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"f15823": {
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},
"f15829": {
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"f15835": {
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"f15846": {
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"f15892": {
"value": "1. General information Auto Trader Group plc is a public limited company which is listed on the London Stock Exchange and is domiciled and incorporated in
\nthe United Kingdom under the Companies Act 2006. The Consolidated \ufb01nancial statements of the Company as at and for the year ended
\n31 March 2023 comprise the Company and its interest in subsidiaries (together referred to as \u2018the Group\u2019). The Group\u2019s principal business
\nis the operation of the Auto Trader platforms which form the UK\u2019s largest automotive marketplace.
\nThe Consolidated \ufb01nancial statements of the Group as at and for the year ended 31 March 2023 are available upon request to the
\nCompany Secretary from the Company\u2019s registered of\ufb01ce at 4
\nth
\nFloor, 1 Tony Wilson Place, Manchester, M15 4FN or are available on
\nthe corporate website at plc.autotrader.co.uk.
\nBasis of preparation
\nThe Consolidated \ufb01nancial statements have been prepared in accordance with the requirements of the Companies Act 2006 and
\nin accordance with UK-adopted international accounting standards.
\nThe Consolidated \ufb01nancial statements have been prepared on the going concern basis and under the historical cost convention,
\nexcept for equity investments which are carried at fair value.
\nFunctional and presentation currency
\nThe Consolidated \ufb01nancial statements are presented in sterling (\u00a3), which is the Group\u2019s presentation currency, and rounded to the
\nnearest hundred thousand (\u00a30.1m) except when otherwise indicated.
\nBasis of consolidation
\nSubsidiaries are all entities over which the Group has control. Control exists when the Group has existing rights that give it the ability to
\ndirect the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with
\nthe entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The \ufb01nancial
\nstatements of subsidiaries are included in the Consolidated \ufb01nancial statements from the date that control commences until the date
\nthat control ceases.
\nThe acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is
\nmeasured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange.
\nCosts directly attributable to the acquisition are expensed. Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling
\ninterest. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair
\nvalue of any previous equity interest in the acquiree over the fair value of the identi\ufb01able net assets acquired is recorded as goodwill. If the total
\nof consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the
\nnet assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement.
\nWhen the Group disposes of a subsidiary, it derecognises the assets and liabilities of the subsidiary. Any resulting gain or loss is recognised
\nin the income statement.
\nIntercompany transactions and balances between Group companies are eliminated on consolidation.
\nA joint arrangement is an arrangement over which the Group and one or more third parties have joint control. These joint arrangements
\nare in turn classi\ufb01ed as: joint ventures whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets
\nand obligations for its liabilities; and joint operations whereby the Group has rights to the assets and obligations for the liabilities relating
\nto the arrangement.
\nAssociates are all entities over which the Group has signi\ufb01cant in\ufb02uence but not control, generally accompanying a shareholding of
\nbetween 20% and 50% of the voting rights. Where signi\ufb01cant in\ufb02uence is not demonstrated but the shareholding is between 20% and
\n50%, the Group would account for its interest as an investment. All investments are initially recognised at cost and the carrying value
\nis reviewed for impairment.
\nGoing concern
\nDuring the year ended 31 March 2023 the Group has continued to generate signi\ufb01cant cash from operations. The Group has an overall
\npositive net asset position and had cash balances of \u00a316.6m at 31 March 2023 (2022: \u00a351.3m). During the year \u00a3225.0m was returned to
\nshareholders through share buybacks and dividends (2022: \u00a3237.1m).
\nThe Group has access to a Syndicated revolving credit facility (the \u2018Syndicated RCF\u2019). At 31 March 2023 the Group had \u00a360.0m (2022: nil)
\ndrawn of its \u00a3200.0m Syndicated RCF. The \u00a3200.0m Syndicated RCF is committed through to maturity in February 2028.
\nCash \ufb02ow projections for a period of not less than 12 months from the date of this report have been prepared. Stress case scenarios
\nhave been modelled to make the assessment of going concern, taking into account severe but plausible potential impacts of a severe
\neconomic downturn and a data breach within the next 12 months. The results of the stress testing demonstrated that due to the Group\u2019s
\nsigni\ufb01cant free cash \ufb02ow, access to the Syndicated RCF and the Board\u2019s ability to adjust the discretionary share buyback programme,
\nthe Group would be able to withstand the impact and remain cash generative. Subsequent to the year end, the Group has generated
\ncash \ufb02ows in line with its forecast and there are no events that have adversely impacted the Group\u2019s liquidity.
\nThe Directors, after making enquiries and on the basis of current \ufb01nancial projections and facilities available, believe that the Group
\nhas adequate \ufb01nancial resources to continue in operation for a period not less than 12 months from the date of this report. For this
\nreason, they continue to adopt the going concern basis in preparing the \ufb01nancial statements.
\n
\n
\nAccounting estimates and judgements
\nThe preparation of \ufb01nancial statements in conformity with UK-adopted international accounting standards requires the use of certain
\naccounting estimates and assumptions. It also requires management to exercise its judgement in the process of applying the Group\u2019s
\naccounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors,
\nincluding expectations of future events that are believed to be reasonable under the circumstances.
\nManagement believe that the estimates and assumptions listed below were signi\ufb01cant in the preparation of the Consolidated balance
\nsheet at the \ufb01nancial year end.
\nAcquisition accounting (judgement and estimate)
\nThe Group acquired Autorama UK Limited (\u2018Autorama\u2019) in the year. Business combination accounting has been adopted in line with the
\naccounting policy in note 2. Judgement was required to determine the acquired intangible assets to be separately identi\ufb01ed, as described
\nin note 31. In particular, it was concluded that supplier relationships with funders and car manufacturers did not meet the criteria for
\nrecognition as separate intangible assets and their value would form part of the goodwill arising on acquisition. For those acquired
\nintangible assets which are separately identi\ufb01ed, principally the Vanarama brand, estimation was then required to determine the
\nappropriate methodology, assumptions and data to measure their fair value at the acquisition date.
\nAs also disclosed in note 31, the purchase of Autorama gave rise to a deferred payment in shares of \u00a350.0m, with payment contingent
\non post-acquisition employment and service conditions. This element of consideration payable has been determined to be a post-acquisition
\nincome statement expense over the period of service, in accordance with IFRS 3. There is no signi\ufb01cant estimate relating to the contingency,
\nwhich expires in June 2023.
\nThere are no accounting estimates or judgements at the \ufb01nancial year end which have a signi\ufb01cant risk of resulting in a material adjustment
\nto the carrying amounts of assets and liabilities within the next \ufb01nancial year. Other accounting estimates and judgements include:
\nCarrying values of goodwill (judgement and estimate)
\nThe Group tests annually whether goodwill, held by the Group or its joint venture, has suffered any impairment in accordance with the
\naccounting policy stated within note 2. Judgement is required in the identi\ufb01cation and allocation of goodwill to cash-generating units
\nand the recoverable amounts of cash-generating units require the use of estimates (note 13).
\n2. Signi\ufb01cant accounting policies
\nChanges in signi\ufb01cant accounting policies
\nNew and amended standards adopted by the Group
\nThe following amendments to standards have been adopted by the Group for the \ufb01rst time for the \ufb01nancial year beginning on 1 April 2022:
\n\u2022 Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract (Amendments to IAS 37)
\n\u2022 Annual Improvements to IFRS Standards 2018\u20132020
\n\u2022 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)
\n\u2022 Reference to the Conceptual Framework (Amendments to IFRS 3)
\nThe adoption of these amendments has had no material effect on the Group\u2019s Consolidated \ufb01nancial statements.
\nStandards, amendments and interpretations to existing standards that are not yet effective
\nThere are a number of amendments to IFRS that have been issued by the IASB that, when endorsed in the UK, will become effective
\nin a subsequent accounting period including:
\n\u2022 IFRS 17 Insurance Contracts
\n\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
\n\u2022 De\ufb01nition of Accounting Estimates (Amendments to IAS 8)
\n\u2022
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12 Income Taxes)
\n\u2022 Classi\ufb01cation of Liabilities as Current or Non-current (Amendments to IAS 1)
\n\u2022
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)
\nThe Group has evaluated these changes and none are expected to have a material impact on the Consolidated \ufb01nancial statements.
\nExisting signi\ufb01cant accounting policies
\nThe following accounting policies applied by the Group have been applied consistently to all periods presented in the Consolidated
\n\ufb01nancial statements.
\nRevenue
\nRevenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is recognised when a customer obtains
\ncontrol of the services. Revenue is stated net of discounts, rebates, refunds and value-added tax.
\n
\n
\n
\n
\nRevenue principally represents the amounts receivable from customers for advertising on the Group\u2019s platforms but also includes
\nnon-advertising services such as vehicle leasing transactions and data services. The different types of products and services offered
\nto customers along with the nature and timing of satisfaction of performance obligations are set out as follows:
\n(i) Trade revenue
\nTrade revenue comprises fees from retailers, Home Traders and logistics customers for advertising on the Group\u2019s platforms and utilising
\nthe Group\u2019s services.
\nRetailer revenue
\nRetailer customers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms. Control is obtained by customers
\nacross the life of the contract as their stock is continually listed. Contracts for these services are agreed at a retailer or retailer group
\nlevel and are ongoing subject to a 30-day notice period. Revenue is invoiced monthly in arrears.
\nRetailers have the option to enhance their presence on the platform through additional products, each of which has a distinct
\nperformance obligation. For products that provide enhanced exposure across the life of the product, control is passed to the customer
\nover time. Revenue is only recognised at a point in time for additional advertising products where the customer does not receive the
\nbene\ufb01t until they choose to apply the product. Additional advertising products are principally billed on a monthly subscription basis in
\nline with their core advertising package, however certain products are billed on an individual charge basis. The Group also generates
\nrevenue from retailers for data and valuation services under a variety of contractual arrangements, with each service being a separate
\nperformance obligation. Control is obtained by customers either across the life of the contract where customers are licensed to use the
\nGroup\u2019s services or at a point in time when a one-off data service is provided.
\nContract modi\ufb01cations occur on a regular basis as customers change their stock levels or add or remove additional advertising products
\nfrom their contracts. Following a contract modi\ufb01cation, the customer is billed in line with the delivery of the remaining performance
\nobligations. A receivable is recognised only when the Group\u2019s right to consideration is only conditional on the passage of time.
\nHome Trader revenue
\nHome Trader customers pay a fee in advance to advertise a vehicle on the Group\u2019s platform for a speci\ufb01ed period of time. Revenue is
\ndeferred until the customer obtains control over the services. Control is obtained by customers across the life of the contract as their
\nvehicle is continually listed. Contracts for these services are typically entered into for a period of between two and six weeks.
\nLogistics revenue
\nLogistics customers pay a monthly subscription fee for access to the Group\u2019s Motor Trade Delivery platform. Control is obtained by
\ncustomers across the life of the contract as their access is continuous. Contracts for these services are agreed at a customer level and
\nare ongoing subject to a 30-day notice period. Logistics customers have the option to bid on vehicle moves advertised by retailers on the
\nplatform. The logistics customer pays a fee if they are successful in obtaining business from retailers through the Group\u2019s marketplace.
\nRevenue is recognised at the point in time when the vehicle move has been completed. A receivable is recognised only when the Group\u2019s
\nright to consideration is only conditional on the passage of time.
\nData revenue
\nData customers pay a subscription fee to access elements of Auto Trader\u2019s vehicle database or to access the Fleetware software. Control
\nis transferred to customers across the life of the contract where customers have continuous access to the database or the software.
\nAutoConvert revenue
\nAutoConvert customers pay a monthly subscription fee to access the AutoConvert platform. Control is transferred to customers across the life
\nof the contract where customers have continuous access to the platform and revenue is recognised across this period. Ancillary AutoConvert
\nrevenues are charged on a per transaction basis and revenue is recognised at the point in time that these services are provided.
\n(ii) Consumer Services revenue
\nConsumer Services comprises fees from private sellers for vehicle advertisements on the Group\u2019s websites, and third-party partners
\nwho provide services to consumers relating to their motoring needs, such as insurance and loan \ufb01nance. Private customers pay a fee in
\nadvance to advertise a vehicle on the Group\u2019s platform for a speci\ufb01ed period of time. Control is obtained by customers across the life
\nof the contract as their stock is continually listed. Contracts for these services are typically entered into for a period of between two and
\nsix weeks and revenue is recognised over this time. Revenue is also generated from third-party partners who utilise the Group\u2019s platforms
\nto advertise their products under a variety of contractual arrangements, with each service being a separate performance obligation.
\nControl is obtained by customers at a point in time when the service is provided. Revenue is also generated through Instant Offer,
\nproviding consumers with a guaranteed price for their vehicle offered by a third-party buyer. The Group\u2019s fee is recognised as revenue
\nwhen the consumer\u2019s vehicle is collected by the third-party buyer.
\n(iii) Manufacturer and Agency revenue
\nRevenue is generated from manufacturers and their advertising agencies for placing display advertising for their brand or vehicle on the
\nGroup\u2019s websites under a variety of contractual arrangements, with each service being a separate performance obligation. Control is
\nobtained by customers across the life of the contract as their advertising is displayed on the different platforms. Rebates are present in
\nthe contractual arrangements with customers and are awarded either in cash or value of services based upon annual spend; an estimate
\nof the annualised spend is made at the reporting date to determine the amount of revenue to be recognised. A receivable is recognised
\nonly when the Group\u2019s right to consideration is only conditional on the passage of time.
\n
\n(iv) Autorama revenue
\nAutorama revenue comprises consideration received from the sale of new vehicles and accessories as well as commission received for
\nfacilitating the lease of new vehicles.
\nVehicle & Accessory sales revenue
\nVehicle & Accessory sales revenue is generated from new vehicles which are purchased from an original equipment manufacturer (\u2018OEM\u2019)
\nor retailer and then sold to a lease funder. Control is obtained by the funder at a point in time when the vehicle is delivered and revenue
\nis only recognised at this point. Additional accessories can be added to vehicles at extra cost upon the request of the funder, and
\ncontrol is once again obtained by the funder at a point in time when the vehicle is delivered. Where the Group obtains control of vehicles
\nor accessories in advance of selling those goods to a funder, including holding inventory risk, then the Group is acting as principal and
\nrevenue and cost of sales are reported on a gross basis. Where the Group does not obtain control of vehicles, revenue is recorded as the
\nvalue of the related commission and recognised as described below.
\nCommission & Ancillary revenue
\nCommission & Ancillary revenue is generated from commission received from lease funders for facilitating the lease of new vehicles via
\nadvertisement on the Autorama online marketplace. Control is obtained by the funder at a point in time when the lease is live and revenue
\nis only recognised at this point. Ancillary Autorama revenues are charged on a per transaction basis and revenue is recognised at the
\npoint in time that these services are provided.
\nRebates are present in the contractual arrangements with funders and are awarded in cash based upon the quarterly number of vehicles
\nprovided. Similarly, rebates are present in the contractual arrangements with OEMs and are awarded in cash based upon the quarterly
\nnumber of vehicles purchased. Revenue is recognised as volume targets are met, when Autorama\u2019s right to consideration is only
\nconditional on the passage of time.
\nEmployee bene\ufb01ts
\nThe Group operates several pension schemes and all except one are de\ufb01ned contribution schemes. Within the UK all pension schemes
\nset up prior to 2001 have been closed to new members and only one de\ufb01ned contribution scheme is now open to new employees.
\na) De\ufb01ned contribution scheme
\nThe assets of the de\ufb01ned contribution scheme are held separately from those of the Group in independently administered funds.
\nThe costs in respect of this Scheme are charged to the income statement as incurred.
\nb) De\ufb01ned bene\ufb01t scheme
\nThe Group operates one de\ufb01ned bene\ufb01t pension scheme that is closed to new members. The asset or liability recognised in the balance
\nsheet in respect of the de\ufb01ned bene\ufb01t scheme is the present value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date less the
\nfair value of the Scheme\u2019s assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the projected
\nunit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by discounting the estimated future cash out\ufb02ows
\nusing interest rates of high-quality corporate bonds that are denominated in the currency in which the bene\ufb01ts will be paid, and that
\nhave terms to maturity approximating those of the related pension liability. Remeasurement gains and losses arising from experience
\nadjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in
\nwhich they arise. Any Scheme surplus (to the extent it can be recovered) or de\ufb01cit is recognised in full on the balance sheet. Contributions
\npaid to the Scheme by the Group have been classi\ufb01ed as \ufb01nancing activities in the Consolidated statement of cash \ufb02ows as there are no
\nremaining active members within the Scheme.
\nc) Share-based payments
\nEquity-settled awards are valued at the grant date, and the fair value is charged as an expense in the income statement spread over the
\nvesting period. Fair value of the awards is measured using Black-Scholes and Monte Carlo pricing models. The credit side of the entry is
\nrecorded in equity. Cash-settled awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t and
\nloss account over the vesting period and the credit side of the entry recognised as a liability.
\nResearch and development
\nResearch and development expenditure is charged against pro\ufb01ts in the year in which it is incurred, unless it is development that meets
\nthe criteria for capitalisation set out in IAS 38, Intangible Assets.
\nOperating pro\ufb01t
\nOperating pro\ufb01t is the pro\ufb01t of the Group (including the Group\u2019s share of pro\ufb01t from joint ventures) before \ufb01nance income, \ufb01nance costs,
\npro\ufb01t on disposal of subsidiaries which do not meet the de\ufb01nition of a discontinued operation, and taxation.
\nFinance income and costs
\nFinance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings. Both are recognised in the income
\nstatement in the period in which they are incurred.
\nTaxation
\nThe tax expense for the period comprises current and deferred taxation. Tax is recognised in the income statement, except to the extent
\nthat it relates to items recognised in \u2018other comprehensive income\u2019 or directly in equity. In this case the tax is also recognised in other
\ncomprehensive income or directly in equity, respectively. Management periodically evaluates positions taken in tax returns with respect
\nto situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of
\namounts expected to be paid to the tax authorities.
\nCurrent taxation is provided at amounts expected to be paid (or recovered) calculated using the rates of tax and laws that have been
\nenacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income.
\n
\n
\n
\n
\nDeferred taxation is provided in full, using the liability method, on temporary differences arising between the tax base of assets and
\nliabilities and their carrying amounts are included in the Consolidated \ufb01nancial statements. Deferred taxation is determined using tax
\nrates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related
\ndeferred tax asset is realised or the deferred tax liability is settled.
\nDeferred taxation assets are recognised only to the extent that it is probable that future taxable pro\ufb01t will be available against which the
\ntemporary differences can be utilised.
\nDeferred taxation is provided on temporary differences arising on investments in subsidiaries and interests in joint ventures, except
\nwhere the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference
\nwill not reverse in the foreseeable future.
\nDeferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax
\nliabilities and when the deferred taxation assets and liabilities relate to taxes levied by the same taxation authority on either the taxable
\nentity or different taxable entities where there is an intention to settle the balance on a net basis.
\nLeases
\nAt inception of a contract, the Group assesses whether or not a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
\nconveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. When a lease is recognised in
\na contract the Group recognises a right of use asset and a lease liability at the lease commencement date other than as noted below.
\nThe right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease prepayments
\nmade at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
\nunderlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use asset is
\nsubsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the
\nright of use asset or the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those
\nof property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for
\ncertain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
\nusing the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate.
\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future
\nlease payments arising from a change in an index or rate, or if the Group changes its assessment of whether it will exercise a purchase,
\nextension or termination option.
\nThe Group presents right of use assets in property, plant and equipment and leased liabilities in lease liabilities in the balance sheet.
\nThe Group has applied the recognition exemption of low value leases. For these leases, the lease payments are charged to the income
\nstatement on a straight-line basis over the term of the lease.
\nFinancial instruments
\nA \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nancing component) or \ufb01nancial liability is initially measured at
\nfair value plus, for an item not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to its acquisition or issue.
\nA trade receivable without a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
\nUnder IFRS 9, trade receivables including accrued income, without a signi\ufb01cant \ufb01nancing component, are classi\ufb01ed and held at amortised
\ncost, being initially measured at the transaction price and subsequently measured at amortised cost less any impairment loss.
\nThe Group recognises lifetime expected credit losses (\u2018ECLs\u2019) for trade receivables and accrued income. The expected credit losses
\nare estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for any macro-economic factors.
\nAt 31 March 2022, ECLs were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability driven by used car price volatility.
\nA consistent level of ECLs has been recorded at 31 March 2023.
\nThe Group assesses whether a \ufb01nancial asset is in default on a case by case basis when it becomes probable that the customer is unlikely
\nto pay its credit obligations. The gross carrying amount of a \ufb01nancial asset is written off when the Group has no reasonable expectations
\nof recovering a \ufb01nancial asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment with
\nrespect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no
\nsigni\ufb01cant recovery from the amount written off. However, \ufb01nancial assets that are written off could still be subject to enforcement
\nactivities in order to comply with the Group\u2019s procedures for recovery of amounts due.
\nAt each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost are credit-impaired. A \ufb01nancial asset
\nis \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash \ufb02ows of the \ufb01nancial asset
\nhave occurred.
\nFinancial liabilities are classi\ufb01ed as measured at amortised cost or fair value through pro\ufb01t and loss. A \ufb01nancial liability is classi\ufb01ed as at fair
\nvalue through pro\ufb01t and loss if it is classi\ufb01ed as held-for-trading, it is a derivative, or it is designated as such on initial recognition and measured
\nat fair value and net gains and losses, including any interest expense, are recognised in pro\ufb01t or loss. Other \ufb01nancial liabilities, including trade
\npayables, are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and
\nlosses are recognised in pro\ufb01t or loss. Any gain or loss on derecognition is also recognised in pro\ufb01t or loss.
\n
\nIntangible assets
\na) Goodwill
\nGoodwill represents the excess cost of an acquisition over the fair value of the Group\u2019s share of the net identi\ufb01able assets of the acquired
\nsubsidiary at the date of acquisition. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment
\nlosses. Impairment losses are charged to the income statement and are not reversed. The gain or loss on the disposal of an entity includes
\nthe carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing.
\nThe allocation is made to those cash-generating units that are expected to bene\ufb01t from the business combination in which the goodwill arose.
\nb) Trademarks, trade names, technology, non-compete agreements, customer relationships, franchise buybacks, brands and databases
\nSeparately acquired trademarks, trade names, technology and customer relationships are recognised at historical cost. They have
\na \ufb01nite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to
\nallocate the cost over their estimated useful lives of between one and 15 years. Trademarks, trade names, technology, non-compete
\nagreements, customer relationships, franchise buybacks, brands and databases acquired in a business combination are recognised
\nat fair value at the acquisition date and subsequently amortised.
\nc) Software
\nAcquired computer software controlled by the Group is capitalised at cost, including any costs to bring it into use, and is carried at cost less
\naccumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over the estimated useful life
\nof three to \ufb01ve years.
\nd) Software and website development costs and \ufb01nancial systems
\nDevelopment costs that are directly attributable to the design and testing of identi\ufb01able and unique software products,
\nwebsites and systems controlled by the Group are recognised as intangible assets when the following criteria are met:
\n\u2022
it is technically feasible to complete the software product or website so that it will be available for use;
\n\u2022 management intends to complete the software product or website and use or sell it;
\n\u2022 there is an ability to use or sell the software product or website;
\n\u2022 it can be demonstrated how the software product or website will generate probable future economic bene\ufb01ts;
\n\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software product or website
\nare available; and
\n\u2022 the expenditure attributable to the software product or website during its development can be reliably measured.
\nDirectly attributable costs that are capitalised as part of the software product, website or system include employee and contractor
\ncosts. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with
\nroutine upgrades and enhancements, are recognised as an expense as incurred. Development costs for software, websites and systems
\nare carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding 10 years) at the point at which
\nthey come into use.
\nLicence agreements to use cloud software provided as a service are treated as service contracts and expensed in the Group income
\nstatement, unless the Group has both a contractual right to take possession of the software at any time without signi\ufb01cant penalty, and the
\nability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible
\nassets. Implementation costs are expensed unless implementation is a distinct service and gives rise to a separate intangible asset.
\nProperty, plant and equipment
\nAll property, plant and equipment is stated at historical cost less accumulated depreciation and impairment losses. Historical cost
\ncomprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.
\nFreehold land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost less their
\nestimated residual values over the estimated useful lives as follows:
\nLand, buildings and leasehold improvements:
\n\u2022 Leasehold land and buildings
life of lease
\n\u2022 Leasehold improvements
life of lease
\n\u2022 Plant and equipment
3\u201310 years
\nThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying value of
\nassets is reviewed for impairment if events or changes in circumstances suggest that the carrying value may not be recoverable. Assets will
\nbe written down to their recoverable amount if lower than the carrying value, and any impairment is charged to the income statement.
\nGains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income
\nstatement within administrative expenses.
\nImpairment of non-\ufb01nancial assets
\nAssets that have an inde\ufb01nite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment.
\nAssets that are subject to amortisation and depreciation are reviewed for impairment whenever events or changes in circumstances
\nindicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying
\namount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
\nFor the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows
\n(cash-generating units). Non-\ufb01nancial assets other than goodwill that have suffered an impairment are reviewed for possible reversal
\nof the impairment at each reporting date.
\n
\n
\n
\n\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects
\ncurrent market assessments of the time value of money and the risks speci\ufb01c to the asset. For an asset that does not generate largely
\nindependent cash \ufb02ows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
\nImpairment losses recognised in respect of cash-generating units are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated
\nto the cash-generating unit (or group of units) and then to reduce the carrying amount of other assets in the unit (or group of units)
\non a pro-rata basis.
\nBusiness combinations
\nThe Group accounts for business combinations using the acquisition method under IFRS 3. See note 1 for further details.
\nInterests in joint ventures
\nUnder IFRS 11, investments in joint arrangements are classi\ufb01ed as either joint operations or joint ventures depending on the contractual
\nrights and obligations of each investor. Auto Trader Group plc has assessed the nature of its joint arrangements and determined them
\nto be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint
\nventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition pro\ufb01ts or losses,
\nmovements in other comprehensive income and dividends received.
\nCash and cash equivalents
\nCash and cash equivalents include cash in hand and short-term deposits held on call with banks.
\nInventories
\nInventory is measured at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
\nCost is based on the cost of purchase on a \ufb01rst in, \ufb01rst out basis.
\nBorrowings
\nBorrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently carried at amortised cost,
\nwith any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement
\nover the period of the borrowings using the effective interest method.
\nFinance and issue costs associated with the borrowings are charged to the income statement using the effective interest rate method
\nfrom the date of issue over the estimated life of the borrowings to which the costs relate.
\nBorrowings are derecognised when the contractual obligation is discharged, cancelled or expires. Where an existing \ufb01nancial liability is
\nreplaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed,
\nsuch an exchange or modi\ufb01cation is treated as a derecognition of the original liability and the recognition of a new liability, such that the
\ndifference in respective carrying amounts together with any costs or fees incurred are recognised in the income statement.
\nBorrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least
\n12 months after the balance sheet date.
\nVehicle \ufb01nancing
\nA vehicle stocking loan is a \ufb01nancing arrangement which is used to purchase new and used vehicles prior to re-sale. This \ufb01nancing
\narrangement can only be used for this purpose, typically has a maturity of 180 days or less and is repayable on the earliest of the vehicle
\ndelivery date or the maturity date. Based on these factors, the Group recognises these arrangements as \ufb01nancial liabilities within trade
\nand other payables.
\nProvisions
\nA provision is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event,
\nit is probable that an out\ufb02ow of resources will be required to settle the obligation and a reliable estimate of that obligation can be made.
\nWhere there are a number of similar obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering
\nthe class of obligations as a whole. If the effect is material, provisions are determined by discounting the expected future cash \ufb02ows
\nat a pre-tax rate that re\ufb02ects current market assessments of the time value of money and, where appropriate, the risks speci\ufb01c to
\nthe obligation.
\nContingent liabilities are not recognised but are disclosed unless an out\ufb02ow of resources is remote. Contingent assets are not
\nrecognised but are disclosed where an in\ufb02ow of economic bene\ufb01ts is probable.
\nShare capital
\nOrdinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
\ndeduction from the proceeds.
\nW
here the Group purchases its own equity share capital, the consideration paid is deducted from equity attributable to the Group\u2019s
\nshareholders. Where such shares are subsequently cancelled, the nominal value of the shares repurchased is deducted from share
\ncapital and transferred to a capital redemption reserve. Where the Group purchases its own equity share capital to hold in treasury,
\nthe consideration paid for the shares is shown as own shares held within equity.
\n
\nShares held by Employee Share Option Trust
\nThe Employee Share Option Trust (\u2018ESOT\u2019) provides for the issue of shares to Group employees principally under share option schemes.
\nThe Group has control of the ESOT and therefore consolidates the ESOT in the Group \ufb01nancial statements. Accordingly, shares in the
\nCompany held by the ESOT are included in the balance sheet at cost as a deduction from equity.
\nShare premium
\nThe amount subscribed for the ordinary shares in excess of the nominal value of these new shares is recorded in share premium.
\nCosts that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax.
\nCapital reorganisation reserve
\nThe capital reorganisation reserve arose on consolidation as a result of the share-for-share exchange on 24 March 2015. It represents the
\ndifference between the nominal value of shares issued by Auto Trader Group plc in this transaction and the share capital and reserves
\nof Auto Trader Holding Limited.
\nCapital redemption reserve
\nThe capital redemption reserve arises from the purchase and subsequent cancellation of the Group\u2019s own equity share capital.
\nOther reserves
\nOther reserves include the currency translation reserve on the consolidation of entities whose functional currency is other than sterling,
\nand other amounts which arose on the initial common control transaction that formed the Group.
\nEarnings per share
\nThe Group presents basic and diluted earnings per share (\u2018EPS\u2019) for its ordinary shares. Basic EPS is calculated by dividing the pro\ufb01t
\nattributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For diluted
\nEPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares.
\nDividend distribution
\nDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s \ufb01nancial statements in the period in which
\nthe dividend is approved by the Company\u2019s shareholders in the case of \ufb01nal dividends, or the date at which they are paid in the case
\nof interim dividends.
\nSegment reporting
\nOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
\nThe chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments,
\nhas been identi\ufb01ed as the Operational Leadership Team that makes strategic decisions (note 4).
\nForeign currency translation
\na) Transactions and balances
\nForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
\ntransactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the
\nperiod end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement
\nwithin administrative expenses.
\nb) Foreign operations
\nThe results and \ufb01nancial position of all Group entities (none of which has the currency of a hyper-in\ufb02ationary economy) that have
\na functional currency other than sterling are translated into sterling as follows:
\n\u2022
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; and
\n\u2022 income and expenses for each income statement are translated at average exchange rates.
\nThese foreign currency differences are recognised in other comprehensive income and the translation reserve within other reserves.
\nOn the disposal of a foreign operation, the cumulative exchange differences that were recorded in equity are recognised in the income
\nstatement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated
\nas assets and liabilities of the foreign entity and translated at the closing rate.
\nFair value measurement
\n\u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
\nparticipants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access
\nat that date. The fair value of a liability re\ufb02ects its non-performance risk. A number of the Group\u2019s accounting policies and disclosures
\nrequire the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities. When one is available, the Group
\nmeasures the fair value of an instrument using the quoted price in an active market for that instrument. If there is no quoted price in an
\nactive market, then the Group uses valuation techniques that maximise the use of relevant observable outputs and minimise the use of
\nunobservable outputs. The chosen valuation technique incorporates all of the factors that market participants would take into account
\nin pricing a transaction.
\n
\n
\n
\n3. Risk and capital management
\nOverview
\nIn the course of its business the Group is exposed to market risk, credit risk and liquidity risk from its use of \ufb01nancial instruments.
\nThis note presents information about the Group\u2019s exposure to each of the below risks, the Group\u2019s objectives, policies and processes
\nfor measuring and managing risk and the Group\u2019s management of capital. Further quantitative disclosures are included throughout
\nthese Consolidated \ufb01nancial statements.
\nThe Group\u2019s overall risk management strategy is to minimise potential adverse effects on the \ufb01nancial performance and net assets of
\nthe Group. These policies are set and reviewed by senior \ufb01nance management and all signi\ufb01cant \ufb01nancing transactions are authorised
\nby the Board of Directors.
\nMarket risk
\ni. Foreign exchange risk
\nThe Group has no signi\ufb01cant foreign exchange risk as 99% of the Group\u2019s revenue and 99% of costs are sterling-denominated. As the
\namounts are not signi\ufb01cant, no sensitivity analysis has been presented.
\nDuring the year the Group sold one of its subsidiaries, Webzone Limited, which traded in the Republic of Ireland under the Carzone brand.
\nFollowing the sale of Webzone Limited, all of the Group\u2019s revenue and costs are sterling-denominated.
\nii. Interest rate risk
\nThe Group\u2019s interest rate risk arises from long-term borrowings under the Syndicated RCF with \ufb02oating rates of interest linked to SONIA.
\nThe Group monitors interest rates on an ongoing basis but does not currently hedge interest rate risk. The variation of 100 basis points in
\nthe interest rate of \ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease post-tax pro\ufb01t for the
\nyear by \u00a30.4m (2022: \u00a30.0m).
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet its contractual obligations.
\ni. Trade receivables
\nCredit risk relating to trade receivables is managed centrally and the credit risk for new Auto Trader customers is analysed before
\nstandard payment terms and conditions are offered. Policies and procedures exist to ensure that Auto Trader\u2019s existing customers have
\nan appropriate credit history and a signi\ufb01cant number of balances are collected via direct debit. In March, more than 87.4% (2022: 87.4%)
\nof Auto Trader\u2019s retailer customers paid via monthly direct debit, minimising the risk of non-payment. Sales to private individuals using
\nAuto Trader are primarily settled in advance using major debit or credit cards which removes the risk in this area.
\nAutorama\u2019s main customers are funders who do not change regularly, so the risk in this area is also minimal.
\nThe Group establishes an expected credit loss that represents its estimate of losses in respect of trade and other receivables.
\nFurther details of these are given in note 32.
\nOverall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit or bad debt risk, due to the
\nfragmented nature of the customer base and the robust nature of the used car market.
\nii. Cash and cash equivalents
\nAs at 31 March 2023, the Group held cash and cash equivalents of \u00a316.6m (2022: \u00a351.3m). The cash and cash equivalents are held with bank
\nand \ufb01nancial institution counterparties, which are rated between P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is
\nto monitor cash, and when applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring ef\ufb01cient
\nmanagement of the Group\u2019s Syndicated RCF.
\nLiquidity risk
\nLiquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated with its \ufb01nancial liabilities that are
\nsettled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient
\nliquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
\ndamage to the Group\u2019s reputation.
\nCash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of the Group\u2019s liquidity requirements
\nare monitored to ensure it has suf\ufb01cient cash to meet operational needs. The Group\u2019s revenue model is largely subscription-based,
\nwhich results in a regular level of cash conversion allowing it to service working capital requirements.
\nThe Group has access to a Syndicated RCF which has total commitments of \u00a3200.0m. The \u00a3200.0m Syndicated RCF is committed through
\nto maturity in February 2028. The facility allows the Group access to cash at one working day\u2019s notice. At 31 March 2023, \u00a360.0m was
\ndrawn under the Syndicated RCF (2022: \u00a3nil).
\nThe Group has access to a vehicle stocking loan, with a limit of \u00a312.0m. This \ufb01nancing arrangement can only be used to fund the purchase
\nof new and used vehicles prior to re-sale and has a maturity of 180 days or less. The loan is repayable on the earliest of the vehicle delivery
\ndate or the maturity date. At 31 March 2023, \u00a33.0m was recognised in the Consolidated balance sheet (2022: \u00a3nil).
\n
\nCapital management
\nThe Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt, other loans, vehicle stocking loans
\nand lease \ufb01nancing, less cash and cash equivalents as shown in note 20. Total equity is as shown in the Consolidated balance sheet.
\nThe calculation of total capital is shown in the table below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal net debt/(cash)
52.4
(41.7)
\nTotal equity
527.3
472.5
\nTotal capital
579.7
430.8
\nThe objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for
\nshareholders and bene\ufb01ts for other stakeholders and to maintain an ef\ufb01cient cost of capital structure. To maintain or adjust the capital
\nstructure, the Group may pay dividends, return capital through share buybacks, issue new shares or take other steps to increase share
\ncapital and reduce or increase debt facilities.
\nAs at 31 March 2023, the Group had borrowings of \u00a360.0m (2022: \u00a3nil) through its Syndicated RCF. Interest is payable on this facility at a rate
\nof SONIA plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries,
\nwhich is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.
\n4. Segmental information
\nIFRS 8 \u2018Operating segments\u2019 requires the Group to determine its operating segments based on information which is provided internally.
\nBased on the internal reporting information and management structures within the Group, it has been determined that there are two
\noperating segments (2022: one operating segment). The acquisition of Autorama in June 2022 has led to Autorama being reported as
\na separate segment during the period. The Group\u2019s reportable operating segments have therefore been identi\ufb01ed as follows:
\n\u2022
Auto Trader: includes the results of Auto Trader, AutoConvert and Webzone in respect of online classi\ufb01ed advertising of motor vehicles
\nand other related products and services in the digital automotive marketplace including share of pro\ufb01t from the Dealer Auction joint
\nventure.
\n\u2022
Autorama: the results of Autorama in respect of a marketplace for leasing new vehicles and other related products and services.
\nManagement has determined that there are two operating segments in line with the nature in which the Group is managed. The reports
\nreviewed by the Operational Leadership Team (\u2018OLT\u2019), which is the chief operating decision-maker (\u2018CODM\u2019) for both segments, split out
\noperating performance by segment. The OLT is made up of the Executive Directors and Key Management and is responsible for the strategic
\ndecision-making of the Group. Revenue and cost streams for each operating segment are largely independent in the reporting period.
\nThe OLT primarily uses the measures of Revenue and Operating pro\ufb01t to assess the performance of each operating segment. The revenue
\nfrom external parties reported to the OLT is measured in a manner consistent with that in the income statement. There are no inter-segment
\nrevenues in the current or comparative periods.
\nAnalysis of the Group\u2019s revenue and results for both reportable segments, with a reconciliation to Group pro\ufb01t before tax, is shown below:
\nAuto Trader
\nsegment
\nAutorama
\nsegment
\nGroup
\ncentral costs
Group
\nYear to 31 March 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nTotal segment revenue
473.0
27.2
\u2013
500.2
\nPeople costs
(74.0)
(10.5)
(38.8)
(123.3)
\nMarketing
(22.3)
(4.7)
\u2013
(27.0)
\nCosts of goods sold
\u2013
(15.7)
\u2013
(15.7)
\nOther costs
(39.6)
(5.4)
\u2013
(45.0)
\nDepreciation & amortisation
(6.7)
(2.1)
(5.3)
(14.1)
\nTotal segment costs
(142.6)
(38.4)
(44.1)
(225.1)
\nShare of pro\ufb01t from joint ventures
2.5
\u2013
\u2013
2.5
\nTotal segment operating pro\ufb01t/(loss)
332.9
(11.2)
(44.1)
277.6
\nPro\ufb01t on disposal of subsidiary
19.1
\nFinance costs \u2013 net
(3.1)
\nPro\ufb01t before tax
293.6
\n
\n
\n
\n
\nGroup central costs which are not allocated within either of the segment operating pro\ufb01t/(loss) reported to the CODM comprise:
\n(i)
People costs: a \u00a338.8m charge for the expense of Group shares expected to be issued to settle the Autorama deferred consideration
\n(note 31).
\n(ii)
Depreciation & amortisation: \u00a35.3m of amortisation expense relating to the fair value of intangible brand, technology and other
\nassets acquired in the Group\u2019s business combination of Autorama.
\nAuto Trader
\nsegment
\nAutorama
\nsegment
\nGroup
\ncentral costs
Group
\nYear to 31 March 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nTotal segment revenue
432.7
\u2013
\u2013
432.7
\nPeople costs
(69.8)
\u2013
\u2013
(69.8)
\nMarketing
(20.5)
\u2013
\u2013
(20.5)
\nOther costs
(34.5)
\u2013
\u2013
(34.5)
\nDepreciation & amortisation
(7.2)
\u2013
\u2013
(7.2)
\nTotal segment costs
(132.0)
\u2013
\u2013
(132.0)
\nShare of pro\ufb01t from joint ventures
2.9
\u2013
\u2013
2.9
\nTotal segment operating pro\ufb01t
303.6
\u2013
\u2013
303.6
\nFinance costs \u2013 net
(2.6)
\nPro\ufb01t before tax
301.0
\nIn the current year, the Group has classi\ufb01ed expenditure by nature (2022: by function). The change, which is presented consistently for
\nthe current and prior year in this note, has been adopted to provide more meaningful information about the Group\u2019s expenditure following
\nthe Autorama acquisition. In the prior year, all expenditure was classi\ufb01ed by function as administrative expenses.
\n5. Revenue
\nThe Group\u2019s operations and main revenue streams are those described in these annual \ufb01nancial statements. The Group\u2019s revenue is derived
\nfrom contracts with customers.
\nOther than disclosed in note 10, all revenues were earned from activities and customers in the United Kingdom.
\nIn the following table, the Group\u2019s revenue is detailed by customer type. This level of detail is consistent with that used by management
\nto assist in the analysis of the Group\u2019s revenue-generating trends.
\nRevenue
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nRetailer
406.8
370.4
\nHome Trader
10.1
8.8
\nOther
10.5
9.1
\nTrade
427.4
388.3
\nConsumer Services
34.5
33.3
\nManufacturer and Agency
11.1
11.1
\nAutorama
27.2
\u2013
\nTotal revenue
500.2
432.7
\nRevenue is largely recognised over time, other than Autorama revenue which is recognised at a point in time when related sales commission
\nor fees are earned. The Group has no major customers to disclose in either the current or prior year.
\nContract balances
\nThe following table provides information about receivables and contract assets and liabilities from contracts with customers.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nReceivables, which are included in trade and other receivables
31.5
28.2
\nAccrued income
40.2
35.8
\nDeferred income
(14.0)
(11.9)
\nAccrued income relates to the Group\u2019s unconditional rights to consideration for services provided but not invoiced at the reporting date.
\nAccrued income is transferred to trade receivables when invoiced.
\n
\n
Deferred income relates to advanced consideration received for which revenue is recognised as or when services are provided. \u00a35.7m
\n(2022: \u00a33.0m) of the deferred income balance is classi\ufb01ed as a current liability within trade and other payables (note 21). Included within
\ndeferred income is \u00a38.9m (2022: \u00a39.5m) relating to consideration received from Dealer Auction Limited (joint venture) for the provision of
\ndata services to Dealer Auction (note 16). Revenue relating to this service is recognised on a straight-line basis over a period of 20 years
\nto 31 December 2038; given this time period the liability has been split between current and non-current liabilities. Revenue of \u00a30.6m was
\nrecognised in the year (2022: \u00a30.6m).
\n6. Operating pro\ufb01t
\nOperating pro\ufb01t is after (charging)/crediting the following:
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nStaff costs
7
(84.1)
(69.8)
\nContractor costs
(0.4)
\u2013
\nDepreciation of property, plant and equipment
14
(4.9)
(4.6)
\nAmortisation of intangible assets
13
(9.2)
(2.6)
\nPro\ufb01t on sale of property, plant and equipment
0.7
\u2013
\nServices provided by the Company\u2019s auditor
\nDuring the year, the Group (including overseas subsidiaries) obtained the following services from the operating company\u2019s auditor:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFees payable for the audit of the Company and Consolidated \ufb01nancial statements
0.2
0.1
\nFees payable for other services
\nThe audit of the subsidiary undertakings pursuant to legislation
0.3
0.3
\nTotal
0.5
0.4
\nFees payable for audit-related assurance services in the year were \u00a348,000 (2022: \u00a343,841). Fees payable for other non-audit services
\nin the year were \u00a3nil (2022: \u00a3nil).
\n7. Employee numbers and costs
\nThe average monthly number of employees (including Executive Directors but excluding third-party contractors) employed by the Group
\nwas as follows:
\n2023
\nNumber
\n2022
\nNumber
\nCustomer operations
566
422
\nProduct and technology
403
384
\nCorporate
191
154
\nTotal
1,160
960
\nThe aggregate payroll costs of these persons were as follows:
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nWages and salaries
66.7
54.8
\nSocial security costs
7.3
5.7
\nDe\ufb01ned contribution pension costs
25
3.5
3.2
\n77.5
63.7
\nShare-based payments and associated NI
30
6.6
6.1
\nTotal
84.1
69.8
\nWages and salaries include \u00a327.7m (2022: \u00a325.2m) relating to the product and technology teams; these teams spend a signi\ufb01cant
\nproportion of their time on innovation of our product proposition and incremental enhancements to the Group\u2019s platforms.
\nIn addition to the share-based payments disclosed above, a share-based payment charge of \u00a338.8m (2022: \u00a3nil) has been recorded
\nin the income statement for the year, relating to deferred consideration for the acquisition of Autorama, which is payable in shares and
\ncontingent on post-acquisition employment and service conditions (note 31).
\n
\n
\n
\n8. Directors and Key Management remuneration
\nThe remuneration of Directors is disclosed in the Directors\u2019 remuneration report on pages 80 to 93:
\nKey Management compensation
\nDuring the year to 31 March 2023, Key Management comprised the members of the OLT (who are de\ufb01ned in note 4) and the Non-Executive
\nDirectors (2022: OLT and the Non-Executive Directors). The remuneration of all Key Management (including all Directors) was as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nShort-term employee bene\ufb01ts
4.2
4.1
\nShare-based payments
2.1
3.6
\nPension contributions
0.2
0.2
\nTotal
6.5
7.9
\n9. Net \ufb01nance costs
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOn bank loans and overdrafts
2.5
1.4
\nAmortisation of debt issue costs
0.5
1.0
\nInterest unwind on lease liabilities
0.2
0.2
\nInterest on vehicle stocking loan
0.1
\u2013
\nInterest charged on deferred consideration
\u2013
0.1
\nInterest receivable on cash and cash equivalents
(0.2)
(0.1)
\nTotal
3.1
2.6
\n10. Disposal of a subsidiary
\nSale of Webzone Limited
\nOn 24 October 2022, the Group announced the sale of one of its subsidiaries, Webzone Limited, which trades in the Republic of Ireland
\nunder the Carzone brand. The business was sold to Mediahuis Ireland for a consideration of \u20ac30.0m.
\nRevenue generated from Webzone Limited in the period to 24 October 2022 was \u00a32.9m (year ended 31 March 2022: \u00a34.9m). The disposal
\nof Webzone Limited does not represent a discontinued operation under IFRS 5 as the entity was neither a separate major line of business
\nor a material geographical area of operation.
\nA pro\ufb01t on disposal has been recognised in the Group\u2019s Consolidated income statement:
\n24 October 2022
\n\u00a3m
\nGoodwill
5.7
\nProperty, plant and equipment
0.6
\nDeferred taxation assets
0.1
\nTrade and other receivables
0.9
\nCash and cash equivalents
0.8
\nLease liabilities
(0.7)
\nTrade and other payables
(0.5)
\nNet identi\ufb01able assets/(liabilities) disposed of
6.9
\nCash consideration received
26.4
\nNet identi\ufb01able assets disposed of
(6.9)
\nRealisation of cumulative currency translation difference
(0.4)
\nGain on disposal of subsidiary
19.1
\n
\n11. Taxation
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent taxation
\nUK corporation taxation
61.2
56.5
\nForeign taxation
0.1
0.2
\nAdjustments in respect of prior years
(0.2)
(0.4)
\nTotal current taxation
61.1
56.3
\nDeferred taxation
\nOrigination and reversal of temporary differences
(1.3)
0.3
\nEffect of rate changes on opening balance
\u2013
0.2
\nAdjustments in respect of prior years
(0.1)
(0.5)
\nTotal deferred taxation
(1.4)
\u2013
\nTotal taxation charge
59.7
56.3
\nThe taxation charge for the year is higher than (2022: lower than) the effective rate of corporation tax in the UK of 19% (2022: 19%).
\nThe differences are explained below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPro\ufb01t before taxation
293.6
301.0
\nTax on pro\ufb01t at the standard UK corporation tax rate of 19% (2022: 19%)
55.8
57.2
\nExpenses not deductible for taxation purposes
8.5
0.8
\nIncome not taxable \u2013 gain on disposal of subsidiary
(3.6)
\u2013
\nShare of joint venture taxation
(0.5)
(0.6)
\nAdjustments in respect of foreign taxation rates
(0.1)
(0.1)
\nEffect of rate change on deferred taxation
\u2013
0.1
\nAdjustments in respect of OCI group relief
(0.1)
(0.2)
\nAdjustments in respect of prior years
(0.3)
(0.9)
\nTotal taxation charge
59.7
56.3
\nExpenses non-deductible for taxation purposes in the current year principally includes the share-based payment expense relating to the
\ndeferred consideration and amortisation of intangible assets arising on acquisition of Autorama (note 4).
\nTaxation on items taken directly to equity was a credit of \u00a30.4m (2022: \u00a30.1m) relating to tax on share-based payments.
\nTaxation recorded in equity within the Consolidated statement of comprehensive income was a release of \u00a30.4m (2022: charge of \u00a30.2m)
\nrelating to post-employment bene\ufb01t obligations.
\nThe taxation charge for the year is based on the standard rate of UK corporation tax for the period of 19% (2022: 19%).
\nDeferred income taxes have been measured at the tax rate expected to be applicable at the date the deferred income tax assets and
\nliabilities are realised.
\nOn 10 June 2021, Royal Assent to the Finance Act was given to increase UK corporation tax from 19% to 25% from 1 April 2023. Management
\nhas performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred
\nincome tax assets and liabilities are forecast to be realised, which has resulted in an average deferred income tax rate of 25% being used
\nto measure all deferred tax balances as at 31 March 2023 (2022: 20%).
\nWith revenue exceeding \u00a3500.0m for the \ufb01rst time, the Group is potentially within scope of the UK\u2019s digital services tax (\u2018DST\u2019), however
\ncertain revenue streams, such as vehicle and accessory sales, would be exempt, meaning we do not meet the threshold in \ufb01nancial year
\n2023. It is HMRC\u2019s intention that the current UK DST will be repealed during \ufb01nancial year 2024 and replaced with an OECD model for
\nwhich the Group would not be in scope.
\n
\n
\n
\n12. Earnings per share
\nBasic earnings per share is calculated using the weighted average number of ordinary shares in issue during the year, excluding those
\nheld in treasury and by the Employee Share Option Trust (\u2018ESOT\u2019), based on the pro\ufb01t for the year attributable to shareholders.
\nWeighted average
\nnumber of
\nordinary shares
\nTotal
\nearnings
\n\u00a3m
\nPence
\nper share
\nYear ended 31 March 2023
\nBasic EPS
935,138,578
233.9
25.01
\nDiluted EPS
944,144,242
233.9
24.77
\nYear ended 31 March 2022
\nBasic EPS
955,532,888
244.7
25.61
\nDiluted EPS
957,534,145
244.7
25.56
\nThe number of shares in issue at the start of the year is reconciled to the basic and diluted weighted average number of shares below:
\n2023
2022
\nIssued ordinary shares at 1 April
946,892,976
969,024,186
\nWeighted effect of ordinary shares purchased for cancellation
(7,112,698)
(9,573,664)
\nWeighted effect of ordinary shares held in treasury
(4,304,401)
(3,572,833)
\nWeighted effect of shares held in the ESOT
(348,989)
(371,316)
\nWeighted effect of ordinary shares issued for share-based payments
11,690
26,515
\nWeighted average number of shares for basic EPS
935,138,578
955,532,888
\nDilutive impact of share options outstanding
9,005,664
2,001,257
\nWeighted average number of shares for diluted EPS
944,144,242
957,534,145
\nFor diluted earnings per share, the weighted average number of shares for basic EPS is adjusted to assume conversion of all potentially
\ndilutive ordinary shares. The Group has potentially dilutive ordinary shares arising from share options granted to employees and shares
\nissued as deferred consideration. Options are dilutive under the Sharesave scheme where the exercise price together with the future
\nIFRS 2 charge is less than the average market price of the ordinary shares during the year. Options under the Performance Share Plan,
\nthe Single Incentive Plan Award, the Deferred Annual Bonus Plan and the Share Incentive Plan are contingently issuable shares and are
\ntherefore only included within the calculation of diluted EPS if the performance conditions are satis\ufb01ed.
\nThe average market value of the Group\u2019s shares for the purposes of calculating the dilutive effect of share-based incentives was based
\non quoted market prices for the period during which the share-based incentives were outstanding.
\n
\n13. Intangible assets
\nGoodwill
\n\u00a3m
\nSoftware and
\nwebsite
\ndevelopment
\ncosts
\n\u00a3m
\nFinancial systems
\n\u00a3m
\nBrand
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 31 March 2021
457.9
14.4
13.1
1.2
25.3
511.9
\nAt 31 March 2022
457.9
14.4
13.1
1.2
25.3
511.9
\nAcquired through business combinations
92.5
13.7
\u2013
47.6
5.6
159.4
\nAdditions
\u2013
1.0
\u2013
\u2013
\u2013
1.0
\nDisposals
(5.7)
(1.8)
\u2013
(0.6)
(1.2)
(9.3)
\nExchange differences
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nAt 31 March 2023
544.6
27.3
13.1
48.2
29.7
662.9
\nAccumulated amortisation and impairments
\nAt 31 March 2021
117.0
8.3
12.8
0.6
15.0
153.7
\nAmortisation charge
\u2013
0.9
0.3
0.1
1.3
2.6
\nAt 31 March 2022
117.0
9.2
13.1
0.7
16.3
156.3
\nAmortisation charge
\u2013
2.5
\u2013
4.2
2.5
9.2
\nDisposals
\u2013
(1.8)
\u2013
(0.6)
(1.2)
(3.6)
\nAt 31 March 2023
117.0
9.9
13.1
4.3
17.6
161.9
\nNet book value at 31 March 2023
427.6
17.4
\u2013
43.9
12.1
501.0
\nNet book value at 31 March 2022
340.9
5.2
\u2013
0.5
9.0
355.6
\nNet book value at 31 March 2021
340.9
6.1
0.3
0.6
10.3
358.2
\nOther intangibles include customer relationships, technology, trade names, trademarks and non-compete agreements. Intangible assets
\nwhich have a \ufb01nite useful life are carried at cost less accumulated amortisation. Amortisation of these intangible assets is calculated
\nusing the straight-line method to allocate the cost of the assets over their estimated useful lives (principally between 3 to 15 years).
\nThe longest estimated useful life remaining at 31 March 2023 is 12 years (31 March 2022: 13 years).
\nFor the year to 31 March 2023, the amortisation charge of \u00a39.2m (2022: \u00a32.6m) has been charged to operating costs in the Consolidated
\nincome statement. At 31 March 2023, there were no software and website development costs representing assets under construction
\n(2022: \u00a3nil).
\nIn accordance with UK-adopted international accounting standards, goodwill is not amortised, but instead is tested annually for
\nimpairment, or more frequently if there are indicators of impairment. Goodwill is carried at cost less accumulated impairment losses.
\n
\n
\n
\n
\nImpairment test for goodwill
\nGoodwill is allocated to the appropriate cash-generating unit (\u2018CGU\u2019) based on the smallest identi\ufb01able group of assets that generates
\ncash in\ufb02ows independently in relation to the speci\ufb01c goodwill. Following the acquisition of Autorama, there are now two CGUs that exist
\nin the Group, being the Digital CGU and the Autorama CGU.
\nThe carrying value of the CGUs is principally the sum of goodwill, property, plant and equipment (including lease assets), intangibles and
\nlease liabilities, as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDigital
351.1
360.8
\nAutorama
152.8
\u2013
\nTotal
503.9
360.8
\nDigital
\nThe recoverable amount of the Digital CGU is determined from value-in-use calculations that use discounted cash \ufb02ow projections from
\nthe latest business plan. The carrying value is forecast to be recovered based on less than two years of forecasted cash \ufb02ows from this
\nmature operating business.
\nIncome and costs within the budget are derived on a detailed \u2018bottom up\u2019 basis \u2013 all income streams and cost lines are considered and
\nappropriate growth, or decline, rates are assumed. Income and cost growth forecasts are risk adjusted to re\ufb02ect speci\ufb01c risks facing
\nthe CGU and take into account the market in which it operates. Assumptions, which are not sensitive to change, include revenue growth
\nrates, associated levels of marketing support and directly associated overheads. All assumptions are based on past performance
\nand management\u2019s expectation of market development. Cash \ufb02ows beyond the budgeted period of \ufb01ve years (2022: \ufb01ve years) are
\nextrapolated using the estimated growth rate stated into perpetuity; a rate of 2.0% (2022: 2.0%) has been used. This is lower than the
\ncurrent rate of in\ufb02ation in the UK but takes account of longer-term considerations.
\nThe pre-tax discount rate used within the recoverable amount calculation is based upon the weighted average cost of capital re\ufb02ecting
\nspeci\ufb01c principal risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and beta
\nfactor re\ufb02ecting the average beta for the Group and comparator companies which are used in deriving the cost of equity. Other than as
\nincluded in the \ufb01nancial budget, it is assumed that there are no material adverse changes in legislation that would affect the forecast
\ncash \ufb02ows.
\nThe key assumptions used for the value-in-use calculation are as follows:
\n2023
2022
\nTerminal value growth rate
2.0%
2.0%
\nDiscount rate (pre-tax)
12.8%
8.6%
\nThe recoverable amount of goodwill shows signi\ufb01cant headroom compared with its carrying value. The level of headroom may change
\nif different growth rate assumptions or a different pre-tax discount rate were used in the cash \ufb02ow projections. There are no changes to
\nthe key assumptions of growth rate or discount rate that are considered by the Directors to be reasonably possible, which give rise to an
\nimpairment of goodwill relating to the Digital CGU.
\nHaving completed the 2023 impairment review, no impairment has been recognised in relation to the Digital CGU (2022: no impairment).
\n
\n
Autorama
\nThe Autorama impairment basis is assessed on a fair value basis due to the proximity of the transaction and the pre-integration phase
\nof the business at 31 March 2023.
\nGoodwill amounting to \u00a392.5m in the Autorama CGU arose on the acquisition of Autorama UK Limited in June 2022.
\nThe acquisition will enable Auto Trader to establish itself as a leading marketplace for leasing new cars which is set to bene\ufb01t from:
\nthe growth of electric cars ahead of the planned future UK ban on the sale of new petrol and diesel cars from 2030; new manufacturers
\nentering the UK market; lower take up of company car schemes; and a shift towards new digital distribution models. Leasing provides
\nconsumers a cost-effective way to access a new car with a model that is consistent with any future move towards usership.
\nThe consideration paid was to acquire the Autorama CGU in an arm\u2019s length transaction. There have been no signi\ufb01cant changes identi\ufb01ed
\nin the Directors\u2019 assessment of fair value arising from factors since acquisition. On this basis, the Directors consider that, as at 31 March 2023,
\na fair value less cost to sell measurement provides the most appropriate and relevant evidence of the Autorama CGU\u2019s recoverable
\namount.
\nFair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
\nparticipants at the measurement date under current market conditions, less incremental costs directly attributable to the disposal of an
\nasset or CGU, excluding \ufb01nance costs and income tax expense. The valuation viewpoint is from that of a market participant and excludes
\nsynergies and matters, including taxation, speci\ufb01c to the current owner. An income based fair valuation approach has been used to
\ndetermine fair value using discounted cash \ufb02ows. The fair value measurement was categorised as Level 3 based on the valuation inputs used.
\nThe key assumptions used in the estimation of the CGU\u2019s recoverable amount are as follows:
\n2023
\nForecast period
2024 \u2013 2032
\nAnnual revenue growth during the forecast period
Between 5% and 69% p.a.
\nTerminal value growth rate
2.0%
\nDiscount rate post tax
18.0%
\nAssessment of the CGU\u2019s fair value re\ufb02ects long-term assumptions around changing distribution models for new car sales, including new
\nelectric vehicles, and an increased proportion of vehicles being leased. The key driver of the forecast is the number of new vehicles transacted
\nby Autorama onto lease plans, with revenues, including ancillary sales, consequent on each vehicle lease transaction completed. The
\nforecasts do not assume a larger new car registration market than in 2019, before the disruption to supply that commenced during the
\nCOVID-19 pandemic. The key assumption is rather an increase in the current proportion of vehicles which are currently leased through
\nbrokers and the share of this market achieved by Autorama. In making these estimates, management have had regard to market data
\npublished by SMMT and BVRLA. In the nine months since the acquisition, Autorama has delivered 6,895 vehicles. Both vans and pickups
\nwere particularly impacted by supply challenges in the current year.
\nRevenue growth is spread over the forecast period in line with the new car market outlook. The risk arising from the duration of the
\nforecast period and the risk of growth assumptions over new vehicles transacted in this period not being achieved are re\ufb02ected in the
\nhigher level of post-tax discount rate applied.
\nWhilst an estimate, the comparison between the CGU\u2019s fair value less cost to sell and its book carrying value has headroom at 31 March 2023.
\nThis headroom arises because of the accounting requirement to expense \u00a350m of the consideration paid to the former owners of Autorama
\nas an employee share-based payment over the 12-month period after the acquisition to 22 June 2023 (see note 31). \u00a338.8m of this charge
\nhas been expensed as at 31 March 2023.
\nThis headroom results in no impairment charge under the following sensitivity scenarios, all of which re\ufb02ect the key sources of estimation
\nuncertainty in the calculation of fair value:
\nLower number of vehicle transactions: The growth in vehicle transactions executed by Autorama, and therefore earnings before interest
\nand tax, is at risk of growing at a level lower than the forecast. This sensitivity reduces volumes by 20% for \ufb01nancial year 2024 and \ufb01nancial
\nyear 2025 to re\ufb02ect the impact of the risk of lower new vehicle supply caused by manufacturing delays; and
\nDelay in timing: The timing of growth in vehicle transactions may take longer to realise than the base case forecast due to a slower take
\nup of electric vehicles and lease \ufb01nancing; continued disruption to new car supply; and/or a delay in the phasing out timetable of new petrol
\nand diesel cars which is currently scheduled for 2030. This sensitivity assumes growth is deferred by one year from \ufb01nancial year 2024; and
\nChange in discount rate: The post-tax discount rate could increase to a maximum of 21% before the carrying value of the Autorama CGU
\nexceeded its recoverable amount.
\n
\n
\n
\n14. Property, plant and equipment
\nLand, buildings
\nand leasehold
\nimprovements
\n\u00a3m
\nOf\ufb01ce
\nequipment
\n\u00a3m
\nMotor vehicles
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 31 March 2021
16.5
13.0
1.9
31.4
\nAdditions
6.6
1.3
0.2
8.1
\nDisposals and modi\ufb01cations
\u2013
(0.4)
(0.5)
(0.9)
\nAt 31 March 2022
23.1
13.9
1.6
38.6
\nAcquired through business combinations
4.0
0.3
1.0
5.3
\nAdditions
2.2
2.0
0.3
4.5
\nDisposals
(7.6)
(3.0)
(0.9)
(11.5)
\nAt 31 March 2023
21.7
13.2
2.0
36.9
\nAccumulated depreciation
\nAt 31 March 2021
8.2
10.6
1.4
20.2
\nCharge for the year
3.3
0.9
0.4
4.6
\nDisposals
\u2013
(0.4)
(0.5)
(0.9)
\nAt 31 March 2022
11.5
11.1
1.3
23.9
\nCharge for the year
3.3
1.1
0.5
4.9
\nDisposals
(4.4)
(2.8)
(0.6)
(7.8)
\nAt 31 March 2023
10.4
9.4
1.2
21.0
\nNet book value at 31 March 2023
11.3
3.8
0.8
15.9
\nNet book value at 31 March 2022
11.6
2.8
0.3
14.7
\nNet book value at 31 March 2021
8.3
2.4
0.5
11.2
\nIncluded within property, plant and equipment are \u00a36.5m (2022: \u00a38.3m) of assets recognised as leases under IFRS 16. Further details of
\nthese leases are disclosed in note 15. The depreciation expense of \u00a34.9m for the year to 31 March 2023 (2022: \u00a34.6m) has been recorded
\nin operating costs. During the year, \u00a32.6m (2022: \u00a30.4m) worth of property, plant and equipment with \u00a3nil net book value was disposed of.
\n
\n15. Leases
\nThe Group\u2019s lease assets including land and buildings and motor vehicles are held within property, plant and equipment. Information about
\nleases for which the Group is a lessee is presented below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nNet book value of property, plant and equipment owned
9.4
6.4
\nNet book value of right of use assets
6.5
8.3
\n15.9
14.7
\nNet book value of right of use assets
\nLand, buildings
\nand leasehold
\nimprovements
\n\u00a3m
\nOf\ufb01ce
\nequipment
\n\u00a3m
\nMotor vehicles
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 31 March 2021
4.9
0.1
0.6
5.6
\nAdditions
5.1
\u2013
0.2
5.3
\nDepreciation charge
(2.2)
\u2013
(0.4)
(2.6)
\nBalance at 31 March 2022
7.8
0.1
0.4
8.3
\nAcquired through business combination
0.1
\u2013
0.3
0.4
\nAdditions
1.5
0.1
0.3
1.9
\nDisposals
(1.4)
\u2013
(0.1)
(1.5)
\nDepreciation charge
(2.2)
\u2013
(0.4)
(2.6)
\nAt 31 March 2023
5.8
0.2
0.5
6.5
\nLease liabilities in the balance sheet at 31 March
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent
2.5
3.0
\nNon-current
4.6
6.5
\nTotal
7.1
9.5
\nA maturity analysis of contractual undiscounted cash \ufb02ows relating to lease liabilities is presented within note 32. The term recognised
\nfor certain leases has assumed lease break options are exercised. Certain lease rentals are subject to periodic market rental reviews.
\nDuring the year, the Group relocated its London of\ufb01ce to a new premises and exited its existing lease. In accordance with IFRS 16,
\nthe difference between the carrying value of the right of use asset and the lease liability at the date of the lease termination (\u00a30.1m)
\nwas recognised in the Consolidated income statement as a gain on disposal.
\nIn the prior year, the Group entered into a new lease arrangement to rent an additional 16,000 square feet in our Manchester of\ufb01ce to
\nsupport the needs of our growing workforce. The Group also extended the term of the existing lease of our Manchester of\ufb01ce space.
\nThese changes resulted in a lease modi\ufb01cation under IFRS 16. The right of use assets were increased by \u00a35.1m with corresponding
\nadjustments to the lease liability and dilapidations provision.
\nAmounts charged in the income statement
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDepreciation charge of right of use assets
2.6
2.6
\nInterest on lease liabilities
0.2
0.2
\nGain on disposal of right of use assets
(0.1)
\u2013
\nTotal amounts charged in the income statement
2.7
2.8
\nCash out\ufb02ow
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal cash out\ufb02ow for leases
2.9
3.2
\n
\n
\n
\n16. Net investments in joint ventures
\nJoint ventures are contractual arrangements over which the Group exercises joint control with partners and where the parties have rights
\nto the net assets of the arrangement, irrespective of the Group\u2019s shareholding in the entity.
\nThe Group owns 49% of the ordinary share capital of Dealer Auction Limited (previously Dealer Auction (Holdings) Limited). The basis of
\nthe Group\u2019s joint control is through a shareholder agreement and an assessment of the substantive rights of each shareholder, including
\noperational barriers or incentives that would prevent or deter rights being exercised.
\nNet investments in joint ventures at the reporting date include the Group\u2019s equity investment in joint ventures and the Group\u2019s share of the
\njoint ventures\u2019 post acquisition net assets. The table below reconciles the movement in the Group\u2019s net investment in joint ventures in the year:
\nEquity investments
\nin joint ventures
\n\u00a3m
\nShare of post
\nacquisition net
\nassets
\n\u00a3m
\nNet investments in
\njoint ventures
\n\u00a3m
\nCarrying value
\nAs at 31 March 2021
48.1
6.5
54.6
\nShare of result for the year taken to the income statement
\u2013
2.9
2.9
\nDividends received in the year
(7.8)
\u2013
(7.8)
\nAs at 31 March 2022
40.3
9.4
49.7
\nShare of result for the year taken to the income statement
\u2013
2.5
2.5
\nDividends received in the year
(2.9)
\u2013
(2.9)
\nAs at 31 March 2023
37.4
11.9
49.3
\nSet out below is the summarised \ufb01nancial information for the joint venture, adjusted for differences in accounting policies between
\nthe Group and the joint venture. The table also reconciles the summarised \ufb01nancial information to the carrying amount of the Group\u2019s
\ninterest in the joint venture.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nNon-current assets
95.6
96.8
\nCurrent assets
\nCash and cash equivalents
6.4
1.1
\nOther current assets
1.3
8.2
\nTotal assets
103.3
106.1
\nLiabilities
\nCurrent liabilities
2.0
4.0
\nTotal liabilities
2.0
4.0
\nNet assets
101.3
102.1
\nGroup\u2019s share of net assets
49.3
49.7
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nRevenues
10.5
12.0
\nPro\ufb01t for the year
5.2
6.0
\nTotal comprehensive income
5.2
6.0
\nGroup\u2019s share of comprehensive income
2.5
2.9
\nDividends received by the Group
2.9
7.8
\nNon-current assets principally comprise goodwill and other intangible assets. The carrying value is assessed annually using a methodology
\nconsistent with the Auto Trader cash-generating unit disclosed in note 13.
\nA list of the investments in joint ventures, including the name, country of incorporation and proportion of ownership interest, is given in note 35.
\n
\n17. Other investments
\nShares in other undertakings
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nInvestment in iAUTOS Company Limited
\u2013
\u2013
\nInvestment in protected insurance cell (Advent Insurance PCC Limited)
1.1
\u2013
\nInvestment in protected insurance cell (Atlas Insurance PCC Limited)
1.2
\u2013
\nTotal comprehensive income
2.3
\u2013
\nThe Group designated the investment in iAUTOS Company Limited as an equity security at FVOCI as the Group intends to hold the shares
\nfor long-term purposes. iAUTOS Company Limited is an intermediate holding company through which trading companies incorporated
\nin the People\u2019s Republic of China are held. The fair value of the investment has been valued at \u00a3nil since 2014 as the Chinese trading
\ncompanies are marginally loss-making with forecast future cash out\ufb02ows.
\nAs at 31 March 2023, the Group\u2019s wholly owned subsidiary, Autorama Holding (Malta) Limited, had an interest in two protected insurance
\ncells. During the year, the Group entered into a new arrangement with Atlas Insurance PCC Limited, with the intention of closing the
\nexisting cell with Advent Insurance PCC Limited once the portfolio transfer had been made to the new cell. This process was not fully
\ncomplete by 31 March 2023, therefore two investments have been recognised. It has designated its investments as equity securities
\nat FVOCI as the Group intends to hold the investment in the protected insurance cell for long-term purposes.
\nThe protected insurance cell writes insurance business which relates to Guaranteed Asset Protection insurance and business equipment
\nin transit. The interest in the protected insurance cell is not consolidated in these \ufb01nancial statements as a silo, as the cell company has
\nretained residual obligations in respect of the cell\u2019s liabilities. Autorama UK Limited is listed as a guarantor to an agreement between the
\ncell company and Autorama Holding (Malta) Limited.
\n18. Trade and other receivables
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTrade receivables (invoiced)
28.5
25.7
\nNet accrued income
38.7
34.6
\nTrade receivables (total)
67.2
60.3
\nPrepayments
5.4
5.5
\nOther receivables
0.3
0.1
\nTotal
72.9
65.9
\nTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due
\nfor settlement within 30 days and therefore are all classi\ufb01ed as current. Trade receivables are recognised initially at the amount of
\nconsideration that is unconditional and has been invoiced at the reporting date. The Group holds the trade receivables with the objective
\nto collect the contractual cash \ufb02ows and therefore measures them subsequently at amortised cost using the effective interest method.
\nIncluded within trade receivables (invoiced) is a provision for the impairment of \ufb01nancial assets of \u00a33.0m (2022: \u00a32.5m).
\nAccrued income relates to the Group\u2019s rights to consideration for services provided but not invoiced at the reporting date. Accrued income
\nis transferred to receivables when invoiced. Included within net accrued income is provision for the impairment of \ufb01nancial assets of \u00a31.5m
\n(2022: \u00a31.2m).
\nExposure to credit risk and expected credit losses relating to trade and other receivables are disclosed in note 32.
\n19. Inventories
\nIn Autorama, the Group temporarily takes a small proportion of new vehicle deliveries on balance sheet as principal, which are held
\nwithin inventory.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFinished goods
3.6
\u2013
\nInventories
3.6
\u2013
\n
\n
\n
\n20. Cash and cash equivalents
\nCash at bank and in hand is denominated in the following currencies:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nSterling
16.6
51.0
\nEuro
\u2013
0.3
\nCash at bank and in hand
16.6
51.3
\nCash balances with an original maturity of less than three months were held in current accounts during the year and attracted interest
\nat a weighted average rate of 0.7% (2022: 0.2%).
\n21. Trade and other payables
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTrade payables
8.0
2.7
\nAccruals
15.8
14.4
\nOther taxes and social security
16.9
21.3
\nDeferred income
5.7
3.0
\nVehicle stocking loan
3.0
\u2013
\nOther payables
3.9
0.5
\nAccrued interest payable
0.3
0.1
\nTotal
53.6
42.0
\nTrade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of trade and other payables
\nare considered to be the same as their fair values, due to their short-term nature.
\n22. Borrowings
\nNon-current
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nSyndicated RCF gross of unamortised debt issue costs
60.0
\u2013
\nUnamortised debt issue costs on Syndicated RCF
(2.5)
(1.4)
\nTotal
57.5
(1.4)
\nCurrent
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nLoan from other investment
1.1
\u2013
\nTotal
1.1
\u2013
\nTotal borrowings
58.6
(1.4)
\nUnamortised debt issue costs on the Syndicated RCF increased to \u00a32.5m in the year (2022: \u00a31.4m) following the amendment and restatement
\nof the Group\u2019s Syndicated RCF facility. At 31 March 2022, unamortised debt issue costs were within Prepayments.
\nBorrowings are repayable as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nLess than one year
1.1
\u2013
\nTwo to \ufb01ve years
60.0
\u2013
\nTotal
61.1
\u2013
\nThe carrying amounts of borrowings approximates to their fair values.
\n
\nSyndicated revolving credit facility (\u2018Syndicated RCF\u2019)
\nThe Group has access to an unsecured Syndicated revolving credit facility (the \u2018Syndicated RCF\u2019). Associated debt transaction costs
\ntotal \u00a35.9m, with \u00a33.3m being incurred at initiation and \u00a32.6m of additional costs associated with extension requests.
\nWith effect from 1 February 2023 the Group entered into an Amendment and Restatement Agreement to extend the term of the facility for
\n\ufb01ve years from the date of signing and to reduce the capacity of the facility to \u00a3200.0m. There is no requirement to settle all or part of the
\nfacility before the termination date of February 2028.The associated debt transaction costs were \u00a31.6m, of which \u00a31.4m was paid in the
\nperiod to 31 March 2023.
\nIndividual tranches are drawn down, in sterling, for periods of up to six months at the compounded reference rate (being the aggregate
\nof SONIA for that interest period) plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of the Group.
\nA commitment fee of 35% of the margin applicable to the Syndicated RCF is payable quarterly in arrears on unutilised amounts of the
\ntotal facility.
\nThe Syndicated RCF has \ufb01nancial covenants linked to interest cover and the consolidated debt cover of the Group:
\n\u2022 Net bank debt to EBITDA must not exceed 3.5:1.
\n\u2022 EBITDA to net interest payable must not be less than 3.0:1.
\nEBITDA is de\ufb01ned as earnings before interest, taxation, depreciation and amortisation, share-based payments and associated NI,
\nshare of pro\ufb01t from joint ventures and exceptional items.
\nAll \ufb01nancial covenants of the facility have been complied with through the period.
\nLoan from other investment
\nDuring the year, the Group\u2019s wholly owned subsidiary, Autorama Holding (Malta) Limited, elected to transfer the insurance portfolio held
\nin a protected insurance cell with Advent Insurance PCC Limited to Atlas Insurance PCC Limited. As part of this process, Advent Insurance
\nPCC Limited issued a loan to Autorama Holding (Malta) Limited to fund the investment in the new protected insurance cell until the portfolio
\ntransfer was complete. This process is likely to be completed within the next 12 months. As at 31 March 2023, \u00a31.1m was recognised on the
\nConsolidated balance sheet (2022: \u00a3nil).
\nExposure to interest rate changes
\nThe exposure of the Group\u2019s borrowings (excluding debt issue costs) to SONIA rate changes and the contractual repricing dates at the
\nbalance sheet date are as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOne month or less
60.0
\u2013
\nTotal
60.0
\u2013
\n23. Provisions
\nDilapidations
\nprovision
\n\u00a3m
\nHoliday pay
\nprovision
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 31 March 2022
1.3
0.7
2.0
\nCharged to the income statement
\u2013
0.7
0.7
\nRecognised under IFRS 16
0.1
\u2013
0.1
\nUtilised in the year
(0.1)
(0.7)
(0.8)
\nAt 31 March 2023
1.3
0.7
2.0
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent
0.7
0.7
\nNon-current
1.3
1.3
\nTotal
2.0
2.0
\n
\n
\n
\n24. Deferred taxation
\nA net deferred tax liability of \u00a35.8m has been recognised in the balance sheet at 31 March 2023. The movement in deferred taxation assets and
\nliabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
\nDeferred taxation assets
\nShare-based
\npayments
\n\u00a3m
\nAccelerated
\ncapital
\nallowances
\n\u00a3m
\nOther temporary
\ndifferences
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 31 March 2021
2.7
3.0
0.3
6.0
\nCredited to the income statement
0.3
(0.2)
0.5
0.6
\nDebited directly to equity
(0.2)
\u2013
\u2013
(0.2)
\nAt 31 March 2022
2.8
2.8
0.8
6.4
\n(Debited)/credited to the income statement
1.1
(0.9)
(0.5)
(0.3)
\nDebited directly to equity
(0.2)
\u2013
\u2013
(0
.
2)
\nAcquired through business combinations
\u2013
\u2013
6.8
6.8
\nAt 31 March 2023
3.7
1.9
7.1
12.7
\nDeferred taxation liabilities
\nAcquired
\nintangible assets
\n\u00a3m
\nOther temporary
\ndifferences
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 31 March 2021
\u2013
4.3
4.3
\nCredited to the income statement
\u2013
0.5
0.5
\nDebited to the statement of comprehensive income
\u2013
0.2
0.2
\nAt 31 March 2022
\u2013
5.0
5.0
\nCredited to the income statement
(1.2)
(0.5)
(1.7)
\nDebited to the statement of comprehensive income
\u2013
(1.1)
(1.1)
\nAcquired through business combinations
16.3
\u2013
16.3
\nAt 31 March 2023
15.1
3.4
18.5
\nNet deferred tax asset at 31 March 2022
\n1.4
\nNet deferred tax liability at 31 March 2023
5.8
\nThe Group has estimated that \u00a31.5m (2022: \u00a30.9m) of the Group\u2019s net deferred income tax liability will be realised in the next 12 months.
\nThis is management\u2019s current best estimate and may not re\ufb02ect the actual outcome in the next 12 months.
\nDeferred tax assets acquired through business combinations totalled \u00a36.8m (2022: \u00a3nil). This includes \u00a37.7m relating to tax losses offset
\nby a \u00a30.9m deferred tax liability linked to a fair value adjustment on freehold property. Recognition is on the basis that there are suf\ufb01cient
\ntaxable temporary liability differences at the balance sheet date arising from acquired intangibles which are expected to reverse over
\nthe same time period that losses are expected to be used.
\n25. Retirement bene\ufb01t obligations
\n(i) De\ufb01ned contribution scheme
\nThe Group operates a number of de\ufb01ned contribution schemes. In the year to 31 March 2023, the pension contributions to the Group\u2019s
\nde\ufb01ned contribution schemes amounted to \u00a33.5m (2022: \u00a33.2m). At 31 March 2023, there were \u00a30.6m (31 March 2022: \u00a30.5m) of pension
\ncontributions outstanding relating to the Group\u2019s de\ufb01ned contribution schemes.
\n(ii) De\ufb01ned bene\ufb01t scheme
\nThe Company sponsors a funded de\ufb01ned bene\ufb01t pension scheme for qualifying UK employees, the Wiltshire (Bristol) Limited Retirement
\nBene\ufb01ts Scheme (\u2018the Scheme\u2019). The Scheme is administered by a separate board of Trustees, which is legally separate from the Company.
\nThe Trustees are composed of representatives of both the Company and members. The Trustees are required by law to act in the interest
\nof all relevant bene\ufb01ciaries and are responsible for the investment policy for the assets and the day-to-day administration of the bene\ufb01ts.
\nThe Scheme has been closed to future members since 30 April 2006 and there are no remaining active members within the Scheme.
\nNo other post-retirement bene\ufb01ts are provided to these employees.
\nPro\ufb01le of the Scheme
\nAs at 31 March 2023, approximately 42% of the de\ufb01ned bene\ufb01t obligation (\u2018DBO\u2019) is attributable to former employees who have yet to
\nreach retirement (2022: 57%) and 58% to current pensioners (2022: 43%). The Scheme duration is an indicator of the weighted-average
\ntime until bene\ufb01t payments are made. For the Scheme as a whole, the duration is approximately 16 years (2022: 20 years).
\nBuy-in
\nIn October 2022, the Scheme purchased a bulk annuity policy (known as a buy-in) from Just Retirement Limited (\u2018Just Retirement\u2019) for \u00a315.4m, which
\nwas funded by a \u00a31.0m contribution by the Company along with existing Scheme assets. This policy secured the full bene\ufb01ts of all Scheme
\nmembers, which as at the remeasurement date amounted to \u00a313.7m. Given the \ufb01nancial strength of Just Retirement, this buy-in substantively
\nremoves the risk of further contributions being required from the Company to provide bene\ufb01ts to members, beyond those noted below.
\n
\nFollowing the buy-in, the Scheme\u2019s assets largely comprise the bulk annuity policy held with Just Retirement, along with a small amount
\nof additional assets currently held with LGIM. The Scheme trustees are now working to progress towards a full buy-out, which will involve
\nvarious data and bene\ufb01ts exercises. It is anticipated that the Scheme buy-out will be completed in 2024. Once the buy-out is complete,
\nthe Scheme has no further purpose and will be wound up.
\nFunding requirements
\nUK legislation requires that pension schemes are funded prudently. The ongoing funding valuation of the Scheme was carried out by
\na quali\ufb01ed actuary as at 30 April 2021 and showed a surplus of \u00a31.5m. The Company paid de\ufb01cit contributions of \u00a30.1m per annum to
\n31 January 2022, plus an additional \u00a31.0m in October 2022 in respect of the shortfall versus the buy-in premium. The next funding valuation
\nis due no later than 30 April 2024, although it is anticipated that the Scheme will be bought-out and wound-up before the statutory
\ndeadline for this valuation. The Company expects that a further contribution may be required in the year ending 31 March 2024 in respect
\nof the balancing premium, once the data cleansing and bene\ufb01t recti\ufb01cation is completed. The Company also pays expenses and PPF
\nlevies incurred by the Scheme.
\nRisks associated with the Scheme
\nThe Scheme exposes the Company to some risks, although the purchase of a buy-in policy substantially mitigates these.
\nAsset volatility
The liabilities are calculated using a discount rate set with reference to corporate bond yields. If assets
\nunderperform this yield, this will create a de\ufb01cit. The Scheme previously held a signi\ufb01cant proportion of
\ngilt and bond assets which limits volatility and risk in the short term. The allocation of assets is monitored
\nto ensure it remains appropriate given the Scheme\u2019s long-term objectives.
\nIn\ufb02ation risk
A proportion of the Scheme\u2019s bene\ufb01t obligations are linked to in\ufb02ation, and higher in\ufb02ation leads to
\nhigher liabilities (although, in most cases, caps on the level of in\ufb02ationary increases are in place to protect
\nagainst extreme in\ufb02ation). The majority of the assets are either unaffected by or only loosely correlated
\nwith in\ufb02ation, meaning that an increase in in\ufb02ation will also increase the de\ufb01cit.
\nChange in bond yields
A decrease in corporate bond yields will increase the value placed on the Scheme\u2019s liabilities for
\naccounting purposes, although this will be partially offset by an increase in the value of the Scheme\u2019s
\nbond holdings.
\nLife expectancy
The majority of the Scheme\u2019s obligations are to provide bene\ufb01ts for the lifetime of the member,
\nso increases in life expectancy will result in an increase in the liabilities.
\nAssumptions used
\nThe results of the latest funding valuation at 30 April 2021 have been adjusted to the new balance sheet date, taking account of
\nexperience over the period since 30 April 2021, changes in market conditions, and differences in the \ufb01nancial and demographic
\nassumptions. The present value of the de\ufb01ned bene\ufb01t obligation, and the related current service cost, were measured using the
\nprojected unit credit method.
\nThe principal assumptions used to calculate the liabilities under IAS 19 are as follows:
\n2023
\n%
\n2022
\n%
\nDiscount rate for scheme liabilities
4.70
2.75
\nCPI in\ufb02ation
2.85
3.00
\nRPI in\ufb02ation
3.55
3.80
\nPension increases
\nPost 1988 GMP
2.20
2.35
\nPre 2004 non GMP
5.00
5.00
\nPost 2004
3.25
3.55
\nThe \ufb01nancial assumptions re\ufb02ect the nature and term of the Scheme\u2019s liabilities. The weighted average duration of the Scheme liabilities
\nat the year end is 16 years (2022: 20 years). This reduction is due to the discount rate increase which is the principal reason for the
\ndecrease in the value of Scheme liabilities compared with the prior year.
\nThe Group has assumed that mortality will be in line with nationally published mortality table SAPS S3 Heavy tables with CMI 2021
\nprojections related to members\u2019 years of birth with long-term rate of improvement of 1.5% per annum. No adjustment has been made
\nfor the possible effects of COVID-19. These tables translate into an average life expectancy for a pensioner retiring at age 65 as follows:
\n2023
2022
\nMen
\nYears
\nWomen
\nYears
\nMen
\nYears
\nWomen
\nYears
\nMember aged 65 (current life expectancy)
86.7
89.0
86.6
88.3
\nMember aged 45 (life expectancy at age 65)
88.4
90.8
88.6
90.1
\nIt is assumed that 50% of non-retired members of the Scheme will commute the maximum amount of cash at retirement (2022: 50% of
\nnon-retired members of the Scheme will commute the maximum amount of cash at retirement).
\n
\n
\n
\n
\nPost-employment bene\ufb01t obligations disclosures
\nThe amounts charged to the Consolidated income statement are set out below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPast service cost
0.5
\u2013
\nSettlement cost
2.2
\u2013
\nTotal amounts charged to the Consolidated income statement
2.7
\u2013
\nPast service cost
\nAs part of the data cleansing exercise ahead of the Scheme\u2019s buy-in, two items relating to the Barber window in relation to transferred in
\nassets and a slightly later effective date for pension increases were identi\ufb01ed. As a result, a \u00a30.5m past service cost has been recognised
\nin the Consolidated income statement (2022: \u00a3nil).
\nCurrent service costs and past service costs are charged to the income statement in arriving at Operating pro\ufb01t. Interest income
\non Scheme assets and the interest cost on Scheme liabilities are included within \ufb01nance costs.
\nSettlement cost
\nGiven the intention is to convert the buy-in policy purchased during the year to a buy-out as soon as possible, a settlement cost of
\n\u00a32.2m has been recognised in the Consolidated income statement for the year ended 31 March 2023. The settlement cost represents
\nthe difference between the value of the liabilities under IAS 19 at the remeasurement date, 31 October 2022, (\u00a313.2m) and the price paid
\nto settle the liabilities (\u00a315.4m).
\nThe following amounts have been recognised in the Consolidated statement of comprehensive income:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nReturn on Scheme assets (in excess of)/below that recognised in net interest
5.9
1.6
\nActuarial gains due to changes in assumptions
(4.8)
(1.8)
\nActuarial losses/(gains) due to liability experience
0.4
(0.2)
\nEffect of the surplus cap
\u2013
\u2013
\nDeferred tax on surplus
(1.1)
0.2
\nTotal amounts recognised within the Consolidated statement of comprehensive income
0.4
(0.2)
\nAmounts recognised in the balance sheet are as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPresent value of funded obligations
13.6
17.5
\nFair value of plan assets
(14.1)
(21.2)
\nNet asset recognised in the Consolidated balance sheet
(0.5)
(3.7)
\nThe Trustees of the Scheme sought legal advice which concluded that the Group has an unconditional right to a refund of surplus from
\nthe Scheme, if the Scheme were to be run-off until the \ufb01nal bene\ufb01ciary died. As a result, the Group has concluded that IFRIC 14 does not
\napply, and therefore has recognised the accounting surplus of \u00a30.5m (2022: \u00a33.7m) and an associated deferred tax liability of \u00a30.2m
\n(2022: \u00a31.3m) in the Consolidated balance sheet.
\n
\nMovements in the fair value of Scheme assets were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFair value of Scheme assets at the beginning of the year
21.2
22.8
\nInterest income on Scheme assets
0.5
0.5
\nRemeasurement losses on Scheme assets
(5.9)
(1.6)
\nContributions by the employer
1.0
0.1
\nSettlements
(2.2)
\u2013
\nNet bene\ufb01ts paid
(0.5)
(0.6)
\nFair value of Scheme assets at the end of the year
14.1
21.2
\nMovements in the fair value of Scheme liabilities were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFair value of Scheme liabilities at the beginning of the year
17.5
19.6
\nPast service cost
0.5
\u2013
\nInterest expense
0.5
0.5
\nActuarial gains on Scheme liabilities arising from changes in assumptions
(4.8)
(1.8)
\nActuarial losses/(gains) on Scheme liabilities arising from experience
0.4
(0.2)
\nSettlements
\u2013
\u2013
\nNet bene\ufb01ts paid
(0.5)
(0.6)
\nFair value of Scheme liabilities at the end of the year
13.6
17.5
\nMovements in post-employment bene\ufb01t net obligations were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOpening post-employment bene\ufb01t surplus
(3.7)
(3.2)
\nPast service cost
0.5
\u2013
\nSettlement cost
2.2
\u2013
\nContributions by the employer
(1.0)
(0.1)
\nRemeasurement and experience (gains)/losses
1.5
(0.4)
\nClosing post-employment bene\ufb01t surplus
(0.5)
(3.7)
\nPlan assets are comprised as follows:
\n2023
2022
\n\u00a3m
%
\u00a3m
%
\nEquities
\u2013
\u2013
\u2013
\u2013
\nGilts
0.4
3.5
13.7
65.0
\nBonds
\u2013
\u2013
7.2
34.0
\nCash
0.1
0.7
0.3
1.0
\nBuy-in policy
13.6
95.8
\u2013
\u2013
\nTotal
14.1
100.0
21.2
100.0
\nAll plan assets have a quoted market price.
\nSensitivity to key assumptions
\nThe key \ufb01nancial assumptions used for IAS 19 are the discount and in\ufb02ation rates. Given that the Scheme\u2019s buy-in policy is valued exactly
\nequal to the DBO, changes in the key assumptions no longer have any impact on the net funded status position.
\n
\n
\n
\n26. Share capital
\nShare capital
\n2023
2022
\nNumber
\n\u2019000
\nAmount
\n\u00a3m
\nNumber
\n\u2019000
\nAmount
\n\u00a3m
\nAllotted, called-up and fully paid ordinary shares of 1p each
\nAt 1 April
946,893
9.5
969,024
9.7
\nPurchase and cancellation of own shares
(23,831)
(0.2)
(22,198)
(0.2)
\nIssue of shares
13
0.0
67
0.0
\nTotal
923,075
9.3
946,893
9.5
\nIn the year ended 31 March 2017, the Company commenced a share buyback programme. By resolutions passed at the 2022 AGM,
\nthe Company\u2019s shareholders generally authorised the Company to make market purchases of up to 96,678,535 of its ordinary shares,
\nsubject to minimum and maximum price restrictions. In the year ended 31 March 2023, a total of 25,261,584 ordinary shares of \u00a30.01
\nwere purchased. The average price paid was 582.1p with a total consideration paid (including fees of \u00a30.7m) of \u00a3148.0m. Of all shares
\npurchased, 1,430,372 were held in treasury with 23,831,212 being cancelled. In the year ended 31 March 2023, 12,893 ordinary shares were
\nissued for the settlement of share-based payments.
\nIncluded within shares in issue at 31 March 2023 are 340,196 (2022: 358,158) shares held by the ESOT and 4,371,505 (2022: 3,826,928) shares
\nheld in treasury, as detailed in note 27.
\n27. Own shares held
\nOwn shares held \u2013 \u00a3m
\nESOT shares
\nreserve
\n\u00a3m
\nTreasury shares
\n\u00a3m
\nTotal
\n\u00a3m
\nOwn shares held as at 31 March 2021
(0.5)
(10.2)
(10.7)
\nTransfer of shares from ESOT
0.1
\u2013
0.1
\nRepurchase of own shares for treasury
\u2013
(17.8)
(17.8)
\nShare-based incentives exercised
\u2013
6.0
6.0
\nOwn shares held as at 31 March 2022
(0.4)
(22.0)
(22.4)
\nRepurchase of own shares for treasury
\u2013
(8.7)
(8.7)
\nShare-based incentives exercised
\u2013
5.1
5.1
\nOwn shares held as at 31 March 2023
(0.4)
(25.6)
(26.0)
\nOwn shares held \u2013 number
\nESOT shares
\nreserve
\nNumber of shares
\nTreasury shares
\nNumber of shares
\nTotal
\nNumber of shares
\nOwn shares held as at 31 March 2021
404,653
2,422,659
2,827,312
\nTransfer of shares from ESOT
(46,495)
\u2013
(46,495)
\nRepurchase of own shares for treasury
\u2013
2,718,193
2,718,193
\nShare-based incentives exercised
\u2013
(1,313,924)
(1,313,924)
\nOwn shares held as at 31 March 2022
358,158
3,826,928
4,185,086
\nTransfer of shares from ESOT
(17,962)
\u2013
(17,962)
\nRepurchase of own shares for treasury
\u2013
1,430,372
1,430,372
\nShare-based incentives exercised
\u2013
(885,795)
(885,795)
\nOwn shares held as at 31 March 2023
340,196
4,371,505
4,711,701
\n
\n28. Dividends
\nDividends declared and paid by the Company were as follows:
\n2023
2022
\nPence
\nper share
\u00a3m
\nPence
\nper share
\u00a3m
\n2022 \ufb01nal dividend paid
5.5
51.7
5.0
48.0
\n2023 interim dividend paid
2.8
26.0
2.7
25.6
\n8.3
77.7
7.7
73.6
\nThe proposed \ufb01nal dividend for the year ended 31 March 2023 of 5.6p per share, totalling \u00a351.4m, is subject to approval by shareholders
\nat the Annual General Meeting (\u2018AGM\u2019) and hence has not been included as a liability in the \ufb01nancial statements.
\nThe Directors\u2019 policy with regard to future dividends is set out in the Financial review on page 25.
\n29. Cash generated from operations
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPro\ufb01t after tax
233.9
244.7
\nAdjustments for:
\nTax charge
59.7
56.3
\nDepreciation
4.9
4.6
\nAmortisation
9.2
2.6
\nShare-based payments charge (excluding associated NI)
5.8
5.1
\nDeferred contingent consideration
38.8
\u2013
\nShare of pro\ufb01t from joint ventures
(2.5)
(2.9)
\nPro\ufb01t on sale of property, plant and equipment
(0.7)
\u2013
\nNet lease disposals and modi\ufb01cations
(0.1)
\u2013
\nPost employment expenses relating to the de\ufb01ned bene\ufb01t scheme
2.7
\u2013
\nFinance costs
3.1
2.6
\nR&D expenditure credit
(0.1)
(0.1)
\nPro\ufb01t on disposal of a subsidiary
(19.1)
\u2013
\nChanges in working capital (excluding the effects of exchange differences on consolidation):
\nTrade and other receivables
(3.6)
(5.3)
\nTrade and other payables
(1.9)
20.5
\nInventory
(2.7)
\u2013
\nCash generated from operations
327.4
328.1
\n
\n
\n
\n30. Share-based payments
\nThe Group currently operates \ufb01ve share plans: the Share Incentive Plan, Performance Share Plan, Deferred Annual Bonus, Single Incentive
\nPlan Award and the Sharesave scheme. All share-based incentives are subject to a service condition. Such conditions are not taken
\ninto account in the fair value of the service received. The fair value of services received in return for share-based incentives is measured
\nby reference to the fair value of share-based incentives granted. Black-Scholes and Monte Carlo models have been used where
\nappropriate to calculate the fair value of share-based incentives with market conditions.
\nThe total charge in the period relating to the \ufb01ve schemes was \u00a36.6m (2022: \u00a36.1m). This included associated national insurance (\u2018NI\u2019)
\nat the rate at which management expects to be effective when the awards are exercised (13.80%), and apprenticeship levy at 0.5%,
\nbased on the share price at the reporting date.
\nIn addition to this charge, the share-based payment charge reported in this period includes \u00a338.8m relating to deferred share-based
\npayment consideration relating to the acquisition of Autorama (see note 31), making a total combined charge of \u00a344.6m (excluding
\nassociated NI).
\nGroup
Company
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nShare Incentive Plan (\u2018SIP\u2019)
\u2013
\u2013
\u2013
\u2013
\nSharesave scheme (\u2018SAYE\u2019)
0.5
0.7
\u2013
\u2013
\nPerformance Share Plan (\u2018PSP\u2019)
1.9
1.3
1.9
1.3
\nDeferred Annual Bonus and Single Incentive Plan
3.4
3.1
0.4
0.2
\nNI and apprenticeship levy on applicable schemes
0.8
1.0
0.3
0.3
\nTotal charge from ongoing share schemes
6.6
6.1
2.6
1.8
\nShare-based payments relating to Autorama acquisition
38.8
\u2013
\u2013
\u2013
\nTotal charge
45.4
6.1
2.6
1.8
\nDuring the year, the Directors in of\ufb01ce in total had gains of \u00a31.4m (2022: \u00a32.8m) arising on the exercise of share-based incentive awards.
\nShare Incentive Plan
\nIn 2015, the Group established a Share Incentive Plan (\u2018SIP\u2019). All eligible employees were awarded free shares (or nil-cost options in the
\ncase of employees in Ireland) valued at \u00a33,600 each based on the share price at the time of the Company\u2019s admission to the Stock
\nExchange in March 2015.
\nUK SIP
\n2023
\nNumber
\n2022
\nNumber
\nOutstanding at 1 April
116,808
163,157
\nReleased
(20,493)
(46,349)
\nOutstanding at 31 March
96,315
116,808
\nVested and outstanding at 31 March
96,315
116,808
\nThe weighted average market value per ordinary share for SIP awards released was 578.0p (2022: 622.5p). The SIP shares outstanding at
\n31 March 2023 have fully vested (2022: fully vested). Shares released prior to the vesting date relate to those attributable to good leavers
\nas de\ufb01ned by the Scheme rules.
\nPerformance Share Plan
\nThe Group operates a Performance Share Plan (\u2018PSP\u2019) for Executive Directors, the Operational Leadership Team and certain key
\nemployees. The extent to which awards vest will depend upon the Group\u2019s performance over the three-year period following the award
\ndate. Both market based and non-market based performance conditions may be attached to the options, for which an appropriate
\nadjustment is made when calculating the fair value of an option. If the options remain unexercised after a period of 10 years from the date
\nof grant, the options expire. Furthermore, options are forfeited if the employee leaves the Group before the options vest, unless under
\nexceptional circumstances.
\nOn 23 June 2022, the Group awarded 360,695 nil cost options under the PSP scheme. For the 2022 awards, the Group\u2019s performance is measured
\nby reference to growth in Operating pro\ufb01t (70% of the award), Revenue (20% of the award) and Carbon reduction (10% of the award) over a
\nthree-year period to March 2025.
\nFor other previous awards, the Group\u2019s performance had been measured by reference to growth in Operating pro\ufb01t and Revenue over a
\nthree-year period, total shareholder return relative to the FTSE 350 share index (2017 and 2020 awards), and diversity progress (2021 awards).
\n
\nThe fair value of the 2022 award was determined to be the share price at grant date. In previous years, the total shareholder return
\nelement was valued using the Monte Carlo model. The resulting share-based payments charge is being spread evenly over the period
\nbetween the grant date and the vesting date.
\nPSP award holders are entitled to receive dividends accruing between the grant date and the vesting date and this value will be delivered
\nin shares. The assumptions used in the measurement of the fair value at grant date of the PSP awards are as follows:
\nGrant date
Condition
\nShare price at
\ngrant date \u00a3
\nExercise
\nprice \u00a3
\nExpected
\nvolatility
\n%
\nOption life
\nyears
\nRisk-free
\nrate %
\nDividend
\nyield %
\nNon-vesting
\ncondition %
\nFair value per
\noption \u00a3
\n16 June 2017
TSR dependent
4.00
Nil
31
3.0
0.2
0.0
0.0
2.17
\n16 June 2017
OP dependent
4.00
Nil
N/A
3.0
0.2
0.0
0.0
4.00
\n30 August 2017
TSR dependent
3.42
Nil
31
3.0
0.2
0.0
0.0
2.17
\n30 August 2017
OP dependent
3.42
Nil
N/A
3.0
0.2
0.0
0.0
3.42
\n17 August 2018
OP dependent
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
\n17 August 2018
Revenue dependent
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
\n17 June 2019
OP dependent
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
\n17 June 2019
Revenue dependent
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
\n8 July 2020
TSR dependent
5.27
Nil
32
3.0
(0.1)
0.0
0.0
2.83
\n17 June 2021
OP dependent
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
\n17 June 2021
Revenue dependent
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
\n17 June 2021
Diversity progress dependent
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
\n23 June 2022
OP dependent
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
\n23 June 2022
Revenue dependent
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
\n23 June 2022
Carbon reduction dependent
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
\nExpected volatility is estimated by considering historic average share price volatility at the grant date.
\nThe number of options outstanding and exercisable as at 31 March 2023 was as follows:
\n2023
\nNumber
\n2022
\nNumber
\nOutstanding at 1 April
1,401,701
1,741,829
\nOptions granted in the year
360,695
368,361
\nDividend shares awarded
8,319
2,916
\nOptions forfeited in the year
(129,684)
(344,766)
\nOptions exercised in the year
(241,047)
(366,639)
\nOutstanding at 31 March
1,399,984
1,401,701
\nExercisable at 31 March
79,348
181,875
\nThe weighted average market value per ordinary share for PSP options exercised in 2023 was 587.2p (2022: 639.5p). The PSP awards
\noutstanding at 31 March 2023 have a weighted average remaining vesting period of 1.0 years (2022: 1.2 years) and a weighted average
\ncontractual life of 7.9 years (2022: 7.9 years).
\n
\n
\n
\n
\nDeferred Annual Bonus and Single Incentive Plan Award
\nThe Group operates the Deferred Annual Bonus and Single Incentive Plan Award for Executive Directors, the Operational Leadership Team
\nand certain key employees. The plan consists of two schemes, the Deferred Annual Bonus Plan (\u2018DABP\u2019) and the Single Incentive Plan Award
\n(\u2018SIPA\u2019).
\nDeferred Annual Bonus
\nThe Group operates a Deferred Annual Bonus Plan (\u2018DABP\u2019) for Executive Directors. Awards under the plan are contingent on the
\nsatisfaction of pre-set internal targets relating to \ufb01nancial and operational objectives. The extent to which the awards vest will depend
\nupon the satisfaction of the Group\u2019s \ufb01nancial and operational performance in the \ufb01nancial year of the award date (the \u2018Performance
\nConditions\u2019). The awards will vest on the second anniversary of the date the Remuneration Committee determines that the Performance
\nConditions have been satis\ufb01ed (the \u2018Vesting Period\u2019). Awards are potentially forfeitable during that period should the employee leave
\nemployment. The DABP awards have been valued using the Black-Scholes method where appropriate and the resulting share-based
\npayments charge is being spread evenly over the combined Performance Period and Vesting Period of the shares, being three years.
\nOn 23 June 2022, the Group awarded 108,704 nil cost options under the DABP scheme (2022: nil). DABP award holders are entitled to
\nreceive dividends accruing between the grant date and the vesting date and this value will be delivered in shares. The assumptions used
\nin the measurement of the fair value at grant date of the DABP awards are as follows:
\nGrant date
\nShare price at
\ngrant date
\n\u00a3
\nExercise price
\n\u00a3
\nOption life
\nyears
\nRisk-free rate
\n%
\nDividend yield
\n%
\nNon-vesting
\ncondition
\n%
\nFair value per
\noption
\n\u00a3
\n17 August 2018
4.48
Nil
2.0
0.7
1.7
0.0
4.48
\n17 June 2019
5.65
Nil
2.0
0.6
1.3
0.0
5.65
\n23 June 2022
5.31
Nil
2.0
2.0
1.3
0.0
5.31
\nThe number of options outstanding and exercisable as at 31 March was as follows:
\n2023
\nNumber
\n2022
\nNumber
\nOutstanding at 1 April
\u2013
121,289
\nOptions granted in the year
108,704
\u2013
\nDividend shares awarded
\u2013
1,211
\nOptions exercised in the year
\u2013
(122,500)
\nOutstanding at 31 March
108,704
\u2013
\nExercisable at 31 March
\u2013
\u2013
\nNo DABP options were exercised in 2023; the weighted average market value per ordinary share for DABP options exercised in 2022 was 640.7p.
\nSingle Incentive Plan Award
\nThe Group operates a Single Incentive Plan Award (\u2018SIPA\u2019) for the Operational Leadership Team and certain key employees. The extent
\nto which awards vest will depend upon the satisfaction of the Group\u2019s \ufb01nancial and operational performance in the \ufb01nancial year of
\nthe award date (the \u2018Performance Conditions\u2019). The awards will vest in tranches, with the \ufb01rst tranche vesting on the date on which the
\nRemuneration Committee determines that the Performance Conditions have been satis\ufb01ed, and subsequent tranches vesting on the \ufb01rst
\nand second anniversary of this date, subject to continuing employment.
\nOn 23 June 2022, the Group awarded 681,586 nil cost options under the SIPA scheme. For the 2022 awards, 75% of the award value is
\ndependent on FY23 Operating pro\ufb01t and the remaining 25% is subject to successful implementation of digital retailing related products
\nby 31 March 2023. The fair value of the 2022 award was determined to be \u00a35.31 per option, being the share price at grant date.
\nThe resulting share-based payments charge is being spread evenly over the period between the grant date and the vesting date. SIPA
\nholders are entitled to receive dividends accruing between the grant date and the vesting date and this value will be delivered in shares.
\nThe assumptions used in the measurement of the fair value at grant date of the SIPA awards are as follows:
\nGrant date
\nShare price at
\ngrant date
\n\u00a3
\nExercise
\nprice
\n\u00a3
\nExpected
\nvolatility
\n%
\nOption life
\nyears
\nRisk-free rate
\n%
\nDividend
\nyield
\n%
\nNon-vesting
\ncondition
\n%
\nFair value per
\noption
\n\u00a3
\n17 August 2018
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
\n17 June 2019
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
\n8 July 2020
5.27
Nil
N/A
3.0
(0.1)
0.0
0.0
5.27
\n24 November 2020
5.52
Nil
N/A
3.0
(0.1)
0.0
0.0
5.52
\n17 June 2021
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
\n23 June 2022
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
\n
\nThe number of options outstanding and exercisable as at 31 March was as follows:
\n2023
\nNumber
\n2022
\nNumber
\nOutstanding at 1 April
1,291,868
1,012,199
\nOptions granted in the year
681,586
718,634
\nDividend shares awarded
5,710
5,440
\nOptions exercised in the year
(214,290)
(429,283)
\nOptions forfeited in the year
(247,108)
(15,122)
\nOutstanding at 31 March
1,517,766
1,291,868
\nExercisable at 31 March
412,346
179,065
\nThe weighted average market value per ordinary share for SIPA options exercised in 2023 was 601.1p (2022: 646.2p). The SIPA awards
\noutstanding at 31 March 2023 have a weighted average remaining vesting period of 1.2 years (2022: 0.8 years) and a weighted average
\ncontractual life of 8.2 years (2022: 8.6 years). The charge for the year includes an estimate of the awards to be granted after the balance
\nsheet date in respect of achievement of 2021 targets.
\nSharesave scheme
\nThe Group operates a Sharesave (\u2018SAYE\u2019) scheme for all employees under which employees are granted an option to purchase ordinary
\nshares in the Company at up to 20% less than the market price at invitation, in three years\u2019 time, dependent on their entering into a
\ncontract to make monthly contributions into a savings account over the relevant period. Options are granted and are linked to a savings
\ncontract with a term of three years. These funds are used to fund the option exercise. No performance criteria are applied to the exercise
\nof Sharesave options. The assumptions used in the measurement of the fair value at grant date of the Sharesave plan are as follows:
\nGrant date
\nShare price at
\ngrant date
\n\u00a3
\nExercise
\nprice
\n\u00a3
\nExpected
\nvolatility
\n%
\nOption life
\nyears
\nRisk-free rate
\n%
\nDividend
\nyield
\n%
\nNon-vesting
\ncondition
\n%
\nFair value per
\noption
\n\u00a3
\n14 December 2018
4.48
3.49
29
3.0
0.7
1.7
16
1.29
\n13 December 2019
5.74
4.32
25
3.0
0.6
1.3
10
1.63
\n16 December 2020
5.75
4.41
32
3.0
0.0
0.5
10
1.86
\n16 December 2021
7.13
5.88
32
3.0
0.5
0.5
10
2.05
\n14 December 2022
5.64
4.56
34
3.0
3.2
1.3
10
1.87
\nExpected volatility is estimated by considering historic average share price volatility at the grant date. The requirement that an employee
\nhas to save in order to purchase shares under the Sharesave plan is a non-vesting condition. This feature has been incorporated into the
\nfair value at grant date by applying a discount to the valuation obtained from the Black-Scholes pricing model.
\n2023
2022
\nNumber of share
\noptions
\nWeighted average
\nexercise price
\n\u00a3
\nNumber of share
\noptions
\nWeighted average
\nexercise price
\n\u00a3
\nOutstanding at 1 April
1,446,582
4.72
1,505,816
3.88
\nOptions granted in the year
688,115
4.56
482,325
5.88
\nOptions exercised in the year
(406,060)
3.86
(446,884)
3.21
\nOptions lapsed in the year
(362,285)
5.39
(94,675)
4.38
\nOutstanding at 31 March
1,366,352
4.72
1,446,582
4.72
\nExercisable at 31 March
53,892
4.32
242,707
3.49
\nThe weighted average market value per ordinary share for Sharesave options exercised in 2023 was 597.4p (2022: 646.2p). The Sharesave
\noptions outstanding at 31 March 2023 have a weighted average remaining vesting period of 2.0 years (2022: 1.7 years) and a weighted
\naverage contractual life of 2.5 years (2022: 2.2 years).
\n
\n
\n
\n31. Business combinations
\nPurchase of Autorama UK Limited
\nOn 22 June 2022, the Group acquired the entire share capital of Autorama UK Limited (\u2018Autorama\u2019) for initial consideration of \u00a3150.0m,
\nwith an additional \u00a350.0m deferred until 22 June 2023 and settled in shares to the value of \u00a350.0m, subject to employment and customary
\nperformance conditions.
\nAutorama, one of the UK\u2019s largest marketplaces for leasing new vehicles, is a leading end-to-end digital platform, which aggregates leasing
\ndeals from multiple funders and OEMs (under its \u2018Vanarama\u2018 brand), enabling buyers to transact online across a wide range of vehicles.
\nThe total consideration of \u00a3150.0m excludes acquisition costs of \u00a32.1m which were recognised within costs in the Consolidated income
\nstatement. The following table provides a reconciliation of the amounts included in the Consolidated statement of cash \ufb02ows for the period:
\n2023
\n\u00a3m
\nCash paid for subsidiary
150.0
\nLess: cash acquired
(5.8)
\nPayment for acquisition of subsidiary, net of cash acquired
144.2
\nAs the settlement of the deferred \u00a350.0m consideration is subject to a condition for continuing employment to 22 June 2023, the amount
\nis not included in the business combination but is recorded as a post-acquisition income statement expense over the period of service, which
\nextends to the \ufb01rst anniversary of the acquisition. A charge of \u00a338.8m has been recorded in the period from acquisition to 31 March 2023.
\nFrom the period of acquisition to 31 March 2023, Autorama contributed revenue of \u00a327.2m, and a loss of \u00a311.2m to the Group\u2019s results.
\nFurther analysis is within note 2.
\n
\nThe purchase has been accounted for as a business combination under the acquisition method in accordance with IFRS 3. The fair value
\nof net assets acquired was assessed and, other than in respect of the intangible assets and related deferred tax, described below,
\nno material adjustments from book value were made to existing assets and liabilities. The goodwill calculation is summarised below:
\nFair value
\n\u00a3m
\nIntangible asset recognised on acquisition
\nBrand
47.6
\nTechnology
13.7
\nCustomer relationships
2.9
\nOrder book
2.3
\nDeferred tax liability arising on intangible assets
(16.3)
\n50.2
\nOther non-current assets
\nInvestments
1.0
\nProperty, plant and equipment
5.3
\nIntangible assets
0.4
\nDeferred tax asset
6.8
\n13.5
\nCurrent assets
\nCash and cash equivalents
5.8
\nTrade and other receivables
4.5
\nInventory
0.9
\nOther debtors
0.9
\n12.1
\nCurrent liabilities
\nTrade and other payables
11.6
\nDeferred income
2.3
\n13.9
\nNon-current liabilities
\nBorrowings
4.0
\nLease liabilities
0.4
\n4.4
\nTotal net assets acquired
57.5
\nGoodwill on acquisition
92.5
\nTotal assets acquired
150.0
\nFair value of cash consideration
150.0
\nThe brand, technology, customer relationships and order book obtained through the acquisition met the requirements to be separately
\nidenti\ufb01able under IFRS 3. Refer to note 2 for further details on fair value techniques for valuing intangibles.
\nThe business operates under the Vanarama brand name and is one of the UK\u2019s longest running e-commerce brands. The asset was valued
\nusing the Multi-period Excess Earnings Method and cross-checked using relief from royalty. A useful economic life and obsolescence
\ndecline period of 10 years was assumed. Revenue forecasts during this period were consistent with those described for Autorama in
\nnote 13, before adjustment for brand obsolescence. A post-tax discount rate of 14% was applied. This discount rate is lower than that for
\nAutorama as a whole at the date of acquisition and re\ufb02ects factors including the \ufb01nite brand forecast period, compared to cash \ufb02ows
\ninto perpetuity used to support the goodwill.
\nThe technology is Autorama\u2019s propriety technology which helps manage a complex vehicle lease purchasing process into a streamlined
\nonline transaction via a customer friendly user interface, which has been developed in-house. The asset was valued using the cost
\napproach speci\ufb01cally replacement costs and crosschecked using relief from royalty. The order book is customer orders not yet delivered,
\nwhich is expected to unwind.
\nThe goodwill recognised on acquisition principally relates to value arising from intangible assets that are not separately identi\ufb01able
\nunder IFRS 3. Such assets include the value of the acquired workforce (including technical experience), returning customers, supplier
\nrelationships with funders and car manufacturers and future market growth opportunities. Customer lists have not been valued separately
\non the basis they are inseparable in their own right from the brand. Supplier relationships are not separately valued on the basis that their
\nterms are in line with industry standards of what would be typically agreed with a market participant.
\n
\n
\n
\n
\nThe valuation of the Vanarama brand name is sensitive to a change in the obsolescence rate assumption. An obsolescence pro\ufb01le has
\nbeen assumed which is considered to be a representative curve for a consumer asset in the absence of continued marketing spend,
\nshowing a slow decline in the early years due to the bene\ufb01t of historic spend, then decline accelerating in the middle years as consumer
\nbrand consciousness falls, before slowing in the \ufb01nal years to re\ufb02ect a slower drop off of residual awareness. Slowing or accelerating
\nthe assumed rate of obsolescence by one year, with all other factors being unchanged, would increase or decrease the valuation of the
\nbrand by \u00a314m or \u00a316m respectively. Residual goodwill would be adjusted by an equal and opposite amount, net of taxation. The discount
\nrate used in the brand valuation is less sensitive to change, re\ufb02ecting the \ufb01nite useful economic life of 10 years and the lower positive cash
\n\ufb02ows in the latter years due to the obsolescence decline.
\nNone of the acquired intangible assets or goodwill is expected to be deductible for tax purposes. A deferred tax liability has been recorded
\non the fair value of the intangible assets recognised, other than goodwill, measured at the substantively enacted UK rate of corporation tax
\nfrom April 2023 of 25%. This deferred tax liability has been debited against and increased the value of goodwill recognised.
\nSettlement of deferred consideration in relation to Blue Owl Network Limited
\nIn addition, in July 2022, the deferred consideration of \u00a38.1m was settled in respect of the acquisition of Blue Owl Network Limited (\u2018Blue
\nOwl\u2019). On 31 July 2020, the Group acquired the entire share capital of Blue Owl for consideration of \u00a318.2m, of which \u00a38.1m was deferred
\nuntil 31 July 2022.
\n32. Financial instruments
\nFinancial assets
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nNet trade receivables (invoiced)
18
28.5
25.7
\nNet accrued income
18
38.7
34.6
\nNet trade receivables (total)
18
67.2
60.3
\nOther receivables
18
0.3
0.1
\nCash and cash equivalents
20
16.6
51.3
\nTotal
84.1
111.7
\nCredit risk
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at 31 March 2023
\nwas \u00a384.1m (2022: \u00a3111.7m). The maximum exposure to credit risk for trade receivables and accrued income at the reporting date by
\ngeographic region was:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nUK
67.2
59.5
\nIreland
\u2013
0.8
\nTotal
67.2
60.3
\nThe maximum exposure to credit risk for trade receivables and accrued income at the reporting date by type of customer was:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nRetailers
52.7
50.6
\nManufacturer and Agency
5.1
3.7
\nOther
5.3
6.0
\nAutorama
4.1
\u2013
\nTotal
67.2
60.3
\nThe Group\u2019s most signi\ufb01cant customer accounts for \u00a31.2m (2022: \u00a31.2m) of net trade receivables as at 31 March 2023.
\n
\nExpected credit loss assessment
\nExpected credit losses are measured using a provisioning matrix based on actual credit loss experience over the past three years and
\nadjusted, when required, to take into account current macro-economic factors. For certain customers the Group applies experienced
\ncredit judgement that is determined to be predictive of the risk of loss to assess the expected credit loss, taking into account external
\nratings, \ufb01nancial statements and other available information. The following table provides information about the exposure to credit
\nrisk and expected credit losses for trade receivables and accrued income from individual customers as at 31 March 2023.
\nExpected credit
\nloss rate
\nGross carrying
\namount
\n\u00a3m
\nLoss allowance
\n\u00a3m
Credit-impaired
\nAccrued income
3.7%
40.2
(1.5)
No
\nCurrent
2.8%
25.4
(0.7)
No
\nPast due 1\u201330 days
8.8%
3.4
(0.3)
No
\nPast due 31\u201360 days
27.8%
0.4
(0.1)
No
\nPast due 61\u201390 days
83.3%
0.1
(0.1)
No
\nMore than 91 days past due
81.1%
2.2
(1.8)
No
\n71.7
(4.5)
\nAt 31 March 2022, ECLs were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability driven by used car price volatility.
\nA consistent level of ECLs has been recorded at 31 March 2023. Sensitivity analysis has been performed in assessing the expected credit
\nloss rate. There are no changes to the rate that are considered by the Directors to be reasonably possible, which give rise to a material
\ndifference in the loss allowance.
\nComparative information about the exposure to credit risk and expected credit losses for trade receivables from individual customers
\nas at 31 March 2022 is set out below:
\nExpected credit
\nloss rate
\nGross carrying
\namount
\n\u00a3m
\nLoss allowance
\n\u00a3m
Credit-impaired
\nAccrued income
3.4%
35.8
(1.2)
No
\nCurrent
2.6%
23.4
(0.6)
No
\nPast due 1\u201330 days
9.5%
2.1
(0.2)
No
\nPast due 31\u201360 days
14.3%
0.7
(0.1)
No
\nPast due 61\u201390 days
50.0%
0.2
(0.1)
No
\nMore than 91 days past due
83.3%
1.8
(1.5)
No
\n64.0
(3.7)
\nThe Group has identi\ufb01ed speci\ufb01c balances for which it has provided an impairment allowance on a line by line basis across all ledgers,
\nin both years. The allowance accounts in respect of trade receivables are used to record impairment losses unless the Group is satis\ufb01ed
\nthat no recovery of the amount owing is possible; at that point the amounts considered irrecoverable are written off against the \ufb01nancial
\nasset directly.
\nThe movement in the allowance for impairment in respect of trade receivables during the year was as follows.
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 1 April
18
2.5
2.9
\nCharged during the year
1.0
0.5
\nAcquired through business combinations
0.3
\u2013
\nUtilised during the year
(0.8)
(0.9)
\nAt 31 March
18
3.0
2.5
\nThe movement in the allowance for impairment in respect of accrued income during the year was as follows.
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 1 April
18
1.2
1.3
\nCharged during the year
0.5
0.1
\nUtilised during the year
(0.2)
(0.2)
\nAt 31 March
18
1.5
1.2
\n
\n
\n
\n
\nCash and cash equivalents
\nThe cash and cash equivalents are held with bank and \ufb01nancial institution counterparties, which are rated between P-1 and P-2 based on
\nMoody\u2019s ratings. The Directors do not consider deposits at these institutions to be at risk.
\nFinancial liabilities
\n2023
2022
\nAs per balance
\nsheet
\n\u00a3m
\nFuture interest
\ncost
\n\u00a3m
\nTotal cash \ufb02ows
\n\u00a3m
\nAs per balance
\nsheet
\n\u00a3m
\nFuture interest
\ncost
\n\u00a3m
\nTotal cash \ufb02ows
\n\u00a3m
\nTrade and other payables
27.9
\u2013
27.9
17.7
\u2013
17.7
\nVehicle stocking loan
3.0
\u2013
3.0
\u2013
\u2013
\u2013
\nBorrowings (gross of debt issue costs)
58.6
\u2013
58.6
\u2013
\u2013
\u2013
\nDeferred consideration
\u2013
\u2013
\u2013
8.0
0.1
8.1
\nLeases
7.1
0.3
7.4
9.5
0.4
9.9
\nTotal
96.6
0.3
96.9
35.2
0.5
35.7
\nTrade and other payables are as disclosed within note 21, excluding vehicle stocking loan, other taxation and social security liabilities and
\ndeferred income.
\nIFRS 7 requires the contractual future interest cost of a \ufb01nancial liability to be included within the above table. As disclosed in note 22 of
\nthese Consolidated \ufb01nancial statements, borrowings are currently drawn under a syndicated debt arrangement and repayments can be
\nmade at any time without penalty. As such there is no contractual future interest cost. Interest is payable on borrowings\u2019 drawn amounts
\nat a rate of SONIA prevailing at the time of drawdown plus the applicable margin, which ranges from 1.2% to 2.1%. Interest paid in the year
\nin relation to borrowings amounted to \u00a33.0m (2022: \u00a31.4m).
\nThe Company had no derivative \ufb01nancial liabilities in either year. It is not expected that the cash \ufb02ows included in the maturity analysis
\ncould occur earlier or at signi\ufb01cantly different amounts.
\nLiquidity risk
\nThe maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below. This table has been drawn up using the
\nundiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on which the Group is obliged to pay. The table includes both
\ninterest and principal cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates prevailing at the
\nyear end, where applicable.
\nAs at 31 March 2023
\nTrade and other
\npayables
\n\u00a3m
\nVehicle
\nstocking loan
\n\u00a3m
\nBorrowings
\n\u00a3m
\nDeferred
\nconsideration
\n\u00a3m
\nLeases
\n\u00a3m
\nTotal
\n\u00a3m
\nDue within one year
27.9
3.0
1.1
\u2013
2.5
34.5
\nDue within one to two years
\u2013
\u2013
\u2013
\u2013
2.4
2.4
\nDue within two to \ufb01ve years
\u2013
\u2013
57.5
\u2013
2.5
60.0
\nDue after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal
27.9
3.0
58.6
\u2013
7.4
96.9
\nAs at 31 March 2022
\nTrade and other
\npayables
\n\u00a3m
\nVehicle
\nstocking loan
\n\u00a3m
\nBorrowings
\n\u00a3m
\nDeferred
\nconsideration
\n\u00a3m
\nLeases
\n\u00a3m
\nTotal
\n\u00a3m
\nDue within one year
17.7
\u2013
\u2013
8.1
3.0
28.8
\nDue within one to two years
\u2013
\u2013
\u2013
\u2013
2.8
2.8
\nDue within two to \ufb01ve years
\u2013
\u2013
\u2013
\u2013
2.1
2.1
\nDue after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
2.0
2.0
\nTotal
17.7
\u2013
\u2013
8.1
9.9
35.7
\nFair values
\nThe fair values of all \ufb01nancial instruments in both years approximate to their carrying values.
\n
\n33. Net debt
\nAnalysis of net debt
\nNet debt is calculated as total borrowings, vehicle stocking loan and lease liabilities, less cash and cash equivalents. Non-cash changes
\nrepresent the effects of the recognition and subsequent amortisation of fees relating to the bank facility, changing maturity pro\ufb01les,
\nacquisition of debt and new leases entered into during the year.
\nMarch 2023
\nAt
\n1 April 2022
\n\u00a3m
\nCash \ufb02ow
\n\u00a3m
\nNon-cash
\nchanges
\n\u00a3m
\nAt
\n31 March 2023
\n\u00a3m
\nDebt due within one year
\u2013
1.1
\u2013
1.1
\nDebt due after more than one year
\u2013
54.6
2.9
57.5
\nVehicle stocking loan
\u2013
\u2013
3.0
3.0
\nAccrued interest
0.1
(3.0)
3.2
0.3
\nLease liabilities
9.5
(2.9)
0.5
7.1
\nTotal debt and lease \ufb01nancing
9.6
49.8
9.6
69.0
\nCash and cash equivalents
(51.3)
34.7
\u2013
(16.6)
\nNet debt/(cash)
(41.7)
84.5
9.6
52.4
\nNon-cash changes on debt due after more than one year include borrowings of \u00a34.0m which were acquired as part of the Autorama
\nbusiness combination, and were subsequently repaid in July 2022.
\nMarch 2022
\nAt
\n1 April 2021
\n\u00a3m
\nCash \ufb02ow
\n\u00a3m
\nNon-cash
\nchanges
\n\u00a3m
\nAt
\n31 March 2022
\n\u00a3m
\nDebt due after more than one year
27.6
(30.0)
2.4
\u2013
\nAccrued interest
0.3
(1.5)
1.3
0.1
\nLease liabilities
7.5
(3.2)
5.2
9.5
\nTotal debt and lease \ufb01nancing
35.4
(34.7)
8.9
9.6
\nCash and cash equivalents
(45.7)
(5.6)
\u2013
(51.3)
\nNet debt/(cash)
(10.3)
(40.3)
8.9
(41.7)
\nReconciliation of movements in liabilities to cash \ufb02ows arising from \ufb01nancing activities
\nLiabilities/(Assets)
Equity
\nBorrowings
\nand accrued
\ninterest
\nVehicle
\nstocking
\nloan
\nLease
\nliabilities
\nShare
\ncapital
\nRetained
\nearnings
\nOwn shares
\nheld
\nOther
\nreserves
Total
\nBalance as of 1 April 2022
(1.2)
\u2013
9.5
9.5
1,332.4
(22.4)
(847.0)
480.8
\nChanges from \ufb01nancing cash \ufb02ows
\nDividends paid to Company shareholders
\u2013
\u2013
\u2013
\u2013
(77.7)
\u2013
\u2013
(77.7)
\nDrawdown of Syndicated RCF
110.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
110.0
\nRepayment of Syndicated RCF
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.0)
\nRepayment of other debt
(4.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(4.0)
\nProceeds from loan
1.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
\nPayment of re\ufb01nancing fees
(1.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.4)
\nPayment of interest on borrowings
(3.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.0)
\nPayment of lease liabilities
\u2013
\u2013
(2.9)
\u2013
\u2013
\u2013
\u2013
(2.9)
\nPurchase of own shares for cancellation
\u2013
\u2013
\u2013
(0.2)
(138.6)
\u2013
0.2
(138.6)
\nPurchase of own shares for treasury
\u2013
\u2013
\u2013
\u2013
\u2013
(8.7)
\u2013
(8.7)
\nFees on repurchase of own shares
\u2013
\u2013
\u2013
\u2013
(0.7)
\u2013
\u2013
(0.7)
\nProceeds from exercise of share-based incentives
\u2013
\u2013
\u2013
\u2013
2.0
\u2013
\u2013
2.0
\nTotal changes from \ufb01nancing cash \ufb02ows
52.7
\u2013
(2.9)
(0.2)
(215.0)
(8.7)
0.2
(173.9)
\nOther changes \u2013 liability related
\nInterest expense
3.1
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
3.3
\nOther
4.3
3.0
0.3
\u2013
\u2013
\u2013
\u2013
7.6
\nTotal liability-related other changes
7.4
3.0
0.5
\u2013
\u2013
\u2013
\u2013
10.9
\nTotal equity-related other changes
\u2013
\u2013
\u2013
\u2013
272.9
5.1
0.5
278.5
\nBalance as of 31 March 2023
58.9
3.0
7.1
9.3
1,390.3
(26.0)
(846.3)
596.3
\n
\n
\n
\n
\nLiabilities/(Assets)
Equity
\nBorrowings
\nand accrued
\ninterest
\nLease
\nliabilities
\nShare
\ncapital
\nRetained
\nearnings
\nOwn
\nshares
\nheld
\nOther
\nreserves
Total
\nBalance as of 1 April 2021
27.9
7.5
9.7
1,307.3
(10.7)
(847.6)
494.1
\nChanges from \ufb01nancing cash \ufb02ows
\nDividends paid to Company shareholders
\u2013
\u2013
\u2013
(73.6)
\u2013
\u2013
(73.6)
\nRepayment of Syndicated RCF
(30.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(30.0)
\nPayment of interest on borrowings
(1.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(1.5)
\nPayment of lease liabilities
\u2013
(3.2)
\u2013
\u2013
\u2013
\u2013
(3.2)
\nPurchase of own shares for cancellation
\u2013
\u2013
(0.2)
(145.8)
\u2013
0.2
(145.8)
\nPurchase of own shares for treasury
\u2013
\u2013
\u2013
\u2013
(17.7)
\u2013
(17.7)
\nFees on repurchase of own shares
\u2013
\u2013
\u2013
(0.8)
(0.1)
\u2013
(0.9)
\nIssue of ordinary shares
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
0.2
\nProceeds from exercise of share-based incentives
\u2013
\u2013
\u2013
1.4
\u2013
\u2013
1.4
\nTotal changes from \ufb01nancing cash \ufb02ows
(31.5)
(3.2)
(0.2)
(218.8)
(17.8)
0.4
(271.1)
\nOther changes \u2013 liability related
\nInterest expense
2.4
0.2
\u2013
\u2013
\u2013
\u2013
2.6
\nOther
\u2013
5.0
\u2013
\u2013
\u2013
\u2013
5.0
\nTotal liability-related other changes
2.4
5.2
\u2013
\u2013
\u2013
\u2013
7.6
\nTotal equity-related other changes
\u2013
\u2013
\u2013
243.9
6.1
0.2
250.2
\nBalance as of 31 March 2022
(1.2)
9.5
9.5
1,332.4
(22.4)
(847.0)
480.8
\n34. Related party transactions
\nDealer Auction Limited
\nThe Group transacted the following related party transactions with its joint venture, Dealer Auction Limited, during the period.
\nThe Group provided data services to Dealer Auction under a licence agreement established as part of the formation of the joint
\nventure in January 2019. The value of services provided to Dealer Auction was \u00a30.6m (2022: \u00a30.6m) and has been recognised within
\nrevenue. At 31 March 2023, deferred income outstanding in relation to the licence agreement was \u00a38.9m (2022: \u00a39.5m).
\nOther related party transactions
\nKey Management personnel compensation has been disclosed in note 8.
\nThe Group sponsors a funded de\ufb01ned bene\ufb01t pension scheme. Details of transactions with the Wiltshire (Bristol) Limited Retirement
\nBene\ufb01ts Scheme are set out in note 25.
\n
\n35. Subsidiaries and joint ventures
\nSubsidiaries
\nAt 31 March 2023 the Group\u2019s subsidiaries were:
\nSubsidiary undertakings
\nCountry of registration or
\nincorporation
Principal activity
\nClass of shares
\nheld
\nPercentage
\nowned by the
\nparent
\nPercentage
\nowned by the
\nGroup
\nAuto Trader Holding Limited
\n1
\nEngland and Wales
Intermediary holding
\ncompany
\nOrdinary
100%
100%
\nAuto Trader Limited
\n1
\nEngland and Wales
Online marketplace
Ordinary
\u2013
100%
\nTrader Licensing Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
100%
\nAutorama UK Limited
\n2
\nEngland and Wales
Online marketplace
Ordinary
100%
100%
\nVanarama Limited
\n2
\nEngland and Wales
Dormant company
Ordinary
\u2013
100%
\nAutorama Holding (Malta) Limited
\n3
\nMalta
Investment company for a
\nprotected cell company
\nOrdinary
\u2013
100%
\nVanarama USA Inc
\n4
\nUnited States of America
Dormant company
Ordinary
\u2013
100%
\nBlue Owl Network Limited
\n1
\nEngland and Wales
Finance platform
Ordinary
\u2013
100%
\n1.
Registered of\ufb01ce address is 4
\nth
\nFloor, 1 Tony Wilson Place, Manchester, M15 4FN.
\n2.
Registered of\ufb01ce address is Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 7DE.
\n3.
Registered of\ufb01ce address is The Landmark, Level 2, Suite 1, Triq L-Iljun, Qormi, Malta.
\n4.
Registered of\ufb01ce address is 800 Battery Ave SE, Suite 100, Atlanta, GA, 30339-5107, United States.
\nDuring the year, the Group disposed of Webzone Limited and liquidated KeeResources Limited.
\nAll subsidiaries have a year end of 31 March, apart from Vanarama Limited, which has a year end of 30 November, and Autorama Holding
\n(Malta) Limited and Vanarama USA Inc, which have a year end of 31 December.
\nJoint ventures
\nAt 31 March 2023 the Group\u2019s interests in joint ventures were:
\nJoint ventures
\nCountry of registration or
\nincorporation
Principal activity
\nClass of shares
\nheld
\nPercentage
\nowned by the
\nparent
\nPercentage
\nowned by the
\nGroup
\nDealer Auction Limited
\n1
\nEngland and Wales
Online marketplace
Ordinary
\u2013
49%
\nDealer Auction (Operations) Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
49%
\nAuto Trader Autostock Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
49%
\nDealer Auction Services Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
49%
\n1.
Registered of\ufb01ce address is Central House, Leeds Road, Rothwell, Leeds, West Yorkshire, England, LS26 0JE.
\nAll joint ventures have a year end of 31 December.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15893": {
"value": "1. General information Auto Trader Group plc is a public limited company which is listed on the London Stock Exchange and is domiciled and incorporated in
\nthe United Kingdom under the Companies Act 2006. The Consolidated \ufb01nancial statements of the Company as at and for the year ended
\n31 March 2023 comprise the Company and its interest in subsidiaries (together referred to as \u2018the Group\u2019). The Group\u2019s principal business
\nis the operation of the Auto Trader platforms which form the UK\u2019s largest automotive marketplace.
\nThe Consolidated \ufb01nancial statements of the Group as at and for the year ended 31 March 2023 are available upon request to the
\nCompany Secretary from the Company\u2019s registered of\ufb01ce at 4
\nth
\nFloor, 1 Tony Wilson Place, Manchester, M15 4FN or are available on
\nthe corporate website at plc.autotrader.co.uk",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15897": {
"value": "Auto Trader Group plc ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15898": {
"value": "Auto Trader Group plc ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15899": {
"value": "Auto Trader Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15900": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15902": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15903": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15907": {
"value": "2023-03-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15909": {
"value": " 4th
\nFloor, 1 Tony Wilson Place, Manchester, M15 4FN",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15910": {
"value": "4th
\nFloor, 1 Tony Wilson Place, Manchester, M15 4FN",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15920": {
"value": "Basis of preparation The Consolidated \ufb01nancial statements have been prepared in accordance with the requirements of the Companies Act 2006 and
\nin accordance with UK-adopted international accounting standards.
\nThe Consolidated \ufb01nancial statements have been prepared on the going concern basis and under the historical cost convention,
\nexcept for equity investments which are carried at fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15928": {
"value": "Functional and presentation currency The Consolidated \ufb01nancial statements are presented in sterling (\u00a3), which is the Group\u2019s presentation currency, and rounded to the
\nnearest hundred thousand (\u00a30.1m) except when otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15934": {
"value": "Basis of consolidation Subsidiaries are all entities over which the Group has control. Control exists when the Group has existing rights that give it the ability to
\ndirect the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with
\nthe entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The \ufb01nancial
\nstatements of subsidiaries are included in the Consolidated \ufb01nancial statements from the date that control commences until the date
\nthat control ceases.
\nThe acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is
\nmeasured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange.
\nCosts directly attributable to the acquisition are expensed. Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling
\ninterest. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair
\nvalue of any previous equity interest in the acquiree over the fair value of the identi\ufb01able net assets acquired is recorded as goodwill. If the total
\nof consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the
\nnet assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement.
\nWhen the Group disposes of a subsidiary, it derecognises the assets and liabilities of the subsidiary. Any resulting gain or loss is recognised
\nin the income statement.
\nIntercompany transactions and balances between Group companies are eliminated on consolidation.
\nA joint arrangement is an arrangement over which the Group and one or more third parties have joint control. These joint arrangements
\nare in turn classi\ufb01ed as: joint ventures whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets
\nand obligations for its liabilities; and joint operations whereby the Group has rights to the assets and obligations for the liabilities relating
\nto the arrangement.
\nAssociates are all entities over which the Group has signi\ufb01cant in\ufb02uence but not control, generally accompanying a shareholding of
\nbetween 20% and 50% of the voting rights. Where signi\ufb01cant in\ufb02uence is not demonstrated but the shareholding is between 20% and
\n50%, the Group would account for its interest as an investment. All investments are initially recognised at cost and the carrying value
\nis reviewed for impairment",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15962": {
"value": "Going concern During the year ended 31 March 2023 the Group has continued to generate signi\ufb01cant cash from operations. The Group has an overall
\npositive net asset position and had cash balances of \u00a316.6m at 31 March 2023 (2022: \u00a351.3m). During the year \u00a3225.0m was returned to
\nshareholders through share buybacks and dividends (2022: \u00a3237.1m).
\nThe Group has access to a Syndicated revolving credit facility (the \u2018Syndicated RCF\u2019). At 31 March 2023 the Group had \u00a360.0m (2022: nil)
\ndrawn of its \u00a3200.0m Syndicated RCF. The \u00a3200.0m Syndicated RCF is committed through to maturity in February 2028.
\nCash \ufb02ow projections for a period of not less than 12 months from the date of this report have been prepared. Stress case scenarios
\nhave been modelled to make the assessment of going concern, taking into account severe but plausible potential impacts of a severe
\neconomic downturn and a data breach within the next 12 months. The results of the stress testing demonstrated that due to the Group\u2019s
\nsigni\ufb01cant free cash \ufb02ow, access to the Syndicated RCF and the Board\u2019s ability to adjust the discretionary share buyback programme,
\nthe Group would be able to withstand the impact and remain cash generative. Subsequent to the year end, the Group has generated
\ncash \ufb02ows in line with its forecast and there are no events that have adversely impacted the Group\u2019s liquidity.
\nThe Directors, after making enquiries and on the basis of current \ufb01nancial projections and facilities available, believe that the Group
\nhas adequate \ufb01nancial resources to continue in operation for a period not less than 12 months from the date of this report. For this
\nreason, they continue to adopt the going concern basis in preparing the \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f15997": {
"value": "Accounting estimates and judgements The preparation of \ufb01nancial statements in conformity with UK-adopted international accounting standards requires the use of certain
\naccounting estimates and assumptions. It also requires management to exercise its judgement in the process of applying the Group\u2019s
\naccounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors,
\nincluding expectations of future events that are believed to be reasonable under the circumstances.
\nManagement believe that the estimates and assumptions listed below were signi\ufb01cant in the preparation of the Consolidated balance
\nsheet at the \ufb01nancial year end.
\nAcquisition accounting (judgement and estimate)
\nThe Group acquired Autorama UK Limited (\u2018Autorama\u2019) in the year. Business combination accounting has been adopted in line with the
\naccounting policy in note 2. Judgement was required to determine the acquired intangible assets to be separately identi\ufb01ed, as described
\nin note 31. In particular, it was concluded that supplier relationships with funders and car manufacturers did not meet the criteria for
\nrecognition as separate intangible assets and their value would form part of the goodwill arising on acquisition. For those acquired
\nintangible assets which are separately identi\ufb01ed, principally the Vanarama brand, estimation was then required to determine the
\nappropriate methodology, assumptions and data to measure their fair value at the acquisition date.
\nAs also disclosed in note 31, the purchase of Autorama gave rise to a deferred payment in shares of \u00a350.0m, with payment contingent
\non post-acquisition employment and service conditions. This element of consideration payable has been determined to be a post-acquisition
\nincome statement expense over the period of service, in accordance with IFRS 3. There is no signi\ufb01cant estimate relating to the contingency,
\nwhich expires in June 2023.
\nThere are no accounting estimates or judgements at the \ufb01nancial year end which have a signi\ufb01cant risk of resulting in a material adjustment
\nto the carrying amounts of assets and liabilities within the next \ufb01nancial year. Other accounting estimates and judgements include:
\nCarrying values of goodwill (judgement and estimate)
\nThe Group tests annually whether goodwill, held by the Group or its joint venture, has suffered any impairment in accordance with the
\naccounting policy stated within note 2. Judgement is required in the identi\ufb01cation and allocation of goodwill to cash-generating units
\nand the recoverable amounts of cash-generating units require the use of estimates (note 13).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16024": {
"value": "2. Signi\ufb01cant accounting policies Changes in signi\ufb01cant accounting policies
\nNew and amended standards adopted by the Group
\nThe following amendments to standards have been adopted by the Group for the \ufb01rst time for the \ufb01nancial year beginning on 1 April 2022:
\n\u2022 Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract (Amendments to IAS 37)
\n\u2022 Annual Improvements to IFRS Standards 2018\u20132020
\n\u2022 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)
\n\u2022 Reference to the Conceptual Framework (Amendments to IFRS 3)
\nThe adoption of these amendments has had no material effect on the Group\u2019s Consolidated \ufb01nancial statements.
\nStandards, amendments and interpretations to existing standards that are not yet effective
\nThere are a number of amendments to IFRS that have been issued by the IASB that, when endorsed in the UK, will become effective
\nin a subsequent accounting period including:
\n\u2022 IFRS 17 Insurance Contracts
\n\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
\n\u2022 De\ufb01nition of Accounting Estimates (Amendments to IAS 8)
\n\u2022
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12 Income Taxes)
\n\u2022 Classi\ufb01cation of Liabilities as Current or Non-current (Amendments to IAS 1)
\n\u2022
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)
\nThe Group has evaluated these changes and none are expected to have a material impact on the Consolidated \ufb01nancial statements.
\nExisting signi\ufb01cant accounting policies
\nThe following accounting policies applied by the Group have been applied consistently to all periods presented in the Consolidated
\n\ufb01nancial statements.
\nRevenue
\nRevenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is recognised when a customer obtains
\ncontrol of the services. Revenue is stated net of discounts, rebates, refunds and value-added tax.
\n
\n
\n
\n
\nRevenue principally represents the amounts receivable from customers for advertising on the Group\u2019s platforms but also includes
\nnon-advertising services such as vehicle leasing transactions and data services. The different types of products and services offered
\nto customers along with the nature and timing of satisfaction of performance obligations are set out as follows:
\n(i) Trade revenue
\nTrade revenue comprises fees from retailers, Home Traders and logistics customers for advertising on the Group\u2019s platforms and utilising
\nthe Group\u2019s services.
\nRetailer revenue
\nRetailer customers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms. Control is obtained by customers
\nacross the life of the contract as their stock is continually listed. Contracts for these services are agreed at a retailer or retailer group
\nlevel and are ongoing subject to a 30-day notice period. Revenue is invoiced monthly in arrears.
\nRetailers have the option to enhance their presence on the platform through additional products, each of which has a distinct
\nperformance obligation. For products that provide enhanced exposure across the life of the product, control is passed to the customer
\nover time. Revenue is only recognised at a point in time for additional advertising products where the customer does not receive the
\nbene\ufb01t until they choose to apply the product. Additional advertising products are principally billed on a monthly subscription basis in
\nline with their core advertising package, however certain products are billed on an individual charge basis. The Group also generates
\nrevenue from retailers for data and valuation services under a variety of contractual arrangements, with each service being a separate
\nperformance obligation. Control is obtained by customers either across the life of the contract where customers are licensed to use the
\nGroup\u2019s services or at a point in time when a one-off data service is provided.
\nContract modi\ufb01cations occur on a regular basis as customers change their stock levels or add or remove additional advertising products
\nfrom their contracts. Following a contract modi\ufb01cation, the customer is billed in line with the delivery of the remaining performance
\nobligations. A receivable is recognised only when the Group\u2019s right to consideration is only conditional on the passage of time.
\nHome Trader revenue
\nHome Trader customers pay a fee in advance to advertise a vehicle on the Group\u2019s platform for a speci\ufb01ed period of time. Revenue is
\ndeferred until the customer obtains control over the services. Control is obtained by customers across the life of the contract as their
\nvehicle is continually listed. Contracts for these services are typically entered into for a period of between two and six weeks.
\nLogistics revenue
\nLogistics customers pay a monthly subscription fee for access to the Group\u2019s Motor Trade Delivery platform. Control is obtained by
\ncustomers across the life of the contract as their access is continuous. Contracts for these services are agreed at a customer level and
\nare ongoing subject to a 30-day notice period. Logistics customers have the option to bid on vehicle moves advertised by retailers on the
\nplatform. The logistics customer pays a fee if they are successful in obtaining business from retailers through the Group\u2019s marketplace.
\nRevenue is recognised at the point in time when the vehicle move has been completed. A receivable is recognised only when the Group\u2019s
\nright to consideration is only conditional on the passage of time.
\nData revenue
\nData customers pay a subscription fee to access elements of Auto Trader\u2019s vehicle database or to access the Fleetware software. Control
\nis transferred to customers across the life of the contract where customers have continuous access to the database or the software.
\nAutoConvert revenue
\nAutoConvert customers pay a monthly subscription fee to access the AutoConvert platform. Control is transferred to customers across the life
\nof the contract where customers have continuous access to the platform and revenue is recognised across this period. Ancillary AutoConvert
\nrevenues are charged on a per transaction basis and revenue is recognised at the point in time that these services are provided.
\n(ii) Consumer Services revenue
\nConsumer Services comprises fees from private sellers for vehicle advertisements on the Group\u2019s websites, and third-party partners
\nwho provide services to consumers relating to their motoring needs, such as insurance and loan \ufb01nance. Private customers pay a fee in
\nadvance to advertise a vehicle on the Group\u2019s platform for a speci\ufb01ed period of time. Control is obtained by customers across the life
\nof the contract as their stock is continually listed. Contracts for these services are typically entered into for a period of between two and
\nsix weeks and revenue is recognised over this time. Revenue is also generated from third-party partners who utilise the Group\u2019s platforms
\nto advertise their products under a variety of contractual arrangements, with each service being a separate performance obligation.
\nControl is obtained by customers at a point in time when the service is provided. Revenue is also generated through Instant Offer,
\nproviding consumers with a guaranteed price for their vehicle offered by a third-party buyer. The Group\u2019s fee is recognised as revenue
\nwhen the consumer\u2019s vehicle is collected by the third-party buyer.
\n(iii) Manufacturer and Agency revenue
\nRevenue is generated from manufacturers and their advertising agencies for placing display advertising for their brand or vehicle on the
\nGroup\u2019s websites under a variety of contractual arrangements, with each service being a separate performance obligation. Control is
\nobtained by customers across the life of the contract as their advertising is displayed on the different platforms. Rebates are present in
\nthe contractual arrangements with customers and are awarded either in cash or value of services based upon annual spend; an estimate
\nof the annualised spend is made at the reporting date to determine the amount of revenue to be recognised. A receivable is recognised
\nonly when the Group\u2019s right to consideration is only conditional on the passage of time.
\n
\n(iv) Autorama revenue
\nAutorama revenue comprises consideration received from the sale of new vehicles and accessories as well as commission received for
\nfacilitating the lease of new vehicles.
\nVehicle & Accessory sales revenue
\nVehicle & Accessory sales revenue is generated from new vehicles which are purchased from an original equipment manufacturer (\u2018OEM\u2019)
\nor retailer and then sold to a lease funder. Control is obtained by the funder at a point in time when the vehicle is delivered and revenue
\nis only recognised at this point. Additional accessories can be added to vehicles at extra cost upon the request of the funder, and
\ncontrol is once again obtained by the funder at a point in time when the vehicle is delivered. Where the Group obtains control of vehicles
\nor accessories in advance of selling those goods to a funder, including holding inventory risk, then the Group is acting as principal and
\nrevenue and cost of sales are reported on a gross basis. Where the Group does not obtain control of vehicles, revenue is recorded as the
\nvalue of the related commission and recognised as described below.
\nCommission & Ancillary revenue
\nCommission & Ancillary revenue is generated from commission received from lease funders for facilitating the lease of new vehicles via
\nadvertisement on the Autorama online marketplace. Control is obtained by the funder at a point in time when the lease is live and revenue
\nis only recognised at this point. Ancillary Autorama revenues are charged on a per transaction basis and revenue is recognised at the
\npoint in time that these services are provided.
\nRebates are present in the contractual arrangements with funders and are awarded in cash based upon the quarterly number of vehicles
\nprovided. Similarly, rebates are present in the contractual arrangements with OEMs and are awarded in cash based upon the quarterly
\nnumber of vehicles purchased. Revenue is recognised as volume targets are met, when Autorama\u2019s right to consideration is only
\nconditional on the passage of time.
\nEmployee bene\ufb01ts
\nThe Group operates several pension schemes and all except one are de\ufb01ned contribution schemes. Within the UK all pension schemes
\nset up prior to 2001 have been closed to new members and only one de\ufb01ned contribution scheme is now open to new employees.
\na) De\ufb01ned contribution scheme
\nThe assets of the de\ufb01ned contribution scheme are held separately from those of the Group in independently administered funds.
\nThe costs in respect of this Scheme are charged to the income statement as incurred.
\nb) De\ufb01ned bene\ufb01t scheme
\nThe Group operates one de\ufb01ned bene\ufb01t pension scheme that is closed to new members. The asset or liability recognised in the balance
\nsheet in respect of the de\ufb01ned bene\ufb01t scheme is the present value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date less the
\nfair value of the Scheme\u2019s assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the projected
\nunit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by discounting the estimated future cash out\ufb02ows
\nusing interest rates of high-quality corporate bonds that are denominated in the currency in which the bene\ufb01ts will be paid, and that
\nhave terms to maturity approximating those of the related pension liability. Remeasurement gains and losses arising from experience
\nadjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in
\nwhich they arise. Any Scheme surplus (to the extent it can be recovered) or de\ufb01cit is recognised in full on the balance sheet. Contributions
\npaid to the Scheme by the Group have been classi\ufb01ed as \ufb01nancing activities in the Consolidated statement of cash \ufb02ows as there are no
\nremaining active members within the Scheme.
\nc) Share-based payments
\nEquity-settled awards are valued at the grant date, and the fair value is charged as an expense in the income statement spread over the
\nvesting period. Fair value of the awards is measured using Black-Scholes and Monte Carlo pricing models. The credit side of the entry is
\nrecorded in equity. Cash-settled awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t and
\nloss account over the vesting period and the credit side of the entry recognised as a liability.
\nResearch and development
\nResearch and development expenditure is charged against pro\ufb01ts in the year in which it is incurred, unless it is development that meets
\nthe criteria for capitalisation set out in IAS 38, Intangible Assets.
\nOperating pro\ufb01t
\nOperating pro\ufb01t is the pro\ufb01t of the Group (including the Group\u2019s share of pro\ufb01t from joint ventures) before \ufb01nance income, \ufb01nance costs,
\npro\ufb01t on disposal of subsidiaries which do not meet the de\ufb01nition of a discontinued operation, and taxation.
\nFinance income and costs
\nFinance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings. Both are recognised in the income
\nstatement in the period in which they are incurred.
\nTaxation
\nThe tax expense for the period comprises current and deferred taxation. Tax is recognised in the income statement, except to the extent
\nthat it relates to items recognised in \u2018other comprehensive income\u2019 or directly in equity. In this case the tax is also recognised in other
\ncomprehensive income or directly in equity, respectively. Management periodically evaluates positions taken in tax returns with respect
\nto situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of
\namounts expected to be paid to the tax authorities.
\nCurrent taxation is provided at amounts expected to be paid (or recovered) calculated using the rates of tax and laws that have been
\nenacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income.
\n
\n
\n
\n
\nDeferred taxation is provided in full, using the liability method, on temporary differences arising between the tax base of assets and
\nliabilities and their carrying amounts are included in the Consolidated \ufb01nancial statements. Deferred taxation is determined using tax
\nrates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related
\ndeferred tax asset is realised or the deferred tax liability is settled.
\nDeferred taxation assets are recognised only to the extent that it is probable that future taxable pro\ufb01t will be available against which the
\ntemporary differences can be utilised.
\nDeferred taxation is provided on temporary differences arising on investments in subsidiaries and interests in joint ventures, except
\nwhere the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference
\nwill not reverse in the foreseeable future.
\nDeferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax
\nliabilities and when the deferred taxation assets and liabilities relate to taxes levied by the same taxation authority on either the taxable
\nentity or different taxable entities where there is an intention to settle the balance on a net basis.
\nLeases
\nAt inception of a contract, the Group assesses whether or not a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
\nconveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. When a lease is recognised in
\na contract the Group recognises a right of use asset and a lease liability at the lease commencement date other than as noted below.
\nThe right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease prepayments
\nmade at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
\nunderlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use asset is
\nsubsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the
\nright of use asset or the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those
\nof property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for
\ncertain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
\nusing the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate.
\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future
\nlease payments arising from a change in an index or rate, or if the Group changes its assessment of whether it will exercise a purchase,
\nextension or termination option.
\nThe Group presents right of use assets in property, plant and equipment and leased liabilities in lease liabilities in the balance sheet.
\nThe Group has applied the recognition exemption of low value leases. For these leases, the lease payments are charged to the income
\nstatement on a straight-line basis over the term of the lease.
\nFinancial instruments
\nA \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nancing component) or \ufb01nancial liability is initially measured at
\nfair value plus, for an item not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to its acquisition or issue.
\nA trade receivable without a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
\nUnder IFRS 9, trade receivables including accrued income, without a signi\ufb01cant \ufb01nancing component, are classi\ufb01ed and held at amortised
\ncost, being initially measured at the transaction price and subsequently measured at amortised cost less any impairment loss.
\nThe Group recognises lifetime expected credit losses (\u2018ECLs\u2019) for trade receivables and accrued income. The expected credit losses
\nare estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for any macro-economic factors.
\nAt 31 March 2022, ECLs were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability driven by used car price volatility.
\nA consistent level of ECLs has been recorded at 31 March 2023.
\nThe Group assesses whether a \ufb01nancial asset is in default on a case by case basis when it becomes probable that the customer is unlikely
\nto pay its credit obligations. The gross carrying amount of a \ufb01nancial asset is written off when the Group has no reasonable expectations
\nof recovering a \ufb01nancial asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment with
\nrespect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no
\nsigni\ufb01cant recovery from the amount written off. However, \ufb01nancial assets that are written off could still be subject to enforcement
\nactivities in order to comply with the Group\u2019s procedures for recovery of amounts due.
\nAt each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost are credit-impaired. A \ufb01nancial asset
\nis \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash \ufb02ows of the \ufb01nancial asset
\nhave occurred.
\nFinancial liabilities are classi\ufb01ed as measured at amortised cost or fair value through pro\ufb01t and loss. A \ufb01nancial liability is classi\ufb01ed as at fair
\nvalue through pro\ufb01t and loss if it is classi\ufb01ed as held-for-trading, it is a derivative, or it is designated as such on initial recognition and measured
\nat fair value and net gains and losses, including any interest expense, are recognised in pro\ufb01t or loss. Other \ufb01nancial liabilities, including trade
\npayables, are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and
\nlosses are recognised in pro\ufb01t or loss. Any gain or loss on derecognition is also recognised in pro\ufb01t or loss.
\n
\nIntangible assets
\na) Goodwill
\nGoodwill represents the excess cost of an acquisition over the fair value of the Group\u2019s share of the net identi\ufb01able assets of the acquired
\nsubsidiary at the date of acquisition. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment
\nlosses. Impairment losses are charged to the income statement and are not reversed. The gain or loss on the disposal of an entity includes
\nthe carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing.
\nThe allocation is made to those cash-generating units that are expected to bene\ufb01t from the business combination in which the goodwill arose.
\nb) Trademarks, trade names, technology, non-compete agreements, customer relationships, franchise buybacks, brands and databases
\nSeparately acquired trademarks, trade names, technology and customer relationships are recognised at historical cost. They have
\na \ufb01nite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to
\nallocate the cost over their estimated useful lives of between one and 15 years. Trademarks, trade names, technology, non-compete
\nagreements, customer relationships, franchise buybacks, brands and databases acquired in a business combination are recognised
\nat fair value at the acquisition date and subsequently amortised.
\nc) Software
\nAcquired computer software controlled by the Group is capitalised at cost, including any costs to bring it into use, and is carried at cost less
\naccumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over the estimated useful life
\nof three to \ufb01ve years.
\nd) Software and website development costs and \ufb01nancial systems
\nDevelopment costs that are directly attributable to the design and testing of identi\ufb01able and unique software products,
\nwebsites and systems controlled by the Group are recognised as intangible assets when the following criteria are met:
\n\u2022
it is technically feasible to complete the software product or website so that it will be available for use;
\n\u2022 management intends to complete the software product or website and use or sell it;
\n\u2022 there is an ability to use or sell the software product or website;
\n\u2022 it can be demonstrated how the software product or website will generate probable future economic bene\ufb01ts;
\n\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software product or website
\nare available; and
\n\u2022 the expenditure attributable to the software product or website during its development can be reliably measured.
\nDirectly attributable costs that are capitalised as part of the software product, website or system include employee and contractor
\ncosts. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with
\nroutine upgrades and enhancements, are recognised as an expense as incurred. Development costs for software, websites and systems
\nare carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding 10 years) at the point at which
\nthey come into use.
\nLicence agreements to use cloud software provided as a service are treated as service contracts and expensed in the Group income
\nstatement, unless the Group has both a contractual right to take possession of the software at any time without signi\ufb01cant penalty, and the
\nability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible
\nassets. Implementation costs are expensed unless implementation is a distinct service and gives rise to a separate intangible asset.
\nProperty, plant and equipment
\nAll property, plant and equipment is stated at historical cost less accumulated depreciation and impairment losses. Historical cost
\ncomprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.
\nFreehold land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost less their
\nestimated residual values over the estimated useful lives as follows:
\nLand, buildings and leasehold improvements:
\n\u2022 Leasehold land and buildings
life of lease
\n\u2022 Leasehold improvements
life of lease
\n\u2022 Plant and equipment
3\u201310 years
\nThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying value of
\nassets is reviewed for impairment if events or changes in circumstances suggest that the carrying value may not be recoverable. Assets will
\nbe written down to their recoverable amount if lower than the carrying value, and any impairment is charged to the income statement.
\nGains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income
\nstatement within administrative expenses.
\nImpairment of non-\ufb01nancial assets
\nAssets that have an inde\ufb01nite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment.
\nAssets that are subject to amortisation and depreciation are reviewed for impairment whenever events or changes in circumstances
\nindicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying
\namount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
\nFor the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows
\n(cash-generating units). Non-\ufb01nancial assets other than goodwill that have suffered an impairment are reviewed for possible reversal
\nof the impairment at each reporting date.
\n
\n
\n
\n\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects
\ncurrent market assessments of the time value of money and the risks speci\ufb01c to the asset. For an asset that does not generate largely
\nindependent cash \ufb02ows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
\nImpairment losses recognised in respect of cash-generating units are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated
\nto the cash-generating unit (or group of units) and then to reduce the carrying amount of other assets in the unit (or group of units)
\non a pro-rata basis.
\nBusiness combinations
\nThe Group accounts for business combinations using the acquisition method under IFRS 3. See note 1 for further details.
\nInterests in joint ventures
\nUnder IFRS 11, investments in joint arrangements are classi\ufb01ed as either joint operations or joint ventures depending on the contractual
\nrights and obligations of each investor. Auto Trader Group plc has assessed the nature of its joint arrangements and determined them
\nto be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint
\nventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition pro\ufb01ts or losses,
\nmovements in other comprehensive income and dividends received.
\nCash and cash equivalents
\nCash and cash equivalents include cash in hand and short-term deposits held on call with banks.
\nInventories
\nInventory is measured at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
\nCost is based on the cost of purchase on a \ufb01rst in, \ufb01rst out basis.
\nBorrowings
\nBorrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently carried at amortised cost,
\nwith any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement
\nover the period of the borrowings using the effective interest method.
\nFinance and issue costs associated with the borrowings are charged to the income statement using the effective interest rate method
\nfrom the date of issue over the estimated life of the borrowings to which the costs relate.
\nBorrowings are derecognised when the contractual obligation is discharged, cancelled or expires. Where an existing \ufb01nancial liability is
\nreplaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed,
\nsuch an exchange or modi\ufb01cation is treated as a derecognition of the original liability and the recognition of a new liability, such that the
\ndifference in respective carrying amounts together with any costs or fees incurred are recognised in the income statement.
\nBorrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least
\n12 months after the balance sheet date.
\nVehicle \ufb01nancing
\nA vehicle stocking loan is a \ufb01nancing arrangement which is used to purchase new and used vehicles prior to re-sale. This \ufb01nancing
\narrangement can only be used for this purpose, typically has a maturity of 180 days or less and is repayable on the earliest of the vehicle
\ndelivery date or the maturity date. Based on these factors, the Group recognises these arrangements as \ufb01nancial liabilities within trade
\nand other payables.
\nProvisions
\nA provision is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event,
\nit is probable that an out\ufb02ow of resources will be required to settle the obligation and a reliable estimate of that obligation can be made.
\nWhere there are a number of similar obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering
\nthe class of obligations as a whole. If the effect is material, provisions are determined by discounting the expected future cash \ufb02ows
\nat a pre-tax rate that re\ufb02ects current market assessments of the time value of money and, where appropriate, the risks speci\ufb01c to
\nthe obligation.
\nContingent liabilities are not recognised but are disclosed unless an out\ufb02ow of resources is remote. Contingent assets are not
\nrecognised but are disclosed where an in\ufb02ow of economic bene\ufb01ts is probable.
\nShare capital
\nOrdinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
\ndeduction from the proceeds.
\nW
here the Group purchases its own equity share capital, the consideration paid is deducted from equity attributable to the Group\u2019s
\nshareholders. Where such shares are subsequently cancelled, the nominal value of the shares repurchased is deducted from share
\ncapital and transferred to a capital redemption reserve. Where the Group purchases its own equity share capital to hold in treasury,
\nthe consideration paid for the shares is shown as own shares held within equity.
\n
\nShares held by Employee Share Option Trust
\nThe Employee Share Option Trust (\u2018ESOT\u2019) provides for the issue of shares to Group employees principally under share option schemes.
\nThe Group has control of the ESOT and therefore consolidates the ESOT in the Group \ufb01nancial statements. Accordingly, shares in the
\nCompany held by the ESOT are included in the balance sheet at cost as a deduction from equity.
\nShare premium
\nThe amount subscribed for the ordinary shares in excess of the nominal value of these new shares is recorded in share premium.
\nCosts that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax.
\nCapital reorganisation reserve
\nThe capital reorganisation reserve arose on consolidation as a result of the share-for-share exchange on 24 March 2015. It represents the
\ndifference between the nominal value of shares issued by Auto Trader Group plc in this transaction and the share capital and reserves
\nof Auto Trader Holding Limited.
\nCapital redemption reserve
\nThe capital redemption reserve arises from the purchase and subsequent cancellation of the Group\u2019s own equity share capital.
\nOther reserves
\nOther reserves include the currency translation reserve on the consolidation of entities whose functional currency is other than sterling,
\nand other amounts which arose on the initial common control transaction that formed the Group.
\nEarnings per share
\nThe Group presents basic and diluted earnings per share (\u2018EPS\u2019) for its ordinary shares. Basic EPS is calculated by dividing the pro\ufb01t
\nattributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For diluted
\nEPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares.
\nDividend distribution
\nDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s \ufb01nancial statements in the period in which
\nthe dividend is approved by the Company\u2019s shareholders in the case of \ufb01nal dividends, or the date at which they are paid in the case
\nof interim dividends.
\nSegment reporting
\nOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
\nThe chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments,
\nhas been identi\ufb01ed as the Operational Leadership Team that makes strategic decisions (note 4).
\nForeign currency translation
\na) Transactions and balances
\nForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
\ntransactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the
\nperiod end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement
\nwithin administrative expenses.
\nb) Foreign operations
\nThe results and \ufb01nancial position of all Group entities (none of which has the currency of a hyper-in\ufb02ationary economy) that have
\na functional currency other than sterling are translated into sterling as follows:
\n\u2022
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; and
\n\u2022 income and expenses for each income statement are translated at average exchange rates.
\nThese foreign currency differences are recognised in other comprehensive income and the translation reserve within other reserves.
\nOn the disposal of a foreign operation, the cumulative exchange differences that were recorded in equity are recognised in the income
\nstatement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated
\nas assets and liabilities of the foreign entity and translated at the closing rate.
\nFair value measurement
\n\u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
\nparticipants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access
\nat that date. The fair value of a liability re\ufb02ects its non-performance risk. A number of the Group\u2019s accounting policies and disclosures
\nrequire the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities. When one is available, the Group
\nmeasures the fair value of an instrument using the quoted price in an active market for that instrument. If there is no quoted price in an
\nactive market, then the Group uses valuation techniques that maximise the use of relevant observable outputs and minimise the use of
\nunobservable outputs. The chosen valuation technique incorporates all of the factors that market participants would take into account
\nin pricing a transaction. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16027": {
"value": "Changes in signi\ufb01cant accounting policies New and amended standards adopted by the Group
\nThe following amendments to standards have been adopted by the Group for the \ufb01rst time for the \ufb01nancial year beginning on 1 April 2022:
\n\u2022 Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract (Amendments to IAS 37)
\n\u2022 Annual Improvements to IFRS Standards 2018\u20132020
\n\u2022 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)
\n\u2022 Reference to the Conceptual Framework (Amendments to IFRS 3)
\nThe adoption of these amendments has had no material effect on the Group\u2019s Consolidated \ufb01nancial statements.
\nStandards, amendments and interpretations to existing standards that are not yet effective
\nThere are a number of amendments to IFRS that have been issued by the IASB that, when endorsed in the UK, will become effective
\nin a subsequent accounting period including:
\n\u2022 IFRS 17 Insurance Contracts
\n\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
\n\u2022 De\ufb01nition of Accounting Estimates (Amendments to IAS 8)
\n\u2022
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12 Income Taxes)
\n\u2022 Classi\ufb01cation of Liabilities as Current or Non-current (Amendments to IAS 1)
\n\u2022
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)
\nThe Group has evaluated these changes and none are expected to have a material impact on the Consolidated \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16053": {
"value": "Revenue Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is recognised when a customer obtains
\ncontrol of the services. Revenue is stated net of discounts, rebates, refunds and value-added tax.
\n
\n
\n
\n
\nRevenue principally represents the amounts receivable from customers for advertising on the Group\u2019s platforms but also includes
\nnon-advertising services such as vehicle leasing transactions and data services. The different types of products and services offered
\nto customers along with the nature and timing of satisfaction of performance obligations are set out as follows:
\n(i) Trade revenue
\nTrade revenue comprises fees from retailers, Home Traders and logistics customers for advertising on the Group\u2019s platforms and utilising
\nthe Group\u2019s services.
\nRetailer revenue
\nRetailer customers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms. Control is obtained by customers
\nacross the life of the contract as their stock is continually listed. Contracts for these services are agreed at a retailer or retailer group
\nlevel and are ongoing subject to a 30-day notice period. Revenue is invoiced monthly in arrears.
\nRetailers have the option to enhance their presence on the platform through additional products, each of which has a distinct
\nperformance obligation. For products that provide enhanced exposure across the life of the product, control is passed to the customer
\nover time. Revenue is only recognised at a point in time for additional advertising products where the customer does not receive the
\nbene\ufb01t until they choose to apply the product. Additional advertising products are principally billed on a monthly subscription basis in
\nline with their core advertising package, however certain products are billed on an individual charge basis. The Group also generates
\nrevenue from retailers for data and valuation services under a variety of contractual arrangements, with each service being a separate
\nperformance obligation. Control is obtained by customers either across the life of the contract where customers are licensed to use the
\nGroup\u2019s services or at a point in time when a one-off data service is provided.
\nContract modi\ufb01cations occur on a regular basis as customers change their stock levels or add or remove additional advertising products
\nfrom their contracts. Following a contract modi\ufb01cation, the customer is billed in line with the delivery of the remaining performance
\nobligations. A receivable is recognised only when the Group\u2019s right to consideration is only conditional on the passage of time.
\nHome Trader revenue
\nHome Trader customers pay a fee in advance to advertise a vehicle on the Group\u2019s platform for a speci\ufb01ed period of time. Revenue is
\ndeferred until the customer obtains control over the services. Control is obtained by customers across the life of the contract as their
\nvehicle is continually listed. Contracts for these services are typically entered into for a period of between two and six weeks.
\nLogistics revenue
\nLogistics customers pay a monthly subscription fee for access to the Group\u2019s Motor Trade Delivery platform. Control is obtained by
\ncustomers across the life of the contract as their access is continuous. Contracts for these services are agreed at a customer level and
\nare ongoing subject to a 30-day notice period. Logistics customers have the option to bid on vehicle moves advertised by retailers on the
\nplatform. The logistics customer pays a fee if they are successful in obtaining business from retailers through the Group\u2019s marketplace.
\nRevenue is recognised at the point in time when the vehicle move has been completed. A receivable is recognised only when the Group\u2019s
\nright to consideration is only conditional on the passage of time.
\nData revenue
\nData customers pay a subscription fee to access elements of Auto Trader\u2019s vehicle database or to access the Fleetware software. Control
\nis transferred to customers across the life of the contract where customers have continuous access to the database or the software.
\nAutoConvert revenue
\nAutoConvert customers pay a monthly subscription fee to access the AutoConvert platform. Control is transferred to customers across the life
\nof the contract where customers have continuous access to the platform and revenue is recognised across this period. Ancillary AutoConvert
\nrevenues are charged on a per transaction basis and revenue is recognised at the point in time that these services are provided.
\n(ii) Consumer Services revenue
\nConsumer Services comprises fees from private sellers for vehicle advertisements on the Group\u2019s websites, and third-party partners
\nwho provide services to consumers relating to their motoring needs, such as insurance and loan \ufb01nance. Private customers pay a fee in
\nadvance to advertise a vehicle on the Group\u2019s platform for a speci\ufb01ed period of time. Control is obtained by customers across the life
\nof the contract as their stock is continually listed. Contracts for these services are typically entered into for a period of between two and
\nsix weeks and revenue is recognised over this time. Revenue is also generated from third-party partners who utilise the Group\u2019s platforms
\nto advertise their products under a variety of contractual arrangements, with each service being a separate performance obligation.
\nControl is obtained by customers at a point in time when the service is provided. Revenue is also generated through Instant Offer,
\nproviding consumers with a guaranteed price for their vehicle offered by a third-party buyer. The Group\u2019s fee is recognised as revenue
\nwhen the consumer\u2019s vehicle is collected by the third-party buyer.
\n(iii) Manufacturer and Agency revenue
\nRevenue is generated from manufacturers and their advertising agencies for placing display advertising for their brand or vehicle on the
\nGroup\u2019s websites under a variety of contractual arrangements, with each service being a separate performance obligation. Control is
\nobtained by customers across the life of the contract as their advertising is displayed on the different platforms. Rebates are present in
\nthe contractual arrangements with customers and are awarded either in cash or value of services based upon annual spend; an estimate
\nof the annualised spend is made at the reporting date to determine the amount of revenue to be recognised. A receivable is recognised
\nonly when the Group\u2019s right to consideration is only conditional on the passage of time.
\n
\n(iv) Autorama revenue
\nAutorama revenue comprises consideration received from the sale of new vehicles and accessories as well as commission received for
\nfacilitating the lease of new vehicles.
\nVehicle & Accessory sales revenue
\nVehicle & Accessory sales revenue is generated from new vehicles which are purchased from an original equipment manufacturer (\u2018OEM\u2019)
\nor retailer and then sold to a lease funder. Control is obtained by the funder at a point in time when the vehicle is delivered and revenue
\nis only recognised at this point. Additional accessories can be added to vehicles at extra cost upon the request of the funder, and
\ncontrol is once again obtained by the funder at a point in time when the vehicle is delivered. Where the Group obtains control of vehicles
\nor accessories in advance of selling those goods to a funder, including holding inventory risk, then the Group is acting as principal and
\nrevenue and cost of sales are reported on a gross basis. Where the Group does not obtain control of vehicles, revenue is recorded as the
\nvalue of the related commission and recognised as described below.
\nCommission & Ancillary revenue
\nCommission & Ancillary revenue is generated from commission received from lease funders for facilitating the lease of new vehicles via
\nadvertisement on the Autorama online marketplace. Control is obtained by the funder at a point in time when the lease is live and revenue
\nis only recognised at this point. Ancillary Autorama revenues are charged on a per transaction basis and revenue is recognised at the
\npoint in time that these services are provided.
\nRebates are present in the contractual arrangements with funders and are awarded in cash based upon the quarterly number of vehicles
\nprovided. Similarly, rebates are present in the contractual arrangements with OEMs and are awarded in cash based upon the quarterly
\nnumber of vehicles purchased. Revenue is recognised as volume targets are met, when Autorama\u2019s right to consideration is only
\nconditional on the passage of time. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16187": {
"value": "Employee bene\ufb01ts The Group operates several pension schemes and all except one are de\ufb01ned contribution schemes. Within the UK all pension schemes
\nset up prior to 2001 have been closed to new members and only one de\ufb01ned contribution scheme is now open to new employees.
\na) De\ufb01ned contribution scheme
\nThe assets of the de\ufb01ned contribution scheme are held separately from those of the Group in independently administered funds.
\nThe costs in respect of this Scheme are charged to the income statement as incurred.
\nb) De\ufb01ned bene\ufb01t scheme
\nThe Group operates one de\ufb01ned bene\ufb01t pension scheme that is closed to new members. The asset or liability recognised in the balance
\nsheet in respect of the de\ufb01ned bene\ufb01t scheme is the present value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date less the
\nfair value of the Scheme\u2019s assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the projected
\nunit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by discounting the estimated future cash out\ufb02ows
\nusing interest rates of high-quality corporate bonds that are denominated in the currency in which the bene\ufb01ts will be paid, and that
\nhave terms to maturity approximating those of the related pension liability. Remeasurement gains and losses arising from experience
\nadjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in
\nwhich they arise. Any Scheme surplus (to the extent it can be recovered) or de\ufb01cit is recognised in full on the balance sheet. Contributions
\npaid to the Scheme by the Group have been classi\ufb01ed as \ufb01nancing activities in the Consolidated statement of cash \ufb02ows as there are no
\nremaining active members within the Scheme.
\nc) Share-based payments
\nEquity-settled awards are valued at the grant date, and the fair value is charged as an expense in the income statement spread over the
\nvesting period. Fair value of the awards is measured using Black-Scholes and Monte Carlo pricing models. The credit side of the entry is
\nrecorded in equity. Cash-settled awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t and
\nloss account over the vesting period and the credit side of the entry recognised as a liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16206": {
"value": "c) Share-based payments Equity-settled awards are valued at the grant date, and the fair value is charged as an expense in the income statement spread over the
\nvesting period. Fair value of the awards is measured using Black-Scholes and Monte Carlo pricing models. The credit side of the entry is
\nrecorded in equity. Cash-settled awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t and
loss account over the vesting period and the credit side of the entry recognised as a liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16215": {
"value": "Research and development Research and development expenditure is charged against pro\ufb01ts in the year in which it is incurred, unless it is development that meets
\nthe criteria for capitalisation set out in IAS 38, Intangible Assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16224": {
"value": "Finance income and costs Finance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings. Both are recognised in the income
\nstatement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16225": {
"value": "Finance income and costs Finance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings. Both are recognised in the income
\nstatement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16233": {
"value": "Taxation The tax expense for the period comprises current and deferred taxation. Tax is recognised in the income statement, except to the extent
\nthat it relates to items recognised in \u2018other comprehensive income\u2019 or directly in equity. In this case the tax is also recognised in other
\ncomprehensive income or directly in equity, respectively. Management periodically evaluates positions taken in tax returns with respect
\nto situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of
\namounts expected to be paid to the tax authorities.
\nCurrent taxation is provided at amounts expected to be paid (or recovered) calculated using the rates of tax and laws that have been
\nenacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income.
\n
\n
\n
\n
\nDeferred taxation is provided in full, using the liability method, on temporary differences arising between the tax base of assets and
\nliabilities and their carrying amounts are included in the Consolidated \ufb01nancial statements. Deferred taxation is determined using tax
\nrates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related
\ndeferred tax asset is realised or the deferred tax liability is settled.
\nDeferred taxation assets are recognised only to the extent that it is probable that future taxable pro\ufb01t will be available against which the
\ntemporary differences can be utilised.
\nDeferred taxation is provided on temporary differences arising on investments in subsidiaries and interests in joint ventures, except
\nwhere the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference
\nwill not reverse in the foreseeable future.
\nDeferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax
\nliabilities and when the deferred taxation assets and liabilities relate to taxes levied by the same taxation authority on either the taxable
\nentity or different taxable entities where there is an intention to settle the balance on a net basis",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16276": {
"value": "Deferred taxation is provided in full, using the liability method, on temporary differences arising between the tax base of assets and liabilities and their carrying amounts are included in the Consolidated \ufb01nancial statements. Deferred taxation is determined using tax
\nrates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related
\ndeferred tax asset is realised or the deferred tax liability is settled.
\nDeferred taxation assets are recognised only to the extent that it is probable that future taxable pro\ufb01t will be available against which the
\ntemporary differences can be utilised.
\nDeferred taxation is provided on temporary differences arising on investments in subsidiaries and interests in joint ventures, except
\nwhere the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference
\nwill not reverse in the foreseeable future.
\nDeferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax
\nliabilities and when the deferred taxation assets and liabilities relate to taxes levied by the same taxation authority on either the taxable
entity or different taxable entities where there is an intention to settle the balance on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16292": {
"value": "Leases At inception of a contract, the Group assesses whether or not a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
\nconveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. When a lease is recognised in
\na contract the Group recognises a right of use asset and a lease liability at the lease commencement date other than as noted below.
\nThe right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease prepayments
\nmade at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
\nunderlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use asset is
\nsubsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the
\nright of use asset or the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those
\nof property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for
\ncertain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
\nusing the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate.
\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future
\nlease payments arising from a change in an index or rate, or if the Group changes its assessment of whether it will exercise a purchase,
\nextension or termination option.
\nThe Group presents right of use assets in property, plant and equipment and leased liabilities in lease liabilities in the balance sheet.
\nThe Group has applied the recognition exemption of low value leases. For these leases, the lease payments are charged to the income
\nstatement on a straight-line basis over the term of the lease.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16314": {
"value": "Financial instruments A \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nancing component) or \ufb01nancial liability is initially measured at
\nfair value plus, for an item not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to its acquisition or issue.
\nA trade receivable without a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
\nUnder IFRS 9, trade receivables including accrued income, without a signi\ufb01cant \ufb01nancing component, are classi\ufb01ed and held at amortised
\ncost, being initially measured at the transaction price and subsequently measured at amortised cost less any impairment loss.
\nThe Group recognises lifetime expected credit losses (\u2018ECLs\u2019) for trade receivables and accrued income. The expected credit losses
\nare estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for any macro-economic factors.
\nAt 31 March 2022, ECLs were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability driven by used car price volatility.
\nA consistent level of ECLs has been recorded at 31 March 2023.
\nThe Group assesses whether a \ufb01nancial asset is in default on a case by case basis when it becomes probable that the customer is unlikely
\nto pay its credit obligations. The gross carrying amount of a \ufb01nancial asset is written off when the Group has no reasonable expectations
\nof recovering a \ufb01nancial asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment with
\nrespect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no
\nsigni\ufb01cant recovery from the amount written off. However, \ufb01nancial assets that are written off could still be subject to enforcement
\nactivities in order to comply with the Group\u2019s procedures for recovery of amounts due.
\nAt each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost are credit-impaired. A \ufb01nancial asset
\nis \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash \ufb02ows of the \ufb01nancial asset
\nhave occurred.
\nFinancial liabilities are classi\ufb01ed as measured at amortised cost or fair value through pro\ufb01t and loss. A \ufb01nancial liability is classi\ufb01ed as at fair
\nvalue through pro\ufb01t and loss if it is classi\ufb01ed as held-for-trading, it is a derivative, or it is designated as such on initial recognition and measured
\nat fair value and net gains and losses, including any interest expense, are recognised in pro\ufb01t or loss. Other \ufb01nancial liabilities, including trade
\npayables, are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and
\nlosses are recognised in pro\ufb01t or loss. Any gain or loss on derecognition is also recognised in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16358": {
"value": "Intangible assets a) Goodwill
\nGoodwill represents the excess cost of an acquisition over the fair value of the Group\u2019s share of the net identi\ufb01able assets of the acquired
\nsubsidiary at the date of acquisition. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment
\nlosses. Impairment losses are charged to the income statement and are not reversed. The gain or loss on the disposal of an entity includes
\nthe carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing.
\nThe allocation is made to those cash-generating units that are expected to bene\ufb01t from the business combination in which the goodwill arose.
\nb) Trademarks, trade names, technology, non-compete agreements, customer relationships, franchise buybacks, brands and databases
\nSeparately acquired trademarks, trade names, technology and customer relationships are recognised at historical cost. They have
\na \ufb01nite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to
\nallocate the cost over their estimated useful lives of between one and 15 years. Trademarks, trade names, technology, non-compete
\nagreements, customer relationships, franchise buybacks, brands and databases acquired in a business combination are recognised
\nat fair value at the acquisition date and subsequently amortised.
\nc) Software
\nAcquired computer software controlled by the Group is capitalised at cost, including any costs to bring it into use, and is carried at cost less
\naccumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over the estimated useful life
\nof three to \ufb01ve years.
\nd) Software and website development costs and \ufb01nancial systems
\nDevelopment costs that are directly attributable to the design and testing of identi\ufb01able and unique software products,
\nwebsites and systems controlled by the Group are recognised as intangible assets when the following criteria are met:
\n\u2022
it is technically feasible to complete the software product or website so that it will be available for use;
\n\u2022 management intends to complete the software product or website and use or sell it;
\n\u2022 there is an ability to use or sell the software product or website;
\n\u2022 it can be demonstrated how the software product or website will generate probable future economic bene\ufb01ts;
\n\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software product or website
\nare available; and
\n\u2022 the expenditure attributable to the software product or website during its development can be reliably measured.
\nDirectly attributable costs that are capitalised as part of the software product, website or system include employee and contractor
\ncosts. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with
\nroutine upgrades and enhancements, are recognised as an expense as incurred. Development costs for software, websites and systems
\nare carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding 10 years) at the point at which
\nthey come into use.
\nLicence agreements to use cloud software provided as a service are treated as service contracts and expensed in the Group income
\nstatement, unless the Group has both a contractual right to take possession of the software at any time without signi\ufb01cant penalty, and the
\nability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible
\nassets. Implementation costs are expensed unless implementation is a distinct service and gives rise to a separate intangible asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16359": {
"value": "Intangible assets a) Goodwill
\nGoodwill represents the excess cost of an acquisition over the fair value of the Group\u2019s share of the net identi\ufb01able assets of the acquired
\nsubsidiary at the date of acquisition. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment
\nlosses. Impairment losses are charged to the income statement and are not reversed. The gain or loss on the disposal of an entity includes
\nthe carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing.
\nThe allocation is made to those cash-generating units that are expected to bene\ufb01t from the business combination in which the goodwill arose.
\nb) Trademarks, trade names, technology, non-compete agreements, customer relationships, franchise buybacks, brands and databases
\nSeparately acquired trademarks, trade names, technology and customer relationships are recognised at historical cost. They have
\na \ufb01nite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to
\nallocate the cost over their estimated useful lives of between one and 15 years. Trademarks, trade names, technology, non-compete
\nagreements, customer relationships, franchise buybacks, brands and databases acquired in a business combination are recognised
\nat fair value at the acquisition date and subsequently amortised.
\nc) Software
\nAcquired computer software controlled by the Group is capitalised at cost, including any costs to bring it into use, and is carried at cost less
\naccumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over the estimated useful life
\nof three to \ufb01ve years.
\nd) Software and website development costs and \ufb01nancial systems
\nDevelopment costs that are directly attributable to the design and testing of identi\ufb01able and unique software products,
\nwebsites and systems controlled by the Group are recognised as intangible assets when the following criteria are met:
\n\u2022
it is technically feasible to complete the software product or website so that it will be available for use;
\n\u2022 management intends to complete the software product or website and use or sell it;
\n\u2022 there is an ability to use or sell the software product or website;
\n\u2022 it can be demonstrated how the software product or website will generate probable future economic bene\ufb01ts;
\n\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software product or website
\nare available; and
\n\u2022 the expenditure attributable to the software product or website during its development can be reliably measured.
\nDirectly attributable costs that are capitalised as part of the software product, website or system include employee and contractor
\ncosts. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with
\nroutine upgrades and enhancements, are recognised as an expense as incurred. Development costs for software, websites and systems
\nare carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding 10 years) at the point at which
\nthey come into use.
\nLicence agreements to use cloud software provided as a service are treated as service contracts and expensed in the Group income
\nstatement, unless the Group has both a contractual right to take possession of the software at any time without signi\ufb01cant penalty, and the
\nability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible
\nassets. Implementation costs are expensed unless implementation is a distinct service and gives rise to a separate intangible asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16363": {
"value": "a) Goodwill Goodwill represents the excess cost of an acquisition over the fair value of the Group\u2019s share of the net identi\ufb01able assets of the acquired
\nsubsidiary at the date of acquisition. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment
\nlosses. Impairment losses are charged to the income statement and are not reversed. The gain or loss on the disposal of an entity includes
\nthe carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing.
\nThe allocation is made to those cash-generating units that are expected to bene\ufb01t from the business combination in which the goodwill arose. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16405": {
"value": "Property, plant and equipment All property, plant and equipment is stated at historical cost less accumulated depreciation and impairment losses. Historical cost
\ncomprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.
\nFreehold land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost less their
\nestimated residual values over the estimated useful lives as follows:
\nLand, buildings and leasehold improvements:
\n\u2022 Leasehold land and buildings
life of lease
\n\u2022 Leasehold improvements
life of lease
\n\u2022 Plant and equipment
3\u201310 years
\nThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying value of
\nassets is reviewed for impairment if events or changes in circumstances suggest that the carrying value may not be recoverable. Assets will
\nbe written down to their recoverable amount if lower than the carrying value, and any impairment is charged to the income statement.
\nGains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income
\nstatement within administrative expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16410": {
"value": "Freehold land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost less their estimated residual values over the estimated useful lives as follows:
\nLand, buildings and leasehold improvements:
\n\u2022 Leasehold land and buildings
life of lease
\n\u2022 Leasehold improvements
life of lease
\n\u2022 Plant and equipment
3\u201310 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16428": {
"value": "Impairment of non-\ufb01nancial assets Assets that have an inde\ufb01nite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment.
\nAssets that are subject to amortisation and depreciation are reviewed for impairment whenever events or changes in circumstances
\nindicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying
\namount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
\nFor the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows
\n(cash-generating units). Non-\ufb01nancial assets other than goodwill that have suffered an impairment are reviewed for possible reversal
\nof the impairment at each reporting date.
\n
\n
\n
\n\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects
\ncurrent market assessments of the time value of money and the risks speci\ufb01c to the asset. For an asset that does not generate largely
\nindependent cash \ufb02ows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
\nImpairment losses recognised in respect of cash-generating units are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated
\nto the cash-generating unit (or group of units) and then to reduce the carrying amount of other assets in the unit (or group of units)
\non a pro-rata basis",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16478": {
"value": "Business combinations The Group accounts for business combinations using the acquisition method under IFRS 3. See note 1 for further details. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16482": {
"value": "Interests in joint ventures Under IFRS 11, investments in joint arrangements are classi\ufb01ed as either joint operations or joint ventures depending on the contractual
\nrights and obligations of each investor. Auto Trader Group plc has assessed the nature of its joint arrangements and determined them
\nto be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint
\nventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition pro\ufb01ts or losses,
\nmovements in other comprehensive income and dividends received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16491": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash in hand and short-term deposits held on call with banks. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16495": {
"value": "Inventories Inventory is measured at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
\nCost is based on the cost of purchase on a \ufb01rst in, \ufb01rst out basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16501": {
"value": "Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently carried at amortised cost,
\nwith any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement
\nover the period of the borrowings using the effective interest method.
\nFinance and issue costs associated with the borrowings are charged to the income statement using the effective interest rate method
\nfrom the date of issue over the estimated life of the borrowings to which the costs relate.
\nBorrowings are derecognised when the contractual obligation is discharged, cancelled or expires. Where an existing \ufb01nancial liability is
\nreplaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed,
\nsuch an exchange or modi\ufb01cation is treated as a derecognition of the original liability and the recognition of a new liability, such that the
\ndifference in respective carrying amounts together with any costs or fees incurred are recognised in the income statement.
\nBorrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least
\n12 months after the balance sheet date",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16521": {
"value": "Provisions A provision is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event,
\nit is probable that an out\ufb02ow of resources will be required to settle the obligation and a reliable estimate of that obligation can be made.
\nWhere there are a number of similar obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering
\nthe class of obligations as a whole. If the effect is material, provisions are determined by discounting the expected future cash \ufb02ows
\nat a pre-tax rate that re\ufb02ects current market assessments of the time value of money and, where appropriate, the risks speci\ufb01c to
\nthe obligation.
\nContingent liabilities are not recognised but are disclosed unless an out\ufb02ow of resources is remote. Contingent assets are not
\nrecognised but are disclosed where an in\ufb02ow of economic bene\ufb01ts is probable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16533": {
"value": "Share capital Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
\ndeduction from the proceeds.
\nW
here the Group purchases its own equity share capital, the consideration paid is deducted from equity attributable to the Group\u2019s
\nshareholders. Where such shares are subsequently cancelled, the nominal value of the shares repurchased is deducted from share
\ncapital and transferred to a capital redemption reserve. Where the Group purchases its own equity share capital to hold in treasury,
\nthe consideration paid for the shares is shown as own shares held within equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16577": {
"value": "Earnings per share The Group presents basic and diluted earnings per share (\u2018EPS\u2019) for its ordinary shares. Basic EPS is calculated by dividing the pro\ufb01t
\nattributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For diluted
\nEPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16584": {
"value": "Dividend distribution Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s \ufb01nancial statements in the period in which
\nthe dividend is approved by the Company\u2019s shareholders in the case of \ufb01nal dividends, or the date at which they are paid in the case
\nof interim dividends",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16591": {
"value": "Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
\nThe chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments,
\nhas been identi\ufb01ed as the Operational Leadership Team that makes strategic decisions (note 4). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16598": {
"value": "Foreign currency translation a) Transactions and balances
\nForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
\ntransactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the
\nperiod end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement
\nwithin administrative expenses.
\nb) Foreign operations
\nThe results and \ufb01nancial position of all Group entities (none of which has the currency of a hyper-in\ufb02ationary economy) that have
\na functional currency other than sterling are translated into sterling as follows:
\n\u2022
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; and
\n\u2022 income and expenses for each income statement are translated at average exchange rates.
\nThese foreign currency differences are recognised in other comprehensive income and the translation reserve within other reserves.
\nOn the disposal of a foreign operation, the cumulative exchange differences that were recorded in equity are recognised in the income
\nstatement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated
\nas assets and liabilities of the foreign entity and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16617": {
"value": "Fair value measurement \u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
\nparticipants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access
\nat that date. The fair value of a liability re\ufb02ects its non-performance risk. A number of the Group\u2019s accounting policies and disclosures
\nrequire the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities. When one is available, the Group
\nmeasures the fair value of an instrument using the quoted price in an active market for that instrument. If there is no quoted price in an
\nactive market, then the Group uses valuation techniques that maximise the use of relevant observable outputs and minimise the use of
\nunobservable outputs. The chosen valuation technique incorporates all of the factors that market participants would take into account
in pricing a transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16655": {
"value": "3. Risk and capital management Overview
\nIn the course of its business the Group is exposed to market risk, credit risk and liquidity risk from its use of \ufb01nancial instruments.
\nThis note presents information about the Group\u2019s exposure to each of the below risks, the Group\u2019s objectives, policies and processes
\nfor measuring and managing risk and the Group\u2019s management of capital. Further quantitative disclosures are included throughout
\nthese Consolidated \ufb01nancial statements.
\nThe Group\u2019s overall risk management strategy is to minimise potential adverse effects on the \ufb01nancial performance and net assets of
\nthe Group. These policies are set and reviewed by senior \ufb01nance management and all signi\ufb01cant \ufb01nancing transactions are authorised
\nby the Board of Directors.
\nMarket risk
\ni. Foreign exchange risk
\nThe Group has no signi\ufb01cant foreign exchange risk as 99% of the Group\u2019s revenue and 99% of costs are sterling-denominated. As the
\namounts are not signi\ufb01cant, no sensitivity analysis has been presented.
\nDuring the year the Group sold one of its subsidiaries, Webzone Limited, which traded in the Republic of Ireland under the Carzone brand.
\nFollowing the sale of Webzone Limited, all of the Group\u2019s revenue and costs are sterling-denominated.
\nii. Interest rate risk
\nThe Group\u2019s interest rate risk arises from long-term borrowings under the Syndicated RCF with \ufb02oating rates of interest linked to SONIA.
\nThe Group monitors interest rates on an ongoing basis but does not currently hedge interest rate risk. The variation of 100 basis points in
\nthe interest rate of \ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease post-tax pro\ufb01t for the
\nyear by \u00a30.4m (2022: \u00a30.0m).
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet its contractual obligations.
\ni. Trade receivables
\nCredit risk relating to trade receivables is managed centrally and the credit risk for new Auto Trader customers is analysed before
\nstandard payment terms and conditions are offered. Policies and procedures exist to ensure that Auto Trader\u2019s existing customers have
\nan appropriate credit history and a signi\ufb01cant number of balances are collected via direct debit. In March, more than 87.4% (2022: 87.4%)
\nof Auto Trader\u2019s retailer customers paid via monthly direct debit, minimising the risk of non-payment. Sales to private individuals using
\nAuto Trader are primarily settled in advance using major debit or credit cards which removes the risk in this area.
\nAutorama\u2019s main customers are funders who do not change regularly, so the risk in this area is also minimal.
\nThe Group establishes an expected credit loss that represents its estimate of losses in respect of trade and other receivables.
\nFurther details of these are given in note 32.
\nOverall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit or bad debt risk, due to the
\nfragmented nature of the customer base and the robust nature of the used car market.
\nii. Cash and cash equivalents
\nAs at 31 March 2023, the Group held cash and cash equivalents of \u00a316.6m (2022: \u00a351.3m). The cash and cash equivalents are held with bank
\nand \ufb01nancial institution counterparties, which are rated between P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is
\nto monitor cash, and when applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring ef\ufb01cient
\nmanagement of the Group\u2019s Syndicated RCF.
\nLiquidity risk
\nLiquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated with its \ufb01nancial liabilities that are
\nsettled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient
\nliquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
\ndamage to the Group\u2019s reputation.
\nCash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of the Group\u2019s liquidity requirements
\nare monitored to ensure it has suf\ufb01cient cash to meet operational needs. The Group\u2019s revenue model is largely subscription-based,
\nwhich results in a regular level of cash conversion allowing it to service working capital requirements.
\nThe Group has access to a Syndicated RCF which has total commitments of \u00a3200.0m. The \u00a3200.0m Syndicated RCF is committed through
\nto maturity in February 2028. The facility allows the Group access to cash at one working day\u2019s notice. At 31 March 2023, \u00a360.0m was
\ndrawn under the Syndicated RCF (2022: \u00a3nil).
\nThe Group has access to a vehicle stocking loan, with a limit of \u00a312.0m. This \ufb01nancing arrangement can only be used to fund the purchase
\nof new and used vehicles prior to re-sale and has a maturity of 180 days or less. The loan is repayable on the earliest of the vehicle delivery
\ndate or the maturity date. At 31 March 2023, \u00a33.0m was recognised in the Consolidated balance sheet (2022: \u00a3nil).
\n
\nCapital management
\nThe Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt, other loans, vehicle stocking loans
\nand lease \ufb01nancing, less cash and cash equivalents as shown in note 20. Total equity is as shown in the Consolidated balance sheet.
\nThe calculation of total capital is shown in the table below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal net debt/(cash)
52.4
(41.7)
\nTotal equity
527.3
472.5
\nTotal capital
579.7
430.8
\nThe objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for
\nshareholders and bene\ufb01ts for other stakeholders and to maintain an ef\ufb01cient cost of capital structure. To maintain or adjust the capital
\nstructure, the Group may pay dividends, return capital through share buybacks, issue new shares or take other steps to increase share
\ncapital and reduce or increase debt facilities.
\nAs at 31 March 2023, the Group had borrowings of \u00a360.0m (2022: \u00a3nil) through its Syndicated RCF. Interest is payable on this facility at a rate
\nof SONIA plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries,
\nwhich is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16656": {
"value": "3. Risk and capital management Overview
\nIn the course of its business the Group is exposed to market risk, credit risk and liquidity risk from its use of \ufb01nancial instruments.
\nThis note presents information about the Group\u2019s exposure to each of the below risks, the Group\u2019s objectives, policies and processes
\nfor measuring and managing risk and the Group\u2019s management of capital. Further quantitative disclosures are included throughout
\nthese Consolidated \ufb01nancial statements.
\nThe Group\u2019s overall risk management strategy is to minimise potential adverse effects on the \ufb01nancial performance and net assets of
\nthe Group. These policies are set and reviewed by senior \ufb01nance management and all signi\ufb01cant \ufb01nancing transactions are authorised
\nby the Board of Directors.
\nMarket risk
\ni. Foreign exchange risk
\nThe Group has no signi\ufb01cant foreign exchange risk as 99% of the Group\u2019s revenue and 99% of costs are sterling-denominated. As the
\namounts are not signi\ufb01cant, no sensitivity analysis has been presented.
\nDuring the year the Group sold one of its subsidiaries, Webzone Limited, which traded in the Republic of Ireland under the Carzone brand.
\nFollowing the sale of Webzone Limited, all of the Group\u2019s revenue and costs are sterling-denominated.
\nii. Interest rate risk
\nThe Group\u2019s interest rate risk arises from long-term borrowings under the Syndicated RCF with \ufb02oating rates of interest linked to SONIA.
\nThe Group monitors interest rates on an ongoing basis but does not currently hedge interest rate risk. The variation of 100 basis points in
\nthe interest rate of \ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease post-tax pro\ufb01t for the
\nyear by \u00a30.4m (2022: \u00a30.0m).
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet its contractual obligations.
\ni. Trade receivables
\nCredit risk relating to trade receivables is managed centrally and the credit risk for new Auto Trader customers is analysed before
\nstandard payment terms and conditions are offered. Policies and procedures exist to ensure that Auto Trader\u2019s existing customers have
\nan appropriate credit history and a signi\ufb01cant number of balances are collected via direct debit. In March, more than 87.4% (2022: 87.4%)
\nof Auto Trader\u2019s retailer customers paid via monthly direct debit, minimising the risk of non-payment. Sales to private individuals using
\nAuto Trader are primarily settled in advance using major debit or credit cards which removes the risk in this area.
\nAutorama\u2019s main customers are funders who do not change regularly, so the risk in this area is also minimal.
\nThe Group establishes an expected credit loss that represents its estimate of losses in respect of trade and other receivables.
\nFurther details of these are given in note 32.
\nOverall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit or bad debt risk, due to the
\nfragmented nature of the customer base and the robust nature of the used car market.
\nii. Cash and cash equivalents
\nAs at 31 March 2023, the Group held cash and cash equivalents of \u00a316.6m (2022: \u00a351.3m). The cash and cash equivalents are held with bank
\nand \ufb01nancial institution counterparties, which are rated between P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is
\nto monitor cash, and when applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring ef\ufb01cient
\nmanagement of the Group\u2019s Syndicated RCF.
\nLiquidity risk
\nLiquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated with its \ufb01nancial liabilities that are
\nsettled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient
\nliquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
\ndamage to the Group\u2019s reputation.
\nCash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of the Group\u2019s liquidity requirements
\nare monitored to ensure it has suf\ufb01cient cash to meet operational needs. The Group\u2019s revenue model is largely subscription-based,
\nwhich results in a regular level of cash conversion allowing it to service working capital requirements.
\nThe Group has access to a Syndicated RCF which has total commitments of \u00a3200.0m. The \u00a3200.0m Syndicated RCF is committed through
\nto maturity in February 2028. The facility allows the Group access to cash at one working day\u2019s notice. At 31 March 2023, \u00a360.0m was
\ndrawn under the Syndicated RCF (2022: \u00a3nil).
\nThe Group has access to a vehicle stocking loan, with a limit of \u00a312.0m. This \ufb01nancing arrangement can only be used to fund the purchase
\nof new and used vehicles prior to re-sale and has a maturity of 180 days or less. The loan is repayable on the earliest of the vehicle delivery
\ndate or the maturity date. At 31 March 2023, \u00a33.0m was recognised in the Consolidated balance sheet (2022: \u00a3nil).
\n
\nCapital management
\nThe Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt, other loans, vehicle stocking loans
\nand lease \ufb01nancing, less cash and cash equivalents as shown in note 20. Total equity is as shown in the Consolidated balance sheet.
\nThe calculation of total capital is shown in the table below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal net debt/(cash)
52.4
(41.7)
\nTotal equity
527.3
472.5
\nTotal capital
579.7
430.8
\nThe objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for
\nshareholders and bene\ufb01ts for other stakeholders and to maintain an ef\ufb01cient cost of capital structure. To maintain or adjust the capital
\nstructure, the Group may pay dividends, return capital through share buybacks, issue new shares or take other steps to increase share
\ncapital and reduce or increase debt facilities.
\nAs at 31 March 2023, the Group had borrowings of \u00a360.0m (2022: \u00a3nil) through its Syndicated RCF. Interest is payable on this facility at a rate
\nof SONIA plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries,
\nwhich is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16668": {
"value": "Market risk i. Foreign exchange risk
\nThe Group has no signi\ufb01cant foreign exchange risk as 99% of the Group\u2019s revenue and 99% of costs are sterling-denominated. As the
\namounts are not signi\ufb01cant, no sensitivity analysis has been presented.
\nDuring the year the Group sold one of its subsidiaries, Webzone Limited, which traded in the Republic of Ireland under the Carzone brand.
\nFollowing the sale of Webzone Limited, all of the Group\u2019s revenue and costs are sterling-denominated.
\nii. Interest rate risk
\nThe Group\u2019s interest rate risk arises from long-term borrowings under the Syndicated RCF with \ufb02oating rates of interest linked to SONIA.
\nThe Group monitors interest rates on an ongoing basis but does not currently hedge interest rate risk. The variation of 100 basis points in
\nthe interest rate of \ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease post-tax pro\ufb01t for the
\nyear by \u00a30.4m (2022: \u00a30.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16671": {
"value": "i. Foreign exchange risk The Group has no signi\ufb01cant foreign exchange risk as 99% of the Group\u2019s revenue and 99% of costs are sterling-denominated. As the
\namounts are not signi\ufb01cant, no sensitivity analysis has been presented.
\nDuring the year the Group sold one of its subsidiaries, Webzone Limited, which traded in the Republic of Ireland under the Carzone brand.
\nFollowing the sale of Webzone Limited, all of the Group\u2019s revenue and costs are sterling-denominated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16684": {
"value": "Credit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet its contractual obligations.
\ni. Trade receivables
\nCredit risk relating to trade receivables is managed centrally and the credit risk for new Auto Trader customers is analysed before
\nstandard payment terms and conditions are offered. Policies and procedures exist to ensure that Auto Trader\u2019s existing customers have
\nan appropriate credit history and a signi\ufb01cant number of balances are collected via direct debit. In March, more than 87.4% (2022: 87.4%)
\nof Auto Trader\u2019s retailer customers paid via monthly direct debit, minimising the risk of non-payment. Sales to private individuals using
\nAuto Trader are primarily settled in advance using major debit or credit cards which removes the risk in this area.
\nAutorama\u2019s main customers are funders who do not change regularly, so the risk in this area is also minimal.
\nThe Group establishes an expected credit loss that represents its estimate of losses in respect of trade and other receivables.
\nFurther details of these are given in note 32.
\nOverall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit or bad debt risk, due to the
\nfragmented nature of the customer base and the robust nature of the used car market.
\nii. Cash and cash equivalents
\nAs at 31 March 2023, the Group held cash and cash equivalents of \u00a316.6m (2022: \u00a351.3m). The cash and cash equivalents are held with bank
\nand \ufb01nancial institution counterparties, which are rated between P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is
\nto monitor cash, and when applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring ef\ufb01cient
\nmanagement of the Group\u2019s Syndicated RCF.
Credit risk
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at 31 March 2023
\nwas \u00a384.1m (2022: \u00a3111.7m). The maximum exposure to credit risk for trade receivables and accrued income at the reporting date by
\ngeographic region was:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nUK
67.2
59.5
\nIreland
\u2013
0.8
\nTotal
67.2
60.3
\nThe maximum exposure to credit risk for trade receivables and accrued income at the reporting date by type of customer was:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nRetailers
52.7
50.6
\nManufacturer and Agency
5.1
3.7
\nOther
5.3
6.0
\nAutorama
4.1
\u2013
\nTotal
67.2
60.3
\nThe Group\u2019s most signi\ufb01cant customer accounts for \u00a31.2m (2022: \u00a31.2m) of net trade receivables as at 31 March 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16703": {
"value": "Liquidity risk
\nLiquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated with its \ufb01nancial liabilities that are
\nsettled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient
\nliquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
\ndamage to the Group\u2019s reputation.
\nCash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of the Group\u2019s liquidity requirements
\nare monitored to ensure it has suf\ufb01cient cash to meet operational needs. The Group\u2019s revenue model is largely subscription-based,
\nwhich results in a regular level of cash conversion allowing it to service working capital requirements.
\nThe Group has access to a Syndicated RCF which has total commitments of \u00a3200.0m. The \u00a3200.0m Syndicated RCF is committed through
\nto maturity in February 2028. The facility allows the Group access to cash at one working day\u2019s notice. At 31 March 2023, \u00a360.0m was
\ndrawn under the Syndicated RCF (2022: \u00a3nil).
\nThe Group has access to a vehicle stocking loan, with a limit of \u00a312.0m. This \ufb01nancing arrangement can only be used to fund the purchase
\nof new and used vehicles prior to re-sale and has a maturity of 180 days or less. The loan is repayable on the earliest of the vehicle delivery
\ndate or the maturity date. At 31 March 2023, \u00a33.0m was recognised in the Consolidated balance sheet (2022: \u00a3nil).
Liquidity risk
\nThe maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below. This table has been drawn up using the
\nundiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on which the Group is obliged to pay. The table includes both
\ninterest and principal cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates prevailing at the
\nyear end, where applicable.
\nAs at 31 March 2023
\nTrade and other
\npayables
\n\u00a3m
\nVehicle
\nstocking loan
\n\u00a3m
\nBorrowings
\n\u00a3m
\nDeferred
\nconsideration
\n\u00a3m
\nLeases
\n\u00a3m
\nTotal
\n\u00a3m
\nDue within one year
27.9
3.0
1.1
\u2013
2.5
34.5
\nDue within one to two years
\u2013
\u2013
\u2013
\u2013
2.4
2.4
\nDue within two to \ufb01ve years
\u2013
\u2013
57.5
\u2013
2.5
60.0
\nDue after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal
27.9
3.0
58.6
\u2013
7.4
96.9
\nAs at 31 March 2022
\nTrade and other
\npayables
\n\u00a3m
\nVehicle
\nstocking loan
\n\u00a3m
\nBorrowings
\n\u00a3m
\nDeferred
\nconsideration
\n\u00a3m
\nLeases
\n\u00a3m
\nTotal
\n\u00a3m
\nDue within one year
17.7
\u2013
\u2013
8.1
3.0
28.8
\nDue within one to two years
\u2013
\u2013
\u2013
\u2013
2.8
2.8
\nDue within two to \ufb01ve years
\u2013
\u2013
\u2013
\u2013
2.1
2.1
\nDue after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
2.0
2.0
\nTotal
17.7
\u2013
\u2013
8.1
9.9
35.7
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16764": {
"value": "4. Segmental information IFRS 8 \u2018Operating segments\u2019 requires the Group to determine its operating segments based on information which is provided internally.
\nBased on the internal reporting information and management structures within the Group, it has been determined that there are two
\noperating segments (2022: one operating segment). The acquisition of Autorama in June 2022 has led to Autorama being reported as
\na separate segment during the period. The Group\u2019s reportable operating segments have therefore been identi\ufb01ed as follows:
\n\u2022
Auto Trader: includes the results of Auto Trader, AutoConvert and Webzone in respect of online classi\ufb01ed advertising of motor vehicles
\nand other related products and services in the digital automotive marketplace including share of pro\ufb01t from the Dealer Auction joint
\nventure.
\n\u2022
Autorama: the results of Autorama in respect of a marketplace for leasing new vehicles and other related products and services.
\nManagement has determined that there are two operating segments in line with the nature in which the Group is managed. The reports
\nreviewed by the Operational Leadership Team (\u2018OLT\u2019), which is the chief operating decision-maker (\u2018CODM\u2019) for both segments, split out
\noperating performance by segment. The OLT is made up of the Executive Directors and Key Management and is responsible for the strategic
\ndecision-making of the Group. Revenue and cost streams for each operating segment are largely independent in the reporting period.
\nThe OLT primarily uses the measures of Revenue and Operating pro\ufb01t to assess the performance of each operating segment. The revenue
\nfrom external parties reported to the OLT is measured in a manner consistent with that in the income statement. There are no inter-segment
\nrevenues in the current or comparative periods.
\nAnalysis of the Group\u2019s revenue and results for both reportable segments, with a reconciliation to Group pro\ufb01t before tax, is shown below:
\nAuto Trader
\nsegment
\nAutorama
\nsegment
\nGroup
\ncentral costs
Group
\nYear to 31 March 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nTotal segment revenue
473.0
27.2
\u2013
500.2
\nPeople costs
(74.0)
(10.5)
(38.8)
(123.3)
\nMarketing
(22.3)
(4.7)
\u2013
(27.0)
\nCosts of goods sold
\u2013
(15.7)
\u2013
(15.7)
\nOther costs
(39.6)
(5.4)
\u2013
(45.0)
\nDepreciation & amortisation
(6.7)
(2.1)
(5.3)
(14.1)
\nTotal segment costs
(142.6)
(38.4)
(44.1)
(225.1)
\nShare of pro\ufb01t from joint ventures
2.5
\u2013
\u2013
2.5
\nTotal segment operating pro\ufb01t/(loss)
332.9
(11.2)
(44.1)
277.6
\nPro\ufb01t on disposal of subsidiary
19.1
\nFinance costs \u2013 net
(3.1)
\nPro\ufb01t before tax
293.6
\n
\n
\n
\n
\nGroup central costs which are not allocated within either of the segment operating pro\ufb01t/(loss) reported to the CODM comprise:
\n(i)
People costs: a \u00a338.8m charge for the expense of Group shares expected to be issued to settle the Autorama deferred consideration
\n(note 31).
\n(ii)
Depreciation & amortisation: \u00a35.3m of amortisation expense relating to the fair value of intangible brand, technology and other
\nassets acquired in the Group\u2019s business combination of Autorama.
\nAuto Trader
\nsegment
\nAutorama
\nsegment
\nGroup
\ncentral costs
Group
\nYear to 31 March 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nTotal segment revenue
432.7
\u2013
\u2013
432.7
\nPeople costs
(69.8)
\u2013
\u2013
(69.8)
\nMarketing
(20.5)
\u2013
\u2013
(20.5)
\nOther costs
(34.5)
\u2013
\u2013
(34.5)
\nDepreciation & amortisation
(7.2)
\u2013
\u2013
(7.2)
\nTotal segment costs
(132.0)
\u2013
\u2013
(132.0)
\nShare of pro\ufb01t from joint ventures
2.9
\u2013
\u2013
2.9
\nTotal segment operating pro\ufb01t
303.6
\u2013
\u2013
303.6
\nFinance costs \u2013 net
(2.6)
\nPro\ufb01t before tax
301.0
\nIn the current year, the Group has classi\ufb01ed expenditure by nature (2022: by function). The change, which is presented consistently for
\nthe current and prior year in this note, has been adopted to provide more meaningful information about the Group\u2019s expenditure following
\nthe Autorama acquisition. In the prior year, all expenditure was classi\ufb01ed by function as administrative expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f16946": {
"value": "5. Revenue The Group\u2019s operations and main revenue streams are those described in these annual \ufb01nancial statements. The Group\u2019s revenue is derived
\nfrom contracts with customers.
\nOther than disclosed in note 10, all revenues were earned from activities and customers in the United Kingdom.
\nIn the following table, the Group\u2019s revenue is detailed by customer type. This level of detail is consistent with that used by management
\nto assist in the analysis of the Group\u2019s revenue-generating trends.
\nRevenue
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nRetailer
406.8
370.4
\nHome Trader
10.1
8.8
\nOther
10.5
9.1
\nTrade
427.4
388.3
\nConsumer Services
34.5
33.3
\nManufacturer and Agency
11.1
11.1
\nAutorama
27.2
\u2013
\nTotal revenue
500.2
432.7
\nRevenue is largely recognised over time, other than Autorama revenue which is recognised at a point in time when related sales commission
\nor fees are earned. The Group has no major customers to disclose in either the current or prior year.
\nContract balances
\nThe following table provides information about receivables and contract assets and liabilities from contracts with customers.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nReceivables, which are included in trade and other receivables
31.5
28.2
\nAccrued income
40.2
35.8
\nDeferred income
(14.0)
(11.9)
\nAccrued income relates to the Group\u2019s unconditional rights to consideration for services provided but not invoiced at the reporting date.
\nAccrued income is transferred to trade receivables when invoiced.
\n
\n
Deferred income relates to advanced consideration received for which revenue is recognised as or when services are provided. \u00a35.7m
\n(2022: \u00a33.0m) of the deferred income balance is classi\ufb01ed as a current liability within trade and other payables (note 21). Included within
\ndeferred income is \u00a38.9m (2022: \u00a39.5m) relating to consideration received from Dealer Auction Limited (joint venture) for the provision of
\ndata services to Dealer Auction (note 16). Revenue relating to this service is recognised on a straight-line basis over a period of 20 years
\nto 31 December 2038; given this time period the liability has been split between current and non-current liabilities. Revenue of \u00a30.6m was
\nrecognised in the year (2022: \u00a30.6m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17026": {
"value": "6. Operating pro\ufb01t Operating pro\ufb01t is after (charging)/crediting the following:
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nStaff costs
7
(84.1)
(69.8)
\nContractor costs
(0.4)
\u2013
\nDepreciation of property, plant and equipment
14
(4.9)
(4.6)
\nAmortisation of intangible assets
13
(9.2)
(2.6)
\nPro\ufb01t on sale of property, plant and equipment
0.7
\u2013
\nServices provided by the Company\u2019s auditor
\nDuring the year, the Group (including overseas subsidiaries) obtained the following services from the operating company\u2019s auditor:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFees payable for the audit of the Company and Consolidated \ufb01nancial statements
0.2
0.1
\nFees payable for other services
\nThe audit of the subsidiary undertakings pursuant to legislation
0.3
0.3
\nTotal
0.5
0.4
\nFees payable for audit-related assurance services in the year were \u00a348,000 (2022: \u00a343,841). Fees payable for other non-audit services
\nin the year were \u00a3nil (2022: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17053": {
"value": "Services provided by the Company\u2019s auditor During the year, the Group (including overseas subsidiaries) obtained the following services from the operating company\u2019s auditor:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFees payable for the audit of the Company and Consolidated \ufb01nancial statements
0.2
0.1
\nFees payable for other services
\nThe audit of the subsidiary undertakings pursuant to legislation
0.3
0.3
\nTotal
0.5
0.4
\nFees payable for audit-related assurance services in the year were \u00a348,000 (2022: \u00a343,841). Fees payable for other non-audit services
in the year were \u00a3nil (2022: \u00a3nil)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17075": {
"value": "7. Employee numbers and costs The average monthly number of employees (including Executive Directors but excluding third-party contractors) employed by the Group
\nwas as follows:
\n2023
\nNumber
\n2022
\nNumber
\nCustomer operations
566
422
\nProduct and technology
403
384
\nCorporate
191
154
\nTotal
1,160
960
\nThe aggregate payroll costs of these persons were as follows:
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nWages and salaries
66.7
54.8
\nSocial security costs
7.3
5.7
\nDe\ufb01ned contribution pension costs
25
3.5
3.2
\n77.5
63.7
\nShare-based payments and associated NI
30
6.6
6.1
\nTotal
84.1
69.8
\nWages and salaries include \u00a327.7m (2022: \u00a325.2m) relating to the product and technology teams; these teams spend a signi\ufb01cant
\nproportion of their time on innovation of our product proposition and incremental enhancements to the Group\u2019s platforms.
\nIn addition to the share-based payments disclosed above, a share-based payment charge of \u00a338.8m (2022: \u00a3nil) has been recorded
\nin the income statement for the year, relating to deferred consideration for the acquisition of Autorama, which is payable in shares and
\ncontingent on post-acquisition employment and service conditions (note 31).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17152": {
"value": "8. Directors and Key Management remuneration The remuneration of Directors is disclosed in the Directors\u2019 remuneration report on pages 80 to 93:
\nKey Management compensation
\nDuring the year to 31 March 2023, Key Management comprised the members of the OLT (who are de\ufb01ned in note 4) and the Non-Executive
\nDirectors (2022: OLT and the Non-Executive Directors). The remuneration of all Key Management (including all Directors) was as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nShort-term employee bene\ufb01ts
4.2
4.1
\nShare-based payments
2.1
3.6
\nPension contributions
0.2
0.2
\nTotal
6.5
7.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17176": {
"value": "9. Net \ufb01nance costs 2023
\n\u00a3m
\n2022
\n\u00a3m
\nOn bank loans and overdrafts
2.5
1.4
\nAmortisation of debt issue costs
0.5
1.0
\nInterest unwind on lease liabilities
0.2
0.2
\nInterest on vehicle stocking loan
0.1
\u2013
\nInterest charged on deferred consideration
\u2013
0.1
\nInterest receivable on cash and cash equivalents
(0.2)
(0.1)
\nTotal
3.1
2.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17177": {
"value": "9. Net \ufb01nance costs 2023
\n\u00a3m
\n2022
\n\u00a3m
\nOn bank loans and overdrafts
2.5
1.4
\nAmortisation of debt issue costs
0.5
1.0
\nInterest unwind on lease liabilities
0.2
0.2
\nInterest on vehicle stocking loan
0.1
\u2013
\nInterest charged on deferred consideration
\u2013
0.1
\nInterest receivable on cash and cash equivalents
(0.2)
(0.1)
\nTotal
3.1
2.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17257": {
"value": "11. Taxation 2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent taxation
\nUK corporation taxation
61.2
56.5
\nForeign taxation
0.1
0.2
\nAdjustments in respect of prior years
(0.2)
(0.4)
\nTotal current taxation
61.1
56.3
\nDeferred taxation
\nOrigination and reversal of temporary differences
(1.3)
0.3
\nEffect of rate changes on opening balance
\u2013
0.2
\nAdjustments in respect of prior years
(0.1)
(0.5)
\nTotal deferred taxation
(1.4)
\u2013
\nTotal taxation charge
59.7
56.3
\nThe taxation charge for the year is higher than (2022: lower than) the effective rate of corporation tax in the UK of 19% (2022: 19%).
\nThe differences are explained below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPro\ufb01t before taxation
293.6
301.0
\nTax on pro\ufb01t at the standard UK corporation tax rate of 19% (2022: 19%)
55.8
57.2
\nExpenses not deductible for taxation purposes
8.5
0.8
\nIncome not taxable \u2013 gain on disposal of subsidiary
(3.6)
\u2013
\nShare of joint venture taxation
(0.5)
(0.6)
\nAdjustments in respect of foreign taxation rates
(0.1)
(0.1)
\nEffect of rate change on deferred taxation
\u2013
0.1
\nAdjustments in respect of OCI group relief
(0.1)
(0.2)
\nAdjustments in respect of prior years
(0.3)
(0.9)
\nTotal taxation charge
59.7
56.3
\nExpenses non-deductible for taxation purposes in the current year principally includes the share-based payment expense relating to the
\ndeferred consideration and amortisation of intangible assets arising on acquisition of Autorama (note 4).
\nTaxation on items taken directly to equity was a credit of \u00a30.4m (2022: \u00a30.1m) relating to tax on share-based payments.
\nTaxation recorded in equity within the Consolidated statement of comprehensive income was a release of \u00a30.4m (2022: charge of \u00a30.2m)
\nrelating to post-employment bene\ufb01t obligations.
\nThe taxation charge for the year is based on the standard rate of UK corporation tax for the period of 19% (2022: 19%).
\nDeferred income taxes have been measured at the tax rate expected to be applicable at the date the deferred income tax assets and
\nliabilities are realised.
\nOn 10 June 2021, Royal Assent to the Finance Act was given to increase UK corporation tax from 19% to 25% from 1 April 2023. Management
\nhas performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred
\nincome tax assets and liabilities are forecast to be realised, which has resulted in an average deferred income tax rate of 25% being used
\nto measure all deferred tax balances as at 31 March 2023 (2022: 20%).
\nWith revenue exceeding \u00a3500.0m for the \ufb01rst time, the Group is potentially within scope of the UK\u2019s digital services tax (\u2018DST\u2019), however
\ncertain revenue streams, such as vehicle and accessory sales, would be exempt, meaning we do not meet the threshold in \ufb01nancial year
\n2023. It is HMRC\u2019s intention that the current UK DST will be repealed during \ufb01nancial year 2024 and replaced with an OECD model for
\nwhich the Group would not be in scope. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17371": {
"value": "12. Earnings per share Basic earnings per share is calculated using the weighted average number of ordinary shares in issue during the year, excluding those
\nheld in treasury and by the Employee Share Option Trust (\u2018ESOT\u2019), based on the pro\ufb01t for the year attributable to shareholders.
\nWeighted average
\nnumber of
\nordinary shares
\nTotal
\nearnings
\n\u00a3m
\nPence
\nper share
\nYear ended 31 March 2023
\nBasic EPS
935,138,578
233.9
25.01
\nDiluted EPS
944,144,242
233.9
24.77
\nYear ended 31 March 2022
\nBasic EPS
955,532,888
244.7
25.61
\nDiluted EPS
957,534,145
244.7
25.56
\nThe number of shares in issue at the start of the year is reconciled to the basic and diluted weighted average number of shares below:
\n2023
2022
\nIssued ordinary shares at 1 April
946,892,976
969,024,186
\nWeighted effect of ordinary shares purchased for cancellation
(7,112,698)
(9,573,664)
\nWeighted effect of ordinary shares held in treasury
(4,304,401)
(3,572,833)
\nWeighted effect of shares held in the ESOT
(348,989)
(371,316)
\nWeighted effect of ordinary shares issued for share-based payments
11,690
26,515
\nWeighted average number of shares for basic EPS
935,138,578
955,532,888
\nDilutive impact of share options outstanding
9,005,664
2,001,257
\nWeighted average number of shares for diluted EPS
944,144,242
957,534,145
\nFor diluted earnings per share, the weighted average number of shares for basic EPS is adjusted to assume conversion of all potentially
\ndilutive ordinary shares. The Group has potentially dilutive ordinary shares arising from share options granted to employees and shares
\nissued as deferred consideration. Options are dilutive under the Sharesave scheme where the exercise price together with the future
\nIFRS 2 charge is less than the average market price of the ordinary shares during the year. Options under the Performance Share Plan,
\nthe Single Incentive Plan Award, the Deferred Annual Bonus Plan and the Share Incentive Plan are contingently issuable shares and are
\ntherefore only included within the calculation of diluted EPS if the performance conditions are satis\ufb01ed.
\nThe average market value of the Group\u2019s shares for the purposes of calculating the dilutive effect of share-based incentives was based
\non quoted market prices for the period during which the share-based incentives were outstanding. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17453": {
"value": "13. Intangible assets Goodwill
\n\u00a3m
\nSoftware and
\nwebsite
\ndevelopment
\ncosts
\n\u00a3m
\nFinancial systems
\n\u00a3m
\nBrand
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 31 March 2021
457.9
14.4
13.1
1.2
25.3
511.9
\nAt 31 March 2022
457.9
14.4
13.1
1.2
25.3
511.9
\nAcquired through business combinations
92.5
13.7
\u2013
47.6
5.6
159.4
\nAdditions
\u2013
1.0
\u2013
\u2013
\u2013
1.0
\nDisposals
(5.7)
(1.8)
\u2013
(0.6)
(1.2)
(9.3)
\nExchange differences
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nAt 31 March 2023
544.6
27.3
13.1
48.2
29.7
662.9
\nAccumulated amortisation and impairments
\nAt 31 March 2021
117.0
8.3
12.8
0.6
15.0
153.7
\nAmortisation charge
\u2013
0.9
0.3
0.1
1.3
2.6
\nAt 31 March 2022
117.0
9.2
13.1
0.7
16.3
156.3
\nAmortisation charge
\u2013
2.5
\u2013
4.2
2.5
9.2
\nDisposals
\u2013
(1.8)
\u2013
(0.6)
(1.2)
(3.6)
\nAt 31 March 2023
117.0
9.9
13.1
4.3
17.6
161.9
\nNet book value at 31 March 2023
427.6
17.4
\u2013
43.9
12.1
501.0
\nNet book value at 31 March 2022
340.9
5.2
\u2013
0.5
9.0
355.6
\nNet book value at 31 March 2021
340.9
6.1
0.3
0.6
10.3
358.2
\nOther intangibles include customer relationships, technology, trade names, trademarks and non-compete agreements. Intangible assets
\nwhich have a \ufb01nite useful life are carried at cost less accumulated amortisation. Amortisation of these intangible assets is calculated
\nusing the straight-line method to allocate the cost of the assets over their estimated useful lives (principally between 3 to 15 years).
\nThe longest estimated useful life remaining at 31 March 2023 is 12 years (31 March 2022: 13 years).
\nFor the year to 31 March 2023, the amortisation charge of \u00a39.2m (2022: \u00a32.6m) has been charged to operating costs in the Consolidated
\nincome statement. At 31 March 2023, there were no software and website development costs representing assets under construction
\n(2022: \u00a3nil).
\nIn accordance with UK-adopted international accounting standards, goodwill is not amortised, but instead is tested annually for
\nimpairment, or more frequently if there are indicators of impairment. Goodwill is carried at cost less accumulated impairment losses.
\n
\n
\n
\n
\nImpairment test for goodwill
\nGoodwill is allocated to the appropriate cash-generating unit (\u2018CGU\u2019) based on the smallest identi\ufb01able group of assets that generates
\ncash in\ufb02ows independently in relation to the speci\ufb01c goodwill. Following the acquisition of Autorama, there are now two CGUs that exist
\nin the Group, being the Digital CGU and the Autorama CGU.
\nThe carrying value of the CGUs is principally the sum of goodwill, property, plant and equipment (including lease assets), intangibles and
\nlease liabilities, as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDigital
351.1
360.8
\nAutorama
152.8
\u2013
\nTotal
503.9
360.8
\nDigital
\nThe recoverable amount of the Digital CGU is determined from value-in-use calculations that use discounted cash \ufb02ow projections from
\nthe latest business plan. The carrying value is forecast to be recovered based on less than two years of forecasted cash \ufb02ows from this
\nmature operating business.
\nIncome and costs within the budget are derived on a detailed \u2018bottom up\u2019 basis \u2013 all income streams and cost lines are considered and
\nappropriate growth, or decline, rates are assumed. Income and cost growth forecasts are risk adjusted to re\ufb02ect speci\ufb01c risks facing
\nthe CGU and take into account the market in which it operates. Assumptions, which are not sensitive to change, include revenue growth
\nrates, associated levels of marketing support and directly associated overheads. All assumptions are based on past performance
\nand management\u2019s expectation of market development. Cash \ufb02ows beyond the budgeted period of \ufb01ve years (2022: \ufb01ve years) are
\nextrapolated using the estimated growth rate stated into perpetuity; a rate of 2.0% (2022: 2.0%) has been used. This is lower than the
\ncurrent rate of in\ufb02ation in the UK but takes account of longer-term considerations.
\nThe pre-tax discount rate used within the recoverable amount calculation is based upon the weighted average cost of capital re\ufb02ecting
\nspeci\ufb01c principal risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and beta
\nfactor re\ufb02ecting the average beta for the Group and comparator companies which are used in deriving the cost of equity. Other than as
\nincluded in the \ufb01nancial budget, it is assumed that there are no material adverse changes in legislation that would affect the forecast
\ncash \ufb02ows.
\nThe key assumptions used for the value-in-use calculation are as follows:
\n2023
2022
\nTerminal value growth rate
2.0%
2.0%
\nDiscount rate (pre-tax)
12.8%
8.6%
\nThe recoverable amount of goodwill shows signi\ufb01cant headroom compared with its carrying value. The level of headroom may change
\nif different growth rate assumptions or a different pre-tax discount rate were used in the cash \ufb02ow projections. There are no changes to
\nthe key assumptions of growth rate or discount rate that are considered by the Directors to be reasonably possible, which give rise to an
\nimpairment of goodwill relating to the Digital CGU.
\nHaving completed the 2023 impairment review, no impairment has been recognised in relation to the Digital CGU (2022: no impairment).
\n
\n
Autorama
\nThe Autorama impairment basis is assessed on a fair value basis due to the proximity of the transaction and the pre-integration phase
\nof the business at 31 March 2023.
\nGoodwill amounting to \u00a392.5m in the Autorama CGU arose on the acquisition of Autorama UK Limited in June 2022.
\nThe acquisition will enable Auto Trader to establish itself as a leading marketplace for leasing new cars which is set to bene\ufb01t from:
\nthe growth of electric cars ahead of the planned future UK ban on the sale of new petrol and diesel cars from 2030; new manufacturers
\nentering the UK market; lower take up of company car schemes; and a shift towards new digital distribution models. Leasing provides
\nconsumers a cost-effective way to access a new car with a model that is consistent with any future move towards usership.
\nThe consideration paid was to acquire the Autorama CGU in an arm\u2019s length transaction. There have been no signi\ufb01cant changes identi\ufb01ed
\nin the Directors\u2019 assessment of fair value arising from factors since acquisition. On this basis, the Directors consider that, as at 31 March 2023,
\na fair value less cost to sell measurement provides the most appropriate and relevant evidence of the Autorama CGU\u2019s recoverable
\namount.
\nFair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
\nparticipants at the measurement date under current market conditions, less incremental costs directly attributable to the disposal of an
\nasset or CGU, excluding \ufb01nance costs and income tax expense. The valuation viewpoint is from that of a market participant and excludes
\nsynergies and matters, including taxation, speci\ufb01c to the current owner. An income based fair valuation approach has been used to
\ndetermine fair value using discounted cash \ufb02ows. The fair value measurement was categorised as Level 3 based on the valuation inputs used.
\nThe key assumptions used in the estimation of the CGU\u2019s recoverable amount are as follows:
\n2023
\nForecast period
2024 \u2013 2032
\nAnnual revenue growth during the forecast period
Between 5% and 69% p.a.
\nTerminal value growth rate
2.0%
\nDiscount rate post tax
18.0%
\nAssessment of the CGU\u2019s fair value re\ufb02ects long-term assumptions around changing distribution models for new car sales, including new
\nelectric vehicles, and an increased proportion of vehicles being leased. The key driver of the forecast is the number of new vehicles transacted
\nby Autorama onto lease plans, with revenues, including ancillary sales, consequent on each vehicle lease transaction completed. The
\nforecasts do not assume a larger new car registration market than in 2019, before the disruption to supply that commenced during the
\nCOVID-19 pandemic. The key assumption is rather an increase in the current proportion of vehicles which are currently leased through
\nbrokers and the share of this market achieved by Autorama. In making these estimates, management have had regard to market data
\npublished by SMMT and BVRLA. In the nine months since the acquisition, Autorama has delivered 6,895 vehicles. Both vans and pickups
\nwere particularly impacted by supply challenges in the current year.
\nRevenue growth is spread over the forecast period in line with the new car market outlook. The risk arising from the duration of the
\nforecast period and the risk of growth assumptions over new vehicles transacted in this period not being achieved are re\ufb02ected in the
\nhigher level of post-tax discount rate applied.
\nWhilst an estimate, the comparison between the CGU\u2019s fair value less cost to sell and its book carrying value has headroom at 31 March 2023.
\nThis headroom arises because of the accounting requirement to expense \u00a350m of the consideration paid to the former owners of Autorama
\nas an employee share-based payment over the 12-month period after the acquisition to 22 June 2023 (see note 31). \u00a338.8m of this charge
\nhas been expensed as at 31 March 2023.
\nThis headroom results in no impairment charge under the following sensitivity scenarios, all of which re\ufb02ect the key sources of estimation
\nuncertainty in the calculation of fair value:
\nLower number of vehicle transactions: The growth in vehicle transactions executed by Autorama, and therefore earnings before interest
\nand tax, is at risk of growing at a level lower than the forecast. This sensitivity reduces volumes by 20% for \ufb01nancial year 2024 and \ufb01nancial
\nyear 2025 to re\ufb02ect the impact of the risk of lower new vehicle supply caused by manufacturing delays; and
\nDelay in timing: The timing of growth in vehicle transactions may take longer to realise than the base case forecast due to a slower take
\nup of electric vehicles and lease \ufb01nancing; continued disruption to new car supply; and/or a delay in the phasing out timetable of new petrol
\nand diesel cars which is currently scheduled for 2030. This sensitivity assumes growth is deferred by one year from \ufb01nancial year 2024; and
\nChange in discount rate: The post-tax discount rate could increase to a maximum of 21% before the carrying value of the Autorama CGU
\nexceeded its recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17454": {
"value": "13. Intangible assets Goodwill
\n\u00a3m
\nSoftware and
\nwebsite
\ndevelopment
\ncosts
\n\u00a3m
\nFinancial systems
\n\u00a3m
\nBrand
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 31 March 2021
457.9
14.4
13.1
1.2
25.3
511.9
\nAt 31 March 2022
457.9
14.4
13.1
1.2
25.3
511.9
\nAcquired through business combinations
92.5
13.7
\u2013
47.6
5.6
159.4
\nAdditions
\u2013
1.0
\u2013
\u2013
\u2013
1.0
\nDisposals
(5.7)
(1.8)
\u2013
(0.6)
(1.2)
(9.3)
\nExchange differences
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nAt 31 March 2023
544.6
27.3
13.1
48.2
29.7
662.9
\nAccumulated amortisation and impairments
\nAt 31 March 2021
117.0
8.3
12.8
0.6
15.0
153.7
\nAmortisation charge
\u2013
0.9
0.3
0.1
1.3
2.6
\nAt 31 March 2022
117.0
9.2
13.1
0.7
16.3
156.3
\nAmortisation charge
\u2013
2.5
\u2013
4.2
2.5
9.2
\nDisposals
\u2013
(1.8)
\u2013
(0.6)
(1.2)
(3.6)
\nAt 31 March 2023
117.0
9.9
13.1
4.3
17.6
161.9
\nNet book value at 31 March 2023
427.6
17.4
\u2013
43.9
12.1
501.0
\nNet book value at 31 March 2022
340.9
5.2
\u2013
0.5
9.0
355.6
\nNet book value at 31 March 2021
340.9
6.1
0.3
0.6
10.3
358.2
\nOther intangibles include customer relationships, technology, trade names, trademarks and non-compete agreements. Intangible assets
\nwhich have a \ufb01nite useful life are carried at cost less accumulated amortisation. Amortisation of these intangible assets is calculated
\nusing the straight-line method to allocate the cost of the assets over their estimated useful lives (principally between 3 to 15 years).
\nThe longest estimated useful life remaining at 31 March 2023 is 12 years (31 March 2022: 13 years).
\nFor the year to 31 March 2023, the amortisation charge of \u00a39.2m (2022: \u00a32.6m) has been charged to operating costs in the Consolidated
\nincome statement. At 31 March 2023, there were no software and website development costs representing assets under construction
\n(2022: \u00a3nil).
\nIn accordance with UK-adopted international accounting standards, goodwill is not amortised, but instead is tested annually for
\nimpairment, or more frequently if there are indicators of impairment. Goodwill is carried at cost less accumulated impairment losses.
\n
\n
\n
\n
\nImpairment test for goodwill
\nGoodwill is allocated to the appropriate cash-generating unit (\u2018CGU\u2019) based on the smallest identi\ufb01able group of assets that generates
\ncash in\ufb02ows independently in relation to the speci\ufb01c goodwill. Following the acquisition of Autorama, there are now two CGUs that exist
\nin the Group, being the Digital CGU and the Autorama CGU.
\nThe carrying value of the CGUs is principally the sum of goodwill, property, plant and equipment (including lease assets), intangibles and
\nlease liabilities, as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDigital
351.1
360.8
\nAutorama
152.8
\u2013
\nTotal
503.9
360.8
\nDigital
\nThe recoverable amount of the Digital CGU is determined from value-in-use calculations that use discounted cash \ufb02ow projections from
\nthe latest business plan. The carrying value is forecast to be recovered based on less than two years of forecasted cash \ufb02ows from this
\nmature operating business.
\nIncome and costs within the budget are derived on a detailed \u2018bottom up\u2019 basis \u2013 all income streams and cost lines are considered and
\nappropriate growth, or decline, rates are assumed. Income and cost growth forecasts are risk adjusted to re\ufb02ect speci\ufb01c risks facing
\nthe CGU and take into account the market in which it operates. Assumptions, which are not sensitive to change, include revenue growth
\nrates, associated levels of marketing support and directly associated overheads. All assumptions are based on past performance
\nand management\u2019s expectation of market development. Cash \ufb02ows beyond the budgeted period of \ufb01ve years (2022: \ufb01ve years) are
\nextrapolated using the estimated growth rate stated into perpetuity; a rate of 2.0% (2022: 2.0%) has been used. This is lower than the
\ncurrent rate of in\ufb02ation in the UK but takes account of longer-term considerations.
\nThe pre-tax discount rate used within the recoverable amount calculation is based upon the weighted average cost of capital re\ufb02ecting
\nspeci\ufb01c principal risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and beta
\nfactor re\ufb02ecting the average beta for the Group and comparator companies which are used in deriving the cost of equity. Other than as
\nincluded in the \ufb01nancial budget, it is assumed that there are no material adverse changes in legislation that would affect the forecast
\ncash \ufb02ows.
\nThe key assumptions used for the value-in-use calculation are as follows:
\n2023
2022
\nTerminal value growth rate
2.0%
2.0%
\nDiscount rate (pre-tax)
12.8%
8.6%
\nThe recoverable amount of goodwill shows signi\ufb01cant headroom compared with its carrying value. The level of headroom may change
\nif different growth rate assumptions or a different pre-tax discount rate were used in the cash \ufb02ow projections. There are no changes to
\nthe key assumptions of growth rate or discount rate that are considered by the Directors to be reasonably possible, which give rise to an
\nimpairment of goodwill relating to the Digital CGU.
\nHaving completed the 2023 impairment review, no impairment has been recognised in relation to the Digital CGU (2022: no impairment).
\n
\n
Autorama
\nThe Autorama impairment basis is assessed on a fair value basis due to the proximity of the transaction and the pre-integration phase
\nof the business at 31 March 2023.
\nGoodwill amounting to \u00a392.5m in the Autorama CGU arose on the acquisition of Autorama UK Limited in June 2022.
\nThe acquisition will enable Auto Trader to establish itself as a leading marketplace for leasing new cars which is set to bene\ufb01t from:
\nthe growth of electric cars ahead of the planned future UK ban on the sale of new petrol and diesel cars from 2030; new manufacturers
\nentering the UK market; lower take up of company car schemes; and a shift towards new digital distribution models. Leasing provides
\nconsumers a cost-effective way to access a new car with a model that is consistent with any future move towards usership.
\nThe consideration paid was to acquire the Autorama CGU in an arm\u2019s length transaction. There have been no signi\ufb01cant changes identi\ufb01ed
\nin the Directors\u2019 assessment of fair value arising from factors since acquisition. On this basis, the Directors consider that, as at 31 March 2023,
\na fair value less cost to sell measurement provides the most appropriate and relevant evidence of the Autorama CGU\u2019s recoverable
\namount.
\nFair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
\nparticipants at the measurement date under current market conditions, less incremental costs directly attributable to the disposal of an
\nasset or CGU, excluding \ufb01nance costs and income tax expense. The valuation viewpoint is from that of a market participant and excludes
\nsynergies and matters, including taxation, speci\ufb01c to the current owner. An income based fair valuation approach has been used to
\ndetermine fair value using discounted cash \ufb02ows. The fair value measurement was categorised as Level 3 based on the valuation inputs used.
\nThe key assumptions used in the estimation of the CGU\u2019s recoverable amount are as follows:
\n2023
\nForecast period
2024 \u2013 2032
\nAnnual revenue growth during the forecast period
Between 5% and 69% p.a.
\nTerminal value growth rate
2.0%
\nDiscount rate post tax
18.0%
\nAssessment of the CGU\u2019s fair value re\ufb02ects long-term assumptions around changing distribution models for new car sales, including new
\nelectric vehicles, and an increased proportion of vehicles being leased. The key driver of the forecast is the number of new vehicles transacted
\nby Autorama onto lease plans, with revenues, including ancillary sales, consequent on each vehicle lease transaction completed. The
\nforecasts do not assume a larger new car registration market than in 2019, before the disruption to supply that commenced during the
\nCOVID-19 pandemic. The key assumption is rather an increase in the current proportion of vehicles which are currently leased through
\nbrokers and the share of this market achieved by Autorama. In making these estimates, management have had regard to market data
\npublished by SMMT and BVRLA. In the nine months since the acquisition, Autorama has delivered 6,895 vehicles. Both vans and pickups
\nwere particularly impacted by supply challenges in the current year.
\nRevenue growth is spread over the forecast period in line with the new car market outlook. The risk arising from the duration of the
\nforecast period and the risk of growth assumptions over new vehicles transacted in this period not being achieved are re\ufb02ected in the
\nhigher level of post-tax discount rate applied.
\nWhilst an estimate, the comparison between the CGU\u2019s fair value less cost to sell and its book carrying value has headroom at 31 March 2023.
\nThis headroom arises because of the accounting requirement to expense \u00a350m of the consideration paid to the former owners of Autorama
\nas an employee share-based payment over the 12-month period after the acquisition to 22 June 2023 (see note 31). \u00a338.8m of this charge
\nhas been expensed as at 31 March 2023.
\nThis headroom results in no impairment charge under the following sensitivity scenarios, all of which re\ufb02ect the key sources of estimation
\nuncertainty in the calculation of fair value:
\nLower number of vehicle transactions: The growth in vehicle transactions executed by Autorama, and therefore earnings before interest
\nand tax, is at risk of growing at a level lower than the forecast. This sensitivity reduces volumes by 20% for \ufb01nancial year 2024 and \ufb01nancial
\nyear 2025 to re\ufb02ect the impact of the risk of lower new vehicle supply caused by manufacturing delays; and
\nDelay in timing: The timing of growth in vehicle transactions may take longer to realise than the base case forecast due to a slower take
\nup of electric vehicles and lease \ufb01nancing; continued disruption to new car supply; and/or a delay in the phasing out timetable of new petrol
\nand diesel cars which is currently scheduled for 2030. This sensitivity assumes growth is deferred by one year from \ufb01nancial year 2024; and
\nChange in discount rate: The post-tax discount rate could increase to a maximum of 21% before the carrying value of the Autorama CGU
\nexceeded its recoverable amount. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17457": {
"value": "Goodwill
\n\u00a3m
\nSoftware and
\nwebsite
\ndevelopment
\ncosts
\n\u00a3m
\nFinancial systems
\n\u00a3m
\nBrand
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 31 March 2021
457.9
14.4
13.1
1.2
25.3
511.9
\nAt 31 March 2022
457.9
14.4
13.1
1.2
25.3
511.9
\nAcquired through business combinations
92.5
13.7
\u2013
47.6
5.6
159.4
\nAdditions
\u2013
1.0
\u2013
\u2013
\u2013
1.0
\nDisposals
(5.7)
(1.8)
\u2013
(0.6)
(1.2)
(9.3)
\nExchange differences
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nAt 31 March 2023
544.6
27.3
13.1
48.2
29.7
662.9
\nAccumulated amortisation and impairments
\nAt 31 March 2021
117.0
8.3
12.8
0.6
15.0
153.7
\nAmortisation charge
\u2013
0.9
0.3
0.1
1.3
2.6
\nAt 31 March 2022
117.0
9.2
13.1
0.7
16.3
156.3
\nAmortisation charge
\u2013
2.5
\u2013
4.2
2.5
9.2
\nDisposals
\u2013
(1.8)
\u2013
(0.6)
(1.2)
(3.6)
\nAt 31 March 2023
117.0
9.9
13.1
4.3
17.6
161.9
\nNet book value at 31 March 2023
427.6
17.4
\u2013
43.9
12.1
501.0
\nNet book value at 31 March 2022
340.9
5.2
\u2013
0.5
9.0
355.6
\nNet book value at 31 March 2021
340.9
6.1
0.3
0.6
10.3
358.2
Impairment test for goodwill
\nGoodwill is allocated to the appropriate cash-generating unit (\u2018CGU\u2019) based on the smallest identi\ufb01able group of assets that generates
\ncash in\ufb02ows independently in relation to the speci\ufb01c goodwill. Following the acquisition of Autorama, there are now two CGUs that exist
\nin the Group, being the Digital CGU and the Autorama CGU.
\nThe carrying value of the CGUs is principally the sum of goodwill, property, plant and equipment (including lease assets), intangibles and
\nlease liabilities, as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDigital
351.1
360.8
\nAutorama
152.8
\u2013
\nTotal
503.9
360.8
\nDigital
\nThe recoverable amount of the Digital CGU is determined from value-in-use calculations that use discounted cash \ufb02ow projections from
\nthe latest business plan. The carrying value is forecast to be recovered based on less than two years of forecasted cash \ufb02ows from this
\nmature operating business.
\nIncome and costs within the budget are derived on a detailed \u2018bottom up\u2019 basis \u2013 all income streams and cost lines are considered and
\nappropriate growth, or decline, rates are assumed. Income and cost growth forecasts are risk adjusted to re\ufb02ect speci\ufb01c risks facing
\nthe CGU and take into account the market in which it operates. Assumptions, which are not sensitive to change, include revenue growth
\nrates, associated levels of marketing support and directly associated overheads. All assumptions are based on past performance
\nand management\u2019s expectation of market development. Cash \ufb02ows beyond the budgeted period of \ufb01ve years (2022: \ufb01ve years) are
\nextrapolated using the estimated growth rate stated into perpetuity; a rate of 2.0% (2022: 2.0%) has been used. This is lower than the
\ncurrent rate of in\ufb02ation in the UK but takes account of longer-term considerations.
\nThe pre-tax discount rate used within the recoverable amount calculation is based upon the weighted average cost of capital re\ufb02ecting
\nspeci\ufb01c principal risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and beta
\nfactor re\ufb02ecting the average beta for the Group and comparator companies which are used in deriving the cost of equity. Other than as
\nincluded in the \ufb01nancial budget, it is assumed that there are no material adverse changes in legislation that would affect the forecast
\ncash \ufb02ows.
\nThe key assumptions used for the value-in-use calculation are as follows:
\n2023
2022
\nTerminal value growth rate
2.0%
2.0%
\nDiscount rate (pre-tax)
12.8%
8.6%
\nThe recoverable amount of goodwill shows signi\ufb01cant headroom compared with its carrying value. The level of headroom may change
\nif different growth rate assumptions or a different pre-tax discount rate were used in the cash \ufb02ow projections. There are no changes to
\nthe key assumptions of growth rate or discount rate that are considered by the Directors to be reasonably possible, which give rise to an
\nimpairment of goodwill relating to the Digital CGU.
\nHaving completed the 2023 impairment review, no impairment has been recognised in relation to the Digital CGU (2022: no impairment).
Autorama
\nThe Autorama impairment basis is assessed on a fair value basis due to the proximity of the transaction and the pre-integration phase
\nof the business at 31 March 2023.
\nGoodwill amounting to \u00a392.5m in the Autorama CGU arose on the acquisition of Autorama UK Limited in June 2022.
\nThe acquisition will enable Auto Trader to establish itself as a leading marketplace for leasing new cars which is set to bene\ufb01t from:
\nthe growth of electric cars ahead of the planned future UK ban on the sale of new petrol and diesel cars from 2030; new manufacturers
\nentering the UK market; lower take up of company car schemes; and a shift towards new digital distribution models. Leasing provides
\nconsumers a cost-effective way to access a new car with a model that is consistent with any future move towards usership.
\nThe consideration paid was to acquire the Autorama CGU in an arm\u2019s length transaction. There have been no signi\ufb01cant changes identi\ufb01ed
\nin the Directors\u2019 assessment of fair value arising from factors since acquisition. On this basis, the Directors consider that, as at 31 March 2023,
\na fair value less cost to sell measurement provides the most appropriate and relevant evidence of the Autorama CGU\u2019s recoverable
\namount.
\nFair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
\nparticipants at the measurement date under current market conditions, less incremental costs directly attributable to the disposal of an
\nasset or CGU, excluding \ufb01nance costs and income tax expense. The valuation viewpoint is from that of a market participant and excludes
\nsynergies and matters, including taxation, speci\ufb01c to the current owner. An income based fair valuation approach has been used to
\ndetermine fair value using discounted cash \ufb02ows. The fair value measurement was categorised as Level 3 based on the valuation inputs used.
\nThe key assumptions used in the estimation of the CGU\u2019s recoverable amount are as follows:
\n2023
\nForecast period
2024 \u2013 2032
\nAnnual revenue growth during the forecast period
Between 5% and 69% p.a.
\nTerminal value growth rate
2.0%
\nDiscount rate post tax
18.0%
\nAssessment of the CGU\u2019s fair value re\ufb02ects long-term assumptions around changing distribution models for new car sales, including new
\nelectric vehicles, and an increased proportion of vehicles being leased. The key driver of the forecast is the number of new vehicles transacted
\nby Autorama onto lease plans, with revenues, including ancillary sales, consequent on each vehicle lease transaction completed. The
\nforecasts do not assume a larger new car registration market than in 2019, before the disruption to supply that commenced during the
\nCOVID-19 pandemic. The key assumption is rather an increase in the current proportion of vehicles which are currently leased through
\nbrokers and the share of this market achieved by Autorama. In making these estimates, management have had regard to market data
\npublished by SMMT and BVRLA. In the nine months since the acquisition, Autorama has delivered 6,895 vehicles. Both vans and pickups
\nwere particularly impacted by supply challenges in the current year.
\nRevenue growth is spread over the forecast period in line with the new car market outlook. The risk arising from the duration of the
\nforecast period and the risk of growth assumptions over new vehicles transacted in this period not being achieved are re\ufb02ected in the
\nhigher level of post-tax discount rate applied.
\nWhilst an estimate, the comparison between the CGU\u2019s fair value less cost to sell and its book carrying value has headroom at 31 March 2023.
\nThis headroom arises because of the accounting requirement to expense \u00a350m of the consideration paid to the former owners of Autorama
\nas an employee share-based payment over the 12-month period after the acquisition to 22 June 2023 (see note 31). \u00a338.8m of this charge
\nhas been expensed as at 31 March 2023.
This headroom results in no impairment charge under the following sensitivity scenarios, all of which re\ufb02ect the key sources of estimation
\nuncertainty in the calculation of fair value:
\nLower number of vehicle transactions: The growth in vehicle transactions executed by Autorama, and therefore earnings before interest
\nand tax, is at risk of growing at a level lower than the forecast. This sensitivity reduces volumes by 20% for \ufb01nancial year 2024 and \ufb01nancial
\nyear 2025 to re\ufb02ect the impact of the risk of lower new vehicle supply caused by manufacturing delays; and
\nDelay in timing: The timing of growth in vehicle transactions may take longer to realise than the base case forecast due to a slower take
\nup of electric vehicles and lease \ufb01nancing; continued disruption to new car supply; and/or a delay in the phasing out timetable of new petrol
\nand diesel cars which is currently scheduled for 2030. This sensitivity assumes growth is deferred by one year from \ufb01nancial year 2024; and
\nChange in discount rate: The post-tax discount rate could increase to a maximum of 21% before the carrying value of the Autorama CGU
exceeded its recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17458": {
"value": "Goodwill
\n\u00a3m
\nSoftware and
\nwebsite
\ndevelopment
\ncosts
\n\u00a3m
\nFinancial systems
\n\u00a3m
\nBrand
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 31 March 2021
457.9
14.4
13.1
1.2
25.3
511.9
\nAt 31 March 2022
457.9
14.4
13.1
1.2
25.3
511.9
\nAcquired through business combinations
92.5
13.7
\u2013
47.6
5.6
159.4
\nAdditions
\u2013
1.0
\u2013
\u2013
\u2013
1.0
\nDisposals
(5.7)
(1.8)
\u2013
(0.6)
(1.2)
(9.3)
\nExchange differences
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nAt 31 March 2023
544.6
27.3
13.1
48.2
29.7
662.9
\nAccumulated amortisation and impairments
\nAt 31 March 2021
117.0
8.3
12.8
0.6
15.0
153.7
\nAmortisation charge
\u2013
0.9
0.3
0.1
1.3
2.6
\nAt 31 March 2022
117.0
9.2
13.1
0.7
16.3
156.3
\nAmortisation charge
\u2013
2.5
\u2013
4.2
2.5
9.2
\nDisposals
\u2013
(1.8)
\u2013
(0.6)
(1.2)
(3.6)
\nAt 31 March 2023
117.0
9.9
13.1
4.3
17.6
161.9
\nNet book value at 31 March 2023
427.6
17.4
\u2013
43.9
12.1
501.0
\nNet book value at 31 March 2022
340.9
5.2
\u2013
0.5
9.0
355.6
\nNet book value at 31 March 2021
340.9
6.1
0.3
0.6
10.3
358.2
Land, buildings
\nand leasehold
\nimprovements
\n\u00a3m
\nOf\ufb01ce
\nequipment
\n\u00a3m
\nMotor vehicles
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 31 March 2021
16.5
13.0
1.9
31.4
\nAdditions
6.6
1.3
0.2
8.1
\nDisposals and modi\ufb01cations
\u2013
(0.4)
(0.5)
(0.9)
\nAt 31 March 2022
23.1
13.9
1.6
38.6
\nAcquired through business combinations
4.0
0.3
1.0
5.3
\nAdditions
2.2
2.0
0.3
4.5
\nDisposals
(7.6)
(3.0)
(0.9)
(11.5)
\nAt 31 March 2023
21.7
13.2
2.0
36.9
\nAccumulated depreciation
\nAt 31 March 2021
8.2
10.6
1.4
20.2
\nCharge for the year
3.3
0.9
0.4
4.6
\nDisposals
\u2013
(0.4)
(0.5)
(0.9)
\nAt 31 March 2022
11.5
11.1
1.3
23.9
\nCharge for the year
3.3
1.1
0.5
4.9
\nDisposals
(4.4)
(2.8)
(0.6)
(7.8)
\nAt 31 March 2023
10.4
9.4
1.2
21.0
\nNet book value at 31 March 2023
11.3
3.8
0.8
15.9
\nNet book value at 31 March 2022
11.6
2.8
0.3
14.7
\nNet book value at 31 March 2021
8.3
2.4
0.5
11.2
Land, buildings
\nand leasehold
\nimprovements
\n\u00a3m
\nOf\ufb01ce
\nequipment
\n\u00a3m
\nMotor vehicles
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 31 March 2021
4.9
0.1
0.6
5.6
\nAdditions
5.1
\u2013
0.2
5.3
\nDepreciation charge
(2.2)
\u2013
(0.4)
(2.6)
\nBalance at 31 March 2022
7.8
0.1
0.4
8.3
\nAcquired through business combination
0.1
\u2013
0.3
0.4
\nAdditions
1.5
0.1
0.3
1.9
\nDisposals
(1.4)
\u2013
(0.1)
(1.5)
\nDepreciation charge
(2.2)
\u2013
(0.4)
(2.6)
\nAt 31 March 2023
5.8
0.2
0.5
6.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17782": {
"value": "14. Property, plant and equipment Land, buildings
\nand leasehold
\nimprovements
\n\u00a3m
\nOf\ufb01ce
\nequipment
\n\u00a3m
\nMotor vehicles
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 31 March 2021
16.5
13.0
1.9
31.4
\nAdditions
6.6
1.3
0.2
8.1
\nDisposals and modi\ufb01cations
\u2013
(0.4)
(0.5)
(0.9)
\nAt 31 March 2022
23.1
13.9
1.6
38.6
\nAcquired through business combinations
4.0
0.3
1.0
5.3
\nAdditions
2.2
2.0
0.3
4.5
\nDisposals
(7.6)
(3.0)
(0.9)
(11.5)
\nAt 31 March 2023
21.7
13.2
2.0
36.9
\nAccumulated depreciation
\nAt 31 March 2021
8.2
10.6
1.4
20.2
\nCharge for the year
3.3
0.9
0.4
4.6
\nDisposals
\u2013
(0.4)
(0.5)
(0.9)
\nAt 31 March 2022
11.5
11.1
1.3
23.9
\nCharge for the year
3.3
1.1
0.5
4.9
\nDisposals
(4.4)
(2.8)
(0.6)
(7.8)
\nAt 31 March 2023
10.4
9.4
1.2
21.0
\nNet book value at 31 March 2023
11.3
3.8
0.8
15.9
\nNet book value at 31 March 2022
11.6
2.8
0.3
14.7
\nNet book value at 31 March 2021
8.3
2.4
0.5
11.2
\nIncluded within property, plant and equipment are \u00a36.5m (2022: \u00a38.3m) of assets recognised as leases under IFRS 16. Further details of
\nthese leases are disclosed in note 15. The depreciation expense of \u00a34.9m for the year to 31 March 2023 (2022: \u00a34.6m) has been recorded
\nin operating costs. During the year, \u00a32.6m (2022: \u00a30.4m) worth of property, plant and equipment with \u00a3nil net book value was disposed of. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f17908": {
"value": "15. Leases The Group\u2019s lease assets including land and buildings and motor vehicles are held within property, plant and equipment. Information about
\nleases for which the Group is a lessee is presented below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nNet book value of property, plant and equipment owned
9.4
6.4
\nNet book value of right of use assets
6.5
8.3
\n15.9
14.7
\nNet book value of right of use assets
\nLand, buildings
\nand leasehold
\nimprovements
\n\u00a3m
\nOf\ufb01ce
\nequipment
\n\u00a3m
\nMotor vehicles
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 31 March 2021
4.9
0.1
0.6
5.6
\nAdditions
5.1
\u2013
0.2
5.3
\nDepreciation charge
(2.2)
\u2013
(0.4)
(2.6)
\nBalance at 31 March 2022
7.8
0.1
0.4
8.3
\nAcquired through business combination
0.1
\u2013
0.3
0.4
\nAdditions
1.5
0.1
0.3
1.9
\nDisposals
(1.4)
\u2013
(0.1)
(1.5)
\nDepreciation charge
(2.2)
\u2013
(0.4)
(2.6)
\nAt 31 March 2023
5.8
0.2
0.5
6.5
\nLease liabilities in the balance sheet at 31 March
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent
2.5
3.0
\nNon-current
4.6
6.5
\nTotal
7.1
9.5
\nA maturity analysis of contractual undiscounted cash \ufb02ows relating to lease liabilities is presented within note 32. The term recognised
\nfor certain leases has assumed lease break options are exercised. Certain lease rentals are subject to periodic market rental reviews.
\nDuring the year, the Group relocated its London of\ufb01ce to a new premises and exited its existing lease. In accordance with IFRS 16,
\nthe difference between the carrying value of the right of use asset and the lease liability at the date of the lease termination (\u00a30.1m)
\nwas recognised in the Consolidated income statement as a gain on disposal.
\nIn the prior year, the Group entered into a new lease arrangement to rent an additional 16,000 square feet in our Manchester of\ufb01ce to
\nsupport the needs of our growing workforce. The Group also extended the term of the existing lease of our Manchester of\ufb01ce space.
\nThese changes resulted in a lease modi\ufb01cation under IFRS 16. The right of use assets were increased by \u00a35.1m with corresponding
\nadjustments to the lease liability and dilapidations provision.
\nAmounts charged in the income statement
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDepreciation charge of right of use assets
2.6
2.6
\nInterest on lease liabilities
0.2
0.2
\nGain on disposal of right of use assets
(0.1)
\u2013
\nTotal amounts charged in the income statement
2.7
2.8
\nCash out\ufb02ow
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal cash out\ufb02ow for leases
2.9
3.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18057": {
"value": "16. Net investments in joint ventures
\nJoint ventures are contractual arrangements over which the Group exercises joint control with partners and where the parties have rights
\nto the net assets of the arrangement, irrespective of the Group\u2019s shareholding in the entity.
\nThe Group owns 49% of the ordinary share capital of Dealer Auction Limited (previously Dealer Auction (Holdings) Limited). The basis of
\nthe Group\u2019s joint control is through a shareholder agreement and an assessment of the substantive rights of each shareholder, including
\noperational barriers or incentives that would prevent or deter rights being exercised.
\nNet investments in joint ventures at the reporting date include the Group\u2019s equity investment in joint ventures and the Group\u2019s share of the
\njoint ventures\u2019 post acquisition net assets. The table below reconciles the movement in the Group\u2019s net investment in joint ventures in the year:
\nEquity investments
\nin joint ventures
\n\u00a3m
\nShare of post
\nacquisition net
\nassets
\n\u00a3m
\nNet investments in
\njoint ventures
\n\u00a3m
\nCarrying value
\nAs at 31 March 2021
48.1
6.5
54.6
\nShare of result for the year taken to the income statement
\u2013
2.9
2.9
\nDividends received in the year
(7.8)
\u2013
(7.8)
\nAs at 31 March 2022
40.3
9.4
49.7
\nShare of result for the year taken to the income statement
\u2013
2.5
2.5
\nDividends received in the year
(2.9)
\u2013
(2.9)
\nAs at 31 March 2023
37.4
11.9
49.3
\nSet out below is the summarised \ufb01nancial information for the joint venture, adjusted for differences in accounting policies between
\nthe Group and the joint venture. The table also reconciles the summarised \ufb01nancial information to the carrying amount of the Group\u2019s
\ninterest in the joint venture.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nNon-current assets
95.6
96.8
\nCurrent assets
\nCash and cash equivalents
6.4
1.1
\nOther current assets
1.3
8.2
\nTotal assets
103.3
106.1
\nLiabilities
\nCurrent liabilities
2.0
4.0
\nTotal liabilities
2.0
4.0
\nNet assets
101.3
102.1
\nGroup\u2019s share of net assets
49.3
49.7
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nRevenues
10.5
12.0
\nPro\ufb01t for the year
5.2
6.0
\nTotal comprehensive income
5.2
6.0
\nGroup\u2019s share of comprehensive income
2.5
2.9
\nDividends received by the Group
2.9
7.8
\nNon-current assets principally comprise goodwill and other intangible assets. The carrying value is assessed annually using a methodology
\nconsistent with the Auto Trader cash-generating unit disclosed in note 13.
\nA list of the investments in joint ventures, including the name, country of incorporation and proportion of ownership interest, is given in note 35.
35. Subsidiaries and joint ventures Subsidiaries
\nAt 31 March 2023 the Group\u2019s subsidiaries were:
\nSubsidiary undertakings
\nCountry of registration or
\nincorporation
Principal activity
\nClass of shares
\nheld
\nPercentage
\nowned by the
\nparent
\nPercentage
\nowned by the
\nGroup
\nAuto Trader Holding Limited
\n1
\nEngland and Wales
Intermediary holding
\ncompany
\nOrdinary
100%
100%
\nAuto Trader Limited
\n1
\nEngland and Wales
Online marketplace
Ordinary
\u2013
100%
\nTrader Licensing Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
100%
\nAutorama UK Limited
\n2
\nEngland and Wales
Online marketplace
Ordinary
100%
100%
\nVanarama Limited
\n2
\nEngland and Wales
Dormant company
Ordinary
\u2013
100%
\nAutorama Holding (Malta) Limited
\n3
\nMalta
Investment company for a
\nprotected cell company
\nOrdinary
\u2013
100%
\nVanarama USA Inc
\n4
\nUnited States of America
Dormant company
Ordinary
\u2013
100%
\nBlue Owl Network Limited
\n1
\nEngland and Wales
Finance platform
Ordinary
\u2013
100%
\n1.
Registered of\ufb01ce address is 4
\nth
\nFloor, 1 Tony Wilson Place, Manchester, M15 4FN.
\n2.
Registered of\ufb01ce address is Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 7DE.
\n3.
Registered of\ufb01ce address is The Landmark, Level 2, Suite 1, Triq L-Iljun, Qormi, Malta.
\n4.
Registered of\ufb01ce address is 800 Battery Ave SE, Suite 100, Atlanta, GA, 30339-5107, United States.
\nDuring the year, the Group disposed of Webzone Limited and liquidated KeeResources Limited.
\nAll subsidiaries have a year end of 31 March, apart from Vanarama Limited, which has a year end of 30 November, and Autorama Holding
\n(Malta) Limited and Vanarama USA Inc, which have a year end of 31 December.
\nJoint ventures
\nAt 31 March 2023 the Group\u2019s interests in joint ventures were:
\nJoint ventures
\nCountry of registration or
\nincorporation
Principal activity
\nClass of shares
\nheld
\nPercentage
\nowned by the
\nparent
\nPercentage
\nowned by the
\nGroup
\nDealer Auction Limited
\n1
\nEngland and Wales
Online marketplace
Ordinary
\u2013
49%
\nDealer Auction (Operations) Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
49%
\nAuto Trader Autostock Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
49%
\nDealer Auction Services Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
49%
\n1.
Registered of\ufb01ce address is Central House, Leeds Road, Rothwell, Leeds, West Yorkshire, England, LS26 0JE.
\nAll joint ventures have a year end of 31 December.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18176": {
"value": "17. Other investments Shares in other undertakings
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nInvestment in iAUTOS Company Limited
\u2013
\u2013
\nInvestment in protected insurance cell (Advent Insurance PCC Limited)
1.1
\u2013
\nInvestment in protected insurance cell (Atlas Insurance PCC Limited)
1.2
\u2013
\nTotal comprehensive income
2.3
\u2013
\nThe Group designated the investment in iAUTOS Company Limited as an equity security at FVOCI as the Group intends to hold the shares
\nfor long-term purposes. iAUTOS Company Limited is an intermediate holding company through which trading companies incorporated
\nin the People\u2019s Republic of China are held. The fair value of the investment has been valued at \u00a3nil since 2014 as the Chinese trading
\ncompanies are marginally loss-making with forecast future cash out\ufb02ows.
\nAs at 31 March 2023, the Group\u2019s wholly owned subsidiary, Autorama Holding (Malta) Limited, had an interest in two protected insurance
\ncells. During the year, the Group entered into a new arrangement with Atlas Insurance PCC Limited, with the intention of closing the
\nexisting cell with Advent Insurance PCC Limited once the portfolio transfer had been made to the new cell. This process was not fully
\ncomplete by 31 March 2023, therefore two investments have been recognised. It has designated its investments as equity securities
\nat FVOCI as the Group intends to hold the investment in the protected insurance cell for long-term purposes.
\nThe protected insurance cell writes insurance business which relates to Guaranteed Asset Protection insurance and business equipment
\nin transit. The interest in the protected insurance cell is not consolidated in these \ufb01nancial statements as a silo, as the cell company has
\nretained residual obligations in respect of the cell\u2019s liabilities. Autorama UK Limited is listed as a guarantor to an agreement between the
\ncell company and Autorama Holding (Malta) Limited.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18210": {
"value": "18. Trade and other receivables 2023
\n\u00a3m
\n2022
\n\u00a3m
\nTrade receivables (invoiced)
28.5
25.7
\nNet accrued income
38.7
34.6
\nTrade receivables (total)
67.2
60.3
\nPrepayments
5.4
5.5
\nOther receivables
0.3
0.1
\nTotal
72.9
65.9
\nTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due
\nfor settlement within 30 days and therefore are all classi\ufb01ed as current. Trade receivables are recognised initially at the amount of
\nconsideration that is unconditional and has been invoiced at the reporting date. The Group holds the trade receivables with the objective
\nto collect the contractual cash \ufb02ows and therefore measures them subsequently at amortised cost using the effective interest method.
\nIncluded within trade receivables (invoiced) is a provision for the impairment of \ufb01nancial assets of \u00a33.0m (2022: \u00a32.5m).
\nAccrued income relates to the Group\u2019s rights to consideration for services provided but not invoiced at the reporting date. Accrued income
\nis transferred to receivables when invoiced. Included within net accrued income is provision for the impairment of \ufb01nancial assets of \u00a31.5m
\n(2022: \u00a31.2m).
\nExposure to credit risk and expected credit losses relating to trade and other receivables are disclosed in note 32. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18213": {
"value": "2023 \u00a3m
\n2022
\n\u00a3m
\nTrade receivables (invoiced)
28.5
25.7
\nNet accrued income
38.7
34.6
\nTrade receivables (total)
67.2
60.3
\nPrepayments
5.4
5.5
\nOther receivables
0.3
0.1
\nTotal
72.9
65.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18248": {
"value": "19. Inventories In Autorama, the Group temporarily takes a small proportion of new vehicle deliveries on balance sheet as principal, which are held
\nwithin inventory.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFinished goods
3.6
\u2013
\nInventories
3.6
\u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18289": {
"value": "20. Cash and cash equivalents Cash at bank and in hand is denominated in the following currencies:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nSterling
16.6
51.0
\nEuro
\u2013
0.3
\nCash at bank and in hand
16.6
51.3
\nCash balances with an original maturity of less than three months were held in current accounts during the year and attracted interest
\nat a weighted average rate of 0.7% (2022: 0.2%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18309": {
"value": "21. Trade and other payables 2023
\n\u00a3m
\n2022
\n\u00a3m
\nTrade payables
8.0
2.7
\nAccruals
15.8
14.4
\nOther taxes and social security
16.9
21.3
\nDeferred income
5.7
3.0
\nVehicle stocking loan
3.0
\u2013
\nOther payables
3.9
0.5
\nAccrued interest payable
0.3
0.1
\nTotal
53.6
42.0
\nTrade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of trade and other payables
\nare considered to be the same as their fair values, due to their short-term nature. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18312": {
"value": "2023 \u00a3m
\n2022
\n\u00a3m
\nTrade payables
8.0
2.7
\nAccruals
15.8
14.4
\nOther taxes and social security
16.9
21.3
\nDeferred income
5.7
3.0
\nVehicle stocking loan
3.0
\u2013
\nOther payables
3.9
0.5
\nAccrued interest payable
0.3
0.1
\nTotal
53.6
42.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18346": {
"value": "22. Borrowings Non-current
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nSyndicated RCF gross of unamortised debt issue costs
60.0
\u2013
\nUnamortised debt issue costs on Syndicated RCF
(2.5)
(1.4)
\nTotal
57.5
(1.4)
\nCurrent
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nLoan from other investment
1.1
\u2013
\nTotal
1.1
\u2013
\nTotal borrowings
58.6
(1.4)
\nUnamortised debt issue costs on the Syndicated RCF increased to \u00a32.5m in the year (2022: \u00a31.4m) following the amendment and restatement
\nof the Group\u2019s Syndicated RCF facility. At 31 March 2022, unamortised debt issue costs were within Prepayments.
\nBorrowings are repayable as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nLess than one year
1.1
\u2013
\nTwo to \ufb01ve years
60.0
\u2013
\nTotal
61.1
\u2013
\nThe carrying amounts of borrowings approximates to their fair values.
\n
\nSyndicated revolving credit facility (\u2018Syndicated RCF\u2019)
\nThe Group has access to an unsecured Syndicated revolving credit facility (the \u2018Syndicated RCF\u2019). Associated debt transaction costs
\ntotal \u00a35.9m, with \u00a33.3m being incurred at initiation and \u00a32.6m of additional costs associated with extension requests.
\nWith effect from 1 February 2023 the Group entered into an Amendment and Restatement Agreement to extend the term of the facility for
\n\ufb01ve years from the date of signing and to reduce the capacity of the facility to \u00a3200.0m. There is no requirement to settle all or part of the
\nfacility before the termination date of February 2028.The associated debt transaction costs were \u00a31.6m, of which \u00a31.4m was paid in the
\nperiod to 31 March 2023.
\nIndividual tranches are drawn down, in sterling, for periods of up to six months at the compounded reference rate (being the aggregate
\nof SONIA for that interest period) plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of the Group.
\nA commitment fee of 35% of the margin applicable to the Syndicated RCF is payable quarterly in arrears on unutilised amounts of the
\ntotal facility.
\nThe Syndicated RCF has \ufb01nancial covenants linked to interest cover and the consolidated debt cover of the Group:
\n\u2022 Net bank debt to EBITDA must not exceed 3.5:1.
\n\u2022 EBITDA to net interest payable must not be less than 3.0:1.
\nEBITDA is de\ufb01ned as earnings before interest, taxation, depreciation and amortisation, share-based payments and associated NI,
\nshare of pro\ufb01t from joint ventures and exceptional items.
\nAll \ufb01nancial covenants of the facility have been complied with through the period.
\nLoan from other investment
\nDuring the year, the Group\u2019s wholly owned subsidiary, Autorama Holding (Malta) Limited, elected to transfer the insurance portfolio held
\nin a protected insurance cell with Advent Insurance PCC Limited to Atlas Insurance PCC Limited. As part of this process, Advent Insurance
\nPCC Limited issued a loan to Autorama Holding (Malta) Limited to fund the investment in the new protected insurance cell until the portfolio
\ntransfer was complete. This process is likely to be completed within the next 12 months. As at 31 March 2023, \u00a31.1m was recognised on the
\nConsolidated balance sheet (2022: \u00a3nil).
\nExposure to interest rate changes
\nThe exposure of the Group\u2019s borrowings (excluding debt issue costs) to SONIA rate changes and the contractual repricing dates at the
\nbalance sheet date are as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOne month or less
60.0
\u2013
\nTotal
60.0
\u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18448": {
"value": "23. Provisions Dilapidations
\nprovision
\n\u00a3m
\nHoliday pay
\nprovision
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 31 March 2022
1.3
0.7
2.0
\nCharged to the income statement
\u2013
0.7
0.7
\nRecognised under IFRS 16
0.1
\u2013
0.1
\nUtilised in the year
(0.1)
(0.7)
(0.8)
\nAt 31 March 2023
1.3
0.7
2.0
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent
0.7
0.7
\nNon-current
1.3
1.3
\nTotal
2.0
2.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18518": {
"value": "24. Deferred taxation A net deferred tax liability of \u00a35.8m has been recognised in the balance sheet at 31 March 2023. The movement in deferred taxation assets and
\nliabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
\nDeferred taxation assets
\nShare-based
\npayments
\n\u00a3m
\nAccelerated
\ncapital
\nallowances
\n\u00a3m
\nOther temporary
\ndifferences
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 31 March 2021
2.7
3.0
0.3
6.0
\nCredited to the income statement
0.3
(0.2)
0.5
0.6
\nDebited directly to equity
(0.2)
\u2013
\u2013
(0.2)
\nAt 31 March 2022
2.8
2.8
0.8
6.4
\n(Debited)/credited to the income statement
1.1
(0.9)
(0.5)
(0.3)
\nDebited directly to equity
(0.2)
\u2013
\u2013
(0
.
2)
\nAcquired through business combinations
\u2013
\u2013
6.8
6.8
\nAt 31 March 2023
3.7
1.9
7.1
12.7
\nDeferred taxation liabilities
\nAcquired
\nintangible assets
\n\u00a3m
\nOther temporary
\ndifferences
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 31 March 2021
\u2013
4.3
4.3
\nCredited to the income statement
\u2013
0.5
0.5
\nDebited to the statement of comprehensive income
\u2013
0.2
0.2
\nAt 31 March 2022
\u2013
5.0
5.0
\nCredited to the income statement
(1.2)
(0.5)
(1.7)
\nDebited to the statement of comprehensive income
\u2013
(1.1)
(1.1)
\nAcquired through business combinations
16.3
\u2013
16.3
\nAt 31 March 2023
15.1
3.4
18.5
\nNet deferred tax asset at 31 March 2022
\n1.4
\nNet deferred tax liability at 31 March 2023
5.8
\nThe Group has estimated that \u00a31.5m (2022: \u00a30.9m) of the Group\u2019s net deferred income tax liability will be realised in the next 12 months.
\nThis is management\u2019s current best estimate and may not re\ufb02ect the actual outcome in the next 12 months.
\nDeferred tax assets acquired through business combinations totalled \u00a36.8m (2022: \u00a3nil). This includes \u00a37.7m relating to tax losses offset
\nby a \u00a30.9m deferred tax liability linked to a fair value adjustment on freehold property. Recognition is on the basis that there are suf\ufb01cient
\ntaxable temporary liability differences at the balance sheet date arising from acquired intangibles which are expected to reverse over
\nthe same time period that losses are expected to be used",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f18630": {
"value": "25. Retirement bene\ufb01t obligations (i) De\ufb01ned contribution scheme
\nThe Group operates a number of de\ufb01ned contribution schemes. In the year to 31 March 2023, the pension contributions to the Group\u2019s
\nde\ufb01ned contribution schemes amounted to \u00a33.5m (2022: \u00a33.2m). At 31 March 2023, there were \u00a30.6m (31 March 2022: \u00a30.5m) of pension
\ncontributions outstanding relating to the Group\u2019s de\ufb01ned contribution schemes.
\n(ii) De\ufb01ned bene\ufb01t scheme
\nThe Company sponsors a funded de\ufb01ned bene\ufb01t pension scheme for qualifying UK employees, the Wiltshire (Bristol) Limited Retirement
\nBene\ufb01ts Scheme (\u2018the Scheme\u2019). The Scheme is administered by a separate board of Trustees, which is legally separate from the Company.
\nThe Trustees are composed of representatives of both the Company and members. The Trustees are required by law to act in the interest
\nof all relevant bene\ufb01ciaries and are responsible for the investment policy for the assets and the day-to-day administration of the bene\ufb01ts.
\nThe Scheme has been closed to future members since 30 April 2006 and there are no remaining active members within the Scheme.
\nNo other post-retirement bene\ufb01ts are provided to these employees.
\nPro\ufb01le of the Scheme
\nAs at 31 March 2023, approximately 42% of the de\ufb01ned bene\ufb01t obligation (\u2018DBO\u2019) is attributable to former employees who have yet to
\nreach retirement (2022: 57%) and 58% to current pensioners (2022: 43%). The Scheme duration is an indicator of the weighted-average
\ntime until bene\ufb01t payments are made. For the Scheme as a whole, the duration is approximately 16 years (2022: 20 years).
\nBuy-in
\nIn October 2022, the Scheme purchased a bulk annuity policy (known as a buy-in) from Just Retirement Limited (\u2018Just Retirement\u2019) for \u00a315.4m, which
\nwas funded by a \u00a31.0m contribution by the Company along with existing Scheme assets. This policy secured the full bene\ufb01ts of all Scheme
\nmembers, which as at the remeasurement date amounted to \u00a313.7m. Given the \ufb01nancial strength of Just Retirement, this buy-in substantively
\nremoves the risk of further contributions being required from the Company to provide bene\ufb01ts to members, beyond those noted below.
\n
\nFollowing the buy-in, the Scheme\u2019s assets largely comprise the bulk annuity policy held with Just Retirement, along with a small amount
\nof additional assets currently held with LGIM. The Scheme trustees are now working to progress towards a full buy-out, which will involve
\nvarious data and bene\ufb01ts exercises. It is anticipated that the Scheme buy-out will be completed in 2024. Once the buy-out is complete,
\nthe Scheme has no further purpose and will be wound up.
\nFunding requirements
\nUK legislation requires that pension schemes are funded prudently. The ongoing funding valuation of the Scheme was carried out by
\na quali\ufb01ed actuary as at 30 April 2021 and showed a surplus of \u00a31.5m. The Company paid de\ufb01cit contributions of \u00a30.1m per annum to
\n31 January 2022, plus an additional \u00a31.0m in October 2022 in respect of the shortfall versus the buy-in premium. The next funding valuation
\nis due no later than 30 April 2024, although it is anticipated that the Scheme will be bought-out and wound-up before the statutory
\ndeadline for this valuation. The Company expects that a further contribution may be required in the year ending 31 March 2024 in respect
\nof the balancing premium, once the data cleansing and bene\ufb01t recti\ufb01cation is completed. The Company also pays expenses and PPF
\nlevies incurred by the Scheme.
\nRisks associated with the Scheme
\nThe Scheme exposes the Company to some risks, although the purchase of a buy-in policy substantially mitigates these.
\nAsset volatility
The liabilities are calculated using a discount rate set with reference to corporate bond yields. If assets
\nunderperform this yield, this will create a de\ufb01cit. The Scheme previously held a signi\ufb01cant proportion of
\ngilt and bond assets which limits volatility and risk in the short term. The allocation of assets is monitored
\nto ensure it remains appropriate given the Scheme\u2019s long-term objectives.
\nIn\ufb02ation risk
A proportion of the Scheme\u2019s bene\ufb01t obligations are linked to in\ufb02ation, and higher in\ufb02ation leads to
\nhigher liabilities (although, in most cases, caps on the level of in\ufb02ationary increases are in place to protect
\nagainst extreme in\ufb02ation). The majority of the assets are either unaffected by or only loosely correlated
\nwith in\ufb02ation, meaning that an increase in in\ufb02ation will also increase the de\ufb01cit.
\nChange in bond yields
A decrease in corporate bond yields will increase the value placed on the Scheme\u2019s liabilities for
\naccounting purposes, although this will be partially offset by an increase in the value of the Scheme\u2019s
\nbond holdings.
\nLife expectancy
The majority of the Scheme\u2019s obligations are to provide bene\ufb01ts for the lifetime of the member,
\nso increases in life expectancy will result in an increase in the liabilities.
\nAssumptions used
\nThe results of the latest funding valuation at 30 April 2021 have been adjusted to the new balance sheet date, taking account of
\nexperience over the period since 30 April 2021, changes in market conditions, and differences in the \ufb01nancial and demographic
\nassumptions. The present value of the de\ufb01ned bene\ufb01t obligation, and the related current service cost, were measured using the
\nprojected unit credit method.
\nThe principal assumptions used to calculate the liabilities under IAS 19 are as follows:
\n2023
\n%
\n2022
\n%
\nDiscount rate for scheme liabilities
4.70
2.75
\nCPI in\ufb02ation
2.85
3.00
\nRPI in\ufb02ation
3.55
3.80
\nPension increases
\nPost 1988 GMP
2.20
2.35
\nPre 2004 non GMP
5.00
5.00
\nPost 2004
3.25
3.55
\nThe \ufb01nancial assumptions re\ufb02ect the nature and term of the Scheme\u2019s liabilities. The weighted average duration of the Scheme liabilities
\nat the year end is 16 years (2022: 20 years). This reduction is due to the discount rate increase which is the principal reason for the
\ndecrease in the value of Scheme liabilities compared with the prior year.
\nThe Group has assumed that mortality will be in line with nationally published mortality table SAPS S3 Heavy tables with CMI 2021
\nprojections related to members\u2019 years of birth with long-term rate of improvement of 1.5% per annum. No adjustment has been made
\nfor the possible effects of COVID-19. These tables translate into an average life expectancy for a pensioner retiring at age 65 as follows:
\n2023
2022
\nMen
\nYears
\nWomen
\nYears
\nMen
\nYears
\nWomen
\nYears
\nMember aged 65 (current life expectancy)
86.7
89.0
86.6
88.3
\nMember aged 45 (life expectancy at age 65)
88.4
90.8
88.6
90.1
\nIt is assumed that 50% of non-retired members of the Scheme will commute the maximum amount of cash at retirement (2022: 50% of
\nnon-retired members of the Scheme will commute the maximum amount of cash at retirement).
\n
\n
\n
\n
\nPost-employment bene\ufb01t obligations disclosures
\nThe amounts charged to the Consolidated income statement are set out below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPast service cost
0.5
\u2013
\nSettlement cost
2.2
\u2013
\nTotal amounts charged to the Consolidated income statement
2.7
\u2013
\nPast service cost
\nAs part of the data cleansing exercise ahead of the Scheme\u2019s buy-in, two items relating to the Barber window in relation to transferred in
\nassets and a slightly later effective date for pension increases were identi\ufb01ed. As a result, a \u00a30.5m past service cost has been recognised
\nin the Consolidated income statement (2022: \u00a3nil).
\nCurrent service costs and past service costs are charged to the income statement in arriving at Operating pro\ufb01t. Interest income
\non Scheme assets and the interest cost on Scheme liabilities are included within \ufb01nance costs.
\nSettlement cost
\nGiven the intention is to convert the buy-in policy purchased during the year to a buy-out as soon as possible, a settlement cost of
\n\u00a32.2m has been recognised in the Consolidated income statement for the year ended 31 March 2023. The settlement cost represents
\nthe difference between the value of the liabilities under IAS 19 at the remeasurement date, 31 October 2022, (\u00a313.2m) and the price paid
\nto settle the liabilities (\u00a315.4m).
\nThe following amounts have been recognised in the Consolidated statement of comprehensive income:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nReturn on Scheme assets (in excess of)/below that recognised in net interest
5.9
1.6
\nActuarial gains due to changes in assumptions
(4.8)
(1.8)
\nActuarial losses/(gains) due to liability experience
0.4
(0.2)
\nEffect of the surplus cap
\u2013
\u2013
\nDeferred tax on surplus
(1.1)
0.2
\nTotal amounts recognised within the Consolidated statement of comprehensive income
0.4
(0.2)
\nAmounts recognised in the balance sheet are as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPresent value of funded obligations
13.6
17.5
\nFair value of plan assets
(14.1)
(21.2)
\nNet asset recognised in the Consolidated balance sheet
(0.5)
(3.7)
\nThe Trustees of the Scheme sought legal advice which concluded that the Group has an unconditional right to a refund of surplus from
\nthe Scheme, if the Scheme were to be run-off until the \ufb01nal bene\ufb01ciary died. As a result, the Group has concluded that IFRIC 14 does not
\napply, and therefore has recognised the accounting surplus of \u00a30.5m (2022: \u00a33.7m) and an associated deferred tax liability of \u00a30.2m
\n(2022: \u00a31.3m) in the Consolidated balance sheet.
\n
\nMovements in the fair value of Scheme assets were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFair value of Scheme assets at the beginning of the year
21.2
22.8
\nInterest income on Scheme assets
0.5
0.5
\nRemeasurement losses on Scheme assets
(5.9)
(1.6)
\nContributions by the employer
1.0
0.1
\nSettlements
(2.2)
\u2013
\nNet bene\ufb01ts paid
(0.5)
(0.6)
\nFair value of Scheme assets at the end of the year
14.1
21.2
\nMovements in the fair value of Scheme liabilities were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFair value of Scheme liabilities at the beginning of the year
17.5
19.6
\nPast service cost
0.5
\u2013
\nInterest expense
0.5
0.5
\nActuarial gains on Scheme liabilities arising from changes in assumptions
(4.8)
(1.8)
\nActuarial losses/(gains) on Scheme liabilities arising from experience
0.4
(0.2)
\nSettlements
\u2013
\u2013
\nNet bene\ufb01ts paid
(0.5)
(0.6)
\nFair value of Scheme liabilities at the end of the year
13.6
17.5
\nMovements in post-employment bene\ufb01t net obligations were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOpening post-employment bene\ufb01t surplus
(3.7)
(3.2)
\nPast service cost
0.5
\u2013
\nSettlement cost
2.2
\u2013
\nContributions by the employer
(1.0)
(0.1)
\nRemeasurement and experience (gains)/losses
1.5
(0.4)
\nClosing post-employment bene\ufb01t surplus
(0.5)
(3.7)
\nPlan assets are comprised as follows:
\n2023
2022
\n\u00a3m
%
\u00a3m
%
\nEquities
\u2013
\u2013
\u2013
\u2013
\nGilts
0.4
3.5
13.7
65.0
\nBonds
\u2013
\u2013
7.2
34.0
\nCash
0.1
0.7
0.3
1.0
\nBuy-in policy
13.6
95.8
\u2013
\u2013
\nTotal
14.1
100.0
21.2
100.0
\nAll plan assets have a quoted market price.
\nSensitivity to key assumptions
\nThe key \ufb01nancial assumptions used for IAS 19 are the discount and in\ufb02ation rates. Given that the Scheme\u2019s buy-in policy is valued exactly
\nequal to the DBO, changes in the key assumptions no longer have any impact on the net funded status position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19018": {
"value": "26. Share capital Share capital
\n2023
2022
\nNumber
\n\u2019000
\nAmount
\n\u00a3m
\nNumber
\n\u2019000
\nAmount
\n\u00a3m
\nAllotted, called-up and fully paid ordinary shares of 1p each
\nAt 1 April
946,893
9.5
969,024
9.7
\nPurchase and cancellation of own shares
(23,831)
(0.2)
(22,198)
(0.2)
\nIssue of shares
13
0.0
67
0.0
\nTotal
923,075
9.3
946,893
9.5
\nIn the year ended 31 March 2017, the Company commenced a share buyback programme. By resolutions passed at the 2022 AGM,
\nthe Company\u2019s shareholders generally authorised the Company to make market purchases of up to 96,678,535 of its ordinary shares,
\nsubject to minimum and maximum price restrictions. In the year ended 31 March 2023, a total of 25,261,584 ordinary shares of \u00a30.01
\nwere purchased. The average price paid was 582.1p with a total consideration paid (including fees of \u00a30.7m) of \u00a3148.0m. Of all shares
\npurchased, 1,430,372 were held in treasury with 23,831,212 being cancelled. In the year ended 31 March 2023, 12,893 ordinary shares were
\nissued for the settlement of share-based payments.
\nIncluded within shares in issue at 31 March 2023 are 340,196 (2022: 358,158) shares held by the ESOT and 4,371,505 (2022: 3,826,928) shares
\nheld in treasury, as detailed in note 27. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19062": {
"value": "27. Own shares held Own shares held \u2013 \u00a3m
\nESOT shares
\nreserve
\n\u00a3m
\nTreasury shares
\n\u00a3m
\nTotal
\n\u00a3m
\nOwn shares held as at 31 March 2021
(0.5)
(10.2)
(10.7)
\nTransfer of shares from ESOT
0.1
\u2013
0.1
\nRepurchase of own shares for treasury
\u2013
(17.8)
(17.8)
\nShare-based incentives exercised
\u2013
6.0
6.0
\nOwn shares held as at 31 March 2022
(0.4)
(22.0)
(22.4)
\nRepurchase of own shares for treasury
\u2013
(8.7)
(8.7)
\nShare-based incentives exercised
\u2013
5.1
5.1
\nOwn shares held as at 31 March 2023
(0.4)
(25.6)
(26.0)
\nOwn shares held \u2013 number
\nESOT shares
\nreserve
\nNumber of shares
\nTreasury shares
\nNumber of shares
\nTotal
\nNumber of shares
\nOwn shares held as at 31 March 2021
404,653
2,422,659
2,827,312
\nTransfer of shares from ESOT
(46,495)
\u2013
(46,495)
\nRepurchase of own shares for treasury
\u2013
2,718,193
2,718,193
\nShare-based incentives exercised
\u2013
(1,313,924)
(1,313,924)
\nOwn shares held as at 31 March 2022
358,158
3,826,928
4,185,086
\nTransfer of shares from ESOT
(17,962)
\u2013
(17,962)
\nRepurchase of own shares for treasury
\u2013
1,430,372
1,430,372
\nShare-based incentives exercised
\u2013
(885,795)
(885,795)
\nOwn shares held as at 31 March 2023
340,196
4,371,505
4,711,701 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19165": {
"value": "28. Dividends Dividends declared and paid by the Company were as follows:
\n2023
2022
\nPence
\nper share
\u00a3m
\nPence
\nper share
\u00a3m
\n2022 \ufb01nal dividend paid
5.5
51.7
5.0
48.0
\n2023 interim dividend paid
2.8
26.0
2.7
25.6
\n8.3
77.7
7.7
73.6
\nThe proposed \ufb01nal dividend for the year ended 31 March 2023 of 5.6p per share, totalling \u00a351.4m, is subject to approval by shareholders
\nat the Annual General Meeting (\u2018AGM\u2019) and hence has not been included as a liability in the \ufb01nancial statements.
\nThe Directors\u2019 policy with regard to future dividends is set out in the Financial review on page 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19195": {
"value": "29. Cash generated from operations 2023
\n\u00a3m
\n2022
\n\u00a3m
\nPro\ufb01t after tax
233.9
244.7
\nAdjustments for:
\nTax charge
59.7
56.3
\nDepreciation
4.9
4.6
\nAmortisation
9.2
2.6
\nShare-based payments charge (excluding associated NI)
5.8
5.1
\nDeferred contingent consideration
38.8
\u2013
\nShare of pro\ufb01t from joint ventures
(2.5)
(2.9)
\nPro\ufb01t on sale of property, plant and equipment
(0.7)
\u2013
\nNet lease disposals and modi\ufb01cations
(0.1)
\u2013
\nPost employment expenses relating to the de\ufb01ned bene\ufb01t scheme
2.7
\u2013
\nFinance costs
3.1
2.6
\nR&D expenditure credit
(0.1)
(0.1)
\nPro\ufb01t on disposal of a subsidiary
(19.1)
\u2013
\nChanges in working capital (excluding the effects of exchange differences on consolidation):
\nTrade and other receivables
(3.6)
(5.3)
\nTrade and other payables
(1.9)
20.5
\nInventory
(2.7)
\u2013
\nCash generated from operations
327.4
328.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19281": {
"value": "30. Share-based payments The Group currently operates \ufb01ve share plans: the Share Incentive Plan, Performance Share Plan, Deferred Annual Bonus, Single Incentive
\nPlan Award and the Sharesave scheme. All share-based incentives are subject to a service condition. Such conditions are not taken
\ninto account in the fair value of the service received. The fair value of services received in return for share-based incentives is measured
\nby reference to the fair value of share-based incentives granted. Black-Scholes and Monte Carlo models have been used where
\nappropriate to calculate the fair value of share-based incentives with market conditions.
\nThe total charge in the period relating to the \ufb01ve schemes was \u00a36.6m (2022: \u00a36.1m). This included associated national insurance (\u2018NI\u2019)
\nat the rate at which management expects to be effective when the awards are exercised (13.80%), and apprenticeship levy at 0.5%,
\nbased on the share price at the reporting date.
\nIn addition to this charge, the share-based payment charge reported in this period includes \u00a338.8m relating to deferred share-based
\npayment consideration relating to the acquisition of Autorama (see note 31), making a total combined charge of \u00a344.6m (excluding
\nassociated NI).
\nGroup
Company
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nShare Incentive Plan (\u2018SIP\u2019)
\u2013
\u2013
\u2013
\u2013
\nSharesave scheme (\u2018SAYE\u2019)
0.5
0.7
\u2013
\u2013
\nPerformance Share Plan (\u2018PSP\u2019)
1.9
1.3
1.9
1.3
\nDeferred Annual Bonus and Single Incentive Plan
3.4
3.1
0.4
0.2
\nNI and apprenticeship levy on applicable schemes
0.8
1.0
0.3
0.3
\nTotal charge from ongoing share schemes
6.6
6.1
2.6
1.8
\nShare-based payments relating to Autorama acquisition
38.8
\u2013
\u2013
\u2013
\nTotal charge
45.4
6.1
2.6
1.8
\nDuring the year, the Directors in of\ufb01ce in total had gains of \u00a31.4m (2022: \u00a32.8m) arising on the exercise of share-based incentive awards.
\nShare Incentive Plan
\nIn 2015, the Group established a Share Incentive Plan (\u2018SIP\u2019). All eligible employees were awarded free shares (or nil-cost options in the
\ncase of employees in Ireland) valued at \u00a33,600 each based on the share price at the time of the Company\u2019s admission to the Stock
\nExchange in March 2015.
\nUK SIP
\n2023
\nNumber
\n2022
\nNumber
\nOutstanding at 1 April
116,808
163,157
\nReleased
(20,493)
(46,349)
\nOutstanding at 31 March
96,315
116,808
\nVested and outstanding at 31 March
96,315
116,808
\nThe weighted average market value per ordinary share for SIP awards released was 578.0p (2022: 622.5p). The SIP shares outstanding at
\n31 March 2023 have fully vested (2022: fully vested). Shares released prior to the vesting date relate to those attributable to good leavers
\nas de\ufb01ned by the Scheme rules.
\nPerformance Share Plan
\nThe Group operates a Performance Share Plan (\u2018PSP\u2019) for Executive Directors, the Operational Leadership Team and certain key
\nemployees. The extent to which awards vest will depend upon the Group\u2019s performance over the three-year period following the award
\ndate. Both market based and non-market based performance conditions may be attached to the options, for which an appropriate
\nadjustment is made when calculating the fair value of an option. If the options remain unexercised after a period of 10 years from the date
\nof grant, the options expire. Furthermore, options are forfeited if the employee leaves the Group before the options vest, unless under
\nexceptional circumstances.
\nOn 23 June 2022, the Group awarded 360,695 nil cost options under the PSP scheme. For the 2022 awards, the Group\u2019s performance is measured
\nby reference to growth in Operating pro\ufb01t (70% of the award), Revenue (20% of the award) and Carbon reduction (10% of the award) over a
\nthree-year period to March 2025.
\nFor other previous awards, the Group\u2019s performance had been measured by reference to growth in Operating pro\ufb01t and Revenue over a
\nthree-year period, total shareholder return relative to the FTSE 350 share index (2017 and 2020 awards), and diversity progress (2021 awards).
\n
\nThe fair value of the 2022 award was determined to be the share price at grant date. In previous years, the total shareholder return
\nelement was valued using the Monte Carlo model. The resulting share-based payments charge is being spread evenly over the period
\nbetween the grant date and the vesting date.
\nPSP award holders are entitled to receive dividends accruing between the grant date and the vesting date and this value will be delivered
\nin shares. The assumptions used in the measurement of the fair value at grant date of the PSP awards are as follows:
\nGrant date
Condition
\nShare price at
\ngrant date \u00a3
\nExercise
\nprice \u00a3
\nExpected
\nvolatility
\n%
\nOption life
\nyears
\nRisk-free
\nrate %
\nDividend
\nyield %
\nNon-vesting
\ncondition %
\nFair value per
\noption \u00a3
\n16 June 2017
TSR dependent
4.00
Nil
31
3.0
0.2
0.0
0.0
2.17
\n16 June 2017
OP dependent
4.00
Nil
N/A
3.0
0.2
0.0
0.0
4.00
\n30 August 2017
TSR dependent
3.42
Nil
31
3.0
0.2
0.0
0.0
2.17
\n30 August 2017
OP dependent
3.42
Nil
N/A
3.0
0.2
0.0
0.0
3.42
\n17 August 2018
OP dependent
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
\n17 August 2018
Revenue dependent
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
\n17 June 2019
OP dependent
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
\n17 June 2019
Revenue dependent
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
\n8 July 2020
TSR dependent
5.27
Nil
32
3.0
(0.1)
0.0
0.0
2.83
\n17 June 2021
OP dependent
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
\n17 June 2021
Revenue dependent
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
\n17 June 2021
Diversity progress dependent
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
\n23 June 2022
OP dependent
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
\n23 June 2022
Revenue dependent
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
\n23 June 2022
Carbon reduction dependent
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
\nExpected volatility is estimated by considering historic average share price volatility at the grant date.
\nThe number of options outstanding and exercisable as at 31 March 2023 was as follows:
\n2023
\nNumber
\n2022
\nNumber
\nOutstanding at 1 April
1,401,701
1,741,829
\nOptions granted in the year
360,695
368,361
\nDividend shares awarded
8,319
2,916
\nOptions forfeited in the year
(129,684)
(344,766)
\nOptions exercised in the year
(241,047)
(366,639)
\nOutstanding at 31 March
1,399,984
1,401,701
\nExercisable at 31 March
79,348
181,875
\nThe weighted average market value per ordinary share for PSP options exercised in 2023 was 587.2p (2022: 639.5p). The PSP awards
\noutstanding at 31 March 2023 have a weighted average remaining vesting period of 1.0 years (2022: 1.2 years) and a weighted average
\ncontractual life of 7.9 years (2022: 7.9 years).
\n
\n
\n
\n
\nDeferred Annual Bonus and Single Incentive Plan Award
\nThe Group operates the Deferred Annual Bonus and Single Incentive Plan Award for Executive Directors, the Operational Leadership Team
\nand certain key employees. The plan consists of two schemes, the Deferred Annual Bonus Plan (\u2018DABP\u2019) and the Single Incentive Plan Award
\n(\u2018SIPA\u2019).
\nDeferred Annual Bonus
\nThe Group operates a Deferred Annual Bonus Plan (\u2018DABP\u2019) for Executive Directors. Awards under the plan are contingent on the
\nsatisfaction of pre-set internal targets relating to \ufb01nancial and operational objectives. The extent to which the awards vest will depend
\nupon the satisfaction of the Group\u2019s \ufb01nancial and operational performance in the \ufb01nancial year of the award date (the \u2018Performance
\nConditions\u2019). The awards will vest on the second anniversary of the date the Remuneration Committee determines that the Performance
\nConditions have been satis\ufb01ed (the \u2018Vesting Period\u2019). Awards are potentially forfeitable during that period should the employee leave
\nemployment. The DABP awards have been valued using the Black-Scholes method where appropriate and the resulting share-based
\npayments charge is being spread evenly over the combined Performance Period and Vesting Period of the shares, being three years.
\nOn 23 June 2022, the Group awarded 108,704 nil cost options under the DABP scheme (2022: nil). DABP award holders are entitled to
\nreceive dividends accruing between the grant date and the vesting date and this value will be delivered in shares. The assumptions used
\nin the measurement of the fair value at grant date of the DABP awards are as follows:
\nGrant date
\nShare price at
\ngrant date
\n\u00a3
\nExercise price
\n\u00a3
\nOption life
\nyears
\nRisk-free rate
\n%
\nDividend yield
\n%
\nNon-vesting
\ncondition
\n%
\nFair value per
\noption
\n\u00a3
\n17 August 2018
4.48
Nil
2.0
0.7
1.7
0.0
4.48
\n17 June 2019
5.65
Nil
2.0
0.6
1.3
0.0
5.65
\n23 June 2022
5.31
Nil
2.0
2.0
1.3
0.0
5.31
\nThe number of options outstanding and exercisable as at 31 March was as follows:
\n2023
\nNumber
\n2022
\nNumber
\nOutstanding at 1 April
\u2013
121,289
\nOptions granted in the year
108,704
\u2013
\nDividend shares awarded
\u2013
1,211
\nOptions exercised in the year
\u2013
(122,500)
\nOutstanding at 31 March
108,704
\u2013
\nExercisable at 31 March
\u2013
\u2013
\nNo DABP options were exercised in 2023; the weighted average market value per ordinary share for DABP options exercised in 2022 was 640.7p.
\nSingle Incentive Plan Award
\nThe Group operates a Single Incentive Plan Award (\u2018SIPA\u2019) for the Operational Leadership Team and certain key employees. The extent
\nto which awards vest will depend upon the satisfaction of the Group\u2019s \ufb01nancial and operational performance in the \ufb01nancial year of
\nthe award date (the \u2018Performance Conditions\u2019). The awards will vest in tranches, with the \ufb01rst tranche vesting on the date on which the
\nRemuneration Committee determines that the Performance Conditions have been satis\ufb01ed, and subsequent tranches vesting on the \ufb01rst
\nand second anniversary of this date, subject to continuing employment.
\nOn 23 June 2022, the Group awarded 681,586 nil cost options under the SIPA scheme. For the 2022 awards, 75% of the award value is
\ndependent on FY23 Operating pro\ufb01t and the remaining 25% is subject to successful implementation of digital retailing related products
\nby 31 March 2023. The fair value of the 2022 award was determined to be \u00a35.31 per option, being the share price at grant date.
\nThe resulting share-based payments charge is being spread evenly over the period between the grant date and the vesting date. SIPA
\nholders are entitled to receive dividends accruing between the grant date and the vesting date and this value will be delivered in shares.
\nThe assumptions used in the measurement of the fair value at grant date of the SIPA awards are as follows:
\nGrant date
\nShare price at
\ngrant date
\n\u00a3
\nExercise
\nprice
\n\u00a3
\nExpected
\nvolatility
\n%
\nOption life
\nyears
\nRisk-free rate
\n%
\nDividend
\nyield
\n%
\nNon-vesting
\ncondition
\n%
\nFair value per
\noption
\n\u00a3
\n17 August 2018
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
\n17 June 2019
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
\n8 July 2020
5.27
Nil
N/A
3.0
(0.1)
0.0
0.0
5.27
\n24 November 2020
5.52
Nil
N/A
3.0
(0.1)
0.0
0.0
5.52
\n17 June 2021
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
\n23 June 2022
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
\n
\nThe number of options outstanding and exercisable as at 31 March was as follows:
\n2023
\nNumber
\n2022
\nNumber
\nOutstanding at 1 April
1,291,868
1,012,199
\nOptions granted in the year
681,586
718,634
\nDividend shares awarded
5,710
5,440
\nOptions exercised in the year
(214,290)
(429,283)
\nOptions forfeited in the year
(247,108)
(15,122)
\nOutstanding at 31 March
1,517,766
1,291,868
\nExercisable at 31 March
412,346
179,065
\nThe weighted average market value per ordinary share for SIPA options exercised in 2023 was 601.1p (2022: 646.2p). The SIPA awards
\noutstanding at 31 March 2023 have a weighted average remaining vesting period of 1.2 years (2022: 0.8 years) and a weighted average
\ncontractual life of 8.2 years (2022: 8.6 years). The charge for the year includes an estimate of the awards to be granted after the balance
\nsheet date in respect of achievement of 2021 targets.
\nSharesave scheme
\nThe Group operates a Sharesave (\u2018SAYE\u2019) scheme for all employees under which employees are granted an option to purchase ordinary
\nshares in the Company at up to 20% less than the market price at invitation, in three years\u2019 time, dependent on their entering into a
\ncontract to make monthly contributions into a savings account over the relevant period. Options are granted and are linked to a savings
\ncontract with a term of three years. These funds are used to fund the option exercise. No performance criteria are applied to the exercise
\nof Sharesave options. The assumptions used in the measurement of the fair value at grant date of the Sharesave plan are as follows:
\nGrant date
\nShare price at
\ngrant date
\n\u00a3
\nExercise
\nprice
\n\u00a3
\nExpected
\nvolatility
\n%
\nOption life
\nyears
\nRisk-free rate
\n%
\nDividend
\nyield
\n%
\nNon-vesting
\ncondition
\n%
\nFair value per
\noption
\n\u00a3
\n14 December 2018
4.48
3.49
29
3.0
0.7
1.7
16
1.29
\n13 December 2019
5.74
4.32
25
3.0
0.6
1.3
10
1.63
\n16 December 2020
5.75
4.41
32
3.0
0.0
0.5
10
1.86
\n16 December 2021
7.13
5.88
32
3.0
0.5
0.5
10
2.05
\n14 December 2022
5.64
4.56
34
3.0
3.2
1.3
10
1.87
\nExpected volatility is estimated by considering historic average share price volatility at the grant date. The requirement that an employee
\nhas to save in order to purchase shares under the Sharesave plan is a non-vesting condition. This feature has been incorporated into the
\nfair value at grant date by applying a discount to the valuation obtained from the Black-Scholes pricing model.
\n2023
2022
\nNumber of share
\noptions
\nWeighted average
\nexercise price
\n\u00a3
\nNumber of share
\noptions
\nWeighted average
\nexercise price
\n\u00a3
\nOutstanding at 1 April
1,446,582
4.72
1,505,816
3.88
\nOptions granted in the year
688,115
4.56
482,325
5.88
\nOptions exercised in the year
(406,060)
3.86
(446,884)
3.21
\nOptions lapsed in the year
(362,285)
5.39
(94,675)
4.38
\nOutstanding at 31 March
1,366,352
4.72
1,446,582
4.72
\nExercisable at 31 March
53,892
4.32
242,707
3.49
\nThe weighted average market value per ordinary share for Sharesave options exercised in 2023 was 597.4p (2022: 646.2p). The Sharesave
\noptions outstanding at 31 March 2023 have a weighted average remaining vesting period of 2.0 years (2022: 1.7 years) and a weighted
\naverage contractual life of 2.5 years (2022: 2.2 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19999": {
"value": "31. Business combinations Purchase of Autorama UK Limited
\nOn 22 June 2022, the Group acquired the entire share capital of Autorama UK Limited (\u2018Autorama\u2019) for initial consideration of \u00a3150.0m,
\nwith an additional \u00a350.0m deferred until 22 June 2023 and settled in shares to the value of \u00a350.0m, subject to employment and customary
\nperformance conditions.
\nAutorama, one of the UK\u2019s largest marketplaces for leasing new vehicles, is a leading end-to-end digital platform, which aggregates leasing
\ndeals from multiple funders and OEMs (under its \u2018Vanarama\u2018 brand), enabling buyers to transact online across a wide range of vehicles.
\nThe total consideration of \u00a3150.0m excludes acquisition costs of \u00a32.1m which were recognised within costs in the Consolidated income
\nstatement. The following table provides a reconciliation of the amounts included in the Consolidated statement of cash \ufb02ows for the period:
\n2023
\n\u00a3m
\nCash paid for subsidiary
150.0
\nLess: cash acquired
(5.8)
\nPayment for acquisition of subsidiary, net of cash acquired
144.2
\nAs the settlement of the deferred \u00a350.0m consideration is subject to a condition for continuing employment to 22 June 2023, the amount
\nis not included in the business combination but is recorded as a post-acquisition income statement expense over the period of service, which
\nextends to the \ufb01rst anniversary of the acquisition. A charge of \u00a338.8m has been recorded in the period from acquisition to 31 March 2023.
\nFrom the period of acquisition to 31 March 2023, Autorama contributed revenue of \u00a327.2m, and a loss of \u00a311.2m to the Group\u2019s results.
\nFurther analysis is within note 2.
\n
\nThe purchase has been accounted for as a business combination under the acquisition method in accordance with IFRS 3. The fair value
\nof net assets acquired was assessed and, other than in respect of the intangible assets and related deferred tax, described below,
\nno material adjustments from book value were made to existing assets and liabilities. The goodwill calculation is summarised below:
\nFair value
\n\u00a3m
\nIntangible asset recognised on acquisition
\nBrand
47.6
\nTechnology
13.7
\nCustomer relationships
2.9
\nOrder book
2.3
\nDeferred tax liability arising on intangible assets
(16.3)
\n50.2
\nOther non-current assets
\nInvestments
1.0
\nProperty, plant and equipment
5.3
\nIntangible assets
0.4
\nDeferred tax asset
6.8
\n13.5
\nCurrent assets
\nCash and cash equivalents
5.8
\nTrade and other receivables
4.5
\nInventory
0.9
\nOther debtors
0.9
\n12.1
\nCurrent liabilities
\nTrade and other payables
11.6
\nDeferred income
2.3
\n13.9
\nNon-current liabilities
\nBorrowings
4.0
\nLease liabilities
0.4
\n4.4
\nTotal net assets acquired
57.5
\nGoodwill on acquisition
92.5
\nTotal assets acquired
150.0
\nFair value of cash consideration
150.0
\nThe brand, technology, customer relationships and order book obtained through the acquisition met the requirements to be separately
\nidenti\ufb01able under IFRS 3. Refer to note 2 for further details on fair value techniques for valuing intangibles.
\nThe business operates under the Vanarama brand name and is one of the UK\u2019s longest running e-commerce brands. The asset was valued
\nusing the Multi-period Excess Earnings Method and cross-checked using relief from royalty. A useful economic life and obsolescence
\ndecline period of 10 years was assumed. Revenue forecasts during this period were consistent with those described for Autorama in
\nnote 13, before adjustment for brand obsolescence. A post-tax discount rate of 14% was applied. This discount rate is lower than that for
\nAutorama as a whole at the date of acquisition and re\ufb02ects factors including the \ufb01nite brand forecast period, compared to cash \ufb02ows
\ninto perpetuity used to support the goodwill.
\nThe technology is Autorama\u2019s propriety technology which helps manage a complex vehicle lease purchasing process into a streamlined
\nonline transaction via a customer friendly user interface, which has been developed in-house. The asset was valued using the cost
\napproach speci\ufb01cally replacement costs and crosschecked using relief from royalty. The order book is customer orders not yet delivered,
\nwhich is expected to unwind.
\nThe goodwill recognised on acquisition principally relates to value arising from intangible assets that are not separately identi\ufb01able
\nunder IFRS 3. Such assets include the value of the acquired workforce (including technical experience), returning customers, supplier
\nrelationships with funders and car manufacturers and future market growth opportunities. Customer lists have not been valued separately
\non the basis they are inseparable in their own right from the brand. Supplier relationships are not separately valued on the basis that their
\nterms are in line with industry standards of what would be typically agreed with a market participant.
\n
\n
\n
\n
\nThe valuation of the Vanarama brand name is sensitive to a change in the obsolescence rate assumption. An obsolescence pro\ufb01le has
\nbeen assumed which is considered to be a representative curve for a consumer asset in the absence of continued marketing spend,
\nshowing a slow decline in the early years due to the bene\ufb01t of historic spend, then decline accelerating in the middle years as consumer
\nbrand consciousness falls, before slowing in the \ufb01nal years to re\ufb02ect a slower drop off of residual awareness. Slowing or accelerating
\nthe assumed rate of obsolescence by one year, with all other factors being unchanged, would increase or decrease the valuation of the
\nbrand by \u00a314m or \u00a316m respectively. Residual goodwill would be adjusted by an equal and opposite amount, net of taxation. The discount
\nrate used in the brand valuation is less sensitive to change, re\ufb02ecting the \ufb01nite useful economic life of 10 years and the lower positive cash
\n\ufb02ows in the latter years due to the obsolescence decline.
\nNone of the acquired intangible assets or goodwill is expected to be deductible for tax purposes. A deferred tax liability has been recorded
\non the fair value of the intangible assets recognised, other than goodwill, measured at the substantively enacted UK rate of corporation tax
\nfrom April 2023 of 25%. This deferred tax liability has been debited against and increased the value of goodwill recognised.
\nSettlement of deferred consideration in relation to Blue Owl Network Limited
\nIn addition, in July 2022, the deferred consideration of \u00a38.1m was settled in respect of the acquisition of Blue Owl Network Limited (\u2018Blue
\nOwl\u2019). On 31 July 2020, the Group acquired the entire share capital of Blue Owl for consideration of \u00a318.2m, of which \u00a38.1m was deferred
\nuntil 31 July 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20161": {
"value": "32. Financial instruments Financial assets
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nNet trade receivables (invoiced)
18
28.5
25.7
\nNet accrued income
18
38.7
34.6
\nNet trade receivables (total)
18
67.2
60.3
\nOther receivables
18
0.3
0.1
\nCash and cash equivalents
20
16.6
51.3
\nTotal
84.1
111.7
\nCredit risk
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at 31 March 2023
\nwas \u00a384.1m (2022: \u00a3111.7m). The maximum exposure to credit risk for trade receivables and accrued income at the reporting date by
\ngeographic region was:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nUK
67.2
59.5
\nIreland
\u2013
0.8
\nTotal
67.2
60.3
\nThe maximum exposure to credit risk for trade receivables and accrued income at the reporting date by type of customer was:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nRetailers
52.7
50.6
\nManufacturer and Agency
5.1
3.7
\nOther
5.3
6.0
\nAutorama
4.1
\u2013
\nTotal
67.2
60.3
\nThe Group\u2019s most signi\ufb01cant customer accounts for \u00a31.2m (2022: \u00a31.2m) of net trade receivables as at 31 March 2023.
\n
\nExpected credit loss assessment
\nExpected credit losses are measured using a provisioning matrix based on actual credit loss experience over the past three years and
\nadjusted, when required, to take into account current macro-economic factors. For certain customers the Group applies experienced
\ncredit judgement that is determined to be predictive of the risk of loss to assess the expected credit loss, taking into account external
\nratings, \ufb01nancial statements and other available information. The following table provides information about the exposure to credit
\nrisk and expected credit losses for trade receivables and accrued income from individual customers as at 31 March 2023.
\nExpected credit
\nloss rate
\nGross carrying
\namount
\n\u00a3m
\nLoss allowance
\n\u00a3m
Credit-impaired
\nAccrued income
3.7%
40.2
(1.5)
No
\nCurrent
2.8%
25.4
(0.7)
No
\nPast due 1\u201330 days
8.8%
3.4
(0.3)
No
\nPast due 31\u201360 days
27.8%
0.4
(0.1)
No
\nPast due 61\u201390 days
83.3%
0.1
(0.1)
No
\nMore than 91 days past due
81.1%
2.2
(1.8)
No
\n71.7
(4.5)
\nAt 31 March 2022, ECLs were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability driven by used car price volatility.
\nA consistent level of ECLs has been recorded at 31 March 2023. Sensitivity analysis has been performed in assessing the expected credit
\nloss rate. There are no changes to the rate that are considered by the Directors to be reasonably possible, which give rise to a material
\ndifference in the loss allowance.
\nComparative information about the exposure to credit risk and expected credit losses for trade receivables from individual customers
\nas at 31 March 2022 is set out below:
\nExpected credit
\nloss rate
\nGross carrying
\namount
\n\u00a3m
\nLoss allowance
\n\u00a3m
Credit-impaired
\nAccrued income
3.4%
35.8
(1.2)
No
\nCurrent
2.6%
23.4
(0.6)
No
\nPast due 1\u201330 days
9.5%
2.1
(0.2)
No
\nPast due 31\u201360 days
14.3%
0.7
(0.1)
No
\nPast due 61\u201390 days
50.0%
0.2
(0.1)
No
\nMore than 91 days past due
83.3%
1.8
(1.5)
No
\n64.0
(3.7)
\nThe Group has identi\ufb01ed speci\ufb01c balances for which it has provided an impairment allowance on a line by line basis across all ledgers,
\nin both years. The allowance accounts in respect of trade receivables are used to record impairment losses unless the Group is satis\ufb01ed
\nthat no recovery of the amount owing is possible; at that point the amounts considered irrecoverable are written off against the \ufb01nancial
\nasset directly.
\nThe movement in the allowance for impairment in respect of trade receivables during the year was as follows.
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 1 April
18
2.5
2.9
\nCharged during the year
1.0
0.5
\nAcquired through business combinations
0.3
\u2013
\nUtilised during the year
(0.8)
(0.9)
\nAt 31 March
18
3.0
2.5
\nThe movement in the allowance for impairment in respect of accrued income during the year was as follows.
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 1 April
18
1.2
1.3
\nCharged during the year
0.5
0.1
\nUtilised during the year
(0.2)
(0.2)
\nAt 31 March
18
1.5
1.2
\n
\n
\n
\n
\nCash and cash equivalents
\nThe cash and cash equivalents are held with bank and \ufb01nancial institution counterparties, which are rated between P-1 and P-2 based on
\nMoody\u2019s ratings. The Directors do not consider deposits at these institutions to be at risk.
\nFinancial liabilities
\n2023
2022
\nAs per balance
\nsheet
\n\u00a3m
\nFuture interest
\ncost
\n\u00a3m
\nTotal cash \ufb02ows
\n\u00a3m
\nAs per balance
\nsheet
\n\u00a3m
\nFuture interest
\ncost
\n\u00a3m
\nTotal cash \ufb02ows
\n\u00a3m
\nTrade and other payables
27.9
\u2013
27.9
17.7
\u2013
17.7
\nVehicle stocking loan
3.0
\u2013
3.0
\u2013
\u2013
\u2013
\nBorrowings (gross of debt issue costs)
58.6
\u2013
58.6
\u2013
\u2013
\u2013
\nDeferred consideration
\u2013
\u2013
\u2013
8.0
0.1
8.1
\nLeases
7.1
0.3
7.4
9.5
0.4
9.9
\nTotal
96.6
0.3
96.9
35.2
0.5
35.7
\nTrade and other payables are as disclosed within note 21, excluding vehicle stocking loan, other taxation and social security liabilities and
\ndeferred income.
\nIFRS 7 requires the contractual future interest cost of a \ufb01nancial liability to be included within the above table. As disclosed in note 22 of
\nthese Consolidated \ufb01nancial statements, borrowings are currently drawn under a syndicated debt arrangement and repayments can be
\nmade at any time without penalty. As such there is no contractual future interest cost. Interest is payable on borrowings\u2019 drawn amounts
\nat a rate of SONIA prevailing at the time of drawdown plus the applicable margin, which ranges from 1.2% to 2.1%. Interest paid in the year
\nin relation to borrowings amounted to \u00a33.0m (2022: \u00a31.4m).
\nThe Company had no derivative \ufb01nancial liabilities in either year. It is not expected that the cash \ufb02ows included in the maturity analysis
\ncould occur earlier or at signi\ufb01cantly different amounts.
\nLiquidity risk
\nThe maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below. This table has been drawn up using the
\nundiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on which the Group is obliged to pay. The table includes both
\ninterest and principal cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates prevailing at the
\nyear end, where applicable.
\nAs at 31 March 2023
\nTrade and other
\npayables
\n\u00a3m
\nVehicle
\nstocking loan
\n\u00a3m
\nBorrowings
\n\u00a3m
\nDeferred
\nconsideration
\n\u00a3m
\nLeases
\n\u00a3m
\nTotal
\n\u00a3m
\nDue within one year
27.9
3.0
1.1
\u2013
2.5
34.5
\nDue within one to two years
\u2013
\u2013
\u2013
\u2013
2.4
2.4
\nDue within two to \ufb01ve years
\u2013
\u2013
57.5
\u2013
2.5
60.0
\nDue after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal
27.9
3.0
58.6
\u2013
7.4
96.9
\nAs at 31 March 2022
\nTrade and other
\npayables
\n\u00a3m
\nVehicle
\nstocking loan
\n\u00a3m
\nBorrowings
\n\u00a3m
\nDeferred
\nconsideration
\n\u00a3m
\nLeases
\n\u00a3m
\nTotal
\n\u00a3m
\nDue within one year
17.7
\u2013
\u2013
8.1
3.0
28.8
\nDue within one to two years
\u2013
\u2013
\u2013
\u2013
2.8
2.8
\nDue within two to \ufb01ve years
\u2013
\u2013
\u2013
\u2013
2.1
2.1
\nDue after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
2.0
2.0
\nTotal
17.7
\u2013
\u2013
8.1
9.9
35.7
\nFair values
\nThe fair values of all \ufb01nancial instruments in both years approximate to their carrying values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20249": {
"value": "Expected credit loss assessment Expected credit losses are measured using a provisioning matrix based on actual credit loss experience over the past three years and
\nadjusted, when required, to take into account current macro-economic factors. For certain customers the Group applies experienced
\ncredit judgement that is determined to be predictive of the risk of loss to assess the expected credit loss, taking into account external
\nratings, \ufb01nancial statements and other available information. The following table provides information about the exposure to credit
\nrisk and expected credit losses for trade receivables and accrued income from individual customers as at 31 March 2023.
\nExpected credit
\nloss rate
\nGross carrying
\namount
\n\u00a3m
\nLoss allowance
\n\u00a3m
Credit-impaired
\nAccrued income
3.7%
40.2
(1.5)
No
\nCurrent
2.8%
25.4
(0.7)
No
\nPast due 1\u201330 days
8.8%
3.4
(0.3)
No
\nPast due 31\u201360 days
27.8%
0.4
(0.1)
No
\nPast due 61\u201390 days
83.3%
0.1
(0.1)
No
\nMore than 91 days past due
81.1%
2.2
(1.8)
No
\n71.7
(4.5)
\nAt 31 March 2022, ECLs were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability driven by used car price volatility.
\nA consistent level of ECLs has been recorded at 31 March 2023. Sensitivity analysis has been performed in assessing the expected credit
\nloss rate. There are no changes to the rate that are considered by the Directors to be reasonably possible, which give rise to a material
\ndifference in the loss allowance.
\nComparative information about the exposure to credit risk and expected credit losses for trade receivables from individual customers
\nas at 31 March 2022 is set out below:
\nExpected credit
\nloss rate
\nGross carrying
\namount
\n\u00a3m
\nLoss allowance
\n\u00a3m
Credit-impaired
\nAccrued income
3.4%
35.8
(1.2)
No
\nCurrent
2.6%
23.4
(0.6)
No
\nPast due 1\u201330 days
9.5%
2.1
(0.2)
No
\nPast due 31\u201360 days
14.3%
0.7
(0.1)
No
\nPast due 61\u201390 days
50.0%
0.2
(0.1)
No
\nMore than 91 days past due
83.3%
1.8
(1.5)
No
\n64.0
(3.7)
\nThe Group has identi\ufb01ed speci\ufb01c balances for which it has provided an impairment allowance on a line by line basis across all ledgers,
\nin both years. The allowance accounts in respect of trade receivables are used to record impairment losses unless the Group is satis\ufb01ed
\nthat no recovery of the amount owing is possible; at that point the amounts considered irrecoverable are written off against the \ufb01nancial
\nasset directly.
\nThe movement in the allowance for impairment in respect of trade receivables during the year was as follows.
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 1 April
18
2.5
2.9
\nCharged during the year
1.0
0.5
\nAcquired through business combinations
0.3
\u2013
\nUtilised during the year
(0.8)
(0.9)
\nAt 31 March
18
3.0
2.5
\nThe movement in the allowance for impairment in respect of accrued income during the year was as follows.
\nNote
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 1 April
18
1.2
1.3
\nCharged during the year
0.5
0.1
\nUtilised during the year
(0.2)
(0.2)
\nAt 31 March
18
1.5
1.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20425": {
"value": "Financial liabilities 2023
2022
\nAs per balance
\nsheet
\n\u00a3m
\nFuture interest
\ncost
\n\u00a3m
\nTotal cash \ufb02ows
\n\u00a3m
\nAs per balance
\nsheet
\n\u00a3m
\nFuture interest
\ncost
\n\u00a3m
\nTotal cash \ufb02ows
\n\u00a3m
\nTrade and other payables
27.9
\u2013
27.9
17.7
\u2013
17.7
\nVehicle stocking loan
3.0
\u2013
3.0
\u2013
\u2013
\u2013
\nBorrowings (gross of debt issue costs)
58.6
\u2013
58.6
\u2013
\u2013
\u2013
\nDeferred consideration
\u2013
\u2013
\u2013
8.0
0.1
8.1
\nLeases
7.1
0.3
7.4
9.5
0.4
9.9
\nTotal
96.6
0.3
96.9
35.2
0.5
35.7
\nTrade and other payables are as disclosed within note 21, excluding vehicle stocking loan, other taxation and social security liabilities and
\ndeferred income.
\nIFRS 7 requires the contractual future interest cost of a \ufb01nancial liability to be included within the above table. As disclosed in note 22 of
\nthese Consolidated \ufb01nancial statements, borrowings are currently drawn under a syndicated debt arrangement and repayments can be
\nmade at any time without penalty. As such there is no contractual future interest cost. Interest is payable on borrowings\u2019 drawn amounts
\nat a rate of SONIA prevailing at the time of drawdown plus the applicable margin, which ranges from 1.2% to 2.1%. Interest paid in the year
\nin relation to borrowings amounted to \u00a33.0m (2022: \u00a31.4m).
\nThe Company had no derivative \ufb01nancial liabilities in either year. It is not expected that the cash \ufb02ows included in the maturity analysis
\ncould occur earlier or at signi\ufb01cantly different amounts.
\nLiquidity risk
\nThe maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below. This table has been drawn up using the
\nundiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on which the Group is obliged to pay. The table includes both
\ninterest and principal cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates prevailing at the
\nyear end, where applicable.
\nAs at 31 March 2023
\nTrade and other
\npayables
\n\u00a3m
\nVehicle
\nstocking loan
\n\u00a3m
\nBorrowings
\n\u00a3m
\nDeferred
\nconsideration
\n\u00a3m
\nLeases
\n\u00a3m
\nTotal
\n\u00a3m
\nDue within one year
27.9
3.0
1.1
\u2013
2.5
34.5
\nDue within one to two years
\u2013
\u2013
\u2013
\u2013
2.4
2.4
\nDue within two to \ufb01ve years
\u2013
\u2013
57.5
\u2013
2.5
60.0
\nDue after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal
27.9
3.0
58.6
\u2013
7.4
96.9
\nAs at 31 March 2022
\nTrade and other
\npayables
\n\u00a3m
\nVehicle
\nstocking loan
\n\u00a3m
\nBorrowings
\n\u00a3m
\nDeferred
\nconsideration
\n\u00a3m
\nLeases
\n\u00a3m
\nTotal
\n\u00a3m
\nDue within one year
17.7
\u2013
\u2013
8.1
3.0
28.8
\nDue within one to two years
\u2013
\u2013
\u2013
\u2013
2.8
2.8
\nDue within two to \ufb01ve years
\u2013
\u2013
\u2013
\u2013
2.1
2.1
\nDue after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
2.0
2.0
\nTotal
17.7
\u2013
\u2013
8.1
9.9
35.7
\nFair values
The fair values of all \ufb01nancial instruments in both years approximate to their carrying values.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20605": {
"value": "Fair values The fair values of all \ufb01nancial instruments in both years approximate to their carrying values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20626": {
"value": "33. Net debt Analysis of net debt
\nNet debt is calculated as total borrowings, vehicle stocking loan and lease liabilities, less cash and cash equivalents. Non-cash changes
\nrepresent the effects of the recognition and subsequent amortisation of fees relating to the bank facility, changing maturity pro\ufb01les,
\nacquisition of debt and new leases entered into during the year.
\nMarch 2023
\nAt
\n1 April 2022
\n\u00a3m
\nCash \ufb02ow
\n\u00a3m
\nNon-cash
\nchanges
\n\u00a3m
\nAt
\n31 March 2023
\n\u00a3m
\nDebt due within one year
\u2013
1.1
\u2013
1.1
\nDebt due after more than one year
\u2013
54.6
2.9
57.5
\nVehicle stocking loan
\u2013
\u2013
3.0
3.0
\nAccrued interest
0.1
(3.0)
3.2
0.3
\nLease liabilities
9.5
(2.9)
0.5
7.1
\nTotal debt and lease \ufb01nancing
9.6
49.8
9.6
69.0
\nCash and cash equivalents
(51.3)
34.7
\u2013
(16.6)
\nNet debt/(cash)
(41.7)
84.5
9.6
52.4
\nNon-cash changes on debt due after more than one year include borrowings of \u00a34.0m which were acquired as part of the Autorama
\nbusiness combination, and were subsequently repaid in July 2022.
\nMarch 2022
\nAt
\n1 April 2021
\n\u00a3m
\nCash \ufb02ow
\n\u00a3m
\nNon-cash
\nchanges
\n\u00a3m
\nAt
\n31 March 2022
\n\u00a3m
\nDebt due after more than one year
27.6
(30.0)
2.4
\u2013
\nAccrued interest
0.3
(1.5)
1.3
0.1
\nLease liabilities
7.5
(3.2)
5.2
9.5
\nTotal debt and lease \ufb01nancing
35.4
(34.7)
8.9
9.6
\nCash and cash equivalents
(45.7)
(5.6)
\u2013
(51.3)
\nNet debt/(cash)
(10.3)
(40.3)
8.9
(41.7)
\nReconciliation of movements in liabilities to cash \ufb02ows arising from \ufb01nancing activities
\nLiabilities/(Assets)
Equity
\nBorrowings
\nand accrued
\ninterest
\nVehicle
\nstocking
\nloan
\nLease
\nliabilities
\nShare
\ncapital
\nRetained
\nearnings
\nOwn shares
\nheld
\nOther
\nreserves
Total
\nBalance as of 1 April 2022
(1.2)
\u2013
9.5
9.5
1,332.4
(22.4)
(847.0)
480.8
\nChanges from \ufb01nancing cash \ufb02ows
\nDividends paid to Company shareholders
\u2013
\u2013
\u2013
\u2013
(77.7)
\u2013
\u2013
(77.7)
\nDrawdown of Syndicated RCF
110.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
110.0
\nRepayment of Syndicated RCF
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.0)
\nRepayment of other debt
(4.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(4.0)
\nProceeds from loan
1.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
\nPayment of re\ufb01nancing fees
(1.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.4)
\nPayment of interest on borrowings
(3.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.0)
\nPayment of lease liabilities
\u2013
\u2013
(2.9)
\u2013
\u2013
\u2013
\u2013
(2.9)
\nPurchase of own shares for cancellation
\u2013
\u2013
\u2013
(0.2)
(138.6)
\u2013
0.2
(138.6)
\nPurchase of own shares for treasury
\u2013
\u2013
\u2013
\u2013
\u2013
(8.7)
\u2013
(8.7)
\nFees on repurchase of own shares
\u2013
\u2013
\u2013
\u2013
(0.7)
\u2013
\u2013
(0.7)
\nProceeds from exercise of share-based incentives
\u2013
\u2013
\u2013
\u2013
2.0
\u2013
\u2013
2.0
\nTotal changes from \ufb01nancing cash \ufb02ows
52.7
\u2013
(2.9)
(0.2)
(215.0)
(8.7)
0.2
(173.9)
\nOther changes \u2013 liability related
\nInterest expense
3.1
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
3.3
\nOther
4.3
3.0
0.3
\u2013
\u2013
\u2013
\u2013
7.6
\nTotal liability-related other changes
7.4
3.0
0.5
\u2013
\u2013
\u2013
\u2013
10.9
\nTotal equity-related other changes
\u2013
\u2013
\u2013
\u2013
272.9
5.1
0.5
278.5
\nBalance as of 31 March 2023
58.9
3.0
7.1
9.3
1,390.3
(26.0)
(846.3)
596.3
\n
\n
\n
\n
\nLiabilities/(Assets)
Equity
\nBorrowings
\nand accrued
\ninterest
\nLease
\nliabilities
\nShare
\ncapital
\nRetained
\nearnings
\nOwn
\nshares
\nheld
\nOther
\nreserves
Total
\nBalance as of 1 April 2021
27.9
7.5
9.7
1,307.3
(10.7)
(847.6)
494.1
\nChanges from \ufb01nancing cash \ufb02ows
\nDividends paid to Company shareholders
\u2013
\u2013
\u2013
(73.6)
\u2013
\u2013
(73.6)
\nRepayment of Syndicated RCF
(30.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(30.0)
\nPayment of interest on borrowings
(1.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(1.5)
\nPayment of lease liabilities
\u2013
(3.2)
\u2013
\u2013
\u2013
\u2013
(3.2)
\nPurchase of own shares for cancellation
\u2013
\u2013
(0.2)
(145.8)
\u2013
0.2
(145.8)
\nPurchase of own shares for treasury
\u2013
\u2013
\u2013
\u2013
(17.7)
\u2013
(17.7)
\nFees on repurchase of own shares
\u2013
\u2013
\u2013
(0.8)
(0.1)
\u2013
(0.9)
\nIssue of ordinary shares
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
0.2
\nProceeds from exercise of share-based incentives
\u2013
\u2013
\u2013
1.4
\u2013
\u2013
1.4
\nTotal changes from \ufb01nancing cash \ufb02ows
(31.5)
(3.2)
(0.2)
(218.8)
(17.8)
0.4
(271.1)
\nOther changes \u2013 liability related
\nInterest expense
2.4
0.2
\u2013
\u2013
\u2013
\u2013
2.6
\nOther
\u2013
5.0
\u2013
\u2013
\u2013
\u2013
5.0
\nTotal liability-related other changes
2.4
5.2
\u2013
\u2013
\u2013
\u2013
7.6
\nTotal equity-related other changes
\u2013
\u2013
\u2013
243.9
6.1
0.2
250.2
\nBalance as of 31 March 2022
(1.2)
9.5
9.5
1,332.4
(22.4)
(847.0)
480.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21101": {
"value": "34. Related party transactions Dealer Auction Limited
\nThe Group transacted the following related party transactions with its joint venture, Dealer Auction Limited, during the period.
\nThe Group provided data services to Dealer Auction under a licence agreement established as part of the formation of the joint
\nventure in January 2019. The value of services provided to Dealer Auction was \u00a30.6m (2022: \u00a30.6m) and has been recognised within
\nrevenue. At 31 March 2023, deferred income outstanding in relation to the licence agreement was \u00a38.9m (2022: \u00a39.5m).
\nOther related party transactions
\nKey Management personnel compensation has been disclosed in note 8.
\nThe Group sponsors a funded de\ufb01ned bene\ufb01t pension scheme. Details of transactions with the Wiltshire (Bristol) Limited Retirement
\nBene\ufb01ts Scheme are set out in note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21129": {
"value": "35. Subsidiaries and joint ventures Subsidiaries
\nAt 31 March 2023 the Group\u2019s subsidiaries were:
\nSubsidiary undertakings
\nCountry of registration or
\nincorporation
Principal activity
\nClass of shares
\nheld
\nPercentage
\nowned by the
\nparent
\nPercentage
\nowned by the
\nGroup
\nAuto Trader Holding Limited
\n1
\nEngland and Wales
Intermediary holding
\ncompany
\nOrdinary
100%
100%
\nAuto Trader Limited
\n1
\nEngland and Wales
Online marketplace
Ordinary
\u2013
100%
\nTrader Licensing Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
100%
\nAutorama UK Limited
\n2
\nEngland and Wales
Online marketplace
Ordinary
100%
100%
\nVanarama Limited
\n2
\nEngland and Wales
Dormant company
Ordinary
\u2013
100%
\nAutorama Holding (Malta) Limited
\n3
\nMalta
Investment company for a
\nprotected cell company
\nOrdinary
\u2013
100%
\nVanarama USA Inc
\n4
\nUnited States of America
Dormant company
Ordinary
\u2013
100%
\nBlue Owl Network Limited
\n1
\nEngland and Wales
Finance platform
Ordinary
\u2013
100%
\n1.
Registered of\ufb01ce address is 4
\nth
\nFloor, 1 Tony Wilson Place, Manchester, M15 4FN.
\n2.
Registered of\ufb01ce address is Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 7DE.
\n3.
Registered of\ufb01ce address is The Landmark, Level 2, Suite 1, Triq L-Iljun, Qormi, Malta.
\n4.
Registered of\ufb01ce address is 800 Battery Ave SE, Suite 100, Atlanta, GA, 30339-5107, United States.
\nDuring the year, the Group disposed of Webzone Limited and liquidated KeeResources Limited.
\nAll subsidiaries have a year end of 31 March, apart from Vanarama Limited, which has a year end of 30 November, and Autorama Holding
\n(Malta) Limited and Vanarama USA Inc, which have a year end of 31 December.
\nJoint ventures
\nAt 31 March 2023 the Group\u2019s interests in joint ventures were:
\nJoint ventures
\nCountry of registration or
\nincorporation
Principal activity
\nClass of shares
\nheld
\nPercentage
\nowned by the
\nparent
\nPercentage
\nowned by the
\nGroup
\nDealer Auction Limited
\n1
\nEngland and Wales
Online marketplace
Ordinary
\u2013
49%
\nDealer Auction (Operations) Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
49%
\nAuto Trader Autostock Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
49%
\nDealer Auction Services Limited
\n1
\nEngland and Wales
Dormant company
Ordinary
\u2013
49%
\n1.
Registered of\ufb01ce address is Central House, Leeds Road, Rothwell, Leeds, West Yorkshire, England, LS26 0JE.
\nAll joint ventures have a year end of 31 December.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21344": {
"value": "Company balance sheetAt 31 March 2023 Note
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFixed assets
\nInvestments
3
1,427.2
1,224.9
\n1,427.2
1,224.9
\nCurrent assets
\nDebtors
4
338.1
487.6
\nCash and cash equivalents
5
0.3
0.2
\n338.4
487.8
\nCreditors: amounts falling due within one year
6
(905.5)
(664.2)
\nNet current assets
(567.1)
(176.4)
\nNet assets
860.1
1,048.5
\nCapital and reserves
\nCalled-up share capital
9
9.3
9.5
\nShare premium
182.6
182.6
\nOwn shares held
10
(26.0)
(22.4)
\nCapital redemption reserve
1.2
1.0
\nRetained earnings
693.0
877.8
\nTotal equity
860.1
1,048.5
\nThe loss for the year of the Company was \u00a39.0m (2022: loss \u00a33.2m). The \ufb01nancial statements were approved by the Board of Directors on
\n1 June 2023 and authorised for issue:
\nJamie Warner
\nChief Financial Of\ufb01cer
\nAuto Trader Group plc
\nRegistered number: 09439967
\n1 June 2023
Company statement of changes in equity For the year ended 31 March 2023 Share
\ncapital
\n\u00a3m
\nShare
\npremium
\n\u00a3m
\nOwn shares
\nheld
\n\u00a3m
\nCapital
\nredemption
\nreserve
\n\u00a3m
\nRetained
\nearnings
\n\u00a3m
\nTotal
\nequity
\n\u00a3m
\nBalance at 31 March 2021
9.7
182.4
(10.7)
0.8
1,100.8
1,283.0
\nLoss for the year
\u2013
\u2013
\u2013
\u2013
(3.2)
(3.2)
\nTotal comprehensive expense, net of tax
\u2013
\u2013
\u2013
\u2013
(3.2)
(3.2)
\nTransactions with owners:
\nPurchase and cancellation of own shares
(0.2)
\u2013
\u2013
0.2
(146.5)
(146.5)
\nDividends paid
\u2013
\u2013
\u2013
\u2013
(73.6)
(73.6)
\nShare-based payments
\u2013
\u2013
\u2013
\u2013
5.1
5.1
\nExercise of employee share schemes
\u2013
\u2013
6.0
\u2013
(4.8)
1.2
\nTransfer of shares from ESOT
\u2013
\u2013
0.1
\u2013
(0.1)
\u2013
\nAcquisition of treasury shares
\u2013
\u2013
(17.8)
\u2013
\u2013
(17.8)
\nIssue of ordinary shares
\u2013
0.2
\u2013
\u2013
\u2013
0.2
\nTax on share-based payments
\u2013
\u2013
\u2013
\u2013
0.1
0.1
\nTotal transactions with owners recognised directly in equity
(0.2)
0.2
(11.7)
0.2
(219.8)
(231.3)
\nBalance at 31 March 2022
9.5
182.6
(22.4)
1.0
877.8
1,048.5
\nLoss for the year
\u2013
\u2013
\u2013
\u2013
(9.0)
(9.0)
\nTotal comprehensive expense, net of tax
\u2013
\u2013
\u2013
\u2013
(9.0)
(9.0)
\nTransactions with owners:
\nPurchase and cancellation of own shares
(0.2)
\u2013
\u2013
0.2
(139.3)
(139.3)
\nDividends paid
\u2013
\u2013
\u2013
\u2013
(77.7)
(77.7)
\nShare-based payments
\u2013
\u2013
\u2013
\u2013
44.6
44.6
\nExercise of employee share schemes
\u2013
\u2013
5.1
\u2013
(3.6)
1.5
\nAcquisition of treasury shares
\u2013
\u2013
(8.7)
\u2013
\u2013
(8.7)
\nTax on share-based payments
\u2013
\u2013
\u2013
\u2013
0.2
0.2
\nTotal transactions with owners recognised directly in equity
(0.2)
\u2013
(3.6)
0.2
(175.8)
(179.4)
\nBalance at 31 March 2023
9.3
182.6
(26.0)
1.2
693.0
860.1
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800QLK9BZILB1DI86",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}