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The Company is a public limited company incorporated and domiciled in England and Wales and whose shares are publicly traded. The registered of\ufb01ce is Solar House, Fieldhouse Lane, Marlow, Buckinghamshire, SL7 1LW, in the United Kingdom. The registered number of the Company is 02174990. The material accounting policies applied in the preparation of the consolidated \ufb01nancial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated. 1.2 Basis of preparation The Group has prepared the consolidated \ufb01nancial statements in accordance with UK-adopted international accounting standards (IFRS) in accordance with the requirements of the Companies Act 2006. IFRS includes the application of International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019) and the IFRS Interpretations Committee (\u2018IFRIC\u2019) interpretations. Softcat US LLC, a Limited Liability Company (\u2018LLC\u2019) began trading on 1 February 2024 and is a wholly owned subsidiary of Softcat plc. Prior to this, trade in the US was recorded within a branch of Softcat plc. Therefore, the consolidated \ufb01nancial statements have been prepared for the \ufb01rst time in FY2024. The consolidated \ufb01nancial statements of the Group have been prepared under the historical cost convention and are presented in the Group\u2019s presentational and functional currency of Pounds Sterling and all values are rounded to the nearest thousand (\u2018\u00a3\u2019000\u2019), except when otherwise stated. The Group applied all standards and interpretations issued by the IASB that were effective as at 1 August 2023. The accounting policies set out below have, unless otherwise stated (see below), been applied consistently to all periods presented in these \ufb01nancial statements. The consolidated \ufb01nancial statements include the results of Softcat plc, a company registered in the UK, and all its subsidiary undertakings made up to the same accounting date. Subsidiary undertakings are those entities controlled by Softcat plc. Control exists where the Group is exposed to, or has the rights to variable returns from its involvement with, the investee and has the ability to use its power over the investee to affect its returns. Consideration of climate change matters The potential climate change-related risks and opportunities to which the Group and Company are exposed, as identi\ufb01ed by management, are disclosed in the Group\u2019s Task Force on Climate-related Financial Disclosures (\u2018TCFD\u2019) disclosures in the Annual Report. Management has assessed the potential \ufb01nancial impacts relating to the identi\ufb01ed risks and exercised judgement in concluding that there are no material \ufb01nancial impacts of the Group and Company\u2019s climate-related risks and opportunities on the \ufb01nancial statements. These judgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory and other factors outside of the Group and Company\u2019s control which are not all currently known. Going concern Overview The consolidated Group and Company \ufb01nancial statements have been prepared on a going concern basis covering at least the t welve month period from the date of signing the \ufb01nancial statements. In considering the going concern basis for preparing the \ufb01nancial statements, the Directors consider the Group and Company\u2019s objectives and strategy, its principal risks and uncertainties in achieving its objectives and its review of business performance and \ufb01nancial position, which are all set out in the Strategic Report (see pages 1 to 89) and Chief Financial Of\ufb01cer\u2019s Review sections (see pages 38 to 41 of this Annual Report). Given the current macro-economic environment and considering the latest guidance issued by the FRC the Directors have undertaken a fully comprehensive going concern review. The Group has modelled three scenarios in its assessment of going concern. These are: \u2022 the base case; \u2022 the severe but plausible case; and \u2022 the reverse stress test case. Further details, including the analysis performed and conclusion reached, are set out below. The Directors have reviewed detailed \ufb01nancial forecasts for a twelve-month period from the date of this report (the going concern period) until 31 October 2025. All the forecasts re\ufb02ect the payment of the FY2024 dividend of \u00a377.9m which will be paid in December 2024 subject to approval at the AGM. Liquidity and \ufb01nancing position At 31 July 2024, the Group held instantly accessible cash and cash equivalents of \u00a3158.5m, with net current assets of \u00a3281.2m. N ote 1 to the \ufb01nancial statements in the Annual Report includes the Group\u2019s objectives, policies and processes for managing its capital, its \ufb01nancial risk management and its exposures to credit risk and liquidity risk. Operational cash \ufb02ow forecasts for the going concern period are suf\ufb01cient to support the business with the \u00a375.0m cash \ufb02oor set by the Board not being breached. There is a suf\ufb01cient level of liquidity headroom post-mitigation across the going concern forecast period in base and severe but plausible scenarios considered and outlined in more detail below.
Challenging economic environment
Management have, in all three scenarios, considered the principal challenges to short-term business performance which are
expected to be:
\u2022 an economic downturn in the UK economy, aided by high broad-based in\ufb02ation and interest rates; and
\u2022 a higher risk of credit losses.
Despite the challenging economic environment, the Group and Company have traded well, delivering double-digit year-on-year
growth in gross pro\ufb01t and operating pro\ufb01t growth is ahead of expectations. The Board continue to monitor the global and
national economic environment and organise operations accordingly.
Base case
The base case, which was approved by the Board in October 2024, takes into account the FY2025 budget process which includes
estimated growth and increased cost across the going concern period and is consistent with the actual trading experience
through to September 2025. The key inputs and assumptions in the base case include:
\u2022 continued revenue growth in line with historic rates;
\u2022 rebate income continues to be received in proportion to cost of sales as in FY2024;
\u2022 employee commission is incurred in line with the gross margin; and
\u2022 increased levels of cost to re\ufb02ect continued investment in our people and the businesses IT infrastructure.
The Group has taken a measured approach to the base case and has balanced the expected trading conditions with available
opportunities in an increasingly resilient area of customer spend, which is supported by the current \ufb01nancial position. In making
our forecasts we balanced our customer needs alongside employee welfare. Year to date trading to the end of September 2025
is consistent with the base case forecast.
Severe but plausible case
Given the current economic challenges facing our customer base and supply chain, we have modelled a severe but plausible
scenario. In this case we have modelled a decline in revenue, versus the base case, which is below any historic trend and more
severe than experienced during the height of the COVID-19 pandemic. Further impacts of this scenario such as reduced margins
and greater credit losses have also been considered.
The key inputs and assumptions, compared to the base case, include:
\u2022 an average 5% reduction in revenue;
\u2022 reduced gross pro\ufb01t margins of 0.5% in the period;
\u2022 additional bad debt write offs of \u00a34.2m across the forecast period;
\u2022 an average 5% reduction in rebates;
\u2022 extending the debtor days from historic levels achieved and no change to historic supplier payment days by an additional
three days;
\u2022 paying a reduced interim dividend in line with lower pro\ufb01tability but still within the range set out in the dividend policy; and
\u2022 commission cost adjusted downwards in line with reduced pro\ufb01tability and cost of sales, but at the same percentage rates as
in the base case.
The purpose of this scenario was to consider if there was a signi\ufb01cant risk that the Group and Company would move to being
cash negative in any of the months in the going concern period. Even at these lower levels of activity, which the Directors believe
is a highly unlikely outcome, the Group continues to be pro\ufb01table and maintains a positive cash balance at all times. Despite this,
management have modelled further cost saving and working capital action (see mitigating actions) that will enable the Group
to mitigate the impact of reduced cash generation further and achieve the Board\u2019s desired minimum cash position, should this
scenario occur. The Directors are con\ufb01dent that they can implement these actions if required.
Mitigating actions
There are several potential management actions that have not been included in the severe but plausible forecast, including
signi\ufb01cant cost reduction measures and additional annual working capital savings. The actions, which if implemented would
offset the reduced activity, include:
\u2022 savings in discretionary areas of spend;
\u2022 delayed payment to suppliers foregoing early settlement discount; and
\u2022 short-term supplier payment management.
The mitigations are deemed achievable and reasonable as the Group bene\ufb01ts from a \ufb02exible business model with a high
proportion of costs linked to performance.
Reverse stress test
The Directors have performed an analysis of each variable used in the severe but plausible case that would, standalone, trigger
a threat to the going concern status of the business. This reverse stress testing goes beyond what is considered in the severe but
plausible scenario to understand the limits of the business model.
Before a negative cash balance within the going concern period is likely, the following key inputs and assumptions, compared
to the base case, would be required:
\u2022 a reduction in sales of 90%;
\u2022 a reduction in gross margin of 8%; and
\u2022 extending the debtor days by an additional twelve days.
The Board considers the forecasts and assumptions used in the reverse stress tests, as well as the events that could lead to it,
to be remote.
Going concern conclusion
Based on the forecast and the scenarios modelled, together with the performance of the Group and Company to date, the Directors
consider that the Group and Company have suf\ufb01cient liquidity headroom to continue in operational existence for the twelve-month
period from the date of this report (the going concern period) until 31 October 2025. Accordingly, at the October 2024 Board
meeting, the Directors concluded from this analysis it was appropriate to continue to adopt the going concern basis in preparing
the consolidated \ufb01nancial statements. Should the impact of these conditions be even more prolonged or severe than currently
forecast by the Directors under the severe but plausible case scenario, the Group and Company would need to implement
additional operational or \ufb01nancial measures.
In relation to the identi\ufb01ed potential climate change-related risks and opportunities, the Directors do not believe there would be
a material impact on cash \ufb02ows in the going concern period.
Basis of consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the Company and its subsidiaries as at 31 July 2024.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee. Speci\ufb01cally, the Group controls an investee if, and only if,
the Group has:
\u2022 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
\u2022 exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 the ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption, and when
the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an investee, including:
\u2022 the contractual arrangement(s) with the other vote holders of the investee;
\u2022 rights arising from other contractual arrangements; and
\u2022 the Group\u2019s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or
more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary
and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or
disposed of during the year are included in the consolidated \ufb01nancial statements from the date the Group gains control until the
date the Group ceases to control the subsidiary.
1.3 Adoption of new and revised standards
Finance (No. 2) Bill 2023, which includes Pillar Two legislation, was substantively enacted on 20 June 2023. The Group has applied
the mandatory exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar
Two income taxes as required by the amendments to IAS 12 International Tax Reform\u2013Pillar Two Model Rules which was issued
in May 2023.
There have been no other new standards effective, or issued but not yet effective, in the year to 31 July 2024, that materially affect
Softcat. There have also been no changes to accounting standards that will materially affect Softcat based on existing standards.
A number of new or amended standards became applicable for the current reporting period. These standards, amendments
or interpretations are not expected to have a material impact on the Group in the current or future reporting periods:
\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of accounting policies.
\u2022 Amendments to IAS 8 De\ufb01nition of accounting estimates.
\u2022 Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction.
\u2022 Amendments to IAS 12 Pillar Two model rules.
\u2022 Implementation of IFRS 17 Insurance contracts.
New standards and interpretations not yet applied
The following new or amended IFRS accounting standards, amendments and interpretations are not yet adopted and it is
e
xpected that where applicable, these standards and amendments will be adopted on each respective effective date:
\u2022 Amendments to IAS 1 Presentation of \ufb01nancial statements: non-current liabilities with covenants.
\u2022 Amendments to IFRS 16 Lease liability in a sale and leaseback.
\u2022 Amendments to IAS 7 and IFRS 7 Supplier \ufb01nance arrangements.
These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future
reporting periods.
1.4 Critical accounting judgements and key sources of estimation uncertainty
When applying the Group\u2019s accounting policies, management must make a number of key judgements involving estimates and
assumptions concerning the future. These estimates and judgements are based on factors considered to be relevant, including
historical experience that may differ signi\ufb01cantly from the actual outcome. The key assumptions concerning the future and other
key sources of estimation uncertainty at the balance sheet date that have a signi\ufb01cant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next \ufb01nancial year include:
Revenue cut-off
The Group\u2019s management information systems are con\ufb01gured to recognise revenue upon noti\ufb01cation of dispatch from the supplier
or distributor which in instances, especially regarding physical shipments, may not be aligned to when control has been transferred
to the customer and the performance obligation has been met by the Group. Management therefore performs an exercise to
capture items that may have been dispatched from the distributor but not delivered in the \ufb01nancial year, and subsequently defers
the recognition of revenue and associated cost into the following year. This gives rise to a deferred income, which is recognised
as a contract liability, and associated inventory in the Consolidated statement of \ufb01nancial position. The exercise applied includes
assumptions, which management believes are reasonable, in order to identify items that \ufb01t the criteria for deferral. Separately,
management reviews individual large transactions on a case-by-case basis, which reduces the opportunity for error.
The key judgements that are made in the cut-off process are as follows:
\u2022 When identifying transactions to review in the cut-off process, management limits the review period to a \ufb01xed number of days
before and after the period end and validates the date of dispatch.
\u2022 Management incorporates a one-day shipment delay assumption onto the sale of hardware items to re\ufb02ect the time taken
between vendor shipment and customer delivery. We further assess a \ufb01ve-day risk window for international hardware shipments.
In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the
most signi\ufb01cant effect on the amounts recognised in the \ufb01nancial statements:
Principal versus agent
Signi\ufb01cant judgement is required in determining whether the Group is acting as principal, reporting revenue on a gross basis, or
a
gent, reporting revenue on a net basis. Softcat evaluates each revenue stream against the following indicators when determining
whether it is acting as principal or agent in a transaction: (i) primary responsibility for ful\ufb01lling the promise to provide the speci\ufb01ed
goods or service; (ii) inventory risk before the speci\ufb01ed good or service has been transferred to a customer; and (iii) discretion in
establishing the price for the speci\ufb01ed good or service. Certain revenue streams present a more balanced judgement than others
when assessed against the above criteria and the conclusion may be reliant on the weighting applied to the responses to these
criteria. When applying the weighting and concluding on whether principal or agent treatment is appropriate, the Group exercises
signi\ufb01cant levels of judgement due to the balanced nature of the assessment. The speci\ufb01c judgements made for each revenue
category are discussed in the accounting policy for revenue as disclosed below.
1.5 Revenue recognition
Revenue is recognised based on the completion of performance obligations at the transaction price allocated to the performance
obligation. The transaction price is determined by the price speci\ufb01ed in the underlying contract or order. Where the contracts
include multiple performance obligations, the transaction price will be allocated to each performance obligation based on the
stand-alone selling prices. No discounts, loyalty points or returns are offered to customers. All performance obligations are
separately listed as individual items on the order and the price is allocated on this basis. A performance obligation is satis\ufb01ed
when control of the promised good or service is transferred to the customer. The following indicators are used by the Group
in determining when control has passed to the customer:
(i) the Group has a right to payment for the product or service;
(ii) the customer has legal title to the product;
(iii) the Group has transferred physical possession of the product to the customer;
(iv) the customer has the signi\ufb01cant risks and rewards of ownership of the product; and
(v) the customer has accepted the product.
Principal versus agent
The Group evaluates the following indicators amongst others when determining whether it is acting as a principal or agent in the
t
ransaction and recording revenue on a gross, or net, basis:
(i) the Group is primarily responsible for ful\ufb01lling the promise to provide the speci\ufb01ed goods or service;
(ii) the Group has inventory risk before the speci\ufb01ed good or service has been transferred to a customer; and
(iii) the Group has discretion in establishing the price for the speci\ufb01ed good or service.
Hardware revenue
The Group sells hardware that is sourced from and delivered by multiple vendors and distributors. Revenues from sales of hardware
p
roducts are recognised on a gross basis as the Group is acting as a principal in these transactions, with the gross value of the
consideration from the customer recorded as revenue with the exception of public sector partner business revenue as explained
below. The Group is acting as principal as it has primary responsibility for the acceptability of goods sold following the provision
of consulting services which are not considered to be separately identi\ufb01able. Softcat is also exposed to inventory risk during the
delivery period and establishes the selling price itself. Revenue from the sale of these goods is recognised when the control has
passed to the buyer, therefore the Group has satis\ufb01ed its performance obligation. In line with industry standard terms, payment
is generally due 30 days after invoice date.
Vendors typically provide standard warranties on most of the hardware products the Group sells. These manufacturer warranties
are assurance-type warranties and are not considered separate performance obligations. The warranties are not sold separately
and only provide assurance that products will conform with the manufacturer\u2019s speci\ufb01cations.
Software revenue
Revenue from software licence sales is recognised on a net basis as the Group is acting as an agent in these transactions at the
point the software licence is delivered to the customer. The Group is deemed to be acting as agent in these transactions as these
products are intangible, customer speci\ufb01c and in most cases sent directly to customers by the vendor electronically, removing
inventory risk for the Group prior to delivery. Despite the ability to set pricing, the lack of inventory risk and the vendor having
primary responsibility for the product meeting customer speci\ufb01cations, through largely standardised products, underline that
these sales should be recorded as agent.
The revenue associated with the licence sale is recognised upon the transfer of the licence to the customer. At this point Softcat
has satis\ufb01ed its performance obligations. Payment is generally due 30 days from invoice date.
The Group sells cloud computing solutions which include Software as a Service (\u2018SaaS\u2019). SaaS solutions utilise third-party partners
to offer the Group\u2019s customers access to software in the cloud that enhances of\ufb01ce productivity, provides security or assists in
collaboration. As the Group has satis\ufb01ed its performance obligations by arranging the transfer of the licensing to the customer,
revenue is recognised in full at that point on a net basis as the Group is acting as an agent in the transaction, with an invoice
subsequently raised. Payment is generally due within 30 days from invoice date.
The Group offers access to corporate enterprise agreements, a speci\ufb01c licensing program for eligible customers, exclusively
through a single vendor. For these transactions the Group introduces the customer to the vendor who then ful\ufb01ls the sale, including
transfer of licensing, invoicing and cash collection, without further involvement of the Group. In return for this introduction the
vendor compensates the Group with a fee as the Group has satis\ufb01ed its performance obligations at the point of initial transaction
being completed between the vendor and the customer. This fee is recognised net as the Group is acting as an agent in these
transactions. Payment is generally due within 30 days of the initial transaction between the vendor and the customer.
Service revenue
Softcat sells professional services days which are ful\ufb01lled by either Softcat\u2019s own internal team of consultants or by consultants
provided by third parties. The Group recognises the revenue on these transactions, irrespective of whether they are ful\ufb01lled
internally or externally, when con\ufb01rmation has been received from the customer that the work has been satisfactorily completed.
In most cases there is a short timeframe between a customer order and subsequent delivery of the sold service days. As such, the
Group does not recognise revenue on a percentage completion basis as this would not have a material impact.
On rare occasions the Group will sell professional service days which cover an extended period. For these transactions,
management assesses the individual contract and, if required, recognises the revenue over time according to the output method.
Softcat recognises revenue on the basis of direct measurements of the value to the customer which for professional days would
be days completed as a percentage of total days. Revenue is recognised on a gross basis; the Group is deemed to be acting as
principal in these transactions as it is responsible for selecting the external party, where relevant, for the acceptability of the
services and for determining the price charged to the customer.
The Group also provides hosted managed services to its customers offering Infrastructure as a Service (\u2018IAAS\u2019) and managed
print services among others. The Group hosts these services using internal resources and recognises revenue on a straight-line
basis over the contractual service period. The Group recognises the respective revenue on a gross basis as the Group is acting
as a principal in the transaction as it has both managerial involvement and effective control over the services being provided
throughout the contract period.
Softcat also sells extended or enhanced warranty products provided by third parties. These warranties are sold separately to
hardware and provide the customer with a service in addition to assurance that the product will function as expected. For these
enhanced warranty products, the Group is arranging for those services to be provided by the third party over an extended period
and therefore is acting as an agent in the transaction and records revenue on a net basis at the point of sale. Revenue from such
services is recognised in full at the point of service commencement as the Group has no ongoing obligation in relation to delivery
of the underlying service.
Payments for these goods are generally received on industry standard terms of 30 days from the date of invoice.
Public sector partner business revenue
The Group transacts with several partners in the public sector where the partner is responsible for the solution and customer
relationship. These transactions incorporate the provision of hardware, software or services to the end customer. For this
business, the Group\u2019s responsibilities of invoicing and cash collection are more aligned to those of an agent and therefore this
business is recognised as agent and presented net of cost of sales.
Revenue is recognised in full on satisfactory completion of the work by the partner, as this is the point the Group has satis\ufb01ed
its performance obligations. Payment is generally due within 30 days from completion of the work.
Deferred costs
IFRS 15 requires certain costs to ful\ufb01l a contract to be recognised as a separate asset. These costs are deferred until the
performance obligation to which they relate has been met. Deferred costs are measured at the purchase price of the associated
goods or services received. Deferred costs are released from the Consolidated statement of \ufb01nancial position in line with the
recognition of revenue on the speci\ufb01c transaction. There are no signi\ufb01cant or material judgements made by management in the
measurement or recognition of these deferred costs, as costs are matched to an associated sale and the period of deferral is
typically short.
Commissions have been incurred in respect of contracts whereby the performance obligation has not yet been satis\ufb01ed; however,
the Group has applied the practical expedient and recognised the commission as an expense when incurred given that the period
over which the commission would have been recognised is less than a year.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which Softcat has received consideration (or an
amount of consideration is due) from the customer. If a customer pays consideration before Softcat transfers goods or services to
the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). This occurs
infrequently and is usually to support the wishes of the customer who sometimes may prefer to provide funds up front which can
then be allocated to future orders. Contract liabilities are recognised as revenue when Softcat performs obligations under the
contract. Further details of contract balances are provided in note 13.
1.6 Cost of sales
The Group recognises cost of sales at the point at which it recognises revenue as explained above. Cost of sales predominantly
relates to the cost of goods or services purchased from suppliers and then sold to customers. In addition to these costs, the
following elements are also included within cost of sales:
Rebates
Included within cost of sales are rebates received from commercial partners. Further details are provided on rebates in note 1.7 below.
Managed service infrastructure costs
The Group operates its own network operating centre which facilitates the selling of Softcat hosted managed services. The costs
of maintaining this capability include, but are not limited to, the rental of space in data warehouses, energy and licensing costs.
These costs represent the cost of sale of selling hosted managed service solutions and are included within cost of sales.
Funded training costs
The Group carries out numerous training programmes, activities and schemes that aim to educate its sales force and internally
promote the products the business resells. The costs of these activities are recognised within cost of sales.
Early settlement discounts
Through the normal course of business, the Group receives credits from distributors and suppliers for the prompt settlement of
invoices. Softcat recognises these discounts in cost of sales as they are considered to be a reduction in the cost of goods sold.
1.7 Rebates
Rebates from suppliers are accounted for in the period in which they are earned and are based on commercial agreements with
suppliers. Rebates earned are mainly sales volume related and are generally short term in nature, with rebates earned but not yet
received typically relating to the preceding quarter\u2019s trading. Other forms of rebate received from commercial partners include
income from training provided to staff. Rebate income is recognised in cost of sales in the Consolidated statement of pro\ufb01t or loss
and other comprehensive income and rebates earned but not yet received are included within accrued income in the
Consolidated statement of \ufb01nancial position.
1.8 Interest income
Interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate (\u2018EIR\u2019)
applicable. The EIR is the rate that exactly discounts the estimated future cash payments or receipts through the expected life
of the \ufb01nancial instrument or a shorter period, where appropriate, to the net carrying amount of the \ufb01nancial asset or liability.
Interest income is included in \ufb01nance income in the income statement.
1.9 Property, plant and equipment
Property, plant and equipment other than freehold land is stated at cost, net of accumulated depreciation and/or impairment
losses, if any. If the costs of certain components of an item of property, plant and equipment are signi\ufb01cant in relation to the total
cost of the item, they are accounted for and depreciated separately. Depreciation is provided at rates calculated to write off the
cost of each asset over its expected useful life, as follows:
Freehold buildings \ufb01fty years straight line
Building improvements remaining period of lease \u2013 ten years straight line
Computer equipment three to \ufb01ve years straight line
Fixtures, \ufb01ttings and equipment six years straight line
Motor vehicles three years straight line
Land is not depreciated.
An item of property, plant and equipment and any signi\ufb01cant part initially recognised is derecognised upon disposal or when no
future economic bene\ufb01ts are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or
retirement of an item of property, plant and equipment is determined as the difference between the net disposal proceeds and
the carrying amount of the asset and is recognised in the income statement when the asset is derecognised.
Building improvements relate to expenditure on improving both leasehold property and the freehold property of Solar House in
Marlow. Improvements to Solar House are depreciated over a ten-year period, which represents their useful life. Leasehold
improvements are depreciated over their useful life which is the lesser of the remaining length of the lease or ten years.
The residual values, useful lives and methods of depreciation are reviewed for reasonableness at each \ufb01nancial year end and
adjusted for prospectively if appropriate.
1.10 Intangible assets
Intangible assets are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less
accumulated amortisation and accumulated impairment losses, if any. Intangible assets with a \ufb01nite useful life are assessed for
impairment whenever there is an indication that the intangible asset may be impaired. Amortisation is provided for at rates
calculated to write off the cost of each asset over its expected useful life, as follows:
Computer software three to \ufb01fteen years straight line
Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are
directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are
recognised as intangible assets where the following criteria are met:
\u2022 it is technically feasible to complete the software so that it will be available for use;
\u2022 management intends to complete the software and use it;
\u2022 there is an ability to use the software;
\u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts;
\u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
The amortisation expense on intangible assets with \ufb01nite lives is recognised in the income statement in the expense category
consistent with the function of the intangible assets. The amortisation period and the amortisation method are reviewed at least
at the end of each reporting period. Gains or losses arising from derecognition of an intangible asset are measured as the difference
between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the
asset is derecognised.
1.11 Cloud software licence agreements
Licence agreements to use cloud software are treated as service contracts and expensed in the Group\u2019s income statement, unless
the Group has both a contractual right to take possession of the software at any time without signi\ufb01cant penalty, and the ability to
run the software independently of the host vendor. In such cases, the licence agreement is capitalised as software within intangible
assets. Costs to con\ufb01gure or customise a cloud software licence are expensed alongside the related service contract in the Group\u2019s
income statement, unless they create a separately identi\ufb01able resource controlled by the Group, in which case they are capitalised.
1.12 Leases
A lease is a contract or part of a contract that conveys the right to control the use of an identi\ufb01ed asset for a period of time in
exchange for consideration. The Group\u2019s leases, which predominantly relate to property leases, are recognised in line with IFRS 16.
The leases policy under IFRS 16 is as follows:
i) Right-of-use assets
Softcat recognises right-of use assets at the commencement date of the lease (i.e. the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised and lease
payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated
on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
Property lease assets three to ten years straight line
The right-of-use assets are also subject to impairment reviews.
ii) Lease liabilities
At the commencement date of the lease, Softcat recognises lease liabilities measured at the present value of lease payments to
be made over the lease term adjusted for any termination options. The lease payments include \ufb01xed payments, variable lease
payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Payments to be
made under the reasonably certain extension option are also included.
In calculating the present value of the lease payments, Softcat uses its incremental borrowing rate at the lease commencement
date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of
lease liabilities is increased to re\ufb02ect the accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in the lease term, a change in the lease payments from
a change in index or rate, or a change in the assessment of an option to purchase the underlying asset.
iii) Short-term leases and leases of low value assets
Softcat applies the short-term lease recognition exemption to any short-term leases it enters into (i.e. those leases that have a
lease term of twelve months or less from the commencement date and do not contain a purchase option). Softcat also applies the
lease of low-value assets recognition exemption to leases that are considered to be low value and under \u00a35,000. Lease payments
on low-value assets and short-term leases are recognised as an expense on a straight-line basis over the lease term.
1.13 Inventories
Inventories are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the
ordinary course of business, less estimated costs of completion and the estimated costs to sell.
Inventories include goods in transit and other products ordered to ful\ufb01l customer orders where the right of ownership is yet
to transfer.
1.14 Financial instruments
Financial assets
The Group\u2019s \ufb01nancial assets include cash and cash equivalents and trade and other receivables. All \ufb01nancial assets are recognised
when the Group becomes party to the contractual provisions of the instrument.
i) Trade receivables
Trade receivables are recognised and measured at the transaction price less allowance for expected credit losses. Trade receivables
do not carry interest.
The simpli\ufb01ed approach on expected credit losses (\u2018ECLs\u2019) for trade receivables and contract assets has been used as there is not
a signi\ufb01cant \ufb01nancing component to these assets. In accordance with the simpli\ufb01ed approach for impairment of trade receivables
and accrued income under IFRS 9, the loss allowance for trade receivables is always measured at an amount equal to lifetime
expected credit losses and includes a forward-looking element as well as an assessment based on history and experience.
Factors considered when assessing the expected credit losses include prior experience, speci\ufb01c customer credit ratings,
communication quality, industry factors and the current economic climate.
Due to the size of the receivables ledger and the volume of smaller balances, it is not possible to review all balances individually
and therefore a portion of the ledger is reviewed collectively and provided for as such. More material or higher risk balances are
reviewed individually looking at speci\ufb01c circumstances including payment history, the forecast of economic conditions in the
sector the customer operates in, communication quality and responsiveness, to determine future expected credit losses, and are
provided for individually with respect to the perceived level of risk. In addition, any entities that are in administration or have been
passed to debt collection are provided for individually.
Unbilled receivables are recognised when a contract results in completion of a performance obligation in advance of the
customer being invoiced.
ii) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, call deposits and bank overdrafts. Cash and cash equivalent
balances have a maturity of three months or less and are subject to an insigni\ufb01cant level of risk to change in value.
iii) Accrued income
Accrued income predominantly relates to supplier rebates and is recognised according to both rebate agreements and supplier
spend in the \ufb01nancial year.
As accrued income has a contractual right to receive cash, it is a \ufb01nancial asset and therefore also subject to loss allowances under
IFRS 9. The loss allowance for accrued income is measured at an amount equal to lifetime expected credit losses and includes a
forward-looking element as well as an assessment based on history and experience. Factors considered when assessing the
expected credit losses include prior experience, supplier credit ratings, communication quality, industry norms and the current
economic climate.
Financial liabilities
Financial liabilities are classi\ufb01ed according to the substance of the contractual arrangements entered into. The Group\u2019s \ufb01nancial
liabilities comprise trade and other payables. All \ufb01nancial liabilities are recognised initially at their fair value and subsequently
measured at amortised cost using the effective interest method.
i) Trade payables
Trade payables are initially measured at fair value. Trade payables due after one year are measured at amortised cost, using the
effective interest rate method.
Derecognised \ufb01nancial instruments
For a small number of customers, Softcat acts as intermediary to provide \ufb01nancing arrangements between the customer and a
third-party \ufb01nancing provider. Following the delivery of the goods or services, which represents our performance obligation in
full, Softcat receives settlement of the customer invoice, by the third-party \ufb01nancing company. Receivables are derecognised only
when Softcat has transferred the receivable, meaning that it has retained the contractual rights to the cash \ufb02ows, but has assumed
an obligation to pay those cash \ufb02ows to the \ufb01nance provider, in the case where all three of the following conditions are met:
\u2022 Softcat has no obligation to pay amounts to the \ufb01nance provider unless it collects equivalent amounts from the receivable;
\u2022 Softcat is prohibited from selling or pledging the receivable; and
\u2022 Softcat has an obligation to remit the cash received without material delay.
The transfer described above quali\ufb01es for derecognition as Softcat has transferred substantially all the risks and rewards of ownership
of the receivable. Its only continuing involvement following delivery is to act as agent in the receipt and transfer of cash payments
and, in line with the derecognition criteria set out above, the customer receivable is derecognised. Softcat does not retain or
regain ownership of any assets at the end of these arrangements and the \ufb01nance provider takes on the credit risk of future cash
\ufb02ows from the customer.
Cash \ufb02ows in respect of these arrangements are recognised within cash generated from operations and typically result in
a \u00a3Nil impact given that the Group acts as agent in the receipt and transfer of cash payments.
1.15 Pensions
The pension costs charged in the \ufb01nancial statements represent the contributions payable by the Group during the year on the
de\ufb01ned contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently
administered fund. The amounts charged to the income statement represent the contributions payable to the scheme in respect
of the accounting period and represent the full extent of the Group\u2019s liability.
1.16 Deferred taxation
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and
liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t and is accounted
for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible
temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
affects neither the tax pro\ufb01t nor the accounting pro\ufb01t.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised.
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to
equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
For deferred tax on leases, under the general approach of IAS 12, the depreciation of the right-of-use asset is regarded as
reducing the temporary difference that arose on initial recognition of the asset, and therefore gives rise to no tax effect. However,
the accretion of the \ufb01nance costs on the liability gives rise to an additional deductible temporary difference arising after initial
recognition of the liability, requiring recognition of a deferred tax asset. This gives rise to an immaterial deferred tax asset for the
years ended 31 July 2023 and 31 July 2024.
1.17 Current taxation
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the
reporting date in the countries where the Group operates and generates taxable income.
Current income tax relating to items recognised directly in equity is recognised in equity and not in the Consolidated statement
of pro\ufb01t or loss and other comprehensive income. Management periodically evaluates positions taken in the tax returns with respect
to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Softcat applies judgement in identifying uncertainties over income tax treatments and considered whether it has any uncertain
tax positions and determined that it is highly probable that its tax treatments will be accepted by the taxation authorities. Where
it is not probable that an uncertain tax treatment will be accepted the most likely amount or expected amount is recognised
depending on which method better predicts the resolution of the uncertainty.
1.18 Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into Pounds Sterling at the rates of exchange
ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
All differences are taken to the income statement.
The assets and liabilities of foreign operations are translated into Pounds Sterling at the rates of exchange ruling at the balance
sheet date. Income and expense items are translated using average exchange rates, which approximate to actual rates, for the
relevant accounting period. Exchange differences arising, if any, are classi\ufb01ed as other comprehensive income and recognised
in the foreign exchange translation reserve in the Consolidated statement of \ufb01nancial position.
1.19 Share-based payments
During the year the Group operated the following equity-settled share option schemes:
Share Incentive Plan (\u2018SIP\u2019)
The Group operates a SIP for employees who were awarded free shares following the initial public offering in November 2015.
Shares were allocated to employees on the basis of length of service. Free shares awarded to an employee under the SIP are
subject to a minimum holding period of three years following the date on which bene\ufb01cial interest in the relevant ordinary shares
is conferred by the SIP Trustee to the employee.
The fair value of the SIP shares was determined by the share price at date of grant, on 9 December 2015. A fair value charge was
recognised as an expense in the income statement over the vesting period with a corresponding increase in equity. The charge
was recognised only on the expected number of shares to vest. The assumption used for expected leavers within three years from
the date of award was calculated with reference to historical employee retention rates.
In addition, the Group\u2019s voluntary partnership share purchase programme, which is open to all eligible employees, is administered
through the SIP. Through this programme, employees have the option to purchase shares from their gross income, the cost of
which is not borne by the Group.
Long Term Incentive Plan (\u2018LTIP\u2019)
Details in relation to the Softcat LTIP awards to Executive Directors are included in the Directors\u2019 Remuneration Report on page 139.
LTIP awards will only vest and become exercisable upon achievement of performance targets, linked to earnings per share and
total shareholder return, as well as being conditional upon continued employment with the Group. The fair value is measured
using a suitable valuation model where appropriate. Non-market vesting conditions are taken into account by adjusting the
number of LTIP shares expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the
vesting period is based on the number of LTIP shares that will eventually vest. Market vesting conditions are factored into the fair
value of the LTIP shares granted. The cumulative expense is not adjusted for failure to meet a market vesting condition. The resulting
fair value charge is charged as an expense in the income statement over the vesting period with a corresponding increase in equity.
Employer\u2019s National Insurance contributions are payable, on exercise, on the market value of the award and are accrued for within
the share-based payments expense in the Consolidated statement of pro\ufb01t or loss and other comprehensive income.
Deferred shares
One-third of the Executive Directors\u2019 annual target bonus is paid in deferred shares. The Group accrues for the cost of the non-cash
bonus over a four-year period, including the year in which the bonus targets are assessed and the following three-year vesting
period. Employer\u2019s National Insurance contributions are payable, on exercise, on the market value of the award and are accrued
for within the share-based payments expense in the Consolidated statement of pro\ufb01t or loss and other comprehensive income.
1.20 Adjusted Performance Measures
The Group uses two non-Generally Accepted Accounting Practice (\u2018non-GAAP\u2019) \ufb01nancial measures in addition to those reported
in accordance with IFRS. The Directors believe that these non-GAAP measures, set out below, assist in providing additional useful
information on the underlying trends, sales performance and position of the Group. Gross invoiced income is a measure which
correlates closely to the cash received by the business and therefore aids the user\u2019s understanding of working capital movements
in the Consolidated statement of \ufb01nancial position and the relationship to sales performance and the mix of products sold.
Consequently, non-GAAP measures are used by the Directors and management for performance analysis, planning and
reporting and have remained consistent with the prior year. These non-GAAP measures comprise gross invoiced income and
cash conversion.
Gross invoiced income re\ufb02ects gross income billed to customers adjusted for deferred and accrued revenue as reported in the
IFRS measure. A reconciliation of IFRS revenue to gross invoiced income is provided within note 2, Segmental information.
Cash conversion ratio comprises cash \ufb02ows from operations net of capital expenditure as a percentage of operating pro\ufb01t.
Cash conversion is an indicator of the Group\u2019s ability to convert pro\ufb01ts into available cash.
A reconciliation to the adjusted measure for cash conversion is provided below:
2024 2023
Notes \u00a3\u2019000 \u00a3\u2019000
Net cash generated from operating activities
19
115,608
104,802
Income taxes paid
19
39,226
29,793
Cash generated from operations
154,834
134,595
Purchase of property, plant and equipment
7
(1,115)
(2,544)
Purchase of intangible assets
9
(6,017)
(701)
Cash generated from operations, net of capital expenditure
147,702
131,350
Operating pro\ufb01t
154,064
140,898
Cash conversion ratio
95.9%
93.2%
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-242": { "value": "
The principal activity of Softcat plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) is that of a value-added IT reseller
and IT infrastructure solutions provider to the corporate and public sector markets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-2": { "value": "Softcat plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-244": { "value": "Softcat plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-5": { "value": "Solar House, Fieldhouse Lane, Marlow, Buckinghamshire, SL7 1L", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-243": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-246": { "value": "
1.2 Basis of preparation
The Group has prepared the consolidated \ufb01nancial statements in accordance with UK-adopted international accounting
standards (IFRS) in accordance with the requirements of the Companies Act 2006. IFRS includes the application of International
Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019) and the IFRS
Interpretations Committee (\u2018IFRIC\u2019) interpretations.
Softcat US LLC, a Limited Liability Company (\u2018LLC\u2019) began trading on 1 February 2024 and is a wholly owned subsidiary of Softcat
plc. Prior to this, trade in the US was recorded within a branch of Softcat plc. Therefore, the consolidated \ufb01nancial statements have
been prepared for the \ufb01rst time in FY2024.
The consolidated \ufb01nancial statements of the Group have been prepared under the historical cost convention and are presented
in the Group\u2019s presentational and functional currency of Pounds Sterling and all values are rounded to the nearest thousand
(\u2018\u00a3\u2019000\u2019), except when otherwise stated.
The Group applied all standards and interpretations issued by the IASB that were effective as at 1 August 2023. The accounting
policies set out below have, unless otherwise stated (see below), been applied consistently to all periods presented in these
\ufb01nancial statements.
The consolidated \ufb01nancial statements include the results of Softcat plc, a company registered in the UK, and all its subsidiary
undertakings made up to the same accounting date. Subsidiary undertakings are those entities controlled by Softcat plc. Control
exists where the Group is exposed to, or has the rights to variable returns from its involvement with, the investee and has the
ability to use its power over the investee to affect its returns.
Consideration of climate change matters
The potential climate change-related risks and opportunities to which the Group and Company are exposed, as identi\ufb01ed
b
y management, are disclosed in the Group\u2019s Task Force on Climate-related Financial Disclosures (\u2018TCFD\u2019) disclosures in the
Annual Report. Management has assessed the potential \ufb01nancial impacts relating to the identi\ufb01ed risks and exercised judgement
in concluding that there are no material \ufb01nancial impacts of the Group and Company\u2019s climate-related risks and opportunities on
the \ufb01nancial statements. These judgements will be kept under review by management as the future impacts of climate change
depend on environmental, regulatory and other factors outside of the Group and Company\u2019s control which are not all
currently known.
Going concern
Overview
The consolidated Group and Company \ufb01nancial statements have been prepared on a going concern basis covering at least the
t
welve month period from the date of signing the \ufb01nancial statements.
In considering the going concern basis for preparing the \ufb01nancial statements, the Directors consider the Group and Company\u2019s
objectives and strategy, its principal risks and uncertainties in achieving its objectives and its review of business performance and
\ufb01nancial position, which are all set out in the Strategic Report (see pages 1 to 89) and Chief Financial Of\ufb01cer\u2019s Review sections (see
pages 38 to 41 of this Annual Report). Given the current macro-economic environment and considering the latest guidance issued
by the FRC the Directors have undertaken a fully comprehensive going concern review.
The Group has modelled three scenarios in its assessment of going concern. These are:
\u2022 the base case;
\u2022 the severe but plausible case; and
\u2022 the reverse stress test case.
Further details, including the analysis performed and conclusion reached, are set out below.
The Directors have reviewed detailed \ufb01nancial forecasts for a twelve-month period from the date of this report (the going concern
period) until 31 October 2025. All the forecasts re\ufb02ect the payment of the FY2024 dividend of \u00a377.9m which will be paid in
December 2024 subject to approval at the AGM.
Liquidity and \ufb01nancing position
At 31 July 2024, the Group held instantly accessible cash and cash equivalents of \u00a3158.5m, with net current assets of \u00a3281.2m.
N
ote 1 to the \ufb01nancial statements in the Annual Report includes the Group\u2019s objectives, policies and processes for managing its
capital, its \ufb01nancial risk management and its exposures to credit risk and liquidity risk. Operational cash \ufb02ow forecasts for the
going concern period are suf\ufb01cient to support the business with the \u00a375.0m cash \ufb02oor set by the Board not being breached.
There is a suf\ufb01cient level of liquidity headroom post-mitigation across the going concern forecast period in base and severe but
plausible scenarios considered and outlined in more detail below.
Challenging economic environment Management have, in all three scenarios, considered the principal challenges to short-term business performance which are expected to be: \u2022 an economic downturn in the UK economy, aided by high broad-based in\ufb02ation and interest rates; and \u2022 a higher risk of credit losses. Despite the challenging economic environment, the Group and Company have traded well, delivering double-digit year-on-year growth in gross pro\ufb01t and operating pro\ufb01t growth is ahead of expectations. The Board continue to monitor the global and national economic environment and organise operations accordingly. Base case The base case, which was approved by the Board in October 2024, takes into account the FY2025 budget process which includes estimated growth and increased cost across the going concern period and is consistent with the actual trading experience through to September 2025. The key inputs and assumptions in the base case include: \u2022 continued revenue growth in line with historic rates; \u2022 rebate income continues to be received in proportion to cost of sales as in FY2024; \u2022 employee commission is incurred in line with the gross margin; and \u2022 increased levels of cost to re\ufb02ect continued investment in our people and the businesses IT infrastructure. The Group has taken a measured approach to the base case and has balanced the expected trading conditions with available opportunities in an increasingly resilient area of customer spend, which is supported by the current \ufb01nancial position. In making our forecasts we balanced our customer needs alongside employee welfare. Year to date trading to the end of September 2025 is consistent with the base case forecast. Severe but plausible case Given the current economic challenges facing our customer base and supply chain, we have modelled a severe but plausible scenario. In this case we have modelled a decline in revenue, versus the base case, which is below any historic trend and more severe than experienced during the height of the COVID-19 pandemic. Further impacts of this scenario such as reduced margins and greater credit losses have also been considered. The key inputs and assumptions, compared to the base case, include: \u2022 an average 5% reduction in revenue; \u2022 reduced gross pro\ufb01t margins of 0.5% in the period; \u2022 additional bad debt write offs of \u00a34.2m across the forecast period; \u2022 an average 5% reduction in rebates; \u2022 extending the debtor days from historic levels achieved and no change to historic supplier payment days by an additional three days; \u2022 paying a reduced interim dividend in line with lower pro\ufb01tability but still within the range set out in the dividend policy; and \u2022 commission cost adjusted downwards in line with reduced pro\ufb01tability and cost of sales, but at the same percentage rates as in the base case. The purpose of this scenario was to consider if there was a signi\ufb01cant risk that the Group and Company would move to being cash negative in any of the months in the going concern period. Even at these lower levels of activity, which the Directors believe is a highly unlikely outcome, the Group continues to be pro\ufb01table and maintains a positive cash balance at all times. Despite this, management have modelled further cost saving and working capital action (see mitigating actions) that will enable the Group to mitigate the impact of reduced cash generation further and achieve the Board\u2019s desired minimum cash position, should this scenario occur. The Directors are con\ufb01dent that they can implement these actions if required. Mitigating actions There are several potential management actions that have not been included in the severe but plausible forecast, including signi\ufb01cant cost reduction measures and additional annual working capital savings. The actions, which if implemented would offset the reduced activity, include: \u2022 savings in discretionary areas of spend; \u2022 delayed payment to suppliers foregoing early settlement discount; and \u2022 short-term supplier payment management. The mitigations are deemed achievable and reasonable as the Group bene\ufb01ts from a \ufb02exible business model with a high proportion of costs linked to performance. Reverse stress test The Directors have performed an analysis of each variable used in the severe but plausible case that would, standalone, trigger a threat to the going concern status of the business. This reverse stress testing goes beyond what is considered in the severe but plausible scenario to understand the limits of the business model. Before a negative cash balance within the going concern period is likely, the following key inputs and assumptions, compared to the base case, would be required: \u2022 a reduction in sales of 90%; \u2022 a reduction in gross margin of 8%; and \u2022 extending the debtor days by an additional twelve days. The Board considers the forecasts and assumptions used in the reverse stress tests, as well as the events that could lead to it, to be remote. Going concern conclusion Based on the forecast and the scenarios modelled, together with the performance of the Group and Company to date, the Directors consider that the Group and Company have suf\ufb01cient liquidity headroom to continue in operational existence for the twelve-month period from the date of this report (the going concern period) until 31 October 2025. Accordingly, at the October 2024 Board meeting, the Directors concluded from this analysis it was appropriate to continue to adopt the going concern basis in preparing the consolidated \ufb01nancial statements. Should the impact of these conditions be even more prolonged or severe than currently forecast by the Directors under the severe but plausible case scenario, the Group and Company would need to implement additional operational or \ufb01nancial measures. In relation to the identi\ufb01ed potential climate change-related risks and opportunities, the Directors do not believe there would be a material impact on cash \ufb02ows in the going concern period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-286": { "value": "The Group has prepared the consolidated \ufb01nancial statements in accordance with UK-adopted international accounting standards (IFRS) in accordance with the requirements of the Companies Act 2006. IFRS includes the application of International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019) and the IFRS Interpretations Committee (\u2018IFRIC\u2019) interpretations. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-287": { "value": "The consolidated \ufb01nancial statements of the Group have been prepared under the historical cost convention and are presented in the Group\u2019s presentational and functional currency of Pounds Sterling and all values are rounded to the nearest thousand (\u2018\u00a3\u2019000\u2019), except when otherwise stated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-288": { "value": "Going concern Overview The consolidated Group and Company \ufb01nancial statements have been prepared on a going concern basis covering at least the t welve month period from the date of signing the \ufb01nancial statements. In considering the going concern basis for preparing the \ufb01nancial statements, the Directors consider the Group and Company\u2019s objectives and strategy, its principal risks and uncertainties in achieving its objectives and its review of business performance and \ufb01nancial position, which are all set out in the Strategic Report (see pages 1 to 89) and Chief Financial Of\ufb01cer\u2019s Review sections (see pages 38 to 41 of this Annual Report). Given the current macro-economic environment and considering the latest guidance issued by the FRC the Directors have undertaken a fully comprehensive going concern review. The Group has modelled three scenarios in its assessment of going concern. These are: \u2022 the base case; \u2022 the severe but plausible case; and \u2022 the reverse stress test case. Further details, including the analysis performed and conclusion reached, are set out below. The Directors have reviewed detailed \ufb01nancial forecasts for a twelve-month period from the date of this report (the going concern period) until 31 October 2025. All the forecasts re\ufb02ect the payment of the FY2024 dividend of \u00a377.9m which will be paid in December 2024 subject to approval at the AGM. Liquidity and \ufb01nancing position At 31 July 2024, the Group held instantly accessible cash and cash equivalents of \u00a3158.5m, with net current assets of \u00a3281.2m. N ote 1 to the \ufb01nancial statements in the Annual Report includes the Group\u2019s objectives, policies and processes for managing its capital, its \ufb01nancial risk management and its exposures to credit risk and liquidity risk. Operational cash \ufb02ow forecasts for the going concern period are suf\ufb01cient to support the business with the \u00a375.0m cash \ufb02oor set by the Board not being breached. There is a suf\ufb01cient level of liquidity headroom post-mitigation across the going concern forecast period in base and severe but plausible scenarios considered and outlined in more detail below. Challenging economic environment Management have, in all three scenarios, considered the principal challenges to short-term business performance which are expected to be: \u2022 an economic downturn in the UK economy, aided by high broad-based in\ufb02ation and interest rates; and \u2022 a higher risk of credit losses. Despite the challenging economic environment, the Group and Company have traded well, delivering double-digit year-on-year growth in gross pro\ufb01t and operating pro\ufb01t growth is ahead of expectations. The Board continue to monitor the global and national economic environment and organise operations accordingly. Base case The base case, which was approved by the Board in October 2024, takes into account the FY2025 budget process which includes estimated growth and increased cost across the going concern period and is consistent with the actual trading experience through to September 2025. The key inputs and assumptions in the base case include: \u2022 continued revenue growth in line with historic rates; \u2022 rebate income continues to be received in proportion to cost of sales as in FY2024; \u2022 employee commission is incurred in line with the gross margin; and \u2022 increased levels of cost to re\ufb02ect continued investment in our people and the businesses IT infrastructure. The Group has taken a measured approach to the base case and has balanced the expected trading conditions with available opportunities in an increasingly resilient area of customer spend, which is supported by the current \ufb01nancial position. In making our forecasts we balanced our customer needs alongside employee welfare. Year to date trading to the end of September 2025 is consistent with the base case forecast. Severe but plausible case Given the current economic challenges facing our customer base and supply chain, we have modelled a severe but plausible scenario. In this case we have modelled a decline in revenue, versus the base case, which is below any historic trend and more severe than experienced during the height of the COVID-19 pandemic. Further impacts of this scenario such as reduced margins and greater credit losses have also been considered. The key inputs and assumptions, compared to the base case, include: \u2022 an average 5% reduction in revenue; \u2022 reduced gross pro\ufb01t margins of 0.5% in the period; \u2022 additional bad debt write offs of \u00a34.2m across the forecast period; \u2022 an average 5% reduction in rebates; \u2022 extending the debtor days from historic levels achieved and no change to historic supplier payment days by an additional three days; \u2022 paying a reduced interim dividend in line with lower pro\ufb01tability but still within the range set out in the dividend policy; and \u2022 commission cost adjusted downwards in line with reduced pro\ufb01tability and cost of sales, but at the same percentage rates as in the base case. The purpose of this scenario was to consider if there was a signi\ufb01cant risk that the Group and Company would move to being cash negative in any of the months in the going concern period. Even at these lower levels of activity, which the Directors believe is a highly unlikely outcome, the Group continues to be pro\ufb01table and maintains a positive cash balance at all times. Despite this, management have modelled further cost saving and working capital action (see mitigating actions) that will enable the Group to mitigate the impact of reduced cash generation further and achieve the Board\u2019s desired minimum cash position, should this scenario occur. The Directors are con\ufb01dent that they can implement these actions if required. Mitigating actions There are several potential management actions that have not been included in the severe but plausible forecast, including signi\ufb01cant cost reduction measures and additional annual working capital savings. The actions, which if implemented would offset the reduced activity, include: \u2022 savings in discretionary areas of spend; \u2022 delayed payment to suppliers foregoing early settlement discount; and \u2022 short-term supplier payment management. The mitigations are deemed achievable and reasonable as the Group bene\ufb01ts from a \ufb02exible business model with a high proportion of costs linked to performance. Reverse stress test The Directors have performed an analysis of each variable used in the severe but plausible case that would, standalone, trigger a threat to the going concern status of the business. This reverse stress testing goes beyond what is considered in the severe but plausible scenario to understand the limits of the business model. Before a negative cash balance within the going concern period is likely, the following key inputs and assumptions, compared to the base case, would be required: \u2022 a reduction in sales of 90%; \u2022 a reduction in gross margin of 8%; and \u2022 extending the debtor days by an additional twelve days. The Board considers the forecasts and assumptions used in the reverse stress tests, as well as the events that could lead to it, to be remote. Going concern conclusion Based on the forecast and the scenarios modelled, together with the performance of the Group and Company to date, the Directors consider that the Group and Company have suf\ufb01cient liquidity headroom to continue in operational existence for the twelve-month period from the date of this report (the going concern period) until 31 October 2025. Accordingly, at the October 2024 Board meeting, the Directors concluded from this analysis it was appropriate to continue to adopt the going concern basis in preparing the consolidated \ufb01nancial statements. Should the impact of these conditions be even more prolonged or severe than currently forecast by the Directors under the severe but plausible case scenario, the Group and Company would need to implement additional operational or \ufb01nancial measures. In relation to the identi\ufb01ed potential climate change-related risks and opportunities, the Directors do not believe there would be a material impact on cash \ufb02ows in the going concern period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-247": { "value": "Basis of consolidation The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the Company and its subsidiaries as at 31 July 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Speci\ufb01cally, the Group controls an investee if, and only if, the Group has: \u2022 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption, and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 the contractual arrangement(s) with the other vote holders of the investee; \u2022 rights arising from other contractual arrangements; and \u2022 the Group\u2019s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated \ufb01nancial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-289": { "value": "1.3 Adoption of new and revised standards Finance (No. 2) Bill 2023, which includes Pillar Two legislation, was substantively enacted on 20 June 2023. The Group has applied the mandatory exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes as required by the amendments to IAS 12 International Tax Reform\u2013Pillar Two Model Rules which was issued in May 2023. There have been no other new standards effective, or issued but not yet effective, in the year to 31 July 2024, that materially affect Softcat. There have also been no changes to accounting standards that will materially affect Softcat based on existing standards. A number of new or amended standards became applicable for the current reporting period. These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods: \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of accounting policies. \u2022 Amendments to IAS 8 De\ufb01nition of accounting estimates. \u2022 Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction. \u2022 Amendments to IAS 12 Pillar Two model rules. \u2022 Implementation of IFRS 17 Insurance contracts. New standards and interpretations not yet applied The following new or amended IFRS accounting standards, amendments and interpretations are not yet adopted and it is e xpected that where applicable, these standards and amendments will be adopted on each respective effective date: \u2022 Amendments to IAS 1 Presentation of \ufb01nancial statements: non-current liabilities with covenants. \u2022 Amendments to IFRS 16 Lease liability in a sale and leaseback. \u2022 Amendments to IAS 7 and IFRS 7 Supplier \ufb01nance arrangements. These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-248": { "value": "1.3 Adoption of new and revised standards Finance (No. 2) Bill 2023, which includes Pillar Two legislation, was substantively enacted on 20 June 2023. The Group has applied the mandatory exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes as required by the amendments to IAS 12 International Tax Reform\u2013Pillar Two Model Rules which was issued in May 2023. There have been no other new standards effective, or issued but not yet effective, in the year to 31 July 2024, that materially affect Softcat. There have also been no changes to accounting standards that will materially affect Softcat based on existing standards. A number of new or amended standards became applicable for the current reporting period. These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods: \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of accounting policies. \u2022 Amendments to IAS 8 De\ufb01nition of accounting estimates. \u2022 Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction. \u2022 Amendments to IAS 12 Pillar Two model rules. \u2022 Implementation of IFRS 17 Insurance contracts. New standards and interpretations not yet applied The following new or amended IFRS accounting standards, amendments and interpretations are not yet adopted and it is e xpected that where applicable, these standards and amendments will be adopted on each respective effective date: \u2022 Amendments to IAS 1 Presentation of \ufb01nancial statements: non-current liabilities with covenants. \u2022 Amendments to IFRS 16 Lease liability in a sale and leaseback. \u2022 Amendments to IAS 7 and IFRS 7 Supplier \ufb01nance arrangements. These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-290": { "value": "1.4 Critical accounting judgements and key sources of estimation uncertainty When applying the Group\u2019s accounting policies, management must make a number of key judgements involving estimates and assumptions concerning the future. These estimates and judgements are based on factors considered to be relevant, including historical experience that may differ signi\ufb01cantly from the actual outcome. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year include: Revenue cut-off The Group\u2019s management information systems are con\ufb01gured to recognise revenue upon noti\ufb01cation of dispatch from the supplier or distributor which in instances, especially regarding physical shipments, may not be aligned to when control has been transferred to the customer and the performance obligation has been met by the Group. Management therefore performs an exercise to capture items that may have been dispatched from the distributor but not delivered in the \ufb01nancial year, and subsequently defers the recognition of revenue and associated cost into the following year. This gives rise to a deferred income, which is recognised as a contract liability, and associated inventory in the Consolidated statement of \ufb01nancial position. The exercise applied includes assumptions, which management believes are reasonable, in order to identify items that \ufb01t the criteria for deferral. Separately, management reviews individual large transactions on a case-by-case basis, which reduces the opportunity for error. The key judgements that are made in the cut-off process are as follows: \u2022 When identifying transactions to review in the cut-off process, management limits the review period to a \ufb01xed number of days before and after the period end and validates the date of dispatch. \u2022 Management incorporates a one-day shipment delay assumption onto the sale of hardware items to re\ufb02ect the time taken between vendor shipment and customer delivery. We further assess a \ufb01ve-day risk window for international hardware shipments. In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most signi\ufb01cant effect on the amounts recognised in the \ufb01nancial statements: Principal versus agent Signi\ufb01cant judgement is required in determining whether the Group is acting as principal, reporting revenue on a gross basis, or agent, reporting revenue on a net basis. Softcat evaluates each revenue stream against the following indicators when determining whether it is acting as principal or agent in a transaction: (i) primary responsibility for ful\ufb01lling the promise to provide the speci\ufb01ed goods or service; (ii) inventory risk before the speci\ufb01ed good or service has been transferred to a customer; and (iii) discretion in establishing the price for the speci\ufb01ed good or service. Certain revenue streams present a more balanced judgement than others when assessed against the above criteria and the conclusion may be reliant on the weighting applied to the responses to these criteria. When applying the weighting and concluding on whether principal or agent treatment is appropriate, the Group exercises signi\ufb01cant levels of judgement due to the balanced nature of the assessment. The speci\ufb01c judgements made for each revenue category are discussed in the accounting policy for revenue as disclosed below. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-249": { "value": "1.4 Critical accounting judgements and key sources of estimation uncertainty When applying the Group\u2019s accounting policies, management must make a number of key judgements involving estimates and assumptions concerning the future. These estimates and judgements are based on factors considered to be relevant, including historical experience that may differ signi\ufb01cantly from the actual outcome. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year include: Revenue cut-off The Group\u2019s management information systems are con\ufb01gured to recognise revenue upon noti\ufb01cation of dispatch from the supplier or distributor which in instances, especially regarding physical shipments, may not be aligned to when control has been transferred to the customer and the performance obligation has been met by the Group. Management therefore performs an exercise to capture items that may have been dispatched from the distributor but not delivered in the \ufb01nancial year, and subsequently defers the recognition of revenue and associated cost into the following year. This gives rise to a deferred income, which is recognised as a contract liability, and associated inventory in the Consolidated statement of \ufb01nancial position. The exercise applied includes assumptions, which management believes are reasonable, in order to identify items that \ufb01t the criteria for deferral. Separately, management reviews individual large transactions on a case-by-case basis, which reduces the opportunity for error. The key judgements that are made in the cut-off process are as follows: \u2022 When identifying transactions to review in the cut-off process, management limits the review period to a \ufb01xed number of days before and after the period end and validates the date of dispatch. \u2022 Management incorporates a one-day shipment delay assumption onto the sale of hardware items to re\ufb02ect the time taken between vendor shipment and customer delivery. We further assess a \ufb01ve-day risk window for international hardware shipments. In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most signi\ufb01cant effect on the amounts recognised in the \ufb01nancial statements: Principal versus agent Signi\ufb01cant judgement is required in determining whether the Group is acting as principal, reporting revenue on a gross basis, or agent, reporting revenue on a net basis. Softcat evaluates each revenue stream against the following indicators when determining whether it is acting as principal or agent in a transaction: (i) primary responsibility for ful\ufb01lling the promise to provide the speci\ufb01ed goods or service; (ii) inventory risk before the speci\ufb01ed good or service has been transferred to a customer; and (iii) discretion in establishing the price for the speci\ufb01ed good or service. Certain revenue streams present a more balanced judgement than others when assessed against the above criteria and the conclusion may be reliant on the weighting applied to the responses to these criteria. When applying the weighting and concluding on whether principal or agent treatment is appropriate, the Group exercises signi\ufb01cant levels of judgement due to the balanced nature of the assessment. The speci\ufb01c judgements made for each revenue category are discussed in the accounting policy for revenue as disclosed below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-250": { "value": "1.5 Revenue recognition Revenue is recognised based on the completion of performance obligations at the transaction price allocated to the performance obligation. The transaction price is determined by the price speci\ufb01ed in the underlying contract or order. Where the contracts include multiple performance obligations, the transaction price will be allocated to each performance obligation based on the stand-alone selling prices. No discounts, loyalty points or returns are offered to customers. All performance obligations are separately listed as individual items on the order and the price is allocated on this basis. A performance obligation is satis\ufb01ed when control of the promised good or service is transferred to the customer. The following indicators are used by the Group in determining when control has passed to the customer: (i) the Group has a right to payment for the product or service; (ii) the customer has legal title to the product; (iii) the Group has transferred physical possession of the product to the customer; (iv) the customer has the signi\ufb01cant risks and rewards of ownership of the product; and (v) the customer has accepted the product. Principal versus agent The Group evaluates the following indicators amongst others when determining whether it is acting as a principal or agent in the t ransaction and recording revenue on a gross, or net, basis: (i) the Group is primarily responsible for ful\ufb01lling the promise to provide the speci\ufb01ed goods or service; (ii) the Group has inventory risk before the speci\ufb01ed good or service has been transferred to a customer; and (iii) the Group has discretion in establishing the price for the speci\ufb01ed good or service. Hardware revenue The Group sells hardware that is sourced from and delivered by multiple vendors and distributors. Revenues from sales of hardware products are recognised on a gross basis as the Group is acting as a principal in these transactions, with the gross value of the consideration from the customer recorded as revenue with the exception of public sector partner business revenue as explained below. The Group is acting as principal as it has primary responsibility for the acceptability of goods sold following the provision of consulting services which are not considered to be separately identi\ufb01able. Softcat is also exposed to inventory risk during the delivery period and establishes the selling price itself. Revenue from the sale of these goods is recognised when the control has passed to the buyer, therefore the Group has satis\ufb01ed its performance obligation. In line with industry standard terms, payment is generally due 30 days after invoice date. Vendors typically provide standard warranties on most of the hardware products the Group sells. These manufacturer warranties are assurance-type warranties and are not considered separate performance obligations. The warranties are not sold separately and only provide assurance that products will conform with the manufacturer\u2019s speci\ufb01cations. Software revenue Revenue from software licence sales is recognised on a net basis as the Group is acting as an agent in these transactions at the point the software licence is delivered to the customer. The Group is deemed to be acting as agent in these transactions as these products are intangible, customer speci\ufb01c and in most cases sent directly to customers by the vendor electronically, removing inventory risk for the Group prior to delivery. Despite the ability to set pricing, the lack of inventory risk and the vendor having primary responsibility for the product meeting customer speci\ufb01cations, through largely standardised products, underline that these sales should be recorded as agent. The revenue associated with the licence sale is recognised upon the transfer of the licence to the customer. At this point Softcat has satis\ufb01ed its performance obligations. Payment is generally due 30 days from invoice date. The Group sells cloud computing solutions which include Software as a Service (\u2018SaaS\u2019). SaaS solutions utilise third-party partners to offer the Group\u2019s customers access to software in the cloud that enhances of\ufb01ce productivity, provides security or assists in collaboration. As the Group has satis\ufb01ed its performance obligations by arranging the transfer of the licensing to the customer, revenue is recognised in full at that point on a net basis as the Group is acting as an agent in the transaction, with an invoice subsequently raised. Payment is generally due within 30 days from invoice date. The Group offers access to corporate enterprise agreements, a speci\ufb01c licensing program for eligible customers, exclusively through a single vendor. For these transactions the Group introduces the customer to the vendor who then ful\ufb01ls the sale, including transfer of licensing, invoicing and cash collection, without further involvement of the Group. In return for this introduction the vendor compensates the Group with a fee as the Group has satis\ufb01ed its performance obligations at the point of initial transaction being completed between the vendor and the customer. This fee is recognised net as the Group is acting as an agent in these transactions. Payment is generally due within 30 days of the initial transaction between the vendor and the customer. Service revenue Softcat sells professional services days which are ful\ufb01lled by either Softcat\u2019s own internal team of consultants or by consultants provided by third parties. The Group recognises the revenue on these transactions, irrespective of whether they are ful\ufb01lled internally or externally, when con\ufb01rmation has been received from the customer that the work has been satisfactorily completed. In most cases there is a short timeframe between a customer order and subsequent delivery of the sold service days. As such, the Group does not recognise revenue on a percentage completion basis as this would not have a material impact. On rare occasions the Group will sell professional service days which cover an extended period. For these transactions, management assesses the individual contract and, if required, recognises the revenue over time according to the output method. Softcat recognises revenue on the basis of direct measurements of the value to the customer which for professional days would be days completed as a percentage of total days. Revenue is recognised on a gross basis; the Group is deemed to be acting as principal in these transactions as it is responsible for selecting the external party, where relevant, for the acceptability of the services and for determining the price charged to the customer. The Group also provides hosted managed services to its customers offering Infrastructure as a Service (\u2018IAAS\u2019) and managed print services among others. The Group hosts these services using internal resources and recognises revenue on a straight-line basis over the contractual service period. The Group recognises the respective revenue on a gross basis as the Group is acting as a principal in the transaction as it has both managerial involvement and effective control over the services being provided throughout the contract period. Softcat also sells extended or enhanced warranty products provided by third parties. These warranties are sold separately to hardware and provide the customer with a service in addition to assurance that the product will function as expected. For these enhanced warranty products, the Group is arranging for those services to be provided by the third party over an extended period and therefore is acting as an agent in the transaction and records revenue on a net basis at the point of sale. Revenue from such services is recognised in full at the point of service commencement as the Group has no ongoing obligation in relation to delivery of the underlying service. Payments for these goods are generally received on industry standard terms of 30 days from the date of invoice. Public sector partner business revenue The Group transacts with several partners in the public sector where the partner is responsible for the solution and customer relationship. These transactions incorporate the provision of hardware, software or services to the end customer. For this business, the Group\u2019s responsibilities of invoicing and cash collection are more aligned to those of an agent and therefore this business is recognised as agent and presented net of cost of sales. Revenue is recognised in full on satisfactory completion of the work by the partner, as this is the point the Group has satis\ufb01ed its performance obligations. Payment is generally due within 30 days from completion of the work. Deferred costs IFRS 15 requires certain costs to ful\ufb01l a contract to be recognised as a separate asset. These costs are deferred until the performance obligation to which they relate has been met. Deferred costs are measured at the purchase price of the associated goods or services received. Deferred costs are released from the Consolidated statement of \ufb01nancial position in line with the recognition of revenue on the speci\ufb01c transaction. There are no signi\ufb01cant or material judgements made by management in the measurement or recognition of these deferred costs, as costs are matched to an associated sale and the period of deferral is typically short. Commissions have been incurred in respect of contracts whereby the performance obligation has not yet been satis\ufb01ed; however, the Group has applied the practical expedient and recognised the commission as an expense when incurred given that the period over which the commission would have been recognised is less than a year. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which Softcat has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before Softcat transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). This occurs infrequently and is usually to support the wishes of the customer who sometimes may prefer to provide funds up front which can then be allocated to future orders. Contract liabilities are recognised as revenue when Softcat performs obligations under the contract. Further details of contract balances are provided in note 13. 1.6 Cost of sales The Group recognises cost of sales at the point at which it recognises revenue as explained above. Cost of sales predominantly relates to the cost of goods or services purchased from suppliers and then sold to customers. In addition to these costs, the following elements are also included within cost of sales: Rebates Included within cost of sales are rebates received from commercial partners. Further details are provided on rebates in note 1.7 below. Managed service infrastructure costs The Group operates its own network operating centre which facilitates the selling of Softcat hosted managed services. The costs of maintaining this capability include, but are not limited to, the rental of space in data warehouses, energy and licensing costs. These costs represent the cost of sale of selling hosted managed service solutions and are included within cost of sales. Funded training costs The Group carries out numerous training programmes, activities and schemes that aim to educate its sales force and internally promote the products the business resells. The costs of these activities are recognised within cost of sales. Early settlement discounts Through the normal course of business, the Group receives credits from distributors and suppliers for the prompt settlement of invoices. Softcat recognises these discounts in cost of sales as they are considered to be a reduction in the cost of goods sold. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-251": { "value": "1.7 Rebates Rebates from suppliers are accounted for in the period in which they are earned and are based on commercial agreements with suppliers. Rebates earned are mainly sales volume related and are generally short term in nature, with rebates earned but not yet received typically relating to the preceding quarter\u2019s trading. Other forms of rebate received from commercial partners include income from training provided to staff. Rebate income is recognised in cost of sales in the Consolidated statement of pro\ufb01t or loss and other comprehensive income and rebates earned but not yet received are included within accrued income in the Consolidated statement of \ufb01nancial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-291": { "value": "1.8 Interest income Interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate (\u2018EIR\u2019) applicable. The EIR is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the \ufb01nancial instrument or a shorter period, where appropriate, to the net carrying amount of the \ufb01nancial asset or liability. Interest income is included in \ufb01nance income in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-252": { "value": "1.8 Interest income Interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate (\u2018EIR\u2019) applicable. The EIR is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the \ufb01nancial instrument or a shorter period, where appropriate, to the net carrying amount of the \ufb01nancial asset or liability. Interest income is included in \ufb01nance income in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-292": { "value": "1.9 Property, plant and equipment Property, plant and equipment other than freehold land is stated at cost, net of accumulated depreciation and/or impairment losses, if any. If the costs of certain components of an item of property, plant and equipment are signi\ufb01cant in relation to the total cost of the item, they are accounted for and depreciated separately. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, as follows: Freehold buildings \ufb01fty years straight line Building improvements remaining period of lease \u2013 ten years straight line Computer equipment three to \ufb01ve years straight line Fixtures, \ufb01ttings and equipment six years straight line Motor vehicles three years straight line Land is not depreciated. An item of property, plant and equipment and any signi\ufb01cant part initially recognised is derecognised upon disposal or when no future economic bene\ufb01ts are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the net disposal proceeds and the carrying amount of the asset and is recognised in the income statement when the asset is derecognised. Building improvements relate to expenditure on improving both leasehold property and the freehold property of Solar House in Marlow. Improvements to Solar House are depreciated over a ten-year period, which represents their useful life. Leasehold improvements are depreciated over their useful life which is the lesser of the remaining length of the lease or ten years. The residual values, useful lives and methods of depreciation are reviewed for reasonableness at each \ufb01nancial year end and adjusted for prospectively if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-253": { "value": "1.9 Property, plant and equipment Property, plant and equipment other than freehold land is stated at cost, net of accumulated depreciation and/or impairment losses, if any. If the costs of certain components of an item of property, plant and equipment are signi\ufb01cant in relation to the total cost of the item, they are accounted for and depreciated separately. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, as follows: Freehold buildings \ufb01fty years straight line Building improvements remaining period of lease \u2013 ten years straight line Computer equipment three to \ufb01ve years straight line Fixtures, \ufb01ttings and equipment six years straight line Motor vehicles three years straight line Land is not depreciated. An item of property, plant and equipment and any signi\ufb01cant part initially recognised is derecognised upon disposal or when no future economic bene\ufb01ts are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the net disposal proceeds and the carrying amount of the asset and is recognised in the income statement when the asset is derecognised. Building improvements relate to expenditure on improving both leasehold property and the freehold property of Solar House in Marlow. Improvements to Solar House are depreciated over a ten-year period, which represents their useful life. Leasehold improvements are depreciated over their useful life which is the lesser of the remaining length of the lease or ten years. The residual values, useful lives and methods of depreciation are reviewed for reasonableness at each \ufb01nancial year end and adjusted for prospectively if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-254": { "value": "1.10 Intangible assets Intangible assets are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. Intangible assets with a \ufb01nite useful life are assessed for impairment whenever there is an indication that the intangible asset may be impaired. Amortisation is provided for at rates calculated to write off the cost of each asset over its expected useful life, as follows: Computer software three to \ufb01fteen years straight line Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use it; \u2022 there is an ability to use the software; \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts; \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. The amortisation expense on intangible assets with \ufb01nite lives is recognised in the income statement in the expense category consistent with the function of the intangible assets. The amortisation period and the amortisation method are reviewed at least at the end of each reporting period. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-293": { "value": "1.10 Intangible assets Intangible assets are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. Intangible assets with a \ufb01nite useful life are assessed for impairment whenever there is an indication that the intangible asset may be impaired. Amortisation is provided for at rates calculated to write off the cost of each asset over its expected useful life, as follows: Computer software three to \ufb01fteen years straight line Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use it; \u2022 there is an ability to use the software; \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts; \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. The amortisation expense on intangible assets with \ufb01nite lives is recognised in the income statement in the expense category consistent with the function of the intangible assets. The amortisation period and the amortisation method are reviewed at least at the end of each reporting period. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-255": { "value": "1.11 Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Group\u2019s income statement, unless the Group has both a contractual right to take possession of the software at any time without signi\ufb01cant penalty, and the ability to run the software independently of the host vendor. In such cases, the licence agreement is capitalised as software within intangible assets. Costs to con\ufb01gure or customise a cloud software licence are expensed alongside the related service contract in the Group\u2019s income statement, unless they create a separately identi\ufb01able resource controlled by the Group, in which case they are capitalised. ", "dimensions": { "concept": "softcatplc:DescriptionOfAccountingPolicyForCloudSoftwareLicenceAgreements", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-256": { "value": "1.12 Leases A lease is a contract or part of a contract that conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. The Group\u2019s leases, which predominantly relate to property leases, are recognised in line with IFRS 16. The leases policy under IFRS 16 is as follows: i) Right-of-use assets Softcat recognises right-of use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Property lease assets three to ten years straight line The right-of-use assets are also subject to impairment reviews. ii) Lease liabilities At the commencement date of the lease, Softcat recognises lease liabilities measured at the present value of lease payments to be made over the lease term adjusted for any termination options. The lease payments include \ufb01xed payments, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Payments to be made under the reasonably certain extension option are also included. In calculating the present value of the lease payments, Softcat uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to re\ufb02ect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in the lease term, a change in the lease payments from a change in index or rate, or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases and leases of low value assets Softcat applies the short-term lease recognition exemption to any short-term leases it enters into (i.e. those leases that have a lease term of twelve months or less from the commencement date and do not contain a purchase option). Softcat also applies the lease of low-value assets recognition exemption to leases that are considered to be low value and under \u00a35,000. Lease payments on low-value assets and short-term leases are recognised as an expense on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-257": { "value": "1.13 Inventories Inventories are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs to sell. Inventories include goods in transit and other products ordered to ful\ufb01l customer orders where the right of ownership is yet to transfer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-258": { "value": "1.14 Financial instruments Financial assets The Group\u2019s \ufb01nancial assets include cash and cash equivalents and trade and other receivables. All \ufb01nancial assets are recognised when the Group becomes party to the contractual provisions of the instrument. i) Trade receivables Trade receivables are recognised and measured at the transaction price less allowance for expected credit losses. Trade receivables do not carry interest. The simpli\ufb01ed approach on expected credit losses (\u2018ECLs\u2019) for trade receivables and contract assets has been used as there is not a signi\ufb01cant \ufb01nancing component to these assets. In accordance with the simpli\ufb01ed approach for impairment of trade receivables and accrued income under IFRS 9, the loss allowance for trade receivables is always measured at an amount equal to lifetime expected credit losses and includes a forward-looking element as well as an assessment based on history and experience. Factors considered when assessing the expected credit losses include prior experience, speci\ufb01c customer credit ratings, communication quality, industry factors and the current economic climate. Due to the size of the receivables ledger and the volume of smaller balances, it is not possible to review all balances individually and therefore a portion of the ledger is reviewed collectively and provided for as such. More material or higher risk balances are reviewed individually looking at speci\ufb01c circumstances including payment history, the forecast of economic conditions in the sector the customer operates in, communication quality and responsiveness, to determine future expected credit losses, and are provided for individually with respect to the perceived level of risk. In addition, any entities that are in administration or have been passed to debt collection are provided for individually. Unbilled receivables are recognised when a contract results in completion of a performance obligation in advance of the customer being invoiced. ii) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand, call deposits and bank overdrafts. Cash and cash equivalent balances have a maturity of three months or less and are subject to an insigni\ufb01cant level of risk to change in value. iii) Accrued income Accrued income predominantly relates to supplier rebates and is recognised according to both rebate agreements and supplier spend in the \ufb01nancial year. As accrued income has a contractual right to receive cash, it is a \ufb01nancial asset and therefore also subject to loss allowances under IFRS 9. The loss allowance for accrued income is measured at an amount equal to lifetime expected credit losses and includes a forward-looking element as well as an assessment based on history and experience. Factors considered when assessing the expected credit losses include prior experience, supplier credit ratings, communication quality, industry norms and the current economic climate. Financial liabilities Financial liabilities are classi\ufb01ed according to the substance of the contractual arrangements entered into. The Group\u2019s \ufb01nancial liabilities comprise trade and other payables. All \ufb01nancial liabilities are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. i) Trade payables Trade payables are initially measured at fair value. Trade payables due after one year are measured at amortised cost, using the effective interest rate method. Derecognised \ufb01nancial instruments For a small number of customers, Softcat acts as intermediary to provide \ufb01nancing arrangements between the customer and a third-party \ufb01nancing provider. Following the delivery of the goods or services, which represents our performance obligation in full, Softcat receives settlement of the customer invoice, by the third-party \ufb01nancing company. Receivables are derecognised only when Softcat has transferred the receivable, meaning that it has retained the contractual rights to the cash \ufb02ows, but has assumed an obligation to pay those cash \ufb02ows to the \ufb01nance provider, in the case where all three of the following conditions are met: \u2022 Softcat has no obligation to pay amounts to the \ufb01nance provider unless it collects equivalent amounts from the receivable; \u2022 Softcat is prohibited from selling or pledging the receivable; and \u2022 Softcat has an obligation to remit the cash received without material delay. The transfer described above quali\ufb01es for derecognition as Softcat has transferred substantially all the risks and rewards of ownership of the receivable. Its only continuing involvement following delivery is to act as agent in the receipt and transfer of cash payments and, in line with the derecognition criteria set out above, the customer receivable is derecognised. Softcat does not retain or regain ownership of any assets at the end of these arrangements and the \ufb01nance provider takes on the credit risk of future cash \ufb02ows from the customer. Cash \ufb02ows in respect of these arrangements are recognised within cash generated from operations and typically result in a \u00a3Nil impact given that the Group acts as agent in the receipt and transfer of cash payments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-294": { "value": "Financial assets The Group\u2019s \ufb01nancial assets include cash and cash equivalents and trade and other receivables. All \ufb01nancial assets are recognised when the Group becomes party to the contractual provisions of the instrument. i) Trade receivables Trade receivables are recognised and measured at the transaction price less allowance for expected credit losses. Trade receivables do not carry interest. The simpli\ufb01ed approach on expected credit losses (\u2018ECLs\u2019) for trade receivables and contract assets has been used as there is not a signi\ufb01cant \ufb01nancing component to these assets. In accordance with the simpli\ufb01ed approach for impairment of trade receivables and accrued income under IFRS 9, the loss allowance for trade receivables is always measured at an amount equal to lifetime expected credit losses and includes a forward-looking element as well as an assessment based on history and experience. Factors considered when assessing the expected credit losses include prior experience, speci\ufb01c customer credit ratings, communication quality, industry factors and the current economic climate. Due to the size of the receivables ledger and the volume of smaller balances, it is not possible to review all balances individually and therefore a portion of the ledger is reviewed collectively and provided for as such. More material or higher risk balances are reviewed individually looking at speci\ufb01c circumstances including payment history, the forecast of economic conditions in the sector the customer operates in, communication quality and responsiveness, to determine future expected credit losses, and are provided for individually with respect to the perceived level of risk. In addition, any entities that are in administration or have been passed to debt collection are provided for individually. Unbilled receivables are recognised when a contract results in completion of a performance obligation in advance of the customer being invoiced. ii) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand, call deposits and bank overdrafts. Cash and cash equivalent balances have a maturity of three months or less and are subject to an insigni\ufb01cant level of risk to change in value. iii) Accrued income Accrued income predominantly relates to supplier rebates and is recognised according to both rebate agreements and supplier spend in the \ufb01nancial year. As accrued income has a contractual right to receive cash, it is a \ufb01nancial asset and therefore also subject to loss allowances under IFRS 9. The loss allowance for accrued income is measured at an amount equal to lifetime expected credit losses and includes a forward-looking element as well as an assessment based on history and experience. Factors considered when assessing the expected credit losses include prior experience, supplier credit ratings, communication quality, industry norms and the current economic climate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-315": { "value": "i) Trade receivables Trade receivables are recognised and measured at the transaction price less allowance for expected credit losses. Trade receivables do not carry interest. The simpli\ufb01ed approach on expected credit losses (\u2018ECLs\u2019) for trade receivables and contract assets has been used as there is not a signi\ufb01cant \ufb01nancing component to these assets. In accordance with the simpli\ufb01ed approach for impairment of trade receivables and accrued income under IFRS 9, the loss allowance for trade receivables is always measured at an amount equal to lifetime expected credit losses and includes a forward-looking element as well as an assessment based on history and experience. Factors considered when assessing the expected credit losses include prior experience, speci\ufb01c customer credit ratings, communication quality, industry factors and the current economic climate. Due to the size of the receivables ledger and the volume of smaller balances, it is not possible to review all balances individually and therefore a portion of the ledger is reviewed collectively and provided for as such. More material or higher risk balances are reviewed individually looking at speci\ufb01c circumstances including payment history, the forecast of economic conditions in the sector the customer operates in, communication quality and responsiveness, to determine future expected credit losses, and are provided for individually with respect to the perceived level of risk. In addition, any entities that are in administration or have been passed to debt collection are provided for individually. Unbilled receivables are recognised when a contract results in completion of a performance obligation in advance of the customer being invoiced. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-316": { "value": "ii) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand, call deposits and bank overdrafts. Cash and cash equivalent balances have a maturity of three months or less and are subject to an insigni\ufb01cant level of risk to change in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-295": { "value": "Financial liabilities Financial liabilities are classi\ufb01ed according to the substance of the contractual arrangements entered into. The Group\u2019s \ufb01nancial liabilities comprise trade and other payables. All \ufb01nancial liabilities are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. i) Trade payables Trade payables are initially measured at fair value. Trade payables due after one year are measured at amortised cost, using the effective interest rate method. Derecognised \ufb01nancial instruments For a small number of customers, Softcat acts as intermediary to provide \ufb01nancing arrangements between the customer and a third-party \ufb01nancing provider. Following the delivery of the goods or services, which represents our performance obligation in full, Softcat receives settlement of the customer invoice, by the third-party \ufb01nancing company. Receivables are derecognised only when Softcat has transferred the receivable, meaning that it has retained the contractual rights to the cash \ufb02ows, but has assumed an obligation to pay those cash \ufb02ows to the \ufb01nance provider, in the case where all three of the following conditions are met: \u2022 Softcat has no obligation to pay amounts to the \ufb01nance provider unless it collects equivalent amounts from the receivable; \u2022 Softcat is prohibited from selling or pledging the receivable; and \u2022 Softcat has an obligation to remit the cash received without material delay. The transfer described above quali\ufb01es for derecognition as Softcat has transferred substantially all the risks and rewards of ownership of the receivable. Its only continuing involvement following delivery is to act as agent in the receipt and transfer of cash payments and, in line with the derecognition criteria set out above, the customer receivable is derecognised. Softcat does not retain or regain ownership of any assets at the end of these arrangements and the \ufb01nance provider takes on the credit risk of future cash \ufb02ows from the customer. Cash \ufb02ows in respect of these arrangements are recognised within cash generated from operations and typically result in a \u00a3Nil impact given that the Group acts as agent in the receipt and transfer of cash payments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-317": { "value": "i) Trade payables Trade payables are initially measured at fair value. Trade payables due after one year are measured at amortised cost, using the effective interest rate method. Derecognised \ufb01nancial instruments For a small number of customers, Softcat acts as intermediary to provide \ufb01nancing arrangements between the customer and a third-party \ufb01nancing provider. Following the delivery of the goods or services, which represents our performance obligation in full, Softcat receives settlement of the customer invoice, by the third-party \ufb01nancing company. Receivables are derecognised only when Softcat has transferred the receivable, meaning that it has retained the contractual rights to the cash \ufb02ows, but has assumed an obligation to pay those cash \ufb02ows to the \ufb01nance provider, in the case where all three of the following conditions are met: \u2022 Softcat has no obligation to pay amounts to the \ufb01nance provider unless it collects equivalent amounts from the receivable; \u2022 Softcat is prohibited from selling or pledging the receivable; and \u2022 Softcat has an obligation to remit the cash received without material delay. The transfer described above quali\ufb01es for derecognition as Softcat has transferred substantially all the risks and rewards of ownership of the receivable. Its only continuing involvement following delivery is to act as agent in the receipt and transfer of cash payments and, in line with the derecognition criteria set out above, the customer receivable is derecognised. Softcat does not retain or regain ownership of any assets at the end of these arrangements and the \ufb01nance provider takes on the credit risk of future cash \ufb02ows from the customer. Cash \ufb02ows in respect of these arrangements are recognised within cash generated from operations and typically result in a \u00a3Nil impact given that the Group acts as agent in the receipt and transfer of cash payments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-327": { "value": "Derecognised \ufb01nancial instruments For a small number of customers, Softcat acts as intermediary to provide \ufb01nancing arrangements between the customer and a third-party \ufb01nancing provider. Following the delivery of the goods or services, which represents our performance obligation in full, Softcat receives settlement of the customer invoice, by the third-party \ufb01nancing company. Receivables are derecognised only when Softcat has transferred the receivable, meaning that it has retained the contractual rights to the cash \ufb02ows, but has assumed an obligation to pay those cash \ufb02ows to the \ufb01nance provider, in the case where all three of the following conditions are met: \u2022 Softcat has no obligation to pay amounts to the \ufb01nance provider unless it collects equivalent amounts from the receivable; \u2022 Softcat is prohibited from selling or pledging the receivable; and \u2022 Softcat has an obligation to remit the cash received without material delay. The transfer described above quali\ufb01es for derecognition as Softcat has transferred substantially all the risks and rewards of ownership of the receivable. Its only continuing involvement following delivery is to act as agent in the receipt and transfer of cash payments and, in line with the derecognition criteria set out above, the customer receivable is derecognised. Softcat does not retain or regain ownership of any assets at the end of these arrangements and the \ufb01nance provider takes on the credit risk of future cash \ufb02ows from the customer. Cash \ufb02ows in respect of these arrangements are recognised within cash generated from operations and typically result in a \u00a3Nil impact given that the Group acts as agent in the receipt and transfer of cash payments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-259": { "value": "1.15 Pensions The pension costs charged in the \ufb01nancial statements represent the contributions payable by the Group during the year on the de\ufb01ned contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The amounts charged to the income statement represent the contributions payable to the scheme in respect of the accounting period and represent the full extent of the Group\u2019s liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-296": { "value": "1.16 Deferred taxation Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax pro\ufb01t nor the accounting pro\ufb01t. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. For deferred tax on leases, under the general approach of IAS 12, the depreciation of the right-of-use asset is regarded as reducing the temporary difference that arose on initial recognition of the asset, and therefore gives rise to no tax effect. However, the accretion of the \ufb01nance costs on the liability gives rise to an additional deductible temporary difference arising after initial recognition of the liability, requiring recognition of a deferred tax asset. This gives rise to an immaterial deferred tax asset for the years ended 31 July 2023 and 31 July 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-260": { "value": "1.16 Deferred taxation Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax pro\ufb01t nor the accounting pro\ufb01t. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. For deferred tax on leases, under the general approach of IAS 12, the depreciation of the right-of-use asset is regarded as reducing the temporary difference that arose on initial recognition of the asset, and therefore gives rise to no tax effect. However, the accretion of the \ufb01nance costs on the liability gives rise to an additional deductible temporary difference arising after initial recognition of the liability, requiring recognition of a deferred tax asset. This gives rise to an immaterial deferred tax asset for the years ended 31 July 2023 and 31 July 2024. 1.17 Current taxation Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in the Consolidated statement of pro\ufb01t or loss and other comprehensive income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Softcat applies judgement in identifying uncertainties over income tax treatments and considered whether it has any uncertain tax positions and determined that it is highly probable that its tax treatments will be accepted by the taxation authorities. Where it is not probable that an uncertain tax treatment will be accepted the most likely amount or expected amount is recognised depending on which method better predicts the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-261": { "value": "1.18 Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into Pounds Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the income statement. The assets and liabilities of foreign operations are translated into Pounds Sterling at the rates of exchange ruling at the balance sheet date. Income and expense items are translated using average exchange rates, which approximate to actual rates, for the relevant accounting period. Exchange differences arising, if any, are classi\ufb01ed as other comprehensive income and recognised in the foreign exchange translation reserve in the Consolidated statement of \ufb01nancial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-262": { "value": "1.19 Share-based payments During the year the Group operated the following equity-settled share option schemes: Share Incentive Plan (\u2018SIP\u2019) The Group operates a SIP for employees who were awarded free shares following the initial public offering in November 2015. Shares were allocated to employees on the basis of length of service. Free shares awarded to an employee under the SIP are subject to a minimum holding period of three years following the date on which bene\ufb01cial interest in the relevant ordinary shares is conferred by the SIP Trustee to the employee. The fair value of the SIP shares was determined by the share price at date of grant, on 9 December 2015. A fair value charge was recognised as an expense in the income statement over the vesting period with a corresponding increase in equity. The charge was recognised only on the expected number of shares to vest. The assumption used for expected leavers within three years from the date of award was calculated with reference to historical employee retention rates. In addition, the Group\u2019s voluntary partnership share purchase programme, which is open to all eligible employees, is administered through the SIP. Through this programme, employees have the option to purchase shares from their gross income, the cost of which is not borne by the Group. Long Term Incentive Plan (\u2018LTIP\u2019) Details in relation to the Softcat LTIP awards to Executive Directors are included in the Directors\u2019 Remuneration Report on page 139. LTIP awards will only vest and become exercisable upon achievement of performance targets, linked to earnings per share and total shareholder return, as well as being conditional upon continued employment with the Group. The fair value is measured using a suitable valuation model where appropriate. Non-market vesting conditions are taken into account by adjusting the number of LTIP shares expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of LTIP shares that will eventually vest. Market vesting conditions are factored into the fair value of the LTIP shares granted. The cumulative expense is not adjusted for failure to meet a market vesting condition. The resulting fair value charge is charged as an expense in the income statement over the vesting period with a corresponding increase in equity. Employer\u2019s National Insurance contributions are payable, on exercise, on the market value of the award and are accrued for within the share-based payments expense in the Consolidated statement of pro\ufb01t or loss and other comprehensive income. Deferred shares One-third of the Executive Directors\u2019 annual target bonus is paid in deferred shares. The Group accrues for the cost of the non-cash bonus over a four-year period, including the year in which the bonus targets are assessed and the following three-year vesting period. Employer\u2019s National Insurance contributions are payable, on exercise, on the market value of the award and are accrued for within the share-based payments expense in the Consolidated statement of pro\ufb01t or loss and other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-263": { "value": "1.20 Adjusted Performance Measures The Group uses two non-Generally Accepted Accounting Practice (\u2018non-GAAP\u2019) \ufb01nancial measures in addition to those reported in accordance with IFRS. The Directors believe that these non-GAAP measures, set out below, assist in providing additional useful information on the underlying trends, sales performance and position of the Group. Gross invoiced income is a measure which correlates closely to the cash received by the business and therefore aids the user\u2019s understanding of working capital movements in the Consolidated statement of \ufb01nancial position and the relationship to sales performance and the mix of products sold. Consequently, non-GAAP measures are used by the Directors and management for performance analysis, planning and reporting and have remained consistent with the prior year. These non-GAAP measures comprise gross invoiced income and cash conversion. Gross invoiced income re\ufb02ects gross income billed to customers adjusted for deferred and accrued revenue as reported in the IFRS measure. A reconciliation of IFRS revenue to gross invoiced income is provided within note 2, Segmental information. Cash conversion ratio comprises cash \ufb02ows from operations net of capital expenditure as a percentage of operating pro\ufb01t. Cash conversion is an indicator of the Group\u2019s ability to convert pro\ufb01ts into available cash. A reconciliation to the adjusted measure for cash conversion is provided below:
2024 2023
Notes \u00a3\u2019000 \u00a3\u2019000
Net cash generated from operating activities
19
115,608
104,802
Income taxes paid
19
39,226
29,793
Cash generated from operations
154,834
134,595
Purchase of property, plant and equipment
7
(1,115)
(2,544)
Purchase of intangible assets
9
(6,017)
(701)
Cash generated from operations, net of capital expenditure
147,702
131,350
Operating pro\ufb01t
154,064
140,898
Cash conversion ratio
95.9%
93.2%
", "dimensions": { "concept": "softcatplc:DescriptionOfAccountingPolicyForAdjustedPerformanceMeasures", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-264": { "value": "
2 Segmental information
The information reported to the Group\u2019s Chief Executive, who is considered to be the chief operating decision maker for the
purposes of resource allocation and assessment of performance, is based wholly on the overall activities of the Group. The Group
has therefore determined that it has only one reportable segment under IFRS 8, which is that of \u2018value-added IT reseller and IT
infrastructure solutions provider\u2019. The Group\u2019s revenue, results and assets for this one reportable segment can be determined
by reference to the Consolidated statement of pro\ufb01t or loss and other comprehensive income and Consolidated statement
of \ufb01nancial position. An analysis of revenues by product, which form one reportable segment, is set out below:
2024 2023
Revenue by type: \u00a3\u2019000 \u00a3\u2019000
Software
213,520
188,797
Hardware
561,238
610,638
Services
187,875
185,865
962,633
985,300
2024 2023
Gross invoiced income by type: \u00a3\u2019000 \u00a3\u2019000
Software
1,807,468
1,543,501
Hardware
568,450
617,844
Services
476,233
401,963
2,852,151
2,563,308
Revenue and gross invoiced income can also be disaggregated by type of business
1
:
2024 2023
Revenue by type of business: \u00a3\u2019000 \u00a3\u2019000
Small and medium
473,985
555,541
Enterprise
298,434
253,229
Public sector
190,214
176, 530
962,633
985,300
Note:
1. Types of business are split by entity staff size. Small and medium business represents work forces of up to 2,000 seats. Enterprise is above 2,000
seats and public sector represents government and other public bodies.
2024 2023
Gross invoiced income by type of business: \u00a3\u2019000 \u00a3\u2019000
Small and medium
1,157,007
1,103,851
Enterprise
597,320
512,839
Public sector
1,097,824
946,618
2,852,151
2,563,308
Gross invoiced income re\ufb02ects gross income billed to customers adjusted for deferred and accrued revenue items. Softcat
continues to report gross invoiced income as an alternative \ufb01nancial KPI as this measure allows a consistent, year-on-year
understanding of gross income billed, business performance and position and correlates closely to working capital movements.
The impact of IFRS 15 and principal versus agent consideration is an equal reduction to both revenue and cost of sales.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Gross invoiced income
2,852,151
2,563,308
Income to be recognised as agent under IFRS 15
(1,889,518)
(1,578,008)
Revenue
962,633
985,300
The total revenue for the Group for the year has been derived from its principal activity as an IT reseller. Substantially all of this
revenue relates to trading undertaken in the United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-297": { "value": "2 Segmental information The information reported to the Group\u2019s Chief Executive, who is considered to be the chief operating decision maker for the purposes of resource allocation and assessment of performance, is based wholly on the overall activities of the Group. The Group has therefore determined that it has only one reportable segment under IFRS 8, which is that of \u2018value-added IT reseller and IT infrastructure solutions provider\u2019. The Group\u2019s revenue, results and assets for this one reportable segment can be determined by reference to the Consolidated statement of pro\ufb01t or loss and other comprehensive income and Consolidated statement of \ufb01nancial position. An analysis of revenues by product, which form one reportable segment, is set out below:
2024 2023
Revenue by type: \u00a3\u2019000 \u00a3\u2019000
Software
213,520
188,797
Hardware
561,238
610,638
Services
187,875
185,865
962,633
985,300
2024 2023
Gross invoiced income by type: \u00a3\u2019000 \u00a3\u2019000
Software
1,807,468
1,543,501
Hardware
568,450
617,844
Services
476,233
401,963
2,852,151
2,563,308
Revenue and gross invoiced income can also be disaggregated by type of business1:
2024 2023
Revenue by type of business: \u00a3\u2019000 \u00a3\u2019000
Small and medium
473,985
555,541
Enterprise
298,434
253,229
Public sector
190,214
176, 530
962,633
985,300
Note: 1. Types of business are split by entity staff size. Small and medium business represents work forces of up to 2,000 seats. Enterprise is above 2,000 seats and public sector represents government and other public bodies.
2024 2023
Gross invoiced income by type of business: \u00a3\u2019000 \u00a3\u2019000
Small and medium
1,157,007
1,103,851
Enterprise
597,320
512,839
Public sector
1,097,824
946,618
2,852,151
2,563,308
Gross invoiced income re\ufb02ects gross income billed to customers adjusted for deferred and accrued revenue items. Softcat continues to report gross invoiced income as an alternative \ufb01nancial KPI as this measure allows a consistent, year-on-year understanding of gross income billed, business performance and position and correlates closely to working capital movements. The impact of IFRS 15 and principal versus agent consideration is an equal reduction to both revenue and cost of sales.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Gross invoiced income
2,852,151
2,563,308
Income to be recognised as agent under IFRS 15
(1,889,518)
(1,578,008)
Revenue
962,633
985,300
The total revenue for the Group for the year has been derived from its principal activity as an IT reseller. Substantially all of this revenue relates to trading undertaken in the United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-265": { "value": "
3 Operating pro\ufb01t
2024 2023
Operating pro\ufb01t is stated after charging/(crediting): \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
2,631
2,466
Depreciation of right-of-use assets
2,429
2,127
Amortisation of intangible assets
1,564
1,525
Low value asset and short-term lease expense
57
83
Foreign exchange gain
(757)
(1,052)
Inventories expensed in the year
457,426
515,477
Movement in trade receivables provision as potentially uncollectable, recovered or written off during
the year
(798)
(1,038)
Auditor\u2019s remuneration
Fees payable for the audit of the Company\u2019s annual accounts and consolidated annual statements
759
733
Fees payable for audit-related services
\u2014
\u2014
Total for statutory audit services
759
733
Fees payable for the half-year review of the condensed \ufb01nancial statements
45
42
Total for non-audit-related services
45
42
For details on employee numbers and employee costs, please see note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-328": { "value": "3 Operating pro\ufb01t
2024 2023
Operating pro\ufb01t is stated after charging/(crediting): \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
2,631
2,466
Depreciation of right-of-use assets
2,429
2,127
Amortisation of intangible assets
1,564
1,525
Low value asset and short-term lease expense
57
83
Foreign exchange gain
(757)
(1,052)
Inventories expensed in the year
457,426
515,477
Movement in trade receivables provision as potentially uncollectable, recovered or written off during
the year
(798)
(1,038)
Auditor\u2019s remuneration
Fees payable for the audit of the Company\u2019s annual accounts and consolidated annual statements
759
733
Fees payable for audit-related services
\u2014
\u2014
Total for statutory audit services
759
733
Fees payable for the half-year review of the condensed \ufb01nancial statements
45
42
Total for non-audit-related services
45
42
For details on employee numbers and employee costs, please see note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-318": { "value": "3 Operating pro\ufb01t
2024 2023
Operating pro\ufb01t is stated after charging/(crediting): \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
2,631
2,466
Depreciation of right-of-use assets
2,429
2,127
Amortisation of intangible assets
1,564
1,525
Low value asset and short-term lease expense
57
83
Foreign exchange gain
(757)
(1,052)
Inventories expensed in the year
457,426
515,477
Movement in trade receivables provision as potentially uncollectable, recovered or written off during
the year
(798)
(1,038)
Auditor\u2019s remuneration
Fees payable for the audit of the Company\u2019s annual accounts and consolidated annual statements
759
733
Fees payable for audit-related services
\u2014
\u2014
Total for statutory audit services
759
733
Fees payable for the half-year review of the condensed \ufb01nancial statements
45
42
Total for non-audit-related services
45
42
For details on employee numbers and employee costs, please see note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-298": { "value": "3 Operating pro\ufb01t
2024 2023
Operating pro\ufb01t is stated after charging/(crediting): \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
2,631
2,466
Depreciation of right-of-use assets
2,429
2,127
Amortisation of intangible assets
1,564
1,525
Low value asset and short-term lease expense
57
83
Foreign exchange gain
(757)
(1,052)
Inventories expensed in the year
457,426
515,477
Movement in trade receivables provision as potentially uncollectable, recovered or written off during
the year
(798)
(1,038)
Auditor\u2019s remuneration
Fees payable for the audit of the Company\u2019s annual accounts and consolidated annual statements
759
733
Fees payable for audit-related services
\u2014
\u2014
Total for statutory audit services
759
733
Fees payable for the half-year review of the condensed \ufb01nancial statements
45
42
Total for non-audit-related services
45
42
For details on employee numbers and employee costs, please see note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-266": { "value": "
4 Finance income and \ufb01nance cost
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
5,778
1,171
Lease liability interest cost
(443)
(205)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-332": { "value": "4 Finance income and \ufb01nance cost
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
5,778
1,171
Lease liability interest cost
(443)
(205)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-331": { "value": "4 Finance income and \ufb01nance cost
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
5,778
1,171
Lease liability interest cost
(443)
(205)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-329": { "value": "4 Finance income and \ufb01nance cost
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
5,778
1,171
Lease liability interest cost
(443)
(205)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-319": { "value": "4 Finance income and \ufb01nance cost
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
5,778
1,171
Lease liability interest cost
(443)
(205)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-299": { "value": "4 Finance income and \ufb01nance cost
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
5,778
1,171
Lease liability interest cost
(443)
(205)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-267": { "value": "
5 Income tax
The major components of the income tax expense for the years ended 31 July 2024 and 31 July 2023 are:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Consolidated statement of pro\ufb01t or loss
Current income tax charge in the year
40,338
30,414
Adjustment in respect of current income tax of previous years
(465)
(160)
Foreign tax relief/other relief
(39)
\u2014
Foreign tax suffered
123
\u2014
Total current income tax charge
39,957
30,254
Deferred tax
Current year
(49)
(275)
Adjustments in respect of prior periods
447
229
Effect of changes in tax rates
\u2014
(373)
Deferred tax charge/(credit)
398
(419)
Total tax charge
40,355
29,835
Reconciliation of total tax charge
Reconciliation of tax expense and accounting pro\ufb01t multiplied by the Group\u2019s domestic tax rate for 2024
and 2023:
Pro\ufb01t on ordinary activities before taxation
159,399
141,864
Pro\ufb01t on ordinary activities before taxation multiplied by the standard rate of UK
corporation tax of 25% (2023: 21%)
39,850
29,791
Effects of:
Non-deductible expenses
399
267
Adjustment to previous periods
(19)
69
Effect of changes in tax rates
\u2014
(373)
Effects of overseas tax rates
69
1
Share options
56
74
Other differences
\u2014
6
505
44
Income tax charge reported in pro\ufb01t or loss
40,355
29,835
In the year ended 31 July 2024, \u00a3211,310 (2023: \u00a3159,460) of current tax was credited to equity and \u00a329,020 (2023: \u00a369,825 credit)
of deferred tax was debited to equity.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate
of 15% for large groups for \ufb01nancial years beginning on or after 31 December 2023.
Based on an initial analysis, all territories in which the Group operates are expected to qualify for one of the safe harbour exemptions
such that top-up taxes should not apply. To the extent that this is not the case, there is the potential for Pillar Two taxes to apply,
but these are not expected to be material.
15 Deferred tax
The deferred tax asset is made up as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Accelerated capital allowances
(572)
(313)
Share-based payments
2,231
1,969
Other temporary differences
912
1,341
Deferred tax assets
2,571
2,997
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Reconciliation of deferred tax asset
Balance at 31 July 2023 (PY: 31 July 2022)
2,997
2,508
Adjustment in respect of prior years
(446)
(229)
Pro\ufb01t and loss account
49
648
Credit/(charge) to equity
(29)
70
Balance at 31 July 2024 (PY: 31 July 2023)
2,571
2,997
The Group recognises all deferred tax movements in the year within the income statement, except for \u00a329,020 (2023: \u00a369,825 credit)
debited to equity in relation to deferred tax movements on share-based payments.
The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current
tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
2024
2023
Income Income
statement SOCIE Total statement SOCIE Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current tax
Movement in respect of prior years
(465)
\u2014
(465)
(160)
\u2014
(160)
Movement in respect of current year
40,422
(211)
40,211
30,414
(160)
30,254
Total current tax
39,957
(211)
39,746
30,254
(160)
30,094
Deferred tax
Movement in respect of prior years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Movement in respect of current year:
Share options
(291)
29
(262)
(458)
(70)
(528)
Fix
ed assets
260
\u2014
260
408
\u2014
408
Other temporary differences
429
\u2014
429
(369)
\u2014
(369)
Total deferred tax
398
29
427
(419)
(70)
(489)
Total tax
40,355
(182)
40,173
29,835
(230)
29,605
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-268": { "value": "
6 Dividends
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Declared and paid during the year
Special dividend on ordinary shares (12.6p per share (2023: 12.6p))
25,113
25,122
Final dividend on ordinary shares (17.0p per share (2023: 16.6p))
33,965
33,098
Interim dividend on ordinary shares (8.5p per share (2023: 8.0p))
16,970
15,955
76,048
74,175
A \ufb01nal dividend of 18. 1p per share has been recommended by the Directors and if approved by shareholders will be paid on
17 December 2024. The \ufb01nal ordinary dividend will be payable to shareholders whose names are on the register at the close
of business on 8 November 2024. Shares in the Company will be quoted ex-dividend on 7 November 2024. The dividend
reinvestment plan (\u2018DRIP\u2019) election date is 26 November 2024.
In line with the Group\u2019s stated intention to return excess cash to shareholders, a further special dividend payment of 20.9p has
been proposed. If approved, this will also be paid on 17 December 2024 alongside the \ufb01nal ordinary dividend.
The Board recommends the \ufb01nal and special dividend for shareholders\u2019 approval.
Softcat\u2019s ordinary dividend policy remains a progressive one which targets an annual dividend of between 40% and 50% of the
Group\u2019s pro\ufb01ts after tax in each \ufb01nancial year before any exceptional items. In determining the level of dividend in any year in
accordance with the policy, the Board considers a number of other factors that in\ufb02uence the proposed dividend, which include
but are not limited to:
\u2022 the level of available distributable reserves in the Company;
\u2022 future cash commitments and investment needs to sustain the long-term growth prospects of the business; and
\u2022 potential strategic opportunities.
Softcat\u2019s constitution does not limit or oblige the Group to any minimum or maximum dividend payments. However, no dividend
may exceed the amount recommended by the Directors and all dividends shall be paid in accordance with any relevant legislation.
The Audit Committee on behalf of the Board reviews the distributable reserves of the Group as part of its half-year and full-year
reviews. The Board then considers the Audit Committee\u2019s review as part of its process to approve or recommend dividends.
Softcat intends to continue to fund its dividends through the cash generated by the business. Details of the Group\u2019s continuing
viability and going concern can be found on page 89 and pages 166 to 168 respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-300": { "value": "18.1", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-269": { "value": "
7 Property, plant and equipment
Freehold Fixtures,
land and Building Computer \ufb01ttings and Motor
buildings improvements equipment equipment vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 August 2022
2,649
8,060
1,940
4,803
215
17,667
Additions
168
966
324
528
558
2,544
At 31 July 2023
2,817
9,026
2,264
5,331
773
20,211
Additions
556
34
315
210
\u2014
1,115
D i s p o s a l s
\u2014
\u2014
\u2014
\u2014
( 1 0 3 )
( 1 0 3 )
At 31 July 2024
3,373
9,060
2,579
5,541
670
21,223
Depreciation
At 1 August 2022
256
3,075
1,135
1,783
148
6,397
Charge for the year
25
1,151
514
717
59
2,466
At 31 July 2023
281
4,226
1,649
2,500
207
8,863
D i s p o s a l s
\u2014
\u2014
\u2014
\u2014
( 1 0 3 )
( 1 0 3 )
Charge for the year
46
1,143
488
743
211
2,631
At 31 July 2024
327
5,369
2,137
3,243
315
11,391
Net book value
At 31 July 2024
3,046
3,691
442
2,298
355
9,832
At 31 July 2023
2,536
4,800
615
2,831
566
11,348
Freehold land amounting to \u00a31.4m (2023: \u00a31.4m) has not been depreciated. No assets are subject to restrictions on title or are
pledged as security for liabilities (2023: \u00a3Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-270": { "value": "
8 Right-of-use assets and lease liabilities
Leases \u2013 as a lessee
Softcat has lease contracts for various of\ufb01ces across the country used for its operations. Property leases generally have lease terms
of between 3 and 10 years. A number of these contracts include extension and termination options which are discussed below.
Set out below are the carrying amounts of right-of-use assets recognised and movements during the year:
2024 2023
Property Leases \u00a3\u2019000 \u00a3\u2019000
Opening right-of-use asset as at 1 August
9,969
6,162
Lease additions and modi\ufb01cations
2,526
5,934
Depreciation
(2,429)
(2,127)
Closing right-of-use asset as at 31 July
10,066
9,969
The weighted average incremental borrowing rate as used for the period is 3.9%.
Set out below are the carrying amounts of lease liabilities included under current and non-current liabilities and the movements
during the period:
2024 2023
Property Leases \u00a3\u2019000 \u00a3\u2019000
Opening lease liability as at 1 August
9,761
6,666
Lease additions and modi\ufb01cations
2,526
5,934
Accretion of interest
443
205
Payments
(2,372)
(3,044)
Closing lease liability as at 31 July
10,358
9,761
Split as:
Short term
2,253
2,734
Long term
8,105
7,027
Lease modi\ufb01cations in the year were in respect of extension of speci\ufb01c lease terms of existing property leases.
Softcat had no variable lease expenses charged or income from sub-leases credited to the Consolidated statement of pro\ufb01t or
loss and other comprehensive income, nor any sale and leaseback transactions.
Softcat has several lease contracts that include termination options. These options are negotiated by management to provide
\ufb02exibility in managing the leased-asset portfolio to align to business needs. Management exercises signi\ufb01cant judgement in
determining whether these options are reasonably certain to be exercised.
As at 31 July 2024, the undiscounted potential future rental payments relating to periods following the exercise date of
termination options that are not included in the lease term were \u00a3Nil (2023: \u00a3Nil).
Following the lease modi\ufb01cations above, the termination options on existing property leases were no longer expected to be utilised.
The total value of lease charges for low-value and short-term leases to the Consolidated statement of pro\ufb01t or loss and other
comprehensive income for the year was \u00a356,811 (2023: \u00a382,569).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-301": { "value": "8 Right-of-use assets and lease liabilities Leases \u2013 as a lessee Softcat has lease contracts for various of\ufb01ces across the country used for its operations. Property leases generally have lease terms of between 3 and 10 years. A number of these contracts include extension and termination options which are discussed below. Set out below are the carrying amounts of right-of-use assets recognised and movements during the year:
2024 2023
Property Leases \u00a3\u2019000 \u00a3\u2019000
Opening right-of-use asset as at 1 August
9,969
6,162
Lease additions and modi\ufb01cations
2,526
5,934
Depreciation
(2,429)
(2,127)
Closing right-of-use asset as at 31 July
10,066
9,969
The weighted average incremental borrowing rate as used for the period is 3.9%. Set out below are the carrying amounts of lease liabilities included under current and non-current liabilities and the movements during the period:
2024 2023
Property Leases \u00a3\u2019000 \u00a3\u2019000
Opening lease liability as at 1 August
9,761
6,666
Lease additions and modi\ufb01cations
2,526
5,934
Accretion of interest
443
205
Payments
(2,372)
(3,044)
Closing lease liability as at 31 July
10,358
9,761
Split as:
Short term
2,253
2,734
Long term
8,105
7,027
Lease modi\ufb01cations in the year were in respect of extension of speci\ufb01c lease terms of existing property leases. Softcat had no variable lease expenses charged or income from sub-leases credited to the Consolidated statement of pro\ufb01t or loss and other comprehensive income, nor any sale and leaseback transactions. Softcat has several lease contracts that include termination options. These options are negotiated by management to provide \ufb02exibility in managing the leased-asset portfolio to align to business needs. Management exercises signi\ufb01cant judgement in determining whether these options are reasonably certain to be exercised. As at 31 July 2024, the undiscounted potential future rental payments relating to periods following the exercise date of termination options that are not included in the lease term were \u00a3Nil (2023: \u00a3Nil). Following the lease modi\ufb01cations above, the termination options on existing property leases were no longer expected to be utilised. The total value of lease charges for low-value and short-term leases to the Consolidated statement of pro\ufb01t or loss and other comprehensive income for the year was \u00a356,811 (2023: \u00a382,569).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-302": { "value": "
9 Intangible assets
Software
under Computer
development software Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 August 2022
\u2014
9 , 0 5 5
9 , 0 5 5
Additions
\u2014
7 0 2
7 0 2
At 31 July 2023
\u2014
9 , 7 5 7
9 , 7 5 7
Additions
3,804
2,213
6,017
At 31 July 2024
3,804
11,970
15,774
Amortisation
At 1 August 2022
\u2014
1 , 0 7 7
1 , 0 7 7
Charge for the year
\u2014
1 , 5 2 5
1 , 5 2 5
At 31 July 2023
\u2014
2 , 6 0 2
2 , 6 0 2
Charge for the year
\u2014
1 , 5 6 4
1 , 5 6 4
At 31 July 2024
\u2014
4 , 1 6 6
4 , 1 6 6
Net book value
At 31 July 2024
3,804
7,804
11,608
At 31 July 2023
\u2014
7 , 1 5
5
7 , 1 5
5
Software under development capitalised relates to enhancements to existing capitalised software, along with new systems being
designed and built internally. This includes the implementation of a new IT service management and customer service system.
The material asset included within computer software relates to the enterprise resource planning (ERP) system that went live in
FY2022. The net book value on this asset as at the end of the year was \u00a36.075m (2023: \u00a36.549m). The remaining useful economic
life is 5 years.
The amortisation of intangible assets is included in administrative expenses within the Consolidated statement of pro\ufb01t or loss
and other comprehensive income. See note 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-272": { "value": "9 Intangible assets
Software
under Computer
development software Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 August 2022
\u2014
9 , 0 5 5
9 , 0 5 5
Additions
\u2014
7 0 2
7 0 2
At 31 July 2023
\u2014
9 , 7 5 7
9 , 7 5 7
Additions
3,804
2,213
6,017
At 31 July 2024
3,804
11,970
15,774
Amortisation
At 1 August 2022
\u2014
1 , 0 7 7
1 , 0 7 7
Charge for the year
\u2014
1 , 5 2 5
1 , 5 2 5
At 31 July 2023
\u2014
2 , 6 0 2
2 , 6 0 2
Charge for the year
\u2014
1 , 5 6 4
1 , 5 6 4
At 31 July 2024
\u2014
4 , 1 6 6
4 , 1 6 6
Net book value
At 31 July 2024
3,804
7,804
11,608
At 31 July 2023
\u2014
7 , 1 5
5
7 , 1 5
5
Software under development capitalised relates to enhancements to existing capitalised software, along with new systems being designed and built internally. This includes the implementation of a new IT service management and customer service system. The material asset included within computer software relates to the enterprise resource planning (ERP) system that went live in FY2022. The net book value on this asset as at the end of the year was \u00a36.075m (2023: \u00a36.549m). The remaining useful economic life is 5 years. The amortisation of intangible assets is included in administrative expenses within the Consolidated statement of pro\ufb01t or loss and other comprehensive income. See note 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-271": { "value": "
10 Inventories
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Finished goods and goods for resale
2,916
3,591
The amount of any write down of inventory recognised as an expense in the year was \u00a3Nil (2023: \u00a3Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-273": { "value": "
11 Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade and other receivables
504,488
429,569
Provision against receivables
(3,122)
(3,920)
Net trade receivables
501,366
425,649
Unbilled receivables
40,487
34,508
Prepayments
6,982
6,344
Accrued income
10,279
9,270
Deferred costs
26,188
14,270
585,302
490,041
The provision against receivables follows the expected credit loss model under IFRS 9. The Directors consider that the carrying
amount of trade and other receivables approximates to their fair value.
The ageing pro\ufb01le of trade receivables was as follows:
Related Related
2024 provision Net 2023 provision Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
396,096
(1,691)
394,405
309,006
(2,478)
306,528
0\u201330 days
65,936
(416)
65,520
76,269
(396)
75,873
31\u201360 days
18,255
(127)
18,128
22,331
(194)
22,137
61\u201390 days
12,954
(152)
12,802
11, 892
(140)
11,752
Over 90 days
11,247
(736)
10, 511
10,071
(712)
9,358
Total due
504,488
(3,122)
501,366
429,569
(3,920)
425,648
The Group provides against its trade receivables using the forward-looking expected credit loss model under IFRS 9. An impairment
analysis is performed at each reporting date. Provisions against future recoverability are set to re\ufb02ect probability-weighted
outcomes, analysis of prior events and current conditions. Further details on how the Group manages its credit risk can be found
in note 21. Movement in the provision for trade receivables was as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at beginning of year
3,920
4,958
Increase for trade receivables regarded as potentially uncollectable
1,193
604
Decrease in provision for trade receivables recovered, or written off, during the year
(1,991)
(1,642)
Balance at end of year
3,122
3,920
Set out below is the information about the credit risk exposure on Softcat\u2019s trade receivables:
Current <30 days 31\u201360 days 61\u201390 days >91 days Total
31 July 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected credit loss rate
0.43%
0.63%
0.69%
1.17%
6.54%
0.62%
Estimated total gross carrying amount at default
396,096
65,936
18,255
12,954
11,247
504,488
Expected credit loss
(1,691)
(416)
(127)
(152)
(736)
(3,122)
Current <30 days 31\u201360 days 61\u201390 days >91 days Total
31 July 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected credit loss rate
0.80%
0.52%
0.87%
1.18%
7.07%
0.91%
Estimated total gross carrying amount at default
309,006
76,269
22,331
11,892
10,071
429,569
Expected credit loss
(2,478)
(396)
(194)
(140)
(712)
(3,920)
Unbilled receivables and accrued income have been reviewed by management and have been determined to have an immaterial
impact on our expected credit losses. The Group does not hold collateral as security.
As part of our assessment of expected credit losses, we assess for speci\ufb01c potentially uncollectable debt as well as wider
macro-economic factors that may require provision. See note 21 for details on how the Group approaches its exposure to
credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-330": { "value": "11 Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade and other receivables
504,488
429,569
Provision against receivables
(3,122)
(3,920)
Net trade receivables
501,366
425,649
Unbilled receivables
40,487
34,508
Prepayments
6,982
6,344
Accrued income
10,279
9,270
Deferred costs
26,188
14,270
585,302
490,041
The provision against receivables follows the expected credit loss model under IFRS 9. The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. The ageing pro\ufb01le of trade receivables was as follows:
Related Related
2024 provision Net 2023 provision Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
396,096
(1,691)
394,405
309,006
(2,478)
306,528
0\u201330 days
65,936
(416)
65,520
76,269
(396)
75,873
31\u201360 days
18,255
(127)
18,128
22,331
(194)
22,137
61\u201390 days
12,954
(152)
12,802
11, 892
(140)
11,752
Over 90 days
11,247
(736)
10, 511
10,071
(712)
9,358
Total due
504,488
(3,122)
501,366
429,569
(3,920)
425,648
The Group provides against its trade receivables using the forward-looking expected credit loss model under IFRS 9. An impairment analysis is performed at each reporting date. Provisions against future recoverability are set to re\ufb02ect probability-weighted outcomes, analysis of prior events and current conditions. Further details on how the Group manages its credit risk can be found in note 21. Movement in the provision for trade receivables was as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at beginning of year
3,920
4,958
Increase for trade receivables regarded as potentially uncollectable
1,193
604
Decrease in provision for trade receivables recovered, or written off, during the year
(1,991)
(1,642)
Balance at end of year
3,122
3,920
Set out below is the information about the credit risk exposure on Softcat\u2019s trade receivables:
Current <30 days 31\u201360 days 61\u201390 days >91 days Total
31 July 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected credit loss rate
0.43%
0.63%
0.69%
1.17%
6.54%
0.62%
Estimated total gross carrying amount at default
396,096
65,936
18,255
12,954
11,247
504,488
Expected credit loss
(1,691)
(416)
(127)
(152)
(736)
(3,122)
Current <30 days 31\u201360 days 61\u201390 days >91 days Total
31 July 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected credit loss rate
0.80%
0.52%
0.87%
1.18%
7.07%
0.91%
Estimated total gross carrying amount at default
309,006
76,269
22,331
11,892
10,071
429,569
Expected credit loss
(2,478)
(396)
(194)
(140)
(712)
(3,920)
Unbilled receivables and accrued income have been reviewed by management and have been determined to have an immaterial impact on our expected credit losses. The Group does not hold collateral as security. As part of our assessment of expected credit losses, we assess for speci\ufb01c potentially uncollectable debt as well as wider macro-economic factors that may require provision. See note 21 for details on how the Group approaches its exposure to credit risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-320": { "value": "11 Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade and other receivables
504,488
429,569
Provision against receivables
(3,122)
(3,920)
Net trade receivables
501,366
425,649
Unbilled receivables
40,487
34,508
Prepayments
6,982
6,344
Accrued income
10,279
9,270
Deferred costs
26,188
14,270
585,302
490,041
The provision against receivables follows the expected credit loss model under IFRS 9. The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-303": { "value": "11 Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade and other receivables
504,488
429,569
Provision against receivables
(3,122)
(3,920)
Net trade receivables
501,366
425,649
Unbilled receivables
40,487
34,508
Prepayments
6,982
6,344
Accrued income
10,279
9,270
Deferred costs
26,188
14,270
585,302
490,041
The provision against receivables follows the expected credit loss model under IFRS 9. The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. The ageing pro\ufb01le of trade receivables was as follows:
Related Related
2024 provision Net 2023 provision Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
396,096
(1,691)
394,405
309,006
(2,478)
306,528
0\u201330 days
65,936
(416)
65,520
76,269
(396)
75,873
31\u201360 days
18,255
(127)
18,128
22,331
(194)
22,137
61\u201390 days
12,954
(152)
12,802
11, 892
(140)
11,752
Over 90 days
11,247
(736)
10, 511
10,071
(712)
9,358
Total due
504,488
(3,122)
501,366
429,569
(3,920)
425,648
The Group provides against its trade receivables using the forward-looking expected credit loss model under IFRS 9. An impairment analysis is performed at each reporting date. Provisions against future recoverability are set to re\ufb02ect probability-weighted outcomes, analysis of prior events and current conditions. Further details on how the Group manages its credit risk can be found in note 21. Movement in the provision for trade receivables was as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at beginning of year
3,920
4,958
Increase for trade receivables regarded as potentially uncollectable
1,193
604
Decrease in provision for trade receivables recovered, or written off, during the year
(1,991)
(1,642)
Balance at end of year
3,122
3,920
Set out below is the information about the credit risk exposure on Softcat\u2019s trade receivables:
Current <30 days 31\u201360 days 61\u201390 days >91 days Total
31 July 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected credit loss rate
0.43%
0.63%
0.69%
1.17%
6.54%
0.62%
Estimated total gross carrying amount at default
396,096
65,936
18,255
12,954
11,247
504,488
Expected credit loss
(1,691)
(416)
(127)
(152)
(736)
(3,122)
Current <30 days 31\u201360 days 61\u201390 days >91 days Total
31 July 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected credit loss rate
0.80%
0.52%
0.87%
1.18%
7.07%
0.91%
Estimated total gross carrying amount at default
309,006
76,269
22,331
11,892
10,071
429,569
Expected credit loss
(2,478)
(396)
(194)
(140)
(712)
(3,920)
Unbilled receivables and accrued income have been reviewed by management and have been determined to have an immaterial impact on our expected credit losses. The Group does not hold collateral as security. As part of our assessment of expected credit losses, we assess for speci\ufb01c potentially uncollectable debt as well as wider macro-economic factors that may require provision. See note 21 for details on how the Group approaches its exposure to credit risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-304": { "value": "
12 Trade and other payables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
290,869
254,907
Other taxes and social security
17,009
13,699
Accruals
121,919
90,222
Other creditors
285
799
430,082
359,627
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-274": { "value": "12 Trade and other payables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
290,869
254,907
Other taxes and social security
17,009
13,699
Accruals
121,919
90,222
Other creditors
285
799
430,082
359,627
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. 13 Contract liabilities
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Deferred income
41,131
26,883
Deferred income is split as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short-term deferred income
31,980
23,851
Long-term deferred income
9,151
3,032
41,131
26,883
Contract balances Deferred income includes short-term and long-term goods or services to be delivered to a customer by Softcat for which there is a contractual obligation arising from receipt of consideration or amounts due from the customer. The outstanding balances on these accounts have moved in line with the activity of the business and customer base. During the current year, \u00a323.851m (2023: \u00a331.564m) has been recognised in revenue resulting from these contract liabilities existing as at 31 July 2023. As at 31 July 2024, \u00a338.099m remains on the Consolidated statement of \ufb01nancial position as a contract liability resulting from transactions arising from the year to 31 July 2024. Softcat expects that \u00a331.980m of the balance as at 31 July 2024 will be released in FY2025 with the balance released within two to \ufb01ve years of the end of FY2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-321": { "value": "12 Trade and other payables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
290,869
254,907
Other taxes and social security
17,009
13,699
Accruals
121,919
90,222
Other creditors
285
799
430,082
359,627
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-305": { "value": "
13 Contract liabilities
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Deferred income
41,131
26,883
Deferred income is split as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short-term deferred income
31,980
23,851
Long-term deferred income
9,151
3,032
41,131
26,883
Contract balances
Deferred income includes short-term and long-term goods or services to be delivered to a customer by Softcat for which there is a
contractual obligation arising from receipt of consideration or amounts due from the customer. The outstanding balances on these
accounts have moved in line with the activity of the business and customer base. During the current year, \u00a323.851m (2023: \u00a331.564m)
has been recognised in revenue resulting from these contract liabilities existing as at 31 July 2023. As at 31 July 2024, \u00a338.099m
remains on the Consolidated statement of \ufb01nancial position as a contract liability resulting from transactions arising from the year
to 31 July 2024. Softcat expects that \u00a331.980m of the balance as at 31 July 2024 will be released in FY2025 with the balance
released within two to \ufb01ve years of the end of FY2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-275": { "value": "
14 Cash and cash equivalents
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
158,454
122,621
Cash and cash equivalents comprise cash at bank and cash in hand. Cash at bank earns interest at \ufb02oating rates based on daily
bank deposit rates. All cash held is accessible and is not restricted for any period of time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-306": { "value": "15 Deferred tax The deferred tax asset is made up as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Accelerated capital allowances
(572)
(313)
Share-based payments
2,231
1,969
Other temporary differences
912
1,341
Deferred tax assets
2,571
2,997
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Reconciliation of deferred tax asset
Balance at 31 July 2023 (PY: 31 July 2022)
2,997
2,508
Adjustment in respect of prior years
(446)
(229)
Pro\ufb01t and loss account
49
648
Credit/(charge) to equity
(29)
70
Balance at 31 July 2024 (PY: 31 July 2023)
2,571
2,997
The Group recognises all deferred tax movements in the year within the income statement, except for \u00a329,020 (2023: \u00a369,825 credit) debited to equity in relation to deferred tax movements on share-based payments. The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
2024
2023
Income Income
statement SOCIE Total statement SOCIE Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current tax
Movement in respect of prior years
(465)
\u2014
(465)
(160)
\u2014
(160)
Movement in respect of current year
40,422
(211)
40,211
30,414
(160)
30,254
Total current tax
39,957
(211)
39,746
30,254
(160)
30,094
Deferred tax
Movement in respect of prior years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Movement in respect of current year:
Share options
(291)
29
(262)
(458)
(70)
(528)
Fix
ed assets
260
\u2014
260
408
\u2014
408
Other temporary differences
429
\u2014
429
(369)
\u2014
(369)
Total deferred tax
398
29
427
(419)
(70)
(489)
Total tax
40,355
(182)
40,173
29,835
(230)
29,605
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-276": { "value": "
16 Pension and other post-retirement bene\ufb01t commitments
De\ufb01ned contribution pension scheme
The Group operates a de\ufb01ned contribution pension scheme. The assets of the scheme are held separately from those of the
Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the
fund. At the year end, pension contributions of \u00a3868,511 (2023: \u00a3738,372) were outstanding.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Contributions payable by the Group for the year
4,422
3,671
23 Directors\u2019 remuneration
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Remuneration for qualifying services
2,486
2,521
Company pension contributions to de\ufb01ned contribution schemes
50
3
2,536
2,524
During the year ended 31 July 2024, the Directors of the Group were awarded a total of 113,461 LTIP shares (2023: 107,110)
at an average exercise price of \u00a3Nil (2023: \u00a3Nil) and 18,632 shares (2023: 52,591) under the FY2017 Deferred Share Bonus Plan.
The number of Directors for whom retirement bene\ufb01ts are accruing under de\ufb01ned contribution schemes amounted to two
(2023: one). The number of Directors who are entitled to receive shares under long-term incentive schemes during the year was
two (2023: two).
Gains on share options exercised in the year were \u00a31,120,841 (2023: \u00a31,155,578).
Share-based payment charges include \u00a31,322,926 (2023: \u00a31,163,390) in respect of Directors.
For further information on Directors\u2019 remuneration, please also see pages 125 to 146.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-307": { "value": "16 Pension and other post-retirement bene\ufb01t commitments De\ufb01ned contribution pension scheme The Group operates a de\ufb01ned contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. At the year end, pension contributions of \u00a3868,511 (2023: \u00a3738,372) were outstanding.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Contributions payable by the Group for the year
4,422
3,671
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-277": { "value": "
17 Share capital
Authorised share capital
In accordance with the Companies Act 2006, the Company no longer has authorised share capital. The Company\u2019s Articles
of Association have been amended to re\ufb02ect this change.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Allotted and called up
199,764,461
(2023: 199,555,082) ordinary shares of 0.05p each
100
100
18,933
(2023: 18,933) deferred shares of 1p each
\u2014
\u2014
100
100
Note:
At 31 July 2024 deferred shares had an aggregate nominal value of \u00a3189.33 (2023: \u00a3189.33).
In the year ended 31 July 2024, 216,014 (2023: 174,791) new ordinary shares were issued to satisfy the exercise of share options
and 28,095 ordinary shares (2023: 26,215) were issued to satisfy exercises under the Deferred Share Bonus Plan.
No issued ordinary shares of 0.05p each were unpaid at 31 July 2024 (2023: nil unpaid).
All ordinary shares rank pari passu in all respects.
Deferred shares do not have rights to dividends and do not carry voting rights.
Own share transactions
In the year ended 31 July 2024, the SIP Trust returned \u00a3Nil (2023: \u00a3Nil) to the Group through share recycling.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-308": { "value": "17 Share capital Authorised share capital In accordance with the Companies Act 2006, the Company no longer has authorised share capital. The Company\u2019s Articles of Association have been amended to re\ufb02ect this change.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Allotted and called up
199,764,461
(2023: 199,555,082) ordinary shares of 0.05p each
100
100
18,933
(2023: 18,933) deferred shares of 1p each
\u2014
\u2014
100
100
Note: At 31 July 2024 deferred shares had an aggregate nominal value of \u00a3189.33 (2023: \u00a3189.33). In the year ended 31 July 2024, 216,014 (2023: 174,791) new ordinary shares were issued to satisfy the exercise of share options and 28,095 ordinary shares (2023: 26,215) were issued to satisfy exercises under the Deferred Share Bonus Plan. No issued ordinary shares of 0.05p each were unpaid at 31 July 2024 (2023: nil unpaid). All ordinary shares rank pari passu in all respects. Deferred shares do not have rights to dividends and do not carry voting rights. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-309": { "value": "Own share transactions In the year ended 31 July 2024, the SIP Trust returned \u00a3Nil (2023: \u00a3Nil) to the Group through share recycling. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-278": { "value": "
18 Earnings per share
2024 2023
p p
Earnings per share
Basic
59.7
56.2
Diluted
59.4
56.0
The calculation of the basic earnings per share and diluted earnings per share is based on the following data:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Earnings
Earnings for the purposes of earnings per share, being pro\ufb01t for the year
119,044
112,029
The weighted average number of shares is given below:
2024 2023
\u2019000 \u2019000
Number of shares used for basic earnings per share
199,490
199,237
Number of shares expected to be issued at nil consideration following exercise of share options
1,026
922
Number of shares used for diluted earnings per share
200,516
200,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-279": { "value": "
19 Notes to the Consolidated statement of cash \ufb02ows
Reconciliation of operating pro\ufb01t to net cash in\ufb02ow from operating activities
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Operating pro\ufb01t
154,064
140,898
Depreciation of property, plant and equipment
2,631
2,466
Depreciation of right-of-use assets
2,429
2,127
Amortisation of intangibles
1,564
1,525
Dividend equivalents paid
(98)
(66)
Cost of equity-settled employee share schemes
3,612
3,330
Operating cash \ufb02ow before movements in working capital
164,202
150,280
Decrease in inventory
675
1,513
(Increase)/decrease in trade and other receivables
(95,261)
51,383
Increase/(decrease) in trade and other payables and contract liabilities
85,218
(68,581)
Cash generated from operations
154,834
134,595
Income taxes paid
(39,226)
(29,793)
Net cash from operating activities
115,608
104,802
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-280": { "value": "
20 Financial commitments
Guarantees
As at the reporting date, Softcat plc has a class guarantee facility of \u00a3Nil (2023: \u00a3Nil) with HSBC UK Bank plc.
22 Capital commitments
At 31 July 2024, the Group had \u00a3Nil capital commitments (2023: \u00a3Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-310": { "value": "20 Financial commitments Guarantees As at the reporting date, Softcat plc has a class guarantee facility of \u00a3Nil (2023: \u00a3Nil) with HSBC UK Bank plc. 22 Capital commitments At 31 July 2024, the Group had \u00a3Nil capital commitments (2023: \u00a3Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-281": { "value": "21 Financial instruments and \ufb01nancial risk management The Group\u2019s principal \ufb01nancial liabilities comprise trade and other payables and lease liabilities. The primary purpose of these \ufb01nancial liabilities is to \ufb01nance the Group\u2019s operations. The Group\u2019s principal \ufb01nancial assets comprise trade and other receivables and cash that derive directly from its operations. Financial assets The \ufb01nancial assets of the Group were as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
158,454
122,621
Trade and other receivables
552,132
469,427
710,586
592,048
The Directors consider that the carrying amount for all \ufb01nancial assets approximates to their fair value. Financial liabilities The \ufb01nancial liabilities of the Group were as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
(290,869)
(254,907)
Accruals
(121,919)
(90,222)
Lease liabilities
(10,358)
(9,761)
(423,146)
(354,890)
The Directors consider that the carrying amount of \ufb01nancial liabilities (excluding lease liabilities) approximates to their fair value.
Financial risk management
The Group is exposed to interest rate risk, foreign currency risk, credit risk and liquidity risk. The Group\u2019s senior management
oversees the management of these risks and ensures that the Group\u2019s \ufb01nancial risk taking is governed by appropriate policies and
procedures and that \ufb01nancial risks are identi\ufb01ed, measured and managed in accordance with Group policies and Group risk
appetite. During the year, no external debt was required and no facilities were entered.
The Board of Directors reviews and agrees the policies for managing each of these risks, which are summarised below:
Interest rate risk
Interest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in
market interest rates. At the year end, the Group has no borrowings and therefore the exposure to interest rate risk is limited to
the rates received as interest income on cash deposits. The Group accepts the risk of losing interest on deposits. Due to the
limited exposure to interest rate risk, no sensitivity analysis has been prepared.
Foreign currency risk
The Group is exposed to foreign currency risk when dealing with customers and suppliers who wish to be billed in a currency
other than Pounds Sterling. As the vast majority of transactions are with UK customers and are denominated in Pounds Sterling,
the Directors consider this foreign currency risk to be small and do not hedge this risk due to the limited exposure. The level of
foreign currency transactions is monitored closely to ensure that the level of exposure is manageable.
Details of the material foreign currencies in which the Group\u2019s trade receivables, cash and cash equivalents, and trade payables
are denominated are set out below:
2024
2023
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
72,276
12,208
30,271
14,668
Cash and cash equivalents
41,627
5,112
12,486
6,812
Trade payables
(78,231)
(7,076)
(31,853)
(5,405)
35,672
10,244
10,904
16,075
The following table demonstrates the pro\ufb01t before tax sensitivity to possible changes in currency exchange rates with GBP, all
other variables held constant.
2024
2023
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
5% increase in rate
(1,699)
(488)
(519)
(765)
5% decrease in rate
1,877
539
574
846
The aggregate net foreign exchange gains recognised in the pro\ufb01t or loss were:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total net foreign exchange gain in pro\ufb01t or loss
757
1,052
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading
to a \ufb01nancial loss. The Group is exposed to credit risk from its operating activities (primarily for trade receivables) and from
its \ufb01nancing activities, including deposits with banks and \ufb01nancial institutions.
Trade receivables
Credit risk from trade receivables is managed in accordance with the Group\u2019s established policy, procedures and control relating
to customer credit risk management. A customer\u2019s credit quality is assessed based on an extensive credit rating scorecard and
individual credit limits are de\ufb01ned in accordance with this assessment.
Outstanding customer receivables are regularly monitored. At 31 July 2024, the Group had 2,189 customer accounts (2023: 2,151)
that owed the Group more than \u00a325,000 each. These accounts accounted for approximately 23% (2023: 22%) of total customers
and 91% (2023: 91%) of the total value of amounts receivable. There were 800 customers (2023: 778 customers) with balances
greater than \u00a3100,000 accounting for just over 8% (2023: 8%) of the total number of receivable accounts and 77% (2023: 75%) of
the total value of amounts receivable.
The Group continues to monitor the impact of the current macro-economic environment, for example the cost of living crisis, and
how this impacts our customer base. The receivables balance continues to be well diversi\ufb01ed and individual customers typically
represent a very small proportion of the outstanding balance.
The requirement for impairment is analysed at each reporting date. The calculation is based on actual incurred historical data and
expected credit losses. The maximum exposure to credit risk at the reporting date is the carrying value of each class of \ufb01nancial
assets. The Group does not hold collateral as security. The Group has evaluated the concentration of risk with respect to trade
receivables, as there is limited reliance on single or few customers; instead, sales are typically small in size but large in volume
as are the number of customers; therefore, the Group considers concentration risk to be low. This is re\ufb02ected by the fact that as
at 31 July 2024, no more than 3.8% (2023: 3.3%) of receivables are due from any one customer.
The Group provides against its trade receivables using the forward-looking expected credit loss model under IFRS 9.
Financial instruments and cash deposits
Credit risk from cash balances with banks and \ufb01nancial institutions is managed in accordance with Group policy. The Group has
signi\ufb01cant cash reserves which are accessible immediately and without restriction. Credit risk with respect to cash deposits is
managed by carefully selecting the institutions with which cash is deposited and spreading its deposits across more than one
such institution to ease concentration risk. Cash balances are only held across a number of \ufb01nancial institutions and only with
\ufb01nancial institutions with a credit rating at least one grade above investment grade. Credit ratings are reviewed on a regular basis.
Liquidity risk
The Group generates positive cash \ufb02ows from operating activities and these fund short-term working capital requirements.
The Group aims to maintain signi\ufb01cant cash reserves and none of its cash reserves are subject to restrictions. Access to cash is
not restricted and all cash balances could be drawn upon immediately if required. The Board carefully monitors the levels of cash
deposits and is comfortable that for normal operating requirements, no external borrowings are currently required.
The following table details the Group\u2019s remaining contractual maturity for its \ufb01nancial liabilities based on undiscounted
contractual payments:
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Trade payables
(290,869)
\u2014
\u2014
\u2014
(290,869)
Accruals
(121,919)
\u2014
\u2014
\u2014
(121,919)
Lease liabilities
(2,253)
(2,132)
(4,950)
(2,207)
(11,542)
(415,041)
(2,132)
(4,950)
(2,207)
(424,330)
2023
Trade payables
(254,907)
\u2014
\u2014
\u2014
(254,907)
Accruals
(90,222)
\u2014
\u2014
\u2014
(90,222)
Lease liabilities
(2,734)
(2,162)
(5,060)
(1,232)
(11,188)
(347,863)
(2,162)
(5,060)
(1,232)
(356,317)
In both the current year and the prior year, materially all of the \ufb01nancial liabilities above, other than lease liabilities, have a
contractual settlement date of between zero and three months.
Capital risk management
The Group manages its capital to ensure that it will be able to continue as a going concern while also maximising the operating
potential of the business. The capital structure of the Group consists of equity attributable to equity holders of the Group,
comprising issued capital, reserves and retained earnings as disclosed in the Consolidated statement of changes in equity.
The Group is not subject to externally imposed capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-311": { "value": "
Financial assets
The \ufb01nancial assets of the Group were as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
158,454
122,621
Trade and other receivables
552,132
469,427
710,586
592,048
The Directors consider that the carrying amount for all \ufb01nancial assets approximates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-312": { "value": "
Financial liabilities
The \ufb01nancial liabilities of the Group were as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
(290,869)
(254,907)
Accruals
(121,919)
(90,222)
Lease liabilities
(10,358)
(9,761)
(423,146)
(354,890)
The Directors consider that the carrying amount of \ufb01nancial liabilities (excluding lease liabilities) approximates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-313": { "value": "Financial risk management The Group is exposed to interest rate risk, foreign currency risk, credit risk and liquidity risk. The Group\u2019s senior management oversees the management of these risks and ensures that the Group\u2019s \ufb01nancial risk taking is governed by appropriate policies and procedures and that \ufb01nancial risks are identi\ufb01ed, measured and managed in accordance with Group policies and Group risk appetite. During the year, no external debt was required and no facilities were entered. The Board of Directors reviews and agrees the policies for managing each of these risks, which are summarised below: Interest rate risk Interest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market interest rates. At the year end, the Group has no borrowings and therefore the exposure to interest rate risk is limited to the rates received as interest income on cash deposits. The Group accepts the risk of losing interest on deposits. Due to the limited exposure to interest rate risk, no sensitivity analysis has been prepared. Foreign currency risk The Group is exposed to foreign currency risk when dealing with customers and suppliers who wish to be billed in a currency other than Pounds Sterling. As the vast majority of transactions are with UK customers and are denominated in Pounds Sterling, the Directors consider this foreign currency risk to be small and do not hedge this risk due to the limited exposure. The level of foreign currency transactions is monitored closely to ensure that the level of exposure is manageable. Details of the material foreign currencies in which the Group\u2019s trade receivables, cash and cash equivalents, and trade payables are denominated are set out below:
2024
2023
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
72,276
12,208
30,271
14,668
Cash and cash equivalents
41,627
5,112
12,486
6,812
Trade payables
(78,231)
(7,076)
(31,853)
(5,405)
35,672
10,244
10,904
16,075
The following table demonstrates the pro\ufb01t before tax sensitivity to possible changes in currency exchange rates with GBP, all other variables held constant.
2024
2023
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
5% increase in rate
(1,699)
(488)
(519)
(765)
5% decrease in rate
1,877
539
574
846
The aggregate net foreign exchange gains recognised in the pro\ufb01t or loss were:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total net foreign exchange gain in pro\ufb01t or loss
757
1,052
Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading to a \ufb01nancial loss. The Group is exposed to credit risk from its operating activities (primarily for trade receivables) and from its \ufb01nancing activities, including deposits with banks and \ufb01nancial institutions. Trade receivables Credit risk from trade receivables is managed in accordance with the Group\u2019s established policy, procedures and control relating to customer credit risk management. A customer\u2019s credit quality is assessed based on an extensive credit rating scorecard and individual credit limits are de\ufb01ned in accordance with this assessment. Outstanding customer receivables are regularly monitored. At 31 July 2024, the Group had 2,189 customer accounts (2023: 2,151) that owed the Group more than \u00a325,000 each. These accounts accounted for approximately 23% (2023: 22%) of total customers and 91% (2023: 91%) of the total value of amounts receivable. There were 800 customers (2023: 778 customers) with balances greater than \u00a3100,000 accounting for just over 8% (2023: 8%) of the total number of receivable accounts and 77% (2023: 75%) of the total value of amounts receivable. The Group continues to monitor the impact of the current macro-economic environment, for example the cost of living crisis, and how this impacts our customer base. The receivables balance continues to be well diversi\ufb01ed and individual customers typically represent a very small proportion of the outstanding balance. The requirement for impairment is analysed at each reporting date. The calculation is based on actual incurred historical data and expected credit losses. The maximum exposure to credit risk at the reporting date is the carrying value of each class of \ufb01nancial assets. The Group does not hold collateral as security. The Group has evaluated the concentration of risk with respect to trade receivables, as there is limited reliance on single or few customers; instead, sales are typically small in size but large in volume as are the number of customers; therefore, the Group considers concentration risk to be low. This is re\ufb02ected by the fact that as at 31 July 2024, no more than 3.8% (2023: 3.3%) of receivables are due from any one customer. The Group provides against its trade receivables using the forward-looking expected credit loss model under IFRS 9. Financial instruments and cash deposits Credit risk from cash balances with banks and \ufb01nancial institutions is managed in accordance with Group policy. The Group has signi\ufb01cant cash reserves which are accessible immediately and without restriction. Credit risk with respect to cash deposits is managed by carefully selecting the institutions with which cash is deposited and spreading its deposits across more than one such institution to ease concentration risk. Cash balances are only held across a number of \ufb01nancial institutions and only with \ufb01nancial institutions with a credit rating at least one grade above investment grade. Credit ratings are reviewed on a regular basis. Liquidity risk The Group generates positive cash \ufb02ows from operating activities and these fund short-term working capital requirements. The Group aims to maintain signi\ufb01cant cash reserves and none of its cash reserves are subject to restrictions. Access to cash is not restricted and all cash balances could be drawn upon immediately if required. The Board carefully monitors the levels of cash deposits and is comfortable that for normal operating requirements, no external borrowings are currently required. The following table details the Group\u2019s remaining contractual maturity for its \ufb01nancial liabilities based on undiscounted contractual payments:
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Trade payables
(290,869)
\u2014
\u2014
\u2014
(290,869)
Accruals
(121,919)
\u2014
\u2014
\u2014
(121,919)
Lease liabilities
(2,253)
(2,132)
(4,950)
(2,207)
(11,542)
(415,041)
(2,132)
(4,950)
(2,207)
(424,330)
2023
Trade payables
(254,907)
\u2014
\u2014
\u2014
(254,907)
Accruals
(90,222)
\u2014
\u2014
\u2014
(90,222)
Lease liabilities
(2,734)
(2,162)
(5,060)
(1,232)
(11,188)
(347,863)
(2,162)
(5,060)
(1,232)
(356,317)
In both the current year and the prior year, materially all of the \ufb01nancial liabilities above, other than lease liabilities, have a contractual settlement date of between zero and three months. Capital risk management The Group manages its capital to ensure that it will be able to continue as a going concern while also maximising the operating potential of the business. The capital structure of the Group consists of equity attributable to equity holders of the Group, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated statement of changes in equity. The Group is not subject to externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-322": { "value": "Interest rate risk Interest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market interest rates. At the year end, the Group has no borrowings and therefore the exposure to interest rate risk is limited to the rates received as interest income on cash deposits. The Group accepts the risk of losing interest on deposits. Due to the limited exposure to interest rate risk, no sensitivity analysis has been prepared. Foreign currency risk The Group is exposed to foreign currency risk when dealing with customers and suppliers who wish to be billed in a currency other than Pounds Sterling. As the vast majority of transactions are with UK customers and are denominated in Pounds Sterling, the Directors consider this foreign currency risk to be small and do not hedge this risk due to the limited exposure. The level of foreign currency transactions is monitored closely to ensure that the level of exposure is manageable. Details of the material foreign currencies in which the Group\u2019s trade receivables, cash and cash equivalents, and trade payables are denominated are set out below:
2024
2023
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
72,276
12,208
30,271
14,668
Cash and cash equivalents
41,627
5,112
12,486
6,812
Trade payables
(78,231)
(7,076)
(31,853)
(5,405)
35,672
10,244
10,904
16,075
The following table demonstrates the pro\ufb01t before tax sensitivity to possible changes in currency exchange rates with GBP, all other variables held constant.
2024
2023
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
5% increase in rate
(1,699)
(488)
(519)
(765)
5% decrease in rate
1,877
539
574
846
The aggregate net foreign exchange gains recognised in the pro\ufb01t or loss were:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total net foreign exchange gain in pro\ufb01t or loss
757
1,052
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-323": { "value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading to a \ufb01nancial loss. The Group is exposed to credit risk from its operating activities (primarily for trade receivables) and from its \ufb01nancing activities, including deposits with banks and \ufb01nancial institutions. Trade receivables Credit risk from trade receivables is managed in accordance with the Group\u2019s established policy, procedures and control relating to customer credit risk management. A customer\u2019s credit quality is assessed based on an extensive credit rating scorecard and individual credit limits are de\ufb01ned in accordance with this assessment. Outstanding customer receivables are regularly monitored. At 31 July 2024, the Group had 2,189 customer accounts (2023: 2,151) that owed the Group more than \u00a325,000 each. These accounts accounted for approximately 23% (2023: 22%) of total customers and 91% (2023: 91%) of the total value of amounts receivable. There were 800 customers (2023: 778 customers) with balances greater than \u00a3100,000 accounting for just over 8% (2023: 8%) of the total number of receivable accounts and 77% (2023: 75%) of the total value of amounts receivable. The Group continues to monitor the impact of the current macro-economic environment, for example the cost of living crisis, and how this impacts our customer base. The receivables balance continues to be well diversi\ufb01ed and individual customers typically represent a very small proportion of the outstanding balance. The requirement for impairment is analysed at each reporting date. The calculation is based on actual incurred historical data and expected credit losses. The maximum exposure to credit risk at the reporting date is the carrying value of each class of \ufb01nancial assets. The Group does not hold collateral as security. The Group has evaluated the concentration of risk with respect to trade receivables, as there is limited reliance on single or few customers; instead, sales are typically small in size but large in volume as are the number of customers; therefore, the Group considers concentration risk to be low. This is re\ufb02ected by the fact that as at 31 July 2024, no more than 3.8% (2023: 3.3%) of receivables are due from any one customer. The Group provides against its trade receivables using the forward-looking expected credit loss model under IFRS 9. Financial instruments and cash deposits Credit risk from cash balances with banks and \ufb01nancial institutions is managed in accordance with Group policy. The Group has signi\ufb01cant cash reserves which are accessible immediately and without restriction. Credit risk with respect to cash deposits is managed by carefully selecting the institutions with which cash is deposited and spreading its deposits across more than one such institution to ease concentration risk. Cash balances are only held across a number of \ufb01nancial institutions and only with \ufb01nancial institutions with a credit rating at least one grade above investment grade. Credit ratings are reviewed on a regular basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-325": { "value": "Liquidity risk The Group generates positive cash \ufb02ows from operating activities and these fund short-term working capital requirements. The Group aims to maintain signi\ufb01cant cash reserves and none of its cash reserves are subject to restrictions. Access to cash is not restricted and all cash balances could be drawn upon immediately if required. The Board carefully monitors the levels of cash deposits and is comfortable that for normal operating requirements, no external borrowings are currently required. The following table details the Group\u2019s remaining contractual maturity for its \ufb01nancial liabilities based on undiscounted contractual payments:
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Trade payables
(290,869)
\u2014
\u2014
\u2014
(290,869)
Accruals
(121,919)
\u2014
\u2014
\u2014
(121,919)
Lease liabilities
(2,253)
(2,132)
(4,950)
(2,207)
(11,542)
(415,041)
(2,132)
(4,950)
(2,207)
(424,330)
2023
Trade payables
(254,907)
\u2014
\u2014
\u2014
(254,907)
Accruals
(90,222)
\u2014
\u2014
\u2014
(90,222)
Lease liabilities
(2,734)
(2,162)
(5,060)
(1,232)
(11,188)
(347,863)
(2,162)
(5,060)
(1,232)
(356,317)
In both the current year and the prior year, materially all of the \ufb01nancial liabilities above, other than lease liabilities, have a contractual settlement date of between zero and three months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-324": { "value": "Capital risk management The Group manages its capital to ensure that it will be able to continue as a going concern while also maximising the operating potential of the business. The capital structure of the Group consists of equity attributable to equity holders of the Group, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated statement of changes in equity. The Group is not subject to externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-282": { "value": "
24 Employees
Number of employees
The average monthly number of employees (including Directors) during the year was:
2024 2023
Number Number
Sales
1,658
1,415
Services
389
377
Administration
412
359
2,459
2,151
Employment costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Salaries, commissions and bonus
180,849
157,680
Social security costs
22,024
18,535
Other pension costs
4,422
3,671
Employment costs \u2013 subtotal
207,295
179,886
Share option charge
3,612
3,330
Total employment costs including share option charge
210,907
183,216
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-283": { "value": "
25 Share option schemes
The Group operates a Long Term Incentive Plan (\u2018LTIP\u2019) for Executive Directors and senior management and a Share Incentive Plan
(\u2018SIP\u2019) for all employees.
The Group recognised the following expenses related to equity-settled share-based payment transactions:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
LTIP
3,612
3,330
Share option charge
3,612
3,330
Employer\u2019s National Insurance contributions payable on all plans
820
464
Share option charge including employer\u2019s National Insurance
4,432
3,794
All options vest at the end of the vesting period relating to that option or on the occurrence of a contingent event. This includes
substantial sale or substantial business asset sale. If the options remain unexercised after a period of ten years from the date of
grant, the options expire. Furthermore, the vesting of these share options is dependent on continued employment.
Following the public listing of shares in the Company, share options become readily convertible assets for which the Group is
liable for employer\u2019s National Insurance contributions. The Group accrues for National Insurance contributions on a straight-line
basis from the date of award to the vesting date.
LTIP
The LTIP provides share awards to Executive Directors and senior management.
Executive Directors
Details in relation to the Softcat LTIP awards to Executive Directors are included in the Directors\u2019 Remuneration Report on page 139.
During the year, 113,461 (2023: 107,110) share awards related to LTIP schemes were issued to two Executive Directors at nil
exercise price with a performance period of three years. The fair value of these awards was \u00a31,060,633 (2023: \u00a31,082,899).
Performance conditions are linked to earnings per share and total shareholder return over the vesting period. The EPS linked
element of the LTIPs awarded in the year were valued using the Black-Scholes model and a Monte-Carlo simulation was used
for the TSR linked element of the award. The following assumptions were used to reach the below fair value:
31 July 2024
31 July 2023
EPS
TSR
EPS
TSR
Proportion of LTIP award
60%
40%
60%
40%
Share price at grant date (\u00a3)
12.26
12.26
12.59
12.59
Weighted average exercise price at grant date
\u2014
\u2014
\u2014
\u2014
Risk-free interest rate
5.26%
5.26%
3.00%
3.00%
Expected volatility
31%
31%
51%
51%
Dividend yield
\u2014%
\u2014%
\u2014%
\u2014%
Performance period (years)
3
3
3
3
Fair value (\u00a3)
12.26
4.98
12.59
6.40
Expected volatility has been determined using historical data re\ufb02ecting share price movements covering the \ufb01nancial year.
During the year, 58,201 (2023: 70,035) LTIP options were exercised with an average weighted share price at the date of exercise
of \u00a313.00 (2023: \u00a311.99).
Deferred Share Bonus Plan
One-third of the Executive Directors\u2019 annual bonus is paid in deferred shares. In the year, 42,577 (2023: 52,591) deferred shares
relating to the 2020 Deferred Share Bonus Plan were issued to one Executive Director and one former Executive Director with
a \u00a3Nil exercise price and a further vesting period of three years. The fair value is calculated using the share price on the date
of grant and the number of shares awarded. The fair value of deferred shares issued in the year is \u00a3527,962 (2023: \u00a3726,451).
During the year, 28,095 (2023: 26,215) options arising from deferred share bonus plans were exercised with an average weighted
share price at the date of exercise of \u00a313.00 (2023: \u00a312.01).
Senior management
An award of 297,399 (2023: 242,263) shares was made to members of the Executive Leadership Team and other senior management
in the year. These shares had an exercise price of \u00a3Nil at the date of grant and a performance period of three years. The fair value
of these awards was \u00a33,165,978 (2023: \u00a32,672,247). As the exercise price of the options awarded in the year was \u00a3Nil, the charge
has been calculated by multiplying the number of shares issued by the share price on the date of grant, adjusted for an expected
forfeiture rate. The share price is the fair value of the equity instrument granted, which was \u00a311.75 (2023: \u00a312.59) at grant date.
The resultant fair value is then recognised over the performance period.
During the year, 107,847 shares (2023: 50,082) were forfeited as members of senior management left the business prior to
completion of the vesting period.
The weighted average remaining contractual life under the exercise period of all LTIP awards is 8.38 years (2023: 8.19 years).
Share Incentive Plan
The Group awarded free shares to its employees following the initial public offering in November 2015. Shares were allocated
to employees on the basis of length of service. Free shares awarded to an employee under the SIP were subject to a minimum
holding period of three years.
Historical employee attrition rates were used to calculate the expected number of shares expected to vest. The resulting income
statement charge was spread over the three-year vesting period with a corresponding entry in equity.
In addition, the Group\u2019s voluntary partnership share purchase programme, which is open to all employees, is administered
through the SIP.
As at 31 July 2024, the SIP Trust held 554,092 (2023: 579,582) ordinary shares in the Company. The market value of the shares held
by the SIP Trust as at 31 July 2024 was \u00a39.0m (2023: \u00a38.7m).
The weighted average remaining contractual life of share-based payment arrangements at the year end was 1.36 years (2023: 3.36 years).
All share-based payment arrangements
The number and weighted average exercise price of all share-based payment arrangements (including LTIP) are as follows:
Weighted average No. of Weighted average No. of
exercise price shares as at exercise price shares as at
\u00a3 31 July 2024 \u00a3 31 July 2023
Outstanding at 1 August
\u2014
1,061,222
\u2014
9 2 7 , 0 2 1
Granted during the year
\u2014
4 5 5 , 4 5 6
\u2014
4
0 1 , 9 6
4
Forfeited during the year
\u2014
( 1 0 7 , 8 4 7 )
\u2014
( 5 0 , 0 8 2 )
Exercised during the year
\u2014
( 2 7 0 , 5 7 7 )
\u2014
( 2 1 7 , 6 8 1 )
Outstanding at 31 July
1,138,254
1,061,222
Exercisable at 31 July
183,795
241,560
The fair value of share-based payment arrangements granted in the year was \u00a34,544,775 (2023: \u00a34,222,307), relating entirely to
Long Term Incentive Plan awards.
The weighted average remaining contractual life of share-based payment arrangements at the year end was 7.68 years (2023: 7.43 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-284": { "value": "
26 Post balance sheet events
Dividend
A \ufb01nal dividend of 18.1p per share has been recommended by the Directors and if approved by shareholders will be paid on
17 December 2024. The \ufb01nal ordinary dividend will be payable to shareholders whose names are on the register at the close
of business on 8 November 2024. Shares in the Company will be quoted ex-dividend on 7 November 2024. The dividend
reinvestment plan (\u2018DRIP\u2019) election date is 26 November 2024.
In line with the Group\u2019s stated intention to return excess cash to shareholders, a further special dividend payment of 20.9p has
been proposed. If approved, this will also be paid on 17 December 2024 alongside the \ufb01nal ordinary dividend.
Contractual obligations
On 27 September 2024, the Group signed a property lease in relation to relocating the London sales hub. The right-of-use asset
and lease liability from this contract will be \u00a317.1m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-285": { "value": "
27 Related party relationships and transactions
Transactions with key management personnel
The remuneration of key management personnel, which consists of persons who have been deemed to be discharging
managerial responsibilities, is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24 Related Party Disclosures.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short-term employee bene\ufb01ts
3,098
2,955
Post-employment bene\ufb01ts
60
6
Key management personnel share-based payment charges
1,524
1,391
4,682
4,352
Key management personnel received a total of 151,307 share awards (2023: 177,283) at a weighted average exercise price of \u00a3Nil
(2023: \u00a3Nil).
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key
management personnel.
Dividends to Directors and former Directors
2024 2023
\u00a3\u2019000 \u00a3\u2019000
M Hellawell
\u2014
1,563
G Watt
44
32
G Charlton
53
44
R Perriss
6
6
V Murria
63
62
K Mecklenburgh
\u2014
\u2014
J Ferguson
\u2014
\u2014
M Prakash
\u2014
\u2014
L Weedall
\u2014
\u2014
166
1,707
Katy Mecklenburgh started on 19 June 2023.
Jacqui Ferguson became a Non-Executive Director on 1 January 2024.
Mayank Prakash became a Non-Executive Director on 1 September 2023.
Martin Hellawell resigned as Non-Executive Chairman on 31 July 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-314": { "value": "27 Related party relationships and transactions Transactions with key management personnel The remuneration of key management personnel, which consists of persons who have been deemed to be discharging managerial responsibilities, is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24 Related Party Disclosures.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short-term employee bene\ufb01ts
3,098
2,955
Post-employment bene\ufb01ts
60
6
Key management personnel share-based payment charges
1,524
1,391
4,682
4,352
Key management personnel received a total of 151,307 share awards (2023: 177,283) at a weighted average exercise price of \u00a3Nil (2023: \u00a3Nil). The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key management personnel. Dividends to Directors and former Directors
2024 2023
\u00a3\u2019000 \u00a3\u2019000
M Hellawell
\u2014
1,563
G Watt
44
32
G Charlton
53
44
R Perriss
6
6
V Murria
63
62
K Mecklenburgh
\u2014
\u2014
J Ferguson
\u2014
\u2014
M Prakash
\u2014
\u2014
L Weedall
\u2014
\u2014
166
1,707
Katy Mecklenburgh started on 19 June 2023. Jacqui Ferguson became a Non-Executive Director on 1 January 2024. Mayank Prakash became a Non-Executive Director on 1 September 2023. Martin Hellawell resigned as Non-Executive Chairman on 31 July 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-326": { "value": "Transactions with key management personnel The remuneration of key management personnel, which consists of persons who have been deemed to be discharging managerial responsibilities, is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24 Related Party Disclosures.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short-term employee bene\ufb01ts
3,098
2,955
Post-employment bene\ufb01ts
60
6
Key management personnel share-based payment charges
1,524
1,391
4,682
4,352
Key management personnel received a total of 151,307 share awards (2023: 177,283) at a weighted average exercise price of \u00a3Nil (2023: \u00a3Nil). The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key management personnel. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } } } }