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"scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-320": { "value": " 1 Accounting policies General information Galliford Try Holdings plc (the Company) is a public limited company incorporated, listed and domiciled in the UK, and registered under the laws of England and Wales. The address of the registered office is 3 Frayswater Place, Cowley, Uxbridge, UB8 2AD. The Company has its listing on the London Stock Exchange. The financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. The amounts stated are denominated in millions (\u00a3m). Going concern The consolidated and Company financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of PPP and other investments at fair value through other comprehensive income. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Viability Statement (on page 73) and the Strategic Report (from page 1). As at 30 June 2024, the Group had substantial cash balances, no loan payable, and a strong forward secured order book. The directors regularly review the working capital requirements of the Group while considering downside sensitivities. The Group\u2019s forecasts have been prepared in the context of the current economic conditions and additionally, the directors have considered a range of downside sensitivities (as discussed in detail in the Viability Statement on page 73). Even in the worst-case scenario, the Group is forecast to continue to meet its obligations and remain cash positive for a period of at least 12 months from the date the financial statements are authorised for issue. After making enquiries and considering the factors and sensitivities outlined above for a range of scenarios, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future being a period of at least 12 months from the date the financial statements are authorised for issue. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Company has elected to take the exemption under section 408 of the Companies Act 2006 to not present the Parent Company income statement and statement of comprehensive income. Basis of accounting For the year to 30 June 2024, the Group consolidated financial statements and the Company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. New standards impacting the Group that have been adopted for the first time in this set of financial statements are listed below: IFRS 17 Insurance Contracts Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies Amendments to IAS 8 \u2013 Definition of Accounting Estimates Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendment to IAS 12 \u2013 International Tax reform \u2013 Pillar Two Model Rules Agenda decision on Premiums Receivable from an Intermediary \u2013 IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments Agenda decision on Homes and Home Loans Provided to Employees \u2013 IAS 19 Employee Benefits Agenda decision on Guarantee over a Derivative Contract \u2013 IFRS 9 Financial Instruments These standards have been assessed to have no significant impact on the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s previous accounting policies. The following are new standards, interpretations and amendments, that are not yet effective or have not been endorsed. The Group has chosen not to adopt these early. These may however have an effect on the Group\u2019s future financial statements: IFRS 18 Presentation and Disclosure in Financial Statements Amendments to IAS 1, Presentation of financial statements on Non-current liabilities with covenants and Classification of Liabilities as Current or Non-current Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance arrangements Amendment to IFRS 16 Leases \u2013 Leases on sale and leaseback Amendments to IFRS 10 and IAS 28 \u2013 Sale or contribution of assets between an investor and its associate or joint venture Amendments to IAS 21 to clarify the accounting when there is a lack of exchangeability The Group has yet to assess the full outcome of these new standards, amendments, and annual improvements. It is not expected that these will significantly impact the financial statements of the Group. Basis of preparation The Group financial statements incorporate the results of Galliford Try Holdings plc, its subsidiary undertakings and the Group\u2019s share of the results of joint arrangements. Subsidiaries are all entities over which the Group has control. The exposure or right to variable returns from its involvement with an investee, and the ability to influence those returns, are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group, until the date that control ceases. The acquisition method of accounting is used to account for the acquisition of a business by the Group. The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Costs directly attributable to the acquisition are expensed to the income statement. The identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair values at the acquisition date, irrespective of any non-controlling interest. The excess of cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the Group\u2019s share of the identifiable net assets is in excess of the cost of the acquisition, the gain on bargain purchase is recognised as a credit through the income statement. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of acquired subsidiaries are changed where necessary, to ensure consistency with policies adopted by the Group. In addition to total performance measures, the Group discloses additional information including performance before exceptional items and earnings per share before exceptional items. The Group believes that this additional information provides useful information on underlying trends. This additional information is not defined under international accounting standards and may therefore not be comparable with similarly titled profit measures reported by other companies. It is not intended to be a substitute for, or superior to, international accounting standards measures of profit. Impact of climate change on the financial statements As reported in the TCFD disclosures starting on page 61, and the principal risks starting on page 57, the directors, in preparing the financial statements, have considered the risks and potential impact of climate change to the Group. It is unlikely that these risks will have a material financial impact in the short (between one and two years) and medium term (between three to ten years), particularly given the nature of the contractual arrangements in place.
There has been no material impact identified on the
financial reporting judgements and estimates. The Directors
considered the impact of climate change in respect of the
following areas:
contract judgements made on the Group\u2019s
Construction contracts;
going concern and viability of the Group over the
next three years;
cash flow forecasts used in the impairment assessments
of non-current assets including the intangible assets and
goodwill; and
carrying value and useful economic lives of property,
plant and equipment.
As current legislation stands, there is currently no material
impact expected from climate change. The Directors
are however aware of the ever-changing risks attached
to climate change and will continue to monitor this,
particularly regarding any judgements on construction
contracts, impairment reviews and going concern in
preparation of the Group\u2019s financial statements.
Critical accounting estimates and judgements
The preparation of the consolidated financial statements
requires management to make judgements, estimates
and assumptions that affect the application of policies
and reported amounts of assets, liabilities, income and
expenses. Critical judgements are those management
has made when applying its material accounting policies,
whereas critical estimates are assumptions and estimates
made at the end of the reporting period that have a
significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next
financial year.
The estimates, judgements and associated assumptions are
based on historical experience and various other factors
that are believed to be reasonable under the circumstances,
the results of which form the basis of making estimates and
judgements about the carrying value of assets and liabilities
which are not readily apparent from other sources. Actual
results may differ from these estimates and judgements.
The estimates, judgements and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting
estimates and judgements are recognised in the period in
which the estimate or judgement is revised if the revision
affects only that period, or in the period of revision and
future periods if the revision affects both current and
future periods.
Material estimates and judgements are made in particular with regards to establishing the following policies: (i) Revenue and profit recognition for long-term contract accounting (judgement and estimate) In order to determine the profit and loss that the Group is able to recognise on its construction contracts in a specific period, the Group has to estimate the outcome of both the total costs to complete the contract as well as the final contract value. The Group has to allocate total costs of the construction contracts between the amount incurred on the contract to the end of the reporting period and the proportion to complete in a future period. The assessment of the total costs to be incurred and final contract value requires a degree of estimation. Contract modifications are recognised when the Group considers they have been approved (which also includes consideration of whether enforceable rights exist in the contract). The estimation of final contract value includes the assessment of the recovery of variations, claims and compensation events (contract modifications). The estimate made is constrained in accordance with IFRS 15 so that it is highly probable not to result in a significant reversal of revenue in the future. Where the change in scope results in an increase to the work to be performed that is distinct and reflects the stand-alone selling price of the distinct good/service, it is treated as a separate contract. This is assessed on a contract specific basis. The Group recognises recoveries of claims from clients as revenue where clear entitlement has been established which can require judgement, such as through dispute- resolution processes. This includes the recovery of costs (such as delays to the contract programme) to the extent it is highly probable not to result in a significant reversal of revenue in the future. The estimation of costs to complete is based on all available relevant information such as procured packages and management experience and includes estimation of final accounts and any potential maintenance and defect liabilities. Recoveries resulting from actual or potential claims against subcontractors are accounted for in accordance with IAS 37 and are recognised only when they meet the virtually certain threshold. Group management has established internal controls to review and ensure the appropriateness of estimates made on an individual contract basis, including any necessary contract provisions. As with most large, complex construction projects, there is an element of estimation uncertainty over costs to complete and final account settlements. This is, however, reduced by the experience of the management team and the controls that we have in place. The settlement of these final accounts may give rise to an over or under-recognition of profit or loss and associated cash flows, which could be material.
As at 30 June 2024, the Group\u2019s contract assets,
contract liabilities and contract provisions amounted to
\u00a3290.1m, \u00a3121.8m and \u00a336.2m respectively as set out
in Notes 17, 19 and 20. The Group has considered the
nature of the estimates involved in deriving these balances
and concluded that it is possible, on the basis of existing
knowledge, that outcomes within the next financial year
may be different from the Group\u2019s assumptions applied as
at 30 June 2024 and could require a material adjustment
to the carrying amounts of these assets and liabilities in the
next financial year. However, due to the level of uncertainty,
combination of cost and income variables and timing
across the Group\u2019s large portfolio of contracts at different
stages of their contract life, it is impracticable to provide
a quantitative analysis of the aggregated judgements that
are applied at a portfolio level.
The Group\u2019s five largest unagreed variations and
claims positions at the year-end are summarised in
aggregate below.
\u00a3m
Overall contract value (including total
estimated end of contract variations
and claims after IFRS 15 constraints)
689.5
Revenue in the year
149.2
Total estimated end of contract variations
and claims before IFRS 15 constraints
130.2
Total estimated end of contract variations
and claims after IFRS 15 constraints
72.8
These five positions represent the most significant
estimates of revenue. The total estimated end of contract
variations and claims after IFRS 15 constraints of the
subsequent five largest positions is \u00a317.4m.
These items include estimation uncertainty, with a range of
reasonably possible outcomes of \u00a372.8m to \u00a3130.2m.
In respect of contract assets of \u00a3290.1m (30 June 2023:
\u00a3204.9m) and in assessing receivable provisions calculated
on an expected loss basis, the Group has recorded a
provision of \u00a3nil (2023: \u00a3nil), refer to note 17.
It is unclear whether the outstanding uncertainties will
be resolved within the next 12 months.
(ii) Rectification provision \u2013 Infrastructure contract
(judgement and estimate)
The Group regularly engages in contracts with general or
defect warranty rectification requirements, typically less
than 3 years. Within the pool of open warranty period
contracts, the group built, as part of a joint operation
with two other partners, a single infrastructure scheme
under a contract that included various defect warranty
obligations, with the longest obligation lasting up to
12 years. At 30 June 2024, there remained 7 years of
the longest warranty liability period remaining.
This is the only contract the group has that has a general
defect warranty period of this length. The contractual
nature of the defect warranty liability and the completion
of the scheme are the obligating events and the group,
as part of the joint operation, has remediated items since
completion and has other known issues ongoing that will
likely result in future cash outflows, though the timing and
quantum remain uncertain. The Group also believes that
there will be further unknown but probable cash outflows
relating to as yet unknown items as scheduled inspections
of various structural elements of the scheme are completed
that have a potentially material range of outcomes.
The Group has provided \u00a314.6m (2023: \u00a316.9m) against
future defect costs and this represents management\u2019s best
estimate of potential future payments associated with
the warranty rectification responsibilities. The provision
requires a limited number of significant estimates and
assumptions by management, with a significant level of
estimation risk as a result arising from the level of defects
and associated cost that may arise. Management estimates
the reasonable range of estimates to be between \u00a37.3m
and \u00a317.5m at 30 June 30 2024.
Management has sought input from external experienced
industry figures and industry bodies to support the
provision it has made.
(iii) Exceptional items (judgement)
Exceptional items are items of financial performance which
the Group believes should be presented separately on the
face of the income statement, to assist in understanding
the underlying financial performance achieved by the
Group. Determining whether an item is exceptional requires
judgement. Details of exceptional items included in the
financial statements are included in note 4. The exceptional
items presented in the income statement meet the Group\u2019s
definition of exceptional, being significant irregular
income and/or expense incurred during the year, that
the Group believes assists the users of the accounts
by disclosing separately.
Other accounting estimates
The Consolidated Financial Statements include other areas
of accounting estimates that do not meet the definition of
significant accounting estimates or accounting judgements
under IAS 1. The recognition and measurement of certain
material assets and liabilities are based on assumptions
and/or are subject to longer-term uncertainties as follows:
(i) PPP and other investments measured at fair value through other comprehensive income (estimate) At 30 June 2024, \u00a341.8m (2023: \u00a344.6m) of PPP and other investments were classified as financial assets measured at fair value through other comprehensive income. In the operational phase, the fair value of these financial assets is measured at each reporting date by discounting the future value of the cash flows allocated to the financial asset. Individual discount rates have been used which equate to an overall blended discount rate of 7.6% (2023: 7.3%), which reflects the rates typically experienced in the marketplace. A 0.5% increase/reduction in the discount rate would result in a corresponding decrease/increase in the value of the investments recorded in the balance sheet of approximately \u00a31.5m (2023: \u00a31.6m) (note 16). Material accounting policies Exceptional items Exceptional items are significant irregular items of income and/or expense including taxation which the Group believes should be disclosed in the income statement, to assist in understanding the underlying financial performance achieved by the Group, by virtue of their nature or size. Examples of items which may give rise to disclosure as exceptional items include gains and losses on the disposal of businesses and property, plant and equipment, significant unanticipated losses on contracts, cost of restructuring and reorganisation of businesses, cost of ERP system implementations, acquisition costs and asset impairments. Segmental reporting The Group\u2019s reporting segments are based on the types of services provided. Operating segments with similar economic characteristics have been aggregated into reportable segments which reflect the nature of the services provided by the Group. The business segmental reporting reflects the Group\u2019s management and internal reporting structure. Segmental results include items directly attributable to the segment, as well as those that can be allocated on a reasonable basis. Revenue and profit Revenue is recognised when the Group transfers control of goods or services to customers. Revenue comprises the fair value of the consideration received or receivable net of rebates, discounts and value-added tax. Where consideration is subject to variability, the Group estimates the amount receivable based on the most likely amount. Typically, the main factor that impacts the revenue constraint is the Group\u2019s experience with similar modifications and previous negotiations/historical success with the same client. Where there is a limited history of success, the constraint applied is typically greater. This assessment is carried out on a contract specific basis. Revenue recognised is constrained to the amount which is highly probable not to result in a significant reversal in future periods. The Group also assesses whether the costs incurred on a project depict an appropriate measure of progress, and constrain revenue accordingly.
Intercompany revenue is eliminated. Revenue also
includes the Group\u2019s proportion of work carried out
under joint operations.
Where a modification to an existing contract occurs,
the Group assesses the nature of the modification and
whether it represents a separate performance obligation
required to be satisfied or whether it is a modification to
the existing performance obligation.
Revenue for the Group\u2019s continuing operations is
recognised as follows:
Construction services
Revenue comprises the value of construction services
transferred to a customer during the period. The results
for the period include adjustments for the outcome of
contracts, including jointly controlled operations, executed
in both the current and preceding years.
Fixed price contracts \u2013 the amount of revenue recognised
is calculated based on total costs incurred as a proportion
of total estimated costs to complete and is recognised
over time. The estimated final value includes variations,
compensation events and certain claims (contract
modifications) where it is highly probable that there
will not be a significant reversal. Provision will be made
against any expected loss as soon as it is identified.
Cost-reimbursable contracts \u2013 revenue is recognised
based upon costs incurred to date plus any agreed fee and
is recognised over time. Where contracts include a target
price, consideration is given to the impact on revenue of
the mechanism for distributing any savings or additional
costs compared to the target price. Any revenue over and
above the target price, which could include variations
and compensation events, is recognised once it is highly
probable that there will not be a significant reversal in
the future.
Facilities management \u2013 management services and
facilities management contracts typically represent a single
performance obligation. Revenue is recognised over time
as control passes to the customer and is typically measured
on a straight-line basis as this is considered to be a reliable
estimate of the pattern of transfer to the customer.
Recoveries from claims against third parties
The recognition of expected reimbursements resulting
from certain third-party claims such as against the supply
chain or through insurance recoveries is accounted for in
accordance with IAS 37 Provisions, Contingent Liabilities
and Contingent Assets. This requires recovery to be
\u2018virtually certain\u2019 before an asset can be recognised.
Government funding Grants (including research and development expenditure credits) are recognised when there is reasonable assurance that the Group will comply with the conditions attaching to them and the grants will be received. The grants are recognised in the income statement over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Finance income and cost Finance income and cost is recognised on a time proportion basis, using the effective interest method. Finance cost also includes the unwinding of lease liabilities. Income tax Current income tax is based on the taxable profit for the year. Taxable profit differs from profit before taxation recorded in the income statement because it excludes items of income or expense that are taxable or deductible in other years or that are never taxable or deductible. The liability for current tax is calculated using rates that have been enacted, or substantively enacted, by the balance sheet date. Deferred income tax is provided using the balance sheet liability method, providing for all temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, with the exception of the initial recognition of goodwill arising on an acquisition. Deferred tax is measured at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on rates and laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of taxable profits from which the underlying temporary differences can be deducted. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when there is an intention to settle the balances on a net basis. Deferred income tax is charged or credited through the income statement, except when it relates to items charged or credited through the statement of comprehensive income or to equity, when it is charged or credited there. The Group has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the net assets acquired. It is recognised as an asset and reviewed for impairment at least annually or when there is a triggering event, by considering the net present value of future cash flows. For purposes of testing for impairment, the carrying value of goodwill is compared to its recoverable amount, which is the higher of the value in use and the fair value less costs to sell. Any impairment is charged immediately to the income statement. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts following impairment tests. Goodwill written off to reserves under UK GAAP prior to 1998 has not been restated. Goodwill is allocated to Cash Generating Units (CGUs) for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Intangible assets Intangible assets can include brands, customer contracts and customer relationships acquired on acquisition of subsidiary companies, and computer software developed by the Group. The intangible assets are reviewed for impairment when there is a triggering event. Intangible assets are stated at cost less accumulated amortisation and impairment. Cost is determined at the time of acquisition as being directly attributable costs or, where relevant, by using an appropriate valuation methodology. Intangible assets are amortised over the following periods: (a) Customer contracts and relationships \u2013 on a straight-line basis over up to 10 years. (b) Computer software \u2013 once the software is fully operational, amortisation is on a straight-line basis over up to 10 years. Property, plant and equipment All property, plant and equipment are stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the items. Land and buildings comprise mainly offices. Depreciation is calculated to write off the cost of each asset to its estimated residual value over its expected useful life. Freehold land is not depreciated. The annual rates of depreciation on cost, applied on a straight-line basis, are as follows: Freehold buildings 2% Plant and machinery 15% to 33% Fixtures and fittings 10% to 33%
In addition to systematic depreciation, the book value
of property, plant and equipment is written down to
estimated recoverable amounts should any impairment
in the respective carrying values be identified. The asset
residual values, carrying values and useful lives are
reviewed on an annual basis and adjusted if appropriate
at each balance sheet date.
Repairs and maintenance expenditure is expensed as
incurred, on an accruals basis.
Joint arrangements
The Group applies IFRS 11 to all joint arrangements.
Investments in joint arrangements are classified as either
joint ventures or joint operations, depending on the
contractual rights and obligations of each investor.
A joint venture is an entity over which the Group has
joint control and rights to the net assets of the entity.
The Group\u2019s interest in joint ventures is accounted for
using the equity method. Under this method the Group\u2019s
share of profits or losses after taxation of joint ventures
is included in the consolidated income statement and its
interest in their net assets is included in investments in
the consolidated balance sheet.
A joint operation is a joint arrangement that the Group
undertakes with third parties, whereby those parties have
rights to the assets and obligations of the arrangement.
The Group accounts for joint operations by recognising
its share of profits and losses in the consolidated income
statement. The Group recognises its share of associated
assets and liabilities in the consolidated balance sheet.
PPP and other investments
PPP and other investments are non-derivatives that are
either designated in this category or not classified in any
of the other categories. They are included in non-current
assets unless management intends to dispose of the assets
within 12 months of the balance sheet date. On initial
recognition, the asset is recognised at cost.
The Group applies equity accounting for its investments
in PPP/PFI entities. These investments are treated as
associates as the Group has significant influence over them.
On initial recognition, the investments in these entities are
recognised at cost, and the carrying amounts are increased
or decreased to recognise the Group\u2019s share of the profit
or loss of the PPP/PFI entities after the date of acquisition.
The Group\u2019s share of the investments\u2019 profits or losses is
recognised in the profit or loss net of any impairment losses.
Distributions received reduce the carrying amount of
the investments.
The debt element of the Group\u2019s PPP/PFI entities is
accounted for under IFRS 9 Financial Instruments with fair
value movements recorded in other comprehensive income
and with recycling of gains and losses through the income
statement. Tax is recognised on the movements in other
comprehensive income, where we expect the recycling
to attract a tax charge/credit to the income statement.
This reflects the fact that the Group has a demonstrable
track record of investing in PFI assets as part of an overall
construction procurement strategy, with a view to churning
these investments on a regular basis. Management has
reviewed the classification of PPP investments and
considers that the business model continues to be hold to
collect and sell. The investments therefore continue to be
held at fair value through other comprehensive income.
Leases
In accordance with IFRS 16, 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,
except for short-term leases (defined as leases with a lease
term of 12 months or less) and leases for low value assets.
Each lease payment is allocated between the liability and
finance cost. The finance cost is charged to profit or loss
over the lease term at a constant periodic rate of interest
on the remaining balance of the liability. The right-of-use
asset is depreciated over the lease term on a straight-line
basis, unless the useful life of the asset is shorter than the
lease term.
Trade and other receivables
Trade receivables are recognised initially at fair value
and subsequently measured at amortised cost, using the
effective interest method, less provision for impairment.
A provision for impairment of trade receivables is
established based on an expected credit loss model
(general or simplified approach, as detailed under
impairment of financial assets). The amount of the
loss is recognised in the income statement through
administrative expenses unless presented separately.
When a trade receivable is uncollectible, it is written off
against the impairment provision for trade receivables.
Subsequent recoveries of amounts previously written
off are credited against costs in the income statement.
Short-term trade receivables do not carry any interest and
are stated at their amortised cost, as reduced by appropriate
allowances for estimated irrecoverable amounts.
Impairment of financial assets IFRS 9 establishes a model for recognition and measurement of impairment in financial assets. Loans and receivables and contract assets apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are classified and measured at fair value, with movements going through the income statement or other comprehensive income. Expected credit losses are recognised and measured according to one of three approaches \u2013 a general approach (12 months ECL), a simplified approach (lifetime ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical expedient to apply a simplified \u2018provision matrix\u2019 for calculating expected losses. The provision matrix is based on an entity\u2019s historical default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. For large one-off balances where there is no historic experience, analysis is completed in respect of a number of reasonably possible scenarios. Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at nominal value. For the purposes of the cash flow statement, cash and cash equivalents comprise cash at bank and in hand, including bank deposits with original maturities of three months or less. Bank overdrafts met the requirement for offsetting in the balance sheet and have been off-set with cash and cash equivalent and are included for purposes of cash flow movements and the cash flow statement. Trade and other payables Trade payables and other payables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method. Provisions for liabilities and charges Provisions for liabilities and charges are recognised when, as a result of past events, the Group has a present legal or constructive obligation, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using the pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as an interest expense. Retirement benefit obligations For defined contribution schemes operated by the Group, amounts payable are charged to the income statement as they accrue. Accounting for Employee Share Ownership Plan Own shares held by the Galliford Try Employee Share Trust (the \u2018Trust\u2019) are included in the Group financial statements as a deduction from retained earnings. The charge made to the income statement for employee share awards and options is based on the fair value of the award at the date of grant, spread over the performance period. Where such shares subsequently vest to the employees under the terms of the Group\u2019s share option schemes or are sold, any consideration received is included in equity. Share-based payments The Group operates a number of equity-settled, share-based compensation plans. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense over the vesting period. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions such as growth in earnings per share. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in the Group is treated as an increase in the cost of the investment in subsidiaries. Dividend Final dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid. Equity instruments Equity instruments, such as ordinary share capital, issued by the Company are recorded at the proceeds received net of directly attributable incremental issue costs. Consideration paid for shares in the Company held by the Trust are deducted from total equity. Investments in subsidiaries The Company\u2019s investments in subsidiaries are recorded in the Company\u2019s balance sheet at cost less any impairment. The directors review the investments for impairment annually.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-321": { "value": "General information Galliford Try Holdings plc (the Company) is a public limited company incorporated, listed and domiciled in the UK, and registered under the laws of England and Wales. The address of the registered office is 3 Frayswater Place, Cowley, Uxbridge, UB8 2AD. The Company has its listing on the London Stock Exchange. The financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. The amounts stated are denominated in millions (\u00a3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-4": { "value": "Galliford Try Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-318": { "value": "Galliford Try Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-6": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-319": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-7": { "value": "3 Frayswater Place, Cowley, Uxbridge, UB8 2AD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-323": { "value": "
Going concern
The consolidated and Company financial statements
have been prepared on a going concern basis under the
historical cost convention, as modified by the revaluation
of PPP and other investments at fair value through other
comprehensive income.
The Group\u2019s business activities, together with the factors
likely to affect its future development, performance
and position are set out in the Viability Statement
(on page 73) and the Strategic Report (from page 1).
As at 30 June 2024, the Group had substantial cash
balances, no loan payable, and a strong forward secured
order book. The directors regularly review the working
capital requirements of the Group while considering
downside sensitivities.
The Group\u2019s forecasts have been prepared in the context
of the current economic conditions and additionally,
the directors have considered a range of downside
sensitivities (as discussed in detail in the Viability Statement
on page 73). Even in the worst-case scenario, the Group
is forecast to continue to meet its obligations and remain
cash positive for a period of at least 12 months from the
date the financial statements are authorised for issue.
After making enquiries and considering the factors and
sensitivities outlined above for a range of scenarios, the
directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for
the foreseeable future being a period of at least 12 months
from the date the financial statements are authorised for
issue. Thus, they continue to adopt the going concern basis
of accounting in preparing the annual financial statements.
The Company has elected to take the exemption under
section 408 of the Companies Act 2006 to not present
the Parent Company income statement and statement
of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-322": { "value": "
Basis of accounting
For the year to 30 June 2024, the Group consolidated
financial statements and the Company financial statements
have been prepared in accordance with UK-adopted
International Accounting Standards and with the
requirements of the Companies Act 2006.
New standards impacting the Group that have been adopted for the first time in this set of financial statements are listed below: IFRS 17 Insurance Contracts Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies Amendments to IAS 8 \u2013 Definition of Accounting Estimates Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendment to IAS 12 \u2013 International Tax reform \u2013 Pillar Two Model Rules Agenda decision on Premiums Receivable from an Intermediary \u2013 IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments Agenda decision on Homes and Home Loans Provided to Employees \u2013 IAS 19 Employee Benefits Agenda decision on Guarantee over a Derivative Contract \u2013 IFRS 9 Financial Instruments These standards have been assessed to have no significant impact on the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s previous accounting policies. The following are new standards, interpretations and amendments, that are not yet effective or have not been endorsed. The Group has chosen not to adopt these early. These may however have an effect on the Group\u2019s future financial statements: IFRS 18 Presentation and Disclosure in Financial Statements Amendments to IAS 1, Presentation of financial statements on Non-current liabilities with covenants and Classification of Liabilities as Current or Non-current Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance arrangements Amendment to IFRS 16 Leases \u2013 Leases on sale and leaseback Amendments to IFRS 10 and IAS 28 \u2013 Sale or contribution of assets between an investor and its associate or joint venture Amendments to IAS 21 to clarify the accounting when there is a lack of exchangeability The Group has yet to assess the full outcome of these new standards, amendments, and annual improvements. It is not expected that these will significantly impact the financial statements of the Group. Basis of preparation The Group financial statements incorporate the results of Galliford Try Holdings plc, its subsidiary undertakings and the Group\u2019s share of the results of joint arrangements. Subsidiaries are all entities over which the Group has control. The exposure or right to variable returns from its involvement with an investee, and the ability to influence those returns, are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group, until the date that control ceases. The acquisition method of accounting is used to account for the acquisition of a business by the Group. The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Costs directly attributable to the acquisition are expensed to the income statement. The identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair values at the acquisition date, irrespective of any non-controlling interest. The excess of cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the Group\u2019s share of the identifiable net assets is in excess of the cost of the acquisition, the gain on bargain purchase is recognised as a credit through the income statement. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of acquired subsidiaries are changed where necessary, to ensure consistency with policies adopted by the Group. In addition to total performance measures, the Group discloses additional information including performance before exceptional items and earnings per share before exceptional items. The Group believes that this additional information provides useful information on underlying trends. This additional information is not defined under international accounting standards and may therefore not be comparable with similarly titled profit measures reported by other companies. It is not intended to be a substitute for, or superior to, international accounting standards measures of profit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-375": { "value": "For the year to 30 June 2024, the Group consolidated financial statements and the Company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-376": { "value": "
New standards impacting the Group that have been
adopted for the first time in this set of financial statements
are listed below:
IFRS 17 Insurance Contracts
Amendments to IAS 1 and IFRS Practice
Statement 2 \u2013 Disclosure of Accounting Policies
Amendments to IAS 8 \u2013 Definition of
Accounting Estimates
Amendments to IAS 12 \u2013 Deferred Tax related to
Assets and Liabilities arising from a Single Transaction
Amendment to IAS 12 \u2013 International Tax reform \u2013
Pillar Two Model Rules
Agenda decision on Premiums Receivable from an
Intermediary \u2013 IFRS 17 Insurance Contracts and
IFRS 9 Financial Instruments
Agenda decision on Homes and Home Loans Provided
to Employees \u2013 IAS 19 Employee Benefits
Agenda decision on Guarantee over a Derivative
Contract \u2013 IFRS 9 Financial Instruments
These standards have been assessed to have no significant
impact on the Group as they are either not relevant to the
Group\u2019s activities or require accounting which is consistent
with the Group\u2019s previous accounting policies.
The following are new standards, interpretations and
amendments, that are not yet effective or have not been
endorsed. The Group has chosen not to adopt these early.
These may however have an effect on the Group\u2019s future
financial statements:
IFRS 18 Presentation and Disclosure in
Financial Statements
Amendments to IAS 1, Presentation of financial
statements on Non-current liabilities with covenants and
Classification of Liabilities as Current or Non-current
Amendment to IAS 7 and IFRS 7 \u2013 Supplier
finance arrangements
Amendment to IFRS 16 Leases \u2013 Leases on
sale and leaseback
Amendments to IFRS 10 and IAS 28 \u2013 Sale or
contribution of assets between an investor and
its associate or joint venture
Amendments to IAS 21 to clarify the accounting
when there is a lack of exchangeability
The Group has yet to assess the full outcome of these
new standards, amendments, and annual improvements.
It is not expected that these will significantly impact the
financial statements of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-407": { "value": "New standards impacting the Group that have been adopted for the first time in this set of financial statements are listed below: IFRS 17 Insurance Contracts Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies Amendments to IAS 8 \u2013 Definition of Accounting Estimates Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendment to IAS 12 \u2013 International Tax reform \u2013 Pillar Two Model Rules Agenda decision on Premiums Receivable from an Intermediary \u2013 IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments Agenda decision on Homes and Home Loans Provided to Employees \u2013 IAS 19 Employee Benefits Agenda decision on Guarantee over a Derivative Contract \u2013 IFRS 9 Financial Instruments These standards have been assessed to have no significant impact on the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s previous accounting policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-408": { "value": "The following are new standards, interpretations and amendments, that are not yet effective or have not been endorsed. The Group has chosen not to adopt these early. These may however have an effect on the Group\u2019s future financial statements: IFRS 18 Presentation and Disclosure in Financial Statements Amendments to IAS 1, Presentation of financial statements on Non-current liabilities with covenants and Classification of Liabilities as Current or Non-current Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance arrangements Amendment to IFRS 16 Leases \u2013 Leases on sale and leaseback Amendments to IFRS 10 and IAS 28 \u2013 Sale or contribution of assets between an investor and its associate or joint venture Amendments to IAS 21 to clarify the accounting when there is a lack of exchangeability The Group has yet to assess the full outcome of these new standards, amendments, and annual improvements. It is not expected that these will significantly impact the financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-325": { "value": "Impact of climate change on the financial statements As reported in the TCFD disclosures starting on page 61, and the principal risks starting on page 57, the directors, in preparing the financial statements, have considered the risks and potential impact of climate change to the Group. It is unlikely that these risks will have a material financial impact in the short (between one and two years) and medium term (between three to ten years), particularly given the nature of the contractual arrangements in place. There has been no material impact identified on the financial reporting judgements and estimates. The Directors considered the impact of climate change in respect of the following areas: contract judgements made on the Group\u2019s Construction contracts; going concern and viability of the Group over the next three years; cash flow forecasts used in the impairment assessments of non-current assets including the intangible assets and goodwill; and carrying value and useful economic lives of property, plant and equipment. As current legislation stands, there is currently no material impact expected from climate change. The Directors are however aware of the ever-changing risks attached to climate change and will continue to monitor this, particularly regarding any judgements on construction contracts, impairment reviews and going concern in preparation of the Group\u2019s financial statements. ", "dimensions": { "concept": "gallifordtryholdingsplc:DescriptionOfAccountingPolicyForImpactOfClimateChangeOnTheFinancialStatements", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-324": { "value": "Critical accounting estimates and judgements The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Critical judgements are those management has made when applying its material accounting policies, whereas critical estimates are assumptions and estimates made at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The estimates, judgements and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making estimates and judgements about the carrying value of assets and liabilities which are not readily apparent from other sources. Actual results may differ from these estimates and judgements. The estimates, judgements and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates and judgements are recognised in the period in which the estimate or judgement is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
Material estimates and judgements are made in particular
with regards to establishing the following policies:
(i) Revenue and profit recognition for long-term contract
accounting (judgement and estimate)
In order to determine the profit and loss that the Group is
able to recognise on its construction contracts in a specific
period, the Group has to estimate the outcome of both
the total costs to complete the contract as well as the final
contract value. The Group has to allocate total costs of
the construction contracts between the amount incurred
on the contract to the end of the reporting period and the
proportion to complete in a future period. The assessment
of the total costs to be incurred and final contract value
requires a degree of estimation.
Contract modifications are recognised when the Group
considers they have been approved (which also includes
consideration of whether enforceable rights exist in the
contract). The estimation of final contract value includes
the assessment of the recovery of variations, claims and
compensation events (contract modifications). The estimate
made is constrained in accordance with IFRS 15 so that it
is highly probable not to result in a significant reversal of
revenue in the future. Where the change in scope results
in an increase to the work to be performed that is distinct
and reflects the stand-alone selling price of the distinct
good/service, it is treated as a separate contract. This is
assessed on a contract specific basis.
The Group recognises recoveries of claims from clients
as revenue where clear entitlement has been established
which can require judgement, such as through dispute-
resolution processes. This includes the recovery of costs
(such as delays to the contract programme) to the extent
it is highly probable not to result in a significant reversal
of revenue in the future.
The estimation of costs to complete is based on all
available relevant information such as procured packages
and management experience and includes estimation of
final accounts and any potential maintenance and defect
liabilities. Recoveries resulting from actual or potential
claims against subcontractors are accounted for in
accordance with IAS 37 and are recognised only when
they meet the virtually certain threshold.
Group management has established internal controls
to review and ensure the appropriateness of estimates
made on an individual contract basis, including any
necessary contract provisions. As with most large, complex
construction projects, there is an element of estimation
uncertainty over costs to complete and final account
settlements. This is, however, reduced by the experience
of the management team and the controls that we have
in place. The settlement of these final accounts may give
rise to an over or under-recognition of profit or loss and
associated cash flows, which could be material.
As at 30 June 2024, the Group\u2019s contract assets, contract liabilities and contract provisions amounted to \u00a3290.1m, \u00a3121.8m and \u00a336.2m respectively as set out in Notes 17, 19 and 20. The Group has considered the nature of the estimates involved in deriving these balances and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions applied as at 30 June 2024 and could require a material adjustment to the carrying amounts of these assets and liabilities in the next financial year. However, due to the level of uncertainty, combination of cost and income variables and timing across the Group\u2019s large portfolio of contracts at different stages of their contract life, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. The Group\u2019s five largest unagreed variations and claims positions at the year-end are summarised in aggregate below.
\u00a3m
Overall contract value (including total
estimated end of contract variations
and claims after IFRS 15 constraints)
689.5
Revenue in the year
149.2
Total estimated end of contract variations
and claims before IFRS 15 constraints
130.2
Total estimated end of contract variations
and claims after IFRS 15 constraints
72.8
These five positions represent the most significant estimates of revenue. The total estimated end of contract variations and claims after IFRS 15 constraints of the subsequent five largest positions is \u00a317.4m. These items include estimation uncertainty, with a range of reasonably possible outcomes of \u00a372.8m to \u00a3130.2m. In respect of contract assets of \u00a3290.1m (30 June 2023: \u00a3204.9m) and in assessing receivable provisions calculated on an expected loss basis, the Group has recorded a provision of \u00a3nil (2023: \u00a3nil), refer to note 17. It is unclear whether the outstanding uncertainties will be resolved within the next 12 months. (ii) Rectification provision \u2013 Infrastructure contract (judgement and estimate) The Group regularly engages in contracts with general or defect warranty rectification requirements, typically less than 3 years. Within the pool of open warranty period contracts, the group built, as part of a joint operation with two other partners, a single infrastructure scheme under a contract that included various defect warranty obligations, with the longest obligation lasting up to 12 years. At 30 June 2024, there remained 7 years of the longest warranty liability period remaining. This is the only contract the group has that has a general defect warranty period of this length. The contractual nature of the defect warranty liability and the completion of the scheme are the obligating events and the group, as part of the joint operation, has remediated items since completion and has other known issues ongoing that will likely result in future cash outflows, though the timing and quantum remain uncertain. The Group also believes that there will be further unknown but probable cash outflows relating to as yet unknown items as scheduled inspections of various structural elements of the scheme are completed that have a potentially material range of outcomes. The Group has provided \u00a314.6m (2023: \u00a316.9m) against future defect costs and this represents management\u2019s best estimate of potential future payments associated with the warranty rectification responsibilities. The provision requires a limited number of significant estimates and assumptions by management, with a significant level of estimation risk as a result arising from the level of defects and associated cost that may arise. Management estimates the reasonable range of estimates to be between \u00a37.3m and \u00a317.5m at 30 June 30 2024. Management has sought input from external experienced industry figures and industry bodies to support the provision it has made. (iii) Exceptional items (judgement) Exceptional items are items of financial performance which the Group believes should be presented separately on the face of the income statement, to assist in understanding the underlying financial performance achieved by the Group. Determining whether an item is exceptional requires judgement. Details of exceptional items included in the financial statements are included in note 4. The exceptional items presented in the income statement meet the Group\u2019s definition of exceptional, being significant irregular income and/or expense incurred during the year, that the Group believes assists the users of the accounts by disclosing separately. Other accounting estimates The Consolidated Financial Statements include other areas of accounting estimates that do not meet the definition of significant accounting estimates or accounting judgements under IAS 1. The recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties as follows:
(i) PPP and other investments measured at fair value
through other comprehensive income (estimate)
At 30 June 2024, \u00a341.8m (2023: \u00a344.6m) of PPP and other
investments were classified as financial assets measured
at fair value through other comprehensive income. In the
operational phase, the fair value of these financial assets is
measured at each reporting date by discounting the future
value of the cash flows allocated to the financial asset.
Individual discount rates have been used which equate to
an overall blended discount rate of 7.6% (2023: 7.3%), which
reflects the rates typically experienced in the marketplace.
A 0.5% increase/reduction in the discount rate would result
in a corresponding decrease/increase in the value of the
investments recorded in the balance sheet of approximately
\u00a31.5m (2023: \u00a31.6m) (note 16).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-328": { "value": "
Exceptional items
Exceptional items are significant irregular items of income
and/or expense including taxation which the Group believes
should be disclosed in the income statement, to assist
in understanding the underlying financial performance
achieved by the Group, by virtue of their nature or size.
Examples of items which may give rise to disclosure as
exceptional items include gains and losses on the disposal
of businesses and property, plant and equipment, significant
unanticipated losses on contracts, cost of restructuring
and reorganisation of businesses, cost of ERP system
implementations, acquisition costs and asset impairments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-326": { "value": "Segmental reporting The Group\u2019s reporting segments are based on the types of services provided. Operating segments with similar economic characteristics have been aggregated into reportable segments which reflect the nature of the services provided by the Group. The business segmental reporting reflects the Group\u2019s management and internal reporting structure. Segmental results include items directly attributable to the segment, as well as those that can be allocated on a reasonable basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-327": { "value": "Revenue and profit Revenue is recognised when the Group transfers control of goods or services to customers. Revenue comprises the fair value of the consideration received or receivable net of rebates, discounts and value-added tax. Where consideration is subject to variability, the Group estimates the amount receivable based on the most likely amount. Typically, the main factor that impacts the revenue constraint is the Group\u2019s experience with similar modifications and previous negotiations/historical success with the same client. Where there is a limited history of success, the constraint applied is typically greater. This assessment is carried out on a contract specific basis. Revenue recognised is constrained to the amount which is highly probable not to result in a significant reversal in future periods. The Group also assesses whether the costs incurred on a project depict an appropriate measure of progress, and constrain revenue accordingly. Intercompany revenue is eliminated. Revenue also includes the Group\u2019s proportion of work carried out under joint operations. Where a modification to an existing contract occurs, the Group assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied or whether it is a modification to the existing performance obligation. Revenue for the Group\u2019s continuing operations is recognised as follows: Construction services Revenue comprises the value of construction services transferred to a customer during the period. The results for the period include adjustments for the outcome of contracts, including jointly controlled operations, executed in both the current and preceding years. Fixed price contracts \u2013 the amount of revenue recognised is calculated based on total costs incurred as a proportion of total estimated costs to complete and is recognised over time. The estimated final value includes variations, compensation events and certain claims (contract modifications) where it is highly probable that there will not be a significant reversal. Provision will be made against any expected loss as soon as it is identified. Cost-reimbursable contracts \u2013 revenue is recognised based upon costs incurred to date plus any agreed fee and is recognised over time. Where contracts include a target price, consideration is given to the impact on revenue of the mechanism for distributing any savings or additional costs compared to the target price. Any revenue over and above the target price, which could include variations and compensation events, is recognised once it is highly probable that there will not be a significant reversal in the future. Facilities management \u2013 management services and facilities management contracts typically represent a single performance obligation. Revenue is recognised over time as control passes to the customer and is typically measured on a straight-line basis as this is considered to be a reliable estimate of the pattern of transfer to the customer. Recoveries from claims against third parties The recognition of expected reimbursements resulting from certain third-party claims such as against the supply chain or through insurance recoveries is accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. This requires recovery to be \u2018virtually certain\u2019 before an asset can be recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-329": { "value": "Government funding Grants (including research and development expenditure credits) are recognised when there is reasonable assurance that the Group will comply with the conditions attaching to them and the grants will be received. The grants are recognised in the income statement over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-377": { "value": "
Finance income and cost
Finance income and cost is recognised on a time proportion
basis, using the effective interest method. Finance cost also
includes the unwinding of lease liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-409": { "value": "Finance income and cost Finance income and cost is recognised on a time proportion basis, using the effective interest method. Finance cost also includes the unwinding of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-330": { "value": "Finance income and cost Finance income and cost is recognised on a time proportion basis, using the effective interest method. Finance cost also includes the unwinding of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-378": { "value": "
Income tax
Current income tax is based on the taxable profit for the
year. Taxable profit differs from profit before taxation
recorded in the income statement because it excludes
items of income or expense that are taxable or deductible
in other years or that are never taxable or deductible.
The liability for current tax is calculated using rates that
have been enacted, or substantively enacted, by the
balance sheet date.
Deferred income tax is provided using the balance sheet
liability method, providing for all temporary differences
between the carrying amount of assets and liabilities
for financial reporting purposes and the amounts used
for taxation purposes, with the exception of the initial
recognition of goodwill arising on an acquisition. Deferred
tax is measured at the tax rates that are expected to apply in
the periods in which the timing differences are expected to
reverse, based on rates and laws that have been enacted or
substantively enacted by the balance sheet date. A deferred
tax asset is only recognised when it is more likely than not
that the asset will be recoverable in the foreseeable future
out of taxable profits from which the underlying temporary
differences can be deducted.
Deferred income tax is provided on temporary differences
arising on investments in subsidiaries and associates,
except where the timing of the reversal of the temporary
difference is controlled by the Group and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred income tax assets and liabilities are offset
when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when there is
an intention to settle the balances on a net basis.
Deferred income tax is charged or credited through the
income statement, except when it relates to items charged
or credited through the statement of comprehensive
income or to equity, when it is charged or credited there.
The Group has applied the mandatory exception to
recognising and disclosing information about deferred tax
assets and liabilities related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-331": { "value": "Income tax Current income tax is based on the taxable profit for the year. Taxable profit differs from profit before taxation recorded in the income statement because it excludes items of income or expense that are taxable or deductible in other years or that are never taxable or deductible. The liability for current tax is calculated using rates that have been enacted, or substantively enacted, by the balance sheet date. Deferred income tax is provided using the balance sheet liability method, providing for all temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, with the exception of the initial recognition of goodwill arising on an acquisition. Deferred tax is measured at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on rates and laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of taxable profits from which the underlying temporary differences can be deducted. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when there is an intention to settle the balances on a net basis. Deferred income tax is charged or credited through the income statement, except when it relates to items charged or credited through the statement of comprehensive income or to equity, when it is charged or credited there. The Group has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-380": { "value": "
Goodwill
Goodwill arising on consolidation represents the excess
of the fair value of the consideration given over the fair
value of the net assets acquired. It is recognised as an asset
and reviewed for impairment at least annually or when
there is a triggering event, by considering the net present
value of future cash flows. For purposes of testing for
impairment, the carrying value of goodwill is compared to
its recoverable amount, which is the higher of the value in
use and the fair value less costs to sell. Any impairment is
charged immediately to the income statement.
Goodwill arising on acquisitions before the date of
transition to IFRS has been retained at the previous
UK GAAP amounts following impairment tests. Goodwill
written off to reserves under UK GAAP prior to 1998
has not been restated.
Goodwill is allocated to Cash Generating Units (CGUs) for
the purpose of impairment testing. The allocation is made to
those CGUs or groups of CGUs that are expected to benefit
from the business combination in which the goodwill arose.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-332": { "value": "Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the net assets acquired. It is recognised as an asset and reviewed for impairment at least annually or when there is a triggering event, by considering the net present value of future cash flows. For purposes of testing for impairment, the carrying value of goodwill is compared to its recoverable amount, which is the higher of the value in use and the fair value less costs to sell. Any impairment is charged immediately to the income statement. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts following impairment tests. Goodwill written off to reserves under UK GAAP prior to 1998 has not been restated. Goodwill is allocated to Cash Generating Units (CGUs) for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Intangible assets Intangible assets can include brands, customer contracts and customer relationships acquired on acquisition of subsidiary companies, and computer software developed by the Group. The intangible assets are reviewed for impairment when there is a triggering event. Intangible assets are stated at cost less accumulated amortisation and impairment. Cost is determined at the time of acquisition as being directly attributable costs or, where relevant, by using an appropriate valuation methodology. Intangible assets are amortised over the following periods: (a) Customer contracts and relationships \u2013 on a straight-line basis over up to 10 years. (b) Computer software \u2013 once the software is fully operational, amortisation is on a straight-line basis over up to 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-410": { "value": "Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the net assets acquired. It is recognised as an asset and reviewed for impairment at least annually or when there is a triggering event, by considering the net present value of future cash flows. For purposes of testing for impairment, the carrying value of goodwill is compared to its recoverable amount, which is the higher of the value in use and the fair value less costs to sell. Any impairment is charged immediately to the income statement. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts following impairment tests. Goodwill written off to reserves under UK GAAP prior to 1998 has not been restated. Goodwill is allocated to Cash Generating Units (CGUs) for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-379": { "value": "Intangible assets Intangible assets can include brands, customer contracts and customer relationships acquired on acquisition of subsidiary companies, and computer software developed by the Group. The intangible assets are reviewed for impairment when there is a triggering event. Intangible assets are stated at cost less accumulated amortisation and impairment. Cost is determined at the time of acquisition as being directly attributable costs or, where relevant, by using an appropriate valuation methodology. Intangible assets are amortised over the following periods: (a) Customer contracts and relationships \u2013 on a straight-line basis over up to 10 years. (b) Computer software \u2013 once the software is fully operational, amortisation is on a straight-line basis over up to 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-333": { "value": "
Property, plant and equipment
All property, plant and equipment are stated at cost less
accumulated depreciation and impairment. Cost includes
expenditure that is directly attributable to the acquisition
of the items. Land and buildings comprise mainly offices.
Depreciation is calculated to write off the cost of each
asset to its estimated residual value over its expected useful
life. Freehold land is not depreciated. The annual rates
of depreciation on cost, applied on a straight-line basis,
are as follows:
Freehold buildings 2%
Plant and machinery 15% to 33%
Fixtures and fittings 10% to 33%
In addition to systematic depreciation, the book value of property, plant and equipment is written down to estimated recoverable amounts should any impairment in the respective carrying values be identified. The asset residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each balance sheet date. Repairs and maintenance expenditure is expensed as incurred, on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-381": { "value": "Property, plant and equipment All property, plant and equipment are stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the items. Land and buildings comprise mainly offices. Depreciation is calculated to write off the cost of each asset to its estimated residual value over its expected useful life. Freehold land is not depreciated. The annual rates of depreciation on cost, applied on a straight-line basis, are as follows: Freehold buildings 2% Plant and machinery 15% to 33% Fixtures and fittings 10% to 33% In addition to systematic depreciation, the book value of property, plant and equipment is written down to estimated recoverable amounts should any impairment in the respective carrying values be identified. The asset residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each balance sheet date. Repairs and maintenance expenditure is expensed as incurred, on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-382": { "value": "Joint arrangements The Group applies IFRS 11 to all joint arrangements. Investments in joint arrangements are classified as either joint ventures or joint operations, depending on the contractual rights and obligations of each investor. A joint venture is an entity over which the Group has joint control and rights to the net assets of the entity. The Group\u2019s interest in joint ventures is accounted for using the equity method. Under this method the Group\u2019s share of profits or losses after taxation of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. A joint operation is a joint arrangement that the Group undertakes with third parties, whereby those parties have rights to the assets and obligations of the arrangement. The Group accounts for joint operations by recognising its share of profits and losses in the consolidated income statement. The Group recognises its share of associated assets and liabilities in the consolidated balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-334": { "value": "Joint arrangements The Group applies IFRS 11 to all joint arrangements. Investments in joint arrangements are classified as either joint ventures or joint operations, depending on the contractual rights and obligations of each investor. A joint venture is an entity over which the Group has joint control and rights to the net assets of the entity. The Group\u2019s interest in joint ventures is accounted for using the equity method. Under this method the Group\u2019s share of profits or losses after taxation of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. A joint operation is a joint arrangement that the Group undertakes with third parties, whereby those parties have rights to the assets and obligations of the arrangement. The Group accounts for joint operations by recognising its share of profits and losses in the consolidated income statement. The Group recognises its share of associated assets and liabilities in the consolidated balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-335": { "value": "PPP and other investments PPP and other investments are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the assets within 12 months of the balance sheet date. On initial recognition, the asset is recognised at cost. The Group applies equity accounting for its investments in PPP/PFI entities. These investments are treated as associates as the Group has significant influence over them. On initial recognition, the investments in these entities are recognised at cost, and the carrying amounts are increased or decreased to recognise the Group\u2019s share of the profit or loss of the PPP/PFI entities after the date of acquisition. The Group\u2019s share of the investments\u2019 profits or losses is recognised in the profit or loss net of any impairment losses. Distributions received reduce the carrying amount of the investments. The debt element of the Group\u2019s PPP/PFI entities is accounted for under IFRS 9 Financial Instruments with fair value movements recorded in other comprehensive income and with recycling of gains and losses through the income statement. Tax is recognised on the movements in other comprehensive income, where we expect the recycling to attract a tax charge/credit to the income statement. This reflects the fact that the Group has a demonstrable track record of investing in PFI assets as part of an overall construction procurement strategy, with a view to churning these investments on a regular basis. Management has reviewed the classification of PPP investments and considers that the business model continues to be hold to collect and sell. The investments therefore continue to be held at fair value through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-340": { "value": "Leases In accordance with IFRS 16, 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, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases for low value assets. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease term at a constant periodic rate of interest on the remaining balance of the liability. The right-of-use asset is depreciated over the lease term on a straight-line basis, unless the useful life of the asset is shorter than the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-342": { "value": "Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established based on an expected credit loss model (general or simplified approach, as detailed under impairment of financial assets). The amount of the loss is recognised in the income statement through administrative expenses unless presented separately. When a trade receivable is uncollectible, it is written off against the impairment provision for trade receivables. Subsequent recoveries of amounts previously written off are credited against costs in the income statement. Short-term trade receivables do not carry any interest and are stated at their amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-383": { "value": "
Impairment of financial assets
IFRS 9 establishes a model for recognition and
measurement of impairment in financial assets. Loans
and receivables and contract assets apply the \u2018Expected
Credit Losses\u2019 (ECL) model. All other assets are classified
and measured at fair value, with movements going through
the income statement or other comprehensive income.
Expected credit losses are recognised and measured
according to one of three approaches \u2013 a general approach
(12 months ECL), a simplified approach (lifetime ECL)
or the \u2018credit adjusted approach\u2019. The Group has taken
the practical expedient to apply a simplified \u2018provision
matrix\u2019 for calculating expected losses. The provision
matrix is based on an entity\u2019s historical default rates over
the expected life of the trade receivables and is adjusted
for forward-looking estimates. For large one-off balances
where there is no historic experience, analysis is completed
in respect of a number of reasonably possible scenarios.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-336": { "value": "Impairment of financial assets IFRS 9 establishes a model for recognition and measurement of impairment in financial assets. Loans and receivables and contract assets apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are classified and measured at fair value, with movements going through the income statement or other comprehensive income. Expected credit losses are recognised and measured according to one of three approaches \u2013 a general approach (12 months ECL), a simplified approach (lifetime ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical expedient to apply a simplified \u2018provision matrix\u2019 for calculating expected losses. The provision matrix is based on an entity\u2019s historical default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. For large one-off balances where there is no historic experience, analysis is completed in respect of a number of reasonably possible scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-411": { "value": "Impairment of financial assets IFRS 9 establishes a model for recognition and measurement of impairment in financial assets. Loans and receivables and contract assets apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are classified and measured at fair value, with movements going through the income statement or other comprehensive income. Expected credit losses are recognised and measured according to one of three approaches \u2013 a general approach (12 months ECL), a simplified approach (lifetime ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical expedient to apply a simplified \u2018provision matrix\u2019 for calculating expected losses. The provision matrix is based on an entity\u2019s historical default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. For large one-off balances where there is no historic experience, analysis is completed in respect of a number of reasonably possible scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-422": { "value": "Impairment of financial assets IFRS 9 establishes a model for recognition and measurement of impairment in financial assets. Loans and receivables and contract assets apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are classified and measured at fair value, with movements going through the income statement or other comprehensive income. Expected credit losses are recognised and measured according to one of three approaches \u2013 a general approach (12 months ECL), a simplified approach (lifetime ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical expedient to apply a simplified \u2018provision matrix\u2019 for calculating expected losses. The provision matrix is based on an entity\u2019s historical default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. For large one-off balances where there is no historic experience, analysis is completed in respect of a number of reasonably possible scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-337": { "value": "Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at nominal value. For the purposes of the cash flow statement, cash and cash equivalents comprise cash at bank and in hand, including bank deposits with original maturities of three months or less. Bank overdrafts met the requirement for offsetting in the balance sheet and have been off-set with cash and cash equivalent and are included for purposes of cash flow movements and the cash flow statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-341": { "value": "
Trade and other payables
Trade payables and other payables are recognised initially
at fair value and subsequently measured at amortised cost,
using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-338": { "value": "Provisions for liabilities and charges Provisions for liabilities and charges are recognised when, as a result of past events, the Group has a present legal or constructive obligation, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using the pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as an interest expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-339": { "value": "Retirement benefit obligations For defined contribution schemes operated by the Group, amounts payable are charged to the income statement as they accrue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-343": { "value": "Accounting for Employee Share Ownership Plan Own shares held by the Galliford Try Employee Share Trust (the \u2018Trust\u2019) are included in the Group financial statements as a deduction from retained earnings. The charge made to the income statement for employee share awards and options is based on the fair value of the award at the date of grant, spread over the performance period. Where such shares subsequently vest to the employees under the terms of the Group\u2019s share option schemes or are sold, any consideration received is included in equity. ", "dimensions": { "concept": "gallifordtryholdingsplc:DescriptionOfAccountingPolicyForAccountingForEmployeeShareOwnershipPlan", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-347": { "value": "
Share-based payments
The Group operates a number of equity-settled,
share-based compensation plans. The fair value of the
employee services received in exchange for the grant
of the options is recognised as an expense over the vesting
period. The total amount to be expensed over the vesting
period is determined by reference to the fair value of the
options granted, excluding the impact of any non-market
vesting conditions such as growth in earnings per share.
Non-market vesting conditions are included in assumptions
about the number of options that are expected to vest.
At each balance sheet date, the Group revises its
estimates of the number of options that are expected
to vest. It recognises the impact of the revision to
original estimates, if any, in the income statement,
with a corresponding adjustment to equity.
The proceeds received net of any directly attributable
transaction costs are credited to share capital (nominal
value) and share premium when the options are exercised.
The grant by the Company of options over its equity
instruments to the employees of subsidiary undertakings
in the Group is treated as an increase in the cost of the
investment in subsidiaries.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-344": { "value": "Dividend Final dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-345": { "value": "Equity instruments Equity instruments, such as ordinary share capital, issued by the Company are recorded at the proceeds received net of directly attributable incremental issue costs. Consideration paid for shares in the Company held by the Trust are deducted from total equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-346": { "value": "Investments in subsidiaries The Company\u2019s investments in subsidiaries are recorded in the Company\u2019s balance sheet at cost less any impairment. The directors review the investments for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-348": { "value": "
2 Segmental reporting
Segmental reporting is presented in the consolidated
financial statements in respect of the Group\u2019s business
segments, which are the primary basis of segmental
reporting. The business segmental reporting reflects the
Group\u2019s management and internal reporting structure.
Segmental results include items directly attributable
to the segment, as well as those that can be allocated
on a reasonable basis. As the Group has no activities
outside the UK, segment reporting is not required by
geographical region.
The Chief Operating Decision-Makers (CODM) have been
identified as the Group\u2019s Chief Executive and Chief Financial
Officer. The CODM review the Group\u2019s internal reporting
in order to assess performance and allocate resources.
Management has determined the operating segments of
the Group to be Building, Infrastructure, Investments and
Central (primarily representing central overheads).
The CODM assess the performance of the operating
segments based on a measure of adjusted earnings
before finance costs, amortisation, exceptional items and
taxation. This measurement basis excludes the effects
of non-recurring expenditure and exceptional items
from the operating segments, such as restructuring costs
and impairments when the impairment is the result of
an isolated, non-recurring event. In the financial year
ended 30 June 2023, the Group has also presented
pre-exceptional performance excluding the impairment of
financial assets as a result of a one off contract settlement
as announced on 8 June 2023 (disclosed in the consolidated
income statement as an impairment of financial assets of
\u00a32.8m). Interest income and expenditure are included in the
result for each operating segment that is reviewed by the
CODM. Other information provided to them is measured in
a manner consistent with that in the financial statements.
Income statement
PPP
Building Infrastructure Investments Central Total
Year ended 30 June 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
938.3
819.8
14.7
\u2013
1,772.8
Pre-exceptional operating profit/(loss)
before amortisation
24.0
20.1
(1.0)
(13.5)
29.6
Finance income
0.1
0.3
3.8
4.6
8.8
Finance costs
(1.2)
(1.6)
\u2013
(0.6)
(3.4)
Pre-exceptional profit/(loss)
before amortisation and taxation
22.9
18.8
2.8
(9.5)
35.0
Amortisation of intangible assets
(1.0)
(1.1)
\u2013
(0.2)
(2.3)
Pre-exceptional profit/(loss) before taxation
21.9
17.7
2.8
(9.7)
32.7
Exceptional items
\u2013
0.8
\u2013
(2.6)
(1.8)
Profit before tax
21.9
18.5
2.8
(12.3)
30.9
Income tax credit
5.3
Profit for the year
36.2
PPP
Building Infrastructure Investments Central Total
Year ended 30 June 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
797.1
590.8
5.8
\u2013
1,393.7
Pre-exceptional operating profit/(loss) before
amortisation and impairment of financial assets
18.5
14.5
1.4
(12.5)
21.9
Finance income
\u2013
0.3
3.9
2.1
6.3
Finance costs
(0.7)
(0.7)
(0.1)
(0.3)
(1.8)
Pre-exceptional profit/(loss) before amortisation
and taxation and amortisation of financial assets
17.8
14.1
5.2
(10.7)
26.4
Amortisation of intangible assets
(1.0)
(0.9)
\u2013
(1.1)
(3.0)
Pre-exceptional profit/(loss) before taxation
and impairment of financial assets
16.8
13.2
5.2
(11.8)
23.4
Impairment of financial assets
\u2013
(2.8)
\u2013
\u2013
(2.8)
Exceptional items
\u2013
\u2013
\u2013
(10.5)
(10.5)
Profit before tax
16.8
10.4
5.2
(22.3)
10.1
Income tax charge
(1.0)
Profit for the year
9.1
Inter-segment revenue is eliminated from revenue above. In the year to 30 June 2024, this amounted to \u00a391.8m
(2023: \u00a361.0m) for continuing operations, of which \u00a30.6m (2023: \u00a3nil) was in Building, \u00a357.8m (2023: \u00a340.1m)
was in Infrastructure, \u00a313.8m (2023: \u00a3nil) was in Investments and \u00a319.6m (2023: \u00a320.9m) was in central costs.
Balance sheet
PPP
Building Infrastructure Investments Central Total
30 June 2024
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill and intangible assets
40.0
57.9
\u2013
\u2013
97.9
Other including working capital employed
(60.2)
(160.7)
42.7
(24.3)
(202.5)
Net cash
18
158.3
50.4
(7.0)
25.3
227.0
Net assets/(liabilities)
138.1
(52.4)
35.7
1.0
122.4
Total Group liabilities
(698.4)
Total Group assets
820.8
PPP
Building Infrastructure Investments Central Total
30 June 2023
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill and intangible assets
41.0
57.1
\u2013
0.2
98.3
Other including working capital employed
(60.9)
(178.2)
43.3
(4.1)
(199.9)
Net cash
18
139.0
42.7
(8.6)
47.1
220.2
Net assets/(liabilities)
119.1
(78.4)
34.7
43.2
118.6
Total Group liabilities
(594.1)
Total Group assets
712.7
Other segmental information
PPP
Building Infrastructure Investments Central Total
Year ended 30 June 2024
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Contracting revenue
938.3
819.8
\u2013
\u2013
1,758.1
Capital expenditure \u2013 property, plant
and equipment
13
0.1
1.0
\u2013
0.5
1.6
Total depreciation
13 & 14
7.5
9.9
0.4
0.6
18.4
Share-based payments
25
0.2
0.6
0.2
0.8
1.8
Acquisition of intangible assets
30
\u2013
1.0
\u2013
\u2013
1.0
Amortisation of intangible assets
11
1.0
1.1
\u2013
0.2
2.3
1
PPP
Building Infrastructure Investments Central Total
Year ended 30 June 2023
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Contracting revenue
797.1
590.8
\u2013
\u2013
1,387.9
Capital expenditure \u2013 property, plant
and equipment
13
0.8
1.2
0.1
0.1
2.2
Total depreciation
13 & 14
6.4
6.1
0.2
0.9
13.6
Share-based payments
17
0.9
0.5
0.4
1.6
3.4
Acquisition of intangible assets
25
\u2013
0.3
\u2013
\u2013
0.3
Amortisation of intangible assets
11
1.0
0.9
\u2013
1.1
3.0
1
1 Acquired as part of a business combination. See note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-349": { "value": "
3 Revenue
Nature of revenue streams
(i) Building and Infrastructure segments
Our Construction business operates nationwide, working with clients predominantly in the public and regulated sectors,
such as health, education and defence markets within the Building segment and road and water markets within the
Infrastructure segment (as well as private commercial clients). Projects include the construction of assets (with services
including design and build, construction only and refurbishment) in addition to the maintenance, renewal, upgrading
and managing of services across utility and infrastructure assets.
Revenue stream
Nature, timing of satisfaction of performance obligations and significant payment terms
Fixed price
A number of projects within these segments are undertaken using fixed-price contracts.
Contracts are typically accounted for as a single performance obligation; even when a contract
(or multiple combined contracts) includes both design and build elements, they are considered
to form a single performance obligation as the two elements are not distinct in the context of
the contract, given that each is highly interdependent on the other.
The Group typically receives payments from the customer based on a contractual schedule
of value that reflects the timing and performance of service delivery. Revenue is therefore
recognised over time (the period of construction) based on an input model (reference to
costs incurred to date). On a number of contracts, the Group recognised revenue over time
(the period of construction) based on an output model (reference to milestone reached,
units delivered or work certified). Un-invoiced amounts are presented as contract assets.
No significant financing component typically exists in these contracts.
Cost-reimbursable
A number of projects are undertaken using cost reimbursable/target price (possibly with
a pain/gain share mechanism) contracts.
These projects are often delivered under frameworks, however, individual performance
obligations under the framework are normally determined at a project level where multiple
services are supplied. The Group constrains revenue and calculates any pain/gain mechanism
at the framework level where appropriate.
The Group typically receives payments from the customer based on actual costs incurred.
Revenue is therefore recognised over time (the period of construction) based on an input model
(reference to costs incurred to date). Un-invoiced amounts are presented as contract assets.
No significant financing component typically exists in these contracts.
Facilities management Contracts undertaken within the Building segment that provide full life-cycle solutions to clients,
are accounted for as a single performance obligation, with revenue recognised over time and
typically on a straight-line basis.
1
1 Facilities management represents around 5% of the total Building segment turnover.
(ii) Investments segment
Our Investments business specialises in managing construction through to operations for major building projects through
public private partnerships and co-development opportunities. The business leads bid consortia and arranges finance,
as well as making debt and equity investments (which are recycled).
Revenue stream
Nature, timing of satisfaction of performance obligations and significant payment terms
Investments
The Group has investments in a number of PPP Special Purpose Vehicles (SPVs), delivering
major building and infrastructure projects.
Development fees and land sales on co-development private rental schemes represent
a performance obligation that is recognised at a point in time when control is deemed to
pass to the customer (on financial close).
The business additionally provides management services and project manages developments
under Management Service Agreements (MSA) or separate development arrangements.
Revenue for these services is typically recognised over time as and when the service is
delivered to the customer.
The business additionally provides management services to the SPVs under MSA. Revenue
for these services is typically recognised over time as and when the service is delivered to
the customer.
Disaggregation of revenue The Group considers the split of revenue by operating segment to be the most appropriate disaggregation. All revenue has been derived from performance obligations settled over time, except for \u00a37.3m (2023: \u00a3nil) that is recognised at a point in time within the investments segment. Revenue on existing contracts, where performance obligations are unsatisfied or partially unsatisfied at the balance sheet date, is expected to be recognised as follows:
2027
2025 2026 onwards Total
Revenue \u2013 year ended 30 June 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Building
660.1
177.0
1.9
839.0
Infrastructure
572.3
157.9
16.6
746.8
Total Construction
1,232.4
334.9
18.5
1,585.8
Investments
2.8
2.5
25.3
30.6
Total transaction price allocated to performance obligations
yet to be satisfied
1,235.2
337.4
43.8
1,616.4
2026
2024 2025 onwards Total
Revenue \u2013 year ended 30 June 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Building
614.4
214.4
32.7
861.5
Infrastructure
453.1
185.0
49.4
687.5
Total Construction
1,0 67.5
399.4
82.1
1,549.0
Investments
3.2
2.6
26.5
32.3
Total transaction price allocated to performance obligations
yet to be satisfied
1,070.7
402.0
108.6
1,581.3
Any element of variable consideration is estimated at a value that is highly probable not to result in a significant reversal in the cumulative revenue recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-384": { "value": "3 Revenue Nature of revenue streams (i) Building and Infrastructure segments Our Construction business operates nationwide, working with clients predominantly in the public and regulated sectors, such as health, education and defence markets within the Building segment and road and water markets within the Infrastructure segment (as well as private commercial clients). Projects include the construction of assets (with services including design and build, construction only and refurbishment) in addition to the maintenance, renewal, upgrading and managing of services across utility and infrastructure assets.
Revenue stream
Nature, timing of satisfaction of performance obligations and significant payment terms
Fixed price
A number of projects within these segments are undertaken using fixed-price contracts.
Contracts are typically accounted for as a single performance obligation; even when a contract
(or multiple combined contracts) includes both design and build elements, they are considered
to form a single performance obligation as the two elements are not distinct in the context of
the contract, given that each is highly interdependent on the other.
The Group typically receives payments from the customer based on a contractual schedule
of value that reflects the timing and performance of service delivery. Revenue is therefore
recognised over time (the period of construction) based on an input model (reference to
costs incurred to date). On a number of contracts, the Group recognised revenue over time
(the period of construction) based on an output model (reference to milestone reached,
units delivered or work certified). Un-invoiced amounts are presented as contract assets.
No significant financing component typically exists in these contracts.
Cost-reimbursable
A number of projects are undertaken using cost reimbursable/target price (possibly with
a pain/gain share mechanism) contracts.
These projects are often delivered under frameworks, however, individual performance
obligations under the framework are normally determined at a project level where multiple
services are supplied. The Group constrains revenue and calculates any pain/gain mechanism
at the framework level where appropriate.
The Group typically receives payments from the customer based on actual costs incurred.
Revenue is therefore recognised over time (the period of construction) based on an input model
(reference to costs incurred to date). Un-invoiced amounts are presented as contract assets.
No significant financing component typically exists in these contracts.
Facilities management Contracts undertaken within the Building segment that provide full life-cycle solutions to clients,
are accounted for as a single performance obligation, with revenue recognised over time and
typically on a straight-line basis.
1 1 Facilities management represents around 5% of the total Building segment turnover. (ii) Investments segment Our Investments business specialises in managing construction through to operations for major building projects through public private partnerships and co-development opportunities. The business leads bid consortia and arranges finance, as well as making debt and equity investments (which are recycled).
Revenue stream
Nature, timing of satisfaction of performance obligations and significant payment terms
Investments
The Group has investments in a number of PPP Special Purpose Vehicles (SPVs), delivering
major building and infrastructure projects.
Development fees and land sales on co-development private rental schemes represent
a performance obligation that is recognised at a point in time when control is deemed to
pass to the customer (on financial close).
The business additionally provides management services and project manages developments
under Management Service Agreements (MSA) or separate development arrangements.
Revenue for these services is typically recognised over time as and when the service is
delivered to the customer.
The business additionally provides management services to the SPVs under MSA. Revenue
for these services is typically recognised over time as and when the service is delivered to
the customer.
Disaggregation of revenue
The Group considers the split of revenue by operating segment to be the most appropriate disaggregation. All revenue has
been derived from performance obligations settled over time, except for \u00a37.3m (2023: \u00a3nil) that is recognised at a point in
time within the investments segment.
Revenue on existing contracts, where performance obligations are unsatisfied or partially unsatisfied at the balance sheet
date, is expected to be recognised as follows:
2027
2025 2026 onwards Total
Revenue \u2013 year ended 30 June 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Building
660.1
177.0
1.9
839.0
Infrastructure
572.3
157.9
16.6
746.8
Total Construction
1,232.4
334.9
18.5
1,585.8
Investments
2.8
2.5
25.3
30.6
Total transaction price allocated to performance obligations
yet to be satisfied
1,235.2
337.4
43.8
1,616.4
2026
2024 2025 onwards Total
Revenue \u2013 year ended 30 June 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Building
614.4
214.4
32.7
861.5
Infrastructure
453.1
185.0
49.4
687.5
Total Construction
1,0 67.5
399.4
82.1
1,549.0
Investments
3.2
2.6
26.5
32.3
Total transaction price allocated to performance obligations
yet to be satisfied
1,070.7
402.0
108.6
1,581.3
Any element of variable consideration is estimated at a value that is highly probable not to result in a significant reversal
in the cumulative revenue recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-350": { "value": "4 Exceptional items 2024 2023 \u00a3m \u00a3m Implementation costs of cloud-based arrangements1 \u2013 administrative expenses (2.6) (10.5) Finance income 0.8 \u2013 Loss before tax (1.8) (10.5) Associated tax credit on items above (note 8) 0.5 2.1 Exceptional income tax credit (note 8) 9.6 \u2013 Total 8.3 (8.4) 2 2 1 The Group incurred \u00a32.6m (2022: \u00a310.5m) of customisation and configuration costs associated with the move to Oracle Fusion, a cloud-based computing arrangement, during the period. Taking into account the IFRIC Agenda Decision issued by the IFRS IC in March 2021, the Group has analysed the costs and concluded that these costs should be expensed in the period. In accordance with the Group\u2019s existing accounting policy, management considers that the costs should be separately disclosed as exceptional because they are significant and irregular. The move to Oracle Fusion is now complete with no further exceptional costs expected. 2 The Group previously disclosed that it had not recognised an asset in respect of historic trading losses due to the losses being subject to agreement with HMRC. This led to an uncertain tax position where no asset was recognised as, based on the advice of tax advisors, the group concluded it was not probable HMRC would accept the claims to utilise the losses. During the year to 30 June 2024 HMRC agreed a quantum of historic trading losses available and that they could be utilised against historical trading profits, resulting in a cash tax refund of \u00a39.6m with associated interest of \u00a30.8m, which was received after 30 June 2024. Management considers that the refund should be disclosed separately as exceptional given it is material in quantum and one off in nature. An associated tax credit of \u00a30.5m (2023: \u00a32.1m) has been recognised in respect of the implementation costs of cloud based arrangements and the exceptional finance income (\u00a30.2m tax charge (2023: n/a)).", "dimensions": { "concept": "gallifordtryholdingsplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-351": { "value": "
5 Employees and directors
Employee benefit expense during the year
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Wages and salaries
229.2
206.6
\u2013
\u2013
Social security costs
27.8
24.8
\u2013
\u2013
Other pension costs
25.4
21.9
\u2013
\u2013
Share-based payments
25
1.8
3.4
\u2013
\u2013
Total
284.2
256.7
\u2013
\u2013
All employees are entitled to join the Galliford Try Pension Scheme, a defined contribution scheme established as a
stakeholder plan, with a Company contribution based on a scale dependent on the employee\u2019s age and the amount
they choose to contribute. Since 1 July 2013, all non-participating and newly employed staff have been auto-enrolled
into the separate stakeholder plan and are entitled to increase their contribution rates in line with existing members.
Since 1 April 2009, the Group has operated a pension salary sacrifice scheme, which means that all employee pension
contributions are paid as employer contributions on their behalf.
All pension costs in the current and prior years were in respect of the Group\u2019s defined contribution schemes. Of the
total charge, \u00a314.1m (2023: \u00a310.4m) and \u00a311.3m (2023: \u00a311.5m) were included, respectively, within cost of sales and
administrative expenses.
Average monthly number of people (including Executive and non-executive directors) employed
Group
Company
2024 2023 2024 2023
Number Number Number Number
By business:
\u2013 Building
1,296
1,271
\u2013
\u2013
\u2013 Infrastructure
2,575
2,235
\u2013
\u2013
Construction
3,871
3,506
\u2013
\u2013
Investments
58
60
\u2013
\u2013
Central
193
181
6
7
Total
4,122
3,747
6
7
Remuneration of key management personnel
The key management personnel comprise the Executive Board and non-executive directors. The remuneration of the
key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24,
Related Party Disclosures. Further information about the remuneration of individual directors, including any interests
in the Company\u2019s shares, is provided in the audited part of the Directors\u2019 remuneration report.
2024 2023
\u00a3m \u00a3m
Salaries and short-term employee benefits
3.5
3.8
Retirement benefit costs
0.3
0.3
Share-based payments
1.1
2.9
Total
4.9
7.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-385": { "value": "Remuneration of key management personnel The key management personnel comprise the Executive Board and non-executive directors. The remuneration of the key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24, Related Party Disclosures. Further information about the remuneration of individual directors, including any interests in the Company\u2019s shares, is provided in the audited part of the Directors\u2019 remuneration report.
2024 2023
\u00a3m \u00a3m
Salaries and short-term employee benefits
3.5
3.8
Retirement benefit costs
0.3
0.3
Share-based payments
1.1
2.9
Total
4.9
7.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-352": { "value": "
6 Net finance income
2024 2023
Group \u00a3m \u00a3m
Interest receivable on bank deposits
4.6
2.4
Interest receivable from PPP Investments and joint ventures
4.2
3.9
Finance income
8.8
6.3
Other (including interest on lease liabilities)
(3.4)
(1.8)
Finance costs before exceptional items
(3.4)
(1.8)
Exceptional items
0.8
\u2013
Net finance income
6.2
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-427": { "value": "6 Net finance income
2024 2023
Group \u00a3m \u00a3m
Interest receivable on bank deposits
4.6
2.4
Interest receivable from PPP Investments and joint ventures
4.2
3.9
Finance income
8.8
6.3
Other (including interest on lease liabilities)
(3.4)
(1.8)
Finance costs before exceptional items
(3.4)
(1.8)
Exceptional items
0.8
\u2013
Net finance income
6.2
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-425": { "value": "6 Net finance income
2024 2023
Group \u00a3m \u00a3m
Interest receivable on bank deposits
4.6
2.4
Interest receivable from PPP Investments and joint ventures
4.2
3.9
Finance income
8.8
6.3
Other (including interest on lease liabilities)
(3.4)
(1.8)
Finance costs before exceptional items
(3.4)
(1.8)
Exceptional items
0.8
\u2013
Net finance income
6.2
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-423": { "value": "6 Net finance income
2024 2023
Group \u00a3m \u00a3m
Interest receivable on bank deposits
4.6
2.4
Interest receivable from PPP Investments and joint ventures
4.2
3.9
Finance income
8.8
6.3
Other (including interest on lease liabilities)
(3.4)
(1.8)
Finance costs before exceptional items
(3.4)
(1.8)
Exceptional items
0.8
\u2013
Net finance income
6.2
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-413": { "value": "6 Net finance income
2024 2023
Group \u00a3m \u00a3m
Interest receivable on bank deposits
4.6
2.4
Interest receivable from PPP Investments and joint ventures
4.2
3.9
Finance income
8.8
6.3
Other (including interest on lease liabilities)
(3.4)
(1.8)
Finance costs before exceptional items
(3.4)
(1.8)
Exceptional items
0.8
\u2013
Net finance income
6.2
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-386": { "value": "6 Net finance income
2024 2023
Group \u00a3m \u00a3m
Interest receivable on bank deposits
4.6
2.4
Interest receivable from PPP Investments and joint ventures
4.2
3.9
Finance income
8.8
6.3
Other (including interest on lease liabilities)
(3.4)
(1.8)
Finance costs before exceptional items
(3.4)
(1.8)
Exceptional items
0.8
\u2013
Net finance income
6.2
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-353": { "value": "
7 Profit before income tax
The following items have been included in arriving at profit before income tax:
2024 2023
Notes \u00a3m \u00a3m
Employee benefit expense
5
284.2
256.7
Total depreciation
13 & 14
18.4
13.6
Amortisation and impairment of intangible assets
11
2.3
3.5
Repairs and maintenance expenditure on property, plant and equipment
1.6
1.0
Impairment of financial assets
17
\u2013
2.8
Exceptional items
4
1.8
10.5
In addition to the above, the Group incurs other costs classified as cost of sales relating to labour, materials and
subcontractors\u2019 costs.
Services provided by the Group\u2019s auditor and network firms
During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below:
2024 2023
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditor for the audit of Parent Company
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s auditor for other services:
The audit of financial statements of the Company\u2019s subsidiaries
2.0
2.1
Audit-related assurance services
0.1
0.1
Total other services
2.1
2.2
Total
2.3
2.4
The audit fee for 2024 and 2023 includes an amount in respect of additional costs related to the 2023 and 2022 audit
respectively. A description of the work of the Audit Committee in respect of the auditor\u2019s independence is set out in
the Governance report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-414": { "value": "7 Profit before income tax The following items have been included in arriving at profit before income tax:
2024 2023
Notes \u00a3m \u00a3m
Employee benefit expense
5
284.2
256.7
Total depreciation
13 & 14
18.4
13.6
Amortisation and impairment of intangible assets
11
2.3
3.5
Repairs and maintenance expenditure on property, plant and equipment
1.6
1.0
Impairment of financial assets
17
\u2013
2.8
Exceptional items
4
1.8
10.5
In addition to the above, the Group incurs other costs classified as cost of sales relating to labour, materials and subcontractors\u2019 costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-387": { "value": "7 Profit before income tax The following items have been included in arriving at profit before income tax:
2024 2023
Notes \u00a3m \u00a3m
Employee benefit expense
5
284.2
256.7
Total depreciation
13 & 14
18.4
13.6
Amortisation and impairment of intangible assets
11
2.3
3.5
Repairs and maintenance expenditure on property, plant and equipment
1.6
1.0
Impairment of financial assets
17
\u2013
2.8
Exceptional items
4
1.8
10.5
In addition to the above, the Group incurs other costs classified as cost of sales relating to labour, materials and subcontractors\u2019 costs. Services provided by the Group\u2019s auditor and network firms During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below:
2024 2023
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditor for the audit of Parent Company
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s auditor for other services:
The audit of financial statements of the Company\u2019s subsidiaries
2.0
2.1
Audit-related assurance services
0.1
0.1
Total other services
2.1
2.2
Total
2.3
2.4
The audit fee for 2024 and 2023 includes an amount in respect of additional costs related to the 2023 and 2022 audit respectively. A description of the work of the Audit Committee in respect of the auditor\u2019s independence is set out in the Governance report.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-412": { "value": "Services provided by the Group\u2019s auditor and network firms During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below:
2024 2023
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditor for the audit of Parent Company
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s auditor for other services:
The audit of financial statements of the Company\u2019s subsidiaries
2.0
2.1
Audit-related assurance services
0.1
0.1
Total other services
2.1
2.2
Total
2.3
2.4
The audit fee for 2024 and 2023 includes an amount in respect of additional costs related to the 2023 and 2022 audit respectively. A description of the work of the Audit Committee in respect of the auditor\u2019s independence is set out in the Governance report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-354": { "value": "
8 Income tax charge/(credit)
2024 2023
Group
Notes
\u00a3m \u00a3m
Analysis of expense in year
Current year\u2019s income tax
Current tax \u2013 pre-exceptional items
3.3
\u2013
Current tax \u2013 exceptional items
4
(0.5)
\u2013
Deferred tax \u2013 pre-exceptional item
5.0
3.0
Deferred tax \u2013 exceptional items
22
\u2013
(2.1)
Adjustments in respect of prior years
Current tax \u2013 exceptional items
4
(9.6)
\u2013
Deferred tax \u2013 pre-exceptional items
22
(3.5)
0.1
Income tax (credit)/expense
(5.3)
1.0
Tax on items recognised in other comprehensive income
Tax recognised in other comprehensive income
\u2013
\u2013
Total tax (credit)/expense
(5.3)
1.0
The total income tax credit for the year of \u00a35.3m (2023: charge of \u00a31.0m) is lower (2023: lower) than the expected charge
based on the standard rate of corporation tax in the UK of 25.0% (2023: 20.50%). The differences are explained below:
2024 2023
\u00a3m \u00a3m
Profit before income tax
30.9
10.1
Profit before income tax multiplied by the blended standard corporation tax rate
in the UK of 25% (2023: 20.5%)
7.7
2.1
Effects of:
Expenses not deductible for tax purposes
0.2
0.1
Non-taxable income
(0.2)
(1.0)
Adjustments in respect of prior years
(13.1)
0.1
Change in tax rates
\u2013
0.1
Other
0.1
(0.4)
Income tax (credit)/expense
(5.3)
1.0
The adjustments in respect of prior years include a \u00a39.6m tax credit for exceptional items, as explained in note 4.
The Group is within the scope of OECD Pillar Two rules. The rules are designed to ensure a minimum effective tax
rate of 15% across each country of operation. The rules were enacted into UK law in July 2023 and are effective from
1 July 2024 to the Group. Due to the Group trading only in the UK, it is not expected there will be a significant impact as a
result of the implementation of the rules, however the Group continues to review any potential implications with advisors.
In the Spring Budget 2021, the UK Government announced that from 1 April 2023, the corporation tax rate would
increase from 19% to 25%. This new law was substantively enacted in the Finance Bill 2021 and received Royal Assent
on 10 June 2021. Where appropriate, deferred taxes at the balance sheet date have been measured using the appropriate
tax rates (based on when the underlying balance is expected to crystallise) and reflected in these financial statements.
22 Deferred income tax Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income
tax assets against current income tax liabilities. The net deferred tax position at 30 June was:
Group
2024 2023
\u00a3m \u00a3m
Deferred income tax assets
15.6
16.6
Deferred income tax liabilities
(0.6)
(1.1)
Net deferred income tax
15.0
15.5
The movement for the year in the net deferred income tax account is as shown below:
Group
2024 2023
\u00a3m \u00a3m
At 1 July
15.5
14.0
Current year\u2019s deferred income tax
(5.7)
(0.9)
Adjustment in respect of prior years
4.5
(0.1)
Transfer from current tax assets
0.3
2.5
Acquisition of subsidiaries
(0.2)
\u2013
Disposal of subsidiaries
0.6
\u2013
At 30 June
15.0
15.5
All remaining unutilised tax losses have now been recognised. The Group previously disclosed that it had not recognised
\u00a353.0m of trading losses due to them being subject to agreement with HMRC. During the year to 30 June 2024 HMRC
confirmed the quantum of the trading losses available and that they could be utilised against historical trading profits,
resulting in a cash refund of \u00a39.6m and associated interest of \u00a30.8m. This is recorded as an income tax receivable at
30 June 2024. This has been disclosed as exceptional as explained in note 4.
Movements in deferred income tax assets and liabilities during the year are shown below:
The Company has a deferred tax asset of \u00a30.4m relating to timing differences on share-based payments (2023: \u00a3nil).
Deferred income tax assets
Share-based
payments Tax losses Other Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
At 30 June 2022
0.2
12.0
3.4
15.6
Credit/(expense) taken to income statement
0.1
(1.1)
(0.3)
(1.3)
Adjustment in respect of prior years
\u2013
(0.2)
\u2013
(0.2)
Transfer to deferred income tax
\u2013
2.5
\u2013
2.5
At 30 June 2023
0.3
13.2
3.1
16.6
Expense taken to income statement
(0.3)
(4.3)
(0.5)
(5.1)
Credit in respect of prior years taken to income statement
0.8
2.7
\u2013
3.5
Expense taken to equity
(0.7)
\u2013
\u2013
(0.7)
Transfer from current tax income tax
\u2013
0.3
\u2013
0.3
Credit in respect of prior years taken to equity
1.0
\u2013
\u2013
1.0
At 30 June 2024
1.1
11.9
2.6
15.6
1
1 Deferred tax assets included in the \u2018Other\u2019 category relate predominantly to future income tax deductions available from IFRS transitions adjustments in respect of
IFRS 15 and IFRS 9 which will be utilised over the next 4 years in line with the requirements of tax legislation.
The Company has a deferred tax balance of \u00a30.4m (2023: nil) relating to share based payments.
Deferred income tax liabilities
Accelerated Intangible
tax assets
depreciation acquired Total
Group \u00a3m \u00a3m \u00a3m
At 30 June 2022
(0.6)
(1.0)
(1.6)
Credit taken to income statement
0.2
0.2
0.4
Adjustment in respect of prior years
\u2013
0.1
0.1
At 30 June 2023
(0.4)
(0.7)
(1.1)
Expense/(credit) taken to income statement
(0.1)
0.2
0.1
Expense/(credit) in respect of prior years
(0.1)
0.1
\u2013
Acquisition of subsidiary
\u2013
(0.2)
(0.2)
Disposal of subsidiary
0.6
\u2013
0.6
At 30 June 2024
\u2013
(0.6)
(0.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-355": { "value": "
9 Dividends
2024
2023
pence per pence per
Group and Company \u00a3m
share
\u00a3m
share
Previous year final
7.7
7. 5
6.4
5.8
Special
12.5
12.0
\u2013
\u2013
Current year interim
4.0
4.0
3.2
3.0
Dividend recognised in the year
24.2
23.5
9.6
8.8
The following dividends were declared by the Company in respect of each accounting period presented:
2024
2023
pence per pence per
\u00a3m
share
\u00a3m
share
Interim
4.1
4.0
3.2
3.0
Special
\u2013
\u2013
12.6
12.0
Final
11.9
11.5
7.9
7.5
Dividend relating to the year
16.0
15.5
23.7
22.5
The directors are proposing a final dividend in respect of the financial year ended 30 June 2024 of 11.5 pence per share
(2023: 7.5 pence per share), bringing the total dividend in respect of 2024 to 15.5 pence per share (2023: 22.5 pence per
share). The final dividend will absorb approximately \u00a311.9m of equity. Subject to shareholders\u2019 approval at the AGM to
be held on 28 November 2024, the dividend will be paid on 5 December 2024 to shareholders who are on the register
of members at the close of business on 8 November 2024.
The directors declared a special dividend of 12.0 pence per share on 8 June 2023 following the settlement of its
long-standing dispute concerning three contracts with entities owned by a major infrastructure fund, returning
a substantial portion of the proceeds to shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-389": { "value": "0.115", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-388": { "value": "0.075", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-356": { "value": "
10 Earnings per share
Basic and diluted earnings per share (EPS)
Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number
of ordinary shares outstanding during the year, excluding those held by the Trust, which are treated as cancelled.
Under normal circumstances, the average number of shares is diluted by reference to the average number of potential
ordinary shares held under option in the year. The dilutive effect amounts to the number of ordinary shares which would
be purchased using the aggregate difference in value between the market value of shares and the share option price.
Only shares that have met their cumulative performance criteria are included in the dilution calculation. The Group has
two classes of potentially dilutive ordinary shares: those share options granted to employees where the exercise price is
less than the average market price of the Company\u2019s ordinary shares during the year and the contingently issuable shares
under the Group\u2019s long-term incentive plans. A loss per share cannot be reduced through dilution, hence this dilution is
only applied where the Group has reported a profit.
The earnings and weighted average number of shares used in the calculations are set out in the following table.
2024
2023
Weighted Per share Weighted Per share
Earnings average number amount Earnings average number amount
\u00a3m of shares pence \u00a3m of shares pence
Basic EPS \u2013 pre-exceptional
Earnings attributable to ordinary
shareholders pre-exceptional items
27.9
100,051,095
27.9
17.5
105,180,316
16.6
Basic EPS
Earnings attributable to ordinary
shareholders post-exceptional items
36.2
100,051,095
36.2
9.1
105,180,316
8.7
Effect of dilutive securities:
Options
n/a
4,315,217
n/a
n/a
7,286,375
n/a
Diluted EPS \u2013 pre-exceptional
27.9
104,366,312
26.7
17. 5
112,466,691
15.6
Diluted EPS
36.2
104,366,312
34.7
9.1
112,466,691
8.1
The pre-exceptional EPS (basic) excluding the impact of the one-off contract settlement as announced on 8 June 2023
(note 17) is 18.9p (and diluted EPS is 17.7p).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-357": { "value": "
11 Intangible assets
Customer
contracts and Computer
relationships software Total
Group
Notes
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 2022
17.4
11.5
28.9
Additions
30
0.3
\u2013
0.3
At 30 June 2023
17.7
11.5
29.2
Additions
30
1.0
\u2013
1.0
At 30 June 2024
18.7
11.5
30.2
Accumulated amortisation and impairment loss
At 1 July 2022
(10.7)
(9.4)
(20.1)
Amortisation in year
(1.8)
(1.2)
(3.0)
Impairment loss
\u2013
(0.5)
(0.5)
At 1 July 2023
(12.5)
(11.1)
(23.6)
Amortisation in year
(1.9)
(0.4)
(2.3)
At 30 June 2024
(14.4)
(11.5)
(25.9)
Net book amount
At 30 June 2024
4.3
\u2013
4.3
At 30 June 2023
5.2
0.4
5.6
At 30 June 2022
6.7
2.1
8.8
All amortisation charges in the year have been included in administrative expenses. Computer software relates to the
Group\u2019s reporting systems. The remaining period of amortisation on customer contracts and relationships ranges between
two and nine years.
12 Goodwill
Group
Notes
\u00a3m
Cost
At 30 June 2022
88.2
Additions
30
4.5
At 30 June 2023
92.7
Additions
30
0.9
At 30 June 2024
93.6
Aggregate impairment at 30 June 2022, 2023 and 2024
\u2013
At 30 June 2022, 2023 and 30 June 2024
\u2013
Net book amount
At 30 June 2024
93.6
At 30 June 2023
92.7
At 30 June 2022
88.2
Goodwill is allocated to the Group\u2019s CGUs identified according to business segment. The goodwill is attributable to the
following business segments:
2024 2023
\u00a3m \u00a3m
Building
40.0
40.0
Infrastructure
53.6
52.7
93.6
92.7
Impairment review of goodwill and key assumptions
Goodwill is tested for impairment at least annually. The recoverable amount of a CGU is determined based on value in use
calculations. These calculations use pre-tax cash flow projections based on future financial budgets approved by the Board,
based on past performance and its expectation of market developments. The key assumptions within these budgets relate
to revenue and the future profit margin achievable, in line with our strategy and targets as set out in the Strategic report.
Future budgeted revenue is based on management\u2019s knowledge of actual results from prior years and latest forecasts for
the current year, along with the existing secured works and management\u2019s expectation of the future level of work available
within the market sector. In establishing future profit margins, the margins currently being achieved are considered in
conjunction with expected inflation rates in each revenue and cost category. In Building and Infrastructure, the margins
currently being achieved are expected to increase in line with the strategy set out in the Strategic report.
Cash is monitored on a daily, weekly and monthly basis for the purposes of managing both treasury and the business as
a whole. Details of the Group\u2019s treasury management are included within the Financial review in the Strategic report of
the Annual Report. The assumptions used are reviewed regularly and differences between forecast and actual results
are closely monitored, with variances being investigated fully. The knowledge gained from this past experience is used to
ensure that the future assumptions used are consistent with past actual outcomes and are management\u2019s best estimate of
the future cash flows of each business unit.
Cash flows beyond the budgeted three-year period are extrapolated using an estimated growth rate within each segment.
The growth rate used is the Group\u2019s estimate of the average long-term growth rate for the market sectors in which the
CGU operates. Furthermore, sensitivity analysis has been undertaken on each goodwill impairment review, by changing the
discount rates, profit margins, growth rates and other variables applicable to each CGU, and the results are noted below.
The pre-tax discount rates for each CGU are noted below.
Building CGU
A pre-tax discount rate of 12.9% (2023: 15.0%) in Building has been applied to the future cash flows, based on an estimate
of the weighted average cost of capital (WACC) of that division.
A long-term growth rate of 2% per annum has been applied to the budgeted cash flows (reflecting the Board-approved
budget operating margins and working capital cash flows) into perpetuity and these assumptions result in the recoverable
value of this CGU being significantly in excess of the carrying value of the CGU assets.
The Building CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable
possible change in any single assumption or combination of reasonable possible changes in assumptions would give rise to
an impairment of the carrying value of goodwill and intangibles.
Infrastructure CGU
A pre-tax discount rate of 12.8% (2023: 14.6%) in Infrastructure has been applied to the future cash flows, based on an
estimate of the weighted average cost of capital of that division.
A long-term growth rate of 2% per annum has been applied to the budgeted cash flows (reflecting the Board-approved
budget operating margins and working capital cashflows) into perpetuity and these assumptions result in the recoverable
value of this CGU being significantly in excess of the carrying value of the CGU assets.
The Infrastructure CGU is not sensitive to changes in key assumptions and management does not consider that any
reasonable possible change in any single assumption or combination of reasonable possible changes in assumptions
would give rise to an impairment of the carrying value of goodwill and intangibles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-390": { "value": "11 Intangible assets
Customer
contracts and Computer
relationships software Total
Group
Notes
\u00a3m \u00a3m \u00a3m
Cost
At 1 July 2022
17.4
11.5
28.9
Additions
30
0.3
\u2013
0.3
At 30 June 2023
17.7
11.5
29.2
Additions
30
1.0
\u2013
1.0
At 30 June 2024
18.7
11.5
30.2
Accumulated amortisation and impairment loss
At 1 July 2022
(10.7)
(9.4)
(20.1)
Amortisation in year
(1.8)
(1.2)
(3.0)
Impairment loss
\u2013
(0.5)
(0.5)
At 1 July 2023
(12.5)
(11.1)
(23.6)
Amortisation in year
(1.9)
(0.4)
(2.3)
At 30 June 2024
(14.4)
(11.5)
(25.9)
Net book amount
At 30 June 2024
4.3
\u2013
4.3
At 30 June 2023
5.2
0.4
5.6
At 30 June 2022
6.7
2.1
8.8
All amortisation charges in the year have been included in administrative expenses. Computer software relates to the Group\u2019s reporting systems. The remaining period of amortisation on customer contracts and relationships ranges between two and nine years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-391": { "value": "12 Goodwill
Group
Notes
\u00a3m
Cost
At 30 June 2022
88.2
Additions
30
4.5
At 30 June 2023
92.7
Additions
30
0.9
At 30 June 2024
93.6
Aggregate impairment at 30 June 2022, 2023 and 2024
\u2013
At 30 June 2022, 2023 and 30 June 2024
\u2013
Net book amount
At 30 June 2024
93.6
At 30 June 2023
92.7
At 30 June 2022
88.2
Goodwill is allocated to the Group\u2019s CGUs identified according to business segment. The goodwill is attributable to the following business segments:
2024 2023
\u00a3m \u00a3m
Building
40.0
40.0
Infrastructure
53.6
52.7
93.6
92.7
Impairment review of goodwill and key assumptions Goodwill is tested for impairment at least annually. The recoverable amount of a CGU is determined based on value in use calculations. These calculations use pre-tax cash flow projections based on future financial budgets approved by the Board, based on past performance and its expectation of market developments. The key assumptions within these budgets relate to revenue and the future profit margin achievable, in line with our strategy and targets as set out in the Strategic report. Future budgeted revenue is based on management\u2019s knowledge of actual results from prior years and latest forecasts for the current year, along with the existing secured works and management\u2019s expectation of the future level of work available within the market sector. In establishing future profit margins, the margins currently being achieved are considered in conjunction with expected inflation rates in each revenue and cost category. In Building and Infrastructure, the margins currently being achieved are expected to increase in line with the strategy set out in the Strategic report. Cash is monitored on a daily, weekly and monthly basis for the purposes of managing both treasury and the business as a whole. Details of the Group\u2019s treasury management are included within the Financial review in the Strategic report of the Annual Report. The assumptions used are reviewed regularly and differences between forecast and actual results are closely monitored, with variances being investigated fully. The knowledge gained from this past experience is used to ensure that the future assumptions used are consistent with past actual outcomes and are management\u2019s best estimate of the future cash flows of each business unit. Cash flows beyond the budgeted three-year period are extrapolated using an estimated growth rate within each segment. The growth rate used is the Group\u2019s estimate of the average long-term growth rate for the market sectors in which the CGU operates. Furthermore, sensitivity analysis has been undertaken on each goodwill impairment review, by changing the discount rates, profit margins, growth rates and other variables applicable to each CGU, and the results are noted below. The pre-tax discount rates for each CGU are noted below. Building CGU A pre-tax discount rate of 12.9% (2023: 15.0%) in Building has been applied to the future cash flows, based on an estimate of the weighted average cost of capital (WACC) of that division. A long-term growth rate of 2% per annum has been applied to the budgeted cash flows (reflecting the Board-approved budget operating margins and working capital cash flows) into perpetuity and these assumptions result in the recoverable value of this CGU being significantly in excess of the carrying value of the CGU assets. The Building CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in any single assumption or combination of reasonable possible changes in assumptions would give rise to an impairment of the carrying value of goodwill and intangibles. Infrastructure CGU A pre-tax discount rate of 12.8% (2023: 14.6%) in Infrastructure has been applied to the future cash flows, based on an estimate of the weighted average cost of capital of that division. A long-term growth rate of 2% per annum has been applied to the budgeted cash flows (reflecting the Board-approved budget operating margins and working capital cashflows) into perpetuity and these assumptions result in the recoverable value of this CGU being significantly in excess of the carrying value of the CGU assets. The Infrastructure CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in any single assumption or combination of reasonable possible changes in assumptions would give rise to an impairment of the carrying value of goodwill and intangibles.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-358": { "value": "
13 Property, plant and equipment
Land and Plant and Fixtures and
buildings machinery fittings Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July 2022
2.8
3.2
10.5
16.5
Additions
0.9
1.0
0.3
2.2
Disposals
(0.4)
\u2013
(6.5)
(6.9)
At 1 July 2023
3.3
4.2
4.3
11.8
Additions
0.2
0.6
0.8
1.6
Disposals
(0.2)
(3.4)
(0.3)
(3.9)
At 30 June 2024
3.3
1.4
4.8
9.5
Accumulated depreciation
At 1 July 2022
(0.5)
(0.5)
(8.4)
(9.4)
Charge for the year
(0.5)
(0.4)
(0.7)
(1.6)
Disposals
0.1
\u2013
6.3
6.4
At 1 July 2023
(0.9)
(0.9)
(2.8)
(4.6)
Charge for the year
(0.3)
(0.2)
(0.5)
(1.0)
Disposals
0.2
0.9
0.3
1.4
At 30 June 2024
(1.0)
(0.2)
(3.0)
(4.2)
Net book amount
At 30 June 2024
2.3
1.2
1.8
5.3
At 30 June 2023
2.4
3.3
1.5
7. 2
At 30 June 2022
2.3
2.7
2.1
7.1
There has been no impairment of property, plant and equipment during the year (2023: \u00a3nil).
The Company has no property, plant or equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-359": { "value": "14 Leases This note provides information for leases where the Group is a lessee. The Company holds no leases. Right-of-use assets
Land and Plant and Motor
buildings machinery vehicles Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m
At 30 June 2023
17.4
8.7
33.4
59.5
At 30 June 2024
18.8
13.0
48.5
80.3
Accumulated depreciation
At 30 June 2023
(4.8)
(2.5)
(13.6)
(20.9)
At 30 June 2024
(6.2)
(4.8)
(17.9)
(28.9)
Net book amount
At 30 June 2024
12.6
8.2
30.6
51.4
At 30 June 2023
12.6
6.2
19.8
38.6
Additions to the right-of-use assets during the 2024 financial year were \u00a330.8m (2023: 26.1m). Lease liabilities
2024 2023
\u00a3m \u00a3m
Current
20.5
14.9
Non-current
32.5
24.2
Total lease liabilities
53.0
39.1
Movement in Lease Liabilities from financing activities
Interest
payments
(presented as
Opening Financing Interest operating Closing
balance
cash flows
New leases
expense cash flows) balance
2023
24.8
(12.0)
26.3
1.6
(1.6)
39.1
2024
39.1
(16.7)
30.6
2.9
(2.9)
53.0
The consolidated income statement shows the following amounts relating to leases for continuing operations:
2024 2023
\u00a3m \u00a3m
Depreciation of right-of-use assets:
\u2013 Land and buildings
2.5
2.5
\u2013 Plant and machinery
4.2
2.6
\u2013 Motor vehicles
10.7
6.9
Interest expense (included in finance cost)
2.9
1.6
Expense relating to short-term leases (included in cost of sales and administrative expenses)
13.2
10.7
Expense relating to leases of low-value assets that are not shown above as short-term leases
(included in administrative expenses)
0.7
0.8
Total expenses
34.2
25.1
The total cash outflow for leases in the year to 30 June 2024 was \u00a319.5m, of which \u00a32.9m was included in net interest expense \u2013 note 6 (2023: \u00a313.6m and \u00a31.6m respectively). Maturity of contractual undiscounted future lease payments: As at 30 June 2024
Land and Plant and Motor
buildings machinery vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Less than 1 year
3.0
4.1
13.4
20.5
Between 1 and 5 years
8.9
1.8
24.1
34.8
More than 5 years
8.8
\u2013
\u2013
8.8
Total
20.7
5.9
37. 5
64.1
As at 30 June 2023
Land and Plant and Motor
buildings machinery vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Less than 1 year
3.1
3.6
8.3
15.0
Between 1 and 5 years
8.3
2.5
14.1
24.9
More than 5 years
8.4
\u2013
\u2013
8.4
Total
19.8
6.1
22.4
48.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-392": { "value": "
Right-of-use assets
Land and Plant and Motor
buildings machinery vehicles Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m
At 30 June 2023
17.4
8.7
33.4
59.5
At 30 June 2024
18.8
13.0
48.5
80.3
Accumulated depreciation
At 30 June 2023
(4.8)
(2.5)
(13.6)
(20.9)
At 30 June 2024
(6.2)
(4.8)
(17.9)
(28.9)
Net book amount
At 30 June 2024
12.6
8.2
30.6
51.4
At 30 June 2023
12.6
6.2
19.8
38.6
Additions to the right-of-use assets during the 2024 financial year were \u00a330.8m (2023: 26.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-360": { "value": "
15 Investments in subsidiaries
2024 2023
Company \u00a3m \u00a3m
Cost
As at 1 July 2023 and 2022
188.5
188.0
Additions
0.7
0.5
At 30 June
189.2
188.5
Aggregate impairment
As at 1 July 2023 and 2022
\u2013
\u2013
At 30 June
\u2013
\u2013
Net book value
At 30 June
189.2
188.5
The carrying value of investments was reviewed and no impairment indicator was identified.
The subsidiary undertakings that principally affected profits and net assets of the Group were:
Galliford Try Construction Limited
Galliford Try Infrastructure Limited
1
Galliford Try Investments Limited
Galliford Try Facilities Management Limited
Galliford Try Services Limited
Galliford Try Limited
2
1 Incorporated in Scotland.
2 Shares owned directly by the Company.
Unless otherwise stated, each subsidiary has a 30 June year-end, operates as a construction company, is incorporated
in England & Wales and 100% of ordinary shares and voting rights are held by the Group. Galliford Try Services Limited
operates as central administration company to the Group.
On 30 November 2023, the Group disposed of 100% of the share capital of Rock & Alluvium Limited for consideration
of \u00a33.9m, of which \u00a31.8m was satisfied on completion of the disposal, with a further \u00a32.1m due on 30 November 2024,
which generated \u00a30.1m gain on disposal.
A full list of the Group\u2019s undertakings is set out in note 33.
33 Group undertakings In accordance with section 409 of the Companies Act, the following is a list of all of the Group\u2019s undertakings as at 30 June 2024. Galliford Try Limited is the only subsidiary undertaking held directly by the Company. (i) Subsidiary undertakings
Shareholding
(direct or
Entity name
Registered office or principal place of business
indirect)
Charles Grip Surfacing Limited
Miller House, Pontefract Road, Normanton, WF6 1RN
100%
Construction Holdco 1 Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Brick Factors Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Asset Intelligence Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Building 2014 Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
100%
Galliford Try Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Construction & Investments
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Holdings Limited
Galliford Try Corporate Holdings Limited
PO Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
100%
Galliford Try Employment Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Estates Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Facilities Management Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try HPS Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Infrastructure Limited
PO
Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
100%
Galliford Try Investments Consultancy
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Services Limited
Galliford Try Investments Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Investments NEPS Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Plant Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Properties Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Secretariat Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Shareholding
(direct or
Entity name
Registered office or principal place of business
indirect)
Galliford Try Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Telecommunications Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try (Water) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (Leeds) Lift Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (Leicester) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (North Hub) Investments Limited
PO
Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
100%
GT (North Tyneside) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Camberwell (Holdings) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Camberwell Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Car Parks Leicester (Holdings) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Car Parks Leicester Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Guildford Crescent Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Inverness Investments Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
100%
GT Telford (Holdings) Limited
PO Box 17452,
2 Lochside
View, Edinburgh, EH12 1LB
100%
GT TMGL Limited
PO
Box 17452,
2
Lochside View, Edinburgh, EH12 1LB
100%
GTFM (Cavalry) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Ham Baker Engineering Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Kingseat Development 1 Limited
Morrison House, Kingseat Business Park, Kingseat,
100%
Newmachar, Aberdeenshire, AB21 0AZ
Leicester GT Education Company Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Lintott Control Systems Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Lintott Environmental Technologies Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
MCS Control Systems Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
AVRS Systems Limited
Avrs Systems Ltd Lonning End, Ponsonby, Seascale,
100%
Cumbria, England, CA20 1BU
Morrison Construction Limited
PO Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
100%
Morrison Highway Maintenance Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Oak Specialist Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Regeneco (Services) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Regeneco Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Try Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
All subsidiary undertakings are incorporated in the UK unless otherwise specified and are included in the consolidated financial statements of the Group, as a majority of voting rights are held in each case. (ii) Joint venture undertakings
Proportion of Financial
Entity name
Registered office or principal place of business
capital held year-end
Aberdeen Roads (Finance) PLC
Maxim 7, Maxim Office Park, Parklands Avenue,
33%
31-Dec
Eurocentral, Holytown, Scotland, ML1 4WQ
Aberdeen Roads Holdings Limited
Maxim 7, Maxim Office Park, Parklands Avenue,
33%
31-Dec
Eurocentral, Holytown, Scotland, ML1 4WQ
Aberdeen Roads Limited
Maxim 7, Maxim Office Park, Parklands Avenue,
33%
31-Dec
Eurocentral, Holytown, Scotland, ML1 4WQ
ACP: North Hub Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
50%
31-Dec
GBV JV Limited
3 Frayswater Place, Uxbridge, UB8 2AD
50%
30 -Jun
GT Equitix Inverness Limited
PO
Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
50%
31-Mar
GT Equitix Inverness Holdings Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
31-Mar
Hub South East Scotland Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
31-Mar
Kingseat Development 2 Limited
Morrison House, Kingseat Business Park, Kingseat,
50%
3 0 -Jun
Newmachar, Aberdeenshire AB21 0AZ
Space Scotland Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
83%
31-Mar
Urban Vision Partnership Limited
65 Gresham St, London, EC2V 7NQ
30%
31-Dec
1 The above entities are all incorporated in the UK and considered to be joint ventures, based on the shareholding agreements in place. 1 Treated as a joint venture as indicated by its joint venture agreement. (iii) Associated and other significant undertakings
Proportion of
capital held by
Entity name
Registered office or principal place of business
class
Aberdeen Community Health Care Village Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
30%
Alliance Community Partnership Limited
Avondale House, Suites 1l \u2013 1o Phoenix Crescent
10%
Strathclyde Business Park, Bellshill,
North Lanarkshire, Scotland, ML4 3NJ
Galliford Try Qatar LLC
PO Box 11726 Doha, State of Qatar
49%
(incorporated in Qatar)
Hub North Scotland (Alford) Limited
2 Lochside View,
PO Box 17452,
Edinburgh, EH12 1LB
30%
Hub North Scotland (FWT) Limited
Box
17452
PO
, 2 Lochside View, Edinburgh, EH12 1LB
30%
Hub North Scotland (O&C) Limited
PO Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
30%
Hub North Scotland (O&C) Holdings Limited
Box
1745
PO
2,
2 Lochside View, Edinburgh, EH12 1LB
30%
Hub North Scotland Limited
PO Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
30%
James Gillespie\u2019s Campus Subhub Holdings Limited 8 Melville Street, Edinburgh, EH3 7NS
50%
James Gillespie\u2019s Campus Subhub Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
LBP DBFM Holdco Limited
2
Box
1745
PO
2,
Lochside View, Edinburgh, EH12 1LB
50%
LBP DBFMco Limited
2 Lochside View,
PO Box 17452,
Edinburgh, EH12 1LB
50%
Newbattle DBFM HoldCo Limited
2 Lochside
PO Box
52,
174
View, Edinburgh, EH12 1LB
50%
Newbattle DBFMCo Limited
PO Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
50%
ELCH DBFMCo Limited
Box
17452
PO
, 2 Lochside View, Edinburgh, EH12 1LB
50%
Proportion of
capital held by
Entity name
Registered office or principal place of business
class
ELCH DBFM Holdco Limited
PO
Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
50%
WCHS DBFMCo Ltd
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
50%
WCHS DBFM Holdco Ltd
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
JICC DBFMCo Ltd
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
50%
JICC DBFM Holdco Ltd
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
KHS DBFM HoldCo Limited
PO
Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
50%
KHS DBFMCo Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
QHS DBFMCo Ltd
PO
Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
50%
QHS DBFM Holdco Ltd
PO
Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
50%
REH Phase 1 Subhub Holdings Limited
PO Box 17452,
2 Lochside
View, Edinburgh, EH12 1LB
50%
REH Phase 1 Subhub Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
REH Phase 2 DBFM HoldCo Limited
PO Box 17452,
2 Lochside
View, Edinburgh, EH12 1LB
50%
REH Phase 2 DBFMCo Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
50%
Hub North Scotland (I&F) Holdings Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
30%
Hub North Scotland (I&F) Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
30%
Hub South West Scotland Limited
Avondale House, Suites 1l \u2013 1o Phoenix Crescent
6%
Strathclyde Business Park, Bellshill,
North Lanarkshire, ML4 3NJ
Hub SW Cumbernauld DBFMCo Limited
Avondale House, Suites 1l \u2013 1o Phoenix Crescent
6%
Strathclyde Business Park, Bellshill,
North Lanarkshire, ML4 3NJ
Hub SW Cumbernauld Holdco Limited
Avondale House, Suites 1l \u2013 1o Phoenix Crescent
6%
Strathclyde Business Park, Bellshill,
North Lanarkshire, ML4 3NJ
The above entities are all incorporated in the UK except Galliford Try Qatar LLC, which is incorporated in Qatar.
Entities listed above with 50% ownership percentage are treated as associates, as indicated by their ownership agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-415": { "value": "15 Investments in subsidiaries
2024 2023
Company \u00a3m \u00a3m
Cost
As at 1 July 2023 and 2022
188.5
188.0
Additions
0.7
0.5
At 30 June
189.2
188.5
Aggregate impairment
As at 1 July 2023 and 2022
\u2013
\u2013
At 30 June
\u2013
\u2013
Net book value
At 30 June
189.2
188.5
The carrying value of investments was reviewed and no impairment indicator was identified. The subsidiary undertakings that principally affected profits and net assets of the Group were: Galliford Try Construction Limited Galliford Try Infrastructure Limited1 Galliford Try Investments Limited Galliford Try Facilities Management Limited Galliford Try Services Limited Galliford Try Limited 2 1 Incorporated in Scotland. 2 Shares owned directly by the Company. Unless otherwise stated, each subsidiary has a 30 June year-end, operates as a construction company, is incorporated in England & Wales and 100% of ordinary shares and voting rights are held by the Group. Galliford Try Services Limited operates as central administration company to the Group. On 30 November 2023, the Group disposed of 100% of the share capital of Rock & Alluvium Limited for consideration of \u00a33.9m, of which \u00a31.8m was satisfied on completion of the disposal, with a further \u00a32.1m due on 30 November 2024, which generated \u00a30.1m gain on disposal. A full list of the Group\u2019s undertakings is set out in note 33.
(i) Subsidiary undertakings
Shareholding
(direct or
Entity name
Registered office or principal place of business
indirect)
Charles Grip Surfacing Limited
Miller House, Pontefract Road, Normanton, WF6 1RN
100%
Construction Holdco 1 Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Brick Factors Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Asset Intelligence Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Building 2014 Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
100%
Galliford Try Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Construction & Investments
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Holdings Limited
Galliford Try Corporate Holdings Limited
PO Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
100%
Galliford Try Employment Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Estates Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Facilities Management Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try HPS Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Infrastructure Limited
PO
Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
100%
Galliford Try Investments Consultancy
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Services Limited
Galliford Try Investments Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Investments NEPS Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Plant Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Properties Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Secretariat Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Shareholding
(direct or
Entity name
Registered office or principal place of business
indirect)
Galliford Try Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try Telecommunications Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Galliford Try (Water) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (Leeds) Lift Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (Leicester) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT (North Hub) Investments Limited
PO
Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
100%
GT (North Tyneside) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Camberwell (Holdings) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Camberwell Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Car Parks Leicester (Holdings) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Car Parks Leicester Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Guildford Crescent Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
GT Inverness Investments Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
100%
GT Telford (Holdings) Limited
PO Box 17452,
2 Lochside
View, Edinburgh, EH12 1LB
100%
GT TMGL Limited
PO
Box 17452,
2
Lochside View, Edinburgh, EH12 1LB
100%
GTFM (Cavalry) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Ham Baker Engineering Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Kingseat Development 1 Limited
Morrison House, Kingseat Business Park, Kingseat,
100%
Newmachar, Aberdeenshire, AB21 0AZ
Leicester GT Education Company Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Lintott Control Systems Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Lintott Environmental Technologies Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
MCS Control Systems Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
AVRS Systems Limited
Avrs Systems Ltd Lonning End, Ponsonby, Seascale,
100%
Cumbria, England, CA20 1BU
Morrison Construction Limited
PO Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
100%
Morrison Highway Maintenance Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Oak Specialist Services Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Regeneco (Services) Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Regeneco Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
Try Construction Limited
3 Frayswater Place, Uxbridge, UB8 2AD
100%
All subsidiary undertakings are incorporated in the UK unless otherwise specified and are included in the consolidated
financial statements of the Group, as a majority of voting rights are held in each case.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-393": { "value": "15 Investments in subsidiaries
2024 2023
Company \u00a3m \u00a3m
Cost
As at 1 July 2023 and 2022
188.5
188.0
Additions
0.7
0.5
At 30 June
189.2
188.5
Aggregate impairment
As at 1 July 2023 and 2022
\u2013
\u2013
At 30 June
\u2013
\u2013
Net book value
At 30 June
189.2
188.5
The carrying value of investments was reviewed and no impairment indicator was identified. The subsidiary undertakings that principally affected profits and net assets of the Group were: Galliford Try Construction Limited Galliford Try Infrastructure Limited1 Galliford Try Investments Limited Galliford Try Facilities Management Limited Galliford Try Services Limited Galliford Try Limited 2 1 Incorporated in Scotland. 2 Shares owned directly by the Company. Unless otherwise stated, each subsidiary has a 30 June year-end, operates as a construction company, is incorporated in England & Wales and 100% of ordinary shares and voting rights are held by the Group. Galliford Try Services Limited operates as central administration company to the Group. On 30 November 2023, the Group disposed of 100% of the share capital of Rock & Alluvium Limited for consideration of \u00a33.9m, of which \u00a31.8m was satisfied on completion of the disposal, with a further \u00a32.1m due on 30 November 2024, which generated \u00a30.1m gain on disposal. A full list of the Group\u2019s undertakings is set out in note 33. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-361": { "value": "
16 PPP and other investments
2024 2023
Group \u00a3m \u00a3m
At 1 July
44.6
47. 5
Disposals and subordinated loan repayments
(1.3)
(0.5)
Movement in fair value
(1.5)
(2.4)
At 30 June
41.8
44.6
These comprise debt and equity investments in PPP/PFI investments (joint ventures and associates) over which the Group
has significant influence.
Debt investments at fair value through OCI
The debt element of the investments represents over 99% of the total portfolio balance and is held at fair value. The fair
value reflects a blended discount rate of 7.6% (2023: 7.3%). A 0.5% increase/reduction in the discount rate would result in
a corresponding decrease/increase in the value of the investments recorded in the balance sheet of approximately \u00a31.5m
(2023: \u00a31.6m).
None of the financial assets are past their due dates (2023: \u00a3nil), and the directors expect an average maturity profile in
excess of 10 years. Further disclosures relating to financial assets are set out in note 23.
The expected credit loss (ECL) was assessed to be minimal and accordingly no ECL was recognised.
During the year, there were no additions (2023: \u00a3nil) to the Group\u2019s PPP/PFI investments and subordinated loans of
\u00a31.3m (2023: \u00a30.5m) were repaid. Of the total fair value movement in the year of \u00a31.5m, all of it relates to the movement
in the fair value of the PPP/PFI investments (2023: \u00a32.4m) and has been recorded through other comprehensive income.
The Group has commitments of \u00a3nil (2023: \u00a3nil) to provide further subordinated debt to its investments.
Equity accounted investments
The Group applies equity accounting to the equity element of its PPP/PFI investments. As the predominant value to the
Group is within the debt element, \u00a3nil (2023: \u00a3nil) has been recognised through equity accounting. The joint ventures and
associates have non-profit distribution agreements or restrictions on timing and quantum of distributions being made.
The material joint ventures (due to their shareholding and/or issuing listed debt) are disclosed within this note. The net
assets disclosed in the income statement and balance sheet extracts below are not recognised as part of the investment
in joint ventures. The information disclosed reflects the amounts presented in the financial statements or management
accounts of the relevant joint ventures and associates and not the Group\u2019s share of those amounts.
The Group has an investment in Space Scotland Limited which it considers to be a material joint venture by virtue of the
companies it is a shareholder of. Space Scotland Limited holds the Group\u2019s investments in several of the PPP/PFI entities to
which this note relates. The individual entities are not considered to be material to the Group. The income statement and
balance sheets for Space Scotland Limited are \u00a3nil (2023: \u00a3nil).
Aberdeen Roads (Finance) Plc
Aberdeen Roads Limited
2024 2023 2024 2023
Income statement \u2013 extracts \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
\u2013
\u2013
(1.9)
(1.1)
Depreciation and amortisation
\u2013
\u2013
\u2013
\u2013
Finance income
23.3
24.1
29.7
29.7
Finance expense
(23.3)
(24.1)
(23.3)
(29.6)
Income tax expense
\u2013
\u2013
\u2013
\u2013
Profit (100%)
\u2013
\u2013
\u2013
\u2013
Other comprehensive (expense)/income
(2.1)
2.9
\u2013
\u2013
Total comprehensive income (100%)
(2.1)
2.9
\u2013
\u2013
Group\u2019s share of profit and total comprehensive income
(0.7)
1.0
\u2013
\u2013
Dividends received by the Group during the year
\u2013
\u2013
\u2013
\u2013
Balance sheet \u2013 extracts
Cash and cash equivalents
0.9
0.2
28.0
29.3
Other current assets
\u2013
\u2013
4.9
4.9
Current assets
0.9
0.2
32.9
34.2
Non-current assets
515.1
536.3
520.2
532.6
Current external borrowings \u2013 bank/listed bonds
(19.5)
(19.5)
\u2013
\u2013
Other current liabilities
(3.4)
(3.6)
(39.5)
(34.8)
Current liabilities
(22.9)
(23.1)
(39.5)
(34.8)
Non-current external borrowings \u2013 bank/listed bonds
(445.3)
(460.1)
\u2013
\u2013
Other non-current liabilities
(45.4)
(48.7)
(513.6)
(532.0)
Non-current liabilities
(490.7)
(508.8)
(513.6)
(532.0)
Net assets (100%)
2.5
4.6
\u2013
\u2013
1 2 1 Material due to their holdings and/or issuing listed debt. 2 Revenue includes a deduction for the non-profit distribution model (NPD) surplus. The Group\u2019s share of PPP and other investments\u2019 external bank funding was \u00a3233.5m at 30 June 2024 (2023: \u00a3245.3m). The Group\u2019s share of these entities\u2019 other external funding consists of \u00a364.1m (2023: \u00a364.1m) of listed bonds. These balances are non-recourse to the Group. During the year to 30 June 2023 the Group disposed of equity accounted interests in joint ventures held at \u00a3nil, generating a profit on disposal of \u00a33.6m. Details of related party transactions with joint ventures and associates are given in note 29. The Group\u2019s shareholding in each joint venture and associate can be seen in note 33.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-362": { "value": "
17 Trade and other receivables
Group
2024 2023
Notes \u00a3m \u00a3m
Current assets:
Trade receivables
43.7
52.0
Less: provision for impairment of receivables
(0.4)
(0.1)
Trade receivables \u2013 net
43.3
51.9
Contract assets
21
290.1
204.9
Amounts due from joint ventures
0.8
0.9
Research and development expenditure credits
5.4
5.8
Other receivables
14.0
7.6
Prepayments
17. 2
15.4
370.8
286.5
The Company has no trade and other receivables.
Retentions will be collected in the normal operating cycle of the Group and are therefore shown as a current asset.
It is expected that \u00a337.5m (2023: \u00a333.2m) will be collected within 12 months from the balance sheet date.
The Group has no significant capitalised contract costs.
The Group announced on 8 June 2023 that it had agreed settlement terms in respect of its long-standing dispute
concerning three contracts with entities owned by a major infrastructure fund. The settlement brought to a conclusion
a complex and challenging multi-contract dispute. Taking into account the requirements of IFRS 15, the Group had
constrained the revenue recognised in prior periods to the extent that it was highly probable not to result in a significant
reversal in the future and had also previously assessed any expected credit loss provision in accordance with IFRS 9.
As a result of the settlement a further one-off expected credit loss of \u00a32.8m was recognised in the financial year ended
30 June 2023.
There have been no movements in the Group\u2019s provision for impairment of trade receivables.
Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts
charged to the impairment provision are generally written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above,
along with the Group\u2019s cash and cash equivalents. The Group does not hold any collateral as security.
Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the
Group\u2019s customer base being large, unrelated and predominantly within the public and regulated sectors.
As of 30 June 2024, trade receivables of \u00a314.5m (2023: \u00a315.8m) were past due but not impaired.
These relate to a number of independent customers for whom there is no recent history of default and there are no
indications that they will not meet their payment obligations in respect of the trade receivables recognised in the balance
sheet that are past due and unprovided. The ageing analysis of these trade receivables is as follows:
2024 2023
\u00a3m \u00a3m
Number of days past due date
Less than 30 days
9.3
5.7
Between 30 and 60 days
0.7
2.3
Between 60 and 90 days
0.1
2.2
Between 90 and 120 days
1.1
0.5
Greater than 120 days
3.3
5.1
14.5
15.8
As of 30 June 2024, trade receivables were considered for impairment based on management\u2019s judgement and review
of the trade receivables listings. The amount provided for these balances was \u00a30.4m (2023: \u00a30.1m). The allocation of the
provision is as follows:
2024 2023
\u00a3m \u00a3m
Number of days past due date:
Greater than 120 days
0.4
0.1
0.4
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-424": { "value": "17 Trade and other receivables
Group
2024 2023
Notes \u00a3m \u00a3m
Current assets:
Trade receivables
43.7
52.0
Less: provision for impairment of receivables
(0.4)
(0.1)
Trade receivables \u2013 net
43.3
51.9
Contract assets
21
290.1
204.9
Amounts due from joint ventures
0.8
0.9
Research and development expenditure credits
5.4
5.8
Other receivables
14.0
7.6
Prepayments
17. 2
15.4
370.8
286.5
The Company has no trade and other receivables. Retentions will be collected in the normal operating cycle of the Group and are therefore shown as a current asset. It is expected that \u00a337.5m (2023: \u00a333.2m) will be collected within 12 months from the balance sheet date. The Group has no significant capitalised contract costs. The Group announced on 8 June 2023 that it had agreed settlement terms in respect of its long-standing dispute concerning three contracts with entities owned by a major infrastructure fund. The settlement brought to a conclusion a complex and challenging multi-contract dispute. Taking into account the requirements of IFRS 15, the Group had constrained the revenue recognised in prior periods to the extent that it was highly probable not to result in a significant reversal in the future and had also previously assessed any expected credit loss provision in accordance with IFRS 9. As a result of the settlement a further one-off expected credit loss of \u00a32.8m was recognised in the financial year ended 30 June 2023. There have been no movements in the Group\u2019s provision for impairment of trade receivables. Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts charged to the impairment provision are generally written off when there is no expectation of recovering additional cash. The other classes within trade and other receivables do not contain impaired assets. The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above, along with the Group\u2019s cash and cash equivalents. The Group does not hold any collateral as security. Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the Group\u2019s customer base being large, unrelated and predominantly within the public and regulated sectors. As of 30 June 2024, trade receivables of \u00a314.5m (2023: \u00a315.8m) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default and there are no indications that they will not meet their payment obligations in respect of the trade receivables recognised in the balance sheet that are past due and unprovided. The ageing analysis of these trade receivables is as follows:
2024 2023
\u00a3m \u00a3m
Number of days past due date
Less than 30 days
9.3
5.7
Between 30 and 60 days
0.7
2.3
Between 60 and 90 days
0.1
2.2
Between 90 and 120 days
1.1
0.5
Greater than 120 days
3.3
5.1
14.5
15.8
As of 30 June 2024, trade receivables were considered for impairment based on management\u2019s judgement and review of the trade receivables listings. The amount provided for these balances was \u00a30.4m (2023: \u00a30.1m). The allocation of the provision is as follows:
2024 2023
\u00a3m \u00a3m
Number of days past due date:
Greater than 120 days
0.4
0.1
0.4
0.1
22 Deferred income tax Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities. The net deferred tax position at 30 June was:
Group
2024 2023
\u00a3m \u00a3m
Deferred income tax assets
15.6
16.6
Deferred income tax liabilities
(0.6)
(1.1)
Net deferred income tax
15.0
15.5
The movement for the year in the net deferred income tax account is as shown below:
Group
2024 2023
\u00a3m \u00a3m
At 1 July
15.5
14.0
Current year\u2019s deferred income tax
(5.7)
(0.9)
Adjustment in respect of prior years
4.5
(0.1)
Transfer from current tax assets
0.3
2.5
Acquisition of subsidiaries
(0.2)
\u2013
Disposal of subsidiaries
0.6
\u2013
At 30 June
15.0
15.5
All remaining unutilised tax losses have now been recognised. The Group previously disclosed that it had not recognised \u00a353.0m of trading losses due to them being subject to agreement with HMRC. During the year to 30 June 2024 HMRC confirmed the quantum of the trading losses available and that they could be utilised against historical trading profits, resulting in a cash refund of \u00a39.6m and associated interest of \u00a30.8m. This is recorded as an income tax receivable at 30 June 2024. This has been disclosed as exceptional as explained in note 4. Movements in deferred income tax assets and liabilities during the year are shown below: The Company has a deferred tax asset of \u00a30.4m relating to timing differences on share-based payments (2023: \u00a3nil). Deferred income tax assets
Share-based
payments Tax losses Other Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
At 30 June 2022
0.2
12.0
3.4
15.6
Credit/(expense) taken to income statement
0.1
(1.1)
(0.3)
(1.3)
Adjustment in respect of prior years
\u2013
(0.2)
\u2013
(0.2)
Transfer to deferred income tax
\u2013
2.5
\u2013
2.5
At 30 June 2023
0.3
13.2
3.1
16.6
Expense taken to income statement
(0.3)
(4.3)
(0.5)
(5.1)
Credit in respect of prior years taken to income statement
0.8
2.7
\u2013
3.5
Expense taken to equity
(0.7)
\u2013
\u2013
(0.7)
Transfer from current tax income tax
\u2013
0.3
\u2013
0.3
Credit in respect of prior years taken to equity
1.0
\u2013
\u2013
1.0
At 30 June 2024
1.1
11.9
2.6
15.6
1 1 Deferred tax assets included in the \u2018Other\u2019 category relate predominantly to future income tax deductions available from IFRS transitions adjustments in respect of IFRS 15 and IFRS 9 which will be utilised over the next 4 years in line with the requirements of tax legislation. The Company has a deferred tax balance of \u00a30.4m (2023: nil) relating to share based payments. Deferred income tax liabilities
Accelerated Intangible
tax assets
depreciation acquired Total
Group \u00a3m \u00a3m \u00a3m
At 30 June 2022
(0.6)
(1.0)
(1.6)
Credit taken to income statement
0.2
0.2
0.4
Adjustment in respect of prior years
\u2013
0.1
0.1
At 30 June 2023
(0.4)
(0.7)
(1.1)
Expense/(credit) taken to income statement
(0.1)
0.2
0.1
Expense/(credit) in respect of prior years
(0.1)
0.1
\u2013
Acquisition of subsidiary
\u2013
(0.2)
(0.2)
Disposal of subsidiary
0.6
\u2013
0.6
At 30 June 2024
\u2013
(0.6)
(0.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-394": { "value": "17 Trade and other receivables
Group
2024 2023
Notes \u00a3m \u00a3m
Current assets:
Trade receivables
43.7
52.0
Less: provision for impairment of receivables
(0.4)
(0.1)
Trade receivables \u2013 net
43.3
51.9
Contract assets
21
290.1
204.9
Amounts due from joint ventures
0.8
0.9
Research and development expenditure credits
5.4
5.8
Other receivables
14.0
7.6
Prepayments
17. 2
15.4
370.8
286.5
The Company has no trade and other receivables. Retentions will be collected in the normal operating cycle of the Group and are therefore shown as a current asset. It is expected that \u00a337.5m (2023: \u00a333.2m) will be collected within 12 months from the balance sheet date. The Group has no significant capitalised contract costs. The Group announced on 8 June 2023 that it had agreed settlement terms in respect of its long-standing dispute concerning three contracts with entities owned by a major infrastructure fund. The settlement brought to a conclusion a complex and challenging multi-contract dispute. Taking into account the requirements of IFRS 15, the Group had constrained the revenue recognised in prior periods to the extent that it was highly probable not to result in a significant reversal in the future and had also previously assessed any expected credit loss provision in accordance with IFRS 9. As a result of the settlement a further one-off expected credit loss of \u00a32.8m was recognised in the financial year ended 30 June 2023. There have been no movements in the Group\u2019s provision for impairment of trade receivables. Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts charged to the impairment provision are generally written off when there is no expectation of recovering additional cash. The other classes within trade and other receivables do not contain impaired assets. The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above, along with the Group\u2019s cash and cash equivalents. The Group does not hold any collateral as security. Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the Group\u2019s customer base being large, unrelated and predominantly within the public and regulated sectors. As of 30 June 2024, trade receivables of \u00a314.5m (2023: \u00a315.8m) were past due but not impaired. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-363": { "value": "
18 Cash and cash equivalents
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand and per the statement of cash flows
227.0
220.2
110.0
114.2
Cash at bank above includes \u00a321.7m (2023: \u00a311.0m), being the Group\u2019s share of cash held by jointly controlled operations.
The Group has no bank borrowings or loans.
Net cash excludes IFRS 16 lease liabilities (note 14).
Cash and cash equivalents and bank overdrafts are presented on a net (offset) basis. In 2016, the IFRS Interpretations
Committee released an update in respect of IAS 32 \u2018Financial instruments: presentation\u2019 specifically in relation to offsetting
and cash pooling. This clarified that in order to offset bank account balances, an entity must have both a legally enforceable
right and an intention to do so. The Group\u2019s bank arrangements and facilities with both HSBC Bank plc and Barclays Bank
plc provide the legally enforceable right to offset and the Group demonstrated its intention to offset by formally sweeping
the balances within each bank. Consequently, the balances have been offset in the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-364": { "value": "
19 Trade and other payables
Group
2024 2023
Notes \u00a3m \u00a3m
Trade payables
107.6
136.6
Contract liabilities
21
121.8
106.6
Other taxation and social security payable
70.4
53.4
Other payables
2.4
1.9
Accruals
307.0
226.6
609.2
525.1
The Company has no trade and other payables.
All payables are unsecured. Retentions will be paid in the normal operating cycle of the Group and are therefore shown
as a current liability.
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their
carrying balances as the impact of discounting is not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-426": { "value": "19 Trade and other payables
Group
2024 2023
Notes \u00a3m \u00a3m
Trade payables
107.6
136.6
Contract liabilities
21
121.8
106.6
Other taxation and social security payable
70.4
53.4
Other payables
2.4
1.9
Accruals
307.0
226.6
609.2
525.1
The Company has no trade and other payables. All payables are unsecured. Retentions will be paid in the normal operating cycle of the Group and are therefore shown as a current liability. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. 22 Deferred income tax Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities. The net deferred tax position at 30 June was:
Group
2024 2023
\u00a3m \u00a3m
Deferred income tax assets
15.6
16.6
Deferred income tax liabilities
(0.6)
(1.1)
Net deferred income tax
15.0
15.5
The movement for the year in the net deferred income tax account is as shown below:
Group
2024 2023
\u00a3m \u00a3m
At 1 July
15.5
14.0
Current year\u2019s deferred income tax
(5.7)
(0.9)
Adjustment in respect of prior years
4.5
(0.1)
Transfer from current tax assets
0.3
2.5
Acquisition of subsidiaries
(0.2)
\u2013
Disposal of subsidiaries
0.6
\u2013
At 30 June
15.0
15.5
All remaining unutilised tax losses have now been recognised. The Group previously disclosed that it had not recognised \u00a353.0m of trading losses due to them being subject to agreement with HMRC. During the year to 30 June 2024 HMRC confirmed the quantum of the trading losses available and that they could be utilised against historical trading profits, resulting in a cash refund of \u00a39.6m and associated interest of \u00a30.8m. This is recorded as an income tax receivable at 30 June 2024. This has been disclosed as exceptional as explained in note 4. Movements in deferred income tax assets and liabilities during the year are shown below: The Company has a deferred tax asset of \u00a30.4m relating to timing differences on share-based payments (2023: \u00a3nil). Deferred income tax assets
Share-based
payments Tax losses Other Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
At 30 June 2022
0.2
12.0
3.4
15.6
Credit/(expense) taken to income statement
0.1
(1.1)
(0.3)
(1.3)
Adjustment in respect of prior years
\u2013
(0.2)
\u2013
(0.2)
Transfer to deferred income tax
\u2013
2.5
\u2013
2.5
At 30 June 2023
0.3
13.2
3.1
16.6
Expense taken to income statement
(0.3)
(4.3)
(0.5)
(5.1)
Credit in respect of prior years taken to income statement
0.8
2.7
\u2013
3.5
Expense taken to equity
(0.7)
\u2013
\u2013
(0.7)
Transfer from current tax income tax
\u2013
0.3
\u2013
0.3
Credit in respect of prior years taken to equity
1.0
\u2013
\u2013
1.0
At 30 June 2024
1.1
11.9
2.6
15.6
1 1 Deferred tax assets included in the \u2018Other\u2019 category relate predominantly to future income tax deductions available from IFRS transitions adjustments in respect of IFRS 15 and IFRS 9 which will be utilised over the next 4 years in line with the requirements of tax legislation. The Company has a deferred tax balance of \u00a30.4m (2023: nil) relating to share based payments. Deferred income tax liabilities
Accelerated Intangible
tax assets
depreciation acquired Total
Group \u00a3m \u00a3m \u00a3m
At 30 June 2022
(0.6)
(1.0)
(1.6)
Credit taken to income statement
0.2
0.2
0.4
Adjustment in respect of prior years
\u2013
0.1
0.1
At 30 June 2023
(0.4)
(0.7)
(1.1)
Expense/(credit) taken to income statement
(0.1)
0.2
0.1
Expense/(credit) in respect of prior years
(0.1)
0.1
\u2013
Acquisition of subsidiary
\u2013
(0.2)
(0.2)
Disposal of subsidiary
0.6
\u2013
0.6
At 30 June 2024
\u2013
(0.6)
(0.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-395": { "value": "19 Trade and other payables
Group
2024 2023
Notes \u00a3m \u00a3m
Trade payables
107.6
136.6
Contract liabilities
21
121.8
106.6
Other taxation and social security payable
70.4
53.4
Other payables
2.4
1.9
Accruals
307.0
226.6
609.2
525.1
The Company has no trade and other payables. All payables are unsecured. Retentions will be paid in the normal operating cycle of the Group and are therefore shown as a current liability. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-365": { "value": "
20 Provisions for other liabilities and charges
Onerous Total
Group
contracts
Rectification
\u00a3m
At 30 June 2023
(2.0)
(27.9)
(29.9)
Balance sheet reclassification
1
(0.5)
(4.5)
(5.0)
Utilised
1.6
3.6
5.2
Released
\u2013
2.3
2.3
Additions
(0.6)
(8.2)
(8.8)
At 30 June 2024
(1.5)
(34.7)
(36.2)
1 Correction of immaterial balance sheet classifications in the previous year.
Onerous contract provisions are made on loss-making contracts the Group is obliged to complete.
Rectification provisions are made for potential claims and defects for remedial works against work completed by the
Group, and include provisions for dilapidations on premises the Group occupies.
As at 30 June 2024 \u00a314.6m of provision related to one contract. Further details are provided in the critical accounting
estimates and judgements. The remaining balance of the provision relates to a number of immaterial balances. Due to
the level of uncertainty, combination of cost and income variables and timing across the remaining portfolio of contracts,
it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level and
therefore management has not given a range of expected outcomes.
Due to the nature of the provisions, the timing of any potential future outflows is uncertain, however they are expected
to be utilised within the Group\u2019s normal operating cycle, and accordingly are classified as current liabilities. Of the total
provisions, \u00a324.6m (2023: \u00a316.4m) is likely to be utilised within 12 months, with the remainder utilised in more than
12 months. The impact of discounting is not material.
The Group regularly engages in contracts with general or defect warranty rectification requirements, typically less than
3 years. Within the pool of open warranty period contracts, the group built, as part of a joint operation with two other
partners, a single infrastructure scheme under a contract that included various defect warranty obligations, with the
longest obligation lasting up to 12 years.
At 30 June 2024, there remained 7 years of the longest warranty liability period remaining. This is the only contract the
group has that has a general defect warranty period of this length. The contractual nature of the defect warranty liability
and the completion of the scheme are the obligating events and the group, as part of the joint operation, has remediated
items since completion and has other known issues ongoing that will likely result in future cash outflows, though the timing
and quantum remain uncertain.
The Group also believes that there will be further unknown but probable cash outflows relating to as yet unknown items as
scheduled inspections of various structural elements of the scheme are completed that have a potentially material range of
outcomes. The Group has provided \u00a314.6m (2023: \u00a316.9m) against future defect costs and this represents management\u2019s
best estimate of potential future payments associated with the warranty rectification responsibilities. The provision
requires a limited number of significant estimates and assumptions by management, with a significant level of estimation
risk as a result arising from the level of defects and associated cost that may arise.
Management estimates the reasonable range of estimates to be between \u00a37.3m and \u00a317.5m at 30 June 2024. During the
year \u00a30.1m and \u00a32.3m of the opening provision of \u00a316.9m was utilised and released respectively, with additions of \u00a30.1m
made in the year. Management has sought input from external experienced industry figures and industry bodies to support
the provision it has made.
The Company does not hold any provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-396": { "value": "20 Provisions for other liabilities and charges
Onerous Total
Group
contracts
Rectification
\u00a3m
At 30 June 2023
(2.0)
(27.9)
(29.9)
Balance sheet reclassification
1
(0.5)
(4.5)
(5.0)
Utilised
1.6
3.6
5.2
Released
\u2013
2.3
2.3
Additions
(0.6)
(8.2)
(8.8)
At 30 June 2024
(1.5)
(34.7)
(36.2)
1 Correction of immaterial balance sheet classifications in the previous year. Onerous contract provisions are made on loss-making contracts the Group is obliged to complete. Rectification provisions are made for potential claims and defects for remedial works against work completed by the Group, and include provisions for dilapidations on premises the Group occupies. As at 30 June 2024 \u00a314.6m of provision related to one contract. Further details are provided in the critical accounting estimates and judgements. The remaining balance of the provision relates to a number of immaterial balances. Due to the level of uncertainty, combination of cost and income variables and timing across the remaining portfolio of contracts, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level and therefore management has not given a range of expected outcomes. Due to the nature of the provisions, the timing of any potential future outflows is uncertain, however they are expected to be utilised within the Group\u2019s normal operating cycle, and accordingly are classified as current liabilities. Of the total provisions, \u00a324.6m (2023: \u00a316.4m) is likely to be utilised within 12 months, with the remainder utilised in more than 12 months. The impact of discounting is not material. The Group regularly engages in contracts with general or defect warranty rectification requirements, typically less than 3 years. Within the pool of open warranty period contracts, the group built, as part of a joint operation with two other partners, a single infrastructure scheme under a contract that included various defect warranty obligations, with the longest obligation lasting up to 12 years. At 30 June 2024, there remained 7 years of the longest warranty liability period remaining. This is the only contract the group has that has a general defect warranty period of this length. The contractual nature of the defect warranty liability and the completion of the scheme are the obligating events and the group, as part of the joint operation, has remediated items since completion and has other known issues ongoing that will likely result in future cash outflows, though the timing and quantum remain uncertain. The Group also believes that there will be further unknown but probable cash outflows relating to as yet unknown items as scheduled inspections of various structural elements of the scheme are completed that have a potentially material range of outcomes. The Group has provided \u00a314.6m (2023: \u00a316.9m) against future defect costs and this represents management\u2019s best estimate of potential future payments associated with the warranty rectification responsibilities. The provision requires a limited number of significant estimates and assumptions by management, with a significant level of estimation risk as a result arising from the level of defects and associated cost that may arise. Management estimates the reasonable range of estimates to be between \u00a37.3m and \u00a317.5m at 30 June 2024. During the year \u00a30.1m and \u00a32.3m of the opening provision of \u00a316.9m was utilised and released respectively, with additions of \u00a30.1m made in the year. Management has sought input from external experienced industry figures and industry bodies to support the provision it has made. The Company does not hold any provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-366": { "value": "21 Contract balances Contract assets and liabilities are included within \u2018trade and other receivables\u2019 and \u2018trade and other payables\u2019 respectively on the face of the balance sheet. Where there is a corresponding contract asset and liability in relation to the same contract, the balance shown is the net position. The timing of work performed (and thus revenue recognised), billing profiles and cash collection results in trade receivables (amounts billed to date and unpaid), contract assets (unbilled amounts where revenue has been recognised) and contract liabilities (customer advances and deposits where no corresponding work has yet to be performed), being recognised on the Group\u2019s balance sheet. The reconciliation of the Group opening to closing contract balances is shown below: 2024 2023 Contract Contract Contract Contract asset liability asset liability \u00a3m \u00a3m \u00a3m \u00a3m At 1 July 204.9 (106.6) 173.4 (104.4) Revenue recognised in the year 1,725.0 47.81,334.9 58.8 Net cash received in advance of performance obligations being fully satisfied \u2013 (63.0) \u2013 (61.0) Transfers in the year from contract assets to trade receivables (1,639.8) \u2013(1,303.4) \u2013 30 June 290.1 (121.8) 204.9 (106.6) Revenue allocated to performance obligations that are unsatisfied at 30 June, is expected to be recognised as disclosed in note 3. The Company has no contract balances. The amount of revenue recognised in the year from performance obligations satisfied in previous periods amounts to \u00a34.7m (2023: \u00a34.8m).", "dimensions": { "concept": "gallifordtryholdingsplc:DisclosureOfContractBalances", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-397": { "value": "
22 Deferred income tax
Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the
average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities. The net deferred tax position at 30 June was:
Group
2024 2023
\u00a3m \u00a3m
Deferred income tax assets
15.6
16.6
Deferred income tax liabilities
(0.6)
(1.1)
Net deferred income tax
15.0
15.5
The movement for the year in the net deferred income tax account is as shown below:
Group
2024 2023
\u00a3m \u00a3m
At 1 July
15.5
14.0
Current year\u2019s deferred income tax
(5.7)
(0.9)
Adjustment in respect of prior years
4.5
(0.1)
Transfer from current tax assets
0.3
2.5
Acquisition of subsidiaries
(0.2)
\u2013
Disposal of subsidiaries
0.6
\u2013
At 30 June
15.0
15.5
All remaining unutilised tax losses have now been recognised. The Group previously disclosed that it had not recognised \u00a353.0m of trading losses due to them being subject to agreement with HMRC. During the year to 30 June 2024 HMRC confirmed the quantum of the trading losses available and that they could be utilised against historical trading profits, resulting in a cash refund of \u00a39.6m and associated interest of \u00a30.8m. This is recorded as an income tax receivable at 30 June 2024. This has been disclosed as exceptional as explained in note 4. Movements in deferred income tax assets and liabilities during the year are shown below: The Company has a deferred tax asset of \u00a30.4m relating to timing differences on share-based payments (2023: \u00a3nil). Deferred income tax assets
Share-based
payments Tax losses Other Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
At 30 June 2022
0.2
12.0
3.4
15.6
Credit/(expense) taken to income statement
0.1
(1.1)
(0.3)
(1.3)
Adjustment in respect of prior years
\u2013
(0.2)
\u2013
(0.2)
Transfer to deferred income tax
\u2013
2.5
\u2013
2.5
At 30 June 2023
0.3
13.2
3.1
16.6
Expense taken to income statement
(0.3)
(4.3)
(0.5)
(5.1)
Credit in respect of prior years taken to income statement
0.8
2.7
\u2013
3.5
Expense taken to equity
(0.7)
\u2013
\u2013
(0.7)
Transfer from current tax income tax
\u2013
0.3
\u2013
0.3
Credit in respect of prior years taken to equity
1.0
\u2013
\u2013
1.0
At 30 June 2024
1.1
11.9
2.6
15.6
1 1 Deferred tax assets included in the \u2018Other\u2019 category relate predominantly to future income tax deductions available from IFRS transitions adjustments in respect of IFRS 15 and IFRS 9 which will be utilised over the next 4 years in line with the requirements of tax legislation. The Company has a deferred tax balance of \u00a30.4m (2023: nil) relating to share based payments. Deferred income tax liabilities
Accelerated Intangible
tax assets
depreciation acquired Total
Group \u00a3m \u00a3m \u00a3m
At 30 June 2022
(0.6)
(1.0)
(1.6)
Credit taken to income statement
0.2
0.2
0.4
Adjustment in respect of prior years
\u2013
0.1
0.1
At 30 June 2023
(0.4)
(0.7)
(1.1)
Expense/(credit) taken to income statement
(0.1)
0.2
0.1
Expense/(credit) in respect of prior years
(0.1)
0.1
\u2013
Acquisition of subsidiary
\u2013
(0.2)
(0.2)
Disposal of subsidiary
0.6
\u2013
0.6
At 30 June 2024
\u2013
(0.6)
(0.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-416": { "value": "22 Deferred income tax Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities. The net deferred tax position at 30 June was:
Group
2024 2023
\u00a3m \u00a3m
Deferred income tax assets
15.6
16.6
Deferred income tax liabilities
(0.6)
(1.1)
Net deferred income tax
15.0
15.5
The movement for the year in the net deferred income tax account is as shown below:
Group
2024 2023
\u00a3m \u00a3m
At 1 July
15.5
14.0
Current year\u2019s deferred income tax
(5.7)
(0.9)
Adjustment in respect of prior years
4.5
(0.1)
Transfer from current tax assets
0.3
2.5
Acquisition of subsidiaries
(0.2)
\u2013
Disposal of subsidiaries
0.6
\u2013
At 30 June
15.0
15.5
All remaining unutilised tax losses have now been recognised. The Group previously disclosed that it had not recognised \u00a353.0m of trading losses due to them being subject to agreement with HMRC. During the year to 30 June 2024 HMRC confirmed the quantum of the trading losses available and that they could be utilised against historical trading profits, resulting in a cash refund of \u00a39.6m and associated interest of \u00a30.8m. This is recorded as an income tax receivable at 30 June 2024. This has been disclosed as exceptional as explained in note 4. Movements in deferred income tax assets and liabilities during the year are shown below: The Company has a deferred tax asset of \u00a30.4m relating to timing differences on share-based payments (2023: \u00a3nil). Deferred income tax assets
Share-based
payments Tax losses Other Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
At 30 June 2022
0.2
12.0
3.4
15.6
Credit/(expense) taken to income statement
0.1
(1.1)
(0.3)
(1.3)
Adjustment in respect of prior years
\u2013
(0.2)
\u2013
(0.2)
Transfer to deferred income tax
\u2013
2.5
\u2013
2.5
At 30 June 2023
0.3
13.2
3.1
16.6
Expense taken to income statement
(0.3)
(4.3)
(0.5)
(5.1)
Credit in respect of prior years taken to income statement
0.8
2.7
\u2013
3.5
Expense taken to equity
(0.7)
\u2013
\u2013
(0.7)
Transfer from current tax income tax
\u2013
0.3
\u2013
0.3
Credit in respect of prior years taken to equity
1.0
\u2013
\u2013
1.0
At 30 June 2024
1.1
11.9
2.6
15.6
1 1 Deferred tax assets included in the \u2018Other\u2019 category relate predominantly to future income tax deductions available from IFRS transitions adjustments in respect of IFRS 15 and IFRS 9 which will be utilised over the next 4 years in line with the requirements of tax legislation. The Company has a deferred tax balance of \u00a30.4m (2023: nil) relating to share based payments. Deferred income tax liabilities
Accelerated Intangible
tax assets
depreciation acquired Total
Group \u00a3m \u00a3m \u00a3m
At 30 June 2022
(0.6)
(1.0)
(1.6)
Credit taken to income statement
0.2
0.2
0.4
Adjustment in respect of prior years
\u2013
0.1
0.1
At 30 June 2023
(0.4)
(0.7)
(1.1)
Expense/(credit) taken to income statement
(0.1)
0.2
0.1
Expense/(credit) in respect of prior years
(0.1)
0.1
\u2013
Acquisition of subsidiary
\u2013
(0.2)
(0.2)
Disposal of subsidiary
0.6
\u2013
0.6
At 30 June 2024
\u2013
(0.6)
(0.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-367": { "value": "
23 Financial instruments
The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk
and interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.
Financial assets and liabilities are offset and the net amount reported 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 Group and Company operate within financial risk policies and procedures approved by the Board. It is, and has
been throughout the year, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The Board
provides written principles for overall risk management, as well as written policies covering specific areas such as foreign
exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments,
and investment of excess liquidity. The Group\u2019s financial instruments principally comprise cash and cash equivalents,
receivables, payables and PPP and other investments that arise directly from its operations and its acquisitions.
The Company\u2019s financial instruments are comprised of cash and cash equivalents.
Capital risk management
The Group is funded by ordinary shares, retained profits and its strong net cash position (refer to notes 18, 24 and 26).
The Group\u2019s and Company\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going
concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal
capital structure to reduce the cost of capital. The Group has no borrowing or debt facilities and hence no gearing targets.
Financial risk factors
(a) Market risk
(i) Foreign exchange risk
All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other
than payments to overseas suppliers who require settlement in their currency. If there is any material foreign exchange
exposure, the Group\u2019s policy is to enter into forward foreign currency contracts. The Group and Company have no material
currency exposure at 30 June 2024 (2023: nil).
(ii) Price risk
Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity
price risk.
(iii) Interest rate risk
The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates.
The Group\u2019s interest rate risk arises from movement in cash and cash equivalents given that it is well capitalised with
no loan payable or net overdraft facilities.
(b) Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Group does not hold any debt facilities. Further details of credit risk relating to trade and other receivables are disclosed in note 17. No credit limits were exceeded during the reporting period, and management does not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due. The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the carrying amount (book value) of each class of financial asset is set out below. (c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities. The Group finances its operations through its cash reserves and ongoing retained profits. Management monitors rolling forecasts of the Group\u2019s liquidity reserve on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group, in accordance with practices and limits set by the Group. These limits vary by location to take into account the liquidity of the market in which the entity operates. On a daily basis throughout the year, the bank balances or gross overdrafts in all the Group\u2019s operating companies are aggregated into a total cash figure, in order that the Group can obtain the most advantageous interest rate. In accordance with IFRS 9 Financial Instruments, the Group has reviewed all contracts for embedded derivatives that are required to be separately accounted for if they do not meet certain requirements set out in the standard. No such embedded derivatives have been identified. Fair value of other financial assets and financial liabilities Where market values are not available, fair values of financial assets and financial liabilities have been calculated by discounting expected future cash flows at the prevailing interest rate. Primary financial instruments held or issued to finance the Group\u2019s operations:
2024
2023
Book value Fair value Book value Fair value
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Current financial liabilities measured at amortised cost
19
417.0
417.0
365.1
365.1
Financial assets:
PPP and other investments
16
41.8
41.8
44.6
44.6
Current assets measured at amortised cost
17
353.6
353.6
271.1
271.1
Cash and cash equivalents
18
227.0
227.0
220.2
220.2
Prepayments are excluded from the financial assets measured at amortised cost; and statutory liabilities and contract liabilities and provisions are excluded from financial liabilities measured at amortised cost. A maturity analysis of the Group\u2019s non-derivative financial liabilities is given in note 19. Borrowing facilities The Group had no committed borrowing facilities available at 30 June 2024 or 2023. Fair value estimation Specific valuation techniques used to value financial instruments are defined as: Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments. Level 2 \u2013 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows, based on observable yield curves. Level 3 \u2013 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments. The fair value of other investments is set out in note 16.
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June:
2024
2023
Level 3 Total Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through other comprehensive income
\u2013 PPP and other investments
41.8
41.8
44.6
44.6
Total
41.8
41.8
44.6
44.6
There were no transfers between levels during the year.
Valuation processes
A review of the long term UK gilt rates, Bank of England base rates, UK inflation and other external market data (including
the secondary market) for disposals is considered as part of the valuation process, which is ultimately agreed at the
Executive Board, plc Board and Audit Committee.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives)
is determined by using valuation techniques. These valuation techniques maximise the use of observable market data
where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value
an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on
observable market data, the instrument is included in Level 3.
Fair value measurements using significant unobservable inputs (Level 3)
2024 2023
\u00a3m \u00a3m
At 1 July
44.6
47.5
Movement in fair value
(1.5)
(2.4)
Disposals and subordinated loan repayments
(1.3)
(0.5)
Closing balance
41.8
44.6
The fair value is derived via a discounted cash flow. The key assumptions used in Level 3 valuations include the expected
timing of receipts, credit risk and discount rates. The typical repayment period is 10\u201315 years and the timing of receipts is
based on historical data. The fair value of the portfolio reflects a blended discount rate of 7.6% (2023: 7.3%) and is based
on current market conditions. The sensitivity to discount rates is set out in note 16. If receipts were to occur earlier than
expected, the fair value would increase.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-398": { "value": "23 Financial instruments The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Financial assets and liabilities are offset and the net amount reported 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 Group and Company operate within financial risk policies and procedures approved by the Board. It is, and has been throughout the year, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The Board provides written principles for overall risk management, as well as written policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity. The Group\u2019s financial instruments principally comprise cash and cash equivalents, receivables, payables and PPP and other investments that arise directly from its operations and its acquisitions. The Company\u2019s financial instruments are comprised of cash and cash equivalents. Capital risk management The Group is funded by ordinary shares, retained profits and its strong net cash position (refer to notes 18, 24 and 26). The Group\u2019s and Company\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. The Group has no borrowing or debt facilities and hence no gearing targets. Financial risk factors (a) Market risk (i) Foreign exchange risk All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other than payments to overseas suppliers who require settlement in their currency. If there is any material foreign exchange exposure, the Group\u2019s policy is to enter into forward foreign currency contracts. The Group and Company have no material currency exposure at 30 June 2024 (2023: nil). (ii) Price risk Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity price risk. (iii) Interest rate risk The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises from movement in cash and cash equivalents given that it is well capitalised with no loan payable or net overdraft facilities. (b) Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Group does not hold any debt facilities. Further details of credit risk relating to trade and other receivables are disclosed in note 17. No credit limits were exceeded during the reporting period, and management does not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due. The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the carrying amount (book value) of each class of financial asset is set out below. (c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities. The Group finances its operations through its cash reserves and ongoing retained profits. Management monitors rolling forecasts of the Group\u2019s liquidity reserve on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group, in accordance with practices and limits set by the Group. These limits vary by location to take into account the liquidity of the market in which the entity operates. On a daily basis throughout the year, the bank balances or gross overdrafts in all the Group\u2019s operating companies are aggregated into a total cash figure, in order that the Group can obtain the most advantageous interest rate. In accordance with IFRS 9 Financial Instruments, the Group has reviewed all contracts for embedded derivatives that are required to be separately accounted for if they do not meet certain requirements set out in the standard. No such embedded derivatives have been identified. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-418": { "value": "Capital risk management The Group is funded by ordinary shares, retained profits and its strong net cash position (refer to notes 18, 24 and 26). The Group\u2019s and Company\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. The Group has no borrowing or debt facilities and hence no gearing targets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-417": { "value": "(a) Market risk (i) Foreign exchange risk All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other than payments to overseas suppliers who require settlement in their currency. If there is any material foreign exchange exposure, the Group\u2019s policy is to enter into forward foreign currency contracts. The Group and Company have no material currency exposure at 30 June 2024 (2023: nil). (ii) Price risk Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity price risk. (iii) Interest rate risk The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises from movement in cash and cash equivalents given that it is well capitalised with no loan payable or net overdraft facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-419": { "value": "
(b) Credit risk
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with
banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed
transactions. The Group does not hold any debt facilities. Further details of credit risk relating to trade and other
receivables are disclosed in note 17. No credit limits were exceeded during the reporting period, and management does
not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet
due. The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the carrying amount (book value)
of each class of financial asset is set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-420": { "value": "
(c) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities. The Group finances its
operations through its cash reserves and ongoing retained profits. Management monitors rolling forecasts of the Group\u2019s
liquidity reserve on the basis of expected cash flow. This is generally carried out at local level in the operating companies
of the Group, in accordance with practices and limits set by the Group. These limits vary by location to take into account
the liquidity of the market in which the entity operates. On a daily basis throughout the year, the bank balances or gross
overdrafts in all the Group\u2019s operating companies are aggregated into a total cash figure, in order that the Group can obtain
the most advantageous interest rate.
In accordance with IFRS 9 Financial Instruments, the Group has reviewed all contracts for embedded derivatives that
are required to be separately accounted for if they do not meet certain requirements set out in the standard. No such
embedded derivatives have been identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-421": { "value": "
Fair value of other financial assets and financial liabilities
Where market values are not available, fair values of financial assets and financial liabilities have been calculated by
discounting expected future cash flows at the prevailing interest rate.
Primary financial instruments held or issued to finance the Group\u2019s operations:
2024
2023
Book value Fair value Book value Fair value
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Current financial liabilities measured at amortised cost
19
417.0
417.0
365.1
365.1
Financial assets:
PPP and other investments
16
41.8
41.8
44.6
44.6
Current assets measured at amortised cost
17
353.6
353.6
271.1
271.1
Cash and cash equivalents
18
227.0
227.0
220.2
220.2
Prepayments are excluded from the financial assets measured at amortised cost; and statutory liabilities and contract
liabilities and provisions are excluded from financial liabilities measured at amortised cost. A maturity analysis of the
Group\u2019s non-derivative financial liabilities is given in note 19.
Borrowing facilities
The Group had no committed borrowing facilities available at 30 June 2024 or 2023.
Fair value estimation
Specific valuation techniques used to value financial instruments are defined as:
Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments.
Level 2 \u2013 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows,
based on observable yield curves.
Level 3 \u2013 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining
financial instruments. The fair value of other investments is set out in note 16.
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June:
2024
2023
Level 3 Total Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through other comprehensive income
\u2013 PPP and other investments
41.8
41.8
44.6
44.6
Total
41.8
41.8
44.6
44.6
There were no transfers between levels during the year. Valuation processes A review of the long term UK gilt rates, Bank of England base rates, UK inflation and other external market data (including the secondary market) for disposals is considered as part of the valuation process, which is ultimately agreed at the Executive Board, plc Board and Audit Committee. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Fair value measurements using significant unobservable inputs (Level 3)
2024 2023
\u00a3m \u00a3m
At 1 July
44.6
47.5
Movement in fair value
(1.5)
(2.4)
Disposals and subordinated loan repayments
(1.3)
(0.5)
Closing balance
41.8
44.6
The fair value is derived via a discounted cash flow. The key assumptions used in Level 3 valuations include the expected timing of receipts, credit risk and discount rates. The typical repayment period is 10\u201315 years and the timing of receipts is based on historical data. The fair value of the portfolio reflects a blended discount rate of 7.6% (2023: 7.3%) and is based on current market conditions. The sensitivity to discount rates is set out in note 16. If receipts were to occur earlier than expected, the fair value would increase.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-399": { "value": "Fair value of other financial assets and financial liabilities Where market values are not available, fair values of financial assets and financial liabilities have been calculated by discounting expected future cash flows at the prevailing interest rate. Primary financial instruments held or issued to finance the Group\u2019s operations:
2024
2023
Book value Fair value Book value Fair value
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Current financial liabilities measured at amortised cost
19
417.0
417.0
365.1
365.1
Financial assets:
PPP and other investments
16
41.8
41.8
44.6
44.6
Current assets measured at amortised cost
17
353.6
353.6
271.1
271.1
Cash and cash equivalents
18
227.0
227.0
220.2
220.2
Prepayments are excluded from the financial assets measured at amortised cost; and statutory liabilities and contract liabilities and provisions are excluded from financial liabilities measured at amortised cost. A maturity analysis of the Group\u2019s non-derivative financial liabilities is given in note 19. Borrowing facilities The Group had no committed borrowing facilities available at 30 June 2024 or 2023. Fair value estimation Specific valuation techniques used to value financial instruments are defined as: Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments. Level 2 \u2013 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows, based on observable yield curves. Level 3 \u2013 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments. The fair value of other investments is set out in note 16. The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June:
2024
2023
Level 3 Total Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through other comprehensive income
\u2013 PPP and other investments
41.8
41.8
44.6
44.6
Total
41.8
41.8
44.6
44.6
There were no transfers between levels during the year. Valuation processes A review of the long term UK gilt rates, Bank of England base rates, UK inflation and other external market data (including the secondary market) for disposals is considered as part of the valuation process, which is ultimately agreed at the Executive Board, plc Board and Audit Committee. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Fair value measurements using significant unobservable inputs (Level 3)
2024 2023
\u00a3m \u00a3m
At 1 July
44.6
47.5
Movement in fair value
(1.5)
(2.4)
Disposals and subordinated loan repayments
(1.3)
(0.5)
Closing balance
41.8
44.6
The fair value is derived via a discounted cash flow. The key assumptions used in Level 3 valuations include the expected timing of receipts, credit risk and discount rates. The typical repayment period is 10\u201315 years and the timing of receipts is based on historical data. The fair value of the portfolio reflects a blended discount rate of 7.6% (2023: 7.3%) and is based on current market conditions. The sensitivity to discount rates is set out in note 16. If receipts were to occur earlier than expected, the fair value would increase.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-400": { "value": "
24 Ordinary shares and share premium
Ordinary Share
Number of shares premium Total
Group shares \u00a3m \u00a3m \u00a3m
At 30 June 2022
111,054,228
55.5
\u2013
55.5
Allotted under share option schemes
2,114
\u2013
\u2013
\u2013
Cancellation of shares
(6,187,148)
(3.1)
\u2013
(3.1)
At 30 June 2023
104,869,194
52.4
\u2013
52.4
Allotted under share option schemes
1,323,592
0.7
0.8
1.5
Cancellation of shares
(2,217,000)
(1.1)
\u2013
(1.1)
At 30 June 2024
103,975,786
52.0
0.8
52.8
Ordinary Share
Number of shares premium Total
Company shares \u00a3m \u00a3m \u00a3m
At 30 June 2022
111,054,228
55.5
\u2013
55.5
Allotted under share option schemes
2,114
\u2013
\u2013
\u2013
Cancellation of shares
(6,187,148)
(3.1)
\u2013
(3.1)
At 30 June 2023
104,869,194
52.4
\u2013
52.4
Allotted under share option schemes
1,323,592
0.7
0.8
1.5
Cancellation of shares
(2,217,000)
(1.1)
\u2013
(1.1)
At 30 June 2024
103,975,786
52.0
0.8
52.8
The Company does not have a limit on the authorised capital and does not hold any shares in treasury. Number of shares refers to 50p ordinary shares, which are authorised, issued and fully paid. There are no shares authorised and issued but not fully paid. In September 2022, having reviewed the Group\u2019s strong cash performance and ongoing capital requirements the Group launched a share buyback programme of up to a maximum of \u00a315.0m. On 17 November 2023 we announced the completion of the share buyback programme with a total of 8,404,148 shares repurchased and subsequently cancelled, representing approximately 7.5% of issued share capital. At 30 June 2024, the total number of shares outstanding under the share incentive plans was 7,195,332 (2023: 10,867,237) as detailed in note 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-368": { "value": "24 Ordinary shares and share premium
Ordinary Share
Number of shares premium Total
Group shares \u00a3m \u00a3m \u00a3m
At 30 June 2022
111,054,228
55.5
\u2013
55.5
Allotted under share option schemes
2,114
\u2013
\u2013
\u2013
Cancellation of shares
(6,187,148)
(3.1)
\u2013
(3.1)
At 30 June 2023
104,869,194
52.4
\u2013
52.4
Allotted under share option schemes
1,323,592
0.7
0.8
1.5
Cancellation of shares
(2,217,000)
(1.1)
\u2013
(1.1)
At 30 June 2024
103,975,786
52.0
0.8
52.8
Ordinary Share
Number of shares premium Total
Company shares \u00a3m \u00a3m \u00a3m
At 30 June 2022
111,054,228
55.5
\u2013
55.5
Allotted under share option schemes
2,114
\u2013
\u2013
\u2013
Cancellation of shares
(6,187,148)
(3.1)
\u2013
(3.1)
At 30 June 2023
104,869,194
52.4
\u2013
52.4
Allotted under share option schemes
1,323,592
0.7
0.8
1.5
Cancellation of shares
(2,217,000)
(1.1)
\u2013
(1.1)
At 30 June 2024
103,975,786
52.0
0.8
52.8
The Company does not have a limit on the authorised capital and does not hold any shares in treasury.
Number of shares refers to 50p ordinary shares, which are authorised, issued and fully paid. There are no shares authorised
and issued but not fully paid.
In September 2022, having reviewed the Group\u2019s strong cash performance and ongoing capital requirements the
Group launched a share buyback programme of up to a maximum of \u00a315.0m. On 17 November 2023 we announced the
completion of the share buyback programme with a total of 8,404,148 shares repurchased and subsequently cancelled,
representing approximately 7.5% of issued share capital.
At 30 June 2024, the total number of shares outstanding under the share incentive plans was 7,195,332 (2023: 10,867,237)
as detailed in note 25.
26 Other reserves and retained earnings
Other Retained
reserves earnings
Group
Notes
\u00a3m \u00a3m
At 30 June 2022
132.2
(55.6)
Profit for the year
\u2013
9.1
Dividends paid
9
\u2013
(9.6)
Share-based payments
25
\u2013
3.4
Movement in fair value of PPP and other investments
16
\u2013
(2.4)
Purchase of own shares
\u2013
(14.0)
Cancellation of shares
3.1
\u2013
At 30 June 2023
135.3
(69.1)
Profit for the year
\u2013
36.2
Dividends paid
9
\u2013
(24.2)
Share-based payments
25
\u2013
1.8
Tax relating to share-based payments
\u2013
2.0
Movement in fair value of PPP and other investments
16
\u2013
(1.5)
Purchase of own shares
\u2013
(12.0)
Cancellation of shares
1.1
\u2013
At 30 June 2024
136.4
(66.8)
The Company and Group\u2019s other reserves relate to a merger reserve amounting to \u00a3132.2m (2023: \u00a3132.2m) and a capital
redemption reserve of \u00a34.2m (2023: \u00a33.1m).
The purchase of own shares represents shares purchased by the Galliford Try Employee Share Trust of \u00a34.3m (2023:
\u00a31.9m) and other share related transactions of \u00a33.3m (2023: \u00a31.5m), in addition to \u00a34.4m (2023: \u00a310.6m) purchased by
the Company as part of the share buyback announced in September 2022. The buyback programme has now completed
as announced on 17 November 2023.
Other Retained
reserves earnings
Company
Notes
\u00a3m \u00a3m
At 30 June 2022
132.2
109.7
Profit for the year
\u2013
25.0
Dividends paid
9
\u2013
(9.6)
Share-based payments
\u2013
0.5
Purchase of shares
15
\u2013
(10.6)
Cancellation of shares
3.1
\u2013
At 30 June 2023
135.3
115.0
Profit for the year
\u2013
23.3
Dividends paid
9
\u2013
(24.2)
Share-based payments
\u2013
0.7
Purchase of shares
15
\u2013
(4.4)
Cancellation of shares
1.1
\u2013
At 30 June 2024
136.4
110.4
The cumulative amount of goodwill arising on acquisition and written off directly against reserves is \u00a39.5m (2023: \u00a39.5m).
At 30 June 2024, the Galliford Try Employee Share Trust (the Trust) held 3,824,949 (2023: 3,705,343) Galliford Try
Holdings plc shares. The nominal value of the shares held is \u00a31.9m (2023: \u00a31.9m). 1,807,000 shares were acquired during
the year (2023: 1,200,000) at a net cost of \u00a34.3m (2023: \u00a31.9m) and a further \u00a33.3m (2023: \u00a31.5m) was paid in relation
to other share related transactions with 1,497,612 (2023: 965,194) shares being transferred during the year. The cost of
funding and administering the Trust is charged to the income statement in the period to which it relates. The market value
of the shares at 30 June 2024 was \u00a39.1m (2023: \u00a37.2m). No shareholders (2023: none) have waived their rights
to dividends.
As part of and as a result of the disposal of the housebuilding operations to Vistry Group plc on 3 January 2020 and the
associated scheme of arrangement completed under Part 26 of the Companies Act 2006, shares held in Galliford Try
Limited (formerly Galliford Try plc) as at 3 January 2020 (221,603) were exchanged for an equivalent number of shares
in Galliford Try Holdings plc and 127,189 shares in Vistry Group plc (at a rate of 0.57406 Vistry Group plc shares for
each Galliford Try Limited share). The Group has now disposed of all of the shares in Vistry Group plc, with the final
14,132 shares disposed during the year (2023: 14,132 held). These shares were recorded at fair value with the movement
being reflected in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-369": { "value": "
25 Share-based payments
The Group operates performance-related share incentive plans for Executives, details of which are set out in the
Directors\u2019 Remuneration report. The Group also operates sharesave schemes. The total charge for the year before
tax relating to employee share-based payment plans was \u00a31.8m (2023: \u00a33.4m), all of which related to equity-settled
share-based payment transactions.
Savings-related share options
The Company operates an HMRC-approved sharesave scheme, under which employees are granted an option to purchase
ordinary shares in the Company at up to 20% less than the market price at grant, in three years\u2019 time, dependent on their
entering into a contract to make monthly contributions into a savings account over the relevant period. These funds
are used to fund the option exercise. This scheme is open to all employees meeting the minimum employment period.
No performance criteria are applied to the exercise of sharesave options.
The options were valued using the binomial option-pricing model. The fair value per option granted and the assumptions
used in the calculation are as follows:
Employee
Share price Option turnover Fair
Shares at grant Exercise Contract Expected life Risk free Dividend before value per
Grant date under option date price date volatility (years) rate yield vesting option
07.0 4. 21
221,765
130p
112p
01.06.21
60%
3
0.2%
3.1%
10%
50p
13.04.22
806,868
174p
143p
01.06.22
58%
3
1.5%
3.3%
10%
70p
14.04.23
850,680
174p
137p
01.06.23
54%
3
3.6%
4.5%
10%
67p
12.04.24
927,329
244p
201p
01.06.24
30%
3
4.2%
4.5%
10%
61p
The expected volatility is based on historical volatility in the movement in the share price over the past three years up to
the date of grant (or since incorporation of the Company in January 2020). The expected life is the average expected period
to exercise. The risk-free rate is the yield on zero-coupon UK Government bonds of a term consistent with the assumed
option life. A reconciliation of savings-related share awards over the year to 30 June 2024 is shown below:
2024
2023
Weighted Weighted
average average
Number
exercise price
Number
exercise price
Outstanding at 1 July
3,481,546
127p
2,776,374
123p
Awards
936,197
201p
947,033
137p
Forfeited
(148,347)
129p
(109,335)
124p
Cancelled
(128,780)
135p
(127,458)
124p
Expired
(10,382)
115p
(2,954)
119p
Exercised
(1,323,592)
112p
(2,114)
112p
Outstanding at 30 June
2,806,642
158p
3,481,546
127p
Exercisable at 30 June
221,765
112p
\u2013
\u2013
The weighted average fair value of awards granted during the year was 61p (2023: 67p). There were 1,323,592 share
options exercised during the year ended 30 June 2024 (2023: 2,114) and the weighted average exercise price at the
date of exercise was 112p (2023: 112p). The weighted average remaining contractual life is 1 years and 10 months
(2023: 1 years and 9 months).
Performance-related long-term incentive plans
The Group operates performance-related share incentive plans for Executives, details of which are set out in the Directors\u2019
Remuneration report. The awards that vest are satisfied by the transfer of shares for no consideration. The outstanding
options were valued using a Black-Scholes model. The fair value per option granted and the assumptions used in the
calculation are as follows:
Vesting Fair
Shares Share price at period/option Risk-free Dividend value per
Grant date under option grant date life (months) rate yield option
23.09.21
1,176,591
177p
36
0.4%
2.5%
164p
23.09.22
1,369,284
161p
36
4.0%
5.0%
139p
23.09.23
987,710
225p
36
4.3%
4.7%
195p
The expected volatility is based on historical volatility in the movement in the share price of the Company and its
comparator group and the correlations between them over the past three years. The expected life is the average expected
period to exercise. The risk-free rate is the yield on zero-coupon UK Government bonds of a term consistent with the
assumed option life. A reconciliation of performance-related share awards over the year to 30 June is shown below:
2024 2023
Number Number
Outstanding at 1 July
6,466,295
6,986,213
Granted
1,244,171
1,728,911
Exercised
(3,156,934)
(2,248,829)
Forfeited
(1,019,947)
\u2013
Outstanding at 30 June
3,533,585
6,466,295
Exercisable at 30 June
\u2013
\u2013
The weighted average fair value of awards granted during the year was 195p (2023: 139p). There were 3,156,934 options
exercised during the year ended 30 June 2024 (2023: 2,248,829). The weighted average remaining contractual life is one
year and two months (2023: one year and nil months).
Annual bonus plan \u2013 deferred shares
Executive directors are eligible to participate in the Company\u2019s annual bonus scheme. The scheme rules dictate that
two thirds of any bonus earned in excess of 50% of the base annual salary is deferred into restricted shares for three
years. Participants must remain in employment to receive the restricted shares, but there are no other associated
performance conditions.
A reconciliation of performance-related share awards over the year to 30 June is shown below:
2024 2023
Number Number
Outstanding at 1 July
821,646
413,502
Granted
126,350
408,144
Exercised
(52,969)
\u2013
Forfeited
(169,058)
\u2013
Outstanding at 30 June
725,969
821,646
Exercisable at 30 June
\u2013
\u2013
The weighted average remaining contractual life is one year and nil months (2023: one years and eight months). The fair
value of the awards is the closing share price on the date of grant.
Long term bonus plan \u2013 deferred shares
Certain members of the Group are eligible to participate in the Company\u2019s long term bonus plan. The scheme rules
dictate that up to half of the bonus earned is awarded in restricted shares. The shares are restricted for a period of
twelve months. Participants must remain in employment to receive the restricted shares, but there are no other
associated performance conditions.
A reconciliation of performance-related share awards over the year to 30 June is shown below:
2024 2023
Number Number
Outstanding at 1 July
\u2013
\u2013
Granted
129,136
\u2013
Exercised
\u2013
\u2013
Outstanding at 30 June
129,136
\u2013
Exercisable at 30 June
\u2013
\u2013
The weighted average remaining contractual life is three months (2023: nil months). The fair value of the awards is the
closing share price on the date of grant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-401": { "value": "26 Other reserves and retained earnings
Other Retained
reserves earnings
Group
Notes
\u00a3m \u00a3m
At 30 June 2022
132.2
(55.6)
Profit for the year
\u2013
9.1
Dividends paid
9
\u2013
(9.6)
Share-based payments
25
\u2013
3.4
Movement in fair value of PPP and other investments
16
\u2013
(2.4)
Purchase of own shares
\u2013
(14.0)
Cancellation of shares
3.1
\u2013
At 30 June 2023
135.3
(69.1)
Profit for the year
\u2013
36.2
Dividends paid
9
\u2013
(24.2)
Share-based payments
25
\u2013
1.8
Tax relating to share-based payments
\u2013
2.0
Movement in fair value of PPP and other investments
16
\u2013
(1.5)
Purchase of own shares
\u2013
(12.0)
Cancellation of shares
1.1
\u2013
At 30 June 2024
136.4
(66.8)
The Company and Group\u2019s other reserves relate to a merger reserve amounting to \u00a3132.2m (2023: \u00a3132.2m) and a capital redemption reserve of \u00a34.2m (2023: \u00a33.1m). The purchase of own shares represents shares purchased by the Galliford Try Employee Share Trust of \u00a34.3m (2023: \u00a31.9m) and other share related transactions of \u00a33.3m (2023: \u00a31.5m), in addition to \u00a34.4m (2023: \u00a310.6m) purchased by the Company as part of the share buyback announced in September 2022. The buyback programme has now completed as announced on 17 November 2023.
Other Retained
reserves earnings
Company
Notes
\u00a3m \u00a3m
At 30 June 2022
132.2
109.7
Profit for the year
\u2013
25.0
Dividends paid
9
\u2013
(9.6)
Share-based payments
\u2013
0.5
Purchase of shares
15
\u2013
(10.6)
Cancellation of shares
3.1
\u2013
At 30 June 2023
135.3
115.0
Profit for the year
\u2013
23.3
Dividends paid
9
\u2013
(24.2)
Share-based payments
\u2013
0.7
Purchase of shares
15
\u2013
(4.4)
Cancellation of shares
1.1
\u2013
At 30 June 2024
136.4
110.4
The cumulative amount of goodwill arising on acquisition and written off directly against reserves is \u00a39.5m (2023: \u00a39.5m). At 30 June 2024, the Galliford Try Employee Share Trust (the Trust) held 3,824,949 (2023: 3,705,343) Galliford Try Holdings plc shares. The nominal value of the shares held is \u00a31.9m (2023: \u00a31.9m). 1,807,000 shares were acquired during the year (2023: 1,200,000) at a net cost of \u00a34.3m (2023: \u00a31.9m) and a further \u00a33.3m (2023: \u00a31.5m) was paid in relation to other share related transactions with 1,497,612 (2023: 965,194) shares being transferred during the year. The cost of funding and administering the Trust is charged to the income statement in the period to which it relates. The market value of the shares at 30 June 2024 was \u00a39.1m (2023: \u00a37.2m). No shareholders (2023: none) have waived their rights to dividends. As part of and as a result of the disposal of the housebuilding operations to Vistry Group plc on 3 January 2020 and the associated scheme of arrangement completed under Part 26 of the Companies Act 2006, shares held in Galliford Try Limited (formerly Galliford Try plc) as at 3 January 2020 (221,603) were exchanged for an equivalent number of shares in Galliford Try Holdings plc and 127,189 shares in Vistry Group plc (at a rate of 0.57406 Vistry Group plc shares for each Galliford Try Limited share). The Group has now disposed of all of the shares in Vistry Group plc, with the final 14,132 shares disposed during the year (2023: 14,132 held). These shares were recorded at fair value with the movement being reflected in profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-370": { "value": "
27 Financial and capital commitments
The Group had no commitments for subordinated debt to joint ventures or other investments at 30 June 2024 (2023: \u00a3nil),
nor any commitment for other capital expenditure.
The Group has surety bonding facilities and bank guarantees. These are supported by counter indemnities given by the
Company and certain subsidiaries in the Group in the normal course of business. Utilisation of the bonding and guarantee
facilities total \u00a3182.1m at 30 June 2024 (2023: \u00a3165.5m). It is not expected that any material liabilities will arise.
Disputes arise in the normal course of business, some of which lead to litigation or arbitration procedures. While the
outcome of disputes and arbitration is never certain, the directors believe that the resolution of all existing actions will not
have a material adverse effect on the Group\u2019s financial position.
Where the Group has received such claims, the directors have made provision in the financial statements when they believe
it is probable a liability exists and it can be reliably estimated, but no provision has been made where the Group\u2019s liability
is considered only possible or remote. This is based on the best estimates of future costs to be incurred after assessing
all relevant information and taking legal advice where appropriate. The Group has currently assessed a pool of non-fire
safety related claims that meet the contingent liability threshold for disclosure. These claims are of a similar nature with a
collective range of between \u00a3nil and \u00a38.6m. The Group\u2019s assessment of liability and estimates of future costs could change
in the future. Although the Group has appropriate insurance arrangements in place that should mitigate any significant
exposure, the recognition thresholds under IAS 37 would mean a liability could be recognised before a corresponding asset.
The continuing evolution of Government legislation and guidance, such as the Building Safety Act and its implications for
cladding solutions used on historical contracts, also creates ongoing uncertainty that the Group manages.
The Group is tracking a pool of three fire safety claims which meet the definition of contingent liabilities under IAS37.
Management do not think consider it is practicable to value the pool because of the lack of supporting evidence from the
claimants and the length of time it takes for these cases to evolve and for any reliable quantum, if any, to be established.
Factors include the complexity of the building projects in question, the many suppliers involved in the supply chain and
the potential for reimbursement from subcontractors. The Group believes it has strong legal positions with contractual
support on all the cases, however, at this time, it cannot fully rule out that material settlements may result, should this be
the case, management expects there will be recovery from the supply chain, designers or insurers that can be full or partial.
As Government legislation and guidance changes in the future, the Group will reassess the estimates made accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-402": { "value": "27 Financial and capital commitments The Group had no commitments for subordinated debt to joint ventures or other investments at 30 June 2024 (2023: \u00a3nil), nor any commitment for other capital expenditure. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-404": { "value": "28 Guarantees and contingent liabilities The Group has surety bonding facilities and bank guarantees. These are supported by counter indemnities given by the Company and certain subsidiaries in the Group in the normal course of business. Utilisation of the bonding and guarantee facilities total \u00a3182.1m at 30 June 2024 (2023: \u00a3165.5m). It is not expected that any material liabilities will arise. Disputes arise in the normal course of business, some of which lead to litigation or arbitration procedures. While the outcome of disputes and arbitration is never certain, the directors believe that the resolution of all existing actions will not have a material adverse effect on the Group\u2019s financial position. Where the Group has received such claims, the directors have made provision in the financial statements when they believe it is probable a liability exists and it can be reliably estimated, but no provision has been made where the Group\u2019s liability is considered only possible or remote. This is based on the best estimates of future costs to be incurred after assessing all relevant information and taking legal advice where appropriate. The Group has currently assessed a pool of non-fire safety related claims that meet the contingent liability threshold for disclosure. These claims are of a similar nature with a collective range of between \u00a3nil and \u00a38.6m. The Group\u2019s assessment of liability and estimates of future costs could change in the future. Although the Group has appropriate insurance arrangements in place that should mitigate any significant exposure, the recognition thresholds under IAS 37 would mean a liability could be recognised before a corresponding asset. The continuing evolution of Government legislation and guidance, such as the Building Safety Act and its implications for cladding solutions used on historical contracts, also creates ongoing uncertainty that the Group manages. The Group is tracking a pool of three fire safety claims which meet the definition of contingent liabilities under IAS37. Management do not think consider it is practicable to value the pool because of the lack of supporting evidence from the claimants and the length of time it takes for these cases to evolve and for any reliable quantum, if any, to be established. Factors include the complexity of the building projects in question, the many suppliers involved in the supply chain and the potential for reimbursement from subcontractors. The Group believes it has strong legal positions with contractual support on all the cases, however, at this time, it cannot fully rule out that material settlements may result, should this be the case, management expects there will be recovery from the supply chain, designers or insurers that can be full or partial. As Government legislation and guidance changes in the future, the Group will reassess the estimates made accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-371": { "value": "
29 Related party transactions
Transactions between the Group and its related parties are disclosed as follows:
Group
Sales to Amounts owed by
related parties related parties
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trading transactions
Related parties
79.3
71.2
35.1
36.8
Interest and dividend income
from related parties
2024 2023
\u00a3m \u00a3m
Non-trading transactions
Related parties
3.8
4.1
Sales to related parties (all of which are to joint ventures and associates) are based on terms that would be available to
unrelated third parties. Amounts owed by related parties consist predominantly of subordinated debt within the PPP
and Other Investments portfolio, that if held to maturity would be due over the next 24 years (2023: 25 years). These
receivables are unsecured, with interest rates varying between a range of 9% and 12%. Payables are due within one year
(2023: one year) and are interest free.
Company
Transactions between the Company and its subsidiaries which are related parties, which are eliminated on consolidation,
are disclosed as follows:
Interest and dividend income
from related parties
2024 2023
\u00a3m \u00a3m
Non-trading transactions
Subsidiary undertakings
22.9
25.0
The Company has provided performance guarantees in respect of certain operational contracts entered into between
joint ventures and a Group undertaking.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-403": { "value": "29 Related party transactions Transactions between the Group and its related parties are disclosed as follows: Group
Sales to Amounts owed by
related parties related parties
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trading transactions
Related parties
79.3
71.2
35.1
36.8
Interest and dividend income
from related parties
2024 2023
\u00a3m \u00a3m
Non-trading transactions
Related parties
3.8
4.1
Sales to related parties (all of which are to joint ventures and associates) are based on terms that would be available to unrelated third parties. Amounts owed by related parties consist predominantly of subordinated debt within the PPP and Other Investments portfolio, that if held to maturity would be due over the next 24 years (2023: 25 years). These receivables are unsecured, with interest rates varying between a range of 9% and 12%. Payables are due within one year (2023: one year) and are interest free. Company Transactions between the Company and its subsidiaries which are related parties, which are eliminated on consolidation, are disclosed as follows:
Interest and dividend income
from related parties
2024 2023
\u00a3m \u00a3m
Non-trading transactions
Subsidiary undertakings
22.9
25.0
The Company has provided performance guarantees in respect of certain operational contracts entered into between joint ventures and a Group undertaking.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-372": { "value": "
30 Business combinations
During the year, the Group acquired (i) 100% of the share capital AVRS Systems Limited. The Group has also finalised
the acquisition accounting of MCS Control Systems Limited and certain contracts and assets of Ham Baker Limited
(in administration) having previously reported the balances as provisional in accordance with IFRS 3. In the prior year,
the acquisition accounting for nmcn was also finalised.
(i) AVRS Systems Limited
On 8 November 2023, the Group acquired 100% of the share capital of AVRS Systems Limited (\u201cAVRS\u201d), a leading
mechanical and electrical engineering specialist for \u00a34.5m settled in cash. The addition of AVRS\u2019s capabilities is
complementary to the operations of Galliford Try\u2019s expanding Environment asset optimisation and capital maintenance
business in line with the Group\u2019s strategy. In particular, AVRS provides additional competencies that complement those
acquired over the past two years with nmcn\u2019s Water business, Lintott Control Systems Limited, MCS Control Systems
Limited and the capital maintenance business of Ham Baker.
The goodwill of \u00a30.9m arising from the acquisition is significantly attributable to the acquired workforce and their
technical expertise and the opportunity to leverage this expertise across the Group to enhance the asset optimisation
and capital maintenance strategy.
The following table summarises the consideration paid and the provisional fair value of the assets acquired and
liabilities assumed.
\u00a3m
Recognised amounts of identifiable assets acquired and liabilities assumed
Property plant and equipment (including right-of-use assets)
1.0
Intangible assets
1.0
Trade and other receivables
2.5
Cash and cash equivalents
1.0
Trade and other payables
(0.9)
Corporation tax liability
(0.3)
Lease liabilities
(0.5)
Deferred tax liability
(0.2)
Total identifiable net liabilities
3.6
Goodwill
0.9
Total
4.5
Consideration
Cash
4.5
Total
4.5
As part of the conditions of the sale and in addition to the initial consideration of \u00a34.5m, an earn out arrangement is in
place, whereby the sellers are entitled up to additional \u00a32.5m. Due to the nature of the earn out, this will be treated as
remuneration as it requires the sellers to remain in employment during the earn out period of two years. The earn out
accrued during the year is \u00a30.6m.
The acquisition contributed \u00a39.5m of revenue and a profit before tax of \u00a30.4m in the period to 30 June 2024. If the
acquisition had taken place at 1 July 2023, it would have contributed \u00a313.2m of revenue and a profit before tax of \u00a31.1m.
(ii) MCS Control Systems Limited
On 8 July 2022, the Group acquired 100% of the share capital of MCS Control Systems Limited (MCS), a leading systems
integrator to the industrial and utilities sectors for consideration of \u00a31 settled in cash. The addition of MCS\u2019s capabilities is
complementary to the operations of Galliford Try\u2019s expanding Environment business. In particular, MCS provides additional
competencies that complement those acquired in October 2021 with nmcn\u2019s Water business and Lintott Control Systems
Limited and will accelerate the growth of Galliford Try Environment\u2019s asset optimisation and capital maintenance strategy.
The goodwill of \u00a33.2m arising from the acquisition is significantly attributable to the acquired workforce and their
technical expertise and the opportunity to leverage this expertise across the Group to enhance the asset optimisation
and capital maintenance strategy.
The following table summarises the consideration paid and fair value of the assets acquired and liabilities assumed.
\u00a3m
Recognised amounts of identifiable assets acquired and liabilities assumed
Property plant and equipment
0.1
Intangible assets
0.2
Right-of-use assets
0.6
Trade and other receivables
3.2
Trade and other payables
(5.9)
Bank and other borrowings
(0.8)
Lease liabilities
(0.6)
Total identifiable net liabilities
(3.2)
Goodwill
3.2
Total
\u2013
Consideration
Cash
\u2013
Total
\u2013
The acquisition contributed \u00a35.7m of revenue and a \u00a30.7m loss before tax and amortisation in the year to 30 June 2023,
which is similar to the contribution it would have made if acquired at the start of the financial year.
(iii) Ham Baker
On 18 November 2022, the Group acquired certain contracts and assets from Ham Baker Limited (in administration)
for \u00a3225,000 settled in cash. The Group has acquired the asset inspection, maintenance and screens and distributor
operations. The acquired business produces a variety of engineered products for the water industry, which the Group will
use as a basis to develop a low carbon engineering offering, enabling products and raw materials to be reused if possible,
and reducing waste. The acquisition brings complementary capabilities to the Group\u2019s growing Environment business and
will give it a further advantage in preparing for the water industry\u2019s AMP8 cycle, in particular addressing storm overflow
challenges. It also plays into Galliford Try\u2019s role in decarbonising the industry for a greener, more sustainable future.
Similar to the MCS Control Systems Limited acquisition, the goodwill of \u00a30.5m arising from the acquisition is significantly
attributable to the acquired workforce and their technical expertise and the opportunity to leverage this expertise
across the Group to enhance the asset optimisation and capital maintenance strategy.
The following table summarises the consideration paid and fair value of the assets acquired and liabilities assumed.
\u00a3m
Recognised amounts of identifiable assets acquired and liabilities assumed
Intangible assets
0.1
Trade and other payables
(0.4)
Total identifiable net liabilities
(0.3)
Goodwill
0.5
Total
0.2
Consideration
Cash
0.2
Total
0.2
The acquisition contributed \u00a31.5m of revenue and a \u00a31.6m loss before tax and amortisation in the year to 30 June 2023.
The performance of the business preceding the acquisition was impacted by Ham Baker Limited entering administration,
and accordingly it is impracticable to assess the contribution it would have made to the Group if acquired at the start of the
reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-373": { "value": "
31 Events after the reporting date
On 3 October 2024, the Group announced a further share buyback programme of up to a maximum of \u00a310m, details can be
found in the announcement on the Group\u2019s investor website.
There were no other material post balance sheet events arising after the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-374": { "value": "32 Alternative performance measures Throughout the Annual Report and Accounts, the Group has presented financial performance measures which are used to manage the Group\u2019s performance. These financial performance measures are chosen to provide a balanced view of the Group\u2019s operations and are considered useful to investors as they provide relevant information on the Group\u2019s performance. They are also aligned to measures used internally to assess business performance in the Group\u2019s budgeting process and when determining compensation. An explanation of the Group\u2019s financial performance measures and appropriate reconciliations to its statutory measures are provided below. Providing clarity on the Group\u2019s alternative performance measures The Group has included this note and the enclosed explanations and reconciliations with the aim of providing transparency and clarity on the measures adopted internally to assess performance. The APMs adopted by the Group are also commonly used in the sectors it operates in. This additional information is not defined under international accounting standards and may therefore not be comparable with similarly titled profit measures reported by other companies. It is not intended to be a substitute for, or superior to, international accounting standards measures of profit. The Board believes that disclosing these performance measures enhances investors\u2019 ability to evaluate and assess the underlying financial performance of the Group\u2019s operations and the related key business drivers. Measuring the Group\u2019s performance The following measures are referred to in this report: Statutory measures Statutory measures are derived from the Group\u2019s reported financial statements, which are prepared in accordance with UK adopted International Accounting Standards and in line with the Group\u2019s accounting policies, that can be found in note 1. The Group\u2019s statutory measures take into account all of the factors, including exceptional items which do not reflect the ongoing underlying performance of the Group. Alternative performance measures In assessing its performance, the Group has adopted certain non-statutory measures that reflect the underlying performance of the Group. These typically cannot be directly extracted from its financial statements but are reconciled to statutory measures below: a) Pre-exceptional performance The Group adjusts for certain significant irregular (exceptional) items which the Board believes assist in understanding the performance achieved by the Group as this reflects the underlying and ongoing performance of the business. A reconciliation of the statutory measure to the pre-exceptional measure is provided in the following tables. In the financial year ended 30 June 2023, the Group also presented pre-exceptional performance excluding the impairment of financial assets as a result of a one off contract settlement as announced on 8 June 2023 (disclosed in the consolidated income statement as an impairment of financial assets of \u00a32.8m). b) Operating profit before amortisation The Group adjusts operating profit to exclude the amortisation of intangible assets as this reflects the ongoing performance of the business. Operating margin reflects the ratio of pre-exceptional operating profit before amortisation of intangible assets and revenue. In the financial year to 30 June 2023, operating margin also excludes the impairment of financial assets as a result of the one off contract settlement as announced on 8 June 2023. This differs from the statutory measure of operating profit which includes the amortisation of intangible assets. Divisional operating margin is the combined operating margin of Building and Infrastructure. A reconciliation of the statutory measure to the Group\u2019s performance measure is shown below, based on continuing operations: PPP Building Infrastructure Investments Central Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Year ended 30 June 2024 Statutory operating profit/(loss) 23.0 19.0 (1.0) (16.3) 24.7 exclude: amortisation of intangible assets (note 11) 1.0 1.1 \u2013 0.2 2.3 exclude: exceptional items (note 4) \u2013 \u2013 \u2013 2.6 2.6 Pre-exceptional operating profit before amortisation 24.0 20.1 (1.0) (13.5) 29.6 Revenue 938.3 819.8 14.7 \u20131,772.8 Operating margin 2.6% 2.5% n/a n/a 1.7% Year ended 30 June 2023 Statutory operating profit/(loss) 17.5 10.8 1.4 (24.1) 5.6 exclude: amortisation of intangible assets (note 11) 1.0 0.9 \u2013 1.1 3.0 exclude: exceptional items (note 4) \u2013 \u2013 \u2013 10.5 10.5 Pre-exceptional operating profit before amortisation 18.5 11.7 1.4 (12.5) 19.1 exclude: impairment of financial assets (note 17) \u2013 2.8 \u2013 \u2013 2.8 Pre-exceptional operating profit before amortisation excluding the impairment of financial assets 18.5 14.5 1.4 (12.5) 21.9 Revenue 797.1 590.8 5.8 \u20131,393.7 Operating margin excluding the impairment of financial assets 2.3% 2.5% n/a n/a 1.6% c) Pre-exceptional profit before tax The Group uses a profit before tax measure which excludes exceptional items and other items as noted above. This differs from the statutory measure of profit before income tax, which includes these items. A reconciliation of the statutory measure to the Group\u2019s performance measure is shown below, based on continuing operations: 2024 2023 \u00a3m \u00a3m Statutory profit before tax 30.9 10.1 exclude: exceptional items (note 4) 1.8 10.5 Pre-exceptional profit before tax 32.7 20.6 Pre-exceptional profit before tax excluding the impairment of financial assets in 2023 was \u00a323.4m. d) Pre-exceptional earnings per share In line with the Group\u2019s measurement of adjusted performance, the Group also presents its earnings per share on an adjusted basis. This differs from the statutory measure of earnings per share, which includes these items. A reconciliation of the statutory measure to the Group\u2019s performance measure (post-tax) is shown below, based on continuing operations: 2024 2023 Weighted Weighted Earnings average number EPS Earnings average number EPS \u00a3m of shares pence \u00a3m of shares pence Statutory results 36.2100,051,095 36.2 9.1105,180,316 8.7 exclude: exceptional items (note 4) (8.3) n/a n/a 8.4 n/a n/a Pre-exceptional earnings per share 27.9100,051,095 27.9 17.5105,180,316 16.6 Pre-exceptional earnings per share excluding the impairment of financial assets in 2023 was 18.9p based on post-tax profit of \u00a319.9m.", "dimensions": { "concept": "gallifordtryholdingsplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-405": { "value": "
(ii) Joint venture undertakings
Proportion of Financial
Entity name
Registered office or principal place of business
capital held year-end
Aberdeen Roads (Finance) PLC
Maxim 7, Maxim Office Park, Parklands Avenue,
33%
31-Dec
Eurocentral, Holytown, Scotland, ML1 4WQ
Aberdeen Roads Holdings Limited
Maxim 7, Maxim Office Park, Parklands Avenue,
33%
31-Dec
Eurocentral, Holytown, Scotland, ML1 4WQ
Aberdeen Roads Limited
Maxim 7, Maxim Office Park, Parklands Avenue,
33%
31-Dec
Eurocentral, Holytown, Scotland, ML1 4WQ
ACP: North Hub Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
50%
31-Dec
GBV JV Limited
3 Frayswater Place, Uxbridge, UB8 2AD
50%
30 -Jun
GT Equitix Inverness Limited
PO
Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
50%
31-Mar
GT Equitix Inverness Holdings Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
31-Mar
Hub South East Scotland Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
31-Mar
Kingseat Development 2 Limited
Morrison House, Kingseat Business Park, Kingseat,
50%
3 0 -Jun
Newmachar, Aberdeenshire AB21 0AZ
Space Scotland Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
83%
31-Mar
Urban Vision Partnership Limited
65 Gresham St, London, EC2V 7NQ
30%
31-Dec
1
The above entities are all incorporated in the UK and considered to be joint ventures, based on the shareholding
agreements in place.
1 Treated as a joint venture as indicated by its joint venture agreement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-406": { "value": "
(iii) Associated and other significant undertakings
Proportion of
capital held by
Entity name
Registered office or principal place of business
class
Aberdeen Community Health Care Village Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
30%
Alliance Community Partnership Limited
Avondale House, Suites 1l \u2013 1o Phoenix Crescent
10%
Strathclyde Business Park, Bellshill,
North Lanarkshire, Scotland, ML4 3NJ
Galliford Try Qatar LLC
PO Box 11726 Doha, State of Qatar
49%
(incorporated in Qatar)
Hub North Scotland (Alford) Limited
2 Lochside View,
PO Box 17452,
Edinburgh, EH12 1LB
30%
Hub North Scotland (FWT) Limited
Box
17452
PO
, 2 Lochside View, Edinburgh, EH12 1LB
30%
Hub North Scotland (O&C) Limited
PO Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
30%
Hub North Scotland (O&C) Holdings Limited
Box
1745
PO
2,
2 Lochside View, Edinburgh, EH12 1LB
30%
Hub North Scotland Limited
PO Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
30%
James Gillespie\u2019s Campus Subhub Holdings Limited 8 Melville Street, Edinburgh, EH3 7NS
50%
James Gillespie\u2019s Campus Subhub Limited
8 Melville Street, Edinburgh, EH3 7NS
50%
LBP DBFM Holdco Limited
2
Box
1745
PO
2,
Lochside View, Edinburgh, EH12 1LB
50%
LBP DBFMco Limited
2 Lochside View,
PO Box 17452,
Edinburgh, EH12 1LB
50%
Newbattle DBFM HoldCo Limited
2 Lochside
PO Box
52,
174
View, Edinburgh, EH12 1LB
50%
Newbattle DBFMCo Limited
PO Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
50%
ELCH DBFMCo Limited
Box
17452
PO
, 2 Lochside View, Edinburgh, EH12 1LB
50%
Proportion of
capital held by
Entity name
Registered office or principal place of business
class
ELCH DBFM Holdco Limited
PO
Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
50%
WCHS DBFMCo Ltd
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
50%
WCHS DBFM Holdco Ltd
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
JICC DBFMCo Ltd
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
50%
JICC DBFM Holdco Ltd
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
KHS DBFM HoldCo Limited
PO
Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
50%
KHS DBFMCo Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
QHS DBFMCo Ltd
PO
Box
17452
, 2 Lochside View, Edinburgh, EH12 1LB
50%
QHS DBFM Holdco Ltd
PO
Box 17452,
2 Lochside View, Edinburgh, EH12 1LB
50%
REH Phase 1 Subhub Holdings Limited
PO Box 17452,
2 Lochside
View, Edinburgh, EH12 1LB
50%
REH Phase 1 Subhub Limited
PO Box 17452,
2 Lochside View,
Edinburgh, EH12 1LB
50%
REH Phase 2 DBFM HoldCo Limited
PO Box 17452,
2 Lochside
View, Edinburgh, EH12 1LB
50%
REH Phase 2 DBFMCo Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
50%
Hub North Scotland (I&F) Holdings Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
30%
Hub North Scotland (I&F) Limited
PO
Box
1745
2,
2 Lochside View, Edinburgh, EH12 1LB
30%
Hub South West Scotland Limited
Avondale House, Suites 1l \u2013 1o Phoenix Crescent
6%
Strathclyde Business Park, Bellshill,
North Lanarkshire, ML4 3NJ
Hub SW Cumbernauld DBFMCo Limited
Avondale House, Suites 1l \u2013 1o Phoenix Crescent
6%
Strathclyde Business Park, Bellshill,
North Lanarkshire, ML4 3NJ
Hub SW Cumbernauld Holdco Limited
Avondale House, Suites 1l \u2013 1o Phoenix Crescent
6%
Strathclyde Business Park, Bellshill,
North Lanarkshire, ML4 3NJ
The above entities are all incorporated in the UK except Galliford Try Qatar LLC, which is incorporated in Qatar. Entities listed above with 50% ownership percentage are treated as associates, as indicated by their ownership agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800MR6DRHCJIV8113", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } } } }