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"value": "\n
\n1. Material accounting policies
\n\n
\n
\n1.1 Basis of preparation of financial statements
\n\nAmigo Holdings PLC\u00a0is a public company limited\u00a0by shares (following IPO on 4 July 2018), listed on the London
\nStock Exchange (LSE: AMGO). The Company is incorporated and domiciled in England and Wales. With effect from
\n15 June 2023 the Company\u2019s registered office is Unit 11a, The Avenue Centre, Bournemouth, Dorset, United\u00a0
\nKingdom BH2 5RP.
\nThe principal activity of the Company is to act as a holding company for the Amigo Loans Group of companies.\u00a0
\nPreviously, the principal activity of the Amigo Loans Group was to provide individuals with guarantor loans from
\n\u00a32,000 to \u00a310,000 over one to five years. No new advances on these products have been made since November
\n2020. Following FCA approval to return to lending, in October 2022, Amigo launched, on a pilot basis, a new
\nguarantor loan as well as an unsecured loan product under the RewardRate brand. With the Fallback Solution,
\narising from the Scheme of Arrangement (\u201cScheme\u201d)\u00a0being implemented, leading to a cessation of trade and
\nimplementation of a wind down plan\u00a0in March 2023, there has been no new lending in the twelve months to 31 March
\n2024. The Group continues to collect its assets and settle liabilities in line with obligations under the Scheme.\u00a0
\n\u00a0
\nThese consolidated Group and Company financial statements have been prepared on a basis other than going
\nconcern and approved by the Directors in conformity with the requirements of the Companies Act 2006 and these
\nGroup and Company financial statements were also in accordance with International Financial Reporting Standards
\n(\u201cIFRS\u201d) as adopted by the UK. There has been no departure from the required IFRS standards.
\nThe consolidated financial statements have been prepared under the historical cost convention\u00a0except for financial
\ninstruments measured at fair value.
\nThe presentational currency of the Group is GBP, the functional currency of the Company is GBP, and these financial
\nstatements are presented in GBP. All values are stated in \u00a3 million (\u00a3m) except where otherwise stated.
\nIn preparing the financial statements, the Directors are required to use certain critical accounting estimates and are
\nrequired to exercise judgement in the application of the Group and Company\u2019s accounting policies. See note 2 for
\nfurther details.
\n
\n\n\n\n\n\n\u00a0
\n\nGoing concern
\n\u00a0
\nIn determining the appropriate basis of preparation for these financial statements, the Board\u00a0has undertaken an
\nassessment of the Group and Company\u2019s ability to continue as a going concern for a period of at least twelve months
\nfrom the date of approval of the financial statements.
\n\u00a0
\nIn undertaking a Going Concern review, the Directors considered the Group\u2019s implementation of the Fallback
\nSolution, announced on 23 March 2023, under the Scheme. The Fallback Solution required that the Group\u2019s sole
\ntrading subsidiary, Amigo Loans Ltd (\u201cALL\u201d) stop lending immediately and be placed in an orderly wind down, with
\nany surplus cash following the wind down to\u00a0be transferred to Scheme creditors. ALL would then be liquidated within
\ntwo months of the final Scheme dividend. No residual value would be attributed to the ordinary shares of the
\nCompany. Throughout the year to 31 March 2024 the Fallback Solution has progressed. Amigo\u2019s back book of loans
\nhas now been substantially run off or sold, an interim dividend is being paid to Scheme creditors, and approximately
\n75% of the Group\u2019s staff have exited the business since implementation.\u00a0
\n\u00a0
\nGiven the cessation of trading on 23 March 2023, alongside no apparent realistic strategic capital raise or viable
\nalternative solutions, and the requirement dictated by the Scheme to ultimately liquidate ALL (the Group\u2019s sole cash-
\ngenerating unit), the Board have determined that the Annual Report and Financial Statements for the year ended 31
\nMarch 2024 will be prepared on a basis other than going concern, consistent with the prior year.\u00a0In making this
\nassessment consideration was given to the potential for the PLC to\u00a0attract a reverse takeover or similar transaction.
\nHowever, such an outcome, whilst the strategic intention of the Directors, does not have sufficient certainty in either
\ncashflow or ability to trade to change the basis of preparation from that adopted in FY23.\u00a0
\n\u00a0
\nThe Directors believe there is no general dispensation from the measurement, recognition and disclosure
\nrequirements of IFRS despite the Group not continuing as a going concern. Therefore, IFRS is\u00a0applied accordingly
\nthroughout the financial statements. No material adjustments to the carrying value of consolidated assets or liabilities
\nwas required. In light of the wind down, and there being no value attributable to shareholders\u00a0from the ongoing
\nbusiness, an adjustment has been applied to the carrying value of the investment in subsidiary of the holding
\ncompany. Refer to note 2a.
\n
\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n
\n
\n\nThe relevant accounting standards for each part of the Financial Statements have been applied on the conditions that
\nexisted and decisions that had been taken by the Board as at or prior to 31 March 2024.
\n\u00a0
\nThe Board has prepared a set of financial projections for continued solvent wind down. Alongside a base scenario
\nwhich indicates ample liquidity available through the course of wind down, a downside scenario\u00a0has been collated
\nthat stresses the primary cash flow risks to the Group.
\nStresses have been applied to:
\n\u00a0
\n\u2022\u00a0\u00a0Increased Scheme liabilities
\n\u2022\u00a0\u00a0Increased overhead spend
\n\u00a0
\nDespite the stresses applied, the Group maintains sufficient liquidity in the period. It is therefore considered only a
\nmarginal risk that the Group is unable to remain solvent during the orderly wind down. The key risks that would
\nprevent this from being achieved are\u00a0the risks applied in the downside scenario alongside potential regulatory action
\nor intervention.
\n
\n\n\n\n\u00a0
\n\nBasis of consolidation
\nThe consolidated statement of comprehensive income, consolidated statement of financial position, consolidated
\nstatement of changes in shareholders\u2019 equity, consolidated statement of cash flows and notes to the financial
\nstatements include the financial statements of the Company and all of its subsidiaries; see note 26 for a full list of
\nsubsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or
\nhas rights to, variable returns through its involvement with the entity and has the ability to affect those returns through\u00a0
\nits power over the entity. The financial statements of subsidiaries are included in the consolidated financial
\nstatements from the date that control commences until the date that control ceases.
\nAll intercompany balances and transactions are eliminated fully on consolidation. The financial statements of the
\nGroup\u2019s subsidiaries are prepared for the same reporting period as the Group and Company, using consistent
\naccounting policies.
\n
\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n1.2 Amounts receivable from customers
\ni) Classification
\nIFRS 9 requires a classification and measurement approach for financial assets which reflects how the assets are
\nmanaged and their cash flow characteristics. IFRS 9 includes three classification categories for financial assets:
\nmeasured at amortised cost, fair value through other comprehensive income (\u201cFVOCI\u201d) and fair value through profit
\nand loss (\u201cFVTPL\u201d). Note, the Group does not hold any financial assets that are equity investments; hence, the below
\nconsiderations of classification and measurement only apply to financial assets that are debt instruments. A financial
\nasset is measured at amortised cost if it meets both of the following conditions (and is not designated as FVTPL):\u00a0
\n\u2022
\n\u00a0\u00a0it is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u00a0
\n\u2022
\n\u00a0\u00a0its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
\ninterest (\u201cSPPI\u201d) on the principal amount outstanding.\u00a0
\nFinancial assets held within a business model that is neither held to collect, nor held to collect and for sale, would be
\ndesignated as FVTPL. An example would be financial assets that are available for sale and therefore have cash flows
\nmaximised through sale.
\nBusiness model assessment
\nIn prior years, the Group\u2019s business\u00a0model comprised primarily loans to customers that were held for collecting
\ncontractual cash flows, a held to collect business model which classifies those assets as\u00a0held at amortised cost. The
\nGroup deemed that the contractual cash flows were solely payments of principal and interest (\u201cSPPI\u201d) and hence,
\namounts receivable from customers were measured at amortised cost under IFRS 9, applying a forward-looking
\nexpected credit loss model (\u201cECL\u201d). \u00a0
\n\u00a0
\nHistorically, customers have been derecognised when the entity's contractual rights to the financial asset's cash flows
\nhave expired. Default has been defined when an account is more than three contractual payments past due.
\nIn light of the decision to enter into the Fallback Solution and the trigger for an orderly wind down of the business the
\nBoard re-evaluated this business model assessment. In the prior year, the assessment was no longer considered
\nappropriate for the RewardRate portfolio for which a decision had been made to sell as a result of the wind down
\nstrategy and this was classified as held for sale as at 31 March 2023 (see note 14). This asset was measured at fair
\nvalue accordingly. The accompanying notes referred to IFRS 5 but should have referred to IFRS 9, as financial
\nassets are outside the scope of IFRS 5 but in scope for IFRS 9. However, the asset was correctly measured at fair
\nvalue and therefore has not been\u00a0restated. Sale of the RewardRate business was completed in January 2024.
\nAs at 31 March 2024, the Board has reconsidered the objective of the business model relating to the residual loan
\nbook. The primary objective of the strategy now is to maximise cash flow through sale. In light of this reassessment a
\nreclassification is required. The remaining loan book is available for sale and would therefore be classified and
\nmeasured as FVTPL (note 14) as opposed to amortised cost. \u00a0
\n\n\n
\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n\n1.3 Revenue\u00a0
\nRevenue comprises interest income on amounts receivable from customers. Loans are initially measured at fair value
\n(which is equal to cost at inception) plus directly attributable transaction costs and are subsequently measured at
\namortised cost using the effective interest rate method. Revenue is presented net of amortised broker fees which are
\nspread over the expected behavioural lifetime of the loan as part of the effective interest rate method. Revenue is
\nalso presented net of modification adjustments recognised in the period, where no historical\u00a0event suggesting a
\nsignificant increase in credit risk has occurred on that asset (see notes 1.10.1.d for further details).
\nThe effective interest rate (\u201cEIR\u201d) is the rate that discounts estimated future cash payments or receipts through the
\nexpected life of the financial instrument (or a shorter period where appropriate) to the net carrying value of the
\nfinancial asset or financial liability. The calculation takes into account all contractual terms of the financial instrument
\nand includes any incremental costs that are directly attributable to the instrument, but not\u00a0future credit losses.\u00a0
\nGiven the intention to sell the remaining loan book, and the immaterial nature of remaining modification adjustments
\nand unamortised broker fees, these items have been fully expensed in the year.\u00a0
\n
\n\n\n\n\n1.4 Operating expenses\u00a0
\nOperating expenses include all direct and indirect costs. Where loan origination and acquisition costs can be
\nreferenced directly back to individual transactions (e.g. broker costs), they are included in the effective interest rate in
\nrevenue and amortised over the behavioural life of the loan rather than recognised in full at the time of acquisition.\u00a0
\n
\n\n\n\n\n1.5 Interest payable \u00a0
\nInterest expense is recognised as it accrues in the consolidated statement of comprehensive income using the EIR
\nmethod so that the amount charged is at a constant rate on the carrying amount. \u00a0
\n
\n\n\n\n\n1.6 Dividends\u00a0
\nEquity dividends payable are recognised when they become legally payable. Interim equity dividends are recognised
\nwhen paid. Final equity dividends are recognised on the earlier of their approval or payment date.\u00a0
\n
\n\n\n\n\n
\n1.7 Taxation\u00a0
\nTax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the consolidated
\nstatement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which
\ncase it is recognised in equity.
\n1.7.1 Current tax
\nCurrent tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates
\nenacted or substantively enacted at the consolidated statement of financial position date, and any adjustment to tax
\npayable in respect of previous years. Taxable profit/loss differs from profit/loss before taxation as reported in the
\nincome statement because it excludes items of income or expense that are taxable or deductible in other years and it
\nfurther excludes items that are never taxable or deductible.
\n\n1.7.2 Deferred tax
\nDeferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial
\nreporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised to the extent
\nthat it is probable that future taxable profits will be available against which the temporary differences can be utilised.
\nShould circumstances arise where the Group concludes it is no longer considered probable that future taxable profits
\nwill be available against which temporary differences can be utilised, deferred tax assets will be written off and
\ncharged to the consolidated statement of comprehensive income.\u00a0
\nThe following temporary differences are not provided for: the\u00a0initial recognition of goodwill; the initial recognition of
\nassets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and
\ndifferences relating to investments in subsidiaries to the extent that they are unlikely to reverse in the foreseeable
\nfuture. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the
\ncarrying amount of assets and liabilities, using tax rates enacted or substantively enacted at\u00a0the consolidated
\nstatement of financial position date.
\n
\n\n\n\n
\n\n\n\n\n
\n\n1.8 Property, plant and equipment (\u201cPPE\u201d)\u00a0
\nPPE is stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure
\nthat is directly attributable to bringing the asset to the location\u00a0and condition necessary for it to be capable\u00a0of
\noperating in the manner intended by management. Where parts of an item of PPE have different useful lives, they are
\naccounted for as separate items of property, plant and equipment. Repairs and maintenance are charged to the
\nconsolidated statement of comprehensive income during the period in which they are incurred.
\nDepreciation is charged to the consolidated statement of comprehensive income on a straight-line basis over the
\nestimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as
\nfollows:
\n\u2022\u00a0\u00a0Leasehold improvements \u00a010% straight line
\n\u2022\u00a0\u00a0Fixtures and fittings \u00a0\u00a0\u00a025% straight line
\n\u2022\u00a0\u00a0Computer equipment \u00a0\u00a0\u00a050% straight line
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n\u2022 Office equipment 50% straight line
\n\u2022 Motor vehicles 25% straight line
\nDepreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each
\nconsolidated statement of financial position date.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n1.9 Provisions and contingent liabilities
\nProvisions are recognised when a Group company has a present obligation (legal or constructive) as a result of a
\npast event, it is probable that the Group company will be required to settle that obligation and a reliable estimate can
\nbe made of the amount of the obligation. The amount recognised as a provision is the best estimate of the
\nconsideration required to settle the present obligation at the consolidated statement of financial position date, taking
\ninto account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash
\nflows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. For more
\ndetails see note 2.2 and note 18.
\nSince entering wind down, the Group has made provisions for onerous contracts. During this financial year, following
\nfrom the decision to sell all remaining loans, the scope of this onerous contract provision has been widened to
\nencompass net future overheads of the business not otherwise provided for. The result of this extended definition of
\nonerous contracts is that the net asset value attributable to shareholders within the statement of financial position is
\nnil. This is consistent with the Group\u2019s obligations under the Scheme to return all proceeds from the wind down of
\nALL, the Group\u2019s only trading entity, to Scheme Creditors.
\n\nContingent liabilities are possible obligations arising from past events, whose existence will be confirmed only by
\nuncertain future events, or present obligations arising from past events that are not recognised because either an
\noutflow of economic benefits is not probable, or the amount of the obligation cannot be reliably measured. Contingent
\nliabilities are not recognised in the consolidated statement of financial position but information about them is
\ndisclosed unless the possibility of any economic outflow in relation to settlement is remote. See note 27 for further
\ndetails.
\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n1.10 Financial instruments
\nThe Group primarily enters into basic financial instruments transactions that result in the recognition of financial
\nassets and liabilities, the most significant being amounts receivable from customers.
\n\n
\n
\n
\n
\n1.10.1 Financial assets
\n\na) Other receivables
\nOther receivables relating to loans and amounts owed by parent and subsidiary undertakings are measured at
\ntransaction price, less any impairment. Loans and amounts owed by parent and subsidiary undertakings are
\nunsecured, have no fixed repayment date, and are repayable on demand. The impact of ECLs on other receivables
\nhas been evaluated and it is immaterial.
\n
\n\n\n\n\n\n\n\nb) Cash and cash equivalents
\nCash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not
\nmore than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from
\nthe date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in
\nvalue. The impact of ECLs on cash has been evaluated and it is immaterial.
\n
\n\n\n\n\n\n\n\nc) Cash and cash equivalents (restricted)
\nCash and cash equivalents (restricted) materially relate to cash held for the benefit of customers in relation to
\npayments arising out of the Scheme of Arrangement.
\n
\n\n\n\n\n\n\nd) Modification of financial assets
\nWhere modifications to financial asset terms occur, for example, modified payment terms following granting of a
\nCovid-19 payment holiday to customers, the Group evaluates from both quantitative and qualitative perspectives
\nwhether the modifications are deemed substantial. If the cash flows are deemed substantially different, then the
\ncontractual rights to cash flows from the original asset are deemed to have expired and the asset is derecognised
\n(see 1.10.1.e) and a new asset is recognised at fair value plus eligible transaction costs.
\nFor non-substantial modifications the Group recalculates the gross carrying amount of a financial asset based on the
\nrevised cash flows and recognises a modification loss in the consolidated statement of comprehensive income. The
\nmodified gross carrying amount is calculated by discounting the modified cash flows at the original effective interest
\nrate. For customer loans and receivables, where the modification event is deemed to be a trigger for a significant
\nincrease in credit risk or occurs on an asset where there were already indicators of significant increase in credit risk,
\nthe modification loss is presented together with impairment losses. In other cases, it is presented within revenue.
\n\ne) Derecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
\nderecognised when:
\n\u2022 the rights to receive cash flows from the asset have expired; or
\n\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
\nreceived cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement and either:
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n\n
\n\n
\n\n\u2022 the Group has transferred substantially all the risks and rewards of the asset; or
\n\u2022 the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has
\ntransferred control of the asset.
\n
\n\n\n\n\n\n\nf) Write-off
\nCustomer loans and receivables are written off the consolidated statement of financial position when an account is
\nsix contractual payments past due, as at this point it is deemed that there is no reasonable expectation of recovery.
\nWhen there is recovery on written-off debts or when cash is received from the third-party purchaser on the legal
\npurchase date of the assets, recoveries are recognised in the consolidated statement of comprehensive income
\nwithin the impairment charge.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n1.11 Merger reserve
\nThe merger reserve was created as a result of a Group reorganisation in 2017 to create an appropriate holding
\ncompany structure. With the merger accounting method, the carrying values of the assets and liabilities of the parties
\nto the combination are not required to be adjusted to fair value, although appropriate adjustments shall be made
\nthrough equity to achieve uniformity of accounting policies in the combining entities. The restructure was within a
\nwholly owned group, constituting a common control transaction.
\n
\n\n\n\n\n\n\n\n1.12 Leases
\nIFRS 16 distinguishes between leases and service contracts on the basis of whether the use of an identified asset is
\ncontrolled by the Group. Control is considered to exist if the Group has:
\n
\n\u2022 the right to obtain substantially all of the economic benefits from the use of an identified asset; and
\n\u2022 the right to direct the use of that asset.
\n
\nWhere control, and therefore a lease, exists, a right-of-use asset and a corresponding liability are recognised for all
\nleases where the Group is the lessee, except for short-term assets and leases of low-value assets. Short-term assets
\nand leases of low-value assets are expensed to the consolidated statement of comprehensive income as incurred.
\n
\ni) Lease liability
\nAll leases for which the Group is a lessee, other than those that are less than twelve months in duration or are low
\nvalue which the Group has elected to treat as exempt, require a lease liability to be recognised on the consolidated
\nstatement of financial position on origination of the lease. For these leases, the lease payment is recognised within
\nadministrative and operating expenses on a straight-line basis over the lease term. The lease liability is initially
\nmeasured at the present value of the lease payments at the commencement date, discounted using the incremental
\nborrowing rate, as there is no rate implicit in the lease. This is defined as the rate of interest that the lessee would
\nhave to pay to borrow, over a similar term and with similar security, the funds necessary to obtain an asset of a
\nsimilar value to the right-of-use asset in a similar economic environment. The interest expense on the lease liability is
\nto be presented as a finance cost.
\nThe lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease, using
\nthe effective interest rate method, and reducing the carrying amount to reflect the lease payments made.
\nii) Right-of-use asset
\nFor each lease liability a corresponding right-of-use asset is recorded in the consolidated statement of financial
\nposition.
\nThe right-of-use asset is initially measured at cost and subsequently measured at cost less accumulated depreciation
\nand impairment losses, adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated
\nover the shorter period of lease term and useful life of the underlying asset, with the depreciation charge presented
\nunder administrative and operating expenses. The Group\u2019s right-of-use assets related to two property leases for
\noffices in Bournemouth.
\n
\n\n\n\n\n\n\n\n\n1.13 Foreign currency translation
\nItems included in the financial statements of each of the Group\u2019s subsidiaries are measured using the currency of the
\nprimary economic environment in which the subsidiary operates (the functional currency). The Group\u2019s subsidiaries
\nprimarily operate in the UK. The Irish subsidiaries were disposed of in February 2023. The consolidated and the
\nCompany financial statements are presented in Sterling, which is the Group and Company\u2019s presentational currency.
\n
\n\n\n\n\n\n\nTransactions that are not denominated in the Group\u2019s presentational currency are recorded, on initial recognition, by
\napplying the spot exchange rate at the date of transaction. Monetary assets and liabilities denominated in foreign
\ncurrencies are translated into the relevant presentational currency at the exchange rates prevailing at the
\nconsolidated statement of financial position date. Non-monetary items carried at historical cost are translated using
\nthe exchange rate at the date of the transaction. Differences arising on translation are charged or credited to the
\nconsolidated statement of comprehensive income.
\n
\n\n\n\n\n\n\n\n1.14 Defined contribution pension scheme
\nThe Group operates a defined contribution pension scheme. Contributions payable to the Group\u2019s pension scheme
\nare charged to the consolidated statement of comprehensive income on an accruals basis.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n1.15 Items presented separately within the consolidated statement of comprehensive income
\nComplaints expense is presented separately on the face of the consolidated statement of comprehensive income.
\nThis item is deemed exceptional because of its size, nature or incidence and which the Directors consider should be
\ndisclosed separately to enable a full understanding of the Group\u2019s results.
\n
\n\n\n\n\n\n\n\n1.16 Share capital
\nFinancial instruments issued by the Group are classified as equity only to the extent that they do not meet the
\ndefinition of a financial liability or financial asset. The Group's ordinary shares are classified as equity instruments.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
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"Tag110": {
"value": "\n
\n
\n1.1 Basis of preparation of financial statements
\n\nAmigo Holdings PLC\u00a0is a public company limited\u00a0by shares (following IPO on 4 July 2018), listed on the London
\nStock Exchange (LSE: AMGO). The Company is incorporated and domiciled in England and Wales. With effect from
\n15 June 2023 the Company\u2019s registered office is Unit 11a, The Avenue Centre, Bournemouth, Dorset, United\u00a0
\nKingdom BH2 5RP.
\nThe principal activity of the Company is to act as a holding company for the Amigo Loans Group of companies.\u00a0
\nPreviously, the principal activity of the Amigo Loans Group was to provide individuals with guarantor loans from
\n\u00a32,000 to \u00a310,000 over one to five years. No new advances on these products have been made since November
\n2020. Following FCA approval to return to lending, in October 2022, Amigo launched, on a pilot basis, a new
\nguarantor loan as well as an unsecured loan product under the RewardRate brand. With the Fallback Solution,
\narising from the Scheme of Arrangement (\u201cScheme\u201d)\u00a0being implemented, leading to a cessation of trade and
\nimplementation of a wind down plan\u00a0in March 2023, there has been no new lending in the twelve months to 31 March
\n2024. The Group continues to collect its assets and settle liabilities in line with obligations under the Scheme.\u00a0
\n\u00a0
\nThese consolidated Group and Company financial statements have been prepared on a basis other than going
\nconcern and approved by the Directors in conformity with the requirements of the Companies Act 2006 and these
\nGroup and Company financial statements were also in accordance with International Financial Reporting Standards
\n(\u201cIFRS\u201d) as adopted by the UK. There has been no departure from the required IFRS standards.
\nThe consolidated financial statements have been prepared under the historical cost convention\u00a0except for financial
\ninstruments measured at fair value.
\nThe presentational currency of the Group is GBP, the functional currency of the Company is GBP, and these financial
\nstatements are presented in GBP. All values are stated in \u00a3 million (\u00a3m) except where otherwise stated.
\nIn preparing the financial statements, the Directors are required to use certain critical accounting estimates and are
\nrequired to exercise judgement in the application of the Group and Company\u2019s accounting policies. See note 2 for
\nfurther details.
\n
\n\n\n\n\n\n\u00a0
\n\nGoing concern
\n\u00a0
\nIn determining the appropriate basis of preparation for these financial statements, the Board\u00a0has undertaken an
\nassessment of the Group and Company\u2019s ability to continue as a going concern for a period of at least twelve months
\nfrom the date of approval of the financial statements.
\n\u00a0
\nIn undertaking a Going Concern review, the Directors considered the Group\u2019s implementation of the Fallback
\nSolution, announced on 23 March 2023, under the Scheme. The Fallback Solution required that the Group\u2019s sole
\ntrading subsidiary, Amigo Loans Ltd (\u201cALL\u201d) stop lending immediately and be placed in an orderly wind down, with
\nany surplus cash following the wind down to\u00a0be transferred to Scheme creditors. ALL would then be liquidated within
\ntwo months of the final Scheme dividend. No residual value would be attributed to the ordinary shares of the
\nCompany. Throughout the year to 31 March 2024 the Fallback Solution has progressed. Amigo\u2019s back book of loans
\nhas now been substantially run off or sold, an interim dividend is being paid to Scheme creditors, and approximately
\n75% of the Group\u2019s staff have exited the business since implementation.\u00a0
\n\u00a0
\nGiven the cessation of trading on 23 March 2023, alongside no apparent realistic strategic capital raise or viable
\nalternative solutions, and the requirement dictated by the Scheme to ultimately liquidate ALL (the Group\u2019s sole cash-
\ngenerating unit), the Board have determined that the Annual Report and Financial Statements for the year ended 31
\nMarch 2024 will be prepared on a basis other than going concern, consistent with the prior year.\u00a0In making this
\nassessment consideration was given to the potential for the PLC to\u00a0attract a reverse takeover or similar transaction.
\nHowever, such an outcome, whilst the strategic intention of the Directors, does not have sufficient certainty in either
\ncashflow or ability to trade to change the basis of preparation from that adopted in FY23.\u00a0
\n\u00a0
\nThe Directors believe there is no general dispensation from the measurement, recognition and disclosure
\nrequirements of IFRS despite the Group not continuing as a going concern. Therefore, IFRS is\u00a0applied accordingly
\nthroughout the financial statements. No material adjustments to the carrying value of consolidated assets or liabilities
\nwas required. In light of the wind down, and there being no value attributable to shareholders\u00a0from the ongoing
\nbusiness, an adjustment has been applied to the carrying value of the investment in subsidiary of the holding
\ncompany. Refer to note 2a.
\n
\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\nThe relevant accounting standards for each part of the Financial Statements have been applied on the conditions that
\nexisted and decisions that had been taken by the Board as at or prior to 31 March 2024.
\n\u00a0
\nThe Board has prepared a set of financial projections for continued solvent wind down. Alongside a base scenario
\nwhich indicates ample liquidity available through the course of wind down, a downside scenario\u00a0has been collated
\nthat stresses the primary cash flow risks to the Group.
\nStresses have been applied to:
\n\u00a0
\n\u2022\u00a0\u00a0Increased Scheme liabilities
\n\u2022\u00a0\u00a0Increased overhead spend
\n\u00a0
\nDespite the stresses applied, the Group maintains sufficient liquidity in the period. It is therefore considered only a
\nmarginal risk that the Group is unable to remain solvent during the orderly wind down. The key risks that would
\nprevent this from being achieved are\u00a0the risks applied in the downside scenario alongside potential regulatory action
\nor intervention.
\n
\n\n\n\n\u00a0
\n\nBasis of consolidation
\nThe consolidated statement of comprehensive income, consolidated statement of financial position, consolidated
\nstatement of changes in shareholders\u2019 equity, consolidated statement of cash flows and notes to the financial
\nstatements include the financial statements of the Company and all of its subsidiaries; see note 26 for a full list of
\nsubsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or
\nhas rights to, variable returns through its involvement with the entity and has the ability to affect those returns through\u00a0
\nits power over the entity. The financial statements of subsidiaries are included in the consolidated financial
\nstatements from the date that control commences until the date that control ceases.
\nAll intercompany balances and transactions are eliminated fully on consolidation. The financial statements of the
\nGroup\u2019s subsidiaries are prepared for the same reporting period as the Group and Company, using consistent
\naccounting policies.
\n
\n\n\n\n
\n\n\n\n\n\n\n\n",
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"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag116": {
"value": "\nAmigo Holdings PLC\u00a0is a public company limited\u00a0by shares (following IPO on 4 July 2018), listed on the London
\nStock Exchange (LSE: AMGO). The Company is incorporated and domiciled in England and Wales. With effect from
\n15 June 2023 the Company\u2019s registered office is Unit 11a, The Avenue Centre, Bournemouth, Dorset, United\u00a0
\nKingdom BH2 5RP.
\nThe principal activity of the Company is to act as a holding company for the Amigo Loans Group of companies.\u00a0
\nPreviously, the principal activity of the Amigo Loans Group was to provide individuals with guarantor loans from
\n\u00a32,000 to \u00a310,000 over one to five years. No new advances on these products have been made since November
\n2020. Following FCA approval to return to lending, in October 2022, Amigo launched, on a pilot basis, a new
\nguarantor loan as well as an unsecured loan product under the RewardRate brand. With the Fallback Solution,
\narising from the Scheme of Arrangement (\u201cScheme\u201d)\u00a0being implemented, leading to a cessation of trade and
\nimplementation of a wind down plan\u00a0in March 2023, there has been no new lending in the twelve months to 31 March
\n2024. The Group continues to collect its assets and settle liabilities in line with obligations under the Scheme.\u00a0
\n\u00a0
\nThese consolidated Group and Company financial statements have been prepared on a basis other than going
\nconcern and approved by the Directors in conformity with the requirements of the Companies Act 2006 and these
\nGroup and Company financial statements were also in accordance with International Financial Reporting Standards
\n(\u201cIFRS\u201d) as adopted by the UK. There has been no departure from the required IFRS standards.
\nThe consolidated financial statements have been prepared under the historical cost convention\u00a0except for financial
\ninstruments measured at fair value.
\nThe presentational currency of the Group is GBP, the functional currency of the Company is GBP, and these financial
\nstatements are presented in GBP. All values are stated in \u00a3 million (\u00a3m) except where otherwise stated.
\nIn preparing the financial statements, the Directors are required to use certain critical accounting estimates and are
\nrequired to exercise judgement in the application of the Group and Company\u2019s accounting policies. See note 2 for
\nfurther details.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag111": {
"value": "Amigo Holdings PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag112": {
"value": "public company limited",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag113": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag114": {
"value": "Unit 11a, The Avenue Centre, Bournemouth, Dorset, UnitedKingdom BH2 5RP",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag115": {
"value": "The principal activity of the Company is to act as a holding company for the Amigo Loans Group of companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag117": {
"value": "\nGoing concern
\n\u00a0
\nIn determining the appropriate basis of preparation for these financial statements, the Board\u00a0has undertaken an
\nassessment of the Group and Company\u2019s ability to continue as a going concern for a period of at least twelve months
\nfrom the date of approval of the financial statements.
\n\u00a0
\nIn undertaking a Going Concern review, the Directors considered the Group\u2019s implementation of the Fallback
\nSolution, announced on 23 March 2023, under the Scheme. The Fallback Solution required that the Group\u2019s sole
\ntrading subsidiary, Amigo Loans Ltd (\u201cALL\u201d) stop lending immediately and be placed in an orderly wind down, with
\nany surplus cash following the wind down to\u00a0be transferred to Scheme creditors. ALL would then be liquidated within
\ntwo months of the final Scheme dividend. No residual value would be attributed to the ordinary shares of the
\nCompany. Throughout the year to 31 March 2024 the Fallback Solution has progressed. Amigo\u2019s back book of loans
\nhas now been substantially run off or sold, an interim dividend is being paid to Scheme creditors, and approximately
\n75% of the Group\u2019s staff have exited the business since implementation.\u00a0
\n\u00a0
\nGiven the cessation of trading on 23 March 2023, alongside no apparent realistic strategic capital raise or viable
\nalternative solutions, and the requirement dictated by the Scheme to ultimately liquidate ALL (the Group\u2019s sole cash-
\ngenerating unit), the Board have determined that the Annual Report and Financial Statements for the year ended 31
\nMarch 2024 will be prepared on a basis other than going concern, consistent with the prior year.\u00a0In making this
\nassessment consideration was given to the potential for the PLC to\u00a0attract a reverse takeover or similar transaction.
\nHowever, such an outcome, whilst the strategic intention of the Directors, does not have sufficient certainty in either
\ncashflow or ability to trade to change the basis of preparation from that adopted in FY23.\u00a0
\n\u00a0
\nThe Directors believe there is no general dispensation from the measurement, recognition and disclosure
\nrequirements of IFRS despite the Group not continuing as a going concern. Therefore, IFRS is\u00a0applied accordingly
\nthroughout the financial statements. No material adjustments to the carrying value of consolidated assets or liabilities
\nwas required. In light of the wind down, and there being no value attributable to shareholders\u00a0from the ongoing
\nbusiness, an adjustment has been applied to the carrying value of the investment in subsidiary of the holding
\ncompany. Refer to note 2a.
\n
\n\n\n\nThe relevant accounting standards for each part of the Financial Statements have been applied on the conditions that
\nexisted and decisions that had been taken by the Board as at or prior to 31 March 2024.
\n\u00a0
\nThe Board has prepared a set of financial projections for continued solvent wind down. Alongside a base scenario
\nwhich indicates ample liquidity available through the course of wind down, a downside scenario\u00a0has been collated
\nthat stresses the primary cash flow risks to the Group.
\nStresses have been applied to:
\n\u00a0
\n\u2022\u00a0\u00a0Increased Scheme liabilities
\n\u2022\u00a0\u00a0Increased overhead spend
\n\u00a0
\nDespite the stresses applied, the Group maintains sufficient liquidity in the period. It is therefore considered only a
\nmarginal risk that the Group is unable to remain solvent during the orderly wind down. The key risks that would
\nprevent this from being achieved are\u00a0the risks applied in the downside scenario alongside potential regulatory action
\nor intervention.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag118": {
"value": "\nBasis of consolidation
\nThe consolidated statement of comprehensive income, consolidated statement of financial position, consolidated
\nstatement of changes in shareholders\u2019 equity, consolidated statement of cash flows and notes to the financial
\nstatements include the financial statements of the Company and all of its subsidiaries; see note 26 for a full list of
\nsubsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or
\nhas rights to, variable returns through its involvement with the entity and has the ability to affect those returns through\u00a0
\nits power over the entity. The financial statements of subsidiaries are included in the consolidated financial
\nstatements from the date that control commences until the date that control ceases.
\nAll intercompany balances and transactions are eliminated fully on consolidation. The financial statements of the
\nGroup\u2019s subsidiaries are prepared for the same reporting period as the Group and Company, using consistent
\naccounting policies.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag127": {
"value": "\n\n\n1.2 Amounts receivable from customers
\ni) Classification
\nIFRS 9 requires a classification and measurement approach for financial assets which reflects how the assets are
\nmanaged and their cash flow characteristics. IFRS 9 includes three classification categories for financial assets:
\nmeasured at amortised cost, fair value through other comprehensive income (\u201cFVOCI\u201d) and fair value through profit
\nand loss (\u201cFVTPL\u201d). Note, the Group does not hold any financial assets that are equity investments; hence, the below
\nconsiderations of classification and measurement only apply to financial assets that are debt instruments. A financial
\nasset is measured at amortised cost if it meets both of the following conditions (and is not designated as FVTPL):\u00a0
\n\u2022
\n\u00a0\u00a0it is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u00a0
\n\u2022
\n\u00a0\u00a0its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
\ninterest (\u201cSPPI\u201d) on the principal amount outstanding.\u00a0
\nFinancial assets held within a business model that is neither held to collect, nor held to collect and for sale, would be
\ndesignated as FVTPL. An example would be financial assets that are available for sale and therefore have cash flows
\nmaximised through sale.
\nBusiness model assessment
\nIn prior years, the Group\u2019s business\u00a0model comprised primarily loans to customers that were held for collecting
\ncontractual cash flows, a held to collect business model which classifies those assets as\u00a0held at amortised cost. The
\nGroup deemed that the contractual cash flows were solely payments of principal and interest (\u201cSPPI\u201d) and hence,
\namounts receivable from customers were measured at amortised cost under IFRS 9, applying a forward-looking
\nexpected credit loss model (\u201cECL\u201d). \u00a0
\n\u00a0
\nHistorically, customers have been derecognised when the entity's contractual rights to the financial asset's cash flows
\nhave expired. Default has been defined when an account is more than three contractual payments past due.
\nIn light of the decision to enter into the Fallback Solution and the trigger for an orderly wind down of the business the
\nBoard re-evaluated this business model assessment. In the prior year, the assessment was no longer considered
\nappropriate for the RewardRate portfolio for which a decision had been made to sell as a result of the wind down
\nstrategy and this was classified as held for sale as at 31 March 2023 (see note 14). This asset was measured at fair
\nvalue accordingly. The accompanying notes referred to IFRS 5 but should have referred to IFRS 9, as financial
\nassets are outside the scope of IFRS 5 but in scope for IFRS 9. However, the asset was correctly measured at fair
\nvalue and therefore has not been\u00a0restated. Sale of the RewardRate business was completed in January 2024.
\nAs at 31 March 2024, the Board has reconsidered the objective of the business model relating to the residual loan
\nbook. The primary objective of the strategy now is to maximise cash flow through sale. In light of this reassessment a
\nreclassification is required. The remaining loan book is available for sale and would therefore be classified and
\nmeasured as FVTPL (note 14) as opposed to amortised cost. \u00a0
\n\n\n
\n\n\n\n
\n1.10 Financial instruments
\nThe Group primarily enters into basic financial instruments transactions that result in the recognition of financial
\nassets and liabilities, the most significant being amounts receivable from customers.
\n\n
\n
\n
\n
\n1.10.1 Financial assets
\n\na) Other receivables
\nOther receivables relating to loans and amounts owed by parent and subsidiary undertakings are measured at
\ntransaction price, less any impairment. Loans and amounts owed by parent and subsidiary undertakings are
\nunsecured, have no fixed repayment date, and are repayable on demand. The impact of ECLs on other receivables
\nhas been evaluated and it is immaterial.
\n
\n\n\n\n\n\n\n\nb) Cash and cash equivalents
\nCash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not
\nmore than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from
\nthe date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in
\nvalue. The impact of ECLs on cash has been evaluated and it is immaterial.
\n
\n\n\n\n\n\n\n\nc) Cash and cash equivalents (restricted)
\nCash and cash equivalents (restricted) materially relate to cash held for the benefit of customers in relation to
\npayments arising out of the Scheme of Arrangement.
\n
\n\n\n\n\n\n\nd) Modification of financial assets
\nWhere modifications to financial asset terms occur, for example, modified payment terms following granting of a
\nCovid-19 payment holiday to customers, the Group evaluates from both quantitative and qualitative perspectives
\nwhether the modifications are deemed substantial. If the cash flows are deemed substantially different, then the
\ncontractual rights to cash flows from the original asset are deemed to have expired and the asset is derecognised
\n(see 1.10.1.e) and a new asset is recognised at fair value plus eligible transaction costs.
\nFor non-substantial modifications the Group recalculates the gross carrying amount of a financial asset based on the
\nrevised cash flows and recognises a modification loss in the consolidated statement of comprehensive income. The
\nmodified gross carrying amount is calculated by discounting the modified cash flows at the original effective interest
\nrate. For customer loans and receivables, where the modification event is deemed to be a trigger for a significant
\nincrease in credit risk or occurs on an asset where there were already indicators of significant increase in credit risk,
\nthe modification loss is presented together with impairment losses. In other cases, it is presented within revenue.
\n\ne) Derecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
\nderecognised when:
\n\u2022 the rights to receive cash flows from the asset have expired; or
\n\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
\nreceived cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement and either:
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n\n\u2022 the Group has transferred substantially all the risks and rewards of the asset; or
\n\u2022 the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has
\ntransferred control of the asset.
\n
\n\n\n\n\n\n\nf) Write-off
\nCustomer loans and receivables are written off the consolidated statement of financial position when an account is
\nsix contractual payments past due, as at this point it is deemed that there is no reasonable expectation of recovery.
\nWhen there is recovery on written-off debts or when cash is received from the third-party purchaser on the legal
\npurchase date of the assets, recoveries are recognised in the consolidated statement of comprehensive income
\nwithin the impairment charge.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag128": {
"value": "\n1.2 Amounts receivable from customers
\ni) Classification
\nIFRS 9 requires a classification and measurement approach for financial assets which reflects how the assets are
\nmanaged and their cash flow characteristics. IFRS 9 includes three classification categories for financial assets:
\nmeasured at amortised cost, fair value through other comprehensive income (\u201cFVOCI\u201d) and fair value through profit
\nand loss (\u201cFVTPL\u201d). Note, the Group does not hold any financial assets that are equity investments; hence, the below
\nconsiderations of classification and measurement only apply to financial assets that are debt instruments. A financial
\nasset is measured at amortised cost if it meets both of the following conditions (and is not designated as FVTPL):\u00a0
\n\u2022
\n\u00a0\u00a0it is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u00a0
\n\u2022
\n\u00a0\u00a0its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
\ninterest (\u201cSPPI\u201d) on the principal amount outstanding.\u00a0
\nFinancial assets held within a business model that is neither held to collect, nor held to collect and for sale, would be
\ndesignated as FVTPL. An example would be financial assets that are available for sale and therefore have cash flows
\nmaximised through sale.
\nBusiness model assessment
\nIn prior years, the Group\u2019s business\u00a0model comprised primarily loans to customers that were held for collecting
\ncontractual cash flows, a held to collect business model which classifies those assets as\u00a0held at amortised cost. The
\nGroup deemed that the contractual cash flows were solely payments of principal and interest (\u201cSPPI\u201d) and hence,
\namounts receivable from customers were measured at amortised cost under IFRS 9, applying a forward-looking
\nexpected credit loss model (\u201cECL\u201d). \u00a0
\n\u00a0
\nHistorically, customers have been derecognised when the entity's contractual rights to the financial asset's cash flows
\nhave expired. Default has been defined when an account is more than three contractual payments past due.
\nIn light of the decision to enter into the Fallback Solution and the trigger for an orderly wind down of the business the
\nBoard re-evaluated this business model assessment. In the prior year, the assessment was no longer considered
\nappropriate for the RewardRate portfolio for which a decision had been made to sell as a result of the wind down
\nstrategy and this was classified as held for sale as at 31 March 2023 (see note 14). This asset was measured at fair
\nvalue accordingly. The accompanying notes referred to IFRS 5 but should have referred to IFRS 9, as financial
\nassets are outside the scope of IFRS 5 but in scope for IFRS 9. However, the asset was correctly measured at fair
\nvalue and therefore has not been\u00a0restated. Sale of the RewardRate business was completed in January 2024.
\nAs at 31 March 2024, the Board has reconsidered the objective of the business model relating to the residual loan
\nbook. The primary objective of the strategy now is to maximise cash flow through sale. In light of this reassessment a
\nreclassification is required. The remaining loan book is available for sale and would therefore be classified and
\nmeasured as FVTPL (note 14) as opposed to amortised cost. \u00a0
\n\n\n
\n
\n
\n
\n1.10.1 Financial assets
\n\na) Other receivables
\nOther receivables relating to loans and amounts owed by parent and subsidiary undertakings are measured at
\ntransaction price, less any impairment. Loans and amounts owed by parent and subsidiary undertakings are
\nunsecured, have no fixed repayment date, and are repayable on demand. The impact of ECLs on other receivables
\nhas been evaluated and it is immaterial.
\n
\n\n\n\n\n\n\n\nb) Cash and cash equivalents
\nCash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not
\nmore than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from
\nthe date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in
\nvalue. The impact of ECLs on cash has been evaluated and it is immaterial.
\n
\n\n\n\n\n\n\n\nc) Cash and cash equivalents (restricted)
\nCash and cash equivalents (restricted) materially relate to cash held for the benefit of customers in relation to
\npayments arising out of the Scheme of Arrangement.
\n
\n\n\n\n\n\n\nd) Modification of financial assets
\nWhere modifications to financial asset terms occur, for example, modified payment terms following granting of a
\nCovid-19 payment holiday to customers, the Group evaluates from both quantitative and qualitative perspectives
\nwhether the modifications are deemed substantial. If the cash flows are deemed substantially different, then the
\ncontractual rights to cash flows from the original asset are deemed to have expired and the asset is derecognised
\n(see 1.10.1.e) and a new asset is recognised at fair value plus eligible transaction costs.
\nFor non-substantial modifications the Group recalculates the gross carrying amount of a financial asset based on the
\nrevised cash flows and recognises a modification loss in the consolidated statement of comprehensive income. The
\nmodified gross carrying amount is calculated by discounting the modified cash flows at the original effective interest
\nrate. For customer loans and receivables, where the modification event is deemed to be a trigger for a significant
\nincrease in credit risk or occurs on an asset where there were already indicators of significant increase in credit risk,
\nthe modification loss is presented together with impairment losses. In other cases, it is presented within revenue.
\n\ne) Derecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
\nderecognised when:
\n\u2022 the rights to receive cash flows from the asset have expired; or
\n\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
\nreceived cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement and either:
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\u2022 the Group has transferred substantially all the risks and rewards of the asset; or
\n\u2022 the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has
\ntransferred control of the asset.
\n
\n\n\n\n\n\n\nf) Write-off
\nCustomer loans and receivables are written off the consolidated statement of financial position when an account is
\nsix contractual payments past due, as at this point it is deemed that there is no reasonable expectation of recovery.
\nWhen there is recovery on written-off debts or when cash is received from the third-party purchaser on the legal
\npurchase date of the assets, recoveries are recognised in the consolidated statement of comprehensive income
\nwithin the impairment charge.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag119": {
"value": "\n1.3 Revenue\u00a0
\nRevenue comprises interest income on amounts receivable from customers. Loans are initially measured at fair value
\n(which is equal to cost at inception) plus directly attributable transaction costs and are subsequently measured at
\namortised cost using the effective interest rate method. Revenue is presented net of amortised broker fees which are
\nspread over the expected behavioural lifetime of the loan as part of the effective interest rate method. Revenue is
\nalso presented net of modification adjustments recognised in the period, where no historical\u00a0event suggesting a
\nsignificant increase in credit risk has occurred on that asset (see notes 1.10.1.d for further details).
\nThe effective interest rate (\u201cEIR\u201d) is the rate that discounts estimated future cash payments or receipts through the
\nexpected life of the financial instrument (or a shorter period where appropriate) to the net carrying value of the
\nfinancial asset or financial liability. The calculation takes into account all contractual terms of the financial instrument
\nand includes any incremental costs that are directly attributable to the instrument, but not\u00a0future credit losses.\u00a0
\nGiven the intention to sell the remaining loan book, and the immaterial nature of remaining modification adjustments
\nand unamortised broker fees, these items have been fully expensed in the year.\u00a0
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag120": {
"value": "\n1.4 Operating expenses\u00a0
\nOperating expenses include all direct and indirect costs. Where loan origination and acquisition costs can be
\nreferenced directly back to individual transactions (e.g. broker costs), they are included in the effective interest rate in
\nrevenue and amortised over the behavioural life of the loan rather than recognised in full at the time of acquisition.\u00a0
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag121": {
"value": "\n1.5 Interest payable \u00a0
\nInterest expense is recognised as it accrues in the consolidated statement of comprehensive income using the EIR
\nmethod so that the amount charged is at a constant rate on the carrying amount. \u00a0
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag122": {
"value": "\n1.6 Dividends\u00a0
\nEquity dividends payable are recognised when they become legally payable. Interim equity dividends are recognised
\nwhen paid. Final equity dividends are recognised on the earlier of their approval or payment date.\u00a0
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag123": {
"value": "\n
\n1.7 Taxation\u00a0
\nTax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the consolidated
\nstatement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which
\ncase it is recognised in equity.
\n1.7.1 Current tax
\nCurrent tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates
\nenacted or substantively enacted at the consolidated statement of financial position date, and any adjustment to tax
\npayable in respect of previous years. Taxable profit/loss differs from profit/loss before taxation as reported in the
\nincome statement because it excludes items of income or expense that are taxable or deductible in other years and it
\nfurther excludes items that are never taxable or deductible.
\n\n1.7.2 Deferred tax
\nDeferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial
\nreporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised to the extent
\nthat it is probable that future taxable profits will be available against which the temporary differences can be utilised.
\nShould circumstances arise where the Group concludes it is no longer considered probable that future taxable profits
\nwill be available against which temporary differences can be utilised, deferred tax assets will be written off and
\ncharged to the consolidated statement of comprehensive income.\u00a0
\nThe following temporary differences are not provided for: the\u00a0initial recognition of goodwill; the initial recognition of
\nassets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and
\ndifferences relating to investments in subsidiaries to the extent that they are unlikely to reverse in the foreseeable
\nfuture. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the
\ncarrying amount of assets and liabilities, using tax rates enacted or substantively enacted at\u00a0the consolidated
\nstatement of financial position date.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag124": {
"value": "\n1.7.2 Deferred tax
\nDeferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial
\nreporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised to the extent
\nthat it is probable that future taxable profits will be available against which the temporary differences can be utilised.
\nShould circumstances arise where the Group concludes it is no longer considered probable that future taxable profits
\nwill be available against which temporary differences can be utilised, deferred tax assets will be written off and
\ncharged to the consolidated statement of comprehensive income.\u00a0
\nThe following temporary differences are not provided for: the\u00a0initial recognition of goodwill; the initial recognition of
\nassets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and
\ndifferences relating to investments in subsidiaries to the extent that they are unlikely to reverse in the foreseeable
\nfuture. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the
\ncarrying amount of assets and liabilities, using tax rates enacted or substantively enacted at\u00a0the consolidated
\nstatement of financial position date.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag125": {
"value": "\n
\n\n1.8 Property, plant and equipment (\u201cPPE\u201d)\u00a0
\nPPE is stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure
\nthat is directly attributable to bringing the asset to the location\u00a0and condition necessary for it to be capable\u00a0of
\noperating in the manner intended by management. Where parts of an item of PPE have different useful lives, they are
\naccounted for as separate items of property, plant and equipment. Repairs and maintenance are charged to the
\nconsolidated statement of comprehensive income during the period in which they are incurred.
\nDepreciation is charged to the consolidated statement of comprehensive income on a straight-line basis over the
\nestimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as
\nfollows:
\n\u2022\u00a0\u00a0Leasehold improvements \u00a010% straight line
\n\u2022\u00a0\u00a0Fixtures and fittings \u00a0\u00a0\u00a025% straight line
\n\u2022\u00a0\u00a0Computer equipment \u00a0\u00a0\u00a050% straight line
\n
\n\n\n\n
\n\n\n\n
\n\n\u2022 Office equipment 50% straight line
\n\u2022 Motor vehicles 25% straight line
\nDepreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each
\nconsolidated statement of financial position date.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag126": {
"value": "\n1.8 Property, plant and equipment (\u201cPPE\u201d)\u00a0
\nPPE is stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure
\nthat is directly attributable to bringing the asset to the location\u00a0and condition necessary for it to be capable\u00a0of
\noperating in the manner intended by management. Where parts of an item of PPE have different useful lives, they are
\naccounted for as separate items of property, plant and equipment. Repairs and maintenance are charged to the
\nconsolidated statement of comprehensive income during the period in which they are incurred.
\nDepreciation is charged to the consolidated statement of comprehensive income on a straight-line basis over the
\nestimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as
\nfollows:
\n\u2022\u00a0\u00a0Leasehold improvements \u00a010% straight line
\n\u2022\u00a0\u00a0Fixtures and fittings \u00a0\u00a0\u00a025% straight line
\n\u2022\u00a0\u00a0Computer equipment \u00a0\u00a0\u00a050% straight line
\n
\n\n\n\n\u2022 Office equipment 50% straight line
\n\u2022 Motor vehicles 25% straight line
\nDepreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each
\nconsolidated statement of financial position date.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag178": {
"value": "\n
\n1.9 Provisions and contingent liabilities
\nProvisions are recognised when a Group company has a present obligation (legal or constructive) as a result of a
\npast event, it is probable that the Group company will be required to settle that obligation and a reliable estimate can
\nbe made of the amount of the obligation. The amount recognised as a provision is the best estimate of the
\nconsideration required to settle the present obligation at the consolidated statement of financial position date, taking
\ninto account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash
\nflows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. For more
\ndetails see note 2.2 and note 18.
\nSince entering wind down, the Group has made provisions for onerous contracts. During this financial year, following
\nfrom the decision to sell all remaining loans, the scope of this onerous contract provision has been widened to
\nencompass net future overheads of the business not otherwise provided for. The result of this extended definition of
\nonerous contracts is that the net asset value attributable to shareholders within the statement of financial position is
\nnil. This is consistent with the Group\u2019s obligations under the Scheme to return all proceeds from the wind down of
\nALL, the Group\u2019s only trading entity, to Scheme Creditors.
\n\nContingent liabilities are possible obligations arising from past events, whose existence will be confirmed only by
\nuncertain future events, or present obligations arising from past events that are not recognised because either an
\noutflow of economic benefits is not probable, or the amount of the obligation cannot be reliably measured. Contingent
\nliabilities are not recognised in the consolidated statement of financial position but information about them is
\ndisclosed unless the possibility of any economic outflow in relation to settlement is remote. See note 27 for further
\ndetails.
\n
\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag197": {
"value": "\nContingent liabilities are possible obligations arising from past events, whose existence will be confirmed only by
\nuncertain future events, or present obligations arising from past events that are not recognised because either an
\noutflow of economic benefits is not probable, or the amount of the obligation cannot be reliably measured. Contingent
\nliabilities are not recognised in the consolidated statement of financial position but information about them is
\ndisclosed unless the possibility of any economic outflow in relation to settlement is remote. See note 27 for further
\ndetails.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag179": {
"value": "\na) Other receivables
\nOther receivables relating to loans and amounts owed by parent and subsidiary undertakings are measured at
\ntransaction price, less any impairment. Loans and amounts owed by parent and subsidiary undertakings are
\nunsecured, have no fixed repayment date, and are repayable on demand. The impact of ECLs on other receivables
\nhas been evaluated and it is immaterial.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag180": {
"value": "\nb) Cash and cash equivalents
\nCash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not
\nmore than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from
\nthe date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in
\nvalue. The impact of ECLs on cash has been evaluated and it is immaterial.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag181": {
"value": "\nc) Cash and cash equivalents (restricted)
\nCash and cash equivalents (restricted) materially relate to cash held for the benefit of customers in relation to
\npayments arising out of the Scheme of Arrangement.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag182": {
"value": "\ne) Derecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
\nderecognised when:
\n\u2022 the rights to receive cash flows from the asset have expired; or
\n\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
\nreceived cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement and either:
\n
\n\n\n\n\n\n\n\u2022 the Group has transferred substantially all the risks and rewards of the asset; or
\n\u2022 the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has
\ntransferred control of the asset.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag196": {
"value": "\n1.11 Merger reserve
\nThe merger reserve was created as a result of a Group reorganisation in 2017 to create an appropriate holding
\ncompany structure. With the merger accounting method, the carrying values of the assets and liabilities of the parties
\nto the combination are not required to be adjusted to fair value, although appropriate adjustments shall be made
\nthrough equity to achieve uniformity of accounting policies in the combining entities. The restructure was within a
\nwholly owned group, constituting a common control transaction.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "amgo:DescriptionOfAccountingPolicyForMergerReserve",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag187": {
"value": "\n1.12 Leases
\nIFRS 16 distinguishes between leases and service contracts on the basis of whether the use of an identified asset is
\ncontrolled by the Group. Control is considered to exist if the Group has:
\n
\n\u2022 the right to obtain substantially all of the economic benefits from the use of an identified asset; and
\n\u2022 the right to direct the use of that asset.
\n
\nWhere control, and therefore a lease, exists, a right-of-use asset and a corresponding liability are recognised for all
\nleases where the Group is the lessee, except for short-term assets and leases of low-value assets. Short-term assets
\nand leases of low-value assets are expensed to the consolidated statement of comprehensive income as incurred.
\n
\ni) Lease liability
\nAll leases for which the Group is a lessee, other than those that are less than twelve months in duration or are low
\nvalue which the Group has elected to treat as exempt, require a lease liability to be recognised on the consolidated
\nstatement of financial position on origination of the lease. For these leases, the lease payment is recognised within
\nadministrative and operating expenses on a straight-line basis over the lease term. The lease liability is initially
\nmeasured at the present value of the lease payments at the commencement date, discounted using the incremental
\nborrowing rate, as there is no rate implicit in the lease. This is defined as the rate of interest that the lessee would
\nhave to pay to borrow, over a similar term and with similar security, the funds necessary to obtain an asset of a
\nsimilar value to the right-of-use asset in a similar economic environment. The interest expense on the lease liability is
\nto be presented as a finance cost.
\nThe lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease, using
\nthe effective interest rate method, and reducing the carrying amount to reflect the lease payments made.
\nii) Right-of-use asset
\nFor each lease liability a corresponding right-of-use asset is recorded in the consolidated statement of financial
\nposition.
\nThe right-of-use asset is initially measured at cost and subsequently measured at cost less accumulated depreciation
\nand impairment losses, adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated
\nover the shorter period of lease term and useful life of the underlying asset, with the depreciation charge presented
\nunder administrative and operating expenses. The Group\u2019s right-of-use assets related to two property leases for
\noffices in Bournemouth.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag185": {
"value": "\n\n1.13 Foreign currency translation
\nItems included in the financial statements of each of the Group\u2019s subsidiaries are measured using the currency of the
\nprimary economic environment in which the subsidiary operates (the functional currency). The Group\u2019s subsidiaries
\nprimarily operate in the UK. The Irish subsidiaries were disposed of in February 2023. The consolidated and the
\nCompany financial statements are presented in Sterling, which is the Group and Company\u2019s presentational currency.
\n
\n\n\n\n\n\n\nTransactions that are not denominated in the Group\u2019s presentational currency are recorded, on initial recognition, by
\napplying the spot exchange rate at the date of transaction. Monetary assets and liabilities denominated in foreign
\ncurrencies are translated into the relevant presentational currency at the exchange rates prevailing at the
\nconsolidated statement of financial position date. Non-monetary items carried at historical cost are translated using
\nthe exchange rate at the date of the transaction. Differences arising on translation are charged or credited to the
\nconsolidated statement of comprehensive income.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag186": {
"value": "\n1.13 Foreign currency translation
\nItems included in the financial statements of each of the Group\u2019s subsidiaries are measured using the currency of the
\nprimary economic environment in which the subsidiary operates (the functional currency). The Group\u2019s subsidiaries
\nprimarily operate in the UK. The Irish subsidiaries were disposed of in February 2023. The consolidated and the
\nCompany financial statements are presented in Sterling, which is the Group and Company\u2019s presentational currency.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag184": {
"value": "\n1.14 Defined contribution pension scheme
\nThe Group operates a defined contribution pension scheme. Contributions payable to the Group\u2019s pension scheme
\nare charged to the consolidated statement of comprehensive income on an accruals basis.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag195": {
"value": "\n1.15 Items presented separately within the consolidated statement of comprehensive income
\nComplaints expense is presented separately on the face of the consolidated statement of comprehensive income.
\nThis item is deemed exceptional because of its size, nature or incidence and which the Directors consider should be
\ndisclosed separately to enable a full understanding of the Group\u2019s results.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "amgo:DescriptionOfAccountingPolicyForItemsPresentedSeperatelyWithinTheConsolidatedStatementOfComprehensiveIncome",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag183": {
"value": "\n1.16 Share capital
\nFinancial instruments issued by the Group are classified as equity only to the extent that they do not meet the
\ndefinition of a financial liability or financial asset. The Group's ordinary shares are classified as equity instruments.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag188": {
"value": "\n2. Critical accounting assumptions and key sources of estimation uncertainty
\nPreparation of the financial statements requires management to make significant judgements and estimates.
\nJudgements
\nThe preparation of the consolidated Group financial statements in conformity with IFRS requires management to
\nmake judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the
\nconsolidated statement of financial position date and the reported amounts of income and expenses during the
\nreporting period. The most significant uses of judgements and estimates are explained in more detail in the following
\nsections:
\n\u2022 Complaints provision:
\n\u2022 Estimating the probability, timing and amount of any outflows (note 2.2.1).
\n
\n\u2022 Restructuring provision:
\n\u2022 Required resource plan and subsequent timing of staff exits
\n\u2022 Assessing supplier requirements and recognition of onerous contracts
\n
\n\u2022 Available for sale assets:
\n\u2022 Assessing probability and timing of an asset\u2019s prospective sale (note 14)
\nEstimates
\nAreas which include a degree of estimation uncertainty are:
\n\u2022 Complaints provisions:
\n\u2022 Upheld Scheme claimants that have made payments post the Scheme Effective Date which will be due
\na refund in full. This estimate evaluates historical data and applies future assumptions for the timing of
\nrefunds (note 2.2.1).
\n\u2022 Estimation of the cash liability is based on assumptions around prospective debt sales and future operating
\nexpenses.
\n\u2022 Valuation of the investment in subsidiaries held by parent company Amigo Holdings PLC (note 2a of Company
\nfinancial statements).
\n\u2022 Restructuring provision:
\n\u2022 Severance costs of staff exits which are contingent on the timing of exit and therefore contingent on
\nfuture resource required.
\n\u2022 Available for sale assets:
\n\u2022 Estimate of expected fair value, valued via an income approach (note 14).
\n
\n
\n
\n2.1 Credit impairment
\nCredit impairment is not applicable in the current year since the customer loan book has been reclassified as
\navailable for sale assets but was applicable for the year ended 31 March 2023.
\n
\nIn the prior year judgements were required to assess whether the credit risk of an instrument has increased
\nsignificantly since initial recognition and what constituted a definition of default. Estimation uncertainty existed around
\ncalculation of probability of default, the expected balance at default, the loss arising when default occurs and the
\nincorporation of the impacts forward looking information and macroeconomic factors have on the credit impairment
\ncalculation.
\n
\n2.2 Complaints provisions
\n2.2.1 Complaints provision \u2013 estimation uncertainty
\nThe provision represents an accounting estimate of the expected future outflows arising from certain customer-
\ninitiated complaints, using information available as at the date of signing these financial statements.
\n
\n\n\n\n\n\n\nIdentifying whether a present obligation exists and estimating the probability, timing, nature and quantum of the
\nredress payments that may arise from past events require judgements to be made on the specific facts and
\ncircumstances relating to the individual complaints. Management evaluates on an ongoing basis, revising previous
\njudgements and estimates as appropriate.
\n
\nThe calculation of the complaints provision as at 31 March 2024 is based on Amigo\u2019s best estimate of the future
\nobligation. The Scheme cash redress provision is \u00a3106.5m and is estimated based on future financial projections of
\nthe orderly wind down of the Group, which therefore inherently carries a degree of uncertainty. This estimate
\nassumes, as per the Scheme, that all assets of the business are committed to Scheme claimants.
\n
\nAs at 31 March 2024, the Group has recognised a complaints provision totalling \u00a3169.4m in respect of customer
\ncomplaints redress and associated costs. Utilisation in the period totalled \u00a338.6m. The total Scheme liability has
\ndecreased by \u00a326.5m compared to prior year, largely due to \u00a333.2m of cash refunds to Scheme creditors being made
\nduring the year, partly offset by increases in cost estimates and the release of overlap with prior IFRS 9 provision.
\nThe closing provision is comprised of an estimate of cash liability, and an estimate of refunds to upheld Scheme
\nclaimants for collections made since Scheme effective date, which will be redressed in full and attract compensatory
\ninterest.
\n
\nThe following table details the effect on the complaints provision considering incremental changes on the key
\nassumptions, should current estimates prove too high or too low.
\n
\n
\nAssumption used
\nSensitivity applied
\nSensitivity (\u00a3m)
\nCash refunds to upheld Scheme claimants
\n1
\n\u00a338.0m
\n+/- 10 ppts
\n+3.8
\n-3.8
\nFuture overheads
\n1
\n\u00a313.0m
\n+/- 10 ppts
\n+1.3
\n-1.3
\n
\n1. Sensitivity analysis shows the impact of a 10 percentage point change in the main component assumptions in the cash redress provision.
\n
\nThe Board considers that this sensitivity analysis covers the full range of likely outcomes.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag189": {
"value": "\n3. Segment reporting
\nThe Group has one operating segment based on the geographical location of its operations, being the UK. IFRS 8
\nrequires segment reporting to be based on the internal financial information reported to the chief operating decision
\nmaker. The Group\u2019s chief operating decision maker is deemed to be the Group\u2019s Executive Committee (\u201cExCo\u201d)
\nwhose primary responsibility is to support the Chief Executive Officer (\u201cCEO\u201d) in managing the Group\u2019s day-to-day
\noperations and analyse trading performance.
\nIn the prior year, Amigo Loans Ireland Limited, registered in Ireland, was not a reportable operating segment, as it
\nwas not separately included in the reports provided to the strategic steering committee. The results of these
\noperations were included in the \u201cother segments\u201d column in the prior year. Amigo Loans Ireland Limited was sold by
\nthe Group to the CEO of the business in a management buy-out on 28 February 2023.
\n
\nIn the current year all the Group\u2019s performance came from its UK operations.
\nThe table below presents the Group\u2019s performance on a segmental basis for the year to 31 March 2023 in line with
\nreporting to the chief operating decision maker:
\n
\n
\nYear to
\nYear to
\nYear to
\n
\n
\n31 Mar 23
\n31 Mar 23
\n31 Mar 23
\n
\n
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n
\nYear ended 31 March 2023
\nUK
\nOther
\nTotal
\n
\nRevenue
\n19.2
\n0.1
\n19.3
\n
\nInterest payable and funding facility fees
\n(3.6)
\n-
\n(3.6)
\n
\nInterest receivable
\n1.5
\n-
\n1.5
\n
\nImpairment of amounts receivable from customers
\n3.4
\n-
\n3.4
\n
\nAdministrative and other operating expenses
\n(37.5)
\n1.3
\n(36.2)
\n
\nComplaints provision expense
\n(19.1)
\n-
\n(19.1)
\n
\nTotal operating (expense)/income
\n(56.6)
\n1.3
\n(55.3)
\n
\n(Loss)/profit before tax
\n(36.1)
\n1.4
\n(34.7)
\n
\nTax credit on (loss)/profit
\n1
\n(0.1)
\n-
\n(0.1)
\n
\n(Loss)/profit and total comprehensive income attributable to equity shareholders of the
\nGroup
\n(36.2)
\n1.4
\n(34.8)
\n
\n\n\n\n\n\n\n31 Mar 23
\n31 Mar 23
\n31 Mar 23
\n
\n
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n
\n
\nUK
\nOther
\nTotal
\n
\nGross loan book
\n1
\n
\n63.4
\n-
\n63.4
\n
\nLess impairment provision
\n(18.0)
\n-
\n(18.0)
\n
\nNet loan book
\n2
\n
\n45.4
\n-
\n45.4
\n
\n1
\n Gross loan book represents total outstanding loans and excludes deferred broker costs.
\n2
\n Net loan book represents gross loan book less provision for impairment.
\n
\nIn the prior year the carrying value of property, plant and equipment and intangible assets included in the
\nconsolidated statement of financial position materially all relates to the UK. The results of each segment have been
\nprepared using accounting policies consistent with those of the Group as a whole.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag190": {
"value": "\n4. Revenue
\nRevenue consists of interest income and is derived from a single segment in the UK. In the prior year a small
\nproportion of revenue came from Irish entity Amigo Loans Ireland Limited (see note 3 for further details).
\n
\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nInterest under effective interest rate method
\n2.7
\n19.0
\nOther income
\n0.9
\n0.3
\nModification of financial assets (note 6)
\n(0.1)
\n-
\n
\n3.5
\n19.3
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag191": {
"value": "\n
\n\n5. Interest payable and funding facility fees
\n
\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nSenior secured notes interest payable
\n-
\n3.7
\nFunding facility fees
\n-
\n(0.1)
\n
\n-
\n3.6
\n
\nAll debt and funding facilities were repaid by the Group in the prior year. Funding facility fees in prior years include
\nnon-utilisation fees and amortisation of initial costs of the Group\u2019s senior secured notes.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag192": {
"value": "\n5. Interest payable and funding facility fees
\n
\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nSenior secured notes interest payable
\n-
\n3.7
\nFunding facility fees
\n-
\n(0.1)
\n
\n-
\n3.6
\n
\nAll debt and funding facilities were repaid by the Group in the prior year. Funding facility fees in prior years include
\nnon-utilisation fees and amortisation of initial costs of the Group\u2019s senior secured notes.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag194": {
"value": "\n6. Modification of financial assets
\nCovid-19 payment holidays and any subsequent extensions were assessed as non-substantial financial asset
\nmodifications under IFRS 9. The carrying value of historical modification losses at the year-end was \u00a3nil (2023:
\n\u00a30.6m).
\n
\n
\nYear to
\nYear to
\n
\n
\n31 Mar 24
\n31 Mar 23
\n
\n
\n\u00a3m
\n\u00a3m
\nModification (loss) recognised in revenue
\n
\n(0.1)
\n-
\nModification (loss)/ release recognised in impairment
\n
\n(0.1)
\n0.1
\nTotal modification (loss) /release
\n
\n(0.2)
\n0.1
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "amgo:DisclosureOfModificationOfFinancialAssets",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag193": {
"value": "\n
\n\n
\n
\n\n7. Operating expenses
\nThe main categories of expenditure included in administrative and other operating expenses are employee costs
\n\u00a310.5m (2023: \u00a317.3m), insurance \u00a31.7m (2023: \u00a30.7m), licence fees \u00a31.4m (2023: \u00a32.5m) and legal, professional
\nand consultancy fees (\u00a30.1m) (2023: \u00a310.9m). In the current financial year net future overheads of \u00a31.9m have been
\nprovided for in line with the extended definition of onerous contracts (see note 1.9). The significant variation in
\nexpenditure in these categories reflects the changed circumstances of the Group and the wind down programme of
\nthe operating subsidiaries.
\n
\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\nOther operating expenses include:
\n\u00a3m
\n\u00a3m
\nFees payable to the Company\u2019s auditor and its associates for:
\n
\n
\n\u2013 audit of these financial statements
\n-
\n0.2
\n\u2013 audit of financial statements of subsidiaries
\n0.1
\n0.4
\n\u2013 audit-related assurance services
\n1
\n
\n-
\n0.1
\nDepreciation of property, plant and equipment
\n0.3
\n0.5
\nDepreciation and interest expense on leased assets
\n0.1
\n0.3
\nDefined contribution pension cost
\n0.3
\n0.4
\n
\n1 Other assurance services include reviews of interim financial statements and other assurance services.
\n
\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag198": {
"value": "\n
\n
\n\n7. Operating expenses
\nThe main categories of expenditure included in administrative and other operating expenses are employee costs
\n\u00a310.5m (2023: \u00a317.3m), insurance \u00a31.7m (2023: \u00a30.7m), licence fees \u00a31.4m (2023: \u00a32.5m) and legal, professional
\nand consultancy fees (\u00a30.1m) (2023: \u00a310.9m). In the current financial year net future overheads of \u00a31.9m have been
\nprovided for in line with the extended definition of onerous contracts (see note 1.9). The significant variation in
\nexpenditure in these categories reflects the changed circumstances of the Group and the wind down programme of
\nthe operating subsidiaries.
\n
\n\n\n
\n\n\n\n\n\n\n
\n
\n\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\nOther operating expenses include:
\n\u00a3m
\n\u00a3m
\nFees payable to the Company\u2019s auditor and its associates for:
\n
\n
\n\u2013 audit of these financial statements
\n-
\n0.2
\n\u2013 audit of financial statements of subsidiaries
\n0.1
\n0.4
\n\u2013 audit-related assurance services
\n1
\n
\n-
\n0.1
\nDepreciation of property, plant and equipment
\n0.3
\n0.5
\nDepreciation and interest expense on leased assets
\n0.1
\n0.3
\nDefined contribution pension cost
\n0.3
\n0.4
\n
\n1 Other assurance services include reviews of interim financial statements and other assurance services.
\n
\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag199": {
"value": "\n7. Operating expenses
\nThe main categories of expenditure included in administrative and other operating expenses are employee costs
\n\u00a310.5m (2023: \u00a317.3m), insurance \u00a31.7m (2023: \u00a30.7m), licence fees \u00a31.4m (2023: \u00a32.5m) and legal, professional
\nand consultancy fees (\u00a30.1m) (2023: \u00a310.9m). In the current financial year net future overheads of \u00a31.9m have been
\nprovided for in line with the extended definition of onerous contracts (see note 1.9). The significant variation in
\nexpenditure in these categories reflects the changed circumstances of the Group and the wind down programme of
\nthe operating subsidiaries.
\n
\n\n\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\nOther operating expenses include:
\n\u00a3m
\n\u00a3m
\nFees payable to the Company\u2019s auditor and its associates for:
\n
\n
\n\u2013 audit of these financial statements
\n-
\n0.2
\n\u2013 audit of financial statements of subsidiaries
\n0.1
\n0.4
\n\u2013 audit-related assurance services
\n1
\n
\n-
\n0.1
\nDepreciation of property, plant and equipment
\n0.3
\n0.5
\nDepreciation and interest expense on leased assets
\n0.1
\n0.3
\nDefined contribution pension cost
\n0.3
\n0.4
\n
\n1 Other assurance services include reviews of interim financial statements and other assurance services.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag200": {
"value": "\n8. Employees
\n
\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nEmployee costs
\n
\n
\nWages and salaries
\n6.7
\n10.9
\nSocial security costs
\n0.5
\n1.4
\nCost of defined contribution pension scheme (note 22)
\n0.3
\n0.4
\nShare-based payments (note 21)
\n-
\n(0.2)
\nRestructuring provision
\n1
\n(note 18)
\n
\n3.1
\n4.2
\n-Other (termination payments)
\n-
\n0.6
\n
\n10.6
\n17.3
\n1 Restructuring provision relates to the cost of redundancies (see note 18 for further details)
\n
\nThe average monthly number of employees employed by the Group (including the Directors) during the year,
\nanalysed by category, was as follows:
\n
\nYear to
\nYear to
\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\n31 Mar 23
\n31 Mar 23
\n
\nUK
\nUK
\nOther
\nTotal
\nEmployee numbers
\n
\n
\n
\n
\nOperations
\n70
\n101
\n7
\n108
\nSupport
\n63
\n101
\n3
\n104
\n
\n133
\n202
\n10
\n212
\n
\nOperations roles are customer supporting roles such as collections and complaints handling teams. Support teams
\ninclude but are not limited to: IT, HR, finance and legal.
\nAverage headcount decreased by 79 in the current year as compared to prior year, reflecting the orderly wind down
\nof the business. Headcount at 31 March 2024 was 94.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag201": {
"value": "\n9. Key management remuneration
\nThe remuneration of the Executive and Non-Executive Directors, who are the key management personnel of the
\nGroup, is set out below in aggregate for each of the categories specified in IAS 24
\nRelated Party Disclosures
\n.
\n
\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nKey management emoluments including employers\u2019 National Insurance costs
\n0.8
\n1.8
\nTermination payments
\n-
\n0.6
\n
\n0.8
\n2.4
\n
\nDuring the year retirement benefits were accruing for one Director (2023: one) in respect of defined contribution
\npension schemes. There are no other benefits relating to key management personnel except for those disclosed
\nabove.
\nThe highest paid Director in the current year received remuneration of \u00a3356,179 inclusive of employers\u2019 National
\nInsurance payments (2023: \u00a31,417,007 inclusive of employers\u2019 National Insurance payments, of which \u00a3630,000
\nrelated to loss of office payments).
\nThe value of the Group\u2019s contributions paid to a defined contribution pension scheme in respect of the highest-paid
\nDirector amounted to \u00a3nil due to an election being made for payment in lieu of pension (2023: \u00a3nil).
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag202": {
"value": "\n10. Taxation
\n
\nThe applicable corporation tax rate for the period to 31 March 2024 was 25.0% (2023: 19.0%) and the effective tax
\nrate is 1.5% (2023: negative 0.3%).
\n
\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nCorporation tax
\n
\n
\nCurrent tax (credit)/ charge on (loss) for the year
\n(0.1)
\n0.1
\nTaxation (credit)/ charge on (loss)
\n(0.1)
\n0.1
\n
\nA reconciliation of the actual tax charge, shown above, and the (loss) before tax multiplied by the standard rate of tax,
\nis as follows:
\n
\nYear to
\nYear to
\n
\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\n(Loss) before tax
\n(12.7)
\n(34.7)
\n(Loss) before tax multiplied by the standard rate of corporation tax in the UK of 25% (2023: 19%)
\n(3.2)
\n(6.6)
\nEffects of:
\n
\n
\nExpenses not deductible for tax purposes
\n0.7
\n0.8
\nOther
\n(0.6)
\n(0.1)
\nCurrent-year losses for which no deferred tax asset is recognised
\n3.2
\n6.0
\nTotal tax charge for the year
\n0.1
\n0.1
\nEffective tax rate
\n(0.8)%
\n(0.3)%
\n
\nThe Finance Act 2021 increased the UK corporation tax rate from 19% to 25% with effect from 1 April 2023.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag203": {
"value": "\n11. Deferred tax
\nA deferred tax asset is recognised to the extent that it is expected that it will be recovered in the form of economic
\nbenefits that will flow to the Group in future periods. In recognising the asset, management judgement on the future
\nprofitability and any uncertainties surrounding the profitability is required to determine that future economic benefits
\nwill flow to the Group in which to recover the deferred tax asset that has been recognised. Further details of the
\nassessment performed by management and the key factors included in this assessment can be found under the
\ngoing concern considerations in note 1.1.
\nA deferred tax asset of \u00a346.3m at the substantively enacted rate of 25% (FY23: \u00a341.8m at 25%) has not been
\nrecognised given that the Group is now being wound down, and there is no expectation of suitable future taxable
\nprofits. This is comprised of \u00a340.4m (FY23: \u00a336.3m) in relation to \u00a3161.8m (FY23: \u00a3145m) of unutilised tax losses
\nand \u00a35.9m (FY23: \u00a35.6m) in relation to other timing differences of \u00a323.6m (FY23: \u00a322.3m).
\nThe UK statutory rate for FY24 is 25% (FY23: 19%). Finance Act 2021 increased the UK corporation tax rate from
\n19% to 25% with effect from 1 April 2023, which impacts the deferred tax position in the current period.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag204": {
"value": "\n12. Profit/(loss) per share
\nBasic (loss) per share is calculated by dividing the (loss) for the period attributable to equity shareholders by the
\nweighted average number of ordinary shares outstanding during the period.
\nDiluted (loss) per share calculates the effect on (loss) per share assuming conversion of all dilutive potential ordinary
\nshares. Following the closure of the performance-related share incentive plans and non-performance-related
\nschemes, there are no dilutive potential ordinary shares.
\n
\n31 Mar 24
\n31 Mar 23
\n
\nPence
\nPence
\nBasic (loss) per share
\n(2.7)
\n(7.3)
\nDiluted (loss) per share
\n1
\n
\n(2.7)
\n(7.3)
\nAdjusted profit/(loss) per share (basic and diluted)
\n2
\n
\n0.8
\n(2.0)
\n
\n1 The effects of anti-dilutive potential ordinary shares are ignored in calculating diluted loss per share.
\n2 Adjusted basic profit/(loss) per share and earnings for adjusted basic earnings(loss) per share are non-GAAP measures.
\n
\nConsistent with prior years, the Directors publish an adjusted profit/(loss) per share for comparison purposes only.
\nThere are no profits attributable to shareholders as net assets, after the cost of collecting the loan book, are
\ncommitted to Scheme creditors. Reconciliations of the earnings used in the calculations are set out below.
\n
\n\n\n\n\n\n\n\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\n(Loss) for basic EPS
\n(12.6)
\n(34.8)
\nComplaints provision expense
\n12.1
\n19.1
\nRestructuring expense
\n3.1
\n4.5
\nOnerous contract expense
\n1.3
\n1.9
\nProfit/(loss) for adjusted basic EPS
\n1
\n
\n3.9
\n(9.3)
\nBasic weighted average number of shares (m)
\n475.3
\n475.3
\nDilutive potential ordinary shares (m)
\n
\n-
\n-
\nDiluted weighted average number of shares (m)
\n475.3
\n475.3
\n
\n1. Adjusted basic profit/(loss) per share and earnings for adjusted basic profit/(loss) per share are non-GAAP measures.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag205": {
"value": "\n13. Customer loans and receivables
\nAs at 31 March 2024 it is considered that, under IFRS 9, the customer loan book satisfies the criteria to be
\nreclassified as an available for sale asset (note 14).
\nFor the prior year the table shows the gross loan book and deferred broker costs by stage, within the scope of the
\nIFRS 9 ECL framework.
\n
\n
\n31 Mar 23
\n
\n
\n\u00a3m
\nStage 1
\n
\n42.2
\nStage 2
\n
\n11.0
\nStage 3
\n
\n10.2
\nGross loan book
\n
\n63.4
\nDeferred broker costs
\n1
\n \u2013 stage 1
\n
\n0.2
\nDeferred broker costs
\n1
\n \u2013 stage 2
\n
\n0.1
\nLoan book inclusive of deferred broker costs
\n
\n63.7
\nProvision
\n
\n
\n(18.0)
\nCustomer loans and receivables
\n
\n45.7
\n
\n1
\nDeferred broker costs are recognised within customer loans and receivables and are amortised over the expected life of those assets using the
\neffective interest rate (\u201cEIR\u201d) method.
\n
\nAgeing of gross loan book (excluding deferred brokers\u2019 fees and provision) by days overdue for year ended 31 March
\n2023:
\n
\n
\n31 Mar 23
\n
\n
\n\u00a3m
\nCurrent
\n
\n43.7
\n1\u201330 days
\n
\n6.7
\n31\u201360 days
\n
\n2.7
\n>60 days
\n
\n10.3
\nGross loan book
\n
\n63.4
\n
\nThe following table further explains changes in the gross carrying amount of loans receivable from customers to
\nexplain their significance to the changes in the loss allowance for the same portfolios.
\n
\nYear ended 31 March 2023
\n
\nStage 1
\nStage 2
\nStage 3
\nTotal
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\nGross carrying amount at 1 April 2022
\n128.8
\n32.4
\n24.2
\n185.4
\nDeferred broker fees
\n1.5
\n0.4
\n0.3
\n2.2
\nLoan book inclusive of deferred broker costs at 1 April 2022
\n130.3
\n32.8
\n24.5
\n187.6
\nChanges in gross carrying amount attributable to:
\n
\n
\n
\n
\nTransfer of loans receivable to stage 1
\n3.1
\n(3.0)
\n(0.1)
\n-
\nTransfer of loans receivable to stage 2
\n(9.5)
\n10.1
\n(0.6)
\n-
\nTransfer of loans receivable to stage 3
\n(6.9)
\n(3.2)
\n10.1
\n-
\nPassage of time
\n1
\n
\n(28.4)
\n(7.8)
\n(3.0)
\n(39.2)
\nCustomer settlements
\n(37.6)
\n(5.9)
\n(1.3)
\n(44.8)
\nLoans charged off
\n(11.4)
\n(11.9)
\n(20.0)
\n(43.3)
\nModification loss relating to Covid-19 payment holidays (note 6)
\n4.1
\n0.3
\n0.9
\n5.3
\nNet movement in deferred broker fees
\n(1.3)
\n(0.3)
\n(0.3)
\n(1.9)
\nLoan book inclusive of deferred broker costs as at 31 March 2023
\n42.4
\n11.1
\n10.2
\n63.7
\n
\n1 Passage of time relates to amortisation of loan balances over the course of the financial year, due to cash payments partially offset by
\ninterest accruals.
\n
\n\n\n\n\n\n\n\nThe following tables explain the changes in the loan loss provision between the beginning and the end of
\nthe prior period:
\n
\nYear ended 31 March 2023
\n
\nStage 1
\nStage 2
\nStage 3
\nTotal
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\nLoan loss provision as at 1 April 2022
\n18.1
\n8.9
\n20.4
\n47.4
\nChanges in loan loss provision attributable to:
\n
\n
\n
\n
\nTransfer of loans receivable to stage 1
\n0.5
\n(0.5)
\n(0.1)
\n(0.1)
\nTransfer of loans receivable to stage 2
\n(1.3)
\n2.9
\n(0.5)
\n1.1
\nTransfer of loans receivable to stage 3
\n(1.0)
\n(0.9)
\n8.2
\n6.3
\nPassage of time
\n1
\n
\n(4.0)
\n(2.0)
\n(2.4)
\n(8.4)
\nCustomer settlements
\n(5.2)
\n(1.4)
\n(1.0)
\n(7.6)
\nLoans charged off
\n(1.6)
\n(3.9)
\n(16.6)
\n(22.1)
\nManagement overlay
\n0.1
\n0.1
\n0.6
\n0.8
\nModification loss relating to Covid-19 payment holidays (note 6)
\n0.5
\n0.1
\n-
\n0.6
\nLoan loss provision as at 31 March 2023
\n6.1
\n3.3
\n8.6
\n18.0
\n
\n1 Passage of time relates to amortisation of loan balances over the course of the financial year, due to cash payments partially offset by
\ninterest accruals.
\n
\nThe following table splits the gross loan book by arrears status, and then by stage respectively for the year ended 31
\nMarch 2023.
\n
\nStage 1
\nStage 2
\nStage 3
\nTotal
\n
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\nUp to date
\n39.7
\n4.0
\n-
\n43.7
\n1\u201330 days
\n2.5
\n4.2
\n-
\n6.7
\n31\u201360 days
\n-
\n2.8
\n-
\n2.8
\n>60 days
\n-
\n-
\n10.2
\n10.2
\n
\n42.2
\n11.0
\n10.2
\n63.4
\n
\nThe following table further explains changes in the net carrying amount of loans receivable from customers to explain
\ntheir significance to the changes in the loss allowance for the same portfolios.
\n
\n
\n31 Mar 23
\nCustomer loans and receivables
\n
\n\u00a3m
\nDue within one year
\n
\n45.4
\nNet loan book
\n
\n45.4
\nDeferred broker costs
\n1
\n
\n
\n
\nDue within one year
\n
\n0.3
\nCustomer loans and receivables
\n
\n45.7
\n
\n1 Deferred broker costs are recognised within customer loans and receivables and are amortised over the expected life of those assets using
\nthe effective interest rate (\u201cEIR\u201d) method.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag209": {
"value": "\n14. Available for sale assets
\nWithin the scope of IFRS 9, previously the Amigo loan book has been classified under a business model that is \u2018held
\nto collect\u2019 with the asset\u2019s contractual cash flows solely principal and interest, subsequently the asset was classified
\nand measured under amortised cost. As per IFRS 9 a reclassification is required when the objective of the business
\nmodel changes.
\n
\nTo balance speed of delivery and value to creditors, it was determined by management that a sale of the residual
\nloan book, broadly when collections break even with overheads, would be an optimal strategy in the winding down of
\nthe business. This is a marked change in the business model, from held to collect to \u2018other\u2019 as net cash flows after
\ncosts are to be maximised through sale.
\n
\nAs a result, the financial statements are impacted through the loan book being reclassified and measured under fair
\nvalue as opposed to amortised cost, the difference between amortised cost and the new carrying amount being
\nrecognised in the P&L. This also means that no expected credit loss calculation is necessary. The financial
\nstatements are not impacted in any other way. The gross amount reclassified within IFRS 9 was \u00a35.1m. Customer
\nloans not considered to be immediately available for sale, primarily those having an unresolved Scheme claim, have
\nbeen valued at \u00a3nil.
\n
\nThe reclassification was dated March 2024 when the prospective sale of the loan book materialised. The loan book
\nsale was completed shortly after the reporting date on 19 April 2024.
\n
\n\n\n\n\n\n\n\nThe simplest method to value the asset at 31 March 2024 is to use the income approach taking the expected final
\nproceeds less costs to sell. As the completion date was on 19 April 2024, any collections on the loan book in April up
\nto that date would remain within The Group. Any collections post 19 April 2024 would be paid in full to the purchaser
\nand therefore be cash neutral. Actual receipts were broadly in line with the contract valuation prior to concluding the
\ncontract.
\n
\nIn the prior year the Group held a distinct portfolio of loans, those originated under the RewardRate brand, which
\nwere classified as held for sale. Valuation in the balance sheet was at fair value with accompanying references
\nincorrectly referring to IFRS 5. Given the asset was measured correctly at fair value as required by IFRS 9, there is
\nno restatement necessary. The sale of this portfolio of loans was completed in January 2024.
\n
\n\n\n\n\n\n\n\n
\n
\n15. Financial instruments
\n\nThe below tables show the carrying amounts and fair values of financial assets and financial liabilities, including the
\nlevels in the fair value hierarchy. The tables analyse financial instruments into a fair value hierarchy based on the
\nvaluation technique used to determine fair value:
\na) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nb) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (i.e. as prices) or indirectly (i.e. derived from prices).
\nc) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n
\n
\n
\n31 Mar 24
\n31 Mar 23
\n
\n
\nCarrying
\nFair
\nCarrying
\nFair
\n
\nFair value
\namount
\nvalue
\namount
\nValue
\n
\nhierarchy
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\nFinancial assets held at amortised cost
\n1
\n
\n
\n
\n
\n
\n
\nAmounts receivable from customers
\n2
\n
\nLevel 3
\n-
\n-
\n45.7
\n17.2
\nOther receivables
\nLevel 3
\n0.5
\n0.5
\n1.5
\n1.5
\nCash and cash equivalents (restricted)
\nLevel 1
\n84.5
\n84.5
\n107.2
\n107.2
\nCash and cash equivalents
\nLevel 1
\n90.4
\n90.4
\n62.4
\n62.4
\n
\n
\n175.4
\n175.4
\n216.8
\n188.3
\nFinancial assets measured at fair value
\n
\n
\n
\n
\n
\nAvailable for sale assets
\n3
\n
\nLevel 1
\n2.7
\n2.7
\n1.1
\n1.1
\n
\n
\n2.7
\n2.7
\n1.1
\n1.1
\nFinancial liabilities held at amortised cost
\n1
\n
\n
\n
\n
\n
\n
\nOther liabilities
\nLevel 3
\n(3.1)
\n(3.1)
\n(6.0)
\n(6.0)
\n
\n
\n(3.1)
\n(3.1)
\n(6.0)
\n(6.0)
\n
\n1 The Group has disclosed the fair values of financial instruments such as short-term trade receivables and payables at their carrying value because
\nit considers this is a reasonable approximation of fair value.
\n2 The unobservable inputs in the fair value calculation of amounts receivable from customers are balance adjustments arising from upheld Scheme
\nclaims, expected credit losses, forecast cash flows and discount rate. As both balance adjustments and lifetime expected credit losses are
\nembedded in the calculation, this results in a fair value lower than the carrying amount.
\n3 With the sale being completed on 19 April 2024, these assets were valued using the income approach taking the expected final proceeds less
\ncosts to sell (note 14),
\n
\n\n\n\n\n\n\n\n
\n
\nFinancial instruments held at amortised cost
\nThe fair value of amounts receivable from customers has been estimated using a net present value calculation using
\ndiscount rates derived from the blended effective interest rate of the instruments. As these loans are not traded on an
\nactive market and the fair value is therefore determined through future cash flows, they are classed as Level 3 under
\nIFRS 13:
\n Fair Value Measurement
\n.
\nAll financial instruments are held at amortised cost. There are no derivative assets in the current or prior period.
\nThe Group\u2019s activities expose it to a variety of financial risks, which are categorised under credit risk and market risk.
\nThe objective of the Group\u2019s risk management framework is to identify and assess the risks facing the Group and to
\nminimise the potential adverse effects of these risks on the Group\u2019s performance. Financial risk management is
\noverseen by the Group Risk Committee alongside other principal risks: operational, regulatory, strategic and conduct
\nrisks.
\n\n
\n\nCredit risk
\n
\nCredit risk is the risk that the Group will suffer loss in the event of a default by a customer or a bank counterparty. A
\ndefault occurs when the customer or bank fails to honour repayments as they fall due. Amigo defines both borrowers
\nand, where applicable, guarantors as customers.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\na) Amounts receivable from customers
\nSince Amigo stopped issuing new loans, the predominant credit risk relates to customer repayments where a
\ncustomer fails to make one or more payments. As Amigo continues to sell its historic book, the credit risk has been
\ndecreasing in parallel.
\nTo minimise financial exposure, in the last six months, the organisation implemented a discounted settlement
\nstrategy which has successfully secured increased collections and provided increased financial return over debt sales
\nfor some loan populations. This has in turn, increased funds available for claimants within the Scheme of
\nArrangement.
\n
\nExposure to credit risk on customer receivables is now considered very low, with the sale of the majority of the loan
\nbook in the year and post year end.
\n
\nb) Bank counterparties
\nThis credit risk is managed by the Group\u2019s key management personnel. This risk is deemed to be low; cash deposits
\nare only placed with high quality counterparties such as tier 1 bank institutions.
\n
\n\n\n\n\n\n\n\n\n\n
\n\nMarket risk
\nInterest rate risk
\nInterest rate risk is the risk of a change in external interest rates which leads to an increase in the Group\u2019s cost of
\nborrowing. The Group is no longer exposed to interest rate risk as all debt was repaid in the prior year.
\nForeign exchange risk
\nForeign exchange rate risk is the risk of a change in foreign currency exchange rates leading to a reduction in profits
\nor equity. There is no significant foreign exchange risk to the Group. Foreign currency transactions and balances
\nwithin the Group are minimal so foreign exchange risk is deemed immaterial.
\n
\n\n\n\n\n\n\n\n\n\n\nLiquidity risk
\nLiquidity risk is the risk that the Group will have insufficient liquid resources to fulfil its operational plans and/or meet
\nits financial obligations as they fall due. Liquidity risk is managed by the Group\u2019s central finance department through
\ndaily monitoring of expected cash flows and ensuring sufficient funds are available to meet obligations as they fall
\ndue. The unrestricted cash and cash equivalents balance at 31 March 2024 was \u00a390.4m.
\nSince entering the Fallback Solution the management of cash balances has changed substantially in line with
\nobligations under the Court approved Scheme of Arrangement. The Scheme was designed to ensure the Group
\ncould carry out an orderly wind down, which includes having access to sufficient liquidity from previously restricted
\nbalances. This sufficiently mitigates the risk that would otherwise arise due to the Group having no immediately
\naccessible debt facilities.
\n
\n\n\n\n\n\n\n\n\n\n\nCapital management
\nThe wind down of the business is fully funded from cash resources and will result in no value for shareholders.
\n
\n
\n
\n31 Mar 24
\n
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nMaturity analysis of financial liabilities
\n
\n
\nAnalysed as:
\n
\n
\nDue within one year
\n
\n
\nOther liabilities
\n
\n(3.1)
\n(6.0)
\n
\n(3.1)
\n(6.0)
\n
\nMaturity analysis of contractual cash flows of financial liabilities
\n
\n
\n
\n
\n
\nCarrying
\n
\n0-1 year
\n1-2 years
\nTotal
\namount
\nAs at 31 March 2024
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\nOther liabilities
\n3.1
\n-
\n3.1
\n3.1
\n
\n
\n
\n
\n
\n
\n
\n0-1 year
\n2-5 years
\nTotal
\nCarrying
\nAs at 31 March 2023
\n\u00a3m
\n\u00a3m
\n\u00a3m
\namount
\nOther liabilities
\n6.0
\n-
\n6.0
\n6.0
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag206": {
"value": "\nThe below tables show the carrying amounts and fair values of financial assets and financial liabilities, including the
\nlevels in the fair value hierarchy. The tables analyse financial instruments into a fair value hierarchy based on the
\nvaluation technique used to determine fair value:
\na) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nb) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\ndirectly (i.e. as prices) or indirectly (i.e. derived from prices).
\nc) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n
\n
\n
\n31 Mar 24
\n31 Mar 23
\n
\n
\nCarrying
\nFair
\nCarrying
\nFair
\n
\nFair value
\namount
\nvalue
\namount
\nValue
\n
\nhierarchy
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\nFinancial assets held at amortised cost
\n1
\n
\n
\n
\n
\n
\n
\nAmounts receivable from customers
\n2
\n
\nLevel 3
\n-
\n-
\n45.7
\n17.2
\nOther receivables
\nLevel 3
\n0.5
\n0.5
\n1.5
\n1.5
\nCash and cash equivalents (restricted)
\nLevel 1
\n84.5
\n84.5
\n107.2
\n107.2
\nCash and cash equivalents
\nLevel 1
\n90.4
\n90.4
\n62.4
\n62.4
\n
\n
\n175.4
\n175.4
\n216.8
\n188.3
\nFinancial assets measured at fair value
\n
\n
\n
\n
\n
\nAvailable for sale assets
\n3
\n
\nLevel 1
\n2.7
\n2.7
\n1.1
\n1.1
\n
\n
\n2.7
\n2.7
\n1.1
\n1.1
\nFinancial liabilities held at amortised cost
\n1
\n
\n
\n
\n
\n
\n
\nOther liabilities
\nLevel 3
\n(3.1)
\n(3.1)
\n(6.0)
\n(6.0)
\n
\n
\n(3.1)
\n(3.1)
\n(6.0)
\n(6.0)
\n
\n1 The Group has disclosed the fair values of financial instruments such as short-term trade receivables and payables at their carrying value because
\nit considers this is a reasonable approximation of fair value.
\n2 The unobservable inputs in the fair value calculation of amounts receivable from customers are balance adjustments arising from upheld Scheme
\nclaims, expected credit losses, forecast cash flows and discount rate. As both balance adjustments and lifetime expected credit losses are
\nembedded in the calculation, this results in a fair value lower than the carrying amount.
\n3 With the sale being completed on 19 April 2024, these assets were valued using the income approach taking the expected final proceeds less
\ncosts to sell (note 14),
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag207": {
"value": "\n
\n\nCredit risk
\n
\nCredit risk is the risk that the Group will suffer loss in the event of a default by a customer or a bank counterparty. A
\ndefault occurs when the customer or bank fails to honour repayments as they fall due. Amigo defines both borrowers
\nand, where applicable, guarantors as customers.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\na) Amounts receivable from customers
\nSince Amigo stopped issuing new loans, the predominant credit risk relates to customer repayments where a
\ncustomer fails to make one or more payments. As Amigo continues to sell its historic book, the credit risk has been
\ndecreasing in parallel.
\nTo minimise financial exposure, in the last six months, the organisation implemented a discounted settlement
\nstrategy which has successfully secured increased collections and provided increased financial return over debt sales
\nfor some loan populations. This has in turn, increased funds available for claimants within the Scheme of
\nArrangement.
\n
\nExposure to credit risk on customer receivables is now considered very low, with the sale of the majority of the loan
\nbook in the year and post year end.
\n
\nb) Bank counterparties
\nThis credit risk is managed by the Group\u2019s key management personnel. This risk is deemed to be low; cash deposits
\nare only placed with high quality counterparties such as tier 1 bank institutions.
\n
\n\n\n\n\n\n\n\n\n\n
\n\nMarket risk
\nInterest rate risk
\nInterest rate risk is the risk of a change in external interest rates which leads to an increase in the Group\u2019s cost of
\nborrowing. The Group is no longer exposed to interest rate risk as all debt was repaid in the prior year.
\nForeign exchange risk
\nForeign exchange rate risk is the risk of a change in foreign currency exchange rates leading to a reduction in profits
\nor equity. There is no significant foreign exchange risk to the Group. Foreign currency transactions and balances
\nwithin the Group are minimal so foreign exchange risk is deemed immaterial.
\n
\n\n\n\n\n\n\n\n\n\n\nLiquidity risk
\nLiquidity risk is the risk that the Group will have insufficient liquid resources to fulfil its operational plans and/or meet
\nits financial obligations as they fall due. Liquidity risk is managed by the Group\u2019s central finance department through
\ndaily monitoring of expected cash flows and ensuring sufficient funds are available to meet obligations as they fall
\ndue. The unrestricted cash and cash equivalents balance at 31 March 2024 was \u00a390.4m.
\nSince entering the Fallback Solution the management of cash balances has changed substantially in line with
\nobligations under the Court approved Scheme of Arrangement. The Scheme was designed to ensure the Group
\ncould carry out an orderly wind down, which includes having access to sufficient liquidity from previously restricted
\nbalances. This sufficiently mitigates the risk that would otherwise arise due to the Group having no immediately
\naccessible debt facilities.
\n
\n\n\n\n\n\n\n\n\n\n\nCapital management
\nThe wind down of the business is fully funded from cash resources and will result in no value for shareholders.
\n
\n
\n
\n31 Mar 24
\n
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nMaturity analysis of financial liabilities
\n
\n
\nAnalysed as:
\n
\n
\nDue within one year
\n
\n
\nOther liabilities
\n
\n(3.1)
\n(6.0)
\n
\n(3.1)
\n(6.0)
\n
\nMaturity analysis of contractual cash flows of financial liabilities
\n
\n
\n
\n
\n
\nCarrying
\n
\n0-1 year
\n1-2 years
\nTotal
\namount
\nAs at 31 March 2024
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\nOther liabilities
\n3.1
\n-
\n3.1
\n3.1
\n
\n
\n
\n
\n
\n
\n
\n0-1 year
\n2-5 years
\nTotal
\nCarrying
\nAs at 31 March 2023
\n\u00a3m
\n\u00a3m
\n\u00a3m
\namount
\nOther liabilities
\n6.0
\n-
\n6.0
\n6.0
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag208": {
"value": "\nCredit risk
\n
\nCredit risk is the risk that the Group will suffer loss in the event of a default by a customer or a bank counterparty. A
\ndefault occurs when the customer or bank fails to honour repayments as they fall due. Amigo defines both borrowers
\nand, where applicable, guarantors as customers.
\n
\n\n\n\n\n\n\na) Amounts receivable from customers
\nSince Amigo stopped issuing new loans, the predominant credit risk relates to customer repayments where a
\ncustomer fails to make one or more payments. As Amigo continues to sell its historic book, the credit risk has been
\ndecreasing in parallel.
\nTo minimise financial exposure, in the last six months, the organisation implemented a discounted settlement
\nstrategy which has successfully secured increased collections and provided increased financial return over debt sales
\nfor some loan populations. This has in turn, increased funds available for claimants within the Scheme of
\nArrangement.
\n
\nExposure to credit risk on customer receivables is now considered very low, with the sale of the majority of the loan
\nbook in the year and post year end.
\n
\nb) Bank counterparties
\nThis credit risk is managed by the Group\u2019s key management personnel. This risk is deemed to be low; cash deposits
\nare only placed with high quality counterparties such as tier 1 bank institutions.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag153": {
"value": "\nMarket risk
\nInterest rate risk
\nInterest rate risk is the risk of a change in external interest rates which leads to an increase in the Group\u2019s cost of
\nborrowing. The Group is no longer exposed to interest rate risk as all debt was repaid in the prior year.
\nForeign exchange risk
\nForeign exchange rate risk is the risk of a change in foreign currency exchange rates leading to a reduction in profits
\nor equity. There is no significant foreign exchange risk to the Group. Foreign currency transactions and balances
\nwithin the Group are minimal so foreign exchange risk is deemed immaterial.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag154": {
"value": "\nLiquidity risk
\nLiquidity risk is the risk that the Group will have insufficient liquid resources to fulfil its operational plans and/or meet
\nits financial obligations as they fall due. Liquidity risk is managed by the Group\u2019s central finance department through
\ndaily monitoring of expected cash flows and ensuring sufficient funds are available to meet obligations as they fall
\ndue. The unrestricted cash and cash equivalents balance at 31 March 2024 was \u00a390.4m.
\nSince entering the Fallback Solution the management of cash balances has changed substantially in line with
\nobligations under the Court approved Scheme of Arrangement. The Scheme was designed to ensure the Group
\ncould carry out an orderly wind down, which includes having access to sufficient liquidity from previously restricted
\nbalances. This sufficiently mitigates the risk that would otherwise arise due to the Group having no immediately
\naccessible debt facilities.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag155": {
"value": "\nCapital management
\nThe wind down of the business is fully funded from cash resources and will result in no value for shareholders.
\n
\n
\n
\n31 Mar 24
\n
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nMaturity analysis of financial liabilities
\n
\n
\nAnalysed as:
\n
\n
\nDue within one year
\n
\n
\nOther liabilities
\n
\n(3.1)
\n(6.0)
\n
\n(3.1)
\n(6.0)
\n
\nMaturity analysis of contractual cash flows of financial liabilities
\n
\n
\n
\n
\n
\nCarrying
\n
\n0-1 year
\n1-2 years
\nTotal
\namount
\nAs at 31 March 2024
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\nOther liabilities
\n3.1
\n-
\n3.1
\n3.1
\n
\n
\n
\n
\n
\n
\n
\n0-1 year
\n2-5 years
\nTotal
\nCarrying
\nAs at 31 March 2023
\n\u00a3m
\n\u00a3m
\n\u00a3m
\namount
\nOther liabilities
\n6.0
\n-
\n6.0
\n6.0
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag156": {
"value": "\n16. Other receivables
\n
\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nCurrent
\n
\n
\nOther receivables
\n0.1
\n0.2
\nPrepayments and accrued income
\n0.4
\n1.3
\n
\n0.5
\n1.5
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag157": {
"value": "\n17. Trade and other payables
\n
\n31 Mar 24
\n31 Mar 23
\n
\n\u00a3m
\n\u00a3m
\nCurrent
\n
\n
\nTrade payables
\n0.2
\n0.9
\nTaxation and social security
\n0.2
\n0.3
\nOther creditors
\n1
\n2.0
\n1.9
\nAccruals
\n0.7
\n2.9
\n
\n3.1
\n6.0
\n1
\nOther creditors in the current year includes an onerous contract of \u00a31.9m to decrease net assets to zero, to reflect the fact that all net assets of the
\nGroup are due to Scheme creditors. In the prior year, other creditors includes an onerous contract provision of \u00a31.3m in relation to the RewardRate
\n(RR) product. The sale of the RR loan book was completed in January 2024. The product had a number of associated supplier contracts that could not
\neither be terminated, or a termination fee had been negotiated to end the contract early. These unavoidable costs were expected to be greater than the
\neconomic benefits of collecting or selling the potential RR loan book sale.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag158": {
"value": "\n18. Provisions
\nProvisions are recognised for present obligations arising as the consequence of past events where it is more likely
\nthan not that a transfer of economic benefit will be necessary to settle the obligation, which can be reliably estimated.
\n
\n2024
\n2023
\n
\nComplaints
\nRestructuring
\nTotal
\nComplaints
\nRestructuring
\nTotal
\n
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\n\u00a3m
\nOpening provision
\n195.9
\n4.5
\n200.4
\n179.8
\n-
\n179.8
\nCharge for the year
\n12.1
\n3.1
\n15.2
\n19.1
\n4.5
\n23.6
\nNet utilisation of the provision
\n(38.6)
\n(1.9)
\n(40.5)
\n(3.0)
\n-
\n(3.0)
\nClosing provision
\n169.4
\n5.7
\n175.1
\n195.9
\n4.5
\n200.4
\n
\n
\n
\n
\n
\n
\n
\nNon-current
\n-
\n-
\n-
\n-
\n-
\n-
\nCurrent
\n169.4
\n5.7
\n175.1
\n195.9
\n4.5
\n200.4
\n
\n169.4
\n5.7
\n175.1
\n195.9
\n4.5
\n200.4
\nCustomer complaints redress
\nAs at 31 March 2024, the Group has recognised a complaints provision totalling \u00a3169.4m in respect of customer
\ncomplaints redress and associated costs. Utilisation in the period totalled \u00a338.6m. The total Scheme liability has
\ndecreased by \u00a326.5m compared to prior year. The closing provision is comprised of an estimate of cash liability, and
\nan estimate of refunds to upheld Scheme claimants for collections made since Scheme effective date, which will be
\nredressed in full and attract compensatory interest. Balance adjustment liability arising from The Scheme were
\nreclassified as available for sale asset (note 14), this totalled \u00a311.0m.
\n
\nThe Group continues to monitor its policies and processes to ensure that it responds appropriately to customer
\ncomplaints.
\n
\nThe Group will continue to assess both the underlying assumptions in the calculation and the adequacy of this
\nprovision periodically using actual experience and other relevant evidence to adjust the provisions where appropriate.
\n
\nThe Group anticipates the redress programme will be complete, or substantially complete, within nine months of the
\nyear end. Uncertainties exist around the timing of completion of the redress programme due to operational complexity
\nand the potential for customer appeals.
\n
\nRestructuring provision
\nAs at 31 March 2024, the Group recognised a restructuring provision totalling \u00a35.7m (2023: \u00a34.5m) in respect of the
\nexpected cost of staff redundancies and liquidator costs due to wind down of the business. Included within the
\nexpected cost of staff redundancies is an estimate for unpaid tax on past and future payments.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag159": {
"value": "\n19. Leases
\nAll right-of-use assets relate to property leases. For short-term and low-value leases, lease payments are recognised
\nin the consolidated statement of comprehensive income on a straight-line basis over the lease term. Short-term and
\nlow-value leases are immaterial to the Group.
\n
\n\n\n\n\n\n\n\n\n\nRight-of-use assets
\n2024
\n\u00a3m
\n2023
\n\u00a3m
\nCost
\n
\n
\nAt 1 April 2023/1 April 2022
\n0.9
\n1.4
\nRestatement of lease term
\n-
\n(0.5)
\nDisposals
\n(0.9)
\n-
\nAt 31 March 2024/31 March 2023
\n-
\n0.9
\nAccumulated depreciation and impairment
\n
\n
\nAs at 1 April 2023/1 April 2022
\n(0.8)
\n(0.6)
\nCharged to consolidated statement of other comprehensive income
\n(0.1)
\n(0.2)
\nDisposals
\n0.9
\n-
\nAt 31 March 2024/31 March 2023
\n-
\n(0.8)
\nNet book value at 31 March 2024/31 March 2023
\n-
\n0.1
\n
\nLease liabilities
\n
\n2024
\n2023
\n
\n\u00a3m
\n\u00a3m
\nCurrent
\n-
\n0.1
\nNon-current
\n-
\n-
\nTotal
\n
\n-
\n0.1
\n
\nA maturity analysis of the lease liabilities is shown below:
\n
\n2024
\n2023
\n
\n\u00a3m
\n\u00a3m
\nDue within one year
\n-
\n0.1
\nTotal
\n-
\n0.1
\nUnearned finance cost
\n-
\n-
\nTotal lease liabilities
\n-
\n0.1
\n
\nIn the year \u00a30.1m in relation to depreciation and impairment was charged to the consolidated statement of
\ncomprehensive income in relation to leases (2023: \u00a30.3m). Lease liabilities related to Amigo\u2019s offices in
\nBournemouth.
\nFollowing the decision to revert to the Fallback Scheme on 23 March 2023, the right of use assets and lease liabilities
\nwere remeasured to reflect a reduction in useful life in accordance with IFRS 16.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag160": {
"value": "\n
\n\n
\n20. Share capital
\nOn 4 July 2018 the Company\u2019s shares were admitted to trading on the London Stock Exchange. Immediately prior to
\nadmission the shareholder loan notes were converted to equity, increasing the share capital of the business to
\n475.3m ordinary shares and increasing net assets by \u00a3207.2m. No additional shares were issued subsequent to
\nconversion of the shareholder loan notes.
\nSubsequent to the year-end further shares were issued, see note 28.
\nAllotted and called up shares at par value
\n
\n
\n
\n31 Mar 24
\n
\n
\n
\n\u00a3\u2019000
\n
\n
\n
\nTotal
\n41,000 deferred ordinary shares of \u00a30.24 each
\n
\n
\n10
\n475,333,760 ordinary shares of 0.25p each
\n
\n
\n1,188
\n
\n
\n
\n1,198
\n
\n
\n
\n
\n31 Mar 23
\n
\n
\n
\n\u00a3\u2019000
\n
\n
\n
\nTotal
\n41,000 deferred ordinary shares of \u00a30.24 each
\n
\n
\n10
\n475,333,760 ordinary shares of 0.25p each
\n
\n
\n1,188
\n
\n
\n
\n1,198
\n
\n
\nOrdinary A
\nOrdinary B
\nOrdinary C
\nOrdinary D
\nOrdinary
\nTotal
\n
\nNumber
\nNumber
\nNumber
\nNumber
\nNumber
\nNumber
\nAt 31 March 2018
\n803,574
\n41,000
\n97,500
\n57,926
\n-
\n1,000,000
\nSubdivision
\n(803,574)
\n(41,000)
\n(97,500)
\n(57,926)
\n400,000,000
\n399,000,000
\nShareholder loan note
\nconversion
\n-
\n-
\n-
\n-
\n75,333,760
\n75,333,760
\nAt 31 March 2019
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2020
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2021
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2022
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2023
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2024
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\n
\nOrdinary shares
\nThe holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one
\nvote per share at general meetings of the Company. Each ordinary share in the capital of the Company ranks equally
\nin all respects and no shareholder holds shares carrying special rights relating to the control of the Company. The
\nnominal value of shares in issue is shown in share capital, with any additional consideration for those shares shown
\nin share premium.
\nDeferred shares
\nAt the time of the IPO and subdivision the 41,000 ordinary B shares were split into 16,400,000 ordinary shares of
\n0.25p and 41,000 deferred shares of \u00a30.24. The deferred shares do not carry any rights to receive any profits of the
\nCompany or any rights to vote at a general meeting. Prior to the subdivision the ordinary B shares had 1.24 votes per
\nshare; all other shares had one vote per share. The Group plans to cancel these deferred shares in due course.
\n\nDividends
\nDividends are recognised through equity, on the earlier of their approval by the Company\u2019s shareholders or their
\npayment.
\nThe Board has decided that it will not propose a final dividend payment for the year ended 31 March 2024 (2023:
\n\u00a3nil).
\nOn 28 March 2024, Amigo Holdings PLC announced that it was seeking to raise \u00a3237,548, before expenses, by the
\nissue in two tranches of an aggregate of 95,019,200 new ordinary shares of 0.25p each at a subscription price of
\n0.25p per share fully paid ranking pari passu in all respects with the existing issued ordinary shares (\u201cOrdinary
\nShares\u201d) and had engaged James McColl to act as a strategic Board Consultant. In that role, Mr McColl is assisting
\nthe Board in identifying potential strategic opportunities for the Company to continue as a listed company by way of a
\nreverse takeover.
\n
\nOn 5 April 2024, a first tranche of 23,766,400 new Ordinary Shares were issued raising \u00a359,416, before expenses,
\nutilising the authorisation granted at the Company\u2019s Annual General Meeting held on 27 September 2023 to allot up
\nto an additional 5 per cent of the Company\u2019s issued share capital for cash without out offering pre-emption rights to
\nexisting shareholders.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nAt a General Meeting of the Company\u2019s shareholders on 30 April 2024 a resolution was approved to dis-apply the
\nCompanies Acts pre-emption rights over the proposed Second Tranche.
\n
\nOn 9 May 2024, a second tranche of 71,252,800 new Ordinary Shares (Second Tranche) were issued raising
\n\u00a3178,132, before expenses.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag161": {
"value": "\n
\n20. Share capital
\nOn 4 July 2018 the Company\u2019s shares were admitted to trading on the London Stock Exchange. Immediately prior to
\nadmission the shareholder loan notes were converted to equity, increasing the share capital of the business to
\n475.3m ordinary shares and increasing net assets by \u00a3207.2m. No additional shares were issued subsequent to
\nconversion of the shareholder loan notes.
\nSubsequent to the year-end further shares were issued, see note 28.
\nAllotted and called up shares at par value
\n
\n
\n
\n31 Mar 24
\n
\n
\n
\n\u00a3\u2019000
\n
\n
\n
\nTotal
\n41,000 deferred ordinary shares of \u00a30.24 each
\n
\n
\n10
\n475,333,760 ordinary shares of 0.25p each
\n
\n
\n1,188
\n
\n
\n
\n1,198
\n
\n
\n
\n
\n31 Mar 23
\n
\n
\n
\n\u00a3\u2019000
\n
\n
\n
\nTotal
\n41,000 deferred ordinary shares of \u00a30.24 each
\n
\n
\n10
\n475,333,760 ordinary shares of 0.25p each
\n
\n
\n1,188
\n
\n
\n
\n1,198
\n
\n
\nOrdinary A
\nOrdinary B
\nOrdinary C
\nOrdinary D
\nOrdinary
\nTotal
\n
\nNumber
\nNumber
\nNumber
\nNumber
\nNumber
\nNumber
\nAt 31 March 2018
\n803,574
\n41,000
\n97,500
\n57,926
\n-
\n1,000,000
\nSubdivision
\n(803,574)
\n(41,000)
\n(97,500)
\n(57,926)
\n400,000,000
\n399,000,000
\nShareholder loan note
\nconversion
\n-
\n-
\n-
\n-
\n75,333,760
\n75,333,760
\nAt 31 March 2019
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2020
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2021
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2022
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2023
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\nAt 31 March 2024
\n-
\n-
\n-
\n-
\n475,333,760
\n475,333,760
\n
\nOrdinary shares
\nThe holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one
\nvote per share at general meetings of the Company. Each ordinary share in the capital of the Company ranks equally
\nin all respects and no shareholder holds shares carrying special rights relating to the control of the Company. The
\nnominal value of shares in issue is shown in share capital, with any additional consideration for those shares shown
\nin share premium.
\nDeferred shares
\nAt the time of the IPO and subdivision the 41,000 ordinary B shares were split into 16,400,000 ordinary shares of
\n0.25p and 41,000 deferred shares of \u00a30.24. The deferred shares do not carry any rights to receive any profits of the
\nCompany or any rights to vote at a general meeting. Prior to the subdivision the ordinary B shares had 1.24 votes per
\nshare; all other shares had one vote per share. The Group plans to cancel these deferred shares in due course.
\n\nDividends
\nDividends are recognised through equity, on the earlier of their approval by the Company\u2019s shareholders or their
\npayment.
\nThe Board has decided that it will not propose a final dividend payment for the year ended 31 March 2024 (2023:
\n\u00a3nil).
\nOn 28 March 2024, Amigo Holdings PLC announced that it was seeking to raise \u00a3237,548, before expenses, by the
\nissue in two tranches of an aggregate of 95,019,200 new ordinary shares of 0.25p each at a subscription price of
\n0.25p per share fully paid ranking pari passu in all respects with the existing issued ordinary shares (\u201cOrdinary
\nShares\u201d) and had engaged James McColl to act as a strategic Board Consultant. In that role, Mr McColl is assisting
\nthe Board in identifying potential strategic opportunities for the Company to continue as a listed company by way of a
\nreverse takeover.
\n
\nOn 5 April 2024, a first tranche of 23,766,400 new Ordinary Shares were issued raising \u00a359,416, before expenses,
\nutilising the authorisation granted at the Company\u2019s Annual General Meeting held on 27 September 2023 to allot up
\nto an additional 5 per cent of the Company\u2019s issued share capital for cash without out offering pre-emption rights to
\nexisting shareholders.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\nAt a General Meeting of the Company\u2019s shareholders on 30 April 2024 a resolution was approved to dis-apply the
\nCompanies Acts pre-emption rights over the proposed Second Tranche.
\n
\nOn 9 May 2024, a second tranche of 71,252,800 new Ordinary Shares (Second Tranche) were issued raising
\n\u00a3178,132, before expenses.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag162": {
"value": "\nDividends
\nDividends are recognised through equity, on the earlier of their approval by the Company\u2019s shareholders or their
\npayment.
\nThe Board has decided that it will not propose a final dividend payment for the year ended 31 March 2024 (2023:
\n\u00a3nil).
\nOn 28 March 2024, Amigo Holdings PLC announced that it was seeking to raise \u00a3237,548, before expenses, by the
\nissue in two tranches of an aggregate of 95,019,200 new ordinary shares of 0.25p each at a subscription price of
\n0.25p per share fully paid ranking pari passu in all respects with the existing issued ordinary shares (\u201cOrdinary
\nShares\u201d) and had engaged James McColl to act as a strategic Board Consultant. In that role, Mr McColl is assisting
\nthe Board in identifying potential strategic opportunities for the Company to continue as a listed company by way of a
\nreverse takeover.
\n
\nOn 5 April 2024, a first tranche of 23,766,400 new Ordinary Shares were issued raising \u00a359,416, before expenses,
\nutilising the authorisation granted at the Company\u2019s Annual General Meeting held on 27 September 2023 to allot up
\nto an additional 5 per cent of the Company\u2019s issued share capital for cash without out offering pre-emption rights to
\nexisting shareholders.
\n
\n\n\n\n\n\n\n\n\n\nAt a General Meeting of the Company\u2019s shareholders on 30 April 2024 a resolution was approved to dis-apply the
\nCompanies Acts pre-emption rights over the proposed Second Tranche.
\n
\nOn 9 May 2024, a second tranche of 71,252,800 new Ordinary Shares (Second Tranche) were issued raising
\n\u00a3178,132, before expenses.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag170": {
"value": "Amigo Holdings PLC",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag163": {
"value": "\n21. Share-based payment
\nThe Group operated three types of equity settled share scheme: Long Term Incentive Plan (\u201cLTIP\u201d), employee
\nsavings-related share option schemes referred to as Save As You Earn (\u201cSAYE\u201d) and the Share Incentive Plan
\n(\u201cSIP\u201d).
\n
\nShare-based payment transactions in which the Group receives goods or services as consideration for its own equity
\ninstruments are accounted for as equity settled share-based payments. At the grant date, the fair value of the share-
\nbased payment is recognised by the Group as an expense, with a corresponding entry in equity, over the period in
\nwhich the employee becomes unconditionally entitled to the awards. The fair value of the awards granted is
\nmeasured based on Company specific observable market data, considering the terms and conditions upon which the
\nawards were granted. Following the implementation of the wind down plan in March 2023, the fair value of all share-
\nbased payments was \u00a3nil. The charge to the consolidated statement of comprehensive income was \u00a3nil in the twelve
\nmonths to 31 March 2024 (2023: credit of \u00a30.4m).
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag164": {
"value": "\n
\n\n22. Pension commitments
\nThe Group operates defined contribution pension schemes for the benefit of its employees. The assets of the
\nschemes are administered by trustees in funds independent from those of the Group.
\nThe total contributions charged during the year amounted to \u00a30.3m (2023: \u00a30.4m).
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag165": {
"value": "\n22. Pension commitments
\nThe Group operates defined contribution pension schemes for the benefit of its employees. The assets of the
\nschemes are administered by trustees in funds independent from those of the Group.
\nThe total contributions charged during the year amounted to \u00a30.3m (2023: \u00a30.4m).
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag166": {
"value": "\n
\n\n23. Related party transactions
\nThe Group had no related party transactions during the twelve-month period to 31 March 2024 that would materially
\naffect the performance of the Group.
\nIntra-group transactions between the Company and the fully consolidated subsidiaries or between fully consolidated
\nsubsidiaries are eliminated on consolidation.
\nKey management of the Group, being the Executive and Non-Executive Directors of the Board, and the Executive
\nCommittee controlled 0.25% of the voting shares of the Company as at 31 March 2024 (2023: 0.30%). The
\nremuneration of key management is disclosed in note 9.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag167": {
"value": "\n23. Related party transactions
\nThe Group had no related party transactions during the twelve-month period to 31 March 2024 that would materially
\naffect the performance of the Group.
\nIntra-group transactions between the Company and the fully consolidated subsidiaries or between fully consolidated
\nsubsidiaries are eliminated on consolidation.
\nKey management of the Group, being the Executive and Non-Executive Directors of the Board, and the Executive
\nCommittee controlled 0.25% of the voting shares of the Company as at 31 March 2024 (2023: 0.30%). The
\nremuneration of key management is disclosed in note 9.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag175": {
"value": "\n24. New standards and interpretations
\nThe following standards, amendments to standards and interpretations are newly effective in the year in addition to
\nthe ones covered in note 1.1. There has been no significant impact to the Group as a result of their issue.
\n
\n\u2022 IFRS 17: Insurance Contracts and amendments to IFRS 17
\n\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
\n\u2022 Definition of Accounting Estimate (Amendments to IAS 8)
\n\u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction \u2013 Amendments to IAS 12
\nIncome Taxes
\n\u2022 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17)
\n\u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) \u2013 application of the exception
\nand disclosure of the fact
\n\u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12 \u2013 other disclosure requirements
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag176": {
"value": "\nOther standards
\nThe IASB has also issued the following standards, amendments to standards and interpretations that will be effective
\nfrom 1 January 2024, however these have not been early adopted by the Group. The Group does not expect any
\nsignificant impact on its consolidated financial statements from these amendments.
\n\u2022 Amendment to IAS 1 \u2013 Non-current liabilities with covenants
\n\u2022 Amendment to IFRS 16 \u2013 Leases on sale and leaseback
\n\u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance
\n\u2022 Amendment to IAS 21 \u2013 Lack of exchangeability
\n\u2022 IFRS S1 \u2013 General requirements for disclosure of sustainability-related financial information
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag174": {
"value": "\n25. Immediate and ultimate parent undertaking
\nThe immediate and ultimate parent undertaking as at 31 March 2024 is Amigo Holdings PLC, a company
\nincorporated in England and Wales.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "amgo:DisclosureOfImmediateAndUltimateParentUndertaking",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag168": {
"value": "Amigo Holdings PLC",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag171": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag177": {
"value": "\n
\n
\n26. Investment in subsidiaries
\nThe following are subsidiary undertakings of the Company at 31 March 2024 and include undertakings registered or
\nincorporated up to the date of the Directors\u2019 Report as indicated. Unless otherwise indicated all Group owned shares
\nare ordinary. All entities are subsidiaries on the basis of 100% ownership and shareholding.
\nAs part of the ongoing orderly wind down of activities the Group commenced proceedings to dissolve dormant
\ncompanies in the structure. The formal dissolution of six previously dormant entities was confirmed on 30 October
\n2023. Amigo Loans Luxembourg S.A. was also dissolved on 1 December 2023.
\n
\n
\n
\nClass of
\nOwnership
\nOwnership
\n
\nName
\nCountry of
\nincorporation
\n shares held
\n31 March
\n2024
\n31 March
\n2023
\nPrincipal activity
\nDirect holding
\n
\n
\n
\n
\n
\nAmigo Loans Group Ltd
\n1
\n
\nUnited Kingdom
\nOrdinary
\n100%
\n100%
\nHolding company
\nALL Scheme Ltd
\n1
\n
\nUnited Kingdom
\nOrdinary
\n100%
\n100%
\nSpecial purpose
\nvehicle
\nIndirect holdings
\n
\n
\n
\n
\n
\nAmigo Loans Holdings Ltd
\n1
\n
\nUnited Kingdom
\nOrdinary
\n100%
\n100%
\nHolding company
\nAmigo Loans Ltd
\n1
\n
\nUnited Kingdom
\nOrdinary
\n100%
\n100%
\nTrading company
\nAmigo Management Services Ltd
\n1
\n
\nUnited Kingdom
\nOrdinary
\n100%
\n100%
\nTrading company
\nAmigo Luxembourg S.A.
\nLuxembourg
\nOrdinary
\n-
\n100%
\nFinancing company
\nAmigo Car Loans Limited
\nUnited Kingdom
\nOrdinary
\n-
\n100%
\nDormant company
\nVanir Financial Limited
\nUnited Kingdom
\nOrdinary
\n-
\n100%
\nDormant company
\nVanir Business Financial Limited
\nUnited Kingdom
\nOrdinary
\n-
\n100%
\nDormant company
\nAmigo Store Limited
\nUnited Kingdom
\nOrdinary
\n-
\n100%
\nDormant company
\nAmigo Group Limited
\nUnited Kingdom
\nOrdinary
\n-
\n100%
\nDormant company
\nAmigo Finance Limited
\nUnited Kingdom
\nOrdinary
\n-
\n100%
\nDormant company
\n
\n1 Registered at Unit 11a, The Avenue Centre, Bournemouth, Dorset, BH2 5RP, England.
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag172": {
"value": "\n
\n\n27. Contingent liabilities
\n
\nWarranties exist in the debt sale agreements. If Amigo is found to be in breach of these warranties they must
\ncompensate the purchaser by paying the purchaser an amount equal to the calculated compensation price for the
\nrelevant accounts.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag173": {
"value": "\n27. Contingent liabilities
\n
\nWarranties exist in the debt sale agreements. If Amigo is found to be in breach of these warranties they must
\ncompensate the purchaser by paying the purchaser an amount equal to the calculated compensation price for the
\nrelevant accounts.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag169": {
"value": "\n28. Post balance sheet events
\n
\nShare issue
\nOn 28 March 2024, Amigo Holdings PLC announced that it was seeking to raise \u00a3237,548, before expenses, by the
\nissue in two tranches of an aggregate of 95,019,200 new ordinary shares of 0.25p each at a subscription price of
\n0.25p per share fully paid ranking pari passu in all respects with the existing issued ordinary shares (\u201cOrdinary
\nShares\u201d) and had engaged James McColl to act as a strategic Board Consultant. In that role, Mr McColl is assisting
\nthe Board in identifying potential strategic opportunities for the Company to continue as a listed company by way of a
\nreverse takeover.
\n
\nOn 5 April 2024, a first tranche of 23,766,400 new Ordinary Shares were issued raising \u00a359,416, before expenses,
\nutilising the authorisation granted at the Company\u2019s Annual General Meeting held on 27 September 2023 to allot up
\nto an additional 5 per cent of the Company\u2019s issued share capital for cash without out offering pre-emption rights to
\nexisting shareholders.
\n
\nAt a General Meeting of the Company\u2019s shareholders on 30 April 2024 a resolution was approved to dis-apply the
\nCompanies Acts pre-emption rights over the proposed Second Tranche.
\n
\nOn 9 May 2024, a second tranche of 71,252,800 new Ordinary Shares (Second Tranche) were issued raising
\n\u00a3178,132, before expenses.
\n
\nScheme of Arrangement
\nOn 28 May 2024, the Supervisors of Amigo\u2019s Scheme of Arrangement declared an interim Scheme payment of 12.5p
\nin the pound. Between April and June 2024 Scheme Co has paid \u00a366.5m in interim Scheme payments, reducing the
\nGroup\u2019s restricted cash balance. In the same period, ALL has continued to pay refunds of \u00a347.0m due to certain
\ncreditors in the Scheme, reducing the Groups unrestricted cash balance.
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800PUHEBLCWDW9T74",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"footnote2": {
"value": "The merger reserve was created as a result of a Group reorganisation in 2017 to create an appropriate holding company structure. The restructure
\nwas within a wholly owned group, constituting a common control transaction.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2",
"language": "en"
}
},
"footnote1": {
"value": "The translation reserve is due to the effect of foreign exchange rate changes on translation of financial statements of the Irish entities.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote1",
"language": "en"
}
},
"footnote3": {
"value": "Total cash is inclusive of cash and cash equivalents (restricted) of \u00a384.5m (2023: \u00a3107.2m).
\n
\nThis restricted cash materially relates to cash held
\nfor the benefit of customers in relation to payments arising out of the Scheme of Arrangement.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote3",
"language": "en"
}
},
"footnote5": {
"value": "Cash and cash equivalents (restricted) of \u00a3 84.5m (2023: \u00a3107.2m) materially relates to cash held for the benefit of customers in relation to payments
\narising out of the Scheme of Arrangement.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote5",
"language": "en"
}
},
"footnote4": {
"value": "There was less than \u00a30.1m of other comprehensive income during the relevant periods, and hence no consolidated statement of other
\ncomprehensive income is presented.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote4",
"language": "en"
}
}
}
}