2022 \u2022 Base case was forecast using the Board-approved budget for the year ending 28 February 2026 and extended across the first six months of the following year to 31 August 2026. \u2022 \u2022 Downside case 1, Severe but plausible, modelled gross invoiced income reducing by 10% year on year, gross profit reducing by 15% year on year and debtor collection periods extending by five days, in each case effective from June 2025. \u2022 Downside case 2, Stressed, modelled both gross invoiced income and gross profit reducing by 30% year on year and debtor collection periods extending by ten days, again in each case effective from June 2025. \u2022 \u2022 Partial mitigation measures modelled immediate \u201cself-mitigating\u201d reduction of commission in line with falling gross profit, freezing recruitment of new heads and not replacing natural leavers from September 2025, freezing future pay from March 2026 (as current year rises are already committed) and freezing rises in general overheads from March 2026. \u2022 \u2022 Full mitigation measures modelled additional headcount reductions from March 2026, in line with falling gross profit. The pay and headcount mitigations applied in the downside scenarios are within the Group\u2019s control and, depending on how severe the impacts of the modelled downside scenarios are, the Group could activate further levels of mitigation. For example: \u2022 \u2022 those relating to headcount freezes or reductions could be implemented even more quickly than indicated above to respond to downward trends as, considering the sudden and significant falls in profitability and cash collections modelled under both downsides, we would not wait for a full three months before taking any action. \u2022 \u2022 we would also be able to take more action to lower our operating cost base, given the flexibility of our business model. \u2022 \u2022 a natural reduction in the level of shareholder dividends would follow, in line with the modelled reductions in profit after tax. Therefore, the Board believes that all mitigations have been applied prudently and are within the Group\u2019s control. Under all scenarios assessed, the Group would remain cash positive throughout the whole of the going concern period and therefore with no requirement to call upon the revolving credit facility and remaining compliant with the facility covenants. Dividends are forecast to continue to be paid in line with the Group\u2019s dividend policy to distribute 40\u201350% of the post-tax pre-exceptional earnings to shareholders. The directors consider that the level of stress-testing is appropriate to reflect the potential collective impact of all the macroeconomic and geopolitical matters described and considered above. Going concern conclusion Based on the analysis described above, the Group has sufficient liquidity headroom through the forecast period. The directors therefore have reasonable expectation that the Group has the financial resources to enable it to continue in operational existence for the period up to 31 August 2026, being the going concern assessment period. Accordingly, the directors conclude it to be appropriate that the consolidated financial statements be prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-225": { "value": "
1.4 Critical accounting estimates and judgements
The preparation of the consolidated financial statements
requires the use of accounting estimates which, by
definition, will seldom equal the actual results.
Management also needs to exercise judgement in
applying the Group\u2019s accounting policies. Estimates and
judgements are continually evaluated and are based on
historical experience and other factors, including
expectations of future events that are believed to be
reasonable under the circumstances.
This note provides an overview of the areas that involved
estimates or judgements and whether any are considered
critical due to their complexity or risk impact.
(i) Critical estimates and judgements
There are no critical areas of judgement. There are no
critical areas of estimation uncertainty that may have a
significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities in the next
financial year.
(ii) Other estimates and judgements
Areas involving non-critical accounting estimates and
judgements are:
\u2022 \u2022 Principal versus agent (see note 1.10).
When recognising revenue, the Group is required to
assess whether its role in satisfying its various
performance obligations is to provide the goods or
services themselves (in which case it is considered to
be acting as principal) or arrange for a third party to
provide the goods or services (in which case it is
considered to be acting as agent). Where it is
considered to be acting as principal, the Group
recognises revenue at the gross amount of
consideration to which it expects to be entitled.
Where it is considered to be acting as agent, the
Group recognises revenue at the amount of any fee or
commission to which it expects to be entitled or the
net amount of consideration that it retains after paying
the other party.
To determine the nature of its obligation, the standard
primarily requires that an entity shall:
(a) Identify the specified goods or services to be
provided to the customer
(b) Assess whether it controls each specified good or
service before that good or service is transferred
to the customer by considering if it:
a. is primarily responsible for fulfilling the promise
to provide the specified good or service
b. has inventory risk before the specified good or
service has been transferred to a customer
c. has discretion in establishing the price for the
specified good or service.
The specific judgements made for each revenue
category are discussed in the accounting policy for
revenue as disclosed in note 1.10.
The Group considers the determination of principal
versus agent to be well established within the
business processes. Therefore management has
concluded that the level of judgement is no longer
considered to be significant.
continued
\u2022 \u2022 Estimation of recoverable amount of goodwill (see
notes 1.15 and 11).
The Group tests annually whether goodwill has suffered
any impairment, in accordance with the accounting
policy stated in note 1.15. The recoverable amounts of
the relevant cash generating units (CGUs) have been
determined based on value-in-use calculations in
respect of future forecasts which require the use of
assumptions. The growth rates used in the short-term
forecasts are based on historical growth rates achieved
by the Group and longer-term cash flow forecasts
(beyond a five-year period) are extrapolated using the
estimated growth rates disclosed in note 11. The
forecast cash flows are discounted, at the rates
disclosed in note 11, to determine the CGUs value in
use. The sensitivity of changes in the estimated growth
rates and the discount rate are disclosed in note 11.
\u2022 \u2022 Provisions (see note 1.24).
IAS 37 Provisions, Contingent Liabilities and
Contingent Assets requires a provision to be
recognised when an entity has a present obligation
(legal or constructive) because of a past event, it is
probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation, and a reliable estimate can be made of the
obligation. If any of the conditions for recognition are
not met, no provision is recognised, and an entity may
instead have a contingent liability. Contingent liabilities
are not recognised, but explanatory disclosures are
required, unless the possibility of an outflow in
settlement is remote. The Group makes provision for
future tax liabilities and assets in relation to its
unexercised share options. This requires judgement to
be made in respect of the Group share price at the time
of exercise which crystalises the future liability or asset.
\u2022 \u2022 Property, plant and equipment (see note 1.20).
The Group classifies owner occupied properties as
property, plan and equipment. Where tenancies were
assumed upon acquisition of the properties and rental
income are earned, this requires judgement as to
whether the properties are property, plant and
equipment or investment property taking into account
the evaluation of terms and conditions of the
arrangement and intention of future use.
\u2022 \u2022 Estimation of recoverable amount of investment in
associate (see note 12).
The Group tests annually whether its investment in
associate has suffered any impairment, in accordance
with the accounting policy stated in note 1.15 Impairment
of non-financial assets. The recoverable amount of the
Group\u2019s investment has been estimated based on
value-in-use calculations in respect of future forecasts
which require the use of assumptions. The growth rates
used in the short-term forecasts are based on historical
growth rates achieved and longer-term cash flow
forecasts (beyond a five-year period) are extrapolated
using the estimated growth rates disclosed in note 12. The
forecast cash flows are discounted, at the rates disclosed
in note 12, to determine the value-in-use. The sensitivity
of changes in these rates are disclosed in note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-226": { "value": "
1.5 New standards, interpretations and amendments
adopted by the Group
(a) New and amended standards adopted by the Group
The Group has applied the following standard or
amendments for the first time in the annual reporting
period commencing 1 March 2024:
\u2022 \u2022 Classification of liabilities as current or non-current \u2013
Amendments to IAS 1
\u2022 \u2022 Non-current liabilities with covenants \u2013 Amendments
to IAS 1
\u2022 \u2022 Lease liability in a sale and leaseback \u2013 Amendments
to IFRS 16
\u2022 \u2022 Supplier finance arrangements \u2013 Amendments to IAS
7 and IFRS 7
The amendments listed above did not have any impact on
the amounts recognised in current or prior periods and
are not expected to affect future periods.
(b) New standards and interpretations not yet adopted
Certain new accounting standards and interpretations
have been published that are not mandatory for the
year ended 28 February 2025 and have not been adopted
early by the Group. These standards are not expected to
have a material impact on the Group in the current or
future reporting periods.
\u0583 Lack of exchangeability \u2013 Amendments to IAS 21
\u0583 Classification and measurement of financial
instruments \u2013 Amendments to IFRS 7 and IFRS 9
The Group is assessing the impact of IFRS 18 Presentation
and disclosure in financial statements which, if adopted by
the UK Endorsement Board, will be effective for reporting
periods beginning on or after 1 January 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-278": { "value": "(a) New and amended standards adopted by the Group The Group has applied the following standard or amendments for the first time in the annual reporting period commencing 1 March 2024: \u2022 \u2022 Classification of liabilities as current or non-current \u2013 Amendments to IAS 1 \u2022 \u2022 Non-current liabilities with covenants \u2013 Amendments to IAS 1 \u2022 \u2022 Lease liability in a sale and leaseback \u2013 Amendments to IFRS 16 \u2022 \u2022 Supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7 The amendments listed above did not have any impact on the amounts recognised in current or prior periods and are not expected to affect future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-279": { "value": "(b) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for the year ended 28 February 2025 and have not been adopted early by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods. \u0583 Lack of exchangeability \u2013 Amendments to IAS 21 \u0583 Classification and measurement of financial instruments \u2013 Amendments to IFRS 7 and IFRS 9 The Group is assessing the impact of IFRS 18 Presentation and disclosure in financial statements which, if adopted by the UK Endorsement Board, will be effective for reporting periods beginning on or after 1 January 2027. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-227": { "value": "
1.6 Principles of consolidation
1.6.1 Subsidiaries
Subsidiaries are all entities over which the Group has
control. The Group controls an entity where the Group is
exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect
those returns through its power to direct the activities of
the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Inter-company transactions, balances and unrealised
gains on transactions between Group companies are
eliminated. Unrealised losses are also eliminated unless
the transaction provides evidence of an impairment of the
transferred asset. Accounting policies of subsidiaries
have been changed where necessary to ensure
consistency with the policies adopted by the Group.
1.6.2 Associate
An associate is an entity over which the Group has
significant influence. Significant influence is the power to
participate in the financial and operating policy decisions
of the investee but is not control or joint control over those
policies. The Group\u2019s investment in its associate is
accounted for using the equity method.
Under the equity method, the investment in an associate is
initially recognised at cost. The carrying amount of the
investment is adjusted to recognise changes in the
Group\u2019s share of net assets of the associate since the
acquisition date. The statement of profit or loss reflects
the Group\u2019s share of profit of the associate. Where there is
objective evidence that the investment in associate is
impaired, the amount of the impairment is recognised
within \u2018Share of profit of associate\u2019 in the statement of
profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-280": { "value": "1.6.1 Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-310": { "value": "1.6.2 Associate An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The Group\u2019s investment in its associate is accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of profit of the associate. Where there is objective evidence that the investment in associate is impaired, the amount of the impairment is recognised within \u2018Share of profit of associate\u2019 in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-281": { "value": "1.6.2 Associate An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The Group\u2019s investment in its associate is accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of profit of the associate. Where there is objective evidence that the investment in associate is impaired, the amount of the impairment is recognised within \u2018Share of profit of associate\u2019 in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-228": { "value": "
1.7 Segment reporting
Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decision maker who views the Group\u2019s operations on a
combined level, given they sell similar products and
services, and substantially purchase from the same
suppliers and under common customer frameworks.
The Group has therefore determined that it has only one
reportable segment under IFRS 8, which is that of \u2018IT
solutions provider\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-229": { "value": "
1.8 Finance income and costs
Finance income comprises interest income on funds
invested. Interest income is recognised as it accrues in
profit or loss, using the effective interest method.
Finance costs comprises interest expense on borrowings
and the unwinding of the discount on lease liabilities, that
are recognised in profit or loss as it accrues using the
effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-311": { "value": "1.8 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the effective interest method. Finance costs comprises interest expense on borrowings and the unwinding of the discount on lease liabilities, that are recognised in profit or loss as it accrues using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-282": { "value": "1.8 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the effective interest method. Finance costs comprises interest expense on borrowings and the unwinding of the discount on lease liabilities, that are recognised in profit or loss as it accrues using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-230": { "value": "
1.9 Foreign currency translation
(i) Functional and presentation currency
Items included in the consolidated financial statements of
each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which
the entity operates (\u2018the functional currency\u2019).
(ii) Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates at the dates
of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions, and
from the translation of monetary assets and liabilities
denominated in foreign currencies at year-end exchange
rates, are generally recognised in profit or loss. They are
deferred in equity if they relate to qualifying cash flow
hedges and qualifying net investment hedges or are
attributable to part of the net investment in a foreign
operation.
All foreign exchange gains and losses are presented in the
statement of profit or loss on a net basis, within \u2018other
gains/(losses)\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-283": { "value": "(i) Functional and presentation currency Items included in the consolidated financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-231": { "value": "
1.10 Revenue recognition
Revenue recognition principles across all
revenue streams
The Group recognises revenue on completion of its
performance obligations at the fixed transaction prices
specified in the underlying contracts or orders. There are
no variable price elements arising from discounts, targets,
loyalty points or returns. Where the contract or order
includes more than one performance obligation, the
transaction price is allocated to each obligation based on
their stand-alone selling prices. These are separately
listed as individual items within the contract or order.
In the case of sales of third-party products and services,
the Group\u2019s performance obligations are satisfied by
fulfilling its contractual requirements with both the
customer and the supplier (which may be direct with the
product vendor), ensuring that orders are processed
within any contractual timescales stipulated. In the case of
sales of the Group\u2019s own in-house products and internal
services, this includes the Group fulfilling its contractual
responsibilities with the customer.
Software
The Group acts as an advisor, analysing customer
requirements and designing an appropriate mix of
software products under different licensing programmes.
This may include a combination of cloud and on-premise
products, typically used to enhance users\u2019 productivity,
strengthen IT security or assist in collaboration. The way in
which the Group satisfies its performance obligations
depends on the licensing programme selected.
Direct software sales \u2013 the Group\u2019s performance
obligation is to facilitate software sales between vendors
and customers, but the Group is not party to those sales
contracts. Supply and activation of the software licences,
invoicing and payment all take place directly between the
vendor and the customer. The transaction price for the
customer is set by the vendor with no involvement from the
Group. Therefore, the Group does not control the licences
prior to their delivery to the customer and hence acts as
agent. The Group is compensated by the vendor with a fee
based on fixed rates set by the vendor applied to the
customer transaction price and determined according to the
quantity and type of products sold. Revenue is recognised
as the fee received from the vendor on a point in time basis
when the vendor\u2019s invoicing to the customer takes place.
Indirect software sales \u2013 the Group\u2019s performance obligation is to fulfil customers\u2019 requirements through the procurement of appropriate on-premise software products, or cloud-based software, from relevant vendors. Operating as a reseller, the Group invoices, and receives payment from, the customer itself. Whilst the transaction price is set by the Group at the amount specified in its contract with the customer, the software licensing agreement is between the vendor and the customer. The vendor is responsible for issuing the licences and activation keys, for the software\u2019s functionality, and for fulfilling the promise to provide the licences to the customer. Therefore, the Group acts as agent and revenue is recognised as the amount retained after paying the software vendor. As a reseller, the Group recognises indirect software sales revenue on a point-in- time basis once it has satisfied its performance obligations. This takes two main forms as follows: In the case of cloud-based software sales, the Group arranges for third-party vendors to provide customers with access to software in the cloud. As the sales value varies according to monthly usage, revenue is recognised once the amount is confirmed by the vendor and the Group has analysed the data and advised the customer. This is because the responsibilities of the Group to undertake such activities mean that these performance obligations are satisfied at each point usage occurs and the Group has a right to receive payment. In the case of licence sales (non cloud-based software) arising from fixed-price subscriptions where the customer makes an up-front payment, the Group recognises revenue when the contract execution or order is fulfilled by the Group because its performance obligation is fully satisfied at that point. Typically, these take the form of annual instalments where the Group is required to undertake various contract review activities at each anniversary date. Hardware \u2013 resale of hardware products The Group\u2019s activities under this revenue stream comprise the sale of hardware items such as servers, laptops and devices. For hardware sales, the Group acts as principal, as it assumes primary responsibility for fulfilling the promise to provide the goods and for their acceptability, is exposed to inventory risk during the delivery period and has discretion in establishing the selling price. Revenue is recognised at the gross amount receivable from the customer for the hardware provided and on a point-in-time basis when delivered and control has passed to the customer. Services internal \u2013 provision of services to customers using the Group\u2019s own internal resources The Group\u2019s activities under this revenue stream comprise the provision of consulting services using its own internal resources. The services provided include, but are not limited to, helpdesk support, cloud migration, implementation of security solutions, infrastructure, and software asset management services. The services may be one-off projects where completion is determined on delivery of contractually agreed tasks, or they may constitute an ongoing set of managed service or support contract deliverables over a contract term which may be multi-year. When selling internally provided services, the Group acts as principal as there are no other parties involved in the process. Revenue is recognised at the gross amount receivable from the customer for the services provided. The Group recognises revenue from internally provided consulting services on an over-time basis, unless they are short term one-off projects. This is because the customer benefits from the Group\u2019s activities as the Group performs them. Where one-off projects are completed in less than a month the revenue is recognised when the work has been completed and the customer has confirmed all performance conditions have been satisfied. For longer service projects extending over more than one month the Group applies an inputs basis by reference to the hours expended to the measurement date, and the day rates specified in the contract, subject to sign off of milestones agreed with the customer. For managed services and support contracts the revenue is recognised evenly over the contract term. Services external \u2013 provision of services to customers using third-party contractors The Group\u2019s activities under this revenue stream comprise the sale of a variety of IT services which are provided by third-party contractors. These may be similar to the internally provided consulting services, where the Group does not have the internal capacity at the time required by the customer or may be services around different IT technologies and solutions where the Group does not have the relevant skills in-house. Whilst the transaction price is set by the Group at the amount specified in its contract with the customer, when selling externally provided services, the Group acts as agent because responsibility for delivering the service relies on the performance of the third-party contractor. If the customer is not satisfied with their performance, the third party will assume responsibility for making good the service and obtaining customer sign-off. The Group will not pay the third party until customer sign-off has been received. Revenue is recognised at the amount retained after paying the service provider for the services delivered to the customer on a point-in-time basis. The Group does not control the services prior to their delivery and its performance obligations are satisfied at the point the service has been delivered by the third party and confirmed with the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-232": { "value": "1.11 Contract costs, assets and liabilities Contract costs Incremental costs of obtaining a contract The Group recognises the incremental costs of obtaining a contract when those costs are incurred. For revenue recognised on a point-in-time basis, this is consistent with the transfer of the goods or services to which those costs relate. For revenue recognised on an over-time basis, the Group applies the practical expedient available in IFRS 15 and recognises the costs as an expense when incurred because the amortisation period of the asset that would otherwise be recognised is less than one year. Costs to fulfil a contract The Group recognises the costs of fulfilling a contract when those costs are incurred. This is because the nature of those costs does not generate or enhance the Group\u2019s resources in a way that enables it to satisfy its performance obligations in the future and those costs do not otherwise qualify for recognition as an asset. Contract assets The Group recognises a contract asset for accrued revenue. Accrued revenue is revenue recognised from performance obligations satisfied in the period that has not yet been invoiced to the customer. Contract assets also include costs to fulfil services contracts (deferred costs) when the Group is invoiced by suppliers before the related performance obligations of the contract are satisfied by the third party. Deferred costs are measured at the purchase price of the associated services received. Deferred costs are released from the consolidated statement of financial position in line with the recognition of revenue on the specific transaction. Contract liabilities The Group recognises a contract liability for deferred revenue when the customer is invoiced before the related performance obligations of the contract are satisfied. A contract liability is also recognised for payments received in advance from customers. Contract liabilities are recognised as revenue when the Group performs its obligations under the contract to which they relate. ", "dimensions": { "concept": "bytestechnology:DescriptionOfAccountingPolicyForContractCostsAssetsAndLiabilities", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-233": { "value": "1.12 Incentives from suppliers As a value-added IT reseller, the Group can earn incentive income from suppliers in addition to any profit made on the underlying transactions. Rebates from software and hardware sales Where the Group invoices a customer directly, it may receive additional rebates from suppliers. These are accounted for in the period in which they are earned and are based on commercial agreements with suppliers. Rebates earned are mainly determined by the type and quantity of products within each sale but may also be volume-purchase related. They are generally short term in nature, with rebates earned but not yet received typically relating to the preceding month\u2019s or quarter\u2019s trading. Rebate income is recognised in cost of sales in the consolidated statement of profit or loss and rebates earned but not yet received are included within trade and other receivables in the consolidated statement of financial position. Fees from software sales Where the Group sells on behalf of a vendor who invoices the customer directly, the Group is paid a fee from the vendor for our service in managing the customer relationship and providing licensing advice and support to them. As noted above in note 1.10 under Direct software sales, the fee is recognised in revenue when the vendor\u2019s invoicing to the customer takes place. Fees recognised but not yet received are included within trade and other receivables in the consolidated statement of financial position. Fees from service engagements Where the Group provides internal services in relation to certain vendor technologies, the activity may be funded by the vendor themself rather than by the customer, for example where the vendor is seeking to increase awareness and/or uptake in certain technical solution areas, refer to note 1.10 revenue recognition - services internal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-234": { "value": "1.13 Income tax The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities. Deferred income tax is provided for in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Group is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-284": { "value": "Deferred income tax is provided for in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Group is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-235": { "value": "1.14 L ea ses Group as a lessee The Group leases a property and various motor vehicles. Lease agreements are typically made for fixed periods but may have extension options included. Lease terms are negotiated on an individual basis and contain different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The Group is depreciating the right-of- use assets over the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured at the net present value of the minimum lease payments. The net present value of the minimum lease payments is calculated as follows: \u2022 \u2022 Fixed payments, less any lease incentives receivable \u2022 \u2022 Variable lease payments that are based on an index or a rate \u2022 \u2022 Amounts expected to be payable by the lessee under residual value guarantees \u2022 \u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option \u2022 \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease; where this rate cannot be determined, the Group\u2019s incremental borrowing rate is used. Right-of-use assets are measured at cost comprising the following: \u2022 \u2022 The net present value of the minimum lease payments \u2022 \u2022 Any lease payments made at, or before, the commencement date less any lease incentives received \u2022 \u2022 Any initial direct costs. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Depreciation Depreciation is recognised in profit or loss for each category of assets on a straight-line basis over the lease term. The estimated useful lives for the current and comparative periods are as follows: \u2022 \u2022 Buildings, 8 years \u2022 \u2022 Motor vehicles, 2 to 3 years. The depreciation methods, useful lives and residual values are reassessed annually and adjusted if appropriate. Gains and losses arising on the disposal of leased assets are included as capital items in profit or loss. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising accounted for on a straight-line basis over the lease term and is included in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-285": { "value": "Depreciation Depreciation is recognised in profit or loss for each category of assets on a straight-line basis over the lease term. The estimated useful lives for the current and comparative periods are as follows: \u2022 \u2022 Buildings, 8 years \u2022 \u2022 Motor vehicles, 2 to 3 years. The depreciation methods, useful lives and residual values are reassessed annually and adjusted if appropriate. Gains and losses arising on the disposal of leased assets are included as capital items in profit or loss. Depreciation Depreciation is recognised in profit or loss for each category of assets on a straight-line basis over their expected useful lives up to their respective estimated residual values. Land is not depreciated. The estimated useful lives for the current and comparative periods are as follows: \u2022 \u2022 Buildings, 20 to 50 years \u2022 \u2022 Leasehold improvements (included in land and buildings), shorter of lease period or useful life of asset \u2022 \u2022 Plant and machinery, 3 to 20 years \u2022 \u2022 Motor vehicles, 4 to 8 years \u2022 \u2022 Furniture and equipment, 5 to 20 years \u2022 \u2022 IT equipment and software, 2 to 8 years The depreciation methods, useful lives and residual values are reassessed annually and adjusted if appropriate. Gains and losses arising on the disposal of property, plant and equipment are included in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-286": { "value": "1.15 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. 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 of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Impairment The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on credit risk characteristics and the days past due. The expected credit loss (ECL) rates are based on the payment profiles of sales over a 12-month period before 28 February 2025, 29 February 2024, and 1 March 2023 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are reviewed and adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-236": { "value": "1.15 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. 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 of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-237": { "value": "1.16 Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. For purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits as defined above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-238": { "value": "1.17 Trade receivables Trade receivables are amounts due from customers for merchandise sold or services rendered in the ordinary course of business. Trade receivables are recognised initially at the amount of consideration that is unconditional, i.e. fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. Prepayments and other receivables are stated at their nominal values. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-239": { "value": "1.18 Inventories Inventories are measured at the lower of cost and net realisable value considering market conditions and technological changes. Cost is determined on the first-in first-out and weighted average cost methods. Work and contracts in progress and finished goods include direct costs and an appropriate portion of attributable overhead expenditure based on normal production capacity. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-240": { "value": "1.19 Financial instruments Financial instruments comprise investments in equity, loans receivable, trade and other receivables (excluding prepayments), investments, cash and cash equivalents, non-current loans, current loans, bank overdrafts, derivatives and trade and other payables. Recognition Financial assets and liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instruments. Financial assets are recognised on the date the Group commits to purchase the instruments (trade date accounting). Financial assets are classified as current if expected to be realised or settled within 12 months from the reporting date; if not, they are classified as non-current. Financial liabilities are classified as non-current if the Group has an unconditional right to defer payment for more than 12 months from the reporting date. Classification The Group classifies financial assets on initial recognition as measured at amortised cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL) based on the Group\u2019s business model for managing the financial asset and the cash flow characteristics of the financial asset. Financial assets are classified as follows: \u2022 \u2022 Financial assets to be measured subsequently at fair value (either through other comprehensive income (OCI) or through profit or loss) \u2022 \u2022 Financial assets to be measured at amortised cost. Financial assets are not reclassified unless the Group changes its business model. In rare circumstances where the Group does change its business model, reclassifications are done prospectively from the date that the Group changes its business model. Financial liabilities are classified and measured at amortised cost except for those derivative liabilities and contingent considerations that are measured at FVTPL. Measurement on initial recognition All financial assets and financial liabilities are initially measured at fair value, including transaction costs, except for those classified as FVTPL which are initially measured at fair value excluding transaction costs. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised immediately in profit or loss. Subsequent measurement: financial assets Subsequent to initial recognition, financial assets are measured as described below: \u2022 \u2022 FVTPL \u2013 these financial assets are subsequently measured at fair value and changes therein (including any interest or dividend income) are recognised in profit or loss \u2022 \u2022 Amortised cost \u2013 these financial assets are subsequently measured at amortised cost using the effective interest method, less impairment losses. Interest income, foreign exchange gains and losses and impairments are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss \u2022 \u2022 Equity instruments at FVOCI \u2013 these financial assets are subsequently measured at fair value. Dividends are recognised in profit or loss when the right to receive payment is established. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are not reclassified to profit or loss. Subsequent measurement: financial liabilities All financial liabilities, excluding derivative liabilities and contingent consideration, are subsequently measured at amortised cost using the effective interest method. Derivative liabilities are subsequently measured at fair value with changes therein recognised in profit or loss. Derecognition Financial assets are derecognised when the rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligations specified in the contracts are discharged, cancelled or expire. On derecognition of a financial asset or liability, any difference between the carrying amount extinguished and the consideration paid is recognised in profit or loss. Offsetting financial instruments Offsetting of financial assets and liabilities is applied when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The net amount is reported in the statement of financial position. Impairment The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on credit risk characteristics and the days past due. The expected credit loss (ECL) rates are based on the payment profiles of sales over a 12-month period before 28 February 2025, 29 February 2024, and 1 March 2023 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are reviewed and adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. Derivatives Derivatives are initially recognised at fair value on the date that a derivative contract is entered into as either a financial asset or financial liability if they are considered material. Derivatives are subsequently remeasured to their fair value at the end of each reporting period, with the change in fair value being recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-287": { "value": "Derecognition Financial assets are derecognised when the rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligations specified in the contracts are discharged, cancelled or expire. On derecognition of a financial asset or liability, any difference between the carrying amount extinguished and the consideration paid is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-288": { "value": "Offsetting financial instruments Offsetting of financial assets and liabilities is applied when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The net amount is reported in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-312": { "value": "Impairment The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on credit risk characteristics and the days past due. The expected credit loss (ECL) rates are based on the payment profiles of sales over a 12-month period before 28 February 2025, 29 February 2024, and 1 March 2023 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are reviewed and adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-313": { "value": "Derivatives Derivatives are initially recognised at fair value on the date that a derivative contract is entered into as either a financial asset or financial liability if they are considered material. Derivatives are subsequently remeasured to their fair value at the end of each reporting period, with the change in fair value being recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-289": { "value": "Derivatives Derivatives are initially recognised at fair value on the date that a derivative contract is entered into as either a financial asset or financial liability if they are considered material. Derivatives are subsequently remeasured to their fair value at the end of each reporting period, with the change in fair value being recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-241": { "value": "1.20 Property, plant and equipment Owned assets Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. When components of an item of property, plant and equipment have different useful lives, those components are accounted for as separate items of property, plant and equipment. Property acquired and held for future use and development as owner-occupied property is included in owned property. Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. Subsequent costs The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when the cost is incurred, if it is probable that future economic benefits embodied within the item will flow to the Group and the cost of such item can be measured reliably. The carrying amount of the replaced item of property, plant and equipment is derecognised. All other costs are recognised in profit or loss as an expense when incurred. Depreciation Depreciation is recognised in profit or loss for each category of assets on a straight-line basis over their expected useful lives up to their respective estimated residual values. Land is not depreciated. The estimated useful lives for the current and comparative periods are as follows: \u2022 \u2022 Buildings, 20 to 50 years \u2022 \u2022 Leasehold improvements (included in land and buildings), shorter of lease period or useful life of asset \u2022 \u2022 Plant and machinery, 3 to 20 years \u2022 \u2022 Motor vehicles, 4 to 8 years \u2022 \u2022 Furniture and equipment, 5 to 20 years \u2022 \u2022 IT equipment and software, 2 to 8 years The depreciation methods, useful lives and residual values are reassessed annually and adjusted if appropriate. Gains and losses arising on the disposal of property, plant and equipment are included in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-242": { "value": "1.21 Intangible assets Goodwill Goodwill is measured as described in note 1.15. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes. Brands and customer relationships Brands and customer relationships acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The useful lives for the brands and customer relationships are as follows: \u2022 \u2022 Customer relationships, 10 years \u2022 \u2022 Brands, 5 years. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 \u2022 It is technically feasible to complete the software so that it will be available for use \u2022 \u2022 Management intends to complete the software and use or sell it \u2022 \u2022 There is an ability to use or sell the software \u2022 \u2022 It can be demonstrated how the software will generate probable future economic benefits \u2022 \u2022 Adequate technical, financial and other resources to complete the development and to use or sell the software are available \u2022 \u2022 The expenditure attributable to the software during its development can be reliably measured. The useful lives for software is 2 to 8 years. Research and development Research expenditure and development expenditure that do not meet the criteria above are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-290": { "value": "Goodwill Goodwill is measured as described in note 1.15. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-291": { "value": "Brands and customer relationships Brands and customer relationships acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The useful lives for the brands and customer relationships are as follows: \u2022 \u2022 Customer relationships, 10 years \u2022 \u2022 Brands, 5 years. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 \u2022 It is technically feasible to complete the software so that it will be available for use \u2022 \u2022 Management intends to complete the software and use or sell it \u2022 \u2022 There is an ability to use or sell the software \u2022 \u2022 It can be demonstrated how the software will generate probable future economic benefits \u2022 \u2022 Adequate technical, financial and other resources to complete the development and to use or sell the software are available \u2022 \u2022 The expenditure attributable to the software during its development can be reliably measured. The useful lives for software is 2 to 8 years. Research and development Research expenditure and development expenditure that do not meet the criteria above are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-314": { "value": "Research and development Research expenditure and development expenditure that do not meet the criteria above are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-243": { "value": "1.22 Trade and other payables Trade payables, sundry creditors and accrued expenses are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. They are accounted for in accordance with the accounting policy for financial liabilities as included above. Amounts received from customers in advance, prior to confirming the goods or services required, are recorded as other payables. Upon delivery of the goods and services, these amounts are recognised in revenue. Other payables are stated at their nominal values. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-244": { "value": "1.23 Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective-interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown occurs. To the extent that there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-245": { "value": "1.24 Provisions Provisions are recognised when the Group has a present legal or constructive obligation because of past events, for which it is probable that an outflow of economic benefits will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-246": { "value": "1.25 Employee benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave, that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Post-employment obligations The Group operates various defined contribution plans for its employees. Once the contributions have been paid, the Group has no further payment obligations. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the Group recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. Share-based payments Equity settled share-based payment incentive scheme Share-based compensation benefits are provided to particular employees of the Group through the Bytes Technology Group plc share option plans. Information relating to all schemes is provided in note 27. Employee options The fair values of options granted under the Bytes Technology Group plc share option plans are recognised as an employee benefit expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted. The share-based payment reserve comprises the fair value of share awards granted which are not yet exercised. The amount will be reversed to retained earnings as and when the related awards vest and are exercised by employees. The total expense is recognised over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options issued that are expected to vest based on the service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-292": { "value": "Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the Group recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-293": { "value": "Share-based payments Equity settled share-based payment incentive scheme Share-based compensation benefits are provided to particular employees of the Group through the Bytes Technology Group plc share option plans. Information relating to all schemes is provided in note 27. Employee options The fair values of options granted under the Bytes Technology Group plc share option plans are recognised as an employee benefit expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted. The share-based payment reserve comprises the fair value of share awards granted which are not yet exercised. The amount will be reversed to retained earnings as and when the related awards vest and are exercised by employees. The total expense is recognised over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options issued that are expected to vest based on the service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-247": { "value": "1.26 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-248": { "value": "1.27 Dividends Dividends paid on ordinary shares are classified as equity and are recognised as distributions in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-249": { "value": "1.28 Earnings per share (i) Basic earnings per share Basic earnings per share is calculated by dividing: \u2022 \u2022 The profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares \u2022 \u2022 By the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. (ii) Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to consider: \u2022 \u2022 The after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares \u2022 \u2022 The weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-250": { "value": "1.29 Rounding of amounts All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand, unless otherwise stated.", "dimensions": { "concept": "bytestechnology:DescriptionOfAccountingPolicyForRoundingOfAmounts", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-251": { "value": "
2 Segmental information
2(a) Description of segment
The information reported to the Group\u2019s Chief Executive Officer, who is considered to be the chief operating decision maker
for the purposes of resource allocation and assessment of performance, is based wholly on the overall activities of the
Group. The Group has therefore determined that it has only one reportable segment under IFRS 8, which is that of \u2018IT
solutions provider\u2019. The Group\u2019s revenue, results, assets and liabilities for this one reportable segment can be determined by
reference to the consolidated statement of profit or loss and the consolidated statement of financial position. An analysis of
revenues by product lines and geographical regions, which form one reportable segment, is set out in note 3.
2(b) Adjusted operating profit
Adjusted operating profit is an alternative performance measure which excludes the effects of acquired intangible assets
amortisation and share-based payment charges. It is used as one of the performance measures determining executive
bonus payments in the current and prior reporting periods. It reconciles to operating profit as follows:
Year ended Year ended
28 February 29 February
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Adjusted operating profit
72,355
63,300
Share-based payment charges
27
(5,049)
(5,708)
Amortisation of acquired intangible assets
4
(880)
(880)
Operating profit
66,426
56,712
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-252": { "value": "
3 Revenue from contracts with customers
3(a) Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of goods and services in the following major product lines and geographical
regions:
Year ended Year ended
28 February 29 February
2025 2024
Revenue by product \u00a3\u2019000 \u00a3\u2019000
Software
146,002
130,365
Hardware
33,216
41,389
Services internal
34,032
31,517
Services external
3,884
3,750
Total revenue from contracts with customers
217,13
4
207,021
Software
The Group\u2019s software revenue comprises the sale of various types of software licences (including both cloud-based and
non-cloud-based licences), subscriptions and software assurance products.
Hardware
The Group\u2019s hardware revenue comprises the sale of items such as servers, laptops and other devices.
Services internal
The Group\u2019s internal services revenue comprises internally provided consulting services through its own internal resources.
Services external
The Group\u2019s external services revenue comprises the sale of externally provided training and consulting services through
third-party contractors.
Year ended Year ended
28 February 29 February
2025 2024
Revenue by geographical regions \u00a3\u2019000 \u00a3\u2019000
United Kingdom
209,854
199,912
Europe
4,112
4,326
Rest of world
3,16
8
2,783
217,13
4
207,021
3(b) Gross invoiced income by type
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Software
2,005,289
1,721,993
Hardware
33,216
41,389
Services internal
34,032
31,517
Services external
27,267
28,10
3
2,099,804
1,823,002
Gross invoiced income
2,099,804
1,823,002
Adjustment to gross invoiced income for income recognised as agent
(1,882,670)
(1,615,981)
Revenue
217,13
4
207,021
Gross invoiced income reflects gross income billed to customers adjusted for movements in deferred and accrued revenue
items amounting to a \u00a37.7 million reduction (2024: \u00a38.5 million increase). The Group reports gross invoiced income as an
alternative performance measure as management believes this measure allows further understanding of business
performance and volume of activity in respect of working capital and cash flow.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-294": { "value": "3 Revenue from contracts with customers 3(a) Disaggregation of revenue from contracts with customers The Group derives revenue from the transfer of goods and services in the following major product lines and geographical regions:
Year ended Year ended
28 February 29 February
2025 2024
Revenue by product \u00a3\u2019000 \u00a3\u2019000
Software
146,002
130,365
Hardware
33,216
41,389
Services internal
34,032
31,517
Services external
3,884
3,750
Total revenue from contracts with customers
217,13
4
207,021
Software The Group\u2019s software revenue comprises the sale of various types of software licences (including both cloud-based and non-cloud-based licences), subscriptions and software assurance products. Hardware The Group\u2019s hardware revenue comprises the sale of items such as servers, laptops and other devices. Services internal The Group\u2019s internal services revenue comprises internally provided consulting services through its own internal resources. Services external The Group\u2019s external services revenue comprises the sale of externally provided training and consulting services through third-party contractors.
Year ended Year ended
28 February 29 February
2025 2024
Revenue by geographical regions \u00a3\u2019000 \u00a3\u2019000
United Kingdom
209,854
199,912
Europe
4,112
4,326
Rest of world
3,16
8
2,783
217,13
4
207,021
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-315": { "value": "3(a) Disaggregation of revenue from contracts with customers The Group derives revenue from the transfer of goods and services in the following major product lines and geographical regions:
Year ended Year ended
28 February 29 February
2025 2024
Revenue by product \u00a3\u2019000 \u00a3\u2019000
Software
146,002
130,365
Hardware
33,216
41,389
Services internal
34,032
31,517
Services external
3,884
3,750
Total revenue from contracts with customers
217,13
4
207,021
Software The Group\u2019s software revenue comprises the sale of various types of software licences (including both cloud-based and non-cloud-based licences), subscriptions and software assurance products. Hardware The Group\u2019s hardware revenue comprises the sale of items such as servers, laptops and other devices. Services internal The Group\u2019s internal services revenue comprises internally provided consulting services through its own internal resources. Services external The Group\u2019s external services revenue comprises the sale of externally provided training and consulting services through third-party contractors.
Year ended Year ended
28 February 29 February
2025 2024
Revenue by geographical regions \u00a3\u2019000 \u00a3\u2019000
United Kingdom
209,854
199,912
Europe
4,112
4,326
Rest of world
3,16
8
2,783
217,13
4
207,021
", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-329": { "value": "
Year ended Year ended
28 February 29 February
2025 2024
Revenue by geographical regions \u00a3\u2019000 \u00a3\u2019000
United Kingdom
209,854
199,912
Europe
4,112
4,326
Rest of world
3,16
8
2,783
217,13
4
207,021
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-253": { "value": "
4 Material administrative expenses
The Group has identified several items included within administrative expenses which are material due to the significance of
their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance
of the Group:
Year ended Year ended
28 February 29 February
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
9
1,255
1,236
Depreciation of right-of-use assets
10
509
263
Amortisation of acquired intangible assets
11
880
880
System support and maintenance
4,670
3,872
Share-based payment expenses
27
5,049
5,708
Expenses relating to short-term leases
10
348
250
Rental income
(105)
\u2013
Foreign exchange losses
55
137
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-330": { "value": "4 Material administrative expenses The Group has identified several items included within administrative expenses which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the Group:
Year ended Year ended
28 February 29 February
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
9
1,255
1,236
Depreciation of right-of-use assets
10
509
263
Amortisation of acquired intangible assets
11
880
880
System support and maintenance
4,670
3,872
Share-based payment expenses
27
5,049
5,708
Expenses relating to short-term leases
10
348
250
Rental income
(105)
\u2013
Foreign exchange losses
55
137
9 Property, plant and equipment
Freehold land Computer Furniture, fittings Computer Motor
and buildings equipment and equipment software vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 March 2023
9,405
4,339
1,313
1,017
104
16,178
Additions
373
692
11
249
9
1,334
Disposals
\u2013
(25)
\u2013
\u2013
(27)
(52)
At 29 February 2024
9,778
5,006
1,324
1,266
86
17,4 6 0
Additions
5,760
549
46
\u2013
3
6,358
Disposals
\u2013
(1)
\u2013
\u2013
(24)
(25)
At 28 February 2025
15,538
5,554
1,370
1,266
65
23,793
Depreciation
At 1 March 2023
2,516
3,469
1,043
698
72
7,798
On disposals
\u2013
(25)
\u2013
\u2013
(27)
(52)
Charge for the year
421
584
51
163
17
1,236
At 29 February 2024
2,937
4,028
1,094
861
62
8,982
On disposals
\u2013
(1)
\u2013
\u2013
(24)
(25)
Charge for the year
384
600
47
211
13
1,255
At 28 February 2025
3,321
4,627
1,141
1,072
51
10,212
Net book value
At 29 February 2024
6,841
978
230
405
24
8,478
At 28 February 2025
12,217
927
229
194
14
13,581
During the year the Group acquired property, for \u00a35.4 million, adjacent to its offices in Leatherhead. Part of the property acquired is subject to existing operating lease agreements. Since the property was acquired by the Group for use as owner-occupied offices, the property has been included in owned property. 10 Leases Group as a lessee Amounts recognised in the balance sheet
Buildings Motor vehicles Total
Right-of-use assets \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 March 2023
1,377
245
1,622
Additions
\u2013
891
891
Disposals
\u2013
(245)
(245)
At 29 February 2024
1,377
891
2,268
Additions
\u2013
739
739
At 28 February 2025
1,377
1,630
3,007
Depreciation
At 1 March 2023
594
245
839
Disposals
\u2013
(245)
(245)
Charge for the period
144
119
263
At 29 February 2024
738
119
857
Charge for the period
145
364
509
At 28 February 2025
883
483
1,366
Net book value
At 1 March 2023
783
\u2013
783
At 29 February 2024
639
772
1,411
At 28 February 2025
494
1,147
1,641
As at As at As at
28 February 29 February 1 March
2025 2024 2023
Lease liabilities \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
668
423
75
Non-current
1,269
1,314
917
1,937
1,737
992
There were additions of \u00a30.7 million to the right-of-use assets in the financial year ended 28 February 2025 (2024: \u00a30.9 million). Amounts recognised in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Depreciation charge of right-of-use assets
509
263
Interest expense (included in finance cost)
67
63
Expense relating to short-term leases (included in administrative expenses)
348
250
Changes in liabilities arising from financing activities
As at As at
1 March 28 February
2024 Additions Cash flows Interest 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
1,737
739
(606)
67
1,937
Total liabilities from financing activities
1,737
739
(606)
67
1,937
As at As at
1 March 29 February
2023 Additions Cash flows Interest 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
992
891
(209)
63
1,737
Total liabilities from financing activities
992
891
(209)
63
1,737
Group as a lessor Contractual maturity of undiscounted operating lease receipts The following table details the Group\u2019s remaining contract maturity for operating leases on the Group during the year. There were no operating lease receivables in the prior year. The table is based on undiscounted contractual receipts.
Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years
28 February 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Operating lease
receivables
464
464
464
244
87
159
11 Intangible assets
Customer
Goodwill relationships Brand Software Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 March 2023 and 29 February 2024
37,4 9 3
8,798
3,653
\u2013
49,944
Additions
\u2013
\u2013
\u2013
3,709
3,709
At 28 February 2025
37,49
3
8,798
3,653
3,709
53,653
Amortisation
At 1 March 2023
\u2013
4,765
3,653
\u2013
8,418
Charge for the year
\u2013
880
\u2013
\u2013
880
At 29 February 2024
\u2013
5,645
3,653
\u2013
9,298
Charge for the year
\u2013
880
\u2013
\u2013
880
At 28 February 2025
\u2013
6,525
3,653
\u2013
10,17
8
Net book value
At 29 February 2024
3 7, 4 9 3
3 ,153
\u2013
\u2013
40,646
At 28 February 2025
37,49
3
2,273
\u2013
3,709
43,475
During the year the Group capitalised internal software development costs of \u00a33.7 million. The project was still in production phase at the year end and as such there is no amortisation charge in the current financial year. Determination of recoverable amount The carrying value of indefinite useful life intangible assets, being goodwill, are tested annually for impairment. For each CGU and for all periods presented, the Group has assessed that the value in use represents the recoverable amount. The future expected cash flows used in the value-in-use models are based on management forecasts, over a five-year period, and thereafter a reasonable rate of growth is applied based on current market conditions. The recoverable amount of Bytes Software Services and Phoenix Software is estimated to be \u00a3755.3 million and \u00a3245.7 million respectively. For the purpose of impairment assessments of goodwill, the goodwill balance is allocated to the operating units which represent the lowest level within the Group at which the goodwill is monitored for internal management purposes. A summary of the goodwill per CGU, as well as assumptions applied for impairment assessment purposes, is presented below:
Long-term Goodwill
growth rate Discount rate carrying amount
28 February 2025 % % \u00a3\u2019000
Bytes Software Services
2
9.20
14,775
Phoenix Software
2
9.20
22,718
37,49
3
Long-term Goodwill
growth rate Discount rate carrying amount
29 February 2024 % % \u00a3\u2019000
Bytes Software Services
2
9.15
14,775
Phoenix Software
2
9.15
22,718
37,4 9 3
Growth rates
The Group used what it considers to be a conservative growth rate of 2% which was applied beyond the approved budget
periods. The growth rate was consistent with publicly available information relating to long-term average growth rates for the
market in which the respective CGU operated.
Discount rates
Discount rates used reflect both time value of money and other specific risks relating to the relevant CGU. Post-tax discount
rates have been applied. The difference between the value-in-use calculated using the post-tax discount rates and the
value-in-use calculated using pre-tax discount rates is not material.
Sensitivities
The impacts of variations in the calculation of value in use of assumed growth rate and post-tax discount rates applied to the
forecast future cash flows of the CGUs have been estimated as follows:
Bytes Software Phoenix
Services Software
28 February 2025 \u00a3\u2019000 \u00a3\u2019000
Headroom
702,044
212,605
1% increase in the post-tax discount rate applied to the forecast future cash flows
(94,207)
(31,522)
1% decrease in the post-tax discount rate applied to the forecast future cash flows
124,953
41,843
0.5% increase in the terminal growth rate
44,492
14,940
0.5% decrease in the terminal growth rate
(38,714)
(13,000)
Bytes Software Phoenix
Services Software
29 February 2024 \u00a3\u2019000 \u00a3\u2019000
Headroom
688,344
273,935
1% increase in the post-tax discount rate applied to the forecast future cash flows
(97,
59 2)
(38,628)
1% decrease in the post-tax discount rate applied to the forecast future cash flows
129,792
51,351
0.5% increase in the terminal growth rate
46,379
18,323
0.5% decrease in the terminal growth rate
(40,316)
(15,928)
None of the above sensitivities, taken either in isolation or aggregated, indicates a potential impairment. The directors
consider that there is no reasonable possible change in the assumptions used in the sensitivities that would result in an
impairment of goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-316": { "value": "4 Material administrative expenses The Group has identified several items included within administrative expenses which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the Group:
Year ended Year ended
28 February 29 February
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
9
1,255
1,236
Depreciation of right-of-use assets
10
509
263
Amortisation of acquired intangible assets
11
880
880
System support and maintenance
4,670
3,872
Share-based payment expenses
27
5,049
5,708
Expenses relating to short-term leases
10
348
250
Rental income
(105)
\u2013
Foreign exchange losses
55
137
6 Auditors\u2019 remuneration During the year, the Group obtained the following services from the company\u2019s auditors and its associates:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the company\u2019s auditors and its associates for the audit
of the parent company and consolidated financial statements
1
316
688
Fees payable to the company\u2019s auditors and its associates for other services:
Audit of the financial statements of the company\u2019s subsidiaries
450
398
Non-audit services
2
105
101
871
1,187
1 Other fees of \u00a30.4 million in the prior year has been included within fees of the parent company. 2 Non-audit services in the current and prior year relate to the auditors\u2019 review of our interim report issued in October of each year.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-295": { "value": "4 Material administrative expenses The Group has identified several items included within administrative expenses which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the Group:
Year ended Year ended
28 February 29 February
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
9
1,255
1,236
Depreciation of right-of-use assets
10
509
263
Amortisation of acquired intangible assets
11
880
880
System support and maintenance
4,670
3,872
Share-based payment expenses
27
5,049
5,708
Expenses relating to short-term leases
10
348
250
Rental income
(105)
\u2013
Foreign exchange losses
55
137
6 Auditors\u2019 remuneration During the year, the Group obtained the following services from the company\u2019s auditors and its associates:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the company\u2019s auditors and its associates for the audit
of the parent company and consolidated financial statements
1
316
688
Fees payable to the company\u2019s auditors and its associates for other services:
Audit of the financial statements of the company\u2019s subsidiaries
450
398
Non-audit services
2
105
101
871
1,187
1 Other fees of \u00a30.4 million in the prior year has been included within fees of the parent company. 2 Non-audit services in the current and prior year relate to the auditors\u2019 review of our interim report issued in October of each year.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-254": { "value": "
5 Employees
Year ended Year ended
28 February 29 February
2025 2024
Employee benefit expense:
Note
\u00a3\u2019000 \u00a3\u2019000
Employee remuneration (including directors\u2019 remuneration
1
)
55,497
49,791
Commissions and bonuses
24,837
21,623
Social security costs
9,762
9,479
Pension costs
2,009
1,794
Share-based payments expense
27
5,049
5,708
97,154
88,395
Classified as follows:
Cost of sales
19,098
17, 211
Administrative expenses
78,056
71,184
9 7,1 5 4
88,395
1 Directors\u2019 remuneration is included in the directors\u2019 remuneration report on pages 112 to 130.
Year ended Year ended
28 February 29 February
2025 2024
The average monthly number of employees during the year was: \u00a3\u2019000 \u00a3\u2019000
Sales \u2013 account management
378
335
Sales \u2013 support and specialists
251
228
Service delivery
290
263
Administration
231
202
1,15
0
1,028
The employee benefit expenses in relation to the service delivery employees are included within cost of sales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-255": { "value": "
6 Auditors\u2019 remuneration
During the year, the Group obtained the following services from the company\u2019s auditors and its associates:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the company\u2019s auditors and its associates for the audit
of the parent company and consolidated financial statements
1
316
688
Fees payable to the company\u2019s auditors and its associates for other services:
Audit of the financial statements of the company\u2019s subsidiaries
450
398
Non-audit services
2
105
101
871
1,187
1 Other fees of \u00a30.4 million in the prior year has been included within fees of the parent company.
2 Non-audit services in the current and prior year relate to the auditors\u2019 review of our interim report issued in October of each year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-256": { "value": "
7 Finance income and costs
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest received
1
8,486
5,111
Finance income
8,486
5,111
Finance costs
Interest expense on financial liabilities measured at amortised cost
(224)
(330)
Interest expense on lease liability
(67)
(63)
Finance costs
(291)
(393)
1 Interest received on cash deposited on money market.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-340": { "value": "7 Finance income and costs
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest received
1
8,486
5,111
Finance income
8,486
5,111
Finance costs
Interest expense on financial liabilities measured at amortised cost
(224)
(330)
Interest expense on lease liability
(67)
(63)
Finance costs
(291)
(393)
1 Interest received on cash deposited on money market.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-335": { "value": "7 Finance income and costs
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest received
1
8,486
5,111
Finance income
8,486
5,111
Finance costs
Interest expense on financial liabilities measured at amortised cost
(224)
(330)
Interest expense on lease liability
(67)
(63)
Finance costs
(291)
(393)
1 Interest received on cash deposited on money market.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-331": { "value": "7 Finance income and costs
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest received
1
8,486
5,111
Finance income
8,486
5,111
Finance costs
Interest expense on financial liabilities measured at amortised cost
(224)
(330)
Interest expense on lease liability
(67)
(63)
Finance costs
(291)
(393)
1 Interest received on cash deposited on money market.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-317": { "value": "7 Finance income and costs
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest received
1
8,486
5,111
Finance income
8,486
5,111
Finance costs
Interest expense on financial liabilities measured at amortised cost
(224)
(330)
Interest expense on lease liability
(67)
(63)
Finance costs
(291)
(393)
1 Interest received on cash deposited on money market.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-296": { "value": "7 Finance income and costs
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest received
1
8,486
5,111
Finance income
8,486
5,111
Finance costs
Interest expense on financial liabilities measured at amortised cost
(224)
(330)
Interest expense on lease liability
(67)
(63)
Finance costs
(291)
(393)
1 Interest received on cash deposited on money market.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-257": { "value": "
8 Income tax expense
The major components of the Group\u2019s income tax expense for all periods are:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current income tax charge in the year
19,175
15,892
Adjustment in respect of current income tax of previous years
(18)
(85)
Total current income tax charge
19,157
15,807
Deferred tax charge/(credit) in the year
604
(1,109)
Adjustments in respect of prior year
11
70
Effect of changes in tax rates
\u2013
(23)
Deferred tax charge/(credit)
615
(1,062)
Total tax charge
19,772
14,745
Reconciliation of total tax charge
The tax assessed for the year differs from the standard rate of corporation tax in the UK applied to profit before tax
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit before income tax
74,613
61,596
Income tax charge at the standard rate of corporation tax in the UK of 25% (2024: 24.49%)
1
18,653
15,085
Effects of:
Non-deductible expenses
1,124
(2 61)
Adjustment to previous periods
(7)
(15)
Effect of changes in tax rate
\u2013
(23)
Effect of share of profit of associate
2
(41)
Income tax charge reported in profit or loss
19,772
14
,74 5
1 Prorated rate for change in tax rate from 19% to 25% on 1 April 2023.
Year ended Year ended
28 February 29 February
2025 2024
Amounts recognised directly in equity \u00a3\u2019000 \u00a3\u2019000
Aggregate current and deferred tax arising in the reporting period and
not recognised in net profit or loss or other comprehensive income but
directly credited/(charged) to equity:
Deferred tax: share-based payments
(160)
407
Current tax: share-based payments
31
491
(129)
898
On 23 May 2023, the International Accounting Standards Board (the Board) issued International Tax Reform \u2013 Pillar Two
Model Rules \u2013 Amendments to IAS 12. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK
introducing a global minimum effective tax rate of 15% for large groups, with revenues exceeding \u20ac750 million, for financial
years beginning on or after 31 December 2023. These rules are not expected to affect the Group.
Year ended Year ended
28 February 29 February
2025 2024
Deferred tax asset \u2013 net \u00a3\u2019000 \u00a3\u2019000
The balance comprises temporary differences attributable to:
Intangible assets
(568)
(788)
Property, plant and equipment
(2,088)
(1,059)
Employee benefits
6
1
Provisions
74
73
Share-based payments
2,635
2,607
59
834
Year ended Year ended
28 February 29 February
2025 2024
Net deferred tax asset reconciliation \u00a3\u2019000 \u00a3\u2019000
At 1 March
834
(635)
Intangible assets
220
220
Property, plant and equipment
(1,029)
(175)
Employee benefits
5
(2)
Provisions
1
8
Share-based payments
188
1,011
(Charge)/credit to profit or loss
(615)
1,062
Share-based payments
(160)
407
(Charge)/credit to equity
(160)
407
Carrying amount at end of year
59
834
The deferred tax asset and deferred tax liabilities carrying amounts at the end of the year are set off as they arise in the same
jurisdiction and as such there is a legally enforceable right to offset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-318": { "value": "8 Income tax expense The major components of the Group\u2019s income tax expense for all periods are:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current income tax charge in the year
19,175
15,892
Adjustment in respect of current income tax of previous years
(18)
(85)
Total current income tax charge
19,157
15,807
Deferred tax charge/(credit) in the year
604
(1,109)
Adjustments in respect of prior year
11
70
Effect of changes in tax rates
\u2013
(23)
Deferred tax charge/(credit)
615
(1,062)
Total tax charge
19,772
14,745
Reconciliation of total tax charge The tax assessed for the year differs from the standard rate of corporation tax in the UK applied to profit before tax
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit before income tax
74,613
61,596
Income tax charge at the standard rate of corporation tax in the UK of 25% (2024: 24.49%)
1
18,653
15,085
Effects of:
Non-deductible expenses
1,124
(2 61)
Adjustment to previous periods
(7)
(15)
Effect of changes in tax rate
\u2013
(23)
Effect of share of profit of associate
2
(41)
Income tax charge reported in profit or loss
19,772
14
,74 5
1 Prorated rate for change in tax rate from 19% to 25% on 1 April 2023.
Year ended Year ended
28 February 29 February
2025 2024
Amounts recognised directly in equity \u00a3\u2019000 \u00a3\u2019000
Aggregate current and deferred tax arising in the reporting period and
not recognised in net profit or loss or other comprehensive income but
directly credited/(charged) to equity:
Deferred tax: share-based payments
(160)
407
Current tax: share-based payments
31
491
(129)
898
On 23 May 2023, the International Accounting Standards Board (the Board) issued International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK introducing a global minimum effective tax rate of 15% for large groups, with revenues exceeding \u20ac750 million, for financial years beginning on or after 31 December 2023. These rules are not expected to affect the Group.
Year ended Year ended
28 February 29 February
2025 2024
Deferred tax asset \u2013 net \u00a3\u2019000 \u00a3\u2019000
The balance comprises temporary differences attributable to:
Intangible assets
(568)
(788)
Property, plant and equipment
(2,088)
(1,059)
Employee benefits
6
1
Provisions
74
73
Share-based payments
2,635
2,607
59
834
Year ended Year ended
28 February 29 February
2025 2024
Net deferred tax asset reconciliation \u00a3\u2019000 \u00a3\u2019000
At 1 March
834
(635)
Intangible assets
220
220
Property, plant and equipment
(1,029)
(175)
Employee benefits
5
(2)
Provisions
1
8
Share-based payments
188
1,011
(Charge)/credit to profit or loss
(615)
1,062
Share-based payments
(160)
407
(Charge)/credit to equity
(160)
407
Carrying amount at end of year
59
834
The deferred tax asset and deferred tax liabilities carrying amounts at the end of the year are set off as they arise in the same jurisdiction and as such there is a legally enforceable right to offset. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-297": { "value": "8 Income tax expense The major components of the Group\u2019s income tax expense for all periods are:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current income tax charge in the year
19,175
15,892
Adjustment in respect of current income tax of previous years
(18)
(85)
Total current income tax charge
19,157
15,807
Deferred tax charge/(credit) in the year
604
(1,109)
Adjustments in respect of prior year
11
70
Effect of changes in tax rates
\u2013
(23)
Deferred tax charge/(credit)
615
(1,062)
Total tax charge
19,772
14,745
Reconciliation of total tax charge The tax assessed for the year differs from the standard rate of corporation tax in the UK applied to profit before tax
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit before income tax
74,613
61,596
Income tax charge at the standard rate of corporation tax in the UK of 25% (2024: 24.49%)
1
18,653
15,085
Effects of:
Non-deductible expenses
1,124
(2 61)
Adjustment to previous periods
(7)
(15)
Effect of changes in tax rate
\u2013
(23)
Effect of share of profit of associate
2
(41)
Income tax charge reported in profit or loss
19,772
14
,74 5
1 Prorated rate for change in tax rate from 19% to 25% on 1 April 2023.
Year ended Year ended
28 February 29 February
2025 2024
Amounts recognised directly in equity \u00a3\u2019000 \u00a3\u2019000
Aggregate current and deferred tax arising in the reporting period and
not recognised in net profit or loss or other comprehensive income but
directly credited/(charged) to equity:
Deferred tax: share-based payments
(160)
407
Current tax: share-based payments
31
491
(129)
898
On 23 May 2023, the International Accounting Standards Board (the Board) issued International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK introducing a global minimum effective tax rate of 15% for large groups, with revenues exceeding \u20ac750 million, for financial years beginning on or after 31 December 2023. These rules are not expected to affect the Group.
Year ended Year ended
28 February 29 February
2025 2024
Deferred tax asset \u2013 net \u00a3\u2019000 \u00a3\u2019000
The balance comprises temporary differences attributable to:
Intangible assets
(568)
(788)
Property, plant and equipment
(2,088)
(1,059)
Employee benefits
6
1
Provisions
74
73
Share-based payments
2,635
2,607
59
834
Year ended Year ended
28 February 29 February
2025 2024
Net deferred tax asset reconciliation \u00a3\u2019000 \u00a3\u2019000
At 1 March
834
(635)
Intangible assets
220
220
Property, plant and equipment
(1,029)
(175)
Employee benefits
5
(2)
Provisions
1
8
Share-based payments
188
1,011
(Charge)/credit to profit or loss
(615)
1,062
Share-based payments
(160)
407
(Charge)/credit to equity
(160)
407
Carrying amount at end of year
59
834
The deferred tax asset and deferred tax liabilities carrying amounts at the end of the year are set off as they arise in the same jurisdiction and as such there is a legally enforceable right to offset. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-258": { "value": "
9 Property, plant and equipment
Freehold land Computer Furniture, fittings Computer Motor
and buildings equipment and equipment software vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 March 2023
9,405
4,339
1,313
1,017
104
16,178
Additions
373
692
11
249
9
1,334
Disposals
\u2013
(25)
\u2013
\u2013
(27)
(52)
At 29 February 2024
9,778
5,006
1,324
1,266
86
17,4 6 0
Additions
5,760
549
46
\u2013
3
6,358
Disposals
\u2013
(1)
\u2013
\u2013
(24)
(25)
At 28 February 2025
15,538
5,554
1,370
1,266
65
23,793
Depreciation
At 1 March 2023
2,516
3,469
1,043
698
72
7,798
On disposals
\u2013
(25)
\u2013
\u2013
(27)
(52)
Charge for the year
421
584
51
163
17
1,236
At 29 February 2024
2,937
4,028
1,094
861
62
8,982
On disposals
\u2013
(1)
\u2013
\u2013
(24)
(25)
Charge for the year
384
600
47
211
13
1,255
At 28 February 2025
3,321
4,627
1,141
1,072
51
10,212
Net book value
At 29 February 2024
6,841
978
230
405
24
8,478
At 28 February 2025
12,217
927
229
194
14
13,581
During the year the Group acquired property, for \u00a35.4 million, adjacent to its offices in Leatherhead. Part of the property
acquired is subject to existing operating lease agreements. Since the property was acquired by the Group for use as
owner-occupied offices, the property has been included in owned property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-259": { "value": "
10 Leases
Group as a lessee
Amounts recognised in the balance sheet
Buildings Motor vehicles Total
Right-of-use assets \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 March 2023
1,377
245
1,622
Additions
\u2013
891
891
Disposals
\u2013
(245)
(245)
At 29 February 2024
1,377
891
2,268
Additions
\u2013
739
739
At 28 February 2025
1,377
1,630
3,007
Depreciation
At 1 March 2023
594
245
839
Disposals
\u2013
(245)
(245)
Charge for the period
144
119
263
At 29 February 2024
738
119
857
Charge for the period
145
364
509
At 28 February 2025
883
483
1,366
Net book value
At 1 March 2023
783
\u2013
783
At 29 February 2024
639
772
1,411
At 28 February 2025
494
1,147
1,641
As at As at As at
28 February 29 February 1 March
2025 2024 2023
Lease liabilities \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
668
423
75
Non-current
1,269
1,314
917
1,937
1,737
992
There were additions of \u00a30.7 million to the right-of-use assets in the financial year ended 28 February 2025
(2024: \u00a30.9 million).
Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Depreciation charge of right-of-use assets
509
263
Interest expense (included in finance cost)
67
63
Expense relating to short-term leases (included in administrative expenses)
348
250
Changes in liabilities arising from financing activities
As at As at
1 March 28 February
2024 Additions Cash flows Interest 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
1,737
739
(606)
67
1,937
Total liabilities from financing activities
1,737
739
(606)
67
1,937
As at As at
1 March 29 February
2023 Additions Cash flows Interest 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
992
891
(209)
63
1,737
Total liabilities from financing activities
992
891
(209)
63
1,737
Group as a lessor
Contractual maturity of undiscounted operating lease receipts
The following table details the Group\u2019s remaining contract maturity for operating leases on the Group during the year. There
were no operating lease receivables in the prior year. The table is based on undiscounted contractual receipts.
Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years
28 February 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Operating lease
receivables
464
464
464
244
87
159
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-298": { "value": "
Buildings Motor vehicles Total
Right-of-use assets \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 March 2023
1,377
245
1,622
Additions
\u2013
891
891
Disposals
\u2013
(245)
(245)
At 29 February 2024
1,377
891
2,268
Additions
\u2013
739
739
At 28 February 2025
1,377
1,630
3,007
Depreciation
At 1 March 2023
594
245
839
Disposals
\u2013
(245)
(245)
Charge for the period
144
119
263
At 29 February 2024
738
119
857
Charge for the period
145
364
509
At 28 February 2025
883
483
1,366
Net book value
At 1 March 2023
783
\u2013
783
At 29 February 2024
639
772
1,411
At 28 February 2025
494
1,147
1,641
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-260": { "value": "
11 Intangible assets
Customer
Goodwill relationships Brand Software Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 March 2023 and 29 February 2024
37,4 9 3
8,798
3,653
\u2013
49,944
Additions
\u2013
\u2013
\u2013
3,709
3,709
At 28 February 2025
37,49
3
8,798
3,653
3,709
53,653
Amortisation
At 1 March 2023
\u2013
4,765
3,653
\u2013
8,418
Charge for the year
\u2013
880
\u2013
\u2013
880
At 29 February 2024
\u2013
5,645
3,653
\u2013
9,298
Charge for the year
\u2013
880
\u2013
\u2013
880
At 28 February 2025
\u2013
6,525
3,653
\u2013
10,17
8
Net book value
At 29 February 2024
3 7, 4 9 3
3 ,153
\u2013
\u2013
40,646
At 28 February 2025
37,49
3
2,273
\u2013
3,709
43,475
During the year the Group capitalised internal software development costs of \u00a33.7 million. The project was still in production
phase at the year end and as such there is no amortisation charge in the current financial year.
Determination of recoverable amount
The carrying value of indefinite useful life intangible assets, being goodwill, are tested annually for impairment. For each CGU
and for all periods presented, the Group has assessed that the value in use represents the recoverable amount. The future
expected cash flows used in the value-in-use models are based on management forecasts, over a five-year period, and
thereafter a reasonable rate of growth is applied based on current market conditions. The recoverable amount of Bytes
Software Services and Phoenix Software is estimated to be \u00a3755.3 million and \u00a3245.7 million respectively. For the purpose
of impairment assessments of goodwill, the goodwill balance is allocated to the operating units which represent the lowest
level within the Group at which the goodwill is monitored for internal management purposes.
A summary of the goodwill per CGU, as well as assumptions applied for impairment assessment purposes, is presented below:
Long-term Goodwill
growth rate Discount rate carrying amount
28 February 2025 % % \u00a3\u2019000
Bytes Software Services
2
9.20
14,775
Phoenix Software
2
9.20
22,718
37,49
3
Long-term Goodwill
growth rate Discount rate carrying amount
29 February 2024 % % \u00a3\u2019000
Bytes Software Services
2
9.15
14,775
Phoenix Software
2
9.15
22,718
37,4 9 3
Growth rates The Group used what it considers to be a conservative growth rate of 2% which was applied beyond the approved budget periods. The growth rate was consistent with publicly available information relating to long-term average growth rates for the market in which the respective CGU operated. Discount rates Discount rates used reflect both time value of money and other specific risks relating to the relevant CGU. Post-tax discount rates have been applied. The difference between the value-in-use calculated using the post-tax discount rates and the value-in-use calculated using pre-tax discount rates is not material. Sensitivities The impacts of variations in the calculation of value in use of assumed growth rate and post-tax discount rates applied to the forecast future cash flows of the CGUs have been estimated as follows:
Bytes Software Phoenix
Services Software
28 February 2025 \u00a3\u2019000 \u00a3\u2019000
Headroom
702,044
212,605
1% increase in the post-tax discount rate applied to the forecast future cash flows
(94,207)
(31,522)
1% decrease in the post-tax discount rate applied to the forecast future cash flows
124,953
41,843
0.5% increase in the terminal growth rate
44,492
14,940
0.5% decrease in the terminal growth rate
(38,714)
(13,000)
Bytes Software Phoenix
Services Software
29 February 2024 \u00a3\u2019000 \u00a3\u2019000
Headroom
688,344
273,935
1% increase in the post-tax discount rate applied to the forecast future cash flows
(97,
59 2)
(38,628)
1% decrease in the post-tax discount rate applied to the forecast future cash flows
129,792
51,351
0.5% increase in the terminal growth rate
46,379
18,323
0.5% decrease in the terminal growth rate
(40,316)
(15,928)
None of the above sensitivities, taken either in isolation or aggregated, indicates a potential impairment. The directors consider that there is no reasonable possible change in the assumptions used in the sensitivities that would result in an impairment of goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-319": { "value": "11 Intangible assets
Customer
Goodwill relationships Brand Software Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 March 2023 and 29 February 2024
37,4 9 3
8,798
3,653
\u2013
49,944
Additions
\u2013
\u2013
\u2013
3,709
3,709
At 28 February 2025
37,49
3
8,798
3,653
3,709
53,653
Amortisation
At 1 March 2023
\u2013
4,765
3,653
\u2013
8,418
Charge for the year
\u2013
880
\u2013
\u2013
880
At 29 February 2024
\u2013
5,645
3,653
\u2013
9,298
Charge for the year
\u2013
880
\u2013
\u2013
880
At 28 February 2025
\u2013
6,525
3,653
\u2013
10,17
8
Net book value
At 29 February 2024
3 7, 4 9 3
3 ,153
\u2013
\u2013
40,646
At 28 February 2025
37,49
3
2,273
\u2013
3,709
43,475
During the year the Group capitalised internal software development costs of \u00a33.7 million. The project was still in production phase at the year end and as such there is no amortisation charge in the current financial year. Determination of recoverable amount The carrying value of indefinite useful life intangible assets, being goodwill, are tested annually for impairment. For each CGU and for all periods presented, the Group has assessed that the value in use represents the recoverable amount. The future expected cash flows used in the value-in-use models are based on management forecasts, over a five-year period, and thereafter a reasonable rate of growth is applied based on current market conditions. The recoverable amount of Bytes Software Services and Phoenix Software is estimated to be \u00a3755.3 million and \u00a3245.7 million respectively. For the purpose of impairment assessments of goodwill, the goodwill balance is allocated to the operating units which represent the lowest level within the Group at which the goodwill is monitored for internal management purposes. A summary of the goodwill per CGU, as well as assumptions applied for impairment assessment purposes, is presented below:
Long-term Goodwill
growth rate Discount rate carrying amount
28 February 2025 % % \u00a3\u2019000
Bytes Software Services
2
9.20
14,775
Phoenix Software
2
9.20
22,718
37,49
3
Long-term Goodwill
growth rate Discount rate carrying amount
29 February 2024 % % \u00a3\u2019000
Bytes Software Services
2
9.15
14,775
Phoenix Software
2
9.15
22,718
37,4 9 3
Growth rates The Group used what it considers to be a conservative growth rate of 2% which was applied beyond the approved budget periods. The growth rate was consistent with publicly available information relating to long-term average growth rates for the market in which the respective CGU operated. Discount rates Discount rates used reflect both time value of money and other specific risks relating to the relevant CGU. Post-tax discount rates have been applied. The difference between the value-in-use calculated using the post-tax discount rates and the value-in-use calculated using pre-tax discount rates is not material. Sensitivities The impacts of variations in the calculation of value in use of assumed growth rate and post-tax discount rates applied to the forecast future cash flows of the CGUs have been estimated as follows:
Bytes Software Phoenix
Services Software
28 February 2025 \u00a3\u2019000 \u00a3\u2019000
Headroom
702,044
212,605
1% increase in the post-tax discount rate applied to the forecast future cash flows
(94,207)
(31,522)
1% decrease in the post-tax discount rate applied to the forecast future cash flows
124,953
41,843
0.5% increase in the terminal growth rate
44,492
14,940
0.5% decrease in the terminal growth rate
(38,714)
(13,000)
Bytes Software Phoenix
Services Software
29 February 2024 \u00a3\u2019000 \u00a3\u2019000
Headroom
688,344
273,935
1% increase in the post-tax discount rate applied to the forecast future cash flows
(97,
59 2)
(38,628)
1% decrease in the post-tax discount rate applied to the forecast future cash flows
129,792
51,351
0.5% increase in the terminal growth rate
46,379
18,323
0.5% decrease in the terminal growth rate
(40,316)
(15,928)
None of the above sensitivities, taken either in isolation or aggregated, indicates a potential impairment. The directors consider that there is no reasonable possible change in the assumptions used in the sensitivities that would result in an impairment of goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-299": { "value": "11 Intangible assets
Customer
Goodwill relationships Brand Software Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 March 2023 and 29 February 2024
37,4 9 3
8,798
3,653
\u2013
49,944
Additions
\u2013
\u2013
\u2013
3,709
3,709
At 28 February 2025
37,49
3
8,798
3,653
3,709
53,653
Amortisation
At 1 March 2023
\u2013
4,765
3,653
\u2013
8,418
Charge for the year
\u2013
880
\u2013
\u2013
880
At 29 February 2024
\u2013
5,645
3,653
\u2013
9,298
Charge for the year
\u2013
880
\u2013
\u2013
880
At 28 February 2025
\u2013
6,525
3,653
\u2013
10,17
8
Net book value
At 29 February 2024
3 7, 4 9 3
3 ,153
\u2013
\u2013
40,646
At 28 February 2025
37,49
3
2,273
\u2013
3,709
43,475
During the year the Group capitalised internal software development costs of \u00a33.7 million. The project was still in production phase at the year end and as such there is no amortisation charge in the current financial year. Determination of recoverable amount The carrying value of indefinite useful life intangible assets, being goodwill, are tested annually for impairment. For each CGU and for all periods presented, the Group has assessed that the value in use represents the recoverable amount. The future expected cash flows used in the value-in-use models are based on management forecasts, over a five-year period, and thereafter a reasonable rate of growth is applied based on current market conditions. The recoverable amount of Bytes Software Services and Phoenix Software is estimated to be \u00a3755.3 million and \u00a3245.7 million respectively. For the purpose of impairment assessments of goodwill, the goodwill balance is allocated to the operating units which represent the lowest level within the Group at which the goodwill is monitored for internal management purposes. A summary of the goodwill per CGU, as well as assumptions applied for impairment assessment purposes, is presented below:
Long-term Goodwill
growth rate Discount rate carrying amount
28 February 2025 % % \u00a3\u2019000
Bytes Software Services
2
9.20
14,775
Phoenix Software
2
9.20
22,718
37,49
3
Long-term Goodwill
growth rate Discount rate carrying amount
29 February 2024 % % \u00a3\u2019000
Bytes Software Services
2
9.15
14,775
Phoenix Software
2
9.15
22,718
37,4 9 3
Growth rates The Group used what it considers to be a conservative growth rate of 2% which was applied beyond the approved budget periods. The growth rate was consistent with publicly available information relating to long-term average growth rates for the market in which the respective CGU operated. Discount rates Discount rates used reflect both time value of money and other specific risks relating to the relevant CGU. Post-tax discount rates have been applied. The difference between the value-in-use calculated using the post-tax discount rates and the value-in-use calculated using pre-tax discount rates is not material. Sensitivities The impacts of variations in the calculation of value in use of assumed growth rate and post-tax discount rates applied to the forecast future cash flows of the CGUs have been estimated as follows:
Bytes Software Phoenix
Services Software
28 February 2025 \u00a3\u2019000 \u00a3\u2019000
Headroom
702,044
212,605
1% increase in the post-tax discount rate applied to the forecast future cash flows
(94,207)
(31,522)
1% decrease in the post-tax discount rate applied to the forecast future cash flows
124,953
41,843
0.5% increase in the terminal growth rate
44,492
14,940
0.5% decrease in the terminal growth rate
(38,714)
(13,000)
Bytes Software Phoenix
Services Software
29 February 2024 \u00a3\u2019000 \u00a3\u2019000
Headroom
688,344
273,935
1% increase in the post-tax discount rate applied to the forecast future cash flows
(97,
59 2)
(38,628)
1% decrease in the post-tax discount rate applied to the forecast future cash flows
129,792
51,351
0.5% increase in the terminal growth rate
46,379
18,323
0.5% decrease in the terminal growth rate
(40,316)
(15,928)
None of the above sensitivities, taken either in isolation or aggregated, indicates a potential impairment. The directors consider that there is no reasonable possible change in the assumptions used in the sensitivities that would result in an impairment of goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-261": { "value": "
12 Investment in an associate
With effect from 18 April 2023 the Group acquired 25.1% interest in Cloud Bridge Technologies Limited for \u00a33.0 million,
settled in cash. The Group\u2019s interest in Cloud Bridge Technologies Limited is accounted for using the equity method.
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current assets
7,98
0
8,302
Non-current assets
108
123
Current liabilities
(5,016)
(6,078)
Non-current liabilities
(771)
(11)
Equity
2,301
2,336
Group\u2019s share in equity \u2013 25.1%
578
586
Goodwill
2,607
2,607
Group\u2019s carrying amount of the investment
3,18
5
3,193
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Revenue
28,920
13,851
Cost of sales
(26,755)
(11,7
8 9)
Administrative expenses
(2,340)
(1,171)
Finance costs
(56)
(6)
Profit before tax
(231)
885
Income tax expense
198
(222)
Profit for the period
(33)
663
Group\u2019s share of profit for the period
(8)
166
The associate requires the Group\u2019s consent to distribute its profits. The Group does not foresee giving such consent at the
reporting date. The associate had no contingent liabilities or capital commitments as at 28 February 2025.
In preparing the financial statements, the Group has considered whether there are impairment indicators present in relation
to the net assets of the associate which would require an adjustment to be made to the \u00a33.2 million carrying amount of the
investment as at 28 February 2025. The Group has assessed its share of the value in use of the associate using future
expected cash flows based on management forecasts over a five-year period, and thereafter a reasonable rate of growth of
2% is applied based on current market conditions and using a discount rate of 9.2% (post-tax rate) in line with that of the
Group (see note 11). Based on this, the Group\u2019s share in the recoverable amount of Cloud Bridge is estimated to be
\u00a33.8 million which provides a headroom against the carrying value of \u00a30.6 million. The calculation of future cash flows uses
estimates of revenue growth, gross margin, and administrative costs. In making its assessment, management have
considered several qualitative factors in respect of the Cloud Bridge business including historic track record of revenue
growth, increase in customer opportunities and pipeline, attainment of key vendor accreditations, development of internal
systems to deliver cost savings and efficiencies, and expansion of operations in other territories. Gross margin changes
create the greatest sensitivity and a 2% reduction across the assessment period would lead to an impairment to the carrying
value of \u00a31.2 million. The value in use is also sensitive to changes in the discount rate applied. A 2% increase in the rate would
give rise to an impairment to the carrying value of \u00a30.4 million. Taking the base headroom forecast and the qualitative factors
together, the Group concludes there is no impairment of the carrying amount of the investment at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-320": { "value": "12 Investment in an associate With effect from 18 April 2023 the Group acquired 25.1% interest in Cloud Bridge Technologies Limited for \u00a33.0 million, settled in cash. The Group\u2019s interest in Cloud Bridge Technologies Limited is accounted for using the equity method.
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current assets
7,98
0
8,302
Non-current assets
108
123
Current liabilities
(5,016)
(6,078)
Non-current liabilities
(771)
(11)
Equity
2,301
2,336
Group\u2019s share in equity \u2013 25.1%
578
586
Goodwill
2,607
2,607
Group\u2019s carrying amount of the investment
3,18
5
3,193
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Revenue
28,920
13,851
Cost of sales
(26,755)
(11,7
8 9)
Administrative expenses
(2,340)
(1,171)
Finance costs
(56)
(6)
Profit before tax
(231)
885
Income tax expense
198
(222)
Profit for the period
(33)
663
Group\u2019s share of profit for the period
(8)
166
The associate requires the Group\u2019s consent to distribute its profits. The Group does not foresee giving such consent at the reporting date. The associate had no contingent liabilities or capital commitments as at 28 February 2025. In preparing the financial statements, the Group has considered whether there are impairment indicators present in relation to the net assets of the associate which would require an adjustment to be made to the \u00a33.2 million carrying amount of the investment as at 28 February 2025. The Group has assessed its share of the value in use of the associate using future expected cash flows based on management forecasts over a five-year period, and thereafter a reasonable rate of growth of 2% is applied based on current market conditions and using a discount rate of 9.2% (post-tax rate) in line with that of the Group (see note 11). Based on this, the Group\u2019s share in the recoverable amount of Cloud Bridge is estimated to be \u00a33.8 million which provides a headroom against the carrying value of \u00a30.6 million. The calculation of future cash flows uses estimates of revenue growth, gross margin, and administrative costs. In making its assessment, management have considered several qualitative factors in respect of the Cloud Bridge business including historic track record of revenue growth, increase in customer opportunities and pipeline, attainment of key vendor accreditations, development of internal systems to deliver cost savings and efficiencies, and expansion of operations in other territories. Gross margin changes create the greatest sensitivity and a 2% reduction across the assessment period would lead to an impairment to the carrying value of \u00a31.2 million. The value in use is also sensitive to changes in the discount rate applied. A 2% increase in the rate would give rise to an impairment to the carrying value of \u00a30.4 million. Taking the base headroom forecast and the qualitative factors together, the Group concludes there is no impairment of the carrying amount of the investment at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-300": { "value": "12 Investment in an associate With effect from 18 April 2023 the Group acquired 25.1% interest in Cloud Bridge Technologies Limited for \u00a33.0 million, settled in cash. The Group\u2019s interest in Cloud Bridge Technologies Limited is accounted for using the equity method.
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current assets
7,98
0
8,302
Non-current assets
108
123
Current liabilities
(5,016)
(6,078)
Non-current liabilities
(771)
(11)
Equity
2,301
2,336
Group\u2019s share in equity \u2013 25.1%
578
586
Goodwill
2,607
2,607
Group\u2019s carrying amount of the investment
3,18
5
3,193
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Revenue
28,920
13,851
Cost of sales
(26,755)
(11,7
8 9)
Administrative expenses
(2,340)
(1,171)
Finance costs
(56)
(6)
Profit before tax
(231)
885
Income tax expense
198
(222)
Profit for the period
(33)
663
Group\u2019s share of profit for the period
(8)
166
The associate requires the Group\u2019s consent to distribute its profits. The Group does not foresee giving such consent at the reporting date. The associate had no contingent liabilities or capital commitments as at 28 February 2025. In preparing the financial statements, the Group has considered whether there are impairment indicators present in relation to the net assets of the associate which would require an adjustment to be made to the \u00a33.2 million carrying amount of the investment as at 28 February 2025. The Group has assessed its share of the value in use of the associate using future expected cash flows based on management forecasts over a five-year period, and thereafter a reasonable rate of growth of 2% is applied based on current market conditions and using a discount rate of 9.2% (post-tax rate) in line with that of the Group (see note 11). Based on this, the Group\u2019s share in the recoverable amount of Cloud Bridge is estimated to be \u00a33.8 million which provides a headroom against the carrying value of \u00a30.6 million. The calculation of future cash flows uses estimates of revenue growth, gross margin, and administrative costs. In making its assessment, management have considered several qualitative factors in respect of the Cloud Bridge business including historic track record of revenue growth, increase in customer opportunities and pipeline, attainment of key vendor accreditations, development of internal systems to deliver cost savings and efficiencies, and expansion of operations in other territories. Gross margin changes create the greatest sensitivity and a 2% reduction across the assessment period would lead to an impairment to the carrying value of \u00a31.2 million. The value in use is also sensitive to changes in the discount rate applied. A 2% increase in the rate would give rise to an impairment to the carrying value of \u00a30.4 million. Taking the base headroom forecast and the qualitative factors together, the Group concludes there is no impairment of the carrying amount of the investment at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-262": { "value": "
13 Contract assets
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Contract assets
11,746
14,445
As at As at
28 February 29 February
2025 2024
Contract assets is further broken down as: \u00a3\u2019000 \u00a3\u2019000
Short-term contract assets
9,973
11,75
6
Long-term contract assets
1,773
2,689
11,746
14,445
Contract assets include \u00a31.7 million (2024: \u00a32.4 million) of deferred costs relating to internal services contracts, and the
recognition of accrued revenue of \u00a310.0 million (2024: \u00a312.0 million) for certain large software orders where performance
obligations were satisfied in the period but not yet invoiced to the customer at the period end.
", "dimensions": { "concept": "bytestechnology:DisclosureOfContractAssets", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-263": { "value": "
14 Contract liabilities
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Contract liabilities
27,279
21,485
As at As at
28 February 29 February
2025 2024
Contract liabilities is further broken down as: \u00a3\u2019000 \u00a3\u2019000
Short-term contract liabilities
25,245
19,348
Long-term contract liabilities
2,034
2,137
27,279
21,485
During the year, the Group recognised \u00a319.3 million (2024: \u00a323.9 million) of revenue that was included in the contract liability
balance at the beginning of the period. This liability arises where revenue has been deferred when the customer is invoiced
before the related performance obligations of the contract are satisfied, and the deferral of certain large payments received
in advance from customers.
", "dimensions": { "concept": "bytestechnology:DisclosureOfContractLiabilities", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-264": { "value": "
15 Inventories
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Inventories
14
60
14
60
Inventories include asset management subscription licences purchased in advance for a specific customer that as yet
haven\u2019t been consumed. Inventories recognised as an expense in cost of sales during the year amounted to \u00a346,000
(29 February 2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-265": { "value": "
16 Financial assets and financial liabilities
This note provides information about the Group\u2019s financial instruments, including:
\u2022 \u2022 An overview of all financial instruments held by the Group
\u2022 \u2022 Specific information about each type of financial instrument
\u2022 \u2022 Accounting policies
\u2022 \u2022 Information about determining the fair value of the instruments, including judgements and estimation uncertainty involved.
The Group holds the following financial instruments:
As at As at
28 February 29 February
2025 2024
Financial assets
Note
\u00a3\u2019000 \u00a3\u2019000
Financial assets at amortised cost:
Trade receivables
17
259,224
212,432
Other receivables
17
6,917
7,415
266,141
219,847
As at As at
28 February 29 February
2025 2024
Financial liabilities
Note
\u00a3\u2019000 \u00a3\u2019000
Financial liabilities at amortised cost:
Trade and other payables \u2013 current, excluding payroll tax and
other statutory tax liabilities
19
301,669
259,661
Lease liabilities
10
1,937
1,737
303,606
261,398
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in note 23. The maximum exposure
to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
23 Financial risk management
This note explains the Group\u2019s exposure to financial risks and how these risks could affect the Group\u2019s future financial
performance. Current year consolidated profit or loss and statement of financial position information has been included
where relevant to add further context.
Management monitors the liquidity and cash flow risk of the Group carefully. Cash flow is monitored by management on a
regular basis and any working capital requirement is funded by cash resources or access to the revolving credit facility.
The main financial risks arising from the Group\u2019s activities are credit, liquidity and currency risks. The Group\u2019s policy in
respect of credit risk is to require appropriate credit checks on potential customers before sales are made. The Group\u2019s
approach to credit risk is disclosed in note 17.
The Group\u2019s policy in respect of liquidity risk is to maintain readily accessible bank deposit accounts to ensure that the
company has sufficient funds for its operations. The cash deposits are held in a mixture of short-term deposits and current
accounts which earn interest at a floating rate.
The Group\u2019s policy in respect of currency risk, which primarily exists as a result of foreign currency purchases, is to either sell
in the currency of purchase, maintain sufficient cash reserves in the appropriate foreign currencies which can be used to
meet foreign currency liabilities, or take out forward currency contracts to cover the exposure.
23(a) Derivatives
Derivatives are only used for economic hedging purposes and not speculative investments.
The Group has taken out forward currency contracts during the periods presented but has not recognised either a forward
currency asset or liability at each period end as the fair value of the foreign currency forwards is considered to be immaterial
to the consolidated financial statements due to the low volume and short-term nature of the contracts. Similarly, the amounts
recognised in profit or loss in relation to derivatives were considered immaterial to disclose separately.
23(b) Foreign exchange risk
The Group\u2019s exposure to foreign currency risk at the end of the reporting period, was as follows:
As at 28 February 2025
As at 29 February 2024
USD EUR NOK USD EUR NOK
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
11,3 4 8
3,945
\u2013
10,247
2,661
\u2013
Cash and cash
equivalents
3,627
155
\u2013
176
1,647
\u2013
Trade payables
(18,663)
(3,529)
(53)
(16,640)
(4,253)
(580)
(3,688)
571
(53)
(6,217)
55
(580)
The following table demonstrates the profit before tax sensitivity to a possible change in the currency exchange rates with
GBP, all other variables held constant.
As at 28 February 2025
As at 29 February 2024
GBP:USD GBP:EUR GBP:NOK GBP:USD GBP:EUR GBP:NOK
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
5% strengthening in GBP
176
(27)
3
296
(3)
28
5% weakening in GBP
(194)
30
(3)
(327)
3
(31)
The aggregate net foreign exchange gains/losses recognised in profit or loss were:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Total net foreign exchange losses in profit or loss
55
137
23(c) Liquidity risk
(1) Cash management
Prudent liquidity risk management implies maintaining sufficient cash to meet obligations when due. The Group generates
positive cash flows from operating activities and these fund short-term working capital requirements. The Group aims to
maintain significant cash reserves and none of its cash reserves is subject to restrictions. Access to cash is not restricted and
all cash balances could be drawn on immediately if required. Management monitors the levels of cash deposits carefully and
is comfortable that for normal operating requirements; no further external borrowings are currently required.
At 28 February 2025, the Group had cash and cash equivalents of \u00a3113.1 million, see note 18. Management monitors rolling
forecasts of the Group\u2019s liquidity position (which comprises its cash and cash equivalents) on the basis of expected cash
flows generated from the Group\u2019s operations. These forecasts are generally carried out at a local level in the operating
companies of the Group in accordance with practice and limits set by the Group and take into account certain down-case
scenarios.
(2) Revolving Credit Facility
On 17 May 2023 the Group entered into a new three-year committed Revolving Credit Facility (RCF) for \u00a330 million including
an optional one-year extension to 17 May 2027, and a non-committed \u00a320 million accordion to increase the availability of
funding should it be required for future activity. The new facility incurred an arrangement fee of \u00a30.1 million, being 0.4% of the
new funds available. The Group has so far not drawn down any amount on either the previous or new facility and to the extent
that there is no evidence that it is probable that some or all of the facility will be drawn down, the fees are capitalised as a
prepayment and amortised over the initial three-year period of the facility. The facility also incurs a commitment fee and
utilisation fee, both of which are payable quarterly in arrears. Under the terms of both the previous and new facilities, the
Group is required to comply with the following financial covenants:
\u2022 \u2022 Interest cover: EBITDA (earnings before interest, tax, depreciation and amortisation) to net finance charges for the past
12 months shall be greater than 4.0 times
\u2022 \u2022 Leverage: net debt to EBITDA for the past 12 months must not exceed 2.5 times.
The Group has complied with these covenants throughout the reporting period. As at 28 February 2025 and 29 February
2024, the Group had net finance income and has therefore complied with the interest cover covenant. The Group has been in
a net cash position as at 28 February 2025 and 29 February 2024 and has therefore complied with the Net debt to
EBITDA covenant.
(3) Contractual maturity of financial liabilities
The following table details the Group\u2019s remaining contractual maturity for its financial liabilities based on undiscounted
contractual payments:
Total
contractual Carrying
Within 1 year 1 to 2 years 2 to 5 years Over 5 years cash flows amount
28 February 2025
Note
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
19
301,669
\u2013
\u2013
\u2013
301,669
301,669
Lease liabilities
10
726
689
627
\u2013
2,042
1,937
302,395
689
627
\u2013
30 3,711
303,606
Total
contractual Carrying
Within 1 year 1 to 2 years 2 to 5 years Over 5 years cash flows amount
29 February 2024
Note
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
19
259,660
\u2013
\u2013
\u2013
259,660
259,660
Lease liabilities
10
495
495
869
\u2013
1,859
1,737
26
0
,15 5
495
869
\u2013
261,519
261,397
24 Capital management
24(a) Risk management
For the purpose of the Group\u2019s capital management, capital includes issued capital, ordinary shares, share premium and all
other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital
management is to maximise shareholder value.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of shareholders. To maintain or adjust the capital structure, the Group may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares. To ensure an appropriate return for shareholders\u2019 capital
invested in the Group, management thoroughly evaluates all material revenue streams, relationships with key vendors and
potential acquisitions and approves them by the Board, where applicable. The Group\u2019s dividend policy is based on the
profitability of the business and underlying growth in earnings of the Group, as well as its capital requirements and cash
flows. The Group\u2019s dividend policy is to distribute 40\u201350% of the Group\u2019s post-tax pre-exceptional earnings to shareholders
in respect of each financial year. Subject to any cash requirements for ongoing investment, the Board will consider returning
excess cash to shareholders over time.
24(b) Dividends
2025
2024
Ordinary shares
Pence per share
\u00a3\u2019000
Pence per share
\u00a3\u2019000
Interim dividend paid
3 .1
7,
46 9
2.7
6,466
Special dividend paid
8.7
20,936
7.5
17,9 61
Final dividend paid
6.0
14,438
5.1
12,214
Total dividends attributable to
ordinary shareholders
17.8
42,843
15.3
36,641
Dividends per share is calculated by dividing the dividend paid by the number of ordinary shares in issue. Dividends are paid
out of available distributable reserves of the company.
The Board has proposed a final ordinary dividend of 6.9 pence and a special dividend of 10.0 pence per share for the
year ended 28 February 2025 to be paid to shareholders on the register as at 11 July 2025. The aggregate of the proposed
dividends expected to be paid on 25 July 2025 is \u00a340.7 million. The proposed dividends per ordinary shares are subject to
approval at the Annual General Meeting and are not recognised as a liability in the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-321": { "value": "16 Financial assets and financial liabilities This note provides information about the Group\u2019s financial instruments, including: \u2022 \u2022 An overview of all financial instruments held by the Group \u2022 \u2022 Specific information about each type of financial instrument \u2022 \u2022 Accounting policies \u2022 \u2022 Information about determining the fair value of the instruments, including judgements and estimation uncertainty involved. The Group holds the following financial instruments:
As at As at
28 February 29 February
2025 2024
Financial assets
Note
\u00a3\u2019000 \u00a3\u2019000
Financial assets at amortised cost:
Trade receivables
17
259,224
212,432
Other receivables
17
6,917
7,415
266,141
219,847
As at As at
28 February 29 February
2025 2024
Financial liabilities
Note
\u00a3\u2019000 \u00a3\u2019000
Financial liabilities at amortised cost:
Trade and other payables \u2013 current, excluding payroll tax and
other statutory tax liabilities
19
301,669
259,661
Lease liabilities
10
1,937
1,737
303,606
261,398
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in note 23. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-301": { "value": "16 Financial assets and financial liabilities This note provides information about the Group\u2019s financial instruments, including: \u2022 \u2022 An overview of all financial instruments held by the Group \u2022 \u2022 Specific information about each type of financial instrument \u2022 \u2022 Accounting policies \u2022 \u2022 Information about determining the fair value of the instruments, including judgements and estimation uncertainty involved. The Group holds the following financial instruments:
As at As at
28 February 29 February
2025 2024
Financial assets
Note
\u00a3\u2019000 \u00a3\u2019000
Financial assets at amortised cost:
Trade receivables
17
259,224
212,432
Other receivables
17
6,917
7,415
266,141
219,847
As at As at
28 February 29 February
2025 2024
Financial liabilities
Note
\u00a3\u2019000 \u00a3\u2019000
Financial liabilities at amortised cost:
Trade and other payables \u2013 current, excluding payroll tax and
other statutory tax liabilities
19
301,669
259,661
Lease liabilities
10
1,937
1,737
303,606
261,398
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in note 23. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-266": { "value": "
17 Trade and other receivables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Gross trade receivables
260,883
214,922
Less: impairment allowance
(1,659)
(2,490)
Net trade receivables
259,224
212,432
Other receivables
6,917
7, 415
266,141
219,847
Non-financial assets
Prepayments
2,313
1,968
2,313
1,968
Trade and other receivables
268,454
221,815
(i) Classification of trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business.
They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are
recognised initially at the amount of consideration that is unconditional, unless they contain significant financing
components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of
collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest
method. Details about the Group\u2019s impairment policies are provided in note 1.19.
(ii) Fair values of trade receivables
Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.
(iii) Credit risk
Ageing and impairment analysis (excluding finance lease assets)
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
28 February 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.26%
2.90%
10.93%
44.84%
Gross carrying amount
\u2013 trade receivables
232,118
17,4 9 5
5,201
4,189
1,880
260,883
Loss allowance
162
45
151
458
843
1,659
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
29 February 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.41%
4 .16%
7.6 2 %
80.02%
Gross carrying amount
\u2013 trade receivables
180,289
23,688
4,994
3,74
4
2,207
214,922
Loss allowance
134
97
208
285
1,766
2,490
The closing loss allowances for trade receivables reconcile to the opening loss allowances as follows:
As at As at
28 February 29 February
2025 2024
Trade receivables \u00a3\u2019000 \u00a3\u2019000
Opening loss allowance at 1 March
2,490
1,542
(Decrease)/increase in loss allowance recognised in profit or loss during the period
(108)
1,227
Receivables written off during the year as uncollectable
(723)
(279)
Closing loss allowance
1,659
2,490
Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable
expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group, and a
failure to make contractual payments for a period of greater than 120 days past due.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent
recoveries of amounts previously written off are credited against the same line item.
(iv) Other receivables
Other receivables include accrued rebate and other vendor incentive income of \u00a35.6 million (2024: \u00a35.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-336": { "value": "17 Trade and other receivables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Gross trade receivables
260,883
214,922
Less: impairment allowance
(1,659)
(2,490)
Net trade receivables
259,224
212,432
Other receivables
6,917
7, 415
266,141
219,847
Non-financial assets
Prepayments
2,313
1,968
2,313
1,968
Trade and other receivables
268,454
221,815
(i) Classification of trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies are provided in note 1.19. (ii) Fair values of trade receivables Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. (iii) Credit risk Ageing and impairment analysis (excluding finance lease assets)
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
28 February 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.26%
2.90%
10.93%
44.84%
Gross carrying amount
\u2013 trade receivables
232,118
17,4 9 5
5,201
4,189
1,880
260,883
Loss allowance
162
45
151
458
843
1,659
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
29 February 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.41%
4 .16%
7.6 2 %
80.02%
Gross carrying amount
\u2013 trade receivables
180,289
23,688
4,994
3,74
4
2,207
214,922
Loss allowance
134
97
208
285
1,766
2,490
The closing loss allowances for trade receivables reconcile to the opening loss allowances as follows:
As at As at
28 February 29 February
2025 2024
Trade receivables \u00a3\u2019000 \u00a3\u2019000
Opening loss allowance at 1 March
2,490
1,542
(Decrease)/increase in loss allowance recognised in profit or loss during the period
(108)
1,227
Receivables written off during the year as uncollectable
(723)
(279)
Closing loss allowance
1,659
2,490
Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. (iv) Other receivables Other receivables include accrued rebate and other vendor incentive income of \u00a35.6 million (2024: \u00a35.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-332": { "value": "17 Trade and other receivables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Gross trade receivables
260,883
214,922
Less: impairment allowance
(1,659)
(2,490)
Net trade receivables
259,224
212,432
Other receivables
6,917
7, 415
266,141
219,847
Non-financial assets
Prepayments
2,313
1,968
2,313
1,968
Trade and other receivables
268,454
221,815
(i) Classification of trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies are provided in note 1.19. (ii) Fair values of trade receivables Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. (iii) Credit risk Ageing and impairment analysis (excluding finance lease assets)
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
28 February 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.26%
2.90%
10.93%
44.84%
Gross carrying amount
\u2013 trade receivables
232,118
17,4 9 5
5,201
4,189
1,880
260,883
Loss allowance
162
45
151
458
843
1,659
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
29 February 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.41%
4 .16%
7.6 2 %
80.02%
Gross carrying amount
\u2013 trade receivables
180,289
23,688
4,994
3,74
4
2,207
214,922
Loss allowance
134
97
208
285
1,766
2,490
The closing loss allowances for trade receivables reconcile to the opening loss allowances as follows:
As at As at
28 February 29 February
2025 2024
Trade receivables \u00a3\u2019000 \u00a3\u2019000
Opening loss allowance at 1 March
2,490
1,542
(Decrease)/increase in loss allowance recognised in profit or loss during the period
(108)
1,227
Receivables written off during the year as uncollectable
(723)
(279)
Closing loss allowance
1,659
2,490
Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. (iv) Other receivables Other receivables include accrued rebate and other vendor incentive income of \u00a35.6 million (2024: \u00a35.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-322": { "value": "17 Trade and other receivables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Gross trade receivables
260,883
214,922
Less: impairment allowance
(1,659)
(2,490)
Net trade receivables
259,224
212,432
Other receivables
6,917
7, 415
266,141
219,847
Non-financial assets
Prepayments
2,313
1,968
2,313
1,968
Trade and other receivables
268,454
221,815
(i) Classification of trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies are provided in note 1.19. (ii) Fair values of trade receivables Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. (iii) Credit risk Ageing and impairment analysis (excluding finance lease assets)
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
28 February 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.26%
2.90%
10.93%
44.84%
Gross carrying amount
\u2013 trade receivables
232,118
17,4 9 5
5,201
4,189
1,880
260,883
Loss allowance
162
45
151
458
843
1,659
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
29 February 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.41%
4 .16%
7.6 2 %
80.02%
Gross carrying amount
\u2013 trade receivables
180,289
23,688
4,994
3,74
4
2,207
214,922
Loss allowance
134
97
208
285
1,766
2,490
The closing loss allowances for trade receivables reconcile to the opening loss allowances as follows:
As at As at
28 February 29 February
2025 2024
Trade receivables \u00a3\u2019000 \u00a3\u2019000
Opening loss allowance at 1 March
2,490
1,542
(Decrease)/increase in loss allowance recognised in profit or loss during the period
(108)
1,227
Receivables written off during the year as uncollectable
(723)
(279)
Closing loss allowance
1,659
2,490
Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. (iv) Other receivables Other receivables include accrued rebate and other vendor incentive income of \u00a35.6 million (2024: \u00a35.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-302": { "value": "17 Trade and other receivables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Gross trade receivables
260,883
214,922
Less: impairment allowance
(1,659)
(2,490)
Net trade receivables
259,224
212,432
Other receivables
6,917
7, 415
266,141
219,847
Non-financial assets
Prepayments
2,313
1,968
2,313
1,968
Trade and other receivables
268,454
221,815
(i) Classification of trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies are provided in note 1.19. (ii) Fair values of trade receivables Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. (iii) Credit risk Ageing and impairment analysis (excluding finance lease assets)
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
28 February 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.26%
2.90%
10.93%
44.84%
Gross carrying amount
\u2013 trade receivables
232,118
17,4 9 5
5,201
4,189
1,880
260,883
Loss allowance
162
45
151
458
843
1,659
Past due Past due Past due Past due
Current 0 to 30 days 31 to 60 days 61 to 120 days 121 to 365 days Total
29 February 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0.07%
0.41%
4 .16%
7.6 2 %
80.02%
Gross carrying amount
\u2013 trade receivables
180,289
23,688
4,994
3,74
4
2,207
214,922
Loss allowance
134
97
208
285
1,766
2,490
The closing loss allowances for trade receivables reconcile to the opening loss allowances as follows:
As at As at
28 February 29 February
2025 2024
Trade receivables \u00a3\u2019000 \u00a3\u2019000
Opening loss allowance at 1 March
2,490
1,542
(Decrease)/increase in loss allowance recognised in profit or loss during the period
(108)
1,227
Receivables written off during the year as uncollectable
(723)
(279)
Closing loss allowance
1,659
2,490
Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. (iv) Other receivables Other receivables include accrued rebate and other vendor incentive income of \u00a35.6 million (2024: \u00a35.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-267": { "value": "
18 Cash and cash equivalents
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
6,276
88,836
Short-term deposits
106,800
\u2013
113,076
88,836
Short-term deposits are made for varying periods of between one day and one month, depending on the immediate cash
requirements of the Group and earn interest at the respective short-term deposit rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-303": { "value": "18 Cash and cash equivalents
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
6,276
88,836
Short-term deposits
106,800
\u2013
113,076
88,836
Short-term deposits are made for varying periods of between one day and one month, depending on the immediate cash requirements of the Group and earn interest at the respective short-term deposit rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-268": { "value": "
19 Trade and other payables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade and other payables
179,003
168,777
Accrued expenses
122,666
90,884
Payroll tax and other statutory liabilities
25,864
18,256
327,533
27 7, 917
Trade payables are unsecured and are usually paid within 45 days of recognition. Accrued expenses includes accruals for
purchase invoices not received and other accrued costs such as bonuses and commissions payable at year end.
The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-337": { "value": "19 Trade and other payables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade and other payables
179,003
168,777
Accrued expenses
122,666
90,884
Payroll tax and other statutory liabilities
25,864
18,256
327,533
27 7, 917
Trade payables are unsecured and are usually paid within 45 days of recognition. Accrued expenses includes accruals for purchase invoices not received and other accrued costs such as bonuses and commissions payable at year end. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-333": { "value": "19 Trade and other payables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade and other payables
179,003
168,777
Accrued expenses
122,666
90,884
Payroll tax and other statutory liabilities
25,864
18,256
327,533
27 7, 917
Trade payables are unsecured and are usually paid within 45 days of recognition. Accrued expenses includes accruals for purchase invoices not received and other accrued costs such as bonuses and commissions payable at year end. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-323": { "value": "19 Trade and other payables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade and other payables
179,003
168,777
Accrued expenses
122,666
90,884
Payroll tax and other statutory liabilities
25,864
18,256
327,533
27 7, 917
Trade payables are unsecured and are usually paid within 45 days of recognition. Accrued expenses includes accruals for purchase invoices not received and other accrued costs such as bonuses and commissions payable at year end. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-304": { "value": "19 Trade and other payables
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade and other payables
179,003
168,777
Accrued expenses
122,666
90,884
Payroll tax and other statutory liabilities
25,864
18,256
327,533
27 7, 917
Trade payables are unsecured and are usually paid within 45 days of recognition. Accrued expenses includes accruals for purchase invoices not received and other accrued costs such as bonuses and commissions payable at year end. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-269": { "value": "
20 Share capital and share premium
Number of Nominal value Share premium Total
Allotted, called up and fully paid shares \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 March 2023
239,482,333
2,395
633,636
636,031
Shares issued during the year
874,565
9
14
23
At 29 February 2024
240,356,898
2,404
633,650
636,054
Shares issued during the year
711, 3 67
7
2,782
2,789
At 28 February 2025
241,068,265
2,411
636,432
638,843
Ordinary shares have a nominal value of \u00a30.01. All ordinary shares in issue rank pari passu and carry the same voting rights
and entitlement to receive dividends and other distributions declared or paid by the Group. The company does not have a
limited amount of authorised share capital.
Information related to the company\u2019s share option schemes, including options issued during the financial year and options
outstanding at the end of the reporting period is set out in note 27.
21 Merger reserve
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at 1 March 2023, 29 February 2024 and 28 February 2025
(644,375)
(644,375)
(644,375)
(644,375)
The merger reserve of \u00a3644.4 million arose in December 2019, on the date that the Group demerged from its previous parent
company. This is an accounting reserve in equity representing the difference between the total nominal value of the issued
share capital acquired in Bytes Technology Limited of \u00a31.10 and the total consideration given of \u00a3644.4 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-305": { "value": "20 Share capital and share premium
Number of Nominal value Share premium Total
Allotted, called up and fully paid shares \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 March 2023
239,482,333
2,395
633,636
636,031
Shares issued during the year
874,565
9
14
23
At 29 February 2024
240,356,898
2,404
633,650
636,054
Shares issued during the year
711, 3 67
7
2,782
2,789
At 28 February 2025
241,068,265
2,411
636,432
638,843
Ordinary shares have a nominal value of \u00a30.01. All ordinary shares in issue rank pari passu and carry the same voting rights and entitlement to receive dividends and other distributions declared or paid by the Group. The company does not have a limited amount of authorised share capital. Information related to the company\u2019s share option schemes, including options issued during the financial year and options outstanding at the end of the reporting period is set out in note 27. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-306": { "value": "21 Merger reserve
As at As at
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at 1 March 2023, 29 February 2024 and 28 February 2025
(644,375)
(644,375)
(644,375)
(644,375)
The merger reserve of \u00a3644.4 million arose in December 2019, on the date that the Group demerged from its previous parent company. This is an accounting reserve in equity representing the difference between the total nominal value of the issued share capital acquired in Bytes Technology Limited of \u00a31.10 and the total consideration given of \u00a3644.4 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-270": { "value": "
22 Cash generated from operations
Year ended Year ended
28 February 29 February
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Profit before taxation
74,613
61,596
Adjustments for:
Depreciation and amortisation
4
2,644
2,379
Non-cash employee benefits expense \u2013 share-based payments
4
5,049
5,708
Share of profit of associate
8
(166)
Finance income
7
(8,486)
(5,111)
Finance costs
7
291
393
Decrease/(increase) in contract assets
2,699
(3,364)
Increase in trade and other receivables
(46,639)
(35,895)
Decrease/(increase) in inventories
46
(2)
Increase in trade and other payables
49,616
46,200
Increase/(decrease) in contract liabilities
5,794
(4,405)
Cash generated from operations
85,635
67,333
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-307": { "value": "23 Financial risk management This note explains the Group\u2019s exposure to financial risks and how these risks could affect the Group\u2019s future financial performance. Current year consolidated profit or loss and statement of financial position information has been included where relevant to add further context. Management monitors the liquidity and cash flow risk of the Group carefully. Cash flow is monitored by management on a regular basis and any working capital requirement is funded by cash resources or access to the revolving credit facility. The main financial risks arising from the Group\u2019s activities are credit, liquidity and currency risks. The Group\u2019s policy in respect of credit risk is to require appropriate credit checks on potential customers before sales are made. The Group\u2019s approach to credit risk is disclosed in note 17. The Group\u2019s policy in respect of liquidity risk is to maintain readily accessible bank deposit accounts to ensure that the company has sufficient funds for its operations. The cash deposits are held in a mixture of short-term deposits and current accounts which earn interest at a floating rate. The Group\u2019s policy in respect of currency risk, which primarily exists as a result of foreign currency purchases, is to either sell in the currency of purchase, maintain sufficient cash reserves in the appropriate foreign currencies which can be used to meet foreign currency liabilities, or take out forward currency contracts to cover the exposure. 23(a) Derivatives Derivatives are only used for economic hedging purposes and not speculative investments. The Group has taken out forward currency contracts during the periods presented but has not recognised either a forward currency asset or liability at each period end as the fair value of the foreign currency forwards is considered to be immaterial to the consolidated financial statements due to the low volume and short-term nature of the contracts. Similarly, the amounts recognised in profit or loss in relation to derivatives were considered immaterial to disclose separately. 23(b) Foreign exchange risk The Group\u2019s exposure to foreign currency risk at the end of the reporting period, was as follows:
As at 28 February 2025
As at 29 February 2024
USD EUR NOK USD EUR NOK
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
11,3 4 8
3,945
\u2013
10,247
2,661
\u2013
Cash and cash
equivalents
3,627
155
\u2013
176
1,647
\u2013
Trade payables
(18,663)
(3,529)
(53)
(16,640)
(4,253)
(580)
(3,688)
571
(53)
(6,217)
55
(580)
The following table demonstrates the profit before tax sensitivity to a possible change in the currency exchange rates with GBP, all other variables held constant.
As at 28 February 2025
As at 29 February 2024
GBP:USD GBP:EUR GBP:NOK GBP:USD GBP:EUR GBP:NOK
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
5% strengthening in GBP
176
(27)
3
296
(3)
28
5% weakening in GBP
(194)
30
(3)
(327)
3
(31)
The aggregate net foreign exchange gains/losses recognised in profit or loss were:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Total net foreign exchange losses in profit or loss
55
137
23(c) Liquidity risk (1) Cash management Prudent liquidity risk management implies maintaining sufficient cash to meet obligations when due. The Group generates positive cash flows from operating activities and these fund short-term working capital requirements. The Group aims to maintain significant cash reserves and none of its cash reserves is subject to restrictions. Access to cash is not restricted and all cash balances could be drawn on immediately if required. Management monitors the levels of cash deposits carefully and is comfortable that for normal operating requirements; no further external borrowings are currently required. At 28 February 2025, the Group had cash and cash equivalents of \u00a3113.1 million, see note 18. Management monitors rolling forecasts of the Group\u2019s liquidity position (which comprises its cash and cash equivalents) on the basis of expected cash flows generated from the Group\u2019s operations. These forecasts are generally carried out at a local level in the operating companies of the Group in accordance with practice and limits set by the Group and take into account certain down-case scenarios. (2) Revolving Credit Facility On 17 May 2023 the Group entered into a new three-year committed Revolving Credit Facility (RCF) for \u00a330 million including an optional one-year extension to 17 May 2027, and a non-committed \u00a320 million accordion to increase the availability of funding should it be required for future activity. The new facility incurred an arrangement fee of \u00a30.1 million, being 0.4% of the new funds available. The Group has so far not drawn down any amount on either the previous or new facility and to the extent that there is no evidence that it is probable that some or all of the facility will be drawn down, the fees are capitalised as a prepayment and amortised over the initial three-year period of the facility. The facility also incurs a commitment fee and utilisation fee, both of which are payable quarterly in arrears. Under the terms of both the previous and new facilities, the Group is required to comply with the following financial covenants: \u2022 \u2022 Interest cover: EBITDA (earnings before interest, tax, depreciation and amortisation) to net finance charges for the past 12 months shall be greater than 4.0 times \u2022 \u2022 Leverage: net debt to EBITDA for the past 12 months must not exceed 2.5 times. The Group has complied with these covenants throughout the reporting period. As at 28 February 2025 and 29 February 2024, the Group had net finance income and has therefore complied with the interest cover covenant. The Group has been in a net cash position as at 28 February 2025 and 29 February 2024 and has therefore complied with the Net debt to EBITDA covenant. (3) Contractual maturity of financial liabilities The following table details the Group\u2019s remaining contractual maturity for its financial liabilities based on undiscounted contractual payments:
Total
contractual Carrying
Within 1 year 1 to 2 years 2 to 5 years Over 5 years cash flows amount
28 February 2025
Note
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
19
301,669
\u2013
\u2013
\u2013
301,669
301,669
Lease liabilities
10
726
689
627
\u2013
2,042
1,937
302,395
689
627
\u2013
30 3,711
303,606
Total
contractual Carrying
Within 1 year 1 to 2 years 2 to 5 years Over 5 years cash flows amount
29 February 2024
Note
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
19
259,660
\u2013
\u2013
\u2013
259,660
259,660
Lease liabilities
10
495
495
869
\u2013
1,859
1,737
26
0
,15 5
495
869
\u2013
261,519
261,397
24 Capital management 24(a) Risk management For the purpose of the Group\u2019s capital management, capital includes issued capital, ordinary shares, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to maximise shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of shareholders. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. To ensure an appropriate return for shareholders\u2019 capital invested in the Group, management thoroughly evaluates all material revenue streams, relationships with key vendors and potential acquisitions and approves them by the Board, where applicable. The Group\u2019s dividend policy is based on the profitability of the business and underlying growth in earnings of the Group, as well as its capital requirements and cash flows. The Group\u2019s dividend policy is to distribute 40\u201350% of the Group\u2019s post-tax pre-exceptional earnings to shareholders in respect of each financial year. Subject to any cash requirements for ongoing investment, the Board will consider returning excess cash to shareholders over time. 24(b) Dividends
2025
2024
Ordinary shares
Pence per share
\u00a3\u2019000
Pence per share
\u00a3\u2019000
Interim dividend paid
3 .1
7,
46 9
2.7
6,466
Special dividend paid
8.7
20,936
7.5
17,9 61
Final dividend paid
6.0
14,438
5.1
12,214
Total dividends attributable to
ordinary shareholders
17.8
42,843
15.3
36,641
Dividends per share is calculated by dividing the dividend paid by the number of ordinary shares in issue. Dividends are paid out of available distributable reserves of the company. The Board has proposed a final ordinary dividend of 6.9 pence and a special dividend of 10.0 pence per share for the year ended 28 February 2025 to be paid to shareholders on the register as at 11 July 2025. The aggregate of the proposed dividends expected to be paid on 25 July 2025 is \u00a340.7 million. The proposed dividends per ordinary shares are subject to approval at the Annual General Meeting and are not recognised as a liability in the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-324": { "value": "23(a) Derivatives Derivatives are only used for economic hedging purposes and not speculative investments. The Group has taken out forward currency contracts during the periods presented but has not recognised either a forward currency asset or liability at each period end as the fair value of the foreign currency forwards is considered to be immaterial to the consolidated financial statements due to the low volume and short-term nature of the contracts. Similarly, the amounts recognised in profit or loss in relation to derivatives were considered immaterial to disclose separately. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-325": { "value": "23(b) Foreign exchange risk The Group\u2019s exposure to foreign currency risk at the end of the reporting period, was as follows:
As at 28 February 2025
As at 29 February 2024
USD EUR NOK USD EUR NOK
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
11,3 4 8
3,945
\u2013
10,247
2,661
\u2013
Cash and cash
equivalents
3,627
155
\u2013
176
1,647
\u2013
Trade payables
(18,663)
(3,529)
(53)
(16,640)
(4,253)
(580)
(3,688)
571
(53)
(6,217)
55
(580)
The following table demonstrates the profit before tax sensitivity to a possible change in the currency exchange rates with GBP, all other variables held constant.
As at 28 February 2025
As at 29 February 2024
GBP:USD GBP:EUR GBP:NOK GBP:USD GBP:EUR GBP:NOK
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
5% strengthening in GBP
176
(27)
3
296
(3)
28
5% weakening in GBP
(194)
30
(3)
(327)
3
(31)
The aggregate net foreign exchange gains/losses recognised in profit or loss were:
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Total net foreign exchange losses in profit or loss
55
137
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-326": { "value": "23(c) Liquidity risk (1) Cash management Prudent liquidity risk management implies maintaining sufficient cash to meet obligations when due. The Group generates positive cash flows from operating activities and these fund short-term working capital requirements. The Group aims to maintain significant cash reserves and none of its cash reserves is subject to restrictions. Access to cash is not restricted and all cash balances could be drawn on immediately if required. Management monitors the levels of cash deposits carefully and is comfortable that for normal operating requirements; no further external borrowings are currently required. At 28 February 2025, the Group had cash and cash equivalents of \u00a3113.1 million, see note 18. Management monitors rolling forecasts of the Group\u2019s liquidity position (which comprises its cash and cash equivalents) on the basis of expected cash flows generated from the Group\u2019s operations. These forecasts are generally carried out at a local level in the operating companies of the Group in accordance with practice and limits set by the Group and take into account certain down-case scenarios. (2) Revolving Credit Facility On 17 May 2023 the Group entered into a new three-year committed Revolving Credit Facility (RCF) for \u00a330 million including an optional one-year extension to 17 May 2027, and a non-committed \u00a320 million accordion to increase the availability of funding should it be required for future activity. The new facility incurred an arrangement fee of \u00a30.1 million, being 0.4% of the new funds available. The Group has so far not drawn down any amount on either the previous or new facility and to the extent that there is no evidence that it is probable that some or all of the facility will be drawn down, the fees are capitalised as a prepayment and amortised over the initial three-year period of the facility. The facility also incurs a commitment fee and utilisation fee, both of which are payable quarterly in arrears. Under the terms of both the previous and new facilities, the Group is required to comply with the following financial covenants: \u2022 \u2022 Interest cover: EBITDA (earnings before interest, tax, depreciation and amortisation) to net finance charges for the past 12 months shall be greater than 4.0 times \u2022 \u2022 Leverage: net debt to EBITDA for the past 12 months must not exceed 2.5 times. The Group has complied with these covenants throughout the reporting period. As at 28 February 2025 and 29 February 2024, the Group had net finance income and has therefore complied with the interest cover covenant. The Group has been in a net cash position as at 28 February 2025 and 29 February 2024 and has therefore complied with the Net debt to EBITDA covenant. (3) Contractual maturity of financial liabilities The following table details the Group\u2019s remaining contractual maturity for its financial liabilities based on undiscounted contractual payments:
Total
contractual Carrying
Within 1 year 1 to 2 years 2 to 5 years Over 5 years cash flows amount
28 February 2025
Note
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
19
301,669
\u2013
\u2013
\u2013
301,669
301,669
Lease liabilities
10
726
689
627
\u2013
2,042
1,937
302,395
689
627
\u2013
30 3,711
303,606
Total
contractual Carrying
Within 1 year 1 to 2 years 2 to 5 years Over 5 years cash flows amount
29 February 2024
Note
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
19
259,660
\u2013
\u2013
\u2013
259,660
259,660
Lease liabilities
10
495
495
869
\u2013
1,859
1,737
26
0
,15 5
495
869
\u2013
261,519
261,397
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-327": { "value": "24 Capital management 24(a) Risk management For the purpose of the Group\u2019s capital management, capital includes issued capital, ordinary shares, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to maximise shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of shareholders. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. To ensure an appropriate return for shareholders\u2019 capital invested in the Group, management thoroughly evaluates all material revenue streams, relationships with key vendors and potential acquisitions and approves them by the Board, where applicable. The Group\u2019s dividend policy is based on the profitability of the business and underlying growth in earnings of the Group, as well as its capital requirements and cash flows. The Group\u2019s dividend policy is to distribute 40\u201350% of the Group\u2019s post-tax pre-exceptional earnings to shareholders in respect of each financial year. Subject to any cash requirements for ongoing investment, the Board will consider returning excess cash to shareholders over time. 24(b) Dividends
2025
2024
Ordinary shares
Pence per share
\u00a3\u2019000
Pence per share
\u00a3\u2019000
Interim dividend paid
3 .1
7,
46 9
2.7
6,466
Special dividend paid
8.7
20,936
7.5
17,9 61
Final dividend paid
6.0
14,438
5.1
12,214
Total dividends attributable to
ordinary shareholders
17.8
42,843
15.3
36,641
Dividends per share is calculated by dividing the dividend paid by the number of ordinary shares in issue. Dividends are paid out of available distributable reserves of the company. The Board has proposed a final ordinary dividend of 6.9 pence and a special dividend of 10.0 pence per share for the year ended 28 February 2025 to be paid to shareholders on the register as at 11 July 2025. The aggregate of the proposed dividends expected to be paid on 25 July 2025 is \u00a340.7 million. The proposed dividends per ordinary shares are subject to approval at the Annual General Meeting and are not recognised as a liability in the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-334": { "value": "24(b) Dividends
2025
2024
Ordinary shares
Pence per share
\u00a3\u2019000
Pence per share
\u00a3\u2019000
Interim dividend paid
3 .1
7,
46 9
2.7
6,466
Special dividend paid
8.7
20,936
7.5
17,9 61
Final dividend paid
6.0
14,438
5.1
12,214
Total dividends attributable to
ordinary shareholders
17.8
42,843
15.3
36,641
Dividends per share is calculated by dividing the dividend paid by the number of ordinary shares in issue. Dividends are paid out of available distributable reserves of the company. The Board has proposed a final ordinary dividend of 6.9 pence and a special dividend of 10.0 pence per share for the year ended 28 February 2025 to be paid to shareholders on the register as at 11 July 2025. The aggregate of the proposed dividends expected to be paid on 25 July 2025 is \u00a340.7 million. The proposed dividends per ordinary shares are subject to approval at the Annual General Meeting and are not recognised as a liability in the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-338": { "value": "0.031", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-339": { "value": "0.06", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-271": { "value": "
25 Capital commitments
At 28 February 2025, the Group had \u00a3Nil capital commitments (29 February 2024: \u00a3Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-308": { "value": "25 Capital commitments At 28 February 2025, the Group had \u00a3Nil capital commitments (29 February 2024: \u00a3Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-272": { "value": "
26 Related-party transactions
In the ordinary course of business, the Group carries out transactions with related parties, as defined by IAS 24 Related Party
Disclosures. Apart from those disclosed elsewhere in the consolidated financial statements, material transactions for the
year are set out below:
26(a) Transactions with key management personnel
Key management personnel are defined as the directors (both executive and non-executive) of Bytes Technology Group plc,
Bytes Software Services Limited and Phoenix Software Limited. Details of the compensation paid to the directors of Bytes
Technology Group plc as well as their shareholdings in the Group are disclosed in the remuneration report.
Compensation of key management personnel of the Group
The remuneration of key management personnel, which consists of persons who have been deemed to be discharging
managerial responsibilities, is set out below in aggregate for each of the categories specified in IAS 24 Related Party
Disclosures.
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
4,591
3,653
Post-employment pension benefits
121
97
Total compensation paid to key management
4,712
3,750
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key
management personnel including executive directors.
Key management personnel received a total of 376,082 share option awards (2024: 170,360) at a weighted average exercise
price of \u00a30.21 (2024: \u00a30.04).
Share-based payment charges include \u00a31,570,816 (2024: \u00a31,257,326) in respect of key management personnel, refer to
note 27 for details on the Group\u2019s share-based payment incentive schemes.
26(b) Subsidiaries and associates
Interests in subsidiaries are set out in note 29 and the investment in associate is set out in note 12.
26(c) Outstanding balances arising from sales/purchases of services
Group companies made purchases from the associate of \u00a34.9 million (2024: \u00a33.1 million) and sales to the associate of
\u00a30.1 million (2024: \u00a3nil) during the year with a trade payable balance of \u00a30.1 million (2024: \u00a30.5 million) at the year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-309": { "value": "26 Related-party transactions In the ordinary course of business, the Group carries out transactions with related parties, as defined by IAS 24 Related Party Disclosures. Apart from those disclosed elsewhere in the consolidated financial statements, material transactions for the year are set out below: 26(a) Transactions with key management personnel Key management personnel are defined as the directors (both executive and non-executive) of Bytes Technology Group plc, Bytes Software Services Limited and Phoenix Software Limited. Details of the compensation paid to the directors of Bytes Technology Group plc as well as their shareholdings in the Group are disclosed in the remuneration report. Compensation of key management personnel of the Group The remuneration of key management personnel, which consists of persons who have been deemed to be discharging managerial responsibilities, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
4,591
3,653
Post-employment pension benefits
121
97
Total compensation paid to key management
4,712
3,750
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key management personnel including executive directors. Key management personnel received a total of 376,082 share option awards (2024: 170,360) at a weighted average exercise price of \u00a30.21 (2024: \u00a30.04). Share-based payment charges include \u00a31,570,816 (2024: \u00a31,257,326) in respect of key management personnel, refer to note 27 for details on the Group\u2019s share-based payment incentive schemes. 26(b) Subsidiaries and associates Interests in subsidiaries are set out in note 29 and the investment in associate is set out in note 12. 26(c) Outstanding balances arising from sales/purchases of services Group companies made purchases from the associate of \u00a34.9 million (2024: \u00a33.1 million) and sales to the associate of \u00a30.1 million (2024: \u00a3nil) during the year with a trade payable balance of \u00a30.1 million (2024: \u00a30.5 million) at the year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-328": { "value": "26(a) Transactions with key management personnel Key management personnel are defined as the directors (both executive and non-executive) of Bytes Technology Group plc, Bytes Software Services Limited and Phoenix Software Limited. Details of the compensation paid to the directors of Bytes Technology Group plc as well as their shareholdings in the Group are disclosed in the remuneration report. Compensation of key management personnel of the Group The remuneration of key management personnel, which consists of persons who have been deemed to be discharging managerial responsibilities, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
4,591
3,653
Post-employment pension benefits
121
97
Total compensation paid to key management
4,712
3,750
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key management personnel including executive directors. Key management personnel received a total of 376,082 share option awards (2024: 170,360) at a weighted average exercise price of \u00a30.21 (2024: \u00a30.04). Share-based payment charges include \u00a31,570,816 (2024: \u00a31,257,326) in respect of key management personnel, refer to note 27 for details on the Group\u2019s share-based payment incentive schemes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-273": { "value": "
27 Share-based payments
The Group accounts for its share option awards as equity-settled share-based payments. The fair value of the awards
granted is recognised as an expense over the vesting period. The amount recognised in the share-based payment reserve
will be reversed to retained earnings as and when the related awards vest and are exercised by employees. As noted in the
prior year Annual Report, one third of the annual bonus for the financial year ended 28 February 2025 awarded to each of the
Company\u2019s executive directors is deferred in shares for two years. This deferral has resulted in the granting of the awards
under the Deferred Bonus Plan during the year.
Performance Incentive Share Plan
Options granted under the Performance Incentive Share Plan (PISP) are for shares in Bytes Technology Group plc. The
exercise price of the options is a nominal amount of \u00a30.01. Performance conditions attached to the awards granted in the
current year are employee-specific, in addition to which, options will only vest if certain employment conditions are met. The
fair value of the share options is estimated at the grant date using a Monte Carlo option pricing model for the element with
market conditions and Black\u2013Scholes option-pricing model for non-market conditions. The normal vesting date shall be no
earlier than the third anniversary of the grant date and not later than the day before the tenth anniversary of the grant date.
There is no cash settlement of the options available under the scheme. During the year the Group granted 961,569 (2024:
1,195,700) options. For the year ended 28 February 2025, 47,463 (2024: 298,561) options were forfeited, 57,583 options
were exercised (2024: 819,416) and no options expired.
Company Share Option Plan
Options granted under the Company Share Option Plan (CSOP) are for shares in Bytes Technology Group plc. The exercise
price of the options granted in the current year was determined by the average of the last three dealing days prior to the date
of grant. There are no performance conditions attached to the awards, but options will only vest if certain employment
conditions are met. The fair value at grant date is estimated at the grant date using a Black\u2013Scholes option-pricing model.
The normal vesting date shall be no earlier than the third anniversary of the grant date and not later than the day before the
tenth anniversary of the grant date. There is no cash settlement of the options available under the scheme. During the year
the Group granted no (2024: nil) options. For the year ended 28 February 2025, 174,897 (2024: 176,600) options were
forfeited, 217,000 (2024: nil) options were exercised and no options expired.
Save as You Earn Scheme
Share options were granted to eligible employees under the Save As You Earn Scheme (SAYE) during the year. Under the
SAYE scheme, employees enter a three-year savings contract in which they save a fixed amount each month in return for
their SAYE options. At the end of the three-year period, employees can either exercise their options in exchange for shares in
Bytes Technology Group plc or have their savings returned to them in full. The exercise price of the options represents a 20%
discount to the exercise price of the CSOP awards. The fair value at grant date is estimated using a Black\u2013Scholes option-
pricing model. There is no cash settlement of the options. During the year the Group granted 449,394 (2024: 337,890)
options. For the year ended 28 February 2025, 214,641 (2024: 213,832) options were forfeited, 425,868 (2024: 3,625)
options were exercised and 32,865 (2024: nil) options expired.
Deferred Bonus Plan
Options granted under the Deferred Bonus Plan (DBP) are for shares in Bytes Technology Group plc. The exercise price of
the options is a nominal amount of \u00a30.01. There are no performance conditions attached to the awards, but options will only
vest if certain employment conditions are met. The fair value at grant date is estimated at the grant date using a Black\u2013
Scholes option-pricing model. The normal vesting date shall be no earlier than the second anniversary of the grant date.
During the year the Group granted 16,675 (2024: 45,365) options. For the year ended 28 February 2025, no (2024: 50,526)
options were forfeited and 10,916 options were exercised. No options expired in the current or prior period.
Share-based payment employee expenses
Year ended Year ended
28 February 29 February
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Equity settled share-based payment expenses
5,049
5,708
There were no cancellations or modifications to the awards in 2025 or 2024.
Movements during the year
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options
during the year:
28 February 28 February 29 February 29 February
2025 2025 2024 2024
Number WAEP Number WAEP
Outstanding at 1 March
8,813,260
\u00a33.52
8,760,684
\u00a33.59
Granted during the year
1,428,249
\u00a31.44
1,666,660
\u00a30.80
Forfeited during the year
(437,001)
\u00a33.96
(739,519)
\u00a32.28
Exercised during the year
(711,367)
1
\u00a33.92
(874,565)
1
\u00a30.03
Expired during the year
(32,865)
\u00a34.00
\u2013
\u2013
Outstanding at 29 February
9,060,276
\u00a33.14
8,813,260
\u00a33.52
Exercisable at 29 February
2,802,279
\u00a34.02
609,272
\u00a30.01
1 The weighted average share price at date of exercise was \u00a35.09 (2024: \u00a35.85).
The weighted average expected remaining contractual life for the share options outstanding at 28 February 2025 was 1.53
years (2024: 2.2 years). The weighted average fair value of options granted during the year was \u00a33.93 (2024: \u00a34.21).
The range of exercise prices for options outstanding at the end of the year was \u00a30.01 to \u00a35.00 (2024: \u00a30.01 to \u00a35.00).
The tables below list the inputs to the models used for the awards granted under the below plans for the years ended
28 February 2025 and 29 February 2024:
28 February 28 February 28 February
2025 2025 2025
Assumptions PISP SAYE DBP
Weighted average fair value at measurement date
\u00a35.11
\u00a31.33
\u00a35.58
Expected dividend yield
1.56%
1.76%
0.00%
Expected volatility
34%
34%
33%
Risk-free interest rate
4.31%
3.74%
4.47%
Expected life of options
3 years
3 years
2 years
Weighted average share price
\u00a35.59
\u00a34.94
\u00a35.59
Model used
Black-Scholes
Black-Scholes
Black-Scholes
and Monte Carlo
29 February 29 February 29 February
2024 2024 2024
Assumptions PISP SAYE DBP
Weighted average fair value at measurement date
\u00a34.86
\u00a31.79
\u00a35.15
Expected dividend yield
1.53%
1.53%
0.00%
Expected volatility
31%
30%
30%
Risk-free interest rate
4.29%
4.79%
4.44%
Expected life of options
3 years
3 years
2 years
Weighted average share price
\u00a3 5 .16
\u00a3 5.11
\u00a3 5.16
Model used
Black-Scholes
Black-Scholes
Black-Scholes
and Monte Carlo
The expected life of the options is based on current expectations and is not necessarily indicative of exercise patterns that
may occur. The expected volatility reflects the assumption that the historical volatility of the company and publicly quoted
companies in a similar sector to the company over a period similar to the life of the options is indicative of future trends, which
may not necessarily be the actual outcome.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-274": { "value": "
28 Earnings per share
The Group calculates earnings per share (EPS) on several different bases in accordance with IFRS and prevailing South
Africa requirements.
Year ended Year ended
28 February 29 February
2025 2024
pence pence
Basic earnings per share
22.78
19.55
Diluted earnings per share
21.95
18.85
Headline earnings per share
22.78
19.55
Diluted headline earnings per share
21.95
18.85
Adjusted earnings per share
25.07
21.78
Diluted adjusted earnings per share
24.16
21.01
28(a) Weighted average number of shares used as the denominator
Year ended Year ended
28 February 29 February
2025 2024
Number Number
Weighted average number of ordinary shares used as the denominator
in calculating basic earnings per share and headline earnings per share
240,750,619
239,693,670
Adjustments for calculation of diluted earnings per share and diluted
headline earnings per share:
\u0583
share options
1
9,060,276
8,813,260
Weighted average number of ordinary shares and potential ordinary shares used
as the denominator in calculating diluted earnings per share and diluted headline
earnings per share
249,810,895
248,506,930
1 Share options
Share options granted to employees under the Save As You Earn Scheme, Company Share Option Plan and Bytes Technology Group plc performance incentive share
plan are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share on the basis that all employees are
employed at the reporting date, and to the extent that they are dilutive. The options have not been included in the determination of basic earnings per share. Details
relating to the share options are disclosed in note 27.
28(b) Headline earnings per share
The Group is required to calculate headline earnings per share (HEPS) in accordance with the JSE Listing Requirements. The
table below reconciles the profits attributable to ordinary shareholders to headline earnings and summarises the calculation
of basic and diluted HEPS:
Year ended Year ended
28 February 29 February
2025 2024
Note pence pence
Profit for the period attributable to owners of the company
54,841
46,851
Adjusted for:
Loss on disposal of property, plant and equipment
4
\u2013
\u2013
Tax effect thereon
\u2013
\u2013
Headline profits attributable to owners of the company
54,841
46,851
28(c) Adjusted earnings per share
Adjusted earnings per share is an alternative performance measure used as a target for the PSP awards made in 2022, 2023
and 2024. It is calculated by dividing the adjusted profits attributable to ordinary shareholders by the total number of ordinary
shares in issue at the end of the year. Adjusted profit is calculated by excluding the impact of the following items:
\u2022 \u2022 Share-based payment charges
\u2022 \u2022 Acquired intangible assets amortisation.
The table below reconciles the profit for the financial year to adjusted earnings and summarises the calculation of
adjusted EPS:
Year ended Year ended
28 February 29 February
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Profits attributable to owners of the company
54,841
46,851
Adjusted for:
\u0583
Amortisation of acquired intangible assets
4
880
880
\u0583
Deferred tax effect on above
(220)
(220)
\u0583
Share-based payment charges
27
5,049
5,708
\u0583
Deferred tax effect on above
(188)
(1,011)
Adjusted profits attributable to owners of the company
60,362
52,208
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29 Subsidiaries
The Group\u2019s subsidiaries included in the consolidated financial statements are set out below. The country of incorporation is
also their principal place of business.
Country of Ownership
Name of entity incorporation
interest
Principal activities
Bytes Technology Holdco Limited
1
UK
100%
Holding company
Bytes Technology Limited
UK
100%
Holding company
Bytes Software Services Limited
UK
100%
Providing cloud-based licensing and infrastructure and security
sales within both the corporate and public sectors
Phoenix Software Limited
UK
100%
Providing cloud-based licensing and infrastructure and security
sales within both the corporate and public sectors
Blenheim Group Limited
2
UK
100%
Dormant for all periods
License Dashboard Limited
2
UK
100%
Dormant for all periods
Bytes Security Partnerships Limited
2
UK
100%
Dormant for all periods
Bytes Technology Group Holdings Limited
2
UK
100%
Dormant for all periods
Bytes Technology Training Limited
2
UK
100%
Dormant for all periods
1 Bytes Technology Holdco Limited is held directly by the company. All other subsidiary undertakings are held indirectly by the company.
2 Taken advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 28 February 2025.
The registered address of all of the Group subsidiaries included above is Bytes House, Randalls Way, Leatherhead, Surrey,
KT22 7TW.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-276": { "value": "
30 Events after the reporting period
There were no events after the period that require disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-4": { "value": "public limited company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-5": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-218": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-219": { "value": "Bytes House Randalls Way Leatherhead Surrey KT22 7TW", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } }, "fact-6": { "value": "Bytes House Randalls Way Leatherhead Surrey KT22 7TW", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800LA4DZLFBAC9O33", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00" } } } }