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value-added IT reseller and IT infrastructure solutions provider to the corporate and public sector markets. The Company is a public limited company incorporated and domiciled in England and Wales and whose shares are publicly traded. The registered office 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 financial 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 financial 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. The consolidated financial statements of the Group have been prepared under the historical cost convention and are presented in the Group\u2019s presentational and functional currency of Pound Sterling and all values are rounded to the nearest thousand (\u2018\u00a3\u2019000\u2019), except when otherwise stated. During the year, the Group completed the acquisition of Oakland Group Services Limited and its subsidiary. The financial statements include the results of the acquired entities from the acquisition date. The Group applied all standards and interpretations issued by the IASB that were effective as at 1 August 2024. The accounting policies set out below have, unless otherwise stated (see below), been applied consistently to all periods presented in these financial statements. The consolidated financial 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 identified 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 financial impacts relating to the identified risks and exercised judgement in concluding that there are no material financial impacts of the Group and Company\u2019s climate-related risks and opportunities on the financial 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 financial statements have been prepared on a going concern basis covering at least the twelve-month period from the date of signing the financial statements. In considering the going concern basis for preparing the financial statements, the Directors consider the Group and Company\u2019s objectives and strategy, their principal risks and uncertainties in achieving their objectives and their review of business performance and financial position, which are all set out in the Strategic Report (see pages 16 to 19) and Chief Financial Officer\u2019s Review sections (see pages 22 to 25 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 financial forecasts for a twelve-month period from the date of this report (the going concern period) until 31 October 2026. All the forecasts reflect the payment of the FY2025 dividend of \u00a373.0m which will be paid in December 2025 subject to approval at the AGM.
Liquidity and financing position
At 31 July 2025, the Group held instantly accessible cash and cash equivalents of \u00a3182.3m, with net current assets of \u00a3312.8m.
Note 1 to the financial statements in the Annual Report includes the Group\u2019s objectives, policies and processes for managing its
capital, its financial risk management and its exposures to credit risk and liquidity risk. Operational cash flow forecasts for the
going concern period are sufficient to support the business with the \u00a390.0m cash floor set by the Board not being breached.
There is a sufficient 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 has, 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 inflation 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 profit and operating profit growth ahead of expectations. The Board continue to monitor the economic
environment and organise operations accordingly.
Base case
The base case, which was approved by the Board in October 2025, takes into account the FY2026 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 2026. The key inputs and assumptions in the base case include:
\u2022 continued GII growth;
\u2022 rebate income continues to be received in proportion to cost of sales as in FY2025;
\u2022 employee commissions are incurred in line with the gross margin; and
\u2022 increased levels of cost to reflect continued investment in our people and the business\u2019 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 financial 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 recent historic trend or
recent event. 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 profit margins of 0.5% in the period;
\u2022 additional bad debt write offs of \u00a34.8m 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 profitability but still within the range set out in the dividend policy; and
\u2022 commission cost adjusted downwards in line with reduced profitability 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 significant 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 profitable and maintains a positive cash balance at all times. Despite this,
management has 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 confident 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
significant 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 benefits from a flexible 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 and does not incorporate any mitigating actions.
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 eight days.
The Board considers the forecasts and assumptions used in the reverse stress tests, as well as the events that could lead to them,
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 sufficient 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 2026. Accordingly, at the October 2025
Board meeting, the Directors concluded from this analysis it was appropriate to continue to adopt the going concern basis in
preparing the consolidated financial 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 financial measures.
In relation to the identified potential climate change-related risks and opportunities, the Directors do not believe there would be
a material impact on cash flows in the going concern period.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 July 2025.
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. Specifically, 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 financial 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 A number of new or amended standards became applicable for the current reporting period. These standards, amendments or interpretations have not had a material impact on the Group in the current or future reporting periods: \u2022 Amendments to IAS 1 Presentation of financial 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 finance arrangements. 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 expected that, where applicable, these standards and amendments will be adopted on each respective effective date: \u2022 Amendments to IAS 21 Lack of Exchangeability. \u2022 Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments. \u2022 Annual improvements to IFRS accounting standards \u2013 Volume 11. \u2022 Amendments to IFRS 9 and IFRS 7 Contracts referencing nature-dependent electricity. \u2022 IFRS 18 Presentation and disclosure in financial statements. \u2022 IFRS 19 Subsidiaries without public accountability. With the exception of IFRS 18, these standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods. The Group is currently assessing the impact of IFRS 18, which is effective for periods beginning on or after 1 January 2027. 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 significantly 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 significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Revenue cut-off The Group\u2019s management information systems are configured to recognise revenue upon notification 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 financial 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 financial position. The exercise applied includes assumptions, which management believes are reasonable, in order to identify items that fit 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 fixed 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 reflect the time taken between vendor shipment and customer delivery. Management further assesses a five-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 significant effect on the amounts recognised in the financial statements: Principal versus agent Significant 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 fulfilling the promise to provide the specified goods or service; (ii) inventory risk before the specified good or service has been transferred to a customer; and (iii) discretion in establishing the price for the specified 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 significant levels of judgement due to the balanced nature of the assessment. The specific 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 specified 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 standalone
selling prices. There are no variable price elements arising from discounts or returns 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
satisfied 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 significant 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
transaction and recording revenue on a gross, or net, basis:
(i) the Group is primarily responsible for fulfilling the promise to provide the specified goods or service;
(ii) the Group has inventory risk before the specified good or service has been transferred to a customer; and
(iii) the Group has discretion in establishing the price for the specified 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 identifiable. 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 and therefore the Group has satisfied its performance obligation. In line with industry standard
terms, payment is generally due 30 days after the 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 specifications.
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 specific 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 specifications, 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, or licencing confirmation, to the
customer. At this point Softcat has satisfied its performance obligations. Payment is generally due 30 days from the 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 office productivity, provides security or assists in
collaboration. As the Group has satisfied 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 of the invoice date.
The Group offers access to corporate enterprise agreements, a specific licensing programme for eligible customers, exclusively
through a single vendor. For these transactions the Group introduces the customer to the vendor which then fulfils 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 satisfied 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 fulfilled 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 fulfilled
internally or externally, when confirmation 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 satisfied its
performance obligations. Payment is generally due within 30 days from completion of the work.
Contract fulfilment assets
IFRS 15 requires certain costs to fulfil a contract to be recognised as a separate asset. Contract fulfilment assets relate to goods or
services delivered to the customer, but which do not meet the revenue recognition criteria under IFRS 15. These costs are deferred
until the performance obligation to which they relate has been met. Contract fulfilment assets are measured at the purchase price
of the associated goods or services received. Contract fulfilment assets are released from the Consolidated statement of financial
position in line with the recognition of revenue on the specific transaction. There are no significant 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.
Deferred costs
IFRS 15 requires certain costs to fulfil a contract to be recognised as a separate asset. Deferred costs relate to goods or services
billed by the vendor, but not yet shipped. 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 financial position in line with the recognition of revenue on the specific transaction. There are
no significant 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 satisfied; 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 15.
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 funded training programmes, activities and schemes that aim to educate its sales force and
internally promote the products the business resells. The costs of these funded 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 and distributors 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 profit or loss and other comprehensive income and rebates earned but not yet received are included within accrued income in
the Consolidated statement of financial 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 financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.
Interest income is included in finance 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 significant 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 fifty years straight line
Building improvements ten years straight line, or the lease term if shorter
Computer equipment three to five years straight line
Fixtures, fittings 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 significant part initially recognised is derecognised upon disposal or when
no future economic benefits 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 financial 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 finite 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:
Customer relationships four years straight line
Brands three years straight line
Computer software three to fifteen years straight line
Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 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 benefits; \u2022 adequate technical, financial 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 finite 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 Impairment of assets Goodwill and intangible assets with indefinite useful lives are not amortised but are tested for impairment annually, or more frequently if events or changes in circumstances indicate that they may be impaired. Other assets are tested for impairment whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that have suffered an impairment are reviewed at the end of each reporting period for possible reversal of the impairment. Management takes into account the different nature of the Group\u2019s operations in determining the most appropriate methods for assessing the recoverable amounts of CGU assets. When testing goodwill for impairment, goodwill is allocated to the CGU or group of CGUs that are expected to benefit from the synergies of the business combination from which it originally arose. 1.12 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 significant 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 configure or customise a cloud software licence are expensed alongside the related service contract in the Group\u2019s income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. 1.13 Leases A lease is a contract or part of a contract that conveys the right to control the use of an identified 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 Motor vehicles two to five 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 fixed 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 reflect 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 modification, 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.
1.14 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 fulfil customer orders where the right of ownership is yet to transfer.
1.15 Financial instruments
Financial assets
The Group\u2019s financial assets include cash and cash equivalents and trade and other receivables. All financial 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 simplified approach on expected credit losses (\u2018ECLs\u2019) for trade receivables and contract fulfilment assets has been used as
there is not a significant financing component to these assets. In accordance with the simplified 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, specific 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 specific 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 insignificant 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 financial year.
As accrued income has a contractual right to receive cash, it is a financial 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 classified according to the substance of the contractual arrangements entered into. The Group\u2019s financial
liabilities comprise trade and other payables. All financial 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 financial instruments
Softcat can acts as an intermediary to provide financing arrangements between the customer and a third-party financing
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 financing company. Receivables are derecognised only when Softcat has
transferred the receivable, meaning that it has retained the contractual rights to the cash flows, but has assumed an obligation
to pay those cash flows to the finance provider, in the case where all three of the following conditions are met:
\u2022 Softcat has no obligation to pay amounts to the finance 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 qualifies 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 finance provider takes on the credit risk of future cash flows from the customer.
Cash flows 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.
1.16 Pensions
The pension costs charged in the financial statements represent the contributions payable by the Group during the year on the
defined 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.
1.17 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 financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted
for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that taxable profits 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 profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
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 finance 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 2024 and 31 July 2025.
1.18 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 profit 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 considers whether it has any uncertain tax
positions and determines 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.
1.19 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 classified as other comprehensive income and recognised
in the foreign exchange translation reserve in the Consolidated statement of financial position.
1.20 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 beneficial 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 96. 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 profit 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 profit or loss and other comprehensive income. 1.21 Adjusted Performance Measures The Group uses a number of non-Generally Accepted Accounting Practice (\u2018non-GAAP\u2019) financial 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. Consequently, non-GAAP measures are used by the Directors and management for performance analysis, planning and reporting. These non-GAAP measures comprise gross invoiced income, underlying cash conversion, underlying operating profit, underlying profit before tax, underlying profit for the year, and underlying basic and diluted earnings per share. Gross invoiced income reflects 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. 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 financial position and the relationship to sales performance and the mix of products sold. Underlying operating profit reflects statutory operating profit, adding back non-underlying costs. Non-underlying costs comprise items which, in the opinion of management, should be identified and excluded to provide a consistent and comparable view of the underlying performance of the Group\u2019s ongoing business. They are unusual because of their size, nature (one-off, non-trading costs) or incidence. When evaluating the nature of an item, management considers the following factors, both individually and in combination: \u2022 whether the item is related to activities outside the Group\u2019s primary business activities; \u2022 the specific circumstances that led to the recognition of the item; \u2022 the likelihood that the item will recur; and \u2022 whether an item is cash or non-cash.
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Non-underlying costs
Acquisition costs
10
722
\u2014
Acquisition \u2013 contingent consideration liability
26
1,026
\u2014
Acquisition \u2013 amortisation of acquired intangibles
9
214
\u2014
Major system development costs
5,269
\u2014
Total
7,231
\u2014
Acquisition costs are professional and advisory fees related to the acquisition.
Acquisition \u2013 contingent consideration liability comprises the fair value of the contingent consideration with service conditions,
which is not classified as consideration transferred under IFRS 3 and is disclosed as Other Employment costs. Acquisition \u2013
amortisation of acquired intangibles comprises the amortisation on the Customer Relationships and Brand acquired. Major system
development costs is comprised of costs associated with the implementation of the new HR system and cloud-based sales order
system, neither of which meet the criteria for capitalisation under IAS 38.
A reconciliation between operating profit and underlying operating profit for the year is provided below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating profit
172,900
154,064
Non-underlying costs
7,231
\u2014
Underlying operating profit
180,131
154,064
Underlying cash conversion ratio comprises net cash generated from operating activities before taxation and any acquisition
related cash flows, including deferred consideration outflows, net of capital expenditure, as a percentage of underlying operating
profit. Underlying cash conversion is an indicator of the Group\u2019s ability to convert profits into available cash.
In the year ended July 31 2024 the cash conversion ratio did not incorporate underlying costs, acquisition cash flows and deferred
consideration cash flows; however, as these were \u00a3Nil no prior year restatement is required.
A reconciliation to the adjusted measure for underlying cash conversion is provided below:
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Net cash generated from operating activities
21
140,714
115, 60 8
Income taxes paid
21
46,775
39,226
Cash generated from operations
187,489
154,834
Purchase of property, plant and equipment
7
(11,783)
(1,115)
Purchase of intangible assets
9
(3,444)
(6,017)
Cash generated from operations, net of capital expenditure
172,262
147,702
Underlying operating profit
180,131
154,064
Cash conversion ratio
95.6%
95.9%
Net cash generated from operating activities includes \u00a35.3m of non-underlying costs. Acquisition related cash flows not included
in the underlying cash conversion ratio are the acquisition of subsidiaries net of cash acquired of \u00a37.4m and acquisition fees
of \u00a30.7m, both of which are included in investing activities.
Underlying basic earnings per ordinary share and underlying diluted earnings per ordinary share reflect statutory basic and
diluted earnings per ordinary share, adjusted for the profit after tax impact of non-underlying costs.
2025 2024
p p
Underlying earnings per share
Underlying basic earnings per ordinary share (pence)
69.5
59.7
Underlying diluted earnings per ordinary share (pence)
69.1
59.4
The calculation of the underlying basic earnings per share and underlying diluted earnings per share is based on the following data:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Earnings
Earnings for the purposes of earnings per share, being profit for the year
133,008
119,04
4
Non-underlying costs
7,231
\u2014
Tax effect of non-underlying costs
(1,371)
\u2014
Underlying earnings for the purposes of earnings per share, being profit for the year
138,868
119,044
The tax effect on non-underlying costs varies depending on the nature of the costs.
2025 2024
The weighted average number of shares is given below: \u2019000 \u2019000
Number of shares used for basic earnings per share
199,690
199,490
Number of shares expected to be issued at nil consideration following exercise of share options
1,163
1,026
Number of shares used for diluted earnings per share
200,853
200,516
1.22 Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate
of the consideration transferred, measured at the acquisition-date fair value, and the amount of any non-controlling interest in the
acquiree. Acquisition costs incurred are expensed and included in administrative expenses. The measurement of non-controlling
interest is at the proportionate share of the acquiree\u2019s net identifiable assets.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and
designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.
Any contingent consideration to be transferred will be recognised at fair value at the acquisition date. Contingent consideration
classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration
classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at
fair value with the changes in fair value recognised in the income statement in accordance with IFRS 9.
Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition-date fair value of the consideration
transferred and the amount recognised for the non-controlling interest (where the business combination is achieved in stages,
the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree) over the net identifiable amounts
of the assets acquired and the liabilities assumed in exchange for the business combination.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-263": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-2": { "value": "Softcat plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-264": { "value": "Softcat plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-4": { "value": "Solar House, Fieldhouse Lane, Marlow, Buckinghamshire SL7 1LW", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-262": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-266": { "value": "
1.2 Basis of preparation
The Group has prepared the consolidated financial 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.
The consolidated financial statements of the Group have been prepared under the historical cost convention and are presented
in the Group\u2019s presentational and functional currency of Pound Sterling and all values are rounded to the nearest thousand
(\u2018\u00a3\u2019000\u2019), except when otherwise stated.
During the year, the Group completed the acquisition of Oakland Group Services Limited and its subsidiary. The financial
statements include the results of the acquired entities from the acquisition date.
The Group applied all standards and interpretations issued by the IASB that were effective as at 1 August 2024. The accounting
policies set out below have, unless otherwise stated (see below), been applied consistently to all periods presented in these
financial statements.
The consolidated financial 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 identified
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 financial impacts relating to the identified risks and exercised
judgement in concluding that there are no material financial impacts of the Group and Company\u2019s climate-related risks and
opportunities on the financial 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 financial statements have been prepared on a going concern basis covering at least the
twelve-month period from the date of signing the financial statements.
In considering the going concern basis for preparing the financial statements, the Directors consider the Group and Company\u2019s
objectives and strategy, their principal risks and uncertainties in achieving their objectives and their review of business
performance and financial position, which are all set out in the Strategic Report (see pages 16 to 19) and Chief Financial Officer\u2019s
Review sections (see pages 22 to 25 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 financial forecasts for a twelve-month period from the date of this report (the going concern
period) until 31 October 2026. All the forecasts reflect the payment of the FY2025 dividend of \u00a373.0m which will be paid in
December 2025 subject to approval at the AGM.
Liquidity and financing position At 31 July 2025, the Group held instantly accessible cash and cash equivalents of \u00a3182.3m, with net current assets of \u00a3312.8m. Note 1 to the financial statements in the Annual Report includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management and its exposures to credit risk and liquidity risk. Operational cash flow forecasts for the going concern period are sufficient to support the business with the \u00a390.0m cash floor set by the Board not being breached. There is a sufficient 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 has, 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 inflation 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 profit and operating profit growth ahead of expectations. The Board continue to monitor the economic environment and organise operations accordingly. Base case The base case, which was approved by the Board in October 2025, takes into account the FY2026 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 2026. The key inputs and assumptions in the base case include: \u2022 continued GII growth; \u2022 rebate income continues to be received in proportion to cost of sales as in FY2025; \u2022 employee commissions are incurred in line with the gross margin; and \u2022 increased levels of cost to reflect continued investment in our people and the business\u2019 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 financial 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 recent historic trend or recent event. 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 profit margins of 0.5% in the period; \u2022 additional bad debt write offs of \u00a34.8m 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 profitability but still within the range set out in the dividend policy; and \u2022 commission cost adjusted downwards in line with reduced profitability 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 significant 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 profitable and maintains a positive cash balance at all times. Despite this, management has 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 confident 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 significant 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 benefits from a flexible 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 and does not incorporate any mitigating actions. 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 eight days. The Board considers the forecasts and assumptions used in the reverse stress tests, as well as the events that could lead to them, 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 sufficient 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 2026. Accordingly, at the October 2025 Board meeting, the Directors concluded from this analysis it was appropriate to continue to adopt the going concern basis in preparing the consolidated financial 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 financial measures. In relation to the identified potential climate change-related risks and opportunities, the Directors do not believe there would be a material impact on cash flows in the going concern period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-308": { "value": "The Group has prepared the consolidated financial 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-309": { "value": "The consolidated financial statements of the Group have been prepared under the historical cost convention and are presented in the Group\u2019s presentational and functional currency of Pound 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-310": { "value": "Going concern Overview The consolidated Group and Company financial statements have been prepared on a going concern basis covering at least the twelve-month period from the date of signing the financial statements. In considering the going concern basis for preparing the financial statements, the Directors consider the Group and Company\u2019s objectives and strategy, their principal risks and uncertainties in achieving their objectives and their review of business performance and financial position, which are all set out in the Strategic Report (see pages 16 to 19) and Chief Financial Officer\u2019s Review sections (see pages 22 to 25 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 financial forecasts for a twelve-month period from the date of this report (the going concern period) until 31 October 2026. All the forecasts reflect the payment of the FY2025 dividend of \u00a373.0m which will be paid in December 2025 subject to approval at the AGM. Liquidity and financing position At 31 July 2025, the Group held instantly accessible cash and cash equivalents of \u00a3182.3m, with net current assets of \u00a3312.8m. Note 1 to the financial statements in the Annual Report includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management and its exposures to credit risk and liquidity risk. Operational cash flow forecasts for the going concern period are sufficient to support the business with the \u00a390.0m cash floor set by the Board not being breached. There is a sufficient 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 has, 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 inflation 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 profit and operating profit growth ahead of expectations. The Board continue to monitor the economic environment and organise operations accordingly. Base case The base case, which was approved by the Board in October 2025, takes into account the FY2026 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 2026. The key inputs and assumptions in the base case include: \u2022 continued GII growth; \u2022 rebate income continues to be received in proportion to cost of sales as in FY2025; \u2022 employee commissions are incurred in line with the gross margin; and \u2022 increased levels of cost to reflect continued investment in our people and the business\u2019 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 financial 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 recent historic trend or recent event. 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 profit margins of 0.5% in the period; \u2022 additional bad debt write offs of \u00a34.8m 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 profitability but still within the range set out in the dividend policy; and \u2022 commission cost adjusted downwards in line with reduced profitability 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 significant 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 profitable and maintains a positive cash balance at all times. Despite this, management has 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 confident 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 significant 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 benefits from a flexible 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 and does not incorporate any mitigating actions. 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 eight days. The Board considers the forecasts and assumptions used in the reverse stress tests, as well as the events that could lead to them, 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 sufficient 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 2026. Accordingly, at the October 2025 Board meeting, the Directors concluded from this analysis it was appropriate to continue to adopt the going concern basis in preparing the consolidated financial 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 financial measures. In relation to the identified potential climate change-related risks and opportunities, the Directors do not believe there would be a material impact on cash flows in the going concern period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-267": { "value": "Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 July 2025. 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. Specifically, 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 financial 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-311": { "value": "The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 July 2025. 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. Specifically, 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 financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-269": { "value": "
1.3 Adoption of new and revised standards
A number of new or amended standards became applicable for the current reporting period. These standards, amendments or
interpretations have not had a material impact on the Group in the current or future reporting periods:
\u2022 Amendments to IAS 1 Presentation of financial 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 finance arrangements.
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
expected that, where applicable, these standards and amendments will be adopted on each respective effective date:
\u2022 Amendments to IAS 21 Lack of Exchangeability.
\u2022 Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments.
\u2022 Annual improvements to IFRS accounting standards \u2013 Volume 11.
\u2022 Amendments to IFRS 9 and IFRS 7 Contracts referencing nature-dependent electricity.
\u2022 IFRS 18 Presentation and disclosure in financial statements.
\u2022 IFRS 19 Subsidiaries without public accountability.
With the exception of IFRS 18, these standards, amendments or interpretations are not expected to have a material impact on
the Group in the current or future reporting periods. The Group is currently assessing the impact of IFRS 18, which is effective
for periods beginning on or after 1 January 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-314": { "value": "1.3 Adoption of new and revised standards A number of new or amended standards became applicable for the current reporting period. These standards, amendments or interpretations have not had a material impact on the Group in the current or future reporting periods: \u2022 Amendments to IAS 1 Presentation of financial 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 finance arrangements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-312": { "value": "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 expected that, where applicable, these standards and amendments will be adopted on each respective effective date: \u2022 Amendments to IAS 21 Lack of Exchangeability. \u2022 Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments. \u2022 Annual improvements to IFRS accounting standards \u2013 Volume 11. \u2022 Amendments to IFRS 9 and IFRS 7 Contracts referencing nature-dependent electricity. \u2022 IFRS 18 Presentation and disclosure in financial statements. \u2022 IFRS 19 Subsidiaries without public accountability. With the exception of IFRS 18, these standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods. The Group is currently assessing the impact of IFRS 18, which is effective for periods beginning on or after 1 January 2027. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-268": { "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 significantly 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 significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year include:
Revenue cut-off
The Group\u2019s management information systems are configured to recognise revenue upon notification 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 financial 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 financial position. The exercise applied includes
assumptions, which management believes are reasonable, in order to identify items that fit 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 fixed 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 reflect the time taken
between vendor shipment and customer delivery. Management further assesses a five-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 significant effect on the amounts recognised in the financial statements:
Principal versus agent
Significant 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 fulfilling the promise to provide the specified
goods or service; (ii) inventory risk before the specified good or service has been transferred to a customer; and (iii) discretion in
establishing the price for the specified 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 significant levels of judgement due to the balanced nature of the assessment. The specific 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-313": { "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 significantly 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 significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Revenue cut-off The Group\u2019s management information systems are configured to recognise revenue upon notification 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 financial 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 financial position. The exercise applied includes assumptions, which management believes are reasonable, in order to identify items that fit 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 fixed 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 reflect the time taken between vendor shipment and customer delivery. Management further assesses a five-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 significant effect on the amounts recognised in the financial statements: Principal versus agent Significant 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 fulfilling the promise to provide the specified goods or service; (ii) inventory risk before the specified good or service has been transferred to a customer; and (iii) discretion in establishing the price for the specified 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 significant levels of judgement due to the balanced nature of the assessment. The specific 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-270": { "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 specified 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 standalone selling prices. There are no variable price elements arising from discounts or returns 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 satisfied 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 significant 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 transaction and recording revenue on a gross, or net, basis: (i) the Group is primarily responsible for fulfilling the promise to provide the specified goods or service; (ii) the Group has inventory risk before the specified good or service has been transferred to a customer; and (iii) the Group has discretion in establishing the price for the specified 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 identifiable. 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 and therefore the Group has satisfied its performance obligation. In line with industry standard terms, payment is generally due 30 days after the 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 specifications. 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 specific 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 specifications, 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, or licencing confirmation, to the customer. At this point Softcat has satisfied its performance obligations. Payment is generally due 30 days from the 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 office productivity, provides security or assists in collaboration. As the Group has satisfied 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 of the invoice date. The Group offers access to corporate enterprise agreements, a specific licensing programme for eligible customers, exclusively through a single vendor. For these transactions the Group introduces the customer to the vendor which then fulfils 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 satisfied 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 fulfilled 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 fulfilled internally or externally, when confirmation 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 satisfied its performance obligations. Payment is generally due within 30 days from completion of the work. Contract fulfilment assets IFRS 15 requires certain costs to fulfil a contract to be recognised as a separate asset. Contract fulfilment assets relate to goods or services delivered to the customer, but which do not meet the revenue recognition criteria under IFRS 15. These costs are deferred until the performance obligation to which they relate has been met. Contract fulfilment assets are measured at the purchase price of the associated goods or services received. Contract fulfilment assets are released from the Consolidated statement of financial position in line with the recognition of revenue on the specific transaction. There are no significant 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. Deferred costs IFRS 15 requires certain costs to fulfil a contract to be recognised as a separate asset. Deferred costs relate to goods or services billed by the vendor, but not yet shipped. 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 financial position in line with the recognition of revenue on the specific transaction. There are no significant 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 satisfied; 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 15. 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 funded training programmes, activities and schemes that aim to educate its sales force and internally promote the products the business resells. The costs of these funded 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-274": { "value": "1.7 Rebates Rebates from suppliers and distributors 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 profit or loss and other comprehensive income and rebates earned but not yet received are included within accrued income in the Consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-315": { "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 financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in finance income in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-271": { "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 financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in finance income in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-316": { "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 significant 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 fifty years straight line Building improvements ten years straight line, or the lease term if shorter Computer equipment three to five years straight line Fixtures, fittings 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 significant part initially recognised is derecognised upon disposal or when no future economic benefits 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 financial year end and adjusted for prospectively if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-272": { "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 significant 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 fifty years straight line Building improvements ten years straight line, or the lease term if shorter Computer equipment three to five years straight line Fixtures, fittings 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 significant part initially recognised is derecognised upon disposal or when no future economic benefits 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 financial year end and adjusted for prospectively if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-317": { "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 finite 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: Customer relationships four years straight line Brands three years straight line Computer software three to fifteen years straight line Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 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 benefits; \u2022 adequate technical, financial 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 finite 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-273": { "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 finite 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: Customer relationships four years straight line Brands three years straight line Computer software three to fifteen years straight line
Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly
attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as
intangible assets where the following criteria are met:
\u2022 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 benefits;
\u2022 adequate technical, financial 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 finite 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-276": { "value": "
1.11 Impairment of assets
Goodwill and intangible assets with indefinite useful lives are not amortised but are tested for impairment annually, or more
frequently if events or changes in circumstances indicate that they may be impaired. Other assets are tested for impairment
whenever events or changes in circumstances suggest that the carrying amount may not be recoverable.
An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount
is the higher of an asset\u2019s fair value less costs of disposal and its value in use. For the purposes of assessing impairment, assets are
grouped at the lowest level for which there are separately identifiable cash inflows that are largely independent of the cash inflows
from other assets or groups of assets (cash-generating units).
Non-financial assets other than goodwill that have suffered an impairment are reviewed at the end of each reporting period for
possible reversal of the impairment.
Management takes into account the different nature of the Group\u2019s operations in determining the most appropriate methods for
assessing the recoverable amounts of CGU assets. When testing goodwill for impairment, goodwill is allocated to the CGU or
group of CGUs that are expected to benefit from the synergies of the business combination from which it originally arose.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-318": { "value": "1.11 Impairment of assets Goodwill and intangible assets with indefinite useful lives are not amortised but are tested for impairment annually, or more frequently if events or changes in circumstances indicate that they may be impaired. Other assets are tested for impairment whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that have suffered an impairment are reviewed at the end of each reporting period for possible reversal of the impairment. Management takes into account the different nature of the Group\u2019s operations in determining the most appropriate methods for assessing the recoverable amounts of CGU assets. When testing goodwill for impairment, goodwill is allocated to the CGU or group of CGUs that are expected to benefit from the synergies of the business combination from which it originally arose. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-275": { "value": "
1.12 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 significant 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 configure or customise a cloud software licence are expensed alongside the related service contract in the Group\u2019s
income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised.
", "dimensions": { "concept": "softcatplc:DescriptionOfAccountingPolicyForCloudSoftwareLicenceAgreements", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-277": { "value": "
1.13 Leases
A lease is a contract or part of a contract that conveys the right to control the use of an identified 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
Motor vehicles two to five 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 fixed 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 reflect 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 modification, 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-278": { "value": "1.14 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 fulfil customer orders where the right of ownership is yet to transfer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-279": { "value": "1.15 Financial instruments Financial assets The Group\u2019s financial assets include cash and cash equivalents and trade and other receivables. All financial 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 simplified approach on expected credit losses (\u2018ECLs\u2019) for trade receivables and contract fulfilment assets has been used as there is not a significant financing component to these assets. In accordance with the simplified 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, specific 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 specific 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 insignificant 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 financial year. As accrued income has a contractual right to receive cash, it is a financial 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 classified according to the substance of the contractual arrangements entered into. The Group\u2019s financial liabilities comprise trade and other payables. All financial 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 financial instruments Softcat can acts as an intermediary to provide financing arrangements between the customer and a third-party financing 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 financing company. Receivables are derecognised only when Softcat has transferred the receivable, meaning that it has retained the contractual rights to the cash flows, but has assumed an obligation to pay those cash flows to the finance provider, in the case where all three of the following conditions are met: \u2022 Softcat has no obligation to pay amounts to the finance 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 qualifies 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 finance provider takes on the credit risk of future cash flows from the customer. Cash flows 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-319": { "value": "Financial assets The Group\u2019s financial assets include cash and cash equivalents and trade and other receivables. All financial 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 simplified approach on expected credit losses (\u2018ECLs\u2019) for trade receivables and contract fulfilment assets has been used as there is not a significant financing component to these assets. In accordance with the simplified 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, specific 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 specific 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 insignificant 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 financial year. As accrued income has a contractual right to receive cash, it is a financial 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-343": { "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 simplified approach on expected credit losses (\u2018ECLs\u2019) for trade receivables and contract fulfilment assets has been used as there is not a significant financing component to these assets. In accordance with the simplified 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, specific 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 specific 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-344": { "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 insignificant level of risk to change in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-320": { "value": "Financial liabilities Financial liabilities are classified according to the substance of the contractual arrangements entered into. The Group\u2019s financial liabilities comprise trade and other payables. All financial 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 financial instruments Softcat can acts as an intermediary to provide financing arrangements between the customer and a third-party financing 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 financing company. Receivables are derecognised only when Softcat has transferred the receivable, meaning that it has retained the contractual rights to the cash flows, but has assumed an obligation to pay those cash flows to the finance provider, in the case where all three of the following conditions are met: \u2022 Softcat has no obligation to pay amounts to the finance 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 qualifies 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 finance provider takes on the credit risk of future cash flows from the customer. Cash flows 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-345": { "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 financial instruments Softcat can acts as an intermediary to provide financing arrangements between the customer and a third-party financing 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 financing company. Receivables are derecognised only when Softcat has transferred the receivable, meaning that it has retained the contractual rights to the cash flows, but has assumed an obligation to pay those cash flows to the finance provider, in the case where all three of the following conditions are met: \u2022 Softcat has no obligation to pay amounts to the finance 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 qualifies 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 finance provider takes on the credit risk of future cash flows from the customer. Cash flows 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-357": { "value": "Derecognised financial instruments Softcat can acts as an intermediary to provide financing arrangements between the customer and a third-party financing 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 financing company. Receivables are derecognised only when Softcat has transferred the receivable, meaning that it has retained the contractual rights to the cash flows, but has assumed an obligation to pay those cash flows to the finance provider, in the case where all three of the following conditions are met: \u2022 Softcat has no obligation to pay amounts to the finance 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 qualifies 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 finance provider takes on the credit risk of future cash flows from the customer. Cash flows 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-280": { "value": "1.16 Pensions The pension costs charged in the financial statements represent the contributions payable by the Group during the year on the defined 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-321": { "value": "1.17 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 financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits 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 profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 finance 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 2024 and 31 July 2025. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-282": { "value": "1.17 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 financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits 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 profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 finance 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 2024 and 31 July 2025. 1.18 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 profit 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 considers whether it has any uncertain tax positions and determines 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-281": { "value": "1.19 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 classified as other comprehensive income and recognised in the foreign exchange translation reserve in the Consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-283": { "value": "1.20 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 beneficial 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 96.
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 profit 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 profit or loss and other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-284": { "value": "
1.21 Adjusted Performance Measures
The Group uses a number of non-Generally Accepted Accounting Practice (\u2018non-GAAP\u2019) financial 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.
Consequently, non-GAAP measures are used by the Directors and management for performance analysis, planning and reporting.
These non-GAAP measures comprise gross invoiced income, underlying cash conversion, underlying operating profit, underlying
profit before tax, underlying profit for the year, and underlying basic and diluted earnings per share.
Gross invoiced income reflects 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.
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 financial position and the relationship to sales
performance and the mix of products sold.
Underlying operating profit reflects statutory operating profit, adding back non-underlying costs.
Non-underlying costs comprise items which, in the opinion of management, should be identified and excluded to provide a
consistent and comparable view of the underlying performance of the Group\u2019s ongoing business. They are unusual because
of their size, nature (one-off, non-trading costs) or incidence.
When evaluating the nature of an item, management considers the following factors, both individually and in combination:
\u2022 whether the item is related to activities outside the Group\u2019s primary business activities;
\u2022 the specific circumstances that led to the recognition of the item;
\u2022 the likelihood that the item will recur; and
\u2022 whether an item is cash or non-cash.
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Non-underlying costs
Acquisition costs
10
722
\u2014
Acquisition \u2013 contingent consideration liability
26
1,026
\u2014
Acquisition \u2013 amortisation of acquired intangibles
9
214
\u2014
Major system development costs
5,269
\u2014
Total
7,231
\u2014
Acquisition costs are professional and advisory fees related to the acquisition.
Acquisition \u2013 contingent consideration liability comprises the fair value of the contingent consideration with service conditions, which is not classified as consideration transferred under IFRS 3 and is disclosed as Other Employment costs. Acquisition \u2013 amortisation of acquired intangibles comprises the amortisation on the Customer Relationships and Brand acquired. Major system development costs is comprised of costs associated with the implementation of the new HR system and cloud-based sales order system, neither of which meet the criteria for capitalisation under IAS 38. A reconciliation between operating profit and underlying operating profit for the year is provided below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating profit
172,900
154,064
Non-underlying costs
7,231
\u2014
Underlying operating profit
180,131
154,064
Underlying cash conversion ratio comprises net cash generated from operating activities before taxation and any acquisition related cash flows, including deferred consideration outflows, net of capital expenditure, as a percentage of underlying operating profit. Underlying cash conversion is an indicator of the Group\u2019s ability to convert profits into available cash. In the year ended July 31 2024 the cash conversion ratio did not incorporate underlying costs, acquisition cash flows and deferred consideration cash flows; however, as these were \u00a3Nil no prior year restatement is required. A reconciliation to the adjusted measure for underlying cash conversion is provided below:
2025 2024
Notes \u00a3\u2019000 \u00a3\u2019000
Net cash generated from operating activities
21
140,714
115, 60 8
Income taxes paid
21
46,775
39,226
Cash generated from operations
187,489
154,834
Purchase of property, plant and equipment
7
(11,783)
(1,115)
Purchase of intangible assets
9
(3,444)
(6,017)
Cash generated from operations, net of capital expenditure
172,262
147,702
Underlying operating profit
180,131
154,064
Cash conversion ratio
95.6%
95.9%
Net cash generated from operating activities includes \u00a35.3m of non-underlying costs. Acquisition related cash flows not included in the underlying cash conversion ratio are the acquisition of subsidiaries net of cash acquired of \u00a37.4m and acquisition fees of \u00a30.7m, both of which are included in investing activities. Underlying basic earnings per ordinary share and underlying diluted earnings per ordinary share reflect statutory basic and diluted earnings per ordinary share, adjusted for the profit after tax impact of non-underlying costs.
2025 2024
p p
Underlying earnings per share
Underlying basic earnings per ordinary share (pence)
69.5
59.7
Underlying diluted earnings per ordinary share (pence)
69.1
59.4
The calculation of the underlying basic earnings per share and underlying diluted earnings per share is based on the following data:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Earnings
Earnings for the purposes of earnings per share, being profit for the year
133,008
119,04
4
Non-underlying costs
7,231
\u2014
Tax effect of non-underlying costs
(1,371)
\u2014
Underlying earnings for the purposes of earnings per share, being profit for the year
138,868
119,044
The tax effect on non-underlying costs varies depending on the nature of the costs.
2025 2024
The weighted average number of shares is given below: \u2019000 \u2019000
Number of shares used for basic earnings per share
199,690
199,490
Number of shares expected to be issued at nil consideration following exercise of share options
1,163
1,026
Number of shares used for diluted earnings per share
200,853
200,516
", "dimensions": { "concept": "softcatplc:DescriptionOfAccountingPolicyForAdjustedPerformanceMeasures", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-323": { "value": "1.22 Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition-date fair value, and the amount of any non-controlling interest in the acquiree. Acquisition costs incurred are expensed and included in administrative expenses. The measurement of non-controlling interest is at the proportionate share of the acquiree\u2019s net identifiable assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration
classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at
fair value with the changes in fair value recognised in the income statement in accordance with IFRS 9.
Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition-date fair value of the consideration
transferred and the amount recognised for the non-controlling interest (where the business combination is achieved in stages,
the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree) over the net identifiable amounts
of the assets acquired and the liabilities assumed in exchange for the business combination.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-346": { "value": "1.22 Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition-date fair value, and the amount of any non-controlling interest in the acquiree. Acquisition costs incurred are expensed and included in administrative expenses. The measurement of non-controlling interest is at the proportionate share of the acquiree\u2019s net identifiable assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration
classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at
fair value with the changes in fair value recognised in the income statement in accordance with IFRS 9.
Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition-date fair value of the consideration
transferred and the amount recognised for the non-controlling interest (where the business combination is achieved in stages,
the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree) over the net identifiable amounts
of the assets acquired and the liabilities assumed in exchange for the business combination.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-286": { "value": "1.22 Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at the acquisition-date fair value, and the amount of any non-controlling interest in the acquiree. Acquisition costs incurred are expensed and included in administrative expenses. The measurement of non-controlling interest is at the proportionate share of the acquiree\u2019s net identifiable assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration
classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at
fair value with the changes in fair value recognised in the income statement in accordance with IFRS 9.
Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition-date fair value of the consideration
transferred and the amount recognised for the non-controlling interest (where the business combination is achieved in stages,
the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree) over the net identifiable amounts
of the assets acquired and the liabilities assumed in exchange for the business combination.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-285": { "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 profit or loss and other comprehensive income and Consolidated statement of financial position. An analysis of revenues
by product, which form one reportable segment, is set out below:
2025 2024
Revenue by type: \u00a3\u2019000 \u00a3\u2019000
Software
227,242
213,520
Hardware
985,724
561,238
Services
245,445
187,875
1,458,411
962,633
2025 2024
Gross invoiced income by type: \u00a3\u2019000 \u00a3\u2019000
Software
2,074,532
1, 8 07, 468
Hardware
992,184
568,450
Services
550,243
476,233
3,616,959
2,852,151
Revenue and gross invoiced income can also be disaggregated by type of business
1
:
2025 2024
Revenue by type of business: \u00a3\u2019000 \u00a3\u2019000
Small and medium
914,190
473,985
Enterprise
318,380
298,434
Public sector
225,841
190,214
1,458,411
962,633
Note:
1. Types of business are split by entity staff size. Small and medium business represents workforces of up to 2,000 seats. Enterprise is above 2,000 seats and
public sector represents government and other public bodies.
2025 2024
Gross invoiced income by type of business: \u00a3\u2019000 \u00a3\u2019000
Small and medium
1,730,301
1,157,0 07
Enterprise
675,629
597, 320
Public sector
1,211,029
1,097,824
3,616,959
2,852,151
Gross invoiced income reflects gross income billed to customers adjusted for deferred and accrued revenue items. Softcat
continues to report gross invoiced income as an alternative financial 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.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Gross invoiced income
3,616,959
2,852,151
Income to be recognised as agent under IFRS 15
(2,158,548)
(1,889,518)
Revenue
1,458,411
962,633
The total revenue for the Group for the year has been derived from its principal activity as an IT reseller.
During the period there was one direct customer (2024: none) that individually accounted for greater than 10% of the Group\u2019s
total revenue, and a considerably lower proportion of gross profit. Revenue generated from this customer in FY2025 was
\u00a3326.7m. The revenues related to this direct customer were predominantly derived within the US subsidiary of the Group.
Substantially all of the remaining revenue relates to trading undertaken in the United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-322": { "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 profit or loss and other comprehensive income and Consolidated statement of financial position. An analysis of revenues by product, which form one reportable segment, is set out below:
2025 2024
Revenue by type: \u00a3\u2019000 \u00a3\u2019000
Software
227,242
213,520
Hardware
985,724
561,238
Services
245,445
187,875
1,458,411
962,633
2025 2024
Gross invoiced income by type: \u00a3\u2019000 \u00a3\u2019000
Software
2,074,532
1, 8 07, 468
Hardware
992,184
568,450
Services
550,243
476,233
3,616,959
2,852,151
Revenue and gross invoiced income can also be disaggregated by type of business1 :
2025 2024
Revenue by type of business: \u00a3\u2019000 \u00a3\u2019000
Small and medium
914,190
473,985
Enterprise
318,380
298,434
Public sector
225,841
190,214
1,458,411
962,633
Note: 1. Types of business are split by entity staff size. Small and medium business represents workforces of up to 2,000 seats. Enterprise is above 2,000 seats and public sector represents government and other public bodies.
2025 2024
Gross invoiced income by type of business: \u00a3\u2019000 \u00a3\u2019000
Small and medium
1,730,301
1,157,0 07
Enterprise
675,629
597, 320
Public sector
1,211,029
1,097,824
3,616,959
2,852,151
Gross invoiced income reflects gross income billed to customers adjusted for deferred and accrued revenue items. Softcat continues to report gross invoiced income as an alternative financial 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.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Gross invoiced income
3,616,959
2,852,151
Income to be recognised as agent under IFRS 15
(2,158,548)
(1,889,518)
Revenue
1,458,411
962,633
The total revenue for the Group for the year has been derived from its principal activity as an IT reseller. During the period there was one direct customer (2024: none) that individually accounted for greater than 10% of the Group\u2019s total revenue, and a considerably lower proportion of gross profit. Revenue generated from this customer in FY2025 was \u00a3326.7m. The revenues related to this direct customer were predominantly derived within the US subsidiary of the Group. Substantially all of the remaining revenue relates to trading undertaken in the United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-288": { "value": "
3 Operating profit
2025 2024
Operating profit is stated after charging/(crediting): \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
3,117
2,631
Depreciation of right-of-use assets
3,818
2,429
Amortisation of intangible assets
3,551
1,564
Low-value asset and short-term lease expense
297
57
Foreign exchange loss/(gain)
5,115
(757)
Inventories expensed in the year
856,418
457,426
Movement in trade receivables provision as potentially uncollectable, recovered or written off during the year
1,328
(798)
Auditor\u2019s remuneration
Fees payable for the audit of the Company\u2019s annual accounts and consolidated annual statements
759
759
Fees payable for audit-related services
\u2014
\u2014
Total for statutory audit services
759
759
Fees payable for the half-year review of the condensed financial statements
50
45
Total for non-audit-related services
50
45
For details on employee numbers and employee costs, please see note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-359": { "value": "3 Operating profit
2025 2024
Operating profit is stated after charging/(crediting): \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
3,117
2,631
Depreciation of right-of-use assets
3,818
2,429
Amortisation of intangible assets
3,551
1,564
Low-value asset and short-term lease expense
297
57
Foreign exchange loss/(gain)
5,115
(757)
Inventories expensed in the year
856,418
457,426
Movement in trade receivables provision as potentially uncollectable, recovered or written off during the year
1,328
(798)
Auditor\u2019s remuneration
Fees payable for the audit of the Company\u2019s annual accounts and consolidated annual statements
759
759
Fees payable for audit-related services
\u2014
\u2014
Total for statutory audit services
759
759
Fees payable for the half-year review of the condensed financial statements
50
45
Total for non-audit-related services
50
45
For details on employee numbers and employee costs, please see note 26. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-348": { "value": "3 Operating profit
2025 2024
Operating profit is stated after charging/(crediting): \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
3,117
2,631
Depreciation of right-of-use assets
3,818
2,429
Amortisation of intangible assets
3,551
1,564
Low-value asset and short-term lease expense
297
57
Foreign exchange loss/(gain)
5,115
(757)
Inventories expensed in the year
856,418
457,426
Movement in trade receivables provision as potentially uncollectable, recovered or written off during the year
1,328
(798)
Auditor\u2019s remuneration
Fees payable for the audit of the Company\u2019s annual accounts and consolidated annual statements
759
759
Fees payable for audit-related services
\u2014
\u2014
Total for statutory audit services
759
759
Fees payable for the half-year review of the condensed financial statements
50
45
Total for non-audit-related services
50
45
For details on employee numbers and employee costs, please see note 26. 7 Property, plant and equipment
Freehold Fixtures,
land and Building Computer fittings and Motor
buildings improvements equipment equipment vehicles Total
Note \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 August 2023
2,817
9,026
2,264
5,331
773
20, 211
Additions
556
34
315
210
\u2014
1,115
Disposals
\u2014
\u2014
\u2014
\u2014
(103)
(103)
At 31 July 2024
3,373
9,060
2,579
5,541
670
21,223
Additions
16
8,146
1,830
1,791
\u2014
11,783
Acquired through business combinations
10
\u2014
\u2014
30
55
\u2014
85
Disposals
\u2014
(1,318)
(4)
(717)
(47)
(2,086)
At 31 July 2025
3,389
15,888
4,435
6,670
623
31,005
Depreciation
At 1 August 2023
281
4,226
1,649
2,500
207
8,863
Disposals
\u2014
\u2014
\u2014
\u2014
(103)
(103)
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
Disposals
\u2014
(1,171)
(4)
(479)
(47)
(1,701)
Impairment charge
1,300
\u2014
\u2014
\u2014
\u2014
1,300
Charge for the year
98
1,527
559
734
199
3,117
At 31 July 2025
1,725
5,725
2,692
3,498
467
14,107
Net book value
At 31 July 2025
1,664
10,163
1,743
3,172
156
16,898
At 31 July 2024
3,046
3,691
442
2,298
355
9,832
Additions to Building improvements, Computer equipment, and Fixtures, fittings and equipment related to the new office fit outs in the year. Freehold land amounting to \u00a31.4m (2024: \u00a31.4m) has not been depreciated. An impairment charge of \u00a31.3m has been recognised against the freehold office building to reflect current market value. There is no material difference between the carrying and fair value of the underlying assets as at both 31 July 2025 and 31 July 2024. Clydesdale Bank Plc holds a fixed and floating charge over the assets acquired through business combinations, being that of Oakland Group Services Limited, in respect of secured liabilities/debenture (2024: no assets were subject to restrictions on title or were pledged as security for liabilities).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-325": { "value": "3 Operating profit
2025 2024
Operating profit is stated after charging/(crediting): \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
3,117
2,631
Depreciation of right-of-use assets
3,818
2,429
Amortisation of intangible assets
3,551
1,564
Low-value asset and short-term lease expense
297
57
Foreign exchange loss/(gain)
5,115
(757)
Inventories expensed in the year
856,418
457,426
Movement in trade receivables provision as potentially uncollectable, recovered or written off during the year
1,328
(798)
Auditor\u2019s remuneration
Fees payable for the audit of the Company\u2019s annual accounts and consolidated annual statements
759
759
Fees payable for audit-related services
\u2014
\u2014
Total for statutory audit services
759
759
Fees payable for the half-year review of the condensed financial statements
50
45
Total for non-audit-related services
50
45
For details on employee numbers and employee costs, please see note 26. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-361": { "value": "
2025 2024
Operating profit is stated after charging/(crediting): \u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment
3,117
2,631
Depreciation of right-of-use assets
3,818
2,429
Amortisation of intangible assets
3,551
1,564
Low-value asset and short-term lease expense
297
57
Foreign exchange loss/(gain)
5,115
(757)
Inventories expensed in the year
856,418
457,426
Movement in trade receivables provision as potentially uncollectable, recovered or written off during the year
1,328
(798)
Auditor\u2019s remuneration
Fees payable for the audit of the Company\u2019s annual accounts and consolidated annual statements
759
759
Fees payable for audit-related services
\u2014
\u2014
Total for statutory audit services
759
759
Fees payable for the half-year review of the condensed financial statements
50
45
Total for non-audit-related services
50
45
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-287": { "value": "
4 Finance income and finance cost
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
7, 350
5,778
Lease liability interest cost
(2,048)
(443)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-363": { "value": "4 Finance income and finance cost
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
7, 350
5,778
Lease liability interest cost
(2,048)
(443)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-362": { "value": "4 Finance income and finance cost
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
7, 350
5,778
Lease liability interest cost
(2,048)
(443)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-358": { "value": "4 Finance income and finance cost
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
7, 350
5,778
Lease liability interest cost
(2,048)
(443)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-347": { "value": "4 Finance income and finance cost
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
7, 350
5,778
Lease liability interest cost
(2,048)
(443)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-324": { "value": "4 Finance income and finance cost
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Bank interest income
7, 350
5,778
Lease liability interest cost
(2,048)
(443)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-289": { "value": "
5 Income tax
The major components of the income tax expense for the years ended 31 July 2025 and 31 July 2024 are:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Consolidated statement of profit or loss
Current income tax charge in the year
44,142
40,338
Adjustment in respect of current income tax of previous years
(332)
(465)
Foreign tax relief/other relief
(381)
(39)
Foreign tax suffered
436
123
Total current income tax charge
43,865
39,957
Deferred tax
Current year
1,054
(49)
Adjustments in respect of prior periods
275
447
Deferred tax charge
1,329
398
Total tax charge
45,194
40,355
Reconciliation of total tax charge
Reconciliation of tax expense and accounting profit multiplied by the Group\u2019s domestic tax rate for 2025
and 2024:
Profit on ordinary activities before taxation
178,202
159,399
Profit on ordinary activities before taxation multiplied by the standard rate of UK corporation tax
of 25% (2024: 25%)
44,551
39,850
Effects of:
Non-deductible expenses
637
399
Adjustment to previous periods
(57)
(19)
Effects of overseas tax rates
28
69
Share options
41
56
Other differences
(6)
\u2014
643
505
Income tax charge reported in profit or loss
45,194
40,355
In the year ended 31 July 2025, \u00a365,090 (2024: \u00a3211,310) of current tax was credited to equity and \u00a3193,592 (2024: \u00a329,020 debit)
of deferred tax was credited 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 financial years beginning on or after 31 December 2023.
Based on an initial analysis, the Group expects that all of its territories will qualify for the safe harbours, with the exception of
Ireland. Although Ireland is not expected to fall within the safe harbour thresholds, the Group does not anticipate any top-up tax
to arise in that jurisdiction as the branch profits are fully taxed in the UK.
The Group continues to monitor developments in the implementation of Pillar Two and will update its assessment as further
guidance and legislation become available.
17 Deferred tax
The deferred tax asset is made up as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Accelerated capital allowances
(2,134)
(572)
Share-based payments
2,676
2,231
Other temporary differences
833
912
Intangibles acquired in the year
(532)
\u2014
Deferred tax assets
843
2,571
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Reconciliation of deferred tax asset
Balance at beginning of year
2,571
2,997
Adjustment in respect of prior years
(275)
(446)
Profit and loss account
(1,054)
49
Credit/(charge) to equity
194
(29)
Movement arising from the acquisition of business
(593)
\u2014
Balance at end of year
843
2,571
The Group recognises all deferred tax movements in the year within the income statement, except for \u00a3193,592 charged (2024:
\u00a329,020 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.
2025
2024
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
(332)
\u2014
(332)
(465)
\u2014
(465)
Movement in respect of current year
44,197
(65)
44,132
40,422
(211)
40, 211
Total current tax
43,865
(65)
43,800
39,957
(211)
39,746
Deferred tax
Movement in respect of prior years
275
\u2014
275
\u2014
\u2014
\u2014
Movement in respect of current year:
Share options
(252)
(194)
(446)
(291)
29
(262)
Fixed assets
1,279
\u2014
1,279
260
\u2014
260
Other temporary differences
27
\u2014
27
429
\u2014
429
Total deferred tax
1,329
(194)
1,135
398
29
427
Total tax
45,194
(259)
44,935
40,355
(182)
40,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-290": { "value": "
6 Dividends
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Declared and paid during the year
Special dividend on ordinary shares (20.9p per share (2024: 12.6p))
41,752
25,113
Final dividend on ordinary shares (18.1p per share (2024: 17.0p))
36,158
33,965
Interim dividend on ordinary shares (8.9p per share (2024: 8.5p))
17,794
16,970
95,704
76,048
A final dividend of 20.4p per share has been recommended by the Directors and if approved by shareholders will be paid on
16 December 2025. The final ordinary dividend will be payable to shareholders whose names are on the register at the close of
business on 7 November 2025. Shares in the Company will be quoted ex-dividend on 6 November 2025. The last day for dividend
reinvestment plan (\u2018DRIP\u2019) elections is 25 November 2025.
In line with the Group\u2019s stated intention to return excess cash to shareholders, a further special dividend payment of 16.1p has
been proposed. If approved this will also be paid on 16 December 2025 alongside the final ordinary dividend.
The Board recommends the final 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
profits after tax in each financial 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 influence 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 65 and pages 147 to 149 respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-326": { "value": "0.204", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-291": { "value": "
7 Property, plant and equipment
Freehold Fixtures,
land and Building Computer fittings and Motor
buildings improvements equipment equipment vehicles Total
Note \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 August 2023
2,817
9,026
2,264
5,331
773
20, 211
Additions
556
34
315
210
\u2014
1,115
Disposals
\u2014
\u2014
\u2014
\u2014
(103)
(103)
At 31 July 2024
3,373
9,060
2,579
5,541
670
21,223
Additions
16
8,146
1,830
1,791
\u2014
11,783
Acquired through business combinations
10
\u2014
\u2014
30
55
\u2014
85
Disposals
\u2014
(1,318)
(4)
(717)
(47)
(2,086)
At 31 July 2025
3,389
15,888
4,435
6,670
623
31,005
Depreciation
At 1 August 2023
281
4,226
1,649
2,500
207
8,863
Disposals
\u2014
\u2014
\u2014
\u2014
(103)
(103)
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
Disposals
\u2014
(1,171)
(4)
(479)
(47)
(1,701)
Impairment charge
1,300
\u2014
\u2014
\u2014
\u2014
1,300
Charge for the year
98
1,527
559
734
199
3,117
At 31 July 2025
1,725
5,725
2,692
3,498
467
14,107
Net book value
At 31 July 2025
1,664
10,163
1,743
3,172
156
16,898
At 31 July 2024
3,046
3,691
442
2,298
355
9,832
Additions to Building improvements, Computer equipment, and Fixtures, fittings and equipment related to the new office fit outs
in the year.
Freehold land amounting to \u00a31.4m (2024: \u00a31.4m) has not been depreciated.
An impairment charge of \u00a31.3m has been recognised against the freehold office building to reflect current market value.
There is no material difference between the carrying and fair value of the underlying assets as at both 31 July 2025 and 31 July 2024.
Clydesdale Bank Plc holds a fixed and floating charge over the assets acquired through business combinations, being that of
Oakland Group Services Limited, in respect of secured liabilities/debenture (2024: no assets were subject to restrictions on title
or were pledged as security for liabilities).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-292": { "value": "
8 Right-of-use assets and lease liabilities
Leases \u2013 as a lessee
Softcat has lease contracts for various offices across the country and overseas used for its operations. Property leases generally
have lease terms of between three and ten years. A number of these contracts include extension and termination options which
are discussed below.
Softcat also has lease contracts for electric vehicles to facilitate an employee benefit programme, which generally have lease
terms of between two and five years.
Set out below are the carrying amounts of right-of-use assets recognised and movements during the year:
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Opening right-of-use asset as at 1 August
10,066
9,969
Lease additions and modifications
27,607
2,526
Acquired through business combinations
10
1,133
\u2014
Disposals
(3,198)
\u2014
Depreciation
(3,818)
(2,429)
Closing right-of-use asset as at 31 July
31,790
10,066
The weighted average incremental borrowing rate as used for the period is 4.8% (2024: 3.8%)
Set out below are the carrying amounts of lease liabilities included under current and non-current liabilities and the movements
during the period:
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Opening lease liability as at 1 August
10,358
9,761
Lease additions and modifications
27,607
2,526
Acquired through business combinations
10
1,133
\u2014
Disposals
(3,513)
\u2014
Accretion of interest
2,048
443
Payments
(2,443)
(2,372)
Closing lease liability as at 31 July
35,190
10,358
Split as:
Short term
4,279
2,253
Long term
30,911
8,105
Lease additions in the year related to new property and electric vehicle leases.
Lease disposals in the year related to the exit of a property lease.
Softcat had no variable lease expenses charged or income from sub-leases credited to the Consolidated statement of profit 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
flexibility in managing the leased asset portfolio to align to business needs. Management exercises judgement in determining
whether these options are reasonably certain to be exercised.
As at 31 July 2025, 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 (2024: \u00a3Nil).The total value of lease charges for low-value and short-term leases
charged to the Consolidated statement of profit or loss and other comprehensive income for the year was \u00a3297,485 (2024: \u00a356,811).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-327": { "value": "8 Right-of-use assets and lease liabilities Leases \u2013 as a lessee Softcat has lease contracts for various offices across the country and overseas used for its operations. Property leases generally have lease terms of between three and ten years. A number of these contracts include extension and termination options which are discussed below. Softcat also has lease contracts for electric vehicles to facilitate an employee benefit programme, which generally have lease terms of between two and five years. Set out below are the carrying amounts of right-of-use assets recognised and movements during the year:
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Opening right-of-use asset as at 1 August
10,066
9,969
Lease additions and modifications
27,607
2,526
Acquired through business combinations
10
1,133
\u2014
Disposals
(3,198)
\u2014
Depreciation
(3,818)
(2,429)
Closing right-of-use asset as at 31 July
31,790
10,066
The weighted average incremental borrowing rate as used for the period is 4.8% (2024: 3.8%) Set out below are the carrying amounts of lease liabilities included under current and non-current liabilities and the movements during the period:
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Opening lease liability as at 1 August
10,358
9,761
Lease additions and modifications
27,607
2,526
Acquired through business combinations
10
1,133
\u2014
Disposals
(3,513)
\u2014
Accretion of interest
2,048
443
Payments
(2,443)
(2,372)
Closing lease liability as at 31 July
35,190
10,358
Split as:
Short term
4,279
2,253
Long term
30,911
8,105
Lease additions in the year related to new property and electric vehicle leases. Lease disposals in the year related to the exit of a property lease. Softcat had no variable lease expenses charged or income from sub-leases credited to the Consolidated statement of profit 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 flexibility in managing the leased asset portfolio to align to business needs. Management exercises judgement in determining whether these options are reasonably certain to be exercised. As at 31 July 2025, 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 (2024: \u00a3Nil).The total value of lease charges for low-value and short-term leases charged to the Consolidated statement of profit or loss and other comprehensive income for the year was \u00a3297,485 (2024: \u00a356,811).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-293": { "value": "
9 Intangible assets
Software
Customer under Computer
Goodwill relationships Brands development software Total
Note \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 August 2023
\u2014
\u2014
\u2014
\u2014
9,757
9,757
Additions
\u2014
\u2014
\u2014
3,804
2,213
6,017
At 31 July 2024
\u2014
\u2014
\u2014
3,804
11,970
15,774
Additions
\u2014
\u2014
\u2014
671
2,773
3,444
Acquired through business combinations 10
6,730
1,900
501
\u2014
\u2014
9,131
Reclassifications
\u2014
\u2014
\u2014
(3,804)
3,804
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
(488)
(488)
At 31 July 2025
6,730
1,900
501
671
18,059
27, 861
Amortisation
At 1 August 2023
\u2014
\u2014
\u2014
\u2014
2,602
2,602
Charge for the year
\u2014
\u2014
\u2014
\u2014
1,564
1,564
At 31 July 2024
\u2014
\u2014
\u2014
\u2014
4,166
4,166
Charge for the year
\u2014
158
56
\u2014
3,337
3,551
Disposals
\u2014
\u2014
\u2014
\u2014
(488)
(488)
At 31 July 2025
\u2014
158
56
\u2014
7,015
7,229
Net book value
At 31 July 2025
6,730
1,742
445
671
11,044
20,632
At 31 July 2024
\u2014
\u2014
\u2014
3,804
7,804
11,60
8
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 (\u2018ERP\u2019) system that went live in FY2022.
The net book value on this asset as at the end of the year was \u00a35.3m (2024: \u00a36.1m). The remaining useful economic life is four years.
The amortisation of intangible assets is included in administrative expenses within the Consolidated statement of profit or loss
and other comprehensive income. See note 3.
Goodwill
An impairment review has been performed over the goodwill attributable to the Group\u2019s Oakland business. The impairment
review has been based on the value in use of the Oakland cash generating unit, which was acquired in FY2025. In assessing value
in use, the impairment review draws on the business\u2019s three-year plan. Post acquisition the business performed broadly in line
with expectations. Other key assumptions in the cash flow projections are those regarding revenue growth and EBITDA margins.
Long-term growth rates are set no higher than the long-term economic growth projections of the UK, which is where the business
operates. Management applies pre-tax discount rates in the value in use estimation that reflect current market assessments of the
time value of money and the risks specific to the CGUs and businesses under review. The discount rates and long-term growth
rates applied in the annual impairment reviews conducted in the current and prior year are as follows:
Long-term
growth rate
Discount rate
Oakland
2.0%
12.5%
For the year ended 31 July 2025, no impairment has been recognised against the goodwill. The valuation based on the current
three-year plan results in a recoverable amount that exceeds the asset value, with significant headroom available.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-328": { "value": "9 Intangible assets
Software
Customer under Computer
Goodwill relationships Brands development software Total
Note \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 August 2023
\u2014
\u2014
\u2014
\u2014
9,757
9,757
Additions
\u2014
\u2014
\u2014
3,804
2,213
6,017
At 31 July 2024
\u2014
\u2014
\u2014
3,804
11,970
15,774
Additions
\u2014
\u2014
\u2014
671
2,773
3,444
Acquired through business combinations 10
6,730
1,900
501
\u2014
\u2014
9,131
Reclassifications
\u2014
\u2014
\u2014
(3,804)
3,804
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
(488)
(488)
At 31 July 2025
6,730
1,900
501
671
18,059
27, 861
Amortisation
At 1 August 2023
\u2014
\u2014
\u2014
\u2014
2,602
2,602
Charge for the year
\u2014
\u2014
\u2014
\u2014
1,564
1,564
At 31 July 2024
\u2014
\u2014
\u2014
\u2014
4,166
4,166
Charge for the year
\u2014
158
56
\u2014
3,337
3,551
Disposals
\u2014
\u2014
\u2014
\u2014
(488)
(488)
At 31 July 2025
\u2014
158
56
\u2014
7,015
7,229
Net book value
At 31 July 2025
6,730
1,742
445
671
11,044
20,632
At 31 July 2024
\u2014
\u2014
\u2014
3,804
7,804
11,60
8
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 (\u2018ERP\u2019) system that went live in FY2022. The net book value on this asset as at the end of the year was \u00a35.3m (2024: \u00a36.1m). The remaining useful economic life is four years. The amortisation of intangible assets is included in administrative expenses within the Consolidated statement of profit or loss and other comprehensive income. See note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-329": { "value": "Goodwill An impairment review has been performed over the goodwill attributable to the Group\u2019s Oakland business. The impairment review has been based on the value in use of the Oakland cash generating unit, which was acquired in FY2025. In assessing value in use, the impairment review draws on the business\u2019s three-year plan. Post acquisition the business performed broadly in line with expectations. Other key assumptions in the cash flow projections are those regarding revenue growth and EBITDA margins. Long-term growth rates are set no higher than the long-term economic growth projections of the UK, which is where the business operates. Management applies pre-tax discount rates in the value in use estimation that reflect current market assessments of the time value of money and the risks specific to the CGUs and businesses under review. The discount rates and long-term growth rates applied in the annual impairment reviews conducted in the current and prior year are as follows:
Long-term
growth rate
Discount rate
Oakland
2.0%
12.5%
For the year ended 31 July 2025, no impairment has been recognised against the goodwill. The valuation based on the current three-year plan results in a recoverable amount that exceeds the asset value, with significant headroom available.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-294": { "value": "
10 Business combinations
Acquisitions in the period:
On 4 April 2025, the Group acquired 100% of the share capital of Oakland Group Services Limited, a non-listed company based in
the United Kingdom and specialising in the provision of data platform, data strategy, data governance, data analytics and artificial
intelligence consultancy. The Group acquired Oakland Group Services Limited because it significantly enhances the Group\u2019s
capability in providing these services to existing and new customers.
The details of the business combination are as follows:
2025
Fair value of consideration transferred \u00a3\u2019000
Amount settled in cash
7,998
Fair value of contingent consideration
1,450
Total
9,448
Acquisition costs charged to expenses
722
The fair value of the identifiable assets and liabilities of Oakland Group Services Limited as at the date of acquisition was:
Fair value
recognised on
acquisition
Notes \u00a3\u2019000
Non-current assets
Property, plant and equipment
7
85
Right-of-use assets
8
1,133
Intangible assets
9
2,400
Investments
50
3,668
Current assets
Trade and other receivables
12
2,015
Income tax receivable 21
Cash and cash equivalents
16
581
2,617
Total assets
6,285
Current liabilities
Trade and other payables
13
(1,764)
Lease liabilities
8
(272)
(2,036)
Non-current liabilities
Deferred tax liability
17
(671)
Lease liabilities
8
(861)
(1,532)
Total liabilities
(3,568)
Total identifiable net assets at fair value
2,717
Goodwill on acquisition
6,731
Consideration transferred settled in cash
(7,998)
Cash and cash equivalents acquired
581
Net cash outflow on acquisition
(7,417)
Consideration transferred
The acquisition of Oakland Group Services Limited was settled in cash amounting to \u00a38.0m. The purchase agreement
included additional contingent consideration with service conditions and contingent consideration without service conditions.
The additional contingent consideration without service conditions of up to \u00a31.6m is payable only if the average profit
performance for Oakland\u2019s 2026, 2027 and 2028 financial years exceeds targeted levels agreed by both parties. The additional
contingent consideration will be payable on 31 March 2027 and 31 March 2028. The additional contingent consideration liability
recognised, of \u00a31.5m, represents the present value of the Group\u2019s probability-weighted estimate of the cash outflow. It reflects
management\u2019s probability-weighted estimate of achieving the base case, downside case and upside case targets. The liability for
additional contingent consideration with service conditions of \u00a31.0m, therefore not classified as consideration transferred under
IFRS 3, is disclosed as other employment costs (Note 26).
As at 31 July 2025, there have been no changes in the estimate of the probable cash outflow. Acquisition-related costs amounting
to \u00a30.7m are not included as part of consideration transferred and have been recognised as an expense in the Consolidated
statement of profit or loss and other comprehensive income, as part of administrative expenses.
In the post-acquisition period Oakland has contributed \u00a31.8m to revenue and \u00a30.3m to loss before tax to the Group results before
amortisation of acquired intangibles. If acquired on 1 August 2024 Oakland would have contributed net revenue of \u00a37.1m and loss
before tax of \u00a31.0m to the Group results before amortisation of acquired intangibles.
Identifiable net assets
The fair value of the trade and other receivables acquired as part of the business combination amounted to \u00a32.0m. As of the
acquisition date, the Group\u2019s best estimate of the contractual cash flow not expected to be collected amounted to \u00a30.01m.
As part of the acquisition, the Group obtained a minority equity interest in a private limited company. The investment does not
provide the Group with control or significant influence over the investee and has therefore been recognised as a financial asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-295": { "value": "
11 Inventories
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finished goods and goods for resale
151,901
2,916
The increase in inventories at the period end is predominantly driven by stock held and in transit for a specific customer order yet
to be delivered. As control of the goods has not passed to the customer at the period end, the revenue and cost of sale have not
been recognised.
The amount of any write down of inventory recognised as an expense in the year was \u00a3Nil (2024: \u00a3Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-330": { "value": "
12 Trade and other receivables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
547, 398
504,488
Provision against receivables
(4,450)
(3,122)
Net trade receivables
542,948
501,366
Unbilled receivables
59,412
40,487
Prepayments
10,336
6,982
Accrued income
17, 579
10,279
Deferred costs
82,874
26,188
713,149
585,302
The increase in deferred costs is predominantly driven by a specific order where Softcat have settled the purchase invoice, the
supplier has not yet shipped the goods and Softcat have not yet fulfilled their contractual obligation to the customer at the period
end.
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 profile of trade receivables was as follows:
Related Related
2025 provision Net 2024 provision Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
425,787
(2,319)
423,468
396,096
(1,691)
394,405
0\u201330 days
82,482
(686)
81,796
65,936
(416)
65,520
31\u201360 days
18,637
(155)
18,482
18,255
(127)
18,128
61\u201390 days
7,939
(298)
7, 641
12,954
(152)
12,802
Over 90 days
12,553
(992)
11,561
11,247
(736)
10, 511
Total due
547, 398
(4,450)
542,948
504,488
(3,122)
501,366
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 reflect 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 23.
Movement in the provision for trade receivables was as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at beginning of year
3,122
3,920
Increase for trade receivables regarded as potentially uncollectable
3,064
1,193
Decrease in provision for trade receivables recovered, or written off, during the year
(1,736)
(1,991)
Balance at end of year
4,450
3,122
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 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected credit loss rate
0.54%
0.83%
0.83%
3.75%
7.90%
0.81%
Estimated total gross carrying amount at default
425,787
82,482
18,637
7,939
12,553
547, 398
Expected credit loss
(2,319)
(686)
(155)
(298)
(992)
(4,450)
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)
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 specific potentially uncollectable debt as well as wider
macro-economic factors that may require provision. See note 23 for details on how the Group approaches its exposure to
credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-360": { "value": "12 Trade and other receivables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
547, 398
504,488
Provision against receivables
(4,450)
(3,122)
Net trade receivables
542,948
501,366
Unbilled receivables
59,412
40,487
Prepayments
10,336
6,982
Accrued income
17, 579
10,279
Deferred costs
82,874
26,188
713,149
585,302
The increase in deferred costs is predominantly driven by a specific order where Softcat have settled the purchase invoice, the supplier has not yet shipped the goods and Softcat have not yet fulfilled their contractual obligation to the customer at the period end. 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 profile of trade receivables was as follows:
Related Related
2025 provision Net 2024 provision Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
425,787
(2,319)
423,468
396,096
(1,691)
394,405
0\u201330 days
82,482
(686)
81,796
65,936
(416)
65,520
31\u201360 days
18,637
(155)
18,482
18,255
(127)
18,128
61\u201390 days
7,939
(298)
7, 641
12,954
(152)
12,802
Over 90 days
12,553
(992)
11,561
11,247
(736)
10, 511
Total due
547, 398
(4,450)
542,948
504,488
(3,122)
501,366
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 reflect 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 23. Movement in the provision for trade receivables was as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at beginning of year
3,122
3,920
Increase for trade receivables regarded as potentially uncollectable
3,064
1,193
Decrease in provision for trade receivables recovered, or written off, during the year
(1,736)
(1,991)
Balance at end of year
4,450
3,122
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 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected credit loss rate
0.54%
0.83%
0.83%
3.75%
7.90%
0.81%
Estimated total gross carrying amount at default
425,787
82,482
18,637
7,939
12,553
547, 398
Expected credit loss
(2,319)
(686)
(155)
(298)
(992)
(4,450)
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)
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 specific potentially uncollectable debt as well as wider macro-economic factors that may require provision. See note 23 for details on how the Group approaches its exposure to credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-349": { "value": "12 Trade and other receivables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
547, 398
504,488
Provision against receivables
(4,450)
(3,122)
Net trade receivables
542,948
501,366
Unbilled receivables
59,412
40,487
Prepayments
10,336
6,982
Accrued income
17, 579
10,279
Deferred costs
82,874
26,188
713,149
585,302
The increase in deferred costs is predominantly driven by a specific order where Softcat have settled the purchase invoice, the supplier has not yet shipped the goods and Softcat have not yet fulfilled their contractual obligation to the customer at the period end. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-296": { "value": "12 Trade and other receivables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
547, 398
504,488
Provision against receivables
(4,450)
(3,122)
Net trade receivables
542,948
501,366
Unbilled receivables
59,412
40,487
Prepayments
10,336
6,982
Accrued income
17, 579
10,279
Deferred costs
82,874
26,188
713,149
585,302
The increase in deferred costs is predominantly driven by a specific order where Softcat have settled the purchase invoice, the supplier has not yet shipped the goods and Softcat have not yet fulfilled their contractual obligation to the customer at the period end. 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 profile of trade receivables was as follows:
Related Related
2025 provision Net 2024 provision Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
425,787
(2,319)
423,468
396,096
(1,691)
394,405
0\u201330 days
82,482
(686)
81,796
65,936
(416)
65,520
31\u201360 days
18,637
(155)
18,482
18,255
(127)
18,128
61\u201390 days
7,939
(298)
7, 641
12,954
(152)
12,802
Over 90 days
12,553
(992)
11,561
11,247
(736)
10, 511
Total due
547, 398
(4,450)
542,948
504,488
(3,122)
501,366
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 reflect 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 23. Movement in the provision for trade receivables was as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at beginning of year
3,122
3,920
Increase for trade receivables regarded as potentially uncollectable
3,064
1,193
Decrease in provision for trade receivables recovered, or written off, during the year
(1,736)
(1,991)
Balance at end of year
4,450
3,122
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 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected credit loss rate
0.54%
0.83%
0.83%
3.75%
7.90%
0.81%
Estimated total gross carrying amount at default
425,787
82,482
18,637
7,939
12,553
547, 398
Expected credit loss
(2,319)
(686)
(155)
(298)
(992)
(4,450)
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)
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 specific potentially uncollectable debt as well as wider macro-economic factors that may require provision. See note 23 for details on how the Group approaches its exposure to credit risk. 13 Contract fulfilment assets
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Contract fulfilment assets
72,606
\u2014
The increase in contract fulfilment assets at the period end is driven by a specific order where Softcat have delivered goods to the customer but have not yet met the revenue recognition criteria under IFRS 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-297": { "value": "
14 Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade payables
285,893
290,869
Other taxes and social security
20,814
17, 0 09
Accruals
163,989
121,919
Other creditors
769
285
471,465
430,082
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
15 Contract liabilities
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Deferred income
346,490
41,131
Deferred income is split as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term deferred income
333,206
31,980
Long-term deferred income
13,284
9,151
346,490
41,131
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. Of this balance the majority relates
to a single customer advance. During the current year, \u00a332.0m (2024: \u00a323.9m) has been recognised in revenue resulting from these
contract liabilities existing as at 31 July 2024. As at 31 July 2025, \u00a3337.3m remains on the Consolidated statement of financial position
as a contract liability resulting from transactions arising from the year to 31 July 2025. Softcat expects that \u00a3333.2m of the balance
as at 31 July 2025 will be released in FY2026 with the balance released within two to five years of the end of FY2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-350": { "value": "14 Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade payables
285,893
290,869
Other taxes and social security
20,814
17, 0 09
Accruals
163,989
121,919
Other creditors
769
285
471,465
430,082
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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-332": { "value": "14 Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade payables
285,893
290,869
Other taxes and social security
20,814
17, 0 09
Accruals
163,989
121,919
Other creditors
769
285
471,465
430,082
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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-331": { "value": "15 Contract liabilities
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Deferred income
346,490
41,131
Deferred income is split as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term deferred income
333,206
31,980
Long-term deferred income
13,284
9,151
346,490
41,131
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. Of this balance the majority relates to a single customer advance. During the current year, \u00a332.0m (2024: \u00a323.9m) has been recognised in revenue resulting from these contract liabilities existing as at 31 July 2024. As at 31 July 2025, \u00a3337.3m remains on the Consolidated statement of financial position as a contract liability resulting from transactions arising from the year to 31 July 2025. Softcat expects that \u00a3333.2m of the balance as at 31 July 2025 will be released in FY2026 with the balance released within two to five years of the end of FY2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-333": { "value": "
16 Cash and cash equivalents
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
182,282
158,454
Cash and cash equivalents comprise cash at bank and cash in hand. Cash at bank earns interest at floating 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-334": { "value": "17 Deferred tax The deferred tax asset is made up as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Accelerated capital allowances
(2,134)
(572)
Share-based payments
2,676
2,231
Other temporary differences
833
912
Intangibles acquired in the year
(532)
\u2014
Deferred tax assets
843
2,571
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Reconciliation of deferred tax asset
Balance at beginning of year
2,571
2,997
Adjustment in respect of prior years
(275)
(446)
Profit and loss account
(1,054)
49
Credit/(charge) to equity
194
(29)
Movement arising from the acquisition of business
(593)
\u2014
Balance at end of year
843
2,571
The Group recognises all deferred tax movements in the year within the income statement, except for \u00a3193,592 charged (2024: \u00a329,020 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.
2025
2024
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
(332)
\u2014
(332)
(465)
\u2014
(465)
Movement in respect of current year
44,197
(65)
44,132
40,422
(211)
40, 211
Total current tax
43,865
(65)
43,800
39,957
(211)
39,746
Deferred tax
Movement in respect of prior years
275
\u2014
275
\u2014
\u2014
\u2014
Movement in respect of current year:
Share options
(252)
(194)
(446)
(291)
29
(262)
Fixed assets
1,279
\u2014
1,279
260
\u2014
260
Other temporary differences
27
\u2014
27
429
\u2014
429
Total deferred tax
1,329
(194)
1,135
398
29
427
Total tax
45,194
(259)
44,935
40,355
(182)
40,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-351": { "value": "The deferred tax asset is made up as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Accelerated capital allowances
(2,134)
(572)
Share-based payments
2,676
2,231
Other temporary differences
833
912
Intangibles acquired in the year
(532)
\u2014
Deferred tax assets
843
2,571
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Reconciliation of deferred tax asset
Balance at beginning of year
2,571
2,997
Adjustment in respect of prior years
(275)
(446)
Profit and loss account
(1,054)
49
Credit/(charge) to equity
194
(29)
Movement arising from the acquisition of business
(593)
\u2014
Balance at end of year
843
2,571
The Group recognises all deferred tax movements in the year within the income statement, except for \u00a3193,592 charged (2024: \u00a329,020 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.
2025
2024
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
(332)
\u2014
(332)
(465)
\u2014
(465)
Movement in respect of current year
44,197
(65)
44,132
40,422
(211)
40, 211
Total current tax
43,865
(65)
43,800
39,957
(211)
39,746
Deferred tax
Movement in respect of prior years
275
\u2014
275
\u2014
\u2014
\u2014
Movement in respect of current year:
Share options
(252)
(194)
(446)
(291)
29
(262)
Fixed assets
1,279
\u2014
1,279
260
\u2014
260
Other temporary differences
27
\u2014
27
429
\u2014
429
Total deferred tax
1,329
(194)
1,135
398
29
427
Total tax
45,194
(259)
44,935
40,355
(182)
40,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-299": { "value": "
18 Pension and other post-retirement benefit commitments
Defined contribution pension scheme
The Group operates a defined 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 \u00a31.1m (2024: \u00a30.9m) were outstanding.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Contributions payable by the Group for the year
4,971
4,422
25 Directors\u2019 remuneration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Remuneration for qualifying services
2,919
2,486
Company pension contributions to defined contribution schemes
26
50
2,945
2,536
During the year ended 31 July 2025, the Directors of the Group were awarded a total of 90,570 LTIP shares (2024: 113,461) at
an average exercise price of \u00a3Nil (2024: \u00a3Nil) and 31,593 shares (2024: 18,632) under the FY2017 Deferred Share Bonus Plan.
The number of Directors for whom retirement benefits are accruing under defined contribution schemes amounted to two
(2024: two). The number of Directors who are entitled to receive shares under long-term incentive schemes during the year
was two (2024: two).
Gains on share options exercised in the year were \u00a31,334,398 (2024: \u00a31,120,841).
Share-based payment charges include \u00a3838,132 (2024: \u00a31,322,926) in respect of Directors.
For further information on Directors\u2019 remuneration, please also see pages 96 to 127.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-335": { "value": "Defined contribution pension scheme The Group operates a defined 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 \u00a31.1m (2024: \u00a30.9m) were outstanding.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Contributions payable by the Group for the year
4,971
4,422
25 Directors\u2019 remuneration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Remuneration for qualifying services
2,919
2,486
Company pension contributions to defined contribution schemes
26
50
2,945
2,536
During the year ended 31 July 2025, the Directors of the Group were awarded a total of 90,570 LTIP shares (2024: 113,461) at an average exercise price of \u00a3Nil (2024: \u00a3Nil) and 31,593 shares (2024: 18,632) under the FY2017 Deferred Share Bonus Plan. The number of Directors for whom retirement benefits are accruing under defined contribution schemes amounted to two (2024: two). The number of Directors who are entitled to receive shares under long-term incentive schemes during the year was two (2024: two). Gains on share options exercised in the year were \u00a31,334,398 (2024: \u00a31,120,841). Share-based payment charges include \u00a3838,132 (2024: \u00a31,322,926) in respect of Directors. For further information on Directors\u2019 remuneration, please also see pages 96 to 127.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-300": { "value": "19 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 reflect this change.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Allotted and called up
199,946,262
(2024: 199,764,461) ordinary shares of 0.05p each
100
100
18,933
(2024:
18,933) deferred shares of 1p each
\u2014
\u2014
100
100
Note: At 31 July 2025 deferred shares had an aggregate nominal value of \u00a3189.33 (2024: \u00a3189.33). In the year ended 31 July 2025, 146,211 (2024: 216,014) new ordinary shares were issued to satisfy the exercise of share options and 35,590 ordinary shares (2024: 28,095) were issued to satisfy exercises under the Deferred Share Bonus Plan. No issued ordinary shares of 0.05p each were unpaid at 31 July 2025 (2024: \u00a3Nil 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 2025, the SIP Trust returned \u00a3Nil (2024: \u00a3Nil) to the Group through share recycling. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-336": { "value": "
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 reflect this change.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Allotted and called up
199,946,262
(2024: 199,764,461) ordinary shares of 0.05p each
100
100
18,933
(2024:
18,933) deferred shares of 1p each
\u2014
\u2014
100
100
Note:
At 31 July 2025 deferred shares had an aggregate nominal value of \u00a3189.33 (2024: \u00a3189.33).
In the year ended 31 July 2025, 146,211 (2024: 216,014) new ordinary shares were issued to satisfy the exercise of share options
and 35,590 ordinary shares (2024: 28,095) were issued to satisfy exercises under the Deferred Share Bonus Plan.
No issued ordinary shares of 0.05p each were unpaid at 31 July 2025 (2024: \u00a3Nil 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-337": { "value": "
Own share transactions
In the year ended 31 July 2025, the SIP Trust returned \u00a3Nil (2024: \u00a3Nil) to the Group through share recycling.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-298": { "value": "
20 Earnings per share
2025 2024
p p
Earnings per share
Basic
66.6
59.7
Diluted
66.2
59.4
The calculation of the basic earnings per share and diluted earnings per share is based on the following data:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Earnings
Earnings for the purposes of earnings per share, being profit for the year
133,008
119,04
4
The weighted average number of shares is given below:
2025 2024
\u2019000 \u2019000
Number of shares used for basic earnings per share
199,690
199,490
Number of shares expected to be issued at nil consideration following exercise of share options
1,163
1,026
Number of shares used for diluted earnings per share
200,853
200,516
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-303": { "value": "
21 Notes to the Consolidated statement of cash flows
Reconciliation of operating profit to net cash inflow from operating activities
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating profit
172,900
154,064
Depreciation of property, plant and equipment
3,117
2,631
Depreciation of right-of-use assets
3,818
2,429
Amortisation of intangibles
3,551
1,564
Impairment of property, plant and equipment
1,300
\u2014
Loss on disposal of property, plant and equipment
385
\u2014
Gain on disposal of right-of-use assets
(314)
\u2014
Dividend equivalents paid
(95)
(98)
Acquisition associated costs
722
\u2014
Loss on foreign exchange
2,723
\u2014
Cost of equity-settled employee share schemes
4,188
3,612
Operating cash flow before movements in working capital
192,295
164,202
(Increase)/decrease in inventory
(148,985)
675
Increase in trade and other receivables and contract fulfilment assets
(199,324)
(95, 261)
Increase in trade and other payables and contract liabilities
343,503
85,218
Cash generated from operations
187, 489
154,834
Income taxes paid
(46,775)
(39,226)
Net cash from operating activities
140,714
115,60
8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-301": { "value": "
22 Financial commitments
Guarantees
As at the reporting date, Softcat plc has a class guarantee facility of \u00a3Nil (2024: \u00a3Nil) with HSBC UK Bank plc.
24 Capital commitments
At 31 July 2025, the Group had \u00a3Nil capital commitments (2024: \u00a3Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-340": { "value": "22 Financial commitments Guarantees As at the reporting date, Softcat plc has a class guarantee facility of \u00a3Nil (2024: \u00a3Nil) with HSBC UK Bank plc. 24 Capital commitments At 31 July 2025, the Group had \u00a3Nil capital commitments (2024: \u00a3Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-302": { "value": "
23 Financial instruments and financial risk management
The Group\u2019s principal financial liabilities comprise trade and other payables and lease liabilities. The primary purpose of these
financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets comprise trade and other
receivables and cash that derive directly from its operations.
Financial assets
The financial assets of the Group were as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
182,282
158,454
Trade and other receivables
619,939
552,132
802,221
710,586
The Directors consider that the carrying amount for all financial assets approximates to their fair value.
Financial liabilities
The financial liabilities of the Group were as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade payables
(285,893)
(290,869)
Accruals
(163,989)
(121,919)
Lease liabilities
(35,190)
(10,358)
(485,072)
(423,146)
The Directors consider that the carrying amount of financial 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 financial risk taking is governed by appropriate policies and procedures
and that financial risks are identified, 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 flows of a financial instrument will fluctuate 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 most typically when a vendor purchase invoice is denominated in a different
currency to that of the customer invoice. The most common example is where the vendor invoices are denominated in USD and
the customer invoice is denominated in GBP. For individual, large transactions, forward contracts are taken out to hedge the
risk arising from this exposure. However, Group-wide the majority of transactions are still invoiced by suppliers and invoiced to
customers in the same currency, including our multinational business. 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:
2025
2024
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
52,543
16,258
72,276
12,208
Cash and cash equivalents
25,943
1,857
41,627
5,112
Trade payables
(87,120)
(10,734)
(78,231)
(7, 076)
(8,634)
7,381
35,672
10,244
The following table demonstrates the profit before tax sensitivity to possible changes in currency exchange rates with GBP, all
other variables held constant.
2025
2024
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
5% increase in rate
411
(351)
(1,699)
(488)
5% decrease in rate
(454)
388
1,877
539
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables and committed
customer orders awaiting fulfilment) and from its financing activities, including deposits with banks and financial 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 as well
as third-party inputs and individual credit limits are defined in accordance with this assessment. The assessment also incorporates
the consideration of the length of the exposure which is especially relevant for orders with longer lead times or multi-year commitments.
The Company operates a trade credit insurance policy providing the Group with insurance coverage over approved customer
balances, within policy parameters.
Outstanding customer receivables are regularly monitored. At 31 July 2025, the Group had 897 customer accounts (2024: 800 customers)
that owed the Group more than \u00a3100,000 each. These accounts accounted for approximately 8% (2024: 8%) of the total number of
receivable accounts and 80% (2024: 77%) of the total value of amounts receivable. There were 70 customers (2024: 74 customers)
with balances greater than \u00a31,000,000 accounting for approximately 1% (2024: 1%) of the total number of receivable accounts and
36% (2024: 40%) of the total value of amounts receivable. There were 2 customers (2024: 4 customers) with balances greater than
\u00a310,000,000 accounting for approximately 0.02% (2024: 0.04%) of the total number of receivable accounts and 6% (2024: 11%)
of the total value of amounts receivable.
The Group continues to monitor the impact of the current macro-economic environment, for example the low GDP growth,
inflationary and higher interest rate environments, and how this impacts our customer base. The receivables balance continues
to be well diversified 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
financial 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 is the number of customers; therefore, the Group considers concentration risk to be low. This is reflected by the fact
that as at 31 July 2025, no more than 3.3% (2024: 3.8%) of receivables are due from any one customer.
The Group provides against its customer credit exposure using the forward-looking expected credit loss model under IFRS 9.
Financial instruments and cash deposits
Credit risk from cash balances with banks and financial institutions is managed in accordance with Group policy. The Group has
significant 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 financial institutions and only with
financial 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 flows from operating activities and these fund short-term working capital requirements.
The Group aims to maintain significant cash reserves and none of its cash reserves 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 financial 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
2025
Trade payables
(285,893)
\u2014
\u2014
\u2014
(285,893)
Accruals
(163,989)
\u2014
\u2014
\u2014
(163,989)
Lease liabilities
(4,279)
(4,324)
(12,239)
(24,654)
(45,496)
(454,161)
(4,324)
(12,239)
(24,654)
(495,378)
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)
In both the current year and the prior year, materially all of the financial 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-338": { "value": "Financial assets The financial assets of the Group were as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
182,282
158,454
Trade and other receivables
619,939
552,132
802,221
710,586
The Directors consider that the carrying amount for all financial assets approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-339": { "value": "Financial liabilities The financial liabilities of the Group were as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade payables
(285,893)
(290,869)
Accruals
(163,989)
(121,919)
Lease liabilities
(35,190)
(10,358)
(485,072)
(423,146)
The Directors consider that the carrying amount of financial liabilities (excluding lease liabilities) approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-341": { "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 financial risk taking is governed by appropriate policies and procedures and that financial risks are identified, 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 flows of a financial instrument will fluctuate 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 most typically when a vendor purchase invoice is denominated in a different currency to that of the customer invoice. The most common example is where the vendor invoices are denominated in USD and the customer invoice is denominated in GBP. For individual, large transactions, forward contracts are taken out to hedge the risk arising from this exposure. However, Group-wide the majority of transactions are still invoiced by suppliers and invoiced to customers in the same currency, including our multinational business. 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:
2025
2024
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
52,543
16,258
72,276
12,208
Cash and cash equivalents
25,943
1,857
41,627
5,112
Trade payables
(87,120)
(10,734)
(78,231)
(7, 076)
(8,634)
7,381
35,672
10,244
The following table demonstrates the profit before tax sensitivity to possible changes in currency exchange rates with GBP, all other variables held constant.
2025
2024
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
5% increase in rate
411
(351)
(1,699)
(488)
5% decrease in rate
(454)
388
1,877
539
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables and committed customer orders awaiting fulfilment) and from its financing activities, including deposits with banks and financial 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 as well as third-party inputs and individual credit limits are defined in accordance with this assessment. The assessment also incorporates the consideration of the length of the exposure which is especially relevant for orders with longer lead times or multi-year commitments. The Company operates a trade credit insurance policy providing the Group with insurance coverage over approved customer balances, within policy parameters. Outstanding customer receivables are regularly monitored. At 31 July 2025, the Group had 897 customer accounts (2024: 800 customers) that owed the Group more than \u00a3100,000 each. These accounts accounted for approximately 8% (2024: 8%) of the total number of receivable accounts and 80% (2024: 77%) of the total value of amounts receivable. There were 70 customers (2024: 74 customers) with balances greater than \u00a31,000,000 accounting for approximately 1% (2024: 1%) of the total number of receivable accounts and 36% (2024: 40%) of the total value of amounts receivable. There were 2 customers (2024: 4 customers) with balances greater than \u00a310,000,000 accounting for approximately 0.02% (2024: 0.04%) of the total number of receivable accounts and 6% (2024: 11%) of the total value of amounts receivable. The Group continues to monitor the impact of the current macro-economic environment, for example the low GDP growth, inflationary and higher interest rate environments, and how this impacts our customer base. The receivables balance continues to be well diversified 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 financial 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 is the number of customers; therefore, the Group considers concentration risk to be low. This is reflected by the fact that as at 31 July 2025, no more than 3.3% (2024: 3.8%) of receivables are due from any one customer. The Group provides against its customer credit exposure using the forward-looking expected credit loss model under IFRS 9. Financial instruments and cash deposits Credit risk from cash balances with banks and financial institutions is managed in accordance with Group policy. The Group has significant 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 financial institutions and only with financial 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 flows from operating activities and these fund short-term working capital requirements. The Group aims to maintain significant cash reserves and none of its cash reserves 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 financial 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
2025
Trade payables
(285,893)
\u2014
\u2014
\u2014
(285,893)
Accruals
(163,989)
\u2014
\u2014
\u2014
(163,989)
Lease liabilities
(4,279)
(4,324)
(12,239)
(24,654)
(45,496)
(454,161)
(4,324)
(12,239)
(24,654)
(495,378)
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)
In both the current year and the prior year, materially all of the financial 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-352": { "value": "Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate 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 most typically when a vendor purchase invoice is denominated in a different currency to that of the customer invoice. The most common example is where the vendor invoices are denominated in USD and the customer invoice is denominated in GBP. For individual, large transactions, forward contracts are taken out to hedge the risk arising from this exposure. However, Group-wide the majority of transactions are still invoiced by suppliers and invoiced to customers in the same currency, including our multinational business. 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:
2025
2024
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
52,543
16,258
72,276
12,208
Cash and cash equivalents
25,943
1,857
41,627
5,112
Trade payables
(87,120)
(10,734)
(78,231)
(7, 076)
(8,634)
7,381
35,672
10,244
The following table demonstrates the profit before tax sensitivity to possible changes in currency exchange rates with GBP, all other variables held constant.
2025
2024
USD EUR USD EUR
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
5% increase in rate
411
(351)
(1,699)
(488)
5% decrease in rate
(454)
388
1,877
539
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-353": { "value": "Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables and committed customer orders awaiting fulfilment) and from its financing activities, including deposits with banks and financial 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 as well as third-party inputs and individual credit limits are defined in accordance with this assessment. The assessment also incorporates the consideration of the length of the exposure which is especially relevant for orders with longer lead times or multi-year commitments. The Company operates a trade credit insurance policy providing the Group with insurance coverage over approved customer balances, within policy parameters. Outstanding customer receivables are regularly monitored. At 31 July 2025, the Group had 897 customer accounts (2024: 800 customers) that owed the Group more than \u00a3100,000 each. These accounts accounted for approximately 8% (2024: 8%) of the total number of receivable accounts and 80% (2024: 77%) of the total value of amounts receivable. There were 70 customers (2024: 74 customers) with balances greater than \u00a31,000,000 accounting for approximately 1% (2024: 1%) of the total number of receivable accounts and 36% (2024: 40%) of the total value of amounts receivable. There were 2 customers (2024: 4 customers) with balances greater than \u00a310,000,000 accounting for approximately 0.02% (2024: 0.04%) of the total number of receivable accounts and 6% (2024: 11%) of the total value of amounts receivable. The Group continues to monitor the impact of the current macro-economic environment, for example the low GDP growth, inflationary and higher interest rate environments, and how this impacts our customer base. The receivables balance continues to be well diversified 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 financial 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 is the number of customers; therefore, the Group considers concentration risk to be low. This is reflected by the fact that as at 31 July 2025, no more than 3.3% (2024: 3.8%) of receivables are due from any one customer. The Group provides against its customer credit exposure using the forward-looking expected credit loss model under IFRS 9. Financial instruments and cash deposits Credit risk from cash balances with banks and financial institutions is managed in accordance with Group policy. The Group has significant 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 financial institutions and only with financial 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-354": { "value": "Liquidity risk The Group generates positive cash flows from operating activities and these fund short-term working capital requirements. The Group aims to maintain significant cash reserves and none of its cash reserves 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 financial 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
2025
Trade payables
(285,893)
\u2014
\u2014
\u2014
(285,893)
Accruals
(163,989)
\u2014
\u2014
\u2014
(163,989)
Lease liabilities
(4,279)
(4,324)
(12,239)
(24,654)
(45,496)
(454,161)
(4,324)
(12,239)
(24,654)
(495,378)
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)
In both the current year and the prior year, materially all of the financial 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-355": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-305": { "value": "
26 Employees
Number of employees
The average monthly number of employees (including Directors) during the year was:
2025 2024
Number Number
Sales
1,751
1,658
Services
436
389
Administration
452
412
2 ,6 39
2,459
Employment costs
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Salaries, commissions and bonus
207,109
180,849
Social security costs
26,890
22,024
Other pension costs
4,971
4,422
Other employment costs
1,026
\u2014
Employment costs \u2013 subtotal
239,996
207,295
Share option charge
4,188
3,612
Total employment costs including share option charge
244,184
210,907
Other Employment costs include \u00a31.0m related to the contingent consideration liability related to Oakland Group Services
Limited. The contingent consideration liability recognised represents the present value of the Group\u2019s probability-weighted
estimate of the cash outflow. It reflects management\u2019s probability-weighted estimate achieving the base case, downside case
and upside case targets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-304": { "value": "
27 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:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
LTIP
4,188
3,612
Share option charge
4,188
3,612
Employer\u2019s National Insurance contributions payable on all plans
878
820
Share option charge including employer\u2019s National Insurance
5,066
4,432
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 96.
During the year, 90,570 (2024: 113,461) share awards related to LTIP schemes were issued to two Executive Directors at \u00a3Nil
exercise price with a performance period of three years. The fair value of these awards was \u00a31,151,683 (2024: \u00a31,060,633).
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 was 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 2025
31 July 2024
EPS
TSR
EPS
TSR
Proportion of LTIP award
60%
40%
60%
40%
Share price at grant date (\u00a3)
16.30
16.30
12.26
12.26
Weighted average exercise price at grant date
\u2014
\u2014
\u2014
\u2014
Risk-free interest rate
4.70%
4.70%
5.26%
5.26%
Expected volatility
30%
30%
31%
31%
Dividend yield
\u2014%
\u2014%
\u2014%
\u2014%
Performance period (years)
3
3
3
3
Fair value (\u00a3)
16.30
4.14
12.26
4.98
Expected volatility has been determined using historical data reflecting share price movements covering the financial year.
During the year, 33,591 (2024: 58,201) LTIP options were exercised with an average weighted share price at the date of exercise
of \u00a315.22 (2024: \u00a313.00).
Deferred Share Bonus Plan
One-third of the Executive Directors\u2019 annual bonus is paid in deferred shares. In the year, 31,593 (2024: 42,577) deferred shares
relating to the 2020 Deferred Share Bonus Plan were issued to two Executive Directors with a \u00a3Nil exercise price and a further
vesting period of four 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 \u00a3465,683 (2024: \u00a3527,962).
During the year, 35,590 (2024: 28,095) options arising from deferred share bonus plans were exercised with an average weighted
share price at the date of exercise of \u00a315.40 (2024: \u00a313.00).
Senior management
An award of 250,129 (2024: 297,399) 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 \u00a33,342,218 (2024: \u00a33,165,978). 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 \u00a315.57 (2024: \u00a311.75) at the grant date.
The resultant fair value is then recognised over the performance period.
During the year, 49,684 shares (2024: 107,847) 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 8.91 years (2024: 8.38 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 2025, the SIP Trust held 556,005 (2024: 554,092) ordinary shares in the Company. The market value of the shares held
by the SIP Trust as at 31 July 2025 was \u00a39.1m (2024: \u00a39.0m).
The weighted average remaining contractual life of share-based payment arrangements at the year end was 0.36 years (2024: 1.36 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 2025 \u00a3 31 July 2024
Outstanding at 1 August
\u2014
1,138,255
\u2014
1,061,222
Granted during the year
\u2014
369,443
\u2014
455,456
Forfeited during the year
\u2014
(49,684)
\u2014
(107, 8 47)
Exercised during the year
\u2014
(198,790)
\u2014
(270,577)
Outstanding at 31 July
1,259,224
1,138,254
Exercisable at 31 July
145,094
183,795
The fair value of share-based payment arrangements granted in the year was \u00a34,962,395 (2024: \u00a34,544,775), relating entirely to
Long Term Incentive Plan awards.
The weighted average remaining contractual life of share-based payment arrangements at the year end was 8.00 years (2024: 7.68 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-306": { "value": "
28 Post balance sheet events
Dividend
A final dividend of 20.4p per share has been recommended by the Directors and if approved by shareholders will be paid on
16 December 2025. The final ordinary dividend will be payable to shareholders whose names are on the register at the close
of business on 7 November 2025. Shares in the Company will be quoted ex-dividend on 6 November 2025. The last day for
dividend reinvestment plan (\u2018DRIP\u2019) elections is 25 November 2025.
In line with the Group\u2019s stated intention to return excess cash to shareholders, a further special dividend payment of 16.1p has
been proposed. If approved this will also be paid on 16 December 2025 alongside the final ordinary dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-342": { "value": "29 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 specified in IAS 24 Related Party Disclosures.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
3,517
3,098
Post-employment benefits
36
60
Key management personnel share-based payment charges
1,084
1,524
4,637
4,682
Key management personnel received a total of 134,318 share awards (2024: 151,307) at a weighted average exercise price of \u00a3Nil (2024: \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
2025 2024
\u00a3\u2019000 \u00a3\u2019000
G Watt
66
44
G Charlton
67
53
R Perriss
7
6
V Murria
79
63
K Mecklenburgh
6
\u2014
J Ferguson
\u2014
\u2014
M Prakash
\u2014
\u2014
L Weedall
1
\u2014
226
166
Vin Murria resigned as Non-Executive Director on 9 December 2024. Jacqui Ferguson became a Non-Executive Director on 1 January 2024. Mayank Prakash became a Non-Executive Director on 1 September 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-307": { "value": "29 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 specified in IAS 24 Related Party Disclosures.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
3,517
3,098
Post-employment benefits
36
60
Key management personnel share-based payment charges
1,084
1,524
4,637
4,682
Key management personnel received a total of 134,318 share awards (2024: 151,307) at a weighted average exercise price of \u00a3Nil (2024: \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
2025 2024
\u00a3\u2019000 \u00a3\u2019000
G Watt
66
44
G Charlton
67
53
R Perriss
7
6
V Murria
79
63
K Mecklenburgh
6
\u2014
J Ferguson
\u2014
\u2014
M Prakash
\u2014
\u2014
L Weedall
1
\u2014
226
166
Vin Murria resigned as Non-Executive Director on 9 December 2024. Jacqui Ferguson became a Non-Executive Director on 1 January 2024. Mayank Prakash became a Non-Executive Director on 1 September 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800N42YZLR9GLVC42", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-356": { "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 specified in IAS 24 Related Party Disclosures.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
3,517
3,098
Post-employment benefits
36
60
Key management personnel share-based payment charges
1,084
1,524
4,637
4,682
Key management personnel received a total of 134,318 share awards (2024: 151,307) at a weighted average exercise price
of \u00a3Nil (2024: \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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } } } }