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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 the United Kingdom under the Companies Act 2006. The
Consolidated \ufb01nancial statements of the Company as at and for the year ended 31 March 2024
comprise the Company and its interest in subsidiaries (together referred to as \u2018the Group\u2019).
The Group\u2019s principal business is the operation of the Auto Trader platforms which form the UK\u2019s
largest automotive marketplace.
The Consolidated \ufb01nancial statements of the Group as at and for the year ended 31 March 2024
are available upon request to the Company Secretary from the Company\u2019s registered of\ufb01ce at
4
th
Floor, 1 Tony Wilson Place, Manchester, M15 4FN or are available on the corporate website at
plc.autotrader.co.uk.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17638": { "value": "Auto Trader Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17639": { "value": "Auto Trader Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17640": { "value": "Auto Trader Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17641": { "value": "public limited company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17643": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17644": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17650": { "value": "2024-03-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17653": { "value": "4
th
Floor, 1 Tony Wilson Place, Manchester, M15 4FN", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17654": { "value": "4
th
Floor, 1 Tony Wilson Place, Manchester, M15 4FN ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17664": { "value": "Basis of preparation
The Consolidated \ufb01nancial statements have been prepared in accordance with the requirements
of the Companies Act 2006 and in accordance with UK-adopted international accounting standards.
The Consolidated \ufb01nancial statements have been prepared on the going concern basis and under the
historical cost convention, except for equity investments and de\ufb01ned bene\ufb01t pension scheme assets,
which are carried at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17673": { "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 nearest hundred thousand (\u00a30.1m) except when otherwise indicated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17679": { "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 direct 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 the entity. In assessing
control, potential voting rights that are currently exercisable or convertible are taken into account.
The \ufb01nancial statements of subsidiaries are included in the Consolidated \ufb01nancial statements from
the date that control commences until the date that control ceases.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by
the Group. The cost of an acquisition is measured as the fair value of the assets given, equity
instruments issued, and liabilities incurred or assumed at the date of exchange. Costs directly
attributable to the acquisition are expensed. Identi\ufb01able assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values
at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of
the consideration transferred, the amount of any non-controlling interest in the acquiree and the
acquisition-date fair value 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 of consideration transferred,
non-controlling interest recognised and previously held interest measured is less than the fair
value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference
is recognised directly in the income statement.
When the Group disposes of a subsidiary, it derecognises the assets and liabilities of the subsidiary.
Any resulting gain or loss is recognised in the income statement.
Intercompany transactions and balances between Group companies are eliminated on consolidation.
A joint arrangement is an arrangement over which the Group and one or more third parties have joint
control. These joint arrangements are 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 and obligations for its liabilities;
and joint operations whereby the Group has rights to the assets and obligations for the liabilities
relating to the arrangement.
Associates are all entities over which the Group has signi\ufb01cant in\ufb02uence but not control, generally
accompanying a shareholding of between 20% and 50% of the voting rights. Where signi\ufb01cant
in\ufb02uence is not demonstrated but the shareholding is between 20% and 50%, the Group would account
for its interest as an investment. All investments are initially recognised at cost and the carrying value
is reviewed for impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17714": { "value": "Going concern
During the year ended 31 March 2024 the Group has continued to generate signi\ufb01cant cash from
operations. The Group has an overall positive net asset position and had cash balances of \u00a318.7m
at 31 March 2024 (2023: \u00a316.6m). During the year \u00a3250.3m was returned to shareholders through share
buybacks and dividends (2023: \u00a3225.0m).
The Group has access to a Syndicated revolving credit facility (the \u2018Syndicated RCF\u2019). At 31 March 2024
the Group had \u00a330.0m (2023: \u00a360.0m) drawn of its \u00a3200.0m Syndicated RCF. On 2 February 2024,
the Group extended the term of its Syndicated RCF for one year and it is therefore now available until
February 2029.
Cash \ufb02ow projections for a period of not less than 12 months from the date of this report have been
prepared. Stress case scenarios have been modelled to make the assessment of going concern,
taking into account severe but plausible potential impacts of a severe economic downturn,
ransomware attack and a new market entrant within the next 12 months. The results of the stress
testing demonstrated that due to the Group\u2019s signi\ufb01cant free cash \ufb02ow, access to the Syndicated
RCF and the Board\u2019s ability to adjust the discretionary share buyback programme, the Group would
be able to withstand the impact and remain cash generative. Subsequent to the year end, the
Group has generated cash \ufb02ows in line with its forecast and there are no events that have adversely
impacted the Group\u2019s liquidity.
The Directors, after making enquiries and on the basis of current \ufb01nancial projections and facilities
available, believe that the Group has adequate \ufb01nancial resources to continue in operation for
a period not less than 12 months from the date of this report. For this reason, they continue to adopt
the going concern basis in preparing the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17739": { "value": "Accounting estimates and judgements
The preparation of \ufb01nancial statements in conformity with UK-adopted international accounting
standards requires the use of certain accounting estimates and assumptions. It also requires
management to exercise its judgement in the process of applying the Group\u2019s accounting policies.
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under
the circumstances.
There are no accounting estimates or judgements at the \ufb01nancial year end which have a signi\ufb01cant
risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the
next \ufb01nancial year. Other accounting estimates and judgements include:
Carrying values of goodwill (judgement and estimate)
The Group tests annually whether goodwill held by the Group has suffered any impairment in
accordance with the accounting policy stated within note 2. The Group has two cash-generating
units, Digital and Autorama. Estimation is required for the assumptions used in the calculation of
the recoverable amounts of each cash-generating unit, the most signi\ufb01cant assumptions relating
to the forecast market share growth of Autorama (note 13).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17787": { "value": "2. SIGNIFICANT ACCOUNTING POLICIES
Changes in signi\ufb01cant accounting policies
New and amended standards adopted by the Group
The following amendments to standards have been adopted by the Group for the \ufb01rst time for the
\ufb01nancial year beginning on 1 April 2023:
\u2022 IFRS 17 Insurance Contracts
\u2022
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
\u2022 De\ufb01nition of Accounting Estimates (Amendments to IAS 8)
\u2022
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments
to IAS 12)
The adoption of these amendments has had no material effect on the Group\u2019s Consolidated
\ufb01nancial statements.
Standards, amendments and interpretations to existing standards that are not yet effective
There are a number of amendments to IFRS that have been issued by the IASB that, when endorsed
in the UK, will become effective in a subsequent accounting period including:
\u2022
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
\u2022
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
\u2022 Lack of Exchangeability (Amendments to IAS 21)
\u2022
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(Amendments to IFRS 10 and IAS 28)
The Group has evaluated these changes and none are expected to have a material impact on the
Consolidated \ufb01nancial statements.
The Group has early adopted the amendments to IAS 1 \u2013 Classi\ufb01cation of Liabilities as Current or
Non-current and Non-current Liabilities with Covenants, which are required to be effective from
1 January 2024. The amendments do not have any material impact on the Group\u2019s \ufb01nancial
statements.
Existing signi\ufb01cant accounting policies
The following accounting policies applied by the Group have been applied consistently to all periods
presented in the Consolidated \ufb01nancial statements.
Revenue
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is
recognised when a customer obtains control of the services. Revenue is stated net of discounts,
rebates, refunds and value-added tax.
Revenue principally represents the amounts receivable from customers for advertising on the Group\u2019s
platforms but also includes non-advertising services such as vehicle leasing transactions and data
services. The different types of products and services offered to customers along with the nature and
timing of satisfaction of performance obligations are set out as follows:
(i) Trade revenue
Trade revenue comprises fees from retailers, Home Traders and logistics customers for advertising
on the Group\u2019s platforms and customers utilising the Group\u2019s other services.
Retailer revenue
Retailer customers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms.
Control is obtained by customers across the life of the contract as their stock is continually listed.
Contracts for these services are agreed at a retailer or retailer group level and are ongoing subject
to a 30-day notice period. Revenue is invoiced monthly in arrears.
Retailers have the option to enhance their presence on the platform through additional products,
each of which has a distinct performance obligation. For products that provide enhanced exposure
across the life of the product, control is passed to the customer over time. Revenue is only recognised
at a point in time for additional advertising products where the customer does not receive the bene\ufb01t
until they choose to apply the product. Additional advertising products are principally billed on a
monthly subscription basis in line with their core advertising package, however certain products are
billed on an individual charge basis.
The Group also generates revenue from retailers for data and valuation services under a variety of
contractual arrangements, with each service being a separate performance obligation. Control is
obtained by customers either across the life of the contract where customers are licensed to use the
Group\u2019s services or at a point in time when a one-off data service is provided. Digital retailing revenue
is generated from retailers who pay a percentage of the vehicle list price when a consumer submits
a deal. Each deal is a separate performance obligation and control is obtained at a point in time.
Contract modi\ufb01cations occur on a regular basis as customers change their stock levels or add or
remove additional advertising products from their contracts. Following a contract modi\ufb01cation, the
customer is billed in line with the delivery of the remaining performance obligations. A receivable is
recognised only when the Group\u2019s right to consideration is only conditional on the passage of time.
Home Trader revenue
Home 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 deferred until the customer obtains control over the services.
Control is obtained by customers across the life of the contract as their vehicle is continually listed.
Contracts for these services are typically entered into for a period of between two and six weeks.
Logistics revenue
Logistics customers pay a monthly subscription fee for access to the Group\u2019s AT Moves platform.
Control is obtained by customers across the life of the contract as their access is continuous.
Contracts for these services are agreed at a customer level and are ongoing subject to a 30-day
notice period. Logistics customers have the option to bid on vehicle moves advertised by retailers
on the platform. The logistics customer pays a fee if they are successful in obtaining business from
retailers through the Group\u2019s marketplace. Revenue is recognised at the point in time when the vehicle
move has been completed. A receivable is recognised only when the Group\u2019s right to consideration
is only conditional on the passage of time.
Data revenue
Data customers pay a subscription fee to access elements of Auto Trader\u2019s vehicle database or to
access the Fleetware software. Control is transferred to customers across the life of the contract
where customers have continuous access to the database or the software.
AutoConvert revenue
AutoConvert customers pay a monthly subscription fee to access the AutoConvert platform. Control
is transferred to customers across the life of the contract where customers have continuous access
to the platform and revenue is recognised across this period. Ancillary AutoConvert revenues are
charged on a per transaction basis and revenue is recognised at the point in time that these services
are provided.
(ii) Consumer Services revenue
Consumer Services comprises fees from private sellers for vehicle advertisements on the Group\u2019s
websites, and third-party partners who provide services to consumers relating to their motoring needs,
such as insurance and loan \ufb01nance. Private customers pay a fee in advance to advertise a vehicle on the
Group\u2019s platform for a speci\ufb01ed period of time. Control is obtained by customers across the life of the
contract as their stock is continually listed. Contracts for these services are typically entered into for
a period of between two and six weeks and revenue is recognised over this time.
Revenue is also generated from third-party partners who utilise the Group\u2019s platforms to advertise
their products under a variety of contractual arrangements, with each service being a separate
performance obligation. Control is obtained by customers at a point in time when the service is
provided. Revenue is also generated through Instant Offer, providing consumers with a guaranteed
price for their vehicle offered by a third-party buyer. The Group\u2019s fee is recognised as revenue when
the consumer\u2019s vehicle is collected by the third-party buyer. Similarly, a small amount of revenue
is generated via an agreement with Dealer Auction (our joint venture), when retailers purchase a
consumer\u2019s vehicle via Dealer Auction\u2019s platform. Revenue is recognised when the vehicle is listed
as sold.
(iii) Manufacturer and Agency revenue
Revenue is generated from manufacturers and their advertising agencies for placing display
advertising for their brand or vehicle on the Group\u2019s websites under a variety of contractual
arrangements, with each service being a separate performance obligation. Control is obtained by
customers across the life of the contract as their advertising is displayed on the different platforms.
Rebates are present in the contractual arrangements with customers and are awarded either in cash
or value of services based upon annual spend; an estimate of the annualised spend is made at the
reporting date to determine the amount of revenue to be recognised. A small proportion of revenue
relates to manufacturers who sell direct to consumers using our new car market extension product.
Manufacturers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms.
Control is obtained by manufacturers across the life of the contract as their stock is continually listed.
Contracts for these services are agreed at a manufacturer or manufacturer group level and are
ongoing subject to a 30-day notice period. Revenue is invoiced monthly in arrears.
(iv) Autorama revenue
Autorama revenue comprises consideration received from the sale of new vehicles and accessories
as well as commission received for facilitating the lease of new vehicles.
Vehicle & Accessory sales revenue
Vehicle & Accessory sales revenue is generated from new vehicles which are purchased from
an original equipment manufacturer (\u2018OEM\u2019) or 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 is only recognised
at this point. Additional accessories can be added to vehicles at extra cost upon the request of
the funder, and control is once again obtained by the funder at a point in time when the vehicle is
delivered. Where the Group obtains control of vehicles or accessories in advance of selling those
goods to a funder, including holding inventory risk, then the Group is acting as principal and revenue
and cost of sales are reported on a gross basis. Where the Group does not obtain control of vehicles,
revenue is recorded as the value of the related commission and recognised as described below.
Commission & Ancillary revenue
Commission & Ancillary revenue is generated from commission received from lease funders for
facilitating the lease of new vehicles via advertisement on the Company online marketplaces. Control
is obtained by the funder at a point in time when the lease is live and revenue is only recognised at this
point. Ancillary Autorama revenues are charged on a per transaction basis and revenue is recognised
at the point in time that these services are provided.
Rebates are present in the contractual arrangements with funders and are awarded in cash based
upon the quarterly number of vehicles provided. Similarly, rebates are present in the contractual
arrangements with OEMs and are awarded in cash based upon the quarterly number of vehicles
purchased. Revenue is recognised as volume targets are met.
Employee bene\ufb01ts
The Group operates several pension schemes and all except one are de\ufb01ned contribution schemes.
Within the UK all pension schemes set up prior to 2001 have been closed to new members and only
one de\ufb01ned contribution scheme is now open to new employees.
a) De\ufb01ned contribution scheme
The assets of the de\ufb01ned contribution scheme are held separately from those of the Group in
independently administered funds. The costs in respect of this Scheme are charged to the income
statement as incurred.
b) De\ufb01ned bene\ufb01t scheme
The Group operates one de\ufb01ned bene\ufb01t pension scheme that is closed to new members. The asset
or liability recognised in the balance sheet 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 fair value of the Scheme\u2019s
assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by
discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds
that are denominated in the currency in which the bene\ufb01ts will be paid, and that have terms to
maturity approximating those of the related pension liability. Remeasurement gains and losses
arising from experience adjustments and changes in actuarial assumptions are charged or credited
to equity in other comprehensive income in the period in which they arise. Any Scheme surplus (to the
extent it can be recovered) or de\ufb01cit is recognised in full on the balance sheet. Contributions paid to
the Scheme by the Group have been classi\ufb01ed as \ufb01nancing activities in the Consolidated statement
of cash \ufb02ows as there are no remaining active members within the Scheme.
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 vesting period. Fair value of the awards is measured using Black-
Scholes and Monte Carlo pricing models. The credit side of the entry is recorded 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.
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 the criteria for capitalisation set out in IAS 38 \u2013 Intangible Assets.
Operating pro\ufb01t
Operating 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, pro\ufb01t on disposal of subsidiaries which do not meet the
de\ufb01nition of a discontinued operation, and taxation.
Finance income and costs
Finance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings and vehicle
stocking loans. Both are recognised in the income statement in the period in which they are incurred.
Taxation
The tax expense for the period comprises current and deferred taxation. Tax is recognised in the
income statement, except to the extent that it relates to items recognised in \u2018other comprehensive
income\u2019 or directly in equity. In this case the tax is also recognised in other comprehensive income or
directly in equity, respectively. Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.
Current taxation is provided at amounts expected to be paid (or recovered) calculated using the rates
of tax and laws that have been enacted or substantively enacted at the balance sheet date in the
countries where the Group operates and generates taxable income.
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 rates and laws that
have been enacted or substantively enacted by the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred taxation assets are recognised only to the extent that it is probable that future taxable
pro\ufb01t will be available against which the temporary differences can be utilised.
Deferred taxation is provided on temporary differences arising on investments in subsidiaries and
interests in joint ventures, except where the timing of the reversal of the temporary difference
is controlled by the Group and it is probable that the temporary difference will not reverse in the
foreseeable future. Deferred taxation assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities 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.
The Group has determined that the global minimum top-up tax, which is a liability under Pillar Two
legislation, is an income tax in the scope of IAS 12. The Group does not expect a liability to Pillar
Two top-up tax based on its effective rate of corporation tax paid and because its consolidated
revenue is below the minimum threshold of \u20ac750m.
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 conveys 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 a contract the Group recognises
a right of use asset and a lease liability at the lease commencement date other than as noted below.
The right of use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease prepayments made at or before the commencement date, plus any
initial direct costs incurred and an estimate of costs to dismantle and remove the underlying 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 subsequently depreciated using the straight-line method from the
commencement date to the earlier of the end of the useful life of the right 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 of property, plant and equipment. In addition, the right of use asset is periodically reduced
by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Group\u2019s incremental borrowing rate.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, or if the
Group changes its assessment of whether it will exercise a purchase, extension or termination option.
The Group presents right of use assets in property, plant and equipment and leased liabilities in lease
liabilities in the balance sheet.
The Group has applied the recognition exemption of low value leases. For these leases, the lease
payments are charged to the income statement on a straight-line basis over the term of the lease.
Financial instruments
A \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nancing component) or \ufb01nancial
liability is initially measured at fair 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. A trade receivable without
a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
Under IFRS 9, trade receivables including accrued income, without a signi\ufb01cant \ufb01nancing component,
are classi\ufb01ed and held at amortised cost, being initially measured at the transaction price and
subsequently measured at amortised cost less any impairment loss.
The Group recognises lifetime expected credit losses (\u2018ECLs\u2019) for trade receivables and accrued
income. The expected credit losses are estimated using a provision matrix based on the Group\u2019s
historical credit loss experience, adjusted for any macro-economic factors. At 31 March 2023, ECLs
were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability driven by used car
price volatility. At 31 March 2024, ECLs continue to re\ufb02ect macro-economic uncertainty around retailer
pro\ufb01tability due to persistent high in\ufb02ation, high interest rates and the upcoming UK general election
which could lead to new political policies to which we would need to respond.
The Group assesses whether a \ufb01nancial asset is in default on a case by case basis when it becomes
probable that the customer is unlikely to pay its credit obligations. The gross carrying amount of a
\ufb01nancial asset is written off when the Group has no reasonable expectations of recovering a \ufb01nancial
asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment
with respect to the timing and amount of write-off based on whether there is a reasonable expectation
of recovery. The Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial
assets that are written off could still be subject to enforcement activities in order to comply with
the Group\u2019s procedures for recovery of amounts due.
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost
are credit-impaired. A \ufb01nancial asset is \u2018credit-impaired\u2019 when one or more events that have a
detrimental impact on the estimated future cash \ufb02ows of the \ufb01nancial asset have occurred.
Financial 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 value 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 at fair value
and net gains and losses, including any interest expense, are recognised in pro\ufb01t or loss. Other
\ufb01nancial liabilities, including trade payables, are subsequently measured at amortised cost using
the effective interest method. Interest expense and foreign exchange gains and losses are
recognised in pro\ufb01t or loss. Any gain or loss on derecognition is also recognised in pro\ufb01t or loss.
Intangible assets
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 subsidiary at the date of acquisition. Goodwill is tested
annually for impairment and is carried at cost less accumulated impairment losses. Impairment
losses are charged to the income statement and are not reversed. The gain or loss on the disposal
of an entity includes the carrying amount of goodwill relating to the entity sold. Goodwill is allocated
to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units that are expected to bene\ufb01t from the business combination in which the
goodwill arose.
b) Trademarks, trade names, technology, non-compete agreements, customer relationships,
franchise buybacks, brands and databases
Separately acquired trademarks, trade names, technology and customer relationships are recognised
at historical cost. They have a \ufb01nite useful life and are carried at cost less accumulated amortisation.
Amortisation is calculated using the straight-line method to allocate the cost over their estimated useful
lives of between one and 15 years. Trademarks, trade names, technology, non-compete agreements,
customer relationships, franchise buybacks, brands and databases acquired in a business combination
are recognised at fair value at the acquisition date and subsequently amortised.
c) Software
Acquired computer software controlled by the Group is capitalised at cost, including any costs to
bring it into use, and is carried at cost less accumulated amortisation. Amortisation is calculated
using the straight-line method to allocate the cost over the estimated useful life of three to \ufb01ve years.
d) Software and website development costs and \ufb01nancial systems
Development costs that are directly attributable to the design and testing of identi\ufb01able and unique
software products, websites and systems controlled by the Group are recognised as intangible
assets when the following criteria are met:
\u2022
it is technically feasible to complete the software product or website so that it will be available
for use;
\u2022
management intends to complete the software product or website and use or sell it;
\u2022
there is an ability to use or sell the software product or website;
\u2022
it can be demonstrated how the software product or website will generate probable future
economic bene\ufb01ts;
\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use
or sell the software product or website are available; and
\u2022
the expenditure attributable to the software product or website during its development can
be reliably measured.
Directly attributable costs that are capitalised as part of the software product, website or system
include employee and contractor costs. Other development expenditures that do not meet these
criteria, as well as ongoing maintenance and costs associated with routine upgrades and
enhancements, are recognised as an expense as incurred. Development costs for software, websites
and systems are carried at cost less accumulated amortisation and are amortised over their useful
lives (not exceeding 10 years) at the point at which they come into use.
Outside of acquired software, the Group develops its core infrastructure through small-scale,
maintenance-like incremental improvements and as a result, a low proportion of internal expenditure
meets the requirements of IAS 38, Intangible Assets. By their innovative nature, there may also be
uncertainty over the technical feasibility of new development projects and, if successful, how they
may be commercially monetised.
Licence agreements to use cloud software provided as a service are treated as service contracts
and expensed in the Group income statement, unless the Group has both a contractual right to take
possession of the software at any time without signi\ufb01cant penalty, and the ability to run the software
independently of the host vendor. In such cases the licence agreement is capitalised as software
within intangible assets. Implementation costs are expensed unless implementation is a distinct
service and gives rise to a separate intangible asset.
Property, plant and equipment
All property, plant and equipment is stated at historical cost less accumulated depreciation and
impairment losses. Historical cost comprises the purchase price of the asset and expenditure directly
attributable to the acquisition of the item.
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:
Land, buildings and leasehold improvements:
\u2022 Leasehold land and buildings
life of lease
\u2022 Leasehold improvements
life of lease
\u2022 Plant and equipment
3\u201310 years
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance
sheet date. The carrying value of assets is reviewed for impairment if events or changes in circumstances
suggest that the carrying value may not be recoverable. Assets will be written down to their recoverable
amount if lower than the carrying value, and any impairment is charged to the income statement.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the income statement within administrative expenses.
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. Assets that are subject to amortisation and depreciation are
reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s
fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows (cash-generating
units). Non-\ufb01nancial assets other than goodwill that have suffered an impairment are reviewed for
possible reversal of the impairment at each reporting date.
In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using
a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the
risks speci\ufb01c to the asset. For an asset that does not generate largely independent cash \ufb02ows, the
recoverable amount is determined for the cash-generating unit to which the asset belongs.
Impairment losses recognised in respect of cash-generating units are allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to 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) on a pro-rata basis.
Business combinations
The Group accounts for business combinations using the acquisition method under IFRS 3 \u2013 Business
Combinations. See note 1 for further details.
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 rights and obligations of each investor. Auto Trader Group plc has
assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures
are accounted for using the equity method. Under the equity method of accounting, interests in joint
ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the
post-acquisition pro\ufb01ts or losses, movements in other comprehensive income and dividends received.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and short-term deposits held on call with banks.
Inventories
Inventory is measured at the lower of cost and net realisable value, being the estimated selling price
less costs to complete and sell. Cost is based on the cost of purchase on a \ufb01rst in, \ufb01rst out basis.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are
subsequently carried at amortised cost, with any difference between the proceeds (net of
transaction costs) and the redemption value being recognised in the income statement over
the period of the borrowings using the effective interest method. Finance and issue costs associated
with the borrowings are charged to the income statement using the effective interest rate method
from the date of issue over the estimated life of the borrowings to which the costs relate.
Borrowings are derecognised when the contractual obligation is discharged, cancelled or expires.
Where an existing \ufb01nancial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or
modi\ufb01cation is treated as a derecognition of the original liability and the recognition of a new liability,
such that the difference in respective carrying amounts together with any costs or fees incurred are
recognised in the income statement.
Borrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the balance sheet date.
Vehicle \ufb01nancing
A vehicle stocking loan is a \ufb01nancing arrangement which is used to purchase new and used vehicles
prior to re-sale. This \ufb01nancing arrangement 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 delivery date or the maturity date.
Based on these factors, the Group recognises these arrangements as \ufb01nancial liabilities within trade
and other payables as part of its operating cycle.
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, it 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. Where there are a number of similar
obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering
the class of obligations as a whole. If the effect is material, provisions are determined by discounting
the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects current market assessments of the time
value of money and, where appropriate, the risks speci\ufb01c to the obligation.
Contingent liabilities are not recognised but are disclosed unless an out\ufb02ow of resources is remote.
Contingent assets are not recognised but are disclosed where an in\ufb02ow of economic bene\ufb01ts is probable.
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 deduction from the proceeds.
Where the Group purchases its own equity share capital, the consideration paid is deducted from
equity attributable to the Group\u2019s shareholders. Where such shares are subsequently cancelled, the
nominal value of the shares repurchased is deducted from share capital and transferred to a capital
redemption reserve. Where the Group purchases its own equity share capital to hold in treasury, the
consideration paid for the shares is shown as own shares held within equity.
Shares held by Employee Share Option Trust
The Employee Share Option Trust (\u2018ESOT\u2019) provides for the issue of shares to Group employees principally
under share option schemes. The Group has control of the ESOT and therefore consolidates the ESOT in
the Group \ufb01nancial statements. Accordingly, shares in the Company held by the ESOT are included in the
balance sheet at cost as a deduction from equity.
Share premium
The amount subscribed for the ordinary shares in excess of the nominal value of these new shares
is recorded in share premium. Costs that directly relate to the issue of ordinary shares are deducted
from share premium net of corporation tax.
Capital reorganisation reserve
The capital reorganisation reserve arose on consolidation as a result of the share-for-share exchange
on 24 March 2015. It represents the difference between the nominal value of shares issued by Auto Trader
Group plc in this transaction and the share capital and reserves of Auto Trader Holding Limited.
Capital redemption reserve
The capital redemption reserve arises from the purchase and subsequent cancellation of the Group\u2019s
own equity share capital.
Other reserves
Other reserves include the currency translation reserve on the consolidation of entities whose
functional currency is other than sterling, and other amounts which arose on the initial common
control transaction that formed the Group.
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 attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period. For diluted EPS, the weighted average
number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares.
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 the 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 of interim dividends.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identi\ufb01ed as the
Operational Leadership Team that makes strategic decisions (note 4).
Foreign currency translation
a) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at the period end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in the income
statement within administrative expenses.
b) Foreign operations
The results and financial position of all Group entities (none of which has the currency of a hyper-inflationary
economy) that have a functional currency other than sterling are translated into sterling as follows:
\u2022
assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of that balance sheet; and
\u2022
income and expenses for each income statement are translated at average exchange rates.
These foreign currency differences are recognised in other comprehensive income and the
translation reserve within other reserves.
On the disposal of a foreign operation, the cumulative exchange differences that were recorded in
equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair
value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities
of the foreign entity and translated at the closing rate.
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 participants at the measurement date in the principal or, in its absence,
the most advantageous market to which the Group has access at that date. The fair value of a liability
re\ufb02ects its non-performance risk. A number of the Group\u2019s accounting policies and disclosures
require the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities.
When one is available, the Group measures 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 active market, then the Group uses
valuation techniques that maximise the use of relevant observable outputs and minimise the use of
unobservable 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17790": { "value": "Changes in signi\ufb01cant accounting policies
New and amended standards adopted by the Group
The following amendments to standards have been adopted by the Group for the \ufb01rst time for the
\ufb01nancial year beginning on 1 April 2023:
\u2022 IFRS 17 Insurance Contracts
\u2022
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
\u2022 De\ufb01nition of Accounting Estimates (Amendments to IAS 8)
\u2022
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments
to IAS 12)
The adoption of these amendments has had no material effect on the Group\u2019s Consolidated
\ufb01nancial statements.
Standards, amendments and interpretations to existing standards that are not yet effective
There are a number of amendments to IFRS that have been issued by the IASB that, when endorsed
in the UK, will become effective in a subsequent accounting period including:
\u2022
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
\u2022
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
\u2022 Lack of Exchangeability (Amendments to IAS 21)
\u2022
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(Amendments to IFRS 10 and IAS 28)
The Group has evaluated these changes and none are expected to have a material impact on the
Consolidated \ufb01nancial statements.
The Group has early adopted the amendments to IAS 1 \u2013 Classi\ufb01cation of Liabilities as Current or
Non-current and Non-current Liabilities with Covenants, which are required to be effective from
1 January 2024. The amendments do not have any material impact on the Group\u2019s \ufb01nancial
statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17826": { "value": "Revenue
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is
recognised when a customer obtains control of the services. Revenue is stated net of discounts,
rebates, refunds and value-added tax.
Revenue principally represents the amounts receivable from customers for advertising on the Group\u2019s
platforms but also includes non-advertising services such as vehicle leasing transactions and data
services. The different types of products and services offered to customers along with the nature and
timing of satisfaction of performance obligations are set out as follows:
(i) Trade revenue
Trade revenue comprises fees from retailers, Home Traders and logistics customers for advertising
on the Group\u2019s platforms and customers utilising the Group\u2019s other services.
Retailer revenue
Retailer customers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms.
Control is obtained by customers across the life of the contract as their stock is continually listed.
Contracts for these services are agreed at a retailer or retailer group level and are ongoing subject
to a 30-day notice period. Revenue is invoiced monthly in arrears.
Retailers have the option to enhance their presence on the platform through additional products,
each of which has a distinct performance obligation. For products that provide enhanced exposure
across the life of the product, control is passed to the customer over time. Revenue is only recognised
at a point in time for additional advertising products where the customer does not receive the bene\ufb01t
until they choose to apply the product. Additional advertising products are principally billed on a
monthly subscription basis in line with their core advertising package, however certain products are
billed on an individual charge basis.
The Group also generates revenue from retailers for data and valuation services under a variety of
contractual arrangements, with each service being a separate performance obligation. Control is
obtained by customers either across the life of the contract where customers are licensed to use the
Group\u2019s services or at a point in time when a one-off data service is provided. Digital retailing revenue
is generated from retailers who pay a percentage of the vehicle list price when a consumer submits
a deal. Each deal is a separate performance obligation and control is obtained at a point in time.
Contract modi\ufb01cations occur on a regular basis as customers change their stock levels or add or
remove additional advertising products from their contracts. Following a contract modi\ufb01cation, the
customer is billed in line with the delivery of the remaining performance obligations. A receivable is
recognised only when the Group\u2019s right to consideration is only conditional on the passage of time.
Home Trader revenue
Home 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 deferred until the customer obtains control over the services.
Control is obtained by customers across the life of the contract as their vehicle is continually listed.
Contracts for these services are typically entered into for a period of between two and six weeks.
Logistics revenue
Logistics customers pay a monthly subscription fee for access to the Group\u2019s AT Moves platform.
Control is obtained by customers across the life of the contract as their access is continuous.
Contracts for these services are agreed at a customer level and are ongoing subject to a 30-day
notice period. Logistics customers have the option to bid on vehicle moves advertised by retailers
on the platform. The logistics customer pays a fee if they are successful in obtaining business from
retailers through the Group\u2019s marketplace. Revenue is recognised at the point in time when the vehicle
move has been completed. A receivable is recognised only when the Group\u2019s right to consideration
is only conditional on the passage of time.
Data revenue
Data customers pay a subscription fee to access elements of Auto Trader\u2019s vehicle database or to
access the Fleetware software. Control is transferred to customers across the life of the contract
where customers have continuous access to the database or the software.
AutoConvert revenue
AutoConvert customers pay a monthly subscription fee to access the AutoConvert platform. Control
is transferred to customers across the life of the contract where customers have continuous access
to the platform and revenue is recognised across this period. Ancillary AutoConvert revenues are
charged on a per transaction basis and revenue is recognised at the point in time that these services
are provided.
(ii) Consumer Services revenue
Consumer Services comprises fees from private sellers for vehicle advertisements on the Group\u2019s
websites, and third-party partners who provide services to consumers relating to their motoring needs,
such as insurance and loan \ufb01nance. Private customers pay a fee in advance to advertise a vehicle on the
Group\u2019s platform for a speci\ufb01ed period of time. Control is obtained by customers across the life of the
contract as their stock is continually listed. Contracts for these services are typically entered into for
a period of between two and six weeks and revenue is recognised over this time.
Revenue is also generated from third-party partners who utilise the Group\u2019s platforms to advertise
their products under a variety of contractual arrangements, with each service being a separate
performance obligation. Control is obtained by customers at a point in time when the service is
provided. Revenue is also generated through Instant Offer, providing consumers with a guaranteed
price for their vehicle offered by a third-party buyer. The Group\u2019s fee is recognised as revenue when
the consumer\u2019s vehicle is collected by the third-party buyer. Similarly, a small amount of revenue
is generated via an agreement with Dealer Auction (our joint venture), when retailers purchase a
consumer\u2019s vehicle via Dealer Auction\u2019s platform. Revenue is recognised when the vehicle is listed
as sold.
(iii) Manufacturer and Agency revenue
Revenue is generated from manufacturers and their advertising agencies for placing display
advertising for their brand or vehicle on the Group\u2019s websites under a variety of contractual
arrangements, with each service being a separate performance obligation. Control is obtained by
customers across the life of the contract as their advertising is displayed on the different platforms.
Rebates are present in the contractual arrangements with customers and are awarded either in cash
or value of services based upon annual spend; an estimate of the annualised spend is made at the
reporting date to determine the amount of revenue to be recognised. A small proportion of revenue
relates to manufacturers who sell direct to consumers using our new car market extension product.
Manufacturers pay a monthly subscription fee to advertise their stock on the Group\u2019s platforms.
Control is obtained by manufacturers across the life of the contract as their stock is continually listed.
Contracts for these services are agreed at a manufacturer or manufacturer group level and are
ongoing subject to a 30-day notice period. Revenue is invoiced monthly in arrears.
(iv) Autorama revenue
Autorama revenue comprises consideration received from the sale of new vehicles and accessories
as well as commission received for facilitating the lease of new vehicles.
Vehicle & Accessory sales revenue
Vehicle & Accessory sales revenue is generated from new vehicles which are purchased from
an original equipment manufacturer (\u2018OEM\u2019) or 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 is only recognised
at this point. Additional accessories can be added to vehicles at extra cost upon the request of
the funder, and control is once again obtained by the funder at a point in time when the vehicle is
delivered. Where the Group obtains control of vehicles or accessories in advance of selling those
goods to a funder, including holding inventory risk, then the Group is acting as principal and revenue
and cost of sales are reported on a gross basis. Where the Group does not obtain control of vehicles,
revenue is recorded as the value of the related commission and recognised as described below.
Commission & Ancillary revenue
Commission & Ancillary revenue is generated from commission received from lease funders for
facilitating the lease of new vehicles via advertisement on the Company online marketplaces. Control
is obtained by the funder at a point in time when the lease is live and revenue is only recognised at this
point. Ancillary Autorama revenues are charged on a per transaction basis and revenue is recognised
at the point in time that these services are provided.
Rebates are present in the contractual arrangements with funders and are awarded in cash based
upon the quarterly number of vehicles provided. Similarly, rebates are present in the contractual
arrangements with OEMs and are awarded in cash based upon the quarterly number of vehicles
purchased. Revenue is recognised as volume targets are met.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17970": { "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 set up prior to 2001 have been closed to new members and only
one de\ufb01ned contribution scheme is now open to new employees.
a) De\ufb01ned contribution scheme
The assets of the de\ufb01ned contribution scheme are held separately from those of the Group in
independently administered funds. The costs in respect of this Scheme are charged to the income
statement as incurred.
b) De\ufb01ned bene\ufb01t scheme
The Group operates one de\ufb01ned bene\ufb01t pension scheme that is closed to new members. The asset
or liability recognised in the balance sheet 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 fair value of the Scheme\u2019s
assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by
discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds
that are denominated in the currency in which the bene\ufb01ts will be paid, and that have terms to
maturity approximating those of the related pension liability. Remeasurement gains and losses
arising from experience adjustments and changes in actuarial assumptions are charged or credited
to equity in other comprehensive income in the period in which they arise. Any Scheme surplus (to the
extent it can be recovered) or de\ufb01cit is recognised in full on the balance sheet. Contributions paid to
the Scheme by the Group have been classi\ufb01ed as \ufb01nancing activities in the Consolidated statement
of cash \ufb02ows as there are no remaining active members within the Scheme.
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 vesting period. Fair value of the awards is measured using Black-
Scholes and Monte Carlo pricing models. The credit side of the entry is recorded 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:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18019": { "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 vesting period. Fair value of the awards is measured using Black-
Scholes and Monte Carlo pricing models. The credit side of the entry is recorded 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18029": { "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 the criteria for capitalisation set out in IAS 38 \u2013 Intangible Assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18039": { "value": "Finance income and costs
Finance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings and vehicle
stocking loans. Both are recognised in the income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18040": { "value": "Finance income and costs
Finance income is earned on bank deposits and \ufb01nance costs are incurred on bank borrowings and vehicle
stocking loans. Both are recognised in the income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18048": { "value": "Taxation
The tax expense for the period comprises current and deferred taxation. Tax is recognised in the
income statement, except to the extent that it relates to items recognised in \u2018other comprehensive
income\u2019 or directly in equity. In this case the tax is also recognised in other comprehensive income or
directly in equity, respectively. Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.
Current taxation is provided at amounts expected to be paid (or recovered) calculated using the rates
of tax and laws that have been enacted or substantively enacted at the balance sheet date in the
countries where the Group operates and generates taxable income.
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 rates and laws that
have been enacted or substantively enacted by the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred taxation assets are recognised only to the extent that it is probable that future taxable
pro\ufb01t will be available against which the temporary differences can be utilised.
Deferred taxation is provided on temporary differences arising on investments in subsidiaries and
interests in joint ventures, except where the timing of the reversal of the temporary difference
is controlled by the Group and it is probable that the temporary difference will not reverse in the
foreseeable future. Deferred taxation assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities 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.
The Group has determined that the global minimum top-up tax, which is a liability under Pillar Two
legislation, is an income tax in the scope of IAS 12. The Group does not expect a liability to Pillar
Two top-up tax based on its effective rate of corporation tax paid and because its consolidated
revenue is below the minimum threshold of \u20ac750m.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18060": { "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 rates and laws that
have been enacted or substantively enacted by the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred taxation assets are recognised only to the extent that it is probable that future taxable
pro\ufb01t will be available against which the temporary differences can be utilised.
Deferred taxation is provided on temporary differences arising on investments in subsidiaries and
interests in joint ventures, except where the timing of the reversal of the temporary difference
is controlled by the Group and it is probable that the temporary difference will not reverse in the
foreseeable future. Deferred taxation assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18082": { "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 conveys 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 a contract the Group recognises
a right of use asset and a lease liability at the lease commencement date other than as noted below.
The right of use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease prepayments made at or before the commencement date, plus any
initial direct costs incurred and an estimate of costs to dismantle and remove the underlying 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 subsequently depreciated using the straight-line method from the
commencement date to the earlier of the end of the useful life of the right 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 of property, plant and equipment. In addition, the right of use asset is periodically reduced
by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Group\u2019s incremental borrowing rate.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, or if the
Group changes its assessment of whether it will exercise a purchase, extension or termination option.
The Group presents right of use assets in property, plant and equipment and leased liabilities in lease
liabilities in the balance sheet.
The Group has applied the recognition exemption of low value leases. For these leases, the lease
payments are charged to the income statement on a straight-line basis over the term of the lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18109": { "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 fair 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. A trade receivable without
a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
Under IFRS 9, trade receivables including accrued income, without a signi\ufb01cant \ufb01nancing component,
are classi\ufb01ed and held at amortised cost, being initially measured at the transaction price and
subsequently measured at amortised cost less any impairment loss.
The Group recognises lifetime expected credit losses (\u2018ECLs\u2019) for trade receivables and accrued
income. The expected credit losses are estimated using a provision matrix based on the Group\u2019s
historical credit loss experience, adjusted for any macro-economic factors. At 31 March 2023, ECLs
were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability driven by used car
price volatility. At 31 March 2024, ECLs continue to re\ufb02ect macro-economic uncertainty around retailer
pro\ufb01tability due to persistent high in\ufb02ation, high interest rates and the upcoming UK general election
which could lead to new political policies to which we would need to respond.
The Group assesses whether a \ufb01nancial asset is in default on a case by case basis when it becomes
probable that the customer is unlikely to pay its credit obligations. The gross carrying amount of a
\ufb01nancial asset is written off when the Group has no reasonable expectations of recovering a \ufb01nancial
asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment
with respect to the timing and amount of write-off based on whether there is a reasonable expectation
of recovery. The Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial
assets that are written off could still be subject to enforcement activities in order to comply with
the Group\u2019s procedures for recovery of amounts due.
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost
are credit-impaired. A \ufb01nancial asset is \u2018credit-impaired\u2019 when one or more events that have a
detrimental impact on the estimated future cash \ufb02ows of the \ufb01nancial asset have occurred.
Financial 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 value 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 at fair value
and net gains and losses, including any interest expense, are recognised in pro\ufb01t or loss. Other
\ufb01nancial liabilities, including trade payables, are subsequently measured at amortised cost using
the effective interest method. Interest expense and foreign exchange gains and losses 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18184": { "value": "Intangible assetsb) Trademarks, trade names, technology, non-compete agreements, customer relationships,
franchise buybacks, brands and databases
Separately acquired trademarks, trade names, technology and customer relationships are recognised
at historical cost. They have a \ufb01nite useful life and are carried at cost less accumulated amortisation.
Amortisation is calculated using the straight-line method to allocate the cost over their estimated useful
lives of between one and 15 years. Trademarks, trade names, technology, non-compete agreements,
customer relationships, franchise buybacks, brands and databases acquired in a business combination
are recognised at fair value at the acquisition date and subsequently amortised.
c) Software
Acquired computer software controlled by the Group is capitalised at cost, including any costs to
bring it into use, and is carried at cost less accumulated amortisation. Amortisation is calculated
using the straight-line method to allocate the cost over the estimated useful life of three to \ufb01ve years.
d) Software and website development costs and \ufb01nancial systems
Development costs that are directly attributable to the design and testing of identi\ufb01able and unique
software products, websites and systems controlled by the Group are recognised as intangible
assets when the following criteria are met:
\u2022
it is technically feasible to complete the software product or website so that it will be available
for use;
\u2022
management intends to complete the software product or website and use or sell it;
\u2022
there is an ability to use or sell the software product or website;
\u2022
it can be demonstrated how the software product or website will generate probable future
economic bene\ufb01ts;
\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use
or sell the software product or website are available; and
\u2022
the expenditure attributable to the software product or website during its development can
be reliably measured.
Directly attributable costs that are capitalised as part of the software product, website or system
include employee and contractor costs. Other development expenditures that do not meet these
criteria, as well as ongoing maintenance and costs associated with routine upgrades and
enhancements, are recognised as an expense as incurred. Development costs for software, websites
and systems are carried at cost less accumulated amortisation and are amortised over their useful
lives (not exceeding 10 years) at the point at which they come into use.
Outside of acquired software, the Group develops its core infrastructure through small-scale,
maintenance-like incremental improvements and as a result, a low proportion of internal expenditure
meets the requirements of IAS 38, Intangible Assets. By their innovative nature, there may also be
uncertainty over the technical feasibility of new development projects and, if successful, how they
may be commercially monetised.
Licence agreements to use cloud software provided as a service are treated as service contracts
and expensed in the Group income statement, unless the Group has both a contractual right to take
possession of the software at any time without signi\ufb01cant penalty, and the ability to run the software
independently of the host vendor. In such cases the licence agreement is capitalised as software
within intangible assets. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18185": { "value": "Intangible assets
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 subsidiary at the date of acquisition. Goodwill is tested
annually for impairment and is carried at cost less accumulated impairment losses. Impairment
losses are charged to the income statement and are not reversed. The gain or loss on the disposal
of an entity includes the carrying amount of goodwill relating to the entity sold. Goodwill is allocated
to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units that are expected to bene\ufb01t from the business combination in which the
goodwill arose.
b) Trademarks, trade names, technology, non-compete agreements, customer relationships,
franchise buybacks, brands and databases
Separately acquired trademarks, trade names, technology and customer relationships are recognised
at historical cost. They have a \ufb01nite useful life and are carried at cost less accumulated amortisation.
Amortisation is calculated using the straight-line method to allocate the cost over their estimated useful
lives of between one and 15 years. Trademarks, trade names, technology, non-compete agreements,
customer relationships, franchise buybacks, brands and databases acquired in a business combination
are recognised at fair value at the acquisition date and subsequently amortised.
c) Software
Acquired computer software controlled by the Group is capitalised at cost, including any costs to
bring it into use, and is carried at cost less accumulated amortisation. Amortisation is calculated
using the straight-line method to allocate the cost over the estimated useful life of three to \ufb01ve years.
d) Software and website development costs and \ufb01nancial systems
Development costs that are directly attributable to the design and testing of identi\ufb01able and unique
software products, websites and systems controlled by the Group are recognised as intangible
assets when the following criteria are met:
\u2022
it is technically feasible to complete the software product or website so that it will be available
for use;
\u2022
management intends to complete the software product or website and use or sell it;
\u2022
there is an ability to use or sell the software product or website;
\u2022
it can be demonstrated how the software product or website will generate probable future
economic bene\ufb01ts;
\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use
or sell the software product or website are available; and
\u2022
the expenditure attributable to the software product or website during its development can
be reliably measured.
Directly attributable costs that are capitalised as part of the software product, website or system
include employee and contractor costs. Other development expenditures that do not meet these
criteria, as well as ongoing maintenance and costs associated with routine upgrades and
enhancements, are recognised as an expense as incurred. Development costs for software, websites
and systems are carried at cost less accumulated amortisation and are amortised over their useful
lives (not exceeding 10 years) at the point at which they come into use.
Outside of acquired software, the Group develops its core infrastructure through small-scale,
maintenance-like incremental improvements and as a result, a low proportion of internal expenditure
meets the requirements of IAS 38, Intangible Assets. By their innovative nature, there may also be
uncertainty over the technical feasibility of new development projects and, if successful, how they
may be commercially monetised.
Licence agreements to use cloud software provided as a service are treated as service contracts
and expensed in the Group income statement, unless the Group has both a contractual right to take
possession of the software at any time without signi\ufb01cant penalty, and the ability to run the software
independently of the host vendor. In such cases the licence agreement is capitalised as software
within intangible assets. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18188": { "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 subsidiary at the date of acquisition. Goodwill is tested
annually for impairment and is carried at cost less accumulated impairment losses. Impairment
losses are charged to the income statement and are not reversed. The gain or loss on the disposal
of an entity includes the carrying amount of goodwill relating to the entity sold. Goodwill is allocated
to cash-generating units for the purpose of impairment testing. The 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18253": { "value": "Property, plant and equipment
All property, plant and equipment is stated at historical cost less accumulated depreciation and
impairment losses. Historical cost comprises the purchase price of the asset and expenditure directly
attributable to the acquisition of the item.
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:
Land, buildings and leasehold improvements:
\u2022 Leasehold land and buildings
life of lease
\u2022 Leasehold improvements
life of lease
\u2022 Plant and equipment
3\u201310 years
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance
sheet date. The carrying value of assets is reviewed for impairment if events or changes in circumstances
suggest that the carrying value may not be recoverable. Assets will be written down to their recoverable
amount if lower than the carrying value, and any impairment is charged to the income statement.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the income statement within administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18259": { "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:
Land, buildings and leasehold improvements:
\u2022 Leasehold land and buildings
life of lease
\u2022 Leasehold improvements
life of lease
\u2022 Plant and equipment
3\u201310 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18311": { "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. Assets that are subject to amortisation and depreciation are
reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s
fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows (cash-generating
units). Non-\ufb01nancial assets other than goodwill that have suffered an impairment are reviewed for
possible reversal of the impairment at each reporting date.
In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using
a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the
risks speci\ufb01c to the asset. For an asset that does not generate largely independent cash \ufb02ows, the
recoverable amount is determined for the cash-generating unit to which the asset belongs.
Impairment losses recognised in respect of cash-generating units are allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to 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) on a pro-rata basis", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18331": { "value": "Business combinations
The Group accounts for business combinations using the acquisition method under IFRS 3 \u2013 Business
Combinations. See note 1 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18337": { "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 rights and obligations of each investor. Auto Trader Group plc has
assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures
are accounted for using the equity method. Under the equity method of accounting, interests in joint
ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the
post-acquisition pro\ufb01ts or losses, movements in other comprehensive income and dividends received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18347": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18351": { "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. Cost 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18357": { "value": "Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are
subsequently carried at amortised cost, with any difference between the proceeds (net of
transaction costs) and the redemption value being recognised in the income statement over
the period of the borrowings using the effective interest method. Finance and issue costs associated
with the borrowings are charged to the income statement using the effective interest rate method
from the date of issue over the estimated life of the borrowings to which the costs relate.
Borrowings are derecognised when the contractual obligation is discharged, cancelled or expires.
Where an existing \ufb01nancial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or
modi\ufb01cation is treated as a derecognition of the original liability and the recognition of a new liability,
such that the difference in respective carrying amounts together with any costs or fees incurred are
recognised in the income statement.
Borrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18381": { "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, it 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. Where there are a number of similar
obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering
the class of obligations as a whole. If the effect is material, provisions are determined by discounting
the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects current market assessments of the time
value of money and, where appropriate, the risks speci\ufb01c to the obligation.
Contingent liabilities are not recognised but are disclosed unless an out\ufb02ow of resources is remote.
Contingent assets are not recognised but are disclosed where an in\ufb02ow of economic bene\ufb01ts is probable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18394": { "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 deduction from the proceeds.
Where the Group purchases its own equity share capital, the consideration paid is deducted from
equity attributable to the Group\u2019s shareholders. Where such shares are subsequently cancelled, the
nominal value of the shares repurchased is deducted from share capital and transferred to a capital
redemption reserve. Where the Group purchases its own equity share capital to hold in treasury, the
consideration paid for the shares is shown as own shares held within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18454": { "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 attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period. For diluted EPS, 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18462": { "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 the 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 of interim dividends.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18469": { "value": "Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating
resources and assessing performance of the operating segments, has 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18477": { "value": "Foreign currency translation
a) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at the period end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in the income
statement within administrative expenses.
b) Foreign operations
The results and financial position of all Group entities (none of which has the currency of a hyper-inflationary
economy) that have a functional currency other than sterling are translated into sterling as follows:
\u2022
assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of that balance sheet; and
\u2022
income and expenses for each income statement are translated at average exchange rates.
These foreign currency differences are recognised in other comprehensive income and the
translation reserve within other reserves.
On the disposal of a foreign operation, the cumulative exchange differences that were recorded in
equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair
value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities
of the foreign entity and translated at the closing rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18501": { "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 participants at the measurement date in the principal or, in its absence,
the most advantageous market to which the Group has access at that date. The fair value of a liability
re\ufb02ects its non-performance risk. A number of the Group\u2019s accounting policies and disclosures
require the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities.
When one is available, the Group measures 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 active market, then the Group uses
valuation techniques that maximise the use of relevant observable outputs and minimise the use of
unobservable 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18516": { "value": "3. RISK AND CAPITAL MANAGEMENT
Overview
In the course of its business the Group is exposed to market risk, credit risk and liquidity risk from its
use of \ufb01nancial instruments. This note presents information about the Group\u2019s exposure to each of
the below risks, the Group\u2019s objectives, policies and processes for measuring and managing risk and
the Group\u2019s management of capital. Further quantitative disclosures are included throughout these
Consolidated \ufb01nancial statements.
The Group\u2019s overall risk management strategy is to minimise potential adverse effects on the \ufb01nancial
performance and net assets of the Group. These policies are set and reviewed by senior \ufb01nance
management and all signi\ufb01cant \ufb01nancing transactions are authorised by the Board of Directors.
Market risk
i. Foreign exchange risk
The Group has no signi\ufb01cant foreign exchange risk as 100% of the Group\u2019s revenue and 98% of costs are
sterling-denominated. As the amounts are not signi\ufb01cant, no sensitivity analysis has been presented.
During the prior year the Group sold one of its subsidiaries, Webzone Limited, which traded in the
Republic of Ireland under the Carzone brand. Following the sale of Webzone Limited, all of the Group\u2019s
revenue is sterling-denominated.
ii. Interest rate risk
The Group\u2019s interest rate risk arises from vehicle stocking loans which have \ufb02oating rates of interest
linked to the Bank of England Base Rate and long-term borrowings under the Syndicated RCF with
\ufb02oating rates of interest linked to SONIA. The Group monitors interest rates on an ongoing basis but
does not currently hedge interest rate risk. The variation of 100 basis points in the interest rate of
\ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease
post-tax pro\ufb01t for the year by \u00a30.3m (2023: \u00a30.4m).
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet
its contractual obligations.
i. Trade receivables
Credit risk relating to trade receivables is managed centrally and the credit risk for new Auto Trader
customers is analysed before standard payment terms and conditions are offered. Policies and
procedures exist to ensure that Auto Trader\u2019s existing customers have an appropriate credit history
and a signi\ufb01cant number of balances are collected via direct debit. In March, more than 87.4%
(2023: 87.4%) of Auto Trader\u2019s retailer customers paid via monthly direct debit, minimising the risk of
non-payment. Sales to private individuals using Auto Trader are primarily settled in advance using
major debit or credit cards which removes the risk in this area.
Autorama\u2019s main customers are funders who do not change regularly, so the risk in this area
is also minimal.
The Group establishes an expected credit loss that represents its estimate of losses in respect
of trade and other receivables. Further details of these are given in note 32.
Overall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit
or bad debt risk, due to the fragmented nature of the customer base and the robust nature of the
used car market.
ii. Cash and cash equivalents
As at 31 March 2024, the Group held cash and cash equivalents of \u00a318.7m (2023: \u00a316.6m). The cash and
cash equivalents are held with bank and \ufb01nancial institution counterparties, which are rated between
P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is to monitor cash, and when
applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring
ef\ufb01cient management of the Group\u2019s Syndicated RCF.
Liquidity risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated
with its \ufb01nancial liabilities that are settled by delivering cash. The Group\u2019s approach to managing
liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Cash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of
the Group\u2019s liquidity requirements are monitored to ensure it has suf\ufb01cient cash to meet operational
needs. The Group\u2019s revenue model is largely subscription-based, which results in a regular level of
cash conversion allowing it to service working capital requirements.
The Group has access to a Syndicated RCF which has total commitments of \u00a3200.0m. The \u00a3200.0m
Syndicated RCF is committed through to maturity in February 2029. The facility allows the Group
access to cash at one working day\u2019s notice. At 31 March 2024, \u00a330.0m was drawn under the
Syndicated RCF (2023: \u00a360.0m).
The 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 of 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 date or the maturity date.
At 31 March 2024, \u00a32.1m was recognised in the Consolidated balance sheet (2023: \u00a33.0m).
Capital management
The Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt,
other loans and lease \ufb01nancing, less cash and cash equivalents as shown in note 20. Total equity is as
shown in the Consolidated balance sheet.
The calculation of total capital is shown in the table below:
2024
2023
\u00a3m
\u00a3m
Total net debt
14.0
52.4
Total equity
552.3
527.3
Total capital
566.3
579.7
The objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going
concern, in order to provide returns for shareholders and bene\ufb01ts for other stakeholders and to
maintain an ef\ufb01cient cost of capital structure. To maintain or adjust the capital structure, the Group
may pay dividends, return capital through share buybacks, issue new shares or take other steps to
increase share capital and reduce or increase debt facilities.
As at 31 March 2024, the Group had borrowings of \u00a330.0m (2023: \u00a360.0m) through its Syndicated RCF.
Interest is payable on this facility at a rate of 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, which is calculated
and reviewed on a biannual basis. As part of the amendment and extension of its Syndicated RCF in
2023, three sustainability performance targets were incorporated into the agreement. This will be
tested for the \ufb01rst time in 2024. The margin shall be increased or decreased between -0.05% and 0.05%
based on the number of sustainability performance targets achieved in the reporting period. This will
be reviewed annually. The Group remains in compliance with its banking covenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18517": { "value": "3. RISK AND CAPITAL MANAGEMENT
Overview
In the course of its business the Group is exposed to market risk, credit risk and liquidity risk from its
use of \ufb01nancial instruments. This note presents information about the Group\u2019s exposure to each of
the below risks, the Group\u2019s objectives, policies and processes for measuring and managing risk and
the Group\u2019s management of capital. Further quantitative disclosures are included throughout these
Consolidated \ufb01nancial statements.
The Group\u2019s overall risk management strategy is to minimise potential adverse effects on the \ufb01nancial
performance and net assets of the Group. These policies are set and reviewed by senior \ufb01nance
management and all signi\ufb01cant \ufb01nancing transactions are authorised by the Board of Directors.
Market risk
i. Foreign exchange risk
The Group has no signi\ufb01cant foreign exchange risk as 100% of the Group\u2019s revenue and 98% of costs are
sterling-denominated. As the amounts are not signi\ufb01cant, no sensitivity analysis has been presented.
During the prior year the Group sold one of its subsidiaries, Webzone Limited, which traded in the
Republic of Ireland under the Carzone brand. Following the sale of Webzone Limited, all of the Group\u2019s
revenue is sterling-denominated.
ii. Interest rate risk
The Group\u2019s interest rate risk arises from vehicle stocking loans which have \ufb02oating rates of interest
linked to the Bank of England Base Rate and long-term borrowings under the Syndicated RCF with
\ufb02oating rates of interest linked to SONIA. The Group monitors interest rates on an ongoing basis but
does not currently hedge interest rate risk. The variation of 100 basis points in the interest rate of
\ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease
post-tax pro\ufb01t for the year by \u00a30.3m (2023: \u00a30.4m).
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet
its contractual obligations.
i. Trade receivables
Credit risk relating to trade receivables is managed centrally and the credit risk for new Auto Trader
customers is analysed before standard payment terms and conditions are offered. Policies and
procedures exist to ensure that Auto Trader\u2019s existing customers have an appropriate credit history
and a signi\ufb01cant number of balances are collected via direct debit. In March, more than 87.4%
(2023: 87.4%) of Auto Trader\u2019s retailer customers paid via monthly direct debit, minimising the risk of
non-payment. Sales to private individuals using Auto Trader are primarily settled in advance using
major debit or credit cards which removes the risk in this area.
Autorama\u2019s main customers are funders who do not change regularly, so the risk in this area
is also minimal.
The Group establishes an expected credit loss that represents its estimate of losses in respect
of trade and other receivables. Further details of these are given in note 32.
Overall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit
or bad debt risk, due to the fragmented nature of the customer base and the robust nature of the
used car market.
ii. Cash and cash equivalents
As at 31 March 2024, the Group held cash and cash equivalents of \u00a318.7m (2023: \u00a316.6m). The cash and
cash equivalents are held with bank and \ufb01nancial institution counterparties, which are rated between
P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is to monitor cash, and when
applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring
ef\ufb01cient management of the Group\u2019s Syndicated RCF.
Liquidity risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated
with its \ufb01nancial liabilities that are settled by delivering cash. The Group\u2019s approach to managing
liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Cash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of
the Group\u2019s liquidity requirements are monitored to ensure it has suf\ufb01cient cash to meet operational
needs. The Group\u2019s revenue model is largely subscription-based, which results in a regular level of
cash conversion allowing it to service working capital requirements.
The Group has access to a Syndicated RCF which has total commitments of \u00a3200.0m. The \u00a3200.0m
Syndicated RCF is committed through to maturity in February 2029. The facility allows the Group
access to cash at one working day\u2019s notice. At 31 March 2024, \u00a330.0m was drawn under the
Syndicated RCF (2023: \u00a360.0m).
The 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 of 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 date or the maturity date.
At 31 March 2024, \u00a32.1m was recognised in the Consolidated balance sheet (2023: \u00a33.0m).
Capital management
The Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt,
other loans and lease \ufb01nancing, less cash and cash equivalents as shown in note 20. Total equity is as
shown in the Consolidated balance sheet.
The calculation of total capital is shown in the table below:
2024
2023
\u00a3m
\u00a3m
Total net debt
14.0
52.4
Total equity
552.3
527.3
Total capital
566.3
579.7
The objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going
concern, in order to provide returns for shareholders and bene\ufb01ts for other stakeholders and to
maintain an ef\ufb01cient cost of capital structure. To maintain or adjust the capital structure, the Group
may pay dividends, return capital through share buybacks, issue new shares or take other steps to
increase share capital and reduce or increase debt facilities.
As at 31 March 2024, the Group had borrowings of \u00a330.0m (2023: \u00a360.0m) through its Syndicated RCF.
Interest is payable on this facility at a rate of 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, which is calculated
and reviewed on a biannual basis. As part of the amendment and extension of its Syndicated RCF in
2023, three sustainability performance targets were incorporated into the agreement. This will be
tested for the \ufb01rst time in 2024. The margin shall be increased or decreased between -0.05% and 0.05%
based on the number of sustainability performance targets achieved in the reporting period. This will
be reviewed annually. The Group remains in compliance with its banking covenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18530": { "value": "Market risk
i. Foreign exchange risk
The Group has no signi\ufb01cant foreign exchange risk as 100% of the Group\u2019s revenue and 98% of costs are
sterling-denominated. As the amounts are not signi\ufb01cant, no sensitivity analysis has been presented.
During the prior year the Group sold one of its subsidiaries, Webzone Limited, which traded in the
Republic of Ireland under the Carzone brand. Following the sale of Webzone Limited, all of the Group\u2019s
revenue is sterling-denominated.
ii. Interest rate risk
The Group\u2019s interest rate risk arises from vehicle stocking loans which have \ufb02oating rates of interest
linked to the Bank of England Base Rate and long-term borrowings under the Syndicated RCF with
\ufb02oating rates of interest linked to SONIA. The Group monitors interest rates on an ongoing basis but
does not currently hedge interest rate risk. The variation of 100 basis points in the interest rate of
\ufb02oating rate \ufb01nancial liabilities (with all other variables held constant) will increase or decrease
post-tax pro\ufb01t for the year by \u00a30.3m (2023: \u00a30.4m).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18533": { "value": "i. Foreign exchange risk
The Group has no signi\ufb01cant foreign exchange risk as 100% of the Group\u2019s revenue and 98% of costs are
sterling-denominated. As the amounts are not signi\ufb01cant, no sensitivity analysis has been presented.
During the prior year the Group sold one of its subsidiaries, Webzone Limited, which traded in the
Republic of Ireland under the Carzone brand. Following the sale of Webzone Limited, all of the Group\u2019s
revenue is sterling-denominated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18581": { "value": "Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or banking institution fails to meet
its contractual obligations.
i. Trade receivables
Credit risk relating to trade receivables is managed centrally and the credit risk for new Auto Trader
customers is analysed before standard payment terms and conditions are offered. Policies and
procedures exist to ensure that Auto Trader\u2019s existing customers have an appropriate credit history
and a signi\ufb01cant number of balances are collected via direct debit. In March, more than 87.4%
(2023: 87.4%) of Auto Trader\u2019s retailer customers paid via monthly direct debit, minimising the risk of
non-payment. Sales to private individuals using Auto Trader are primarily settled in advance using
major debit or credit cards which removes the risk in this area.
Autorama\u2019s main customers are funders who do not change regularly, so the risk in this area
is also minimal.
The Group establishes an expected credit loss that represents its estimate of losses in respect
of trade and other receivables. Further details of these are given in note 32.
Overall, the Group considers that it is not exposed to a signi\ufb01cant amount of either customer credit
or bad debt risk, due to the fragmented nature of the customer base and the robust nature of the
used car market.
ii. Cash and cash equivalents
As at 31 March 2024, the Group held cash and cash equivalents of \u00a318.7m (2023: \u00a316.6m). The cash and
cash equivalents are held with bank and \ufb01nancial institution counterparties, which are rated between
P-1 and P-2 based on Moody\u2019s ratings. The Group\u2019s treasury policy is to monitor cash, and when
applicable deposit balances, on a daily basis and to manage counterparty risk, whilst also ensuring
ef\ufb01cient management of the Group\u2019s Syndicated RCF.Credit risk
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum
exposure to credit risk at 31 March 2024 was \u00a395.2m (2023: \u00a384.1m). The maximum exposure to credit
risk for trade receivables and accrued income at the reporting date by geographic region was:
2024
2023
\u00a3m
\u00a3m
UK
75.5
67.2
Total
75.5
67.2
The maximum exposure to credit risk for trade receivables and accrued income at the reporting date
by type of customer was:
2024
2023
\u00a3m
\u00a3m
Retailers
58.0
52.7
Manufacturer and Agency
6.6
5.1
Other
4.7
5.3
Autorama
6.2
4.1
Total
75.5
67.2
The Group\u2019s most signi\ufb01cant customer accounts for \u00a31.8m (2023: \u00a31.2m) of net trade receivables as at
31 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18608": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culties in meeting the obligations associated
with its \ufb01nancial liabilities that are settled by delivering cash. The Group\u2019s approach to managing
liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Cash \ufb02ow forecasting is performed centrally by the Director of Group Finance. Rolling forecasts of
the Group\u2019s liquidity requirements are monitored to ensure it has suf\ufb01cient cash to meet operational
needs. The Group\u2019s revenue model is largely subscription-based, which results in a regular level of
cash conversion allowing it to service working capital requirements.
The Group has access to a Syndicated RCF which has total commitments of \u00a3200.0m. The \u00a3200.0m
Syndicated RCF is committed through to maturity in February 2029. The facility allows the Group
access to cash at one working day\u2019s notice. At 31 March 2024, \u00a330.0m was drawn under the
Syndicated RCF (2023: \u00a360.0m).
The 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 of 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 date or the maturity date.
At 31 March 2024, \u00a32.1m was recognised in the Consolidated balance sheet (2023: \u00a33.0m).Liquidity risk
The maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below.
This table has been drawn up using the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the
earliest date on which the Group is obliged to pay. The table includes both interest and principal
cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates
prevailing at the year end, where applicable.
Trade and
other
Vehicle
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
25.5
2.1
\u2013
2.4
30.0
Due within one to two years
\u2013
\u2013
\u2013
2.0
2.0
Due within two to \ufb01ve years
\u2013
\u2013
30.0
0.5
30.5
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
Total
25.5
2.1
30.0
4.9
62.5
Trade and
other
Vehicle
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
27.9
3.0
1.1
2.5
34.5
Due within one to two years
\u2013
\u2013
\u2013
2.4
2.4
Due within two to \ufb01ve years
\u2013
\u2013
57.5
2.5
60.0
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
Total
27.9
3.0
58.6
7.4
96.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f18683": { "value": "4. SEGMENTAL INFORMATION
IFRS 8 \u2013 Operating segments requires the Group to determine its operating segments based
on information which is provided internally. Based on the internal reporting information and
management structures within the Group, it has been determined that there are two operating
segments (2023: two operating segments), being:
\u2022
Auto Trader: includes the results of Auto Trader and AutoConvert (prior year includes Webzone
before it was disposed of on 24 October 2022) in respect of online classi\ufb01ed advertising of motor
vehicles and other related products and services in the digital automotive marketplace including
share of pro\ufb01t from the Dealer Auction joint venture.
\u2022
Autorama: the results of Autorama in respect of a marketplace for leasing new vehicles and other
related products and services.
Management has determined that there are two operating segments in line with the nature in which
the Group is managed. The reports reviewed by the Operational Leadership Team (\u2018OLT\u2019), which is
the chief operating decision-maker (\u2018CODM\u2019) for both segments, split out operating performance
by segment. The OLT is made up of the Executive Directors and Key Management and is responsible
for the strategic decision-making of the Group. Revenue and cost streams presented for each
operating segment are largely independent in the reporting period with certain costs recharged
between segments.
The OLT primarily uses the measures of revenue and operating pro\ufb01t to assess the performance of
each operating segment. Segment revenue comprises revenue from external customers. The revenue
from external parties reported to the OLT is measured in a manner consistent with that in the income
statement. Inter-segment revenue and costs are not reported to the OLT. In the year to 31 March 2024,
inter-segment revenue earned by Auto Trader from Autorama for vehicles leased via a journey
initiated on the Auto Trader platform was not material (2023: \u00a3nil).
Analysis of the Group\u2019s revenue and results for both reportable segments, with a reconciliation to
Group pro\ufb01t before tax, is shown below:
Group
Auto Trader
Autorama
central
segment
segment
costs
Group
Year to 31 March 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total segment revenue
529.7
41.2
\u2013
570.9
People costs
(81.5)
(10.9)
(11.1)
(103.5)
Marketing
(22.3)
(4.0)
\u2013
(26.3)
Costs of goods sold
\u2013
(28.2)
\u2013
(28.2)
Other costs
(44.2)
(4.5)
\u2013
(48.7)
Depreciation & amortisation
(5.9)
(2.4)
(10.0)
(18.3)
Total segment costs
(153.9)
(50.0)
(21.1)
(225.0)
Share of pro\ufb01t from joint ventures
2.8
\u2013
\u2013
2.8
Total segment operating pro\ufb01t/(loss)
378.6
(8.8)
(21.1)
348.7
Finance costs \u2013 net
(3.5)
Pro\ufb01t before tax
345.2
Group central costs which are not allocated within either of the segment operating pro\ufb01t/(loss)
reported to the CODM comprise:
(i)
People costs: \u00a310.4m share-based payment expense relating to the Group shares issued
as part of the deferred consideration for Autorama (note 31), which was fully settled in the period.
A further \u00a30.7m was settled in cash.
(ii)
Depreciation & amortisation: \u00a310.0m of amortisation expense relating to the fair value of
intangible brand, technology and other assets acquired in the Group\u2019s business combination
of Autorama.
Group
Auto Trader
Autorama
central
segment
segment
costs
Group
Year to 31 March 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total segment revenue
473.0
27.2
\u2013
500.2
People costs
(74.0)
(10.5)
(38.8)
(123.3)
Marketing
(22.3)
(4.7)
\u2013
(27.0)
Costs of goods sold
\u2013
(15.7)
\u2013
(15.7)
Other costs
(39.6)
(5.4)
\u2013
(45.0)
Depreciation & amortisation
(6.7)
(2.1)
(5.3)
(14.1)
Total segment costs
(142.6)
(38.4)
(44.1)
(225.1)
Share of pro\ufb01t from joint ventures
2.5
\u2013
\u2013
2.5
Total segment operating pro\ufb01t/(loss)
332.9
(11.2)
(44.1)
277.6
Pro\ufb01t on disposal of subsidiary
19.1
Finance costs \u2013 net
(3.1)
Pro\ufb01t before tax
293.6
In the current and prior year, the Group has classi\ufb01ed expenditure by nature (2023: by nature).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19068": { "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 from contracts with customers.
Other than disclosed in note 10, all revenues were earned from activities and customers in the
United Kingdom.
In the following table, the Group\u2019s revenue is detailed by customer type. This level of detail is consistent
with that used by management to assist in the analysis of the Group\u2019s revenue-generating trends.
Revenue
2024
2023
\u00a3m
\u00a3m
Retailer
450.0
406.8
Home Trader
13.4
10.1
Other
12.3
10.5
Trade
475.7
427.4
Consumer Services
39.6
34.5
Manufacturer & Agency
14.4
11.1
Autorama
41.2
27.2
Total revenue
570.9
500.2
Revenue is largely recognised over time, other than Autorama revenue which is recognised at a point
in time when related sales commission or fees are earned. The Group has no major customers to
disclose in either the current or prior year.
Contract balances
The following table provides information about receivables and contract assets and liabilities from
contracts with customers.
2024
2023
\u00a3m
\u00a3m
Receivables, which are included in trade and other receivables
36.0
31.5
Accrued income
44.5
40.2
Deferred income
(15.1)
(14.0)
Accrued income relates to the Group\u2019s unconditional rights to consideration for services provided but
not invoiced at the reporting date. Accrued income is transferred to trade receivables when invoiced.
Deferred income relates to advanced consideration received for which revenue is recognised as or
when services are provided. \u00a37.3m (2023: \u00a35.7m) of the deferred income balance is classi\ufb01ed as a current
liability within trade and other payables (note 21). Included within deferred income is \u00a38.3m (2023:
\u00a38.9m) relating to consideration received from Dealer Auction Limited (joint venture) for the provision of
data services to Dealer Auction (note 16). Revenue relating to this service is recognised on a straight-
line basis over a period of 20 years to 31 December 2038; given this time period the liability has been split
between current and non-current liabilities. Revenue of \u00a30.6m was recognised in the year (2023: \u00a30.6m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19226": { "value": "6. OPERATING PROFIT
Operating pro\ufb01t is after (charging)/crediting the following:
2024
2023
Note
\u00a3m
\u00a3m
Staff costs
7
(92.2)
(84.1)
Contractor costs
(0.2)
(0.4)
Depreciation of property, plant and equipment
14
(4.8)
(4.9)
Amortisation of intangible assets
13
(13.5)
(9.2)
(Loss)/pro\ufb01t on sale of property, plant and equipment
(0.3)
0.7
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:
2024
2023
\u00a3m
\u00a3m
Fees payable for the audit of the Company and Consolidated
\ufb01nancial statements
0.2
0.2
Fees payable for other services
The audit of the subsidiary undertakings pursuant to legislation
0.3
0.3
Total
0.5
0.5
Fees payable for audit-related assurance services in the year were \u00a352,000 (2023: \u00a348,000) for the
half-year review of the condensed \ufb01nancial statements. Fees payable for other non-audit services
in the year were \u00a315,000 (2023: \u00a3nil) for limited assurance over certain information included within or
referenced from the Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19289": { "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:
2024
2023
\u00a3m
\u00a3m
Fees payable for the audit of the Company and Consolidated
\ufb01nancial statements
0.2
0.2
Fees payable for other services
The audit of the subsidiary undertakings pursuant to legislation
0.3
0.3
Total
0.5
0.5
Fees payable for audit-related assurance services in the year were \u00a352,000 (2023: \u00a348,000) for the
half-year review of the condensed \ufb01nancial statements. Fees payable for other non-audit services
in the year were \u00a315,000 (2023: \u00a3nil) for limited assurance over certain information included within or
referenced from the Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19344": { "value": "7. EMPLOYEE NUMBERS AND COSTS
The average monthly number of employees (including Executive Directors and contractors) employed
by the Group was as follows:
2024
2023
Number
Number
Customer operations
646
566
Product and technology
394
403
Corporate
193
191
Total
1,233
1,160
The aggregate payroll costs of these persons were as follows:
2024
2023
Note
\u00a3m
\u00a3m
Wages and salaries
72.6
66.7
Social security costs
7.5
7.3
De\ufb01ned contribution pension costs
25
4.1
3.5
84.2
77.5
Share-based payments and associated NI
30
8.2
6.6
Total
92.4
84.1
Wages and salaries include \u00a328.1m (2023: \u00a327.7m) relating to the product and technology teams;
these teams spend a signi\ufb01cant proportion of their time on innovation of our product proposition and
incremental enhancements to the Group\u2019s platforms.
In addition to the share-based payments disclosed above, a share-based payment charge of \u00a310.4m
(2023: \u00a338.8m) has been recorded in the income statement for the year, relating to deferred
consideration for the acquisition of Autorama, which was fully settled in the period (note 31).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19463": { "value": "8. DIRECTORS AND KEY MANAGEMENT REMUNERATION
The remuneration of Directors is disclosed in the Directors\u2019 remuneration report on pages 81 to 99:
Key Management compensation
During the year to 31 March 2024, Key Management comprised the members of the OLT (who are
de\ufb01ned in note 4) and the Non-Executive Directors (2023: OLT and the Non-Executive Directors).
The remuneration of all Key Management (including all Directors) was as follows:
2024
2023
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts
4.6
4.2
Share-based payments
2.1
2.1
Pension contributions
0.2
0.2
Total excluding NI
6.9
6.5
Employer NI
0.8
0.8
Total
7.7
7.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19541": { "value": "9. NET FINANCE COSTS \n \n
2024
2023
\u00a3m
\u00a3m
On bank loans and overdrafts
3.0
2.5
Amortisation of debt issue costs
0.6
0.5
Interest unwind on lease liabilities
0.1
0.2
Interest on vehicle stocking loan
0.3
0.1
Interest receivable on cash and cash equivalents
(0.5)
(0.2)
Total
3.5
3.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19542": { "value": "9. NET FINANCE COSTS \n \n
2024
2023
\u00a3m
\u00a3m
On bank loans and overdrafts
3.0
2.5
Amortisation of debt issue costs
0.6
0.5
Interest unwind on lease liabilities
0.1
0.2
Interest on vehicle stocking loan
0.3
0.1
Interest receivable on cash and cash equivalents
(0.5)
(0.2)
Total
3.5
3.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19601": { "value": "10. PRIOR PERIOD DISPOSAL OF A SUBSIDIARY
Sale of Webzone Limited
In the prior period, the Group announced the sale of one of its subsidiaries, Webzone Limited, which
trades in the Republic of Ireland under the Carzone brand. The business was sold to Mediahuis Ireland
for a consideration of \u20ac30.0m on 22 October 2022.
The disposal of Webzone Limited did not represent a discontinued operation under IFRS 5 as the entity
was neither a separate major line of business or a material geographical area of operation.
A pro\ufb01t on disposal was recognised in the Group\u2019s Consolidated income statement for the year ended
31 March 2023:
\n \n
24 October
2022
\u00a3m
Goodwill
5.7
Property, plant and equipment
0.6
Deferred taxation assets
0.1
Trade and other receivables
0.9
Cash and cash equivalents
0.8
Lease liabilities
(0.7)
Trade and other payables
(0.5)
Net identi\ufb01able assets/(liabilities) disposed of
6.9
Cash consideration received
26.4
Net identi\ufb01able assets disposed of
(6.9)
Realisation of cumulative currency translation difference
(0.4)
Gain on disposal of subsidiary
19.1
35. SUBSIDIARIES AND JOINT VENTURES
Subsidiaries
At 31 March 2024 the Group\u2019s subsidiaries were:
\n \n
Percentage
Percentage
Subsidiary
Country of registration
Class of
owned by the
owned by the
undertakings
or incorporation
Principal activity
shares held
parent
Group
Auto Trader
England and Wales
Intermediary holding
Ordinary
100%
100%
Holding Limited
1
company
Auto Trader
England and Wales
Online marketplace
Ordinary
\u2013
100%
Limited
1
Trader Licensing
England and Wales
Dormant company
Ordinary
\u2013
100%
Limited
1
Autorama UK
England and Wales
Online marketplace
Ordinary
100%
100%
Limited
2
Vanarama Limited
2
England and Wales
Dormant company
Ordinary
\u2013
100%
Autorama Holding
Malta
Investment company
Ordinary
\u2013
100%
(Malta) Limited
3
for a protected cell
company
Blue Owl Network
England and Wales
Finance platform
Ordinary
\u2013
100%
Limited
1
1.
Registered of\ufb01ce address is 4
th
Floor, 1 Tony Wilson Place, Manchester, M15 4FN.
2.
Registered of\ufb01ce address is Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 7DE.
3.
Registered of\ufb01ce address is The Landmark, Level 2, Suite 1, Triq L-Iljun, Qormi, Malta.
Vanarama USA Inc, a subsidiary undertaking of the Group, was dissolved on 24 October 2023.
All subsidiaries have a year end of 31 March, apart from Autorama Holding (Malta) Limited, which
has a year end of 31 December.
Joint ventures
At 31 March 2024 the Group\u2019s interests in joint ventures were:
\n \n
Percentage
Percentage
Country of registration
Class of
owned by the
owned by the
Joint ventures
or incorporation
Principal activity
shares held
parent
Group
Dealer Auction
Limited
1
England and Wales
Online marketplace
Ordinary
\u2013
49%
Dealer Auction
(Operations)
Limited
1
England and Wales
Dormant company
Ordinary
\u2013
49%
Auto Trader
Autostock Limited
1
England and Wales
Dormant company
Ordinary
\u2013
49%
Dealer Auction
Services Limited
1
England and Wales
Dormant company
Ordinary
\u2013
49%
1.
Registered of\ufb01ce address is Central House, Leeds Road, Rothwell, Leeds, West Yorkshire, England, LS26 0JE.
All joint ventures have a year end of 31 December. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19685": { "value": "11. TAXATION \n \n
2024
2023
\u00a3m
\u00a3m
Current taxation
UK corporation taxation
91.7
61.2
Foreign taxation
\u2013
0.1
Adjustments in respect of prior years
\u2013
(0.2)
Total current taxation
91.7
61.1
Deferred taxation
Origination and reversal of temporary differences
(3.0)
(1.3)
Adjustments in respect of prior years
(0.4)
(0.1)
Total deferred taxation
(3.4)
(1.4)
Total taxation charge
88.3
59.7
The taxation charge for the year is higher than (2023: higher than) the effective rate of corporation tax
in the UK of 25% (2023: 19%). The differences are explained below:
\n \n
2024
2023
\u00a3m
\u00a3m
Pro\ufb01t before taxation
345.2
293.6
Tax on pro\ufb01t at the standard UK corporation tax rate of 25% (2023: 19%)
86.3
55.8
Expenses not deductible for taxation purposes
3.5
8.5
Income not taxable \u2013 gain on disposal of subsidiary
\u2013
(3.6)
Share of joint venture taxation
(0.7)
(0.5)
Adjustments in respect of foreign taxation rates
\u2013
(0.1)
Adjustments in respect of losses not previously recognised
(0.4)
\u2013
Adjustments in respect of OCI group relief
\u2013
(0.1)
Adjustments in respect of prior years
(0.4)
(0.3)
Total taxation charge
88.3
59.7
Expenses non-deductible for taxation purposes in the current period principally includes the
share-based payment expense relating to the deferred consideration arising on acquisition of
Autorama (note 4).
Adjustments in respect of losses not previously recognised in the current year relates to brought
forward tax losses within the Group which were previously not recognised. Losses have been utilised
in the period and a deferred tax asset has been recognised in respect of the remaining balance on the
basis that it is deemed probable that future taxable pro\ufb01t will be available to utilise these against.
Taxation on items taken directly to equity was a debit of \u00a30.3m (2023: credit of \u00a30.4m) relating to tax
on share-based payments.
Taxation recorded in equity within the Consolidated statement of comprehensive income was
a release of \u00a30.1m (2023: release of \u00a30.4m) relating to post-employment bene\ufb01t obligations.
The taxation charge for the year is based on the standard rate of UK corporation tax for the period
of 25% (2023: 19%).
Deferred income taxes have been measured at the tax rate expected to be applicable at the date
the deferred income tax assets and liabilities are realised.
The UK Government continues to work towards implementing a global two-pillar tax solution
addressing the tax challenges arising from the digitalisation of the economy.
Pillar Two came into effect for accounting periods beginning on or after 31 December 2023, but the
timeline for \ufb01nalising the multilateral convention that would implement Pillar One is still not certain.
The implementation of Pillar One would see UK digital services tax (\u2018DST\u2019) repealed and the Group
liability would fall away. An outcome statement was published in July 2023 which gave an expectation
that Pillar One would come into force during calendar year 2025. We are awaiting further updates.
Our in-scope revenue did not exceed the threshold for UK DST in \ufb01nancial year 2024, but we expect
that the Group will exceed that threshold and pay DST in \ufb01nancial year 2025. This would result in an
additional operating expense equivalent to c.2% of in-scope revenue, which will be deductible against
corporation tax payable.
The UK DST is calculated using a gross measure of revenue and therefore does not meet the
de\ufb01nition of an income tax under IAS 12 \u2013 Income taxes. Any amounts payable will therefore
be accounted for as a pre-tax operating expense which, on the basis it is incurred wholly and
exclusively for the purposes of the company\u2019s trade, will be included as a deductible expense
in the calculation of corporation tax payable.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19913": { "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 held in treasury and by the Employee Share Option Trust (\u2018ESOT\u2019),
based on the pro\ufb01t for the year attributable to shareholders.
Weighted average
Total
number of
earnings
Pence
ordinary shares
\u00a3m
per share
Year ended 31 March 2024
Basic EPS
912,582,172
256.9
28.15
Diluted EPS
915,302,568
256.9
28.07
Year ended 31 March 2023
Basic EPS
935,138,578
233.9
25.01
Diluted EPS
944,144,242
233.9
24.77
The number of shares in issue at the start of the year is reconciled to the basic and diluted weighted
average number of shares below:
2024
2023
Issued ordinary shares at 1 April
923,074,657
946,892,976
Weighted effect of ordinary shares purchased for cancellation
(11,835,430)
(7,112,698)
Weighted effect of ordinary shares held in treasury
(4,417,849)
(4,304,401)
Weighted effect of shares held in the ESOT
(330,294)
(348,989)
Weighted effect of ordinary shares issued for share-based payments
6,091,088
11,690
Weighted average number of shares for basic EPS
912,582,172
935,138,578
Dilutive impact of share options outstanding
2,720,396
9,005,664
Weighted average number of shares for diluted EPS
915,302,568
944,144,242
For diluted earnings per share, the weighted average number of shares for basic EPS is adjusted
to assume conversion of all potentially dilutive ordinary shares. The Group has potentially dilutive
ordinary shares arising from share options granted to employees. Options are dilutive where the
exercise price together with the future IFRS 2 charge is less than the average market price of the
ordinary shares during the year. Options under the Performance Share Plan, the Single Incentive
Plan Award for the Operational Leadership Team and certain key employees, the Single Incentive
Plan Award for all employees, the Deferred Annual Bonus Plan and the Share Incentive Plan are
contingently issuable shares and are therefore only included within the calculation of diluted EPS
if the performance conditions are satis\ufb01ed. Dilutive share options outstanding at 31 March 2023
included shares to be issued for the Autorama deferred consideration, which were issued in
June 2023.
The average market value of the Group\u2019s shares for the purposes of calculating the dilutive effect
of share-based incentives was based on 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f20086": { "value": "13. INTANGIBLE ASSETS \n \n
Software and
website
development
Financial
Goodwill
costs
systems
Brand
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 31 March 2022
457.9
14.4
13.1
1.2
25.3
511.9
Acquired through business combinations
92.5
13.7
\u2013
47.6
5.6
159.4
Additions
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Disposals
(5.7)
(1.8)
\u2013
(0.6)
(1.2)
(9.3)
Exchange differences
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
At 31 March 2023
544.6
27.3
13.1
48.2
29.7
662.9
Additions
\u2013
0.2
\u2013
\u2013
\u2013
0.2
Disposals
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
At 31 March 2024
544.6
24.5
13.1
48.2
29.7
660.1
Accumulated amortisation and impairments
At 31 March 2022
117.0
9.2
13.1
0.7
16.3
156.3
Amortisation charge
\u2013
2.5
\u2013
4.2
2.5
9.2
Disposals
\u2013
(1.8)
\u2013
(0.6)
(1.2)
(3.6)
At 31 March 2023
117.0
9.9
13.1
4.3
17.6
161.9
Amortisation charge
\u2013
3.0
\u2013
7.9
2.6
13.5
Disposals
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
At 31 March 2024
117.0
9.9
13.1
12.2
20.2
172.4
Net book value at 31 March 2024
427.6
14.6
\u2013
36.0
9.5
487.7
Net book value at 31 March 2023
427.6
17.4
\u2013
43.9
12.1
501.0
Net book value at 31 March 2022
340.9
5.2
\u2013
0.5
9.0
355.6
Other intangibles include customer relationships, technology, trade names, trademarks and non-compete agreements. Intangible assets which have a \ufb01nite useful life are carried at cost less accumulated
amortisation. Amortisation of these intangible assets is calculated using the straight-line method to allocate the cost of the assets over their estimated useful lives (principally between 3 to 15 years).
The longest estimated useful life remaining at 31 March 2024 is 11 years (31 March 2023: 12 years).
For the year to 31 March 2024, the amortisation charge of \u00a313.5m (2023: \u00a39.2m) has been charged to operating costs in the Consolidated income statement. As the integration of Autorama, our new car leasing
proposition, has accelerated at a faster pace than anticipated at acquisition, the useful economic life of the \u2018Vanarama\u2019 brand has been reduced from ten years to \ufb01ve years from the date of acquisition,
effective from 1 October 2023.
At 31 March 2024, there were no software and website development costs representing assets under construction (2023: \u00a3nil).
In accordance with UK-adopted international accounting standards, goodwill is not amortised, but instead is tested annually for impairment, or more frequently if there are indicators of impairment.
Goodwill is carried at cost less accumulated impairment losses.
Impairment test for goodwill
Goodwill is allocated to the appropriate cash-generating unit (\u2018CGU\u2019) based on the smallest
identi\ufb01able group of assets that generates cash in\ufb02ows independently in relation to the speci\ufb01c
goodwill. There are two CGUs that exist in the Group, being the Digital CGU and the Autorama CGU.
The carrying value of the CGUs is principally the sum of goodwill, property, plant and equipment
(including lease assets), intangibles and lease liabilities, and related deferred tax, as follows:
2024
2023
\u00a3m
\u00a3m
Digital
352.3
351.1
Autorama
144.0
152.8
Digital
The recoverable amount of the Digital CGU is determined from value-in-use calculations that use
discounted cash \ufb02ow projections from the latest business plan. The carrying value is forecast to be
recovered based on less than two years of forecasted cash \ufb02ows from this mature operating business.
Income and costs within the budget are derived on a detailed \u2018bottom up\u2019 basis \u2013 all income streams
and cost lines are considered and appropriate growth, or decline, rates are assumed. Income and cost
growth forecasts are risk adjusted to re\ufb02ect speci\ufb01c risks facing the CGU and take into account the
market in which it operates. Assumptions, which are not sensitive to change, include revenue growth
rates, associated levels of marketing support and directly associated overheads. All assumptions are
based on past performance and management\u2019s expectation of market development. Cash \ufb02ows
beyond the forecast period of \ufb01ve years (2023: \ufb01ve years) are extrapolated using the estimated
growth rate stated into perpetuity; a rate of 2.5% (2023: 2.0%) has been used. This is lower than the
current rate of in\ufb02ation in the UK but takes account of longer-term considerations.
The pre-tax discount rate used within the recoverable amount calculation is based upon the weighted
average cost of capital. The discount rate takes into account the risk-free rate of return, the market
risk premium and beta factor re\ufb02ecting the average beta for the Group and comparator companies
which are used in deriving the cost of equity. Other than as included in the \ufb01nancial budget, it is
assumed that there are no material adverse changes in legislation that would affect the forecast
cash \ufb02ows.
The key assumptions used for the value-in-use calculation are as follows:
2024
2023
Terminal value growth rate
2.5%
2.0%
Discount rate (pre-tax)
12.5%
12.8%
The recoverable amount of goodwill shows signi\ufb01cant headroom compared with its carrying value.
The level of headroom may change if different growth rate assumptions or a different pre-tax
discount rate were used in the cash \ufb02ow projections. There are no changes to the key assumptions
of growth rate or discount rate that are considered by the Directors to be reasonably possible,
which give rise to an impairment of goodwill relating to the Digital CGU.
Having completed the 2024 impairment review, no impairment has been recognised in relation to the
Digital CGU (2023: no impairment).
Autorama
The recoverable amount of the Autorama CGU is based on a value-in-use methodology following
the integration of the business in the current year. In the prior year, the recoverable amount was
assessed and disclosed using fair value less cost to sell due to the proximity of the acquisition
and the pre-integration phase of the business as at 31 March 2023.
Goodwill amounting to \u00a392.5m in the Autorama CGU arose on the acquisition of Autorama UK Limited
in June 2022. The acquisition was undertaken to enable Auto Trader to establish itself as a leading
marketplace for leasing new cars which, over time, is set to bene\ufb01t from: the growth of electric cars,
new manufacturers entering the UK market and a shift towards new digital distribution models.
Leasing provides consumers a cost-effective way to access a new car with a model that is consistent
with any future move towards usership rather than ownership. These factors are expected to result
in an opportunity for consolidation in the leasing market.
Value-in-use re\ufb02ects the present value of the future cash \ufb02ows the Group expects to be derived from
the cash-generating unit.
The key assumptions used in the estimation of the CGU\u2019s recoverable amount are as follows:
2024
Forecast period
6 years
Compound annual growth rate for revenue (from lease commissions and ancillary sales)
32%
Terminal value growth rate
2.5%
Discount rate (pre-tax)
12.8%
A six-year forecast period is consistent with the period of regulatory and commercial change
expected in the new vehicle market described above. The forecast in year six only includes growth
in respect of the market rather than growth in the Group\u2019s market share.
Assessment of the CGU\u2019s value-in-use re\ufb02ects long-term assumptions around changing distribution
models for new car sales, including new electric vehicles, and an increased proportion of vehicles
being leased. Management have used historic market data published by The Society of Motor
Manufacturers & Traders (\u2018SMMT\u2019) and British Vehicle Rental & Leasing Association (\u2018BVRLA\u2019) to
inform their estimate of the number of new vehicles to be sold each year, the proportion of new
vehicles which are expected to be leased and the number of leases forecast to be transacted
through brokers. The forecasts in any year do not assume a larger new car or van registration
market than in 2019, before the disruption to supply that commenced during the COVID-19 pandemic.
The key driver of the forecast is the number of new vehicles transacted by the Group onto lease plans,
with revenues, including ancillary sales, consequent on each vehicle lease transaction completed.
Growth, particularly for cars, is dependent upon a signi\ufb01cant increase in the Group\u2019s market share,
driven by a consolidation of the broker market. This is principally expected to be achieved by further
developing the capability for lease transactions to originate on the established Auto Trader
marketplace, under the Auto Trader brand, as well as Vanarama. Growth assumptions are lower
for the van leasing business which has an established market share.
In the year to 31 March 2024, Autorama has delivered 7,847 vehicles (2023: 6,895 vehicles). The personal
leasing market has been constrained by tight supply in the current and prior year, but supply is
expected to improve. In response, in the current year, the Group has accelerated integration of
Autorama onto Auto Trader and focused on realising post-acquisition cost synergies in advance
of market growth.
The risk arising from growth assumptions for new vehicles transacted in this period not being
achieved is re\ufb02ected in the base forecast cash \ufb02ows rather than the pre-tax discount rate applied.
The pre-tax discount rate disclosed has been derived using a weighted average cost of capital
and using the Capital Asset Pricing Model, re\ufb02ecting UK-based assumptions for the risk-free rate.
The sensitivity of the impairment calculation as at 31 March 2024 is reduced due to the accounting
requirement to expense the \u00a349.9m share-based payment charge relating to deferred consideration
(note 31). All of this charge has been expensed as at 31 March 2024, together with further cumulative
\u00a317.7m of acquired intangible amortisation. However, the headroom is dependent on achieving the
planned volume growth over the forecast period.
No impairment charge, albeit with limited headroom, would arise under the following
sensitivity scenarios:
\u2022 The forecast period is restricted to \ufb01ve years;
\u2022
A 10% reduction in new vehicles delivered in year six as this is the \ufb01nancial period in which revenue
has the greatest impact on the estimation of recoverable amount;
\u2022
Delay in timing: Forecast cash \ufb02ows are deferred by one year from \ufb01nancial year 2025 to re\ufb02ect
the risk of possible factors such as, a slower transition to electric vehicles and delays in new car
and van supply;
\u2022 The discount rate is increased by 1%; and
\u2022 The long-term growth rate is reduced by 1%.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f20087": { "value": "13. INTANGIBLE ASSETS \n \n
Software and
website
development
Financial
Goodwill
costs
systems
Brand
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 31 March 2022
457.9
14.4
13.1
1.2
25.3
511.9
Acquired through business combinations
92.5
13.7
\u2013
47.6
5.6
159.4
Additions
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Disposals
(5.7)
(1.8)
\u2013
(0.6)
(1.2)
(9.3)
Exchange differences
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
At 31 March 2023
544.6
27.3
13.1
48.2
29.7
662.9
Additions
\u2013
0.2
\u2013
\u2013
\u2013
0.2
Disposals
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
At 31 March 2024
544.6
24.5
13.1
48.2
29.7
660.1
Accumulated amortisation and impairments
At 31 March 2022
117.0
9.2
13.1
0.7
16.3
156.3
Amortisation charge
\u2013
2.5
\u2013
4.2
2.5
9.2
Disposals
\u2013
(1.8)
\u2013
(0.6)
(1.2)
(3.6)
At 31 March 2023
117.0
9.9
13.1
4.3
17.6
161.9
Amortisation charge
\u2013
3.0
\u2013
7.9
2.6
13.5
Disposals
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
At 31 March 2024
117.0
9.9
13.1
12.2
20.2
172.4
Net book value at 31 March 2024
427.6
14.6
\u2013
36.0
9.5
487.7
Net book value at 31 March 2023
427.6
17.4
\u2013
43.9
12.1
501.0
Net book value at 31 March 2022
340.9
5.2
\u2013
0.5
9.0
355.6
Other intangibles include customer relationships, technology, trade names, trademarks and non-compete agreements. Intangible assets which have a \ufb01nite useful life are carried at cost less accumulated
amortisation. Amortisation of these intangible assets is calculated using the straight-line method to allocate the cost of the assets over their estimated useful lives (principally between 3 to 15 years).
The longest estimated useful life remaining at 31 March 2024 is 11 years (31 March 2023: 12 years).
For the year to 31 March 2024, the amortisation charge of \u00a313.5m (2023: \u00a39.2m) has been charged to operating costs in the Consolidated income statement. As the integration of Autorama, our new car leasing
proposition, has accelerated at a faster pace than anticipated at acquisition, the useful economic life of the \u2018Vanarama\u2019 brand has been reduced from ten years to \ufb01ve years from the date of acquisition,
effective from 1 October 2023.
At 31 March 2024, there were no software and website development costs representing assets under construction (2023: \u00a3nil).
In accordance with UK-adopted international accounting standards, goodwill is not amortised, but instead is tested annually for impairment, or more frequently if there are indicators of impairment.
Goodwill is carried at cost less accumulated impairment losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f20090": { "value": " \n \n
Software and
website
development
Financial
Goodwill
costs
systems
Brand
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 31 March 2022
457.9
14.4
13.1
1.2
25.3
511.9
Acquired through business combinations
92.5
13.7
\u2013
47.6
5.6
159.4
Additions
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Disposals
(5.7)
(1.8)
\u2013
(0.6)
(1.2)
(9.3)
Exchange differences
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
At 31 March 2023
544.6
27.3
13.1
48.2
29.7
662.9
Additions
\u2013
0.2
\u2013
\u2013
\u2013
0.2
Disposals
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
At 31 March 2024
544.6
24.5
13.1
48.2
29.7
660.1
Accumulated amortisation and impairments
At 31 March 2022
117.0
9.2
13.1
0.7
16.3
156.3
Amortisation charge
\u2013
2.5
\u2013
4.2
2.5
9.2
Disposals
\u2013
(1.8)
\u2013
(0.6)
(1.2)
(3.6)
At 31 March 2023
117.0
9.9
13.1
4.3
17.6
161.9
Amortisation charge
\u2013
3.0
\u2013
7.9
2.6
13.5
Disposals
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
At 31 March 2024
117.0
9.9
13.1
12.2
20.2
172.4
Net book value at 31 March 2024
427.6
14.6
\u2013
36.0
9.5
487.7
Net book value at 31 March 2023
427.6
17.4
\u2013
43.9
12.1
501.0
Net book value at 31 March 2022
340.9
5.2
\u2013
0.5
9.0
355.6
Impairment test for goodwill
Goodwill is allocated to the appropriate cash-generating unit (\u2018CGU\u2019) based on the smallest
identi\ufb01able group of assets that generates cash in\ufb02ows independently in relation to the speci\ufb01c
goodwill. There are two CGUs that exist in the Group, being the Digital CGU and the Autorama CGU.
The carrying value of the CGUs is principally the sum of goodwill, property, plant and equipment
(including lease assets), intangibles and lease liabilities, and related deferred tax, as follows:
2024
2023
\u00a3m
\u00a3m
Digital
352.3
351.1
Autorama
144.0
152.8
Digital
The recoverable amount of the Digital CGU is determined from value-in-use calculations that use
discounted cash \ufb02ow projections from the latest business plan. The carrying value is forecast to be
recovered based on less than two years of forecasted cash \ufb02ows from this mature operating business.
Income and costs within the budget are derived on a detailed \u2018bottom up\u2019 basis \u2013 all income streams
and cost lines are considered and appropriate growth, or decline, rates are assumed. Income and cost
growth forecasts are risk adjusted to re\ufb02ect speci\ufb01c risks facing the CGU and take into account the
market in which it operates. Assumptions, which are not sensitive to change, include revenue growth
rates, associated levels of marketing support and directly associated overheads. All assumptions are
based on past performance and management\u2019s expectation of market development. Cash \ufb02ows
beyond the forecast period of \ufb01ve years (2023: \ufb01ve years) are extrapolated using the estimated
growth rate stated into perpetuity; a rate of 2.5% (2023: 2.0%) has been used. This is lower than the
current rate of in\ufb02ation in the UK but takes account of longer-term considerations.
The pre-tax discount rate used within the recoverable amount calculation is based upon the weighted
average cost of capital. The discount rate takes into account the risk-free rate of return, the market
risk premium and beta factor re\ufb02ecting the average beta for the Group and comparator companies
which are used in deriving the cost of equity. Other than as included in the \ufb01nancial budget, it is
assumed that there are no material adverse changes in legislation that would affect the forecast
cash \ufb02ows.
The key assumptions used for the value-in-use calculation are as follows:
2024
2023
Terminal value growth rate
2.5%
2.0%
Discount rate (pre-tax)
12.5%
12.8%
The recoverable amount of goodwill shows signi\ufb01cant headroom compared with its carrying value.
The level of headroom may change if different growth rate assumptions or a different pre-tax
discount rate were used in the cash \ufb02ow projections. There are no changes to the key assumptions
of growth rate or discount rate that are considered by the Directors to be reasonably possible,
which give rise to an impairment of goodwill relating to the Digital CGU.
Having completed the 2024 impairment review, no impairment has been recognised in relation to the
Digital CGU (2023: no impairment).
Autorama
The recoverable amount of the Autorama CGU is based on a value-in-use methodology following
the integration of the business in the current year. In the prior year, the recoverable amount was
assessed and disclosed using fair value less cost to sell due to the proximity of the acquisition
and the pre-integration phase of the business as at 31 March 2023.
Goodwill amounting to \u00a392.5m in the Autorama CGU arose on the acquisition of Autorama UK Limited
in June 2022. The acquisition was undertaken to enable Auto Trader to establish itself as a leading
marketplace for leasing new cars which, over time, is set to bene\ufb01t from: the growth of electric cars,
new manufacturers entering the UK market and a shift towards new digital distribution models.
Leasing provides consumers a cost-effective way to access a new car with a model that is consistent
with any future move towards usership rather than ownership. These factors are expected to result
in an opportunity for consolidation in the leasing market.
Value-in-use re\ufb02ects the present value of the future cash \ufb02ows the Group expects to be derived from
the cash-generating unit.
The key assumptions used in the estimation of the CGU\u2019s recoverable amount are as follows:
2024
Forecast period
6 years
Compound annual growth rate for revenue (from lease commissions and ancillary sales)
32%
Terminal value growth rate
2.5%
Discount rate (pre-tax)
12.8%
A six-year forecast period is consistent with the period of regulatory and commercial change
expected in the new vehicle market described above. The forecast in year six only includes growth
in respect of the market rather than growth in the Group\u2019s market share.
Assessment of the CGU\u2019s value-in-use re\ufb02ects long-term assumptions around changing distribution
models for new car sales, including new electric vehicles, and an increased proportion of vehicles
being leased. Management have used historic market data published by The Society of Motor
Manufacturers & Traders (\u2018SMMT\u2019) and British Vehicle Rental & Leasing Association (\u2018BVRLA\u2019) to
inform their estimate of the number of new vehicles to be sold each year, the proportion of new
vehicles which are expected to be leased and the number of leases forecast to be transacted
through brokers. The forecasts in any year do not assume a larger new car or van registration
market than in 2019, before the disruption to supply that commenced during the COVID-19 pandemic.
The key driver of the forecast is the number of new vehicles transacted by the Group onto lease plans,
with revenues, including ancillary sales, consequent on each vehicle lease transaction completed.
Growth, particularly for cars, is dependent upon a signi\ufb01cant increase in the Group\u2019s market share,
driven by a consolidation of the broker market. This is principally expected to be achieved by further
developing the capability for lease transactions to originate on the established Auto Trader
marketplace, under the Auto Trader brand, as well as Vanarama. Growth assumptions are lower
for the van leasing business which has an established market share.
In the year to 31 March 2024, Autorama has delivered 7,847 vehicles (2023: 6,895 vehicles). The personal
leasing market has been constrained by tight supply in the current and prior year, but supply is
expected to improve. In response, in the current year, the Group has accelerated integration of
Autorama onto Auto Trader and focused on realising post-acquisition cost synergies in advance
of market growth.
The risk arising from growth assumptions for new vehicles transacted in this period not being
achieved is re\ufb02ected in the base forecast cash \ufb02ows rather than the pre-tax discount rate applied.
The pre-tax discount rate disclosed has been derived using a weighted average cost of capital
and using the Capital Asset Pricing Model, re\ufb02ecting UK-based assumptions for the risk-free rate.
The sensitivity of the impairment calculation as at 31 March 2024 is reduced due to the accounting
requirement to expense the \u00a349.9m share-based payment charge relating to deferred consideration
(note 31). All of this charge has been expensed as at 31 March 2024, together with further cumulative
\u00a317.7m of acquired intangible amortisation. However, the headroom is dependent on achieving the
planned volume growth over the forecast period.
No impairment charge, albeit with limited headroom, would arise under the following
sensitivity scenarios:
\u2022 The forecast period is restricted to \ufb01ve years;
\u2022
A 10% reduction in new vehicles delivered in year six as this is the \ufb01nancial period in which revenue
has the greatest impact on the estimation of recoverable amount;
\u2022
Delay in timing: Forecast cash \ufb02ows are deferred by one year from \ufb01nancial year 2025 to re\ufb02ect
the risk of possible factors such as, a slower transition to electric vehicles and delays in new car
and van supply;
\u2022 The discount rate is increased by 1%; and
\u2022 The long-term growth rate is reduced by 1%.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f20091": { "value": " \n \n
Software and
website
development
Financial
Goodwill
costs
systems
Brand
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 31 March 2022
457.9
14.4
13.1
1.2
25.3
511.9
Acquired through business combinations
92.5
13.7
\u2013
47.6
5.6
159.4
Additions
\u2013
1.0
\u2013
\u2013
\u2013
1.0
Disposals
(5.7)
(1.8)
\u2013
(0.6)
(1.2)
(9.3)
Exchange differences
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
At 31 March 2023
544.6
27.3
13.1
48.2
29.7
662.9
Additions
\u2013
0.2
\u2013
\u2013
\u2013
0.2
Disposals
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
At 31 March 2024
544.6
24.5
13.1
48.2
29.7
660.1
Accumulated amortisation and impairments
At 31 March 2022
117.0
9.2
13.1
0.7
16.3
156.3
Amortisation charge
\u2013
2.5
\u2013
4.2
2.5
9.2
Disposals
\u2013
(1.8)
\u2013
(0.6)
(1.2)
(3.6)
At 31 March 2023
117.0
9.9
13.1
4.3
17.6
161.9
Amortisation charge
\u2013
3.0
\u2013
7.9
2.6
13.5
Disposals
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
At 31 March 2024
117.0
9.9
13.1
12.2
20.2
172.4
Net book value at 31 March 2024
427.6
14.6
\u2013
36.0
9.5
487.7
Net book value at 31 March 2023
427.6
17.4
\u2013
43.9
12.1
501.0
Net book value at 31 March 2022
340.9
5.2
\u2013
0.5
9.0
355.6
\n \n
Land, buildings
and leasehold
improvements
Of\ufb01ce
equipment
Motor
vehicles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 31 March 2022
23.1
13.9
1.6
38.6
Acquired through business combinations
4.0
0.3
1.0
5.3
Additions
2.2
2.0
0.3
4.5
Disposals
(7.6)
(3.0)
(0.9)
(11.5)
At 31 March 2023
21.7
13.2
2.0
36.9
Additions
2.8
1.4
0.2
4.4
Disposals
(1.5)
(4.1)
(0.6)
(6.2)
At 31 March 2024
23.0
10.5
1.6
35.1
Accumulated depreciation
At 31 March 2022
11.5
11.1
1.3
23.9
Charge for the year
3.3
1.1
0.5
4.9
Disposals
(4.4)
(2.8)
(0.6)
(7.8)
At 31 March 2023
10.4
9.4
1.2
21.0
Charge for the year
2.9
1.5
0.4
4.8
Disposals
(1.1)
(4.1)
(0.4)
(5.6)
At 31 March 2024
12.2
6.8
1.2
20.2
Net book value at 31 March 2024
10.8
3.7
0.4
14.9
Net book value at 31 March 2023
11.3
3.8
0.8
15.9
Net book value at 31 March 2022
11.6
2.8
0.3
14.7
\n \n
Land, buildings
and leasehold
Of\ufb01ce
Motor
improvements
equipment
vehicles
Total
Net book value of right of use assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 31 March 2022
7.8
0.1
0.4
8.3
Acquired through business combination
0.1
\u2013
0.3
0.4
Additions
1.5
0.1
0.3
1.9
Disposals
(1.4)
\u2013
(0.1)
(1.5)
Depreciation charge
(2.2)
\u2013
(0.4)
(2.6)
Balance at 31 March 2023
5.8
0.2
0.5
6.5
Additions
0.5
0.1
0.2
0.8
Disposals
(0.1)
\u2013
\u2013
(0.1)
Depreciation charge
(1.8)
(0.1)
(0.3)
(2.2)
At 31 March 2024
4.4
0.2
0.4
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f20692": { "value": "14. PROPERTY, PLANT AND EQUIPMENT \n \n
Land, buildings
and leasehold
improvements
Of\ufb01ce
equipment
Motor
vehicles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 31 March 2022
23.1
13.9
1.6
38.6
Acquired through business combinations
4.0
0.3
1.0
5.3
Additions
2.2
2.0
0.3
4.5
Disposals
(7.6)
(3.0)
(0.9)
(11.5)
At 31 March 2023
21.7
13.2
2.0
36.9
Additions
2.8
1.4
0.2
4.4
Disposals
(1.5)
(4.1)
(0.6)
(6.2)
At 31 March 2024
23.0
10.5
1.6
35.1
Accumulated depreciation
At 31 March 2022
11.5
11.1
1.3
23.9
Charge for the year
3.3
1.1
0.5
4.9
Disposals
(4.4)
(2.8)
(0.6)
(7.8)
At 31 March 2023
10.4
9.4
1.2
21.0
Charge for the year
2.9
1.5
0.4
4.8
Disposals
(1.1)
(4.1)
(0.4)
(5.6)
At 31 March 2024
12.2
6.8
1.2
20.2
Net book value at 31 March 2024
10.8
3.7
0.4
14.9
Net book value at 31 March 2023
11.3
3.8
0.8
15.9
Net book value at 31 March 2022
11.6
2.8
0.3
14.7
Included within property, plant and equipment are \u00a35.0m (2023: \u00a36.5m) of assets recognised as
leases under IFRS 16. Further details of these leases are disclosed in note 15. The depreciation
expense of \u00a34.8m for the year to 31 March 2024 (2023: \u00a34.9m) has been recorded in operating costs
in the Consolidated income statement. During the year, \u00a35.3m (2023: \u00a32.6m) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f20962": { "value": "15. LEASES
The Group\u2019s lease assets including land and buildings and motor vehicles are held within property,
plant and equipment. Information about leases for which the Group is a lessee is presented below:
\n \n
2024
2023
\u00a3m
\u00a3m
Net book value of property, plant and equipment owned
9.9
9.4
Net book value of right of use assets
5.0
6.5
14.9
15.9
\n \n
Land, buildings
and leasehold
Of\ufb01ce
Motor
improvements
equipment
vehicles
Total
Net book value of right of use assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 31 March 2022
7.8
0.1
0.4
8.3
Acquired through business combination
0.1
\u2013
0.3
0.4
Additions
1.5
0.1
0.3
1.9
Disposals
(1.4)
\u2013
(0.1)
(1.5)
Depreciation charge
(2.2)
\u2013
(0.4)
(2.6)
Balance at 31 March 2023
5.8
0.2
0.5
6.5
Additions
0.5
0.1
0.2
0.8
Disposals
(0.1)
\u2013
\u2013
(0.1)
Depreciation charge
(1.8)
(0.1)
(0.3)
(2.2)
At 31 March 2024
4.4
0.2
0.4
5.0
\n \n
2024
2023
Lease liabilities in the balance sheet at 31 March
\u00a3m
\u00a3m
Current
2.4
2.5
Non-current
2.4
4.6
Total
4.8
7.1
A maturity analysis of contractual undiscounted cash \ufb02ows relating to lease liabilities is presented
within note 32. The term recognised for certain leases has assumed lease break options are exercised.
Certain lease rentals are subject to periodic market rental reviews.
During the year, the Group reassessed its dilapidations provision for its leased properties which
resulted in a \u00a30.4m increase in the provision, and corresponding increase in the right of use asset.
\n \n
2024
2023
Amounts charged in the income statement
\u00a3m
\u00a3m
Depreciation charge of right of use assets
2.2
2.6
Interest on lease liabilities
0.1
0.2
Gain on disposal of right of use assets
\u2013
(0.1)
Total amounts charged in the income statement
2.3
2.7
\n \n
2024
2023
Cash out\ufb02ow
\u00a3m
\u00a3m
Total cash out\ufb02ow for leases
2.7
2.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f21252": { "value": "16. NET INVESTMENTS IN JOINT VENTURES
Joint ventures are contractual arrangements over which the Group exercises joint control with
partners and where the parties have rights to the net assets of the arrangement, irrespective of
the Group\u2019s shareholding in the entity.
The Group owns 49% of the ordinary share capital of Dealer Auction Limited (previously Dealer Auction
(Holdings) Limited). The basis of the Group\u2019s joint control is through a shareholder agreement and an
assessment of the substantive rights of each shareholder, including operational barriers or incentives
that would prevent or deter rights being exercised.
Net investments in joint ventures at the reporting date include the Group\u2019s equity investment in joint
ventures and the Group\u2019s share of the joint ventures\u2019 post acquisition net assets. The table below
reconciles the movement in the Group\u2019s net investment in joint ventures in the year:
\n \n
Equity
Share of post
Net investments
investments in
acquisition net
in joint
joint ventures
assets
ventures
\u00a3m
\u00a3m
\u00a3m
Carrying value
As at 31 March 2022
40.3
9.4
49.7
Share of result for the year taken to the income statement
\u2013
2.5
2.5
Dividends received in the year
(2.9)
\u2013
(2.9)
As at 31 March 2023
37.4
11.9
49.3
Share of result for the year taken to the income statement
\u2013
2.8
2.8
Dividends received in the year
(3.9)
\u2013
(3.9)
As at 31 March 2024
33.5
14.7
48.2
Set out below is the summarised \ufb01nancial information for the joint venture, adjusted for differences
in accounting policies between the Group and the joint venture. The table also reconciles the
summarised \ufb01nancial information to the carrying amount of the Group\u2019s interest in the joint venture.
2024
2023
\u00a3m
\u00a3m
Non-current assets
94.5
95.6
Current assets
Cash and cash equivalents
6.8
6.4
Other current assets
2.1
1.3
Total assets
103.4
103.3
Liabilities
Current liabilities
4.4
2.0
Total liabilities
4.4
2.0
Net assets
99.0
101.3
Group\u2019s share of net assets
48.2
49.3
2024
2023
\u00a3m
\u00a3m
Revenues
13.2
10.5
Pro\ufb01t for the year
5.7
5.2
Total comprehensive income
5.7
5.2
Group\u2019s share of comprehensive income
2.8
2.5
Dividends received by the Group
3.9
2.9
Non-current assets principally comprise goodwill and other intangible assets. The carrying value
is assessed annually using a methodology consistent with the Auto Trader cash-generating unit
disclosed in note 13.
A 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
At 31 March 2024 the Group\u2019s subsidiaries were:
\n \n
Percentage
Percentage
Subsidiary
Country of registration
Class of
owned by the
owned by the
undertakings
or incorporation
Principal activity
shares held
parent
Group
Auto Trader
England and Wales
Intermediary holding
Ordinary
100%
100%
Holding Limited
1
company
Auto Trader
England and Wales
Online marketplace
Ordinary
\u2013
100%
Limited
1
Trader Licensing
England and Wales
Dormant company
Ordinary
\u2013
100%
Limited
1
Autorama UK
England and Wales
Online marketplace
Ordinary
100%
100%
Limited
2
Vanarama Limited
2
England and Wales
Dormant company
Ordinary
\u2013
100%
Autorama Holding
Malta
Investment company
Ordinary
\u2013
100%
(Malta) Limited
3
for a protected cell
company
Blue Owl Network
England and Wales
Finance platform
Ordinary
\u2013
100%
Limited
1
1.
Registered of\ufb01ce address is 4
th
Floor, 1 Tony Wilson Place, Manchester, M15 4FN.
2.
Registered of\ufb01ce address is Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 7DE.
3.
Registered of\ufb01ce address is The Landmark, Level 2, Suite 1, Triq L-Iljun, Qormi, Malta.
Vanarama USA Inc, a subsidiary undertaking of the Group, was dissolved on 24 October 2023.
All subsidiaries have a year end of 31 March, apart from Autorama Holding (Malta) Limited, which
has a year end of 31 December.
Joint ventures
At 31 March 2024 the Group\u2019s interests in joint ventures were:
\n \n
Percentage
Percentage
Country of registration
Class of
owned by the
owned by the
Joint ventures
or incorporation
Principal activity
shares held
parent
Group
Dealer Auction
Limited
1
England and Wales
Online marketplace
Ordinary
\u2013
49%
Dealer Auction
(Operations)
Limited
1
England and Wales
Dormant company
Ordinary
\u2013
49%
Auto Trader
Autostock Limited
1
England and Wales
Dormant company
Ordinary
\u2013
49%
Dealer Auction
Services Limited
1
England and Wales
Dormant company
Ordinary
\u2013
49%
1.
Registered of\ufb01ce address is Central House, Leeds Road, Rothwell, Leeds, West Yorkshire, England, LS26 0JE.
All joint ventures have a year end of 31 December. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f21532": { "value": "17. OTHER INVESTMENTS
Shares in other undertakings
2024
2023
\u00a3m
\u00a3m
Investment in iAUTOS Company Limited
\u2013
\u2013
Investment in protected insurance cell (Advent Insurance PCC Limited)
\u2013
1.1
Investment in protected insurance cell (Atlas Insurance PCC Limited)
1.3
1.2
Total comprehensive income
1.3
2.3
The Group designated the investment in iAUTOS Company Limited as an equity security at FVOCI
as the Group intends to hold the shares for long-term purposes. iAUTOS Company Limited is an
intermediate holding company through which trading companies incorporated in 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 companies are marginally loss-making with forecast future cash out\ufb02ows.
As at 31 March 2023, the Group\u2019s wholly owned subsidiary, Autorama Holding (Malta) Limited, had an
interest in two protected insurance cells. During the year, the Group exited the legacy cell with Advent
Insurance PCC Limited following the completion of the portfolio transfer to the new cell. It has
designated the investment in the new protected insurance cell as an equity security at FVOCI as the
Group intends to hold the investment for long-term purposes.
The protected insurance cell\u2019s activity was the writing of insurance business relating to Guaranteed
Asset Protection insurance and business equipment in transit. The writing of new insurance business
ceased during the current year, therefore the cell will wind up once all existing policies terminate.
The interest in the protected insurance cell is not consolidated in these \ufb01nancial statements as a silo,
as the cell company has retained residual obligations in respect of the cell\u2019s liabilities. Autorama UK
Limited is listed as a guarantor to an agreement between the cell company and Autorama Holding
(Malta) Limited. No liability has been recognised for this guarantee by the Group under IFRS 17 \u2013
Insurance Contracts on the basis that its fair value is not material, re\ufb02ecting the size and activity
of the protected insurance cell. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f21597": { "value": "18. TRADE AND OTHER RECEIVABLES
2024
2023
\u00a3m
\u00a3m
Trade receivables (invoiced)
32.7
28.5
Net accrued income
42.8
38.7
Trade receivables (total)
75.5
67.2
Prepayments
6.8
5.4
Other receivables
1.0
0.3
Total
83.3
72.9
Trade receivables are amounts due from customers for services performed in the ordinary course of
business. They are generally due for settlement within 30 days and therefore are all classi\ufb01ed as current.
Trade receivables are recognised initially at the amount of consideration that is unconditional and has
been invoiced at the reporting date. The Group holds the trade receivables with the objective to collect
the contractual cash \ufb02ows and therefore measures them subsequently at amortised cost using the
effective interest method. Included within trade receivables (invoiced) is a provision for the impairment
of \ufb01nancial assets of \u00a33.3m (2023: \u00a33.0m).
Accrued income relates to the Group\u2019s rights to consideration for services provided but not invoiced
at the reporting date. Accrued income is transferred to receivables when invoiced. Included within
net accrued income is provision for the impairment of \ufb01nancial assets of \u00a31.7m (2023: \u00a31.5m).
Exposure 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f21599": { "value": "
2024
2023
\u00a3m
\u00a3m
Trade receivables (invoiced)
32.7
28.5
Net accrued income
42.8
38.7
Trade receivables (total)
75.5
67.2
Prepayments
6.8
5.4
Other receivables
1.0
0.3
Total
83.3
72.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f21698": { "value": "19. INVENTORIES
In Autorama, the Group temporarily takes a small proportion of new vehicle deliveries on balance
sheet as principal, which are held within inventory.
2024
2023
\u00a3m
\u00a3m
Finished goods
2.6
3.6
Inventories
2.6
3.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f21730": { "value": "20. CASH AND CASH EQUIVALENTS
Cash at bank and in hand is denominated in sterling:
2024
2023
\u00a3m
\u00a3m
Cash at bank and in hand
18.7
16.6
Cash and cash equivalents
18.7
16.6
Cash balances with an original maturity of less than three months were held in current accounts
during the year and attracted interest at a weighted average rate of 2.4% (2023: 0.7%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f21764": { "value": "21. TRADE AND OTHER PAYABLES
2024
2023
\u00a3m
\u00a3m
Trade payables
3.9
8.0
Accruals
17.7
15.8
Other taxes and social security
25.2
16.9
Deferred income
7.3
5.7
Vehicle stocking loan
2.1
3.0
Other payables
3.7
3.9
Accrued interest payable
0.2
0.3
Total
60.1
53.6
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying
amounts of trade and other payables are 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f21766": { "value": "
2024
2023
\u00a3m
\u00a3m
Trade payables
3.9
8.0
Accruals
17.7
15.8
Other taxes and social security
25.2
16.9
Deferred income
7.3
5.7
Vehicle stocking loan
2.1
3.0
Other payables
3.7
3.9
Accrued interest payable
0.2
0.3
Total
60.1
53.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f21841": { "value": "22. BORROWINGS
2024
2023
Non-current
\u00a3m
\u00a3m
Syndicated RCF gross of unamortised debt issue costs
30.0
60.0
Unamortised debt issue costs on Syndicated RCF
(2.3)
(2.5)
Total
27.7
57.5
2024
2023
Current
\u00a3m
\u00a3m
Loan from other investment
\u2013
1.1
Total
\u2013
1.1
Total borrowings
27.7
58.6
Unamortised debt issue costs on the Syndicated RCF decreased to \u00a32.3m in the year (2023: \u00a32.5m).
Borrowings are repayable as follows:
2024
2023
\u00a3m
\u00a3m
Less than one year
\u2013
1.1
Two to \ufb01ve years
30.0
60.0
Total
30.0
61.1
The carrying amounts of borrowings approximates to their fair values.
Syndicated revolving credit facility (\u2018Syndicated RCF\u2019)
The Group has access to an unsecured Syndicated revolving credit facility (the \u2018Syndicated RCF\u2019).
Associated debt transaction costs total \u00a36.2m, with \u00a33.3m being incurred at initiation and \u00a32.9m of
additional costs associated with extension requests.
In the prior year, with effect from 1 February 2023, the Group entered into an Amendment and
Restatement Agreement to extend the term of the facility for \ufb01ve years from the date of signing and
to reduce the capacity of the facility to \u00a3200.0m. During the year, on 2 February 2024, the Group
extended the term of its Syndicated RCF by one year. The facility has been extended to February 2029
and still has an additional one year extension option with no tranche terminations. There is no change
to the interest rate payable and there is no requirement to settle all or part of the debt earlier than the
termination date stated. The associated debt transaction costs of the extension were \u00a30.3m, which
were paid in the period to 31 March 2024. The remaining \u00a30.2m debt transaction costs relating to the
prior year Amendment and Restatement were also paid in the period to 31 March 2024.
Individual tranches are drawn down, in sterling, for periods of up to six months at the compounded
reference rate (being the aggregate of SONIA for that interest period) plus a margin of between 1.2%
and 2.1% depending on the consolidated leverage ratio of the Group. As part of the Amendment and
Restatement Agreement of the Syndicated RCF in 2023, three sustainability performance targets
were incorporated into the agreement. The margin shall be increased or decreased between -0.05%
and 0.05% based on the number of sustainability performance targets achieved in the reporting
period. A commitment fee of 35% of the margin applicable to the Syndicated RCF is payable quarterly
in arrears on unutilised amounts of the total facility.
The Syndicated RCF has \ufb01nancial covenants linked to interest cover and the consolidated debt cover
of the Group:
\u2022 Net bank debt to EBITDA must not exceed 3.5:1.
\u2022
EBITDA to net interest payable must not be less than 3.0:1.
EBITDA is de\ufb01ned as earnings before interest, taxation, depreciation and amortisation, share-based
payments and associated NI, share of pro\ufb01t from joint ventures and exceptional items.
All \ufb01nancial covenants of the facility have been complied with through the period.
Loan from other investments
In the prior period, the Group\u2019s wholly owned subsidiary, Autorama Holding (Malta) Limited, elected to
transfer the insurance portfolio held in a protected insurance cell with Advent Insurance PCC Limited
to Atlas Insurance PCC Limited. As part of this process, Advent Insurance PCC Limited issued a loan to
Autorama Holding (Malta) Limited to fund the investment in the new protected insurance cell until the
portfolio transfer was complete. This process was completed during the current period and the loan
was repaid. As at 31 March 2024, \u00a3nil was recognised on the Consolidated balance sheet (2023: \u00a31.1m).
Exposure to interest rate changes
The exposure of the Group\u2019s borrowings (excluding debt issue costs) to SONIA rate changes and the
contractual repricing dates at the balance sheet date are as follows:
2024
2023
\u00a3m
\u00a3m
One month or less
30.0
60.0
Total
30.0
60.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f22046": { "value": "23. PROVISIONS
Dilapidations
Holiday pay
provision
provision
Total
\u00a3m
\u00a3m
\u00a3m
At 31 March 2023
1.3
0.7
2.0
Charged to the income statement
\u2013
0.8
0.8
Utilised in the year
\u2013
(0.7)
(0.7)
Recognised under IFRS 16
0.4
\u2013
0.4
Released in the year
(0.1)
\u2013
(0.1)
At 31 March 2024
1.6
0.8
2.4
2024
2023
\u00a3m
\u00a3m
Current
0.8
0.7
Non-current
1.6
1.3
Total
2.4
2.0
During the year, the Group reassessed its dilapidations provision for its leased properties which resulted
in a \u00a30.4m increase in the provision, and corresponding increase in the right of use lease asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f22164": { "value": "24. DEFERRED TAXATION
A net deferred tax liability of \u00a32.9m has been recognised in the balance sheet at 31 March 2024 (2023:
deferred tax liability of \u00a35.8m). The movement in deferred taxation assets and liabilities during the
year, without taking into consideration the offsetting of balances within the same tax jurisdiction,
is as follows:
Accelerated
Other
Share-based
capital
temporary
payments
allowances
differences
Total
Deferred taxation assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 March 2022
2.8
2.8
0.8
6.4
(Debited)/credited to the income statement
1.1
(0.9)
(0.5)
(0.3)
Debited directly to equity
(0.2)
\u2013
\u2013
(0
.
2)
Acquired through business combinations
\u2013
\u2013
6.8
6.8
At 31 March 2023
3.7
1.9
7.1
12.7
(Debited)/credited to the income statement
1.1
(0.8)
(0.3)
\u2013
Debited directly to equity
(0.5)
\u2013
\u2013
(0.5)
At 31 March 2024
4.3
1.1
6.8
12.2
Acquired
Other
intangible
temporary
assets
differences
Total
Deferred taxation liabilities
\u00a3m
\u00a3m
\u00a3m
At 31 March 2022
\u2013
5.0
5.0
Credited to the income statement
(1.2)
(0.5)
(1.7)
Debited to the statement of comprehensive income
\u2013
(1.1)
(1.1)
Acquired through business combinations
16.3
\u2013
16.3
At 31 March 2023
15.1
3.4
18.5
Credited to the income statement
(3.4)
\u2013
(3.4)
At 31 March 2024
11.7
3.4
15.1
Net deferred tax liability at 31 March 2023
5.8
Net deferred tax liability at 31 March 2024
2.9
The Group has estimated that \u00a32.5m (2023: \u00a31.5m) of the Group\u2019s net deferred income tax liability will
be realised in the next 12 months. This is management\u2019s current best estimate and may not re\ufb02ect the
actual outcome in the next 12 months.
In the prior period, deferred tax assets acquired through business combinations totalled \u00a36.8m,
which included \u00a37.7m relating to tax losses offset by a \u00a30.9m deferred tax liability linked to a fair value
adjustment on freehold property. This was recognised on the basis that there are suf\ufb01cient taxable
temporary liability differences at the balance sheet date arising from acquired intangibles which are
expected to reverse over the same time period that losses are expected to be used.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f22433": { "value": "25. RETIREMENT BENEFIT OBLIGATIONS
(i) De\ufb01ned contribution scheme
The Group operates a number of de\ufb01ned contribution schemes. In the year to 31 March 2024, the
pension contributions to the Group\u2019s de\ufb01ned contribution schemes amounted to \u00a34.1m (2023: \u00a33.5m).
At 31 March 2024, there were \u00a30.7m (31 March 2023: \u00a30.6m) of pension contributions outstanding
relating to the Group\u2019s de\ufb01ned contribution schemes.
(ii) De\ufb01ned bene\ufb01t scheme
The Company sponsors a funded de\ufb01ned bene\ufb01t pension scheme for qualifying UK employees, the
Wiltshire (Bristol) Limited Retirement Bene\ufb01ts Scheme (\u2018the Scheme\u2019). The Scheme is administered by a
separate board of Trustees, which is legally separate from the Company. The Trustees are composed
of representatives of both the Company and members. The Trustees are required by law to act in the
interest of all relevant bene\ufb01ciaries and are responsible for the investment policy for the assets and
the day-to-day administration of the bene\ufb01ts.
The Scheme has been closed to future members since 30 April 2006 and there are no remaining active
members within the Scheme. No other post-retirement bene\ufb01ts are provided to these employees.
Pro\ufb01le of the Scheme
As at 31 March 2024, approximately 40% of the de\ufb01ned bene\ufb01t obligation (\u2018DBO\u2019) is attributable
to former employees who have yet to reach retirement (2023: 42%) and 60% to current pensioners
(2023: 58%). The Scheme duration is an indicator of the weighted-average time until bene\ufb01t payments
are made. For the Scheme as a whole, the duration is approximately 15 years (2023: 16 years).
Buy-in
In the prior year, the Scheme purchased a bulk annuity policy (known as a buy-in) from Just Retirement
Limited (\u2018Just Retirement\u2019) for \u00a315.4m, which was funded by a \u00a31.0m contribution by the Company along
with existing Scheme assets. This policy secured the full bene\ufb01ts of all Scheme members, which as
at the remeasurement date amounted to \u00a313.7m. Given the \ufb01nancial strength of Just Retirement, this
buy-in substantively removes the risk of further contributions being required from the Company to
provide bene\ufb01ts to members, beyond those noted below.
Following the buy-in, the Scheme\u2019s assets largely comprise the bulk annuity policy held with Just
Retirement, along with a small amount of additional assets currently held with LGIM. The Scheme
trustees are now working to progress towards a full buy-out, which will involve various data and
bene\ufb01ts exercises. It is anticipated that the Scheme buy-out will be completed in 2025. Once the
buy-out is complete, the Scheme has no further purpose and will be wound up.
Funding requirements
UK legislation requires that pension schemes are funded prudently. The last funding valuation of the
Scheme was carried out by a quali\ufb01ed actuary as at 30 April 2021 and showed a surplus of \u00a31.5m. The
Company paid de\ufb01cit contributions of \u00a3140k pa to 31 January 2022, plus an additional \u00a31.0m in October
2022 in respect of the shortfall versus the buy-in premium. The next funding valuation is due as at
30 April 2024, although it is anticipated that the wind-up of the scheme will have commenced before
the statutory deadline for completion of this valuation, therefore this requirement will no longer apply.
The Company expects that a further contribution may be required in the year ending 31 March 2025 in
respect of the balancing premium, once the data cleansing and bene\ufb01t recti\ufb01cation is completed.
The Company also pays expenses and PPF levies incurred by the Scheme.
Risks associated with the Scheme
The Scheme exposes the Company to some risks, although the purchase of a buy-in policy
substantially mitigates these.
\n \n
Asset volatility
The liabilities are calculated using a discount rate set with reference to corporate
bond yields. If assets underperform this yield, this will create a de\ufb01cit. The Scheme
previously held a signi\ufb01cant proportion of gilt and bond assets which limits volatility
and risk in the short term. The allocation of assets is monitored to ensure it remains
appropriate given the Scheme\u2019s long-term objectives.
In\ufb02ation risk
A proportion of the Scheme\u2019s bene\ufb01t obligations are linked to in\ufb02ation, and higher
in\ufb02ation leads to higher liabilities (although, in most cases, caps on the level of
in\ufb02ationary increases are in place to protect against extreme in\ufb02ation). The
majority of the assets are either unaffected by or only loosely correlated with
in\ufb02ation, meaning that an increase in in\ufb02ation will also increase the de\ufb01cit.
Change in
A decrease in corporate bond yields will increase the value placed on the Scheme\u2019s
bond yields
liabilities for accounting purposes, although this will be partially offset by an
increase in the value of the Scheme\u2019s bond holdings.
Life expectancy
The majority of the Scheme\u2019s obligations are to provide bene\ufb01ts for the lifetime of
the member, so increases in life expectancy will result in an increase in the liabilities.
Assumptions used
The results of the latest funding valuation at 30 April 2021 have been adjusted to the new balance
sheet date, taking account of experience over the period since 30 April 2021, changes in market
conditions, and differences in the \ufb01nancial and demographic assumptions. The present value of the
de\ufb01ned bene\ufb01t obligation, and the related current service cost, were measured using the projected
unit credit method.
The principal assumptions used to calculate the liabilities under IAS 19 are as follows:
\n \n
2024
2023
%
%
Discount rate for scheme liabilities
4.80
4.70
CPI in\ufb02ation
2.80
2.85
RPI in\ufb02ation
3.40
3.55
Pension increases
Post 1988 GMP
2.20
2.20
Pre 2004 non GMP
5.00
5.00
Post 2004
3.15
3.25
The \ufb01nancial assumptions re\ufb02ect the nature and term of the Scheme\u2019s liabilities. The weighted
average duration of the Scheme liabilities at the year end is 15 years (2023: 16 years). This reduction is
due to the discount rate increase which is the principal reason for the decrease in the value of Scheme
liabilities compared with the prior year.
The Group has assumed that mortality will be in line with nationally published mortality table SAPS S3
Heavy tables with CMI 2021 projections related to members\u2019 years of birth with long-term rate of
improvement of 1.5% per annum. No adjustment has been made for the possible effects of COVID-19.
These tables translate into an average life expectancy for a pensioner retiring at age 65 as follows:
2024
2023
Men
Women
Men
Women
Years
Years
Years
Years
Member aged 65 (current life expectancy)
86.1
88.6
86.7
89.0
Member aged 45 (life expectancy at age 65)
87.9
90.4
88.4
90.8
It is assumed that 50% of non-retired members of the Scheme will commute the maximum amount
of cash at retirement (2023: 50% ).
Post-employment bene\ufb01t obligations disclosures
The amounts charged to the Consolidated income statement are set out below:
2024
2023
\u00a3m
\u00a3m
Past service cost
\u2013
0.5
Settlement cost
\u2013
2.2
Total amounts charged to the Consolidated income statement
\u2013
2.7
Past service cost
In the prior year, as 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 assets and a slightly later effective date
for pension increases were identi\ufb01ed. As a result, a \u00a30.5m past service cost was recognised in the
Consolidated income statement.
Current service costs and past service costs are charged to the income statement in arriving at
operating pro\ufb01t. Interest income on Scheme assets and the interest cost on Scheme liabilities are
included within \ufb01nance costs.
Settlement cost
Given the intention is to convert the buy-in policy purchased during the prior year to a buy-out as soon
as possible, a settlement cost of \u00a32.2m was recognised in the Consolidated income statement for the
year ended 31 March 2023. The settlement cost represented the difference between the value of the
liabilities under IAS 19 at the remeasurement date, 31 October 2022, (\u00a313.2m) and the price paid to settle
the liabilities (\u00a315.4m).
The following amounts have been recognised in the Consolidated statement of comprehensive income:
2024
2023
\u00a3m
\u00a3m
Return on Scheme assets below that recognised in net interest
0.5
5.9
Actuarial gains due to changes in assumptions
(0.7)
(4.8)
Actuarial losses due to liability experience
0.3
0.4
Effect of the surplus cap
\u2013
\u2013
Deferred tax on surplus
\u2013
(1.1)
Total amounts recognised within the Consolidated statement
of comprehensive income
0.1
0.4
Amounts recognised in the balance sheet are as follows:
2024
2023
\u00a3m
\u00a3m
Present value of funded obligations
13.4
13.6
Fair value of plan assets
(14.0)
(14.1)
Net asset recognised in the Consolidated balance sheet
(0.6)
(0.5)
The Trustees of the Scheme sought legal advice which concluded that the Group has an unconditional
right to a refund of surplus from the 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 apply, and therefore has recognised
the accounting surplus of \u00a30.6m (2023: \u00a30.5m) and an associated deferred tax liability of \u00a30.2m (2023:
\u00a30.2m) in the Consolidated balance sheet.
Movements in the fair value of Scheme assets were as follows:
2024
2023
\u00a3m
\u00a3m
Fair value of Scheme assets at the beginning of the year
14.1
21.2
Interest income on Scheme assets
0.7
0.5
Remeasurement losses on Scheme assets
(0.5)
(5.9)
Contributions by the employer
0.1
1.0
Settlements
\u2013
(2.2)
Net bene\ufb01ts paid
(0.4)
(0.5)
Fair value of Scheme assets at the end of the year
14.0
14.1
Movements in the fair value of Scheme liabilities were as follows:
2024
2023
\u00a3m
\u00a3m
Fair value of Scheme liabilities at the beginning of the year
13.6
17.5
Past service cost
\u2013
0.5
Interest expense
0.6
0.5
Actuarial gains on Scheme liabilities arising from changes in assumptions
(0.7)
(4.8)
Actuarial losses on Scheme liabilities arising from experience
0.3
0.4
Net bene\ufb01ts paid
(0.4)
(0.5)
Fair value of Scheme liabilities at the end of the year
13.4
13.6
Movements in post-employment bene\ufb01t net obligations were as follows:
2024
2023
\u00a3m
\u00a3m
Opening post-employment bene\ufb01t surplus
(0.5)
(3.7)
Past service cost
\u2013
0.5
Settlement cost
\u2013
2.2
Contributions by the employer
(0.1)
(1.0)
Remeasurement and experience losses
\u2013
1.5
Closing post-employment bene\ufb01t surplus
(0.6)
(0.5)
Plan assets are comprised as follows:
2024
2023
\u00a3m
%
\u00a3m
%
Gilts
0.4
2.9
0.4
2.8
Cash
0.2
1.4
0.1
0.7
Buy-in policy
13.4
95.7
13.6
96.5
Total
14.0
100.0
14.1
100.0
All plan assets have a quoted market price.
Sensitivity to key assumptions
The 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 equal 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f23138": { "value": "26. SHARE CAPITAL
Share capital
2024
2023
Number
Amount
Number
Amount
\u2019000
\u00a3m
\u2019000
\u00a3m
Allotted, called-up and fully paid ordinary shares
of 1p each
At 1 April
923,075
9.3
946,893
9.5
Purchase and cancellation of own shares
(23,711)
(0.2)
(23,831)
(0.2)
Issue of shares
7,850
0.1
13
0.0
Total
907,214
9.2
923,075
9.3
In the year ended 31 March 2017, the Company commenced a share buyback programme. By
resolutions passed at the 2023 AGM, the Company\u2019s shareholders generally authorised the Company
to make market purchases of up to 92,019,875 of its ordinary shares, subject to minimum and maximum
price restrictions. In the year ended 31 March 2024, a total of 25,207,430 ordinary shares of \u00a30.01 were
purchased. The average price paid was 673.0p with a total consideration paid (including fees of
\u00a30.9m) of \u00a3170.8m. Of all shares purchased, 1,496,445 were held in treasury with 23,710,985 being
cancelled. In the year ended 31 March 2024, 7,849,782 ordinary shares were issued for the settlement
of share-based payments.
Included within shares in issue at 31 March 2024 are 312,831 (2023: 340,196) shares held by the ESOT
and 4,899,346 (2023: 4,371,505) shares held in treasury, as detailed in note 27.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f23240": { "value": "27. OWN SHARES HELD
ESOT shares
Treasury
reserve
shares
Total
Own shares held \u2013 \u00a3m
\u00a3m
\u00a3m
\u00a3m
Own shares held as at 31 March 2022
(0.4)
(22.0)
(22.4)
Repurchase of own shares for treasury
\u2013
(8.7)
(8.7)
Share-based incentives exercised
\u2013
5.1
5.1
Own shares held as at 31 March 2023
(0.4)
(25.6)
(26.0)
Repurchase of own shares for treasury
\u2013
(11.1)
(11.1)
Share-based incentives exercised
\u2013
5.8
5.8
Own shares held as at 31 March 2024
(0.4)
(30.9)
(31.3)
ESOT shares
Treasury
reserve
shares
Total
Number of
Number of
Number of
Own shares held \u2013 number
shares
shares
shares
Own shares held as at 31 March 2022
358,158
3,826,928
4,185,086
Transfer of shares from ESOT
(17,962)
\u2013
(17,962)
Repurchase of own shares for treasury
\u2013
1,430,372
1,430,372
Share-based incentives exercised
\u2013
(885,795)
(885,795)
Own shares held as at 31 March 2023
340,196
4,371,505
4,711,701
Transfer of shares from ESOT
(27,365)
\u2013
(27,365)
Repurchase of own shares for treasury
\u2013
1,496,445
1,496,445
Share-based incentives exercised
\u2013
(968,604)
(968,604)
Own shares held as at 31 March 2024
312,831
4,899,346
5,212,177
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f23445": { "value": "28. DIVIDENDS
Dividends declared and paid by the Company were as follows:
2024
2023
Pence
Pence
per share
\u00a3m
per share
\u00a3m
2023 \ufb01nal dividend paid
5.6
51.3
5.5
51.7
2024 interim dividend paid
3.2
29.1
2.8
26.0
8.8
80.4
8.3
77.7
The proposed \ufb01nal dividend for the year ended 31 March 2024 of 6.4p per share, totalling \u00a358.4m, is
subject to approval by shareholders at the Annual General Meeting (\u2018AGM\u2019) and hence has not been
included as a liability in the \ufb01nancial statements.
The Directors\u2019 policy with regard to future dividends is set out in the Financial review on page 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f23528": { "value": "29. CASH GENERATED FROM OPERATIONS \n \n
2024
2023
\u00a3m
\u00a3m
Pro\ufb01t after tax
256.9
233.9
Adjustments for:
Tax charge
88.3
59.7
Depreciation
4.8
4.9
Amortisation
13.5
9.2
Share-based payments charge (excluding associated NI)
7.5
5.8
Deferred contingent consideration
10.4
38.8
Share of pro\ufb01t from joint ventures
(2.8)
(2.5)
Pro\ufb01t on sale of property, plant and equipment
0.3
(0.7)
Net lease disposals and modi\ufb01cations
\u2013
(0.1)
Post employment expenses relating to the de\ufb01ned bene\ufb01t scheme
\u2013
2.7
Finance costs
3.5
3.1
R&D expenditure credit
(0.1)
(0.1)
Pro\ufb01t on disposal of a subsidiary
\u2013
(19.1)
Changes in working capital (excluding the effects of exchange differences
on consolidation):
Trade and other receivables
(10.4)
(3.6)
Trade and other payables
6.0
(1.9)
Provisions
0.1
\u2013
Inventory
1.0
(2.7)
Cash generated from operations
379.0
327.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f23685": { "value": "30. SHARE-BASED PAYMENTS
The Group currently operates \ufb01ve share plans: the Share Incentive Plan, Performance Share Plan,
Deferred Annual Bonus, Single Incentive Plan Award and the Sharesave scheme. All share-based
incentives are subject to a service condition. Such conditions are not taken into account in the fair
value of the service received. The fair value of services received in return for share-based incentives is
measured by reference to the fair value of share-based incentives granted. Black-Scholes and Monte
Carlo models have been used where appropriate to calculate the fair value of share-based incentives
with market conditions.
The total charge in the period relating to the \ufb01ve schemes was \u00a38.2m (2023: \u00a36.6m). This included
associated national insurance (\u2018NI\u2019) at the rate at which management expects to be effective when
the awards are exercised (13.80%), and apprenticeship levy at 0.5%, based on the share price at the
reporting date.
In addition to this charge, the share-based payment charge reported in this period includes \u00a310.4m
relating to deferred share-based payment consideration relating to the acquisition of Autorama
(see note 31), making a total combined charge of \u00a317.9m (excluding associated NI).
\n \n
Group
Company
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Share Incentive Plan (\u2018SIP\u2019)
\u2013
\u2013
\u2013
\u2013
Sharesave scheme (\u2018SAYE\u2019)
0.7
0.5
\u2013
\u2013
Performance Share Plan (\u2018PSP\u2019)
2.1
1.9
2.1
1.9
Deferred Annual Bonus and Single Incentive Plan
4.7
3.4
0.6
0.4
NI and apprenticeship levy on applicable schemes
0.7
0.8
0.3
0.3
Total charge from ongoing share schemes
8.2
6.6
3.0
2.6
Share-based payments relating to Autorama
acquisition
10.4
38.8
\u2013
\u2013
Total charge
18.6
45.4
3.0
2.6
During the year, the Directors in of\ufb01ce in total had nil gains (2023: \u00a31.4m) arising on the exercise
of share-based incentive awards.
Share Incentive Plan
In 2015, the Group established a Share Incentive Plan (\u2018SIP\u2019). All eligible employees were awarded
free shares (or nil-cost options in the case 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 Exchange in March 2015.
UK SIP
2024
2023
Number
Number
Outstanding at 1 April
96,315
116,808
Released
(27,365)
(20,493)
Outstanding at 31 March
68,950
96,315
Vested and outstanding at 31 March
68,950
96,315
The weighted average market value per ordinary share for SIP awards released was 695.0p
(2023: 578.0p). The SIP shares outstanding at 31 March 2024 have fully vested (2023: fully vested).
Shares released prior to the vesting date relate to those attributable to good leavers as de\ufb01ned
by the Scheme rules.
Performance Share Plan
The Group operates a Performance Share Plan (\u2018PSP\u2019) for Executive Directors, the Operational
Leadership Team and certain key employees. The extent to which awards vest will depend upon
the Group\u2019s performance over the three-year period following the award date. Both market-based
and non-market-based performance conditions may be attached to the options. An appropriate
adjustment is made for market-based performance conditions when calculating the fair value of an
option. If the options remain unexercised after a period of 10 years from the date of grant, the options
expire. Furthermore, options are forfeited if the employee leaves the Group before the options vest,
unless under exceptional circumstances.
On 22 June 2023, the Group awarded 355,183 nil cost options under the PSP scheme (2023: 360,695).
For the 2023 awards, the Group\u2019s performance is measured by 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
three-year period to March 2026.
For other previous awards, the Group\u2019s performance had been measured by reference to growth
in operating pro\ufb01t and revenue over a three-year period, total shareholder return relative to
the FTSE 350 share index (2017 and 2020 awards), diversity progress (2021 award) and carbon
reduction (2022 award).
The fair value of the 2023 award was determined to be the share price at grant date. In previous years,
the total shareholder return element was valued using the Monte Carlo model. The resulting share-
based payments charge is being spread evenly over the period between the grant date and the
vesting date.
PSP award holders are entitled to receive dividends accruing between the grant date and the vesting date and this value will be delivered in shares. The assumptions used in the measurement of the fair value
at grant date of the PSP awards are as follows:
Share price at
Exercise
Expected
Option life
Risk-free
Dividend
Non-vesting
Fair value per
Grant date
Condition
grant date \u00a3
price \u00a3
volatility %
years
rate %
yield %
condition %
option \u00a3
16 June 2017
TSR dependent
4.00
Nil
31
3.0
0.2
0.0
0.0
2.17
16 June 2017
OP dependent
4.00
Nil
N/A
3.0
0.2
0.0
0.0
4.00
30 August 2017
TSR dependent
3.42
Nil
31
3.0
0.2
0.0
0.0
2.17
30 August 2017
OP dependent
3.42
Nil
N/A
3.0
0.2
0.0
0.0
3.42
17 August 2018
OP dependent
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
17 August 2018
Revenue dependent
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
17 June 2019
OP dependent
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
17 June 2019
Revenue dependent
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
8 July 2020
TSR dependent
5.27
Nil
32
3.0
(0.1)
0.0
0.0
2.83
17 June 2021
OP dependent
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
17 June 2021
Revenue dependent
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
17 June 2021
Diversity progress dependent
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
23 June 2022
OP dependent
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
23 June 2022
Revenue dependent
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
23 June 2022
Carbon reduction dependent
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
22 June 2023
OP dependent
6.22
Nil
N/A
3.0
4.9
1.4
0.0
6.22
22 June 2023
Revenue dependent
6.22
Nil
N/A
3.0
4.9
1.4
0.0
6.22
22 June 2023
Carbon reduction dependent
6.22
Nil
N/A
3.0
4.9
1.4
0.0
6.22
Expected volatility is estimated by considering historic average share price volatility at the
grant date.
The number of options outstanding and exercisable as at 31 March 2024 was as follows:
2024
2023
Number
Number
Outstanding at 1 April
1,399,984
1,401,701
Options granted in the year
355,183
360,695
Dividend shares awarded
\u2013
8,319
Options forfeited in the year
(591,580)
(129,684)
Options exercised in the year
(47,547)
(241,047)
Outstanding at 31 March
1,116,040
1,399,984
Exercisable at 31 March
31,801
79,348
The weighted average market value per ordinary share for PSP options exercised in 2024 was 714.0p
(2023: 587.2p). The PSP awards outstanding at 31 March 2024 have a weighted average remaining
vesting period of 1.2 years (2023: 1.0 years) and a weighted average contractual life of 8.1 years
(2023: 7.9 years).
Deferred Annual Bonus and Single Incentive Plan Award
The Group operates the Deferred Annual Bonus and Single Incentive Plan Award for Executive
Directors, the Operational Leadership Team and certain key employees. The plan consists of two
schemes, the Deferred Annual Bonus Plan (\u2018DABP\u2019) and the Single Incentive Plan Award (\u2018SIPA\u2019).
In addition, in the current period the Group announced a new Single Incentive Plan Award for all
employees under the existing scheme rules.
Deferred Annual Bonus
The Group operates a Deferred Annual Bonus Plan (\u2018DABP\u2019) for Executive Directors. Awards under
the plan are contingent on the satisfaction of pre-set internal targets relating to \ufb01nancial and
operational objectives. The extent to which the awards vest will depend upon the satisfaction
of the Group\u2019s \ufb01nancial and operational performance in the \ufb01nancial year of the award date
(the \u2018Performance Conditions\u2019). The awards will vest on the second anniversary of the date the
Remuneration Committee determines that the Performance Conditions have been satis\ufb01ed
(the \u2018Vesting Period\u2019). Awards are potentially forfeitable during that period should the employee
leave employment. The DABP awards have been valued using the Black-Scholes method where
appropriate and the resulting share-based payments charge is being spread evenly over the
combined Performance Period and Vesting Period of the shares, being three years.
On 22 June 2023, the Group awarded 103,330 nil cost options under the DABP scheme (2023: 108,704).
DABP award holders are entitled to receive dividends accruing between the grant date and the
vesting date and this value will be delivered in shares. The assumptions used in the measurement
of the fair value at grant date of the DABP awards are as follows:
Share price
Non-
at grant
Exercise
Risk-free
Dividend
vesting
Fair value
date
price
Option life
rate
yield
condition
per option
Grant date
\u00a3
\u00a3
years
%
%
%
\u00a3
17 August 2018
4.48
Nil
2.0
0.7
1.7
0.0
4.48
17 June 2019
5.65
Nil
2.0
0.6
1.3
0.0
5.65
23 June 2022
5.31
Nil
2.0
2.0
1.3
0.0
5.31
22 June 2023
6.22
Nil
2.0
4.9
1.4
0.0
6.22
The number of options outstanding and exercisable as at 31 March was as follows:
2024
2023
Number
Number
Outstanding at 1 April
108,704
\u2013
Options granted in the year
103,330
108,704
Outstanding at 31 March
212,034
108,704
Exercisable at 31 March
\u2013
\u2013
No DABP options were exercised in 2024 (2023: No DABP options exercised).
Single Incentive Plan Award
The Group operates a Single Incentive Plan Award (\u2018SIPA\u2019) for the Operational Leadership Team
and certain key employees. The extent to which awards vest will depend upon the satisfaction
of the Group\u2019s \ufb01nancial and operational performance in the \ufb01nancial year of the award date (the
\u2018Performance Conditions\u2019). The awards will vest in tranches, with the \ufb01rst tranche vesting on the
date on which the Remuneration Committee determines that the Performance Conditions have
been satis\ufb01ed, and subsequent tranches vesting on the \ufb01rst and second anniversary of this date,
subject to continuing employment.
On 22 June 2023, the Group awarded 618,497 nil cost options under the SIPA scheme for the
Operational Leadership Team and certain key employees (2023: 681,586). For the 2023 awards, 75% of
the award value is dependent on FY24 operating pro\ufb01t and the remaining 25% is subject to successful
implementation of digital retailing related products by 31 March 2024. The fair value of the 2023 award
was determined to be \u00a36.22 per option, being the share price at grant date.
During the year, the Group announced a new All-Employee Single Incentive Plan Award (\u2018All-Employee
SIPA\u2019) that rewards employees with an extra 10% of their salary in shares. The awards will vest in
tranches, with the \ufb01rst tranche vesting on the \ufb01rst anniversary of the grant date and subsequent
tranches vesting on the \ufb01rst and second anniversary of this date, subject to continuing employment.
On 21 November 2023, the Group awarded 1,049,495 nil cost options under the SIPA scheme for
all employees (2023: nil). The fair value of the 2023 award was determined to be \u00a36.25 per option,
being the average of the mid-market price for the three months leading up to the grant date.
The resulting share-based payments charge is being spread evenly over the period between the
grant date and the vesting date. SIPA holders are entitled to receive dividends accruing between
the grant date and the vesting date and this value will be delivered in shares.
The assumptions used in the measurement of the fair value at grant date of the SIPA awards are
as follows:
Share price
Non-
at grant
Exercise
Expected
Dividend
vesting
Fair value
date
price
volatility
Option life
Risk-free
yield
condition
per option
Grant date
\u00a3
\u00a3
%
years
rate %
%
%
\u00a3
17 August 2018
4.48
Nil
N/A
3.0
0.7
1.7
0.0
4.48
17 June 2019
5.65
Nil
N/A
3.0
0.6
1.3
0.0
5.65
8 July 2020
5.27
Nil
N/A
3.0
(0.1)
0.0
0.0
5.27
24 November 2020
5.52
Nil
N/A
3.0
(0.1)
0.0
0.0
5.52
17 June 2021
6.29
Nil
N/A
3.0
0.2
0.9
0.0
6.29
23 June 2022
5.31
Nil
N/A
3.0
2.0
1.3
0.0
5.31
22 June 2023
6.22
Nil
N/A
3.0
4.9
1.4
0.0
6.22
21 November 2023
6.25
Nil
N/A
3.0
4.5
1.4
0.0
6.25
The number of options outstanding and exercisable as at 31 March was as follows:
2024
2023
Number
Number
Outstanding at 1 April
1,517,766
1,291,868
Options granted in the year
1,667,992
681,586
Dividend shares awarded
10,239
5,710
Options exercised in the year
(515,383)
(214,290)
Options forfeited in the year
(167,296)
(247,108)
Outstanding at 31 March
2,513,318
1,517,766
Exercisable at 31 March
473,755
412,346
The weighted average market value per ordinary share for SIPA options exercised in 2024 was 680.4p
(2023: 601.1p). The SIPA awards outstanding at 31 March 2024 have a weighted average remaining
vesting period of 2.9 years (2023: 1.2 years) and a weighted average contractual life of 8.7 years
(2023: 8.2 years). The charge for the year includes an estimate of the awards to be granted after
the balance sheet date in respect of achievement of 2022 targets.
Sharesave scheme
The Group operates a Sharesave (\u2018SAYE\u2019) scheme for all employees under which employees are
granted an option to purchase ordinary shares 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 contract to make monthly
contributions into a savings account over the relevant period. Options are granted and are linked
to a savings contract with a term of three years. These funds are used to fund the option exercise.
No performance criteria are applied to the exercise of Sharesave options.
The assumptions used in the measurement of the fair value at grant date of the Sharesave plan are
as follows:
Share price
at grant
Exercise
Expected
Dividend
Non-vesting
Fair value
date
price
volatility
Option life
Risk-free
yield
condition
per option
Grant date
\u00a3
\u00a3
%
years
rate %
%
%
\u00a3
14 December 2018
4.48
3.49
29
3.0
0.7
1.7
16
1.29
13 December 2019
5.74
4.32
25
3.0
0.6
1.3
10
1.63
16 December 2020
5.75
4.41
32
3.0
0.0
0.5
10
1.86
16 December 2021
7.13
5.88
32
3.0
0.5
0.5
10
2.05
14 December 2022
5.64
4.56
34
3.0
3.2
1.3
10
1.87
Expected volatility is estimated by considering historic average share price volatility at the grant
date. The requirement that an employee has to save in order to purchase shares under the Sharesave
plan is a non-vesting condition. This feature has been incorporated into the fair value at grant date
by applying a discount to the valuation obtained from the Black-Scholes pricing model.
2024
2023
Weighted average
Weighted average
Number of share
exercise price
Number of share
exercise price
options
\u00a3
options
\u00a3
Outstanding at 1 April
1,366,352
4.72
1,446,582
4.72
Options granted in the year
\u2013
\u2013
688,115
4.56
Options exercised in the year
(407,221)
4.40
(406,060)
3.86
Options lapsed in the year
(102,173)
4.92
(362,285)
5.39
Outstanding at 31 March
856,958
4.84
1,366,352
4.72
Exercisable at 31 March
54,288
4.41
53,892
4.32
The weighted average market value per ordinary share for Sharesave options exercised in 2024 was
711.8p (2023: 597.4p). The Sharesave options outstanding at 31 March 2024 have a weighted average
remaining vesting period of 1.5 years (2023: 2.0 years) and a weighted average contractual life of 2.0
years (2023: 2.5 years).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f25304": { "value": "31. PRIOR PERIOD BUSINESS COMBINATIONS
Purchase of Autorama UK Limited
In the prior period, on 22 June 2022, the Group acquired the entire share capital of Autorama UK
Limited (\u2018Autorama\u2019) for initial consideration of \u00a3150.0m, with an additional \u00a350.0m deferred until
22 June 2023 and settled in shares subject to employment and performance conditions.
Autorama, one of the UK\u2019s largest marketplaces for leasing new vehicles, is a leading end-to-end
digital platform, which aggregates leasing deals from multiple funders and manufacturers (under
its \u2018Vanarama\u2019 brand), enabling buyers to transact online across a wide range of vehicles.
The total consideration of \u00a3150.0m excludes acquisition costs of \u00a32.1m which were recognised within
costs in the Consolidated income statement in the prior period. The following table provides a
reconciliation of the amounts included in the Consolidated statement of cash \ufb02ows for the prior period:
\n \n
2023
\u00a3m
Cash paid for subsidiary
150
Less: cash acquired
(5.8)
Payment for acquisition of subsidiary, net of cash acquired
144.2
As the settlement of the deferred consideration of \u00a350.0m was subject to a condition for continuing
employment to 22 June 2023, the amount was not included in the business combination but was
recorded as a post-acquisition income statement expense over the period of service, which extended
to the \ufb01rst anniversary of the acquisition. The deferred consideration was fully settled at
31 March 2024 with the \ufb01nal settlement being reduced to \u00a349.9m due to the associated performance
conditions not being met.
From 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. Further analysis is within note 4.
The purchase was accounted for as a business combination under the acquisition method in
accordance with IFRS 3. The fair value of net assets acquired was assessed and, other than in respect
of the intangible assets and related deferred tax, described below, no material adjustments from
book value were made to existing assets and liabilities. The goodwill calculation is summarised below:
\n \n
Fair value
\u00a3m
Intangible asset recognised on acquisition
Brand
47.6
Technology
13.7
Customer relationships
2.9
Order book
2.3
Deferred tax liability arising on intangible assets
(16.3)
50.2
Other non-current assets
Investments
1.0
Property, plant and equipment
5.3
Intangible assets
0.4
Deferred tax asset
6.8
13.5
Current assets
Cash and cash equivalents
5.8
Trade and other receivables
4.5
Inventory
0.9
Other debtors
0.9
12.1
Current liabilities
Trade and other payables
11.6
Deferred income
2.3
13.9
Non-current liabilities
Borrowings
4.0
Lease liabilities
0.4
4.4
Total net assets acquired
Goodwill on acquisition
57.5
Total assets acquired
92.5
Fair value of cash consideration
150.0
The brand, technology, customer relationships and order book obtained through the acquisition met
the requirements to be separately identi\ufb01able under IFRS 3. Refer to note 2 for further details on fair
value techniques for valuing intangibles.
The business operates under the Vanarama brand name and is one of the UK\u2019s longest running
e-commerce brands. The asset was valued using the Multi-period Excess Earnings Method and
cross-checked using relief from royalty. A useful economic life and obsolescence decline period of 10
years was assumed. A post-tax discount rate of 14% was applied. This discount rate is lower than that
for Autorama as a whole at the date of acquisition and re\ufb02ects factors including the \ufb01nite brand
forecast period, compared to cash \ufb02ows into perpetuity used to support the goodwill.
During the period ended 31 March 2024, the integration of Autorama accelerated at a faster rate than
originally anticipated at acquisition. As a result, the useful economic life of the \u2018Vanarama\u2019 brand was
reduced from ten years to \ufb01ve years from the date of acquisition. This change in accounting estimate
was applied prospectively from 1 October 2023 in line with IAS 38 \u2013 Intangible assets.
The technology is Autorama\u2019s propriety technology which helps manage a complex vehicle lease
purchasing process into a streamlined online transaction via a customer friendly user interface,
which has been developed in-house. The asset was valued using the cost approach, speci\ufb01cally
replacement costs, and cross-checked using relief from royalty. The order book is customer orders
not yet delivered, which is expected to unwind.
The goodwill recognised on acquisition principally relates to value arising from intangible assets that
are not separately identi\ufb01able under IFRS 3. Such assets include the value of the acquired workforce
(including technical experience), returning customers, supplier relationships with funders and car
manufacturers and future market growth opportunities. Customer lists were not valued separately
on the basis they are inseparable in their own right from the brand. Supplier relationships were not
separately valued on the basis that their terms are in line with industry standards of what would be
typically agreed with a market participant.
The valuation of the Vanarama brand name is sensitive to a change in the obsolescence rate
assumption. An obsolescence pro\ufb01le was assumed which is considered to be a representative curve
for a consumer asset in the absence of continued marketing spend, showing a slow decline in the
early years due to the bene\ufb01t of historic spend, the decline then accelerating in the middle years as
consumer brand consciousness falls, before slowing in the \ufb01nal years to re\ufb02ect a slower drop off of
residual awareness. Slowing or accelerating the assumed rate of obsolescence by one year, with all
other factors being unchanged, would increase or decrease the valuation of the brand by \u00a314m or
\u00a316m respectively. Residual goodwill would be adjusted by an equal and opposite amount, net of
taxation. The discount rate 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 \ufb02ows in the latter years due to the
obsolescence decline.
None of the acquired intangible assets or goodwill is expected to be deductible for tax purposes.
A deferred tax liability has been recorded on the fair value of the intangible assets recognised, other
than goodwill, measured at the substantively enacted UK rate of corporation tax from April 2023 of 25%.
This deferred tax liability was debited against and increased the value of goodwill recognised.
Settlement of deferred consideration in relation to Blue Owl Network Limited
In addition, in July 2022, the deferred consideration of \u00a38.1m was settled in respect of the acquisition
of Blue Owl Network Limited (\u2018Blue Owl\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 until 31 July 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f25580": { "value": "32. FINANCIAL INSTRUMENTS
Financial assets
2024
2023
Note
\u00a3m
\u00a3m
Net trade receivables (invoiced)
18
32.7
28.5
Net accrued income
18
42.8
38.7
Net trade receivables (total)
18
75.5
67.2
Other receivables
18
1.0
0.3
Cash and cash equivalents
20
18.7
16.6
Total
95.2
84.1
Credit risk
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum
exposure to credit risk at 31 March 2024 was \u00a395.2m (2023: \u00a384.1m). The maximum exposure to credit
risk for trade receivables and accrued income at the reporting date by geographic region was:
2024
2023
\u00a3m
\u00a3m
UK
75.5
67.2
Total
75.5
67.2
The maximum exposure to credit risk for trade receivables and accrued income at the reporting date
by type of customer was:
2024
2023
\u00a3m
\u00a3m
Retailers
58.0
52.7
Manufacturer and Agency
6.6
5.1
Other
4.7
5.3
Autorama
6.2
4.1
Total
75.5
67.2
The Group\u2019s most signi\ufb01cant customer accounts for \u00a31.8m (2023: \u00a31.2m) of net trade receivables as at
31 March 2024.
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 adjusted, when required, to take into account current
macro-economic factors. For certain customers the Group applies experienced credit judgement
that is determined to be predictive of the risk of loss to assess the expected credit loss, taking into
account external ratings, \ufb01nancial statements and other available information. The following
table provides information about the exposure to credit risk and expected credit losses for trade
receivables and accrued income from individual customers as at 31 March 2024.
Gross
Expected
carrying
Loss
credit loss
amount
allowance
Credit-
rate
\u00a3m
\u00a3m
impaired
Accrued income
3.7%
44.5
(1.7)
No
Current
3.5%
27.8
(1.0)
No
Past due 1\u201330 days
9.5%
6.0
(0.6)
No
Past due 31\u201360 days
36.0%
0.3
(0.1)
No
Past due 61\u201390 days
92.8%
0.2
(0.2)
No
More than 91 days past due
81.6%
1.7
(1.4)
No
80.5
(5.0)
At 31 March 2023, ECLs were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability
driven by used car price volatility. At 31 March 2024, ECLs continue to re\ufb02ect macro-economic
uncertainty around retailer pro\ufb01tability due to persistent high in\ufb02ation, high interest rates and the
upcoming UK general election which could lead to new political policies to which we would need to
respond. Sensitivity analysis has been performed in assessing the expected credit loss rate. There
are no changes to the rate that are considered by the Directors to be reasonably possible, which
give rise to a material difference in the loss allowance.
Comparative information about the exposure to credit risk and expected credit losses for trade
receivables from individual customers as at 31 March 2023 is set out below:
Gross
Expected
carrying
Loss
credit loss
amount
allowance
Credit-
rate
\u00a3m
\u00a3m
impaired
Accrued income
3.7%
40.2
(1.5)
No
Current
2.8%
25.4
(0.7)
No
Past due 1\u201330 days
8.8%
3.4
(0.3)
No
Past due 31\u201360 days
27.8%
0.4
(0.1)
No
Past due 61\u201390 days
83.3%
0.1
(0.1)
No
More than 91 days past due
81.1%
2.2
(1.8)
No
71.7
(4.5)
The Group has identi\ufb01ed speci\ufb01c balances for which it has provided an impairment allowance on
a line-by-line basis across all ledgers, in both years. The allowance accounts in respect of trade
receivables are used to record impairment losses unless the Group is satis\ufb01ed that no recovery
of the amount owing is possible; at that point the amounts considered irrecoverable are written
off against the \ufb01nancial asset directly.
The movement in the allowance for impairment in respect of trade receivables during the year was
as follows.
2024
2023
Note
\u00a3m
\u00a3m
At 1 April
18
3.0
2.5
Charged during the year
1.9
1.0
Acquired through business combinations
\u2013
0.3
Utilised during the year
(1.6)
(0.8)
At 31 March
18
3.3
3.0
The movement in the allowance for impairment in respect of accrued income during the year was
as follows.
2024
2023
Note
\u00a3m
\u00a3m
At 1 April
18
1.5
1.2
Charged during the year
0.2
0.5
Utilised during the year
\u2013
(0.2)
At 31 March
18
1.7
1.5
Cash and cash equivalents
The cash and cash equivalents are held with bank and \ufb01nancial institution counterparties, which are
rated between P-1 and P-2 based on Moody\u2019s ratings. The Directors do not consider deposits at these
institutions to be at risk.
Financial liabilities
2024
2023
As per
Future
Total
As per
Future
Total
balance
interest
cash
balance
interest
cash
sheet
cost
\ufb02ows
sheet
cost
\ufb02ows
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
25.5
\u2013
25.5
27.9
\u2013
27.9
Vehicle stocking loan
2.1
\u2013
2.1
3.0
\u2013
3.0
Borrowings (gross of debt issue costs)
30.0
\u2013
30.0
58.6
\u2013
58.6
Leases
4.8
0.1
4.9
7.1
0.3
7.4
Total
62.4
0.1
62.5
96.6
0.3
96.9
Trade and other payables are as disclosed within note 21, excluding vehicle stocking loan, other taxation
and social security liabilities and deferred income.
IFRS 7 requires the contractual future interest cost of a \ufb01nancial liability to be included within the
above table. As disclosed in note 22 of these Consolidated \ufb01nancial statements, borrowings are
currently drawn under a syndicated debt arrangement and repayments can be made at any time
without penalty. As such there is no contractual future interest cost. Interest is payable on borrowings\u2019
drawn amounts at a rate of SONIA prevailing at the time of drawdown plus the applicable margin,
which ranges from 1.2% to 2.1%, excluding the potential bene\ufb01cial impact of sustainability performance
targets. Interest paid in the year in relation to borrowings amounted to \u00a33.1m (2023: \u00a33.2m).
Similarly, repayments can be made at any time without penalty on the vehicle stocking loan. As such
there is no contractual future interest cost. Interest is payable on the loan balance at the prevailing
Bank of England Base Rate plus a 2% margin. Interest paid in the year in relation to the vehicle stocking
loan amounted to \u00a30.3m (2023: \u00a30.1m).
The Company had no derivative \ufb01nancial liabilities in either year. It is not expected that the cash \ufb02ows
included in the maturity analysis could occur earlier or at signi\ufb01cantly different amounts.
Liquidity risk
The maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below.
This table has been drawn up using the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the
earliest date on which the Group is obliged to pay. The table includes both interest and principal
cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates
prevailing at the year end, where applicable.
Trade and
other
Vehicle
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
25.5
2.1
\u2013
2.4
30.0
Due within one to two years
\u2013
\u2013
\u2013
2.0
2.0
Due within two to \ufb01ve years
\u2013
\u2013
30.0
0.5
30.5
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
Total
25.5
2.1
30.0
4.9
62.5
Trade and
other
Vehicle
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
27.9
3.0
1.1
2.5
34.5
Due within one to two years
\u2013
\u2013
\u2013
2.4
2.4
Due within two to \ufb01ve years
\u2013
\u2013
57.5
2.5
60.0
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
Total
27.9
3.0
58.6
7.4
96.9
Fair values
The 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f25768": { "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 adjusted, when required, to take into account current
macro-economic factors. For certain customers the Group applies experienced credit judgement
that is determined to be predictive of the risk of loss to assess the expected credit loss, taking into
account external ratings, \ufb01nancial statements and other available information. The following
table provides information about the exposure to credit risk and expected credit losses for trade
receivables and accrued income from individual customers as at 31 March 2024.
Gross
Expected
carrying
Loss
credit loss
amount
allowance
Credit-
rate
\u00a3m
\u00a3m
impaired
Accrued income
3.7%
44.5
(1.7)
No
Current
3.5%
27.8
(1.0)
No
Past due 1\u201330 days
9.5%
6.0
(0.6)
No
Past due 31\u201360 days
36.0%
0.3
(0.1)
No
Past due 61\u201390 days
92.8%
0.2
(0.2)
No
More than 91 days past due
81.6%
1.7
(1.4)
No
80.5
(5.0)
At 31 March 2023, ECLs were adjusted for the macro-economic uncertainty around retailer pro\ufb01tability
driven by used car price volatility. At 31 March 2024, ECLs continue to re\ufb02ect macro-economic
uncertainty around retailer pro\ufb01tability due to persistent high in\ufb02ation, high interest rates and the
upcoming UK general election which could lead to new political policies to which we would need to
respond. Sensitivity analysis has been performed in assessing the expected credit loss rate. There
are no changes to the rate that are considered by the Directors to be reasonably possible, which
give rise to a material difference in the loss allowance.
Comparative information about the exposure to credit risk and expected credit losses for trade
receivables from individual customers as at 31 March 2023 is set out below:
Gross
Expected
carrying
Loss
credit loss
amount
allowance
Credit-
rate
\u00a3m
\u00a3m
impaired
Accrued income
3.7%
40.2
(1.5)
No
Current
2.8%
25.4
(0.7)
No
Past due 1\u201330 days
8.8%
3.4
(0.3)
No
Past due 31\u201360 days
27.8%
0.4
(0.1)
No
Past due 61\u201390 days
83.3%
0.1
(0.1)
No
More than 91 days past due
81.1%
2.2
(1.8)
No
71.7
(4.5)
The Group has identi\ufb01ed speci\ufb01c balances for which it has provided an impairment allowance on
a line-by-line basis across all ledgers, in both years. The allowance accounts in respect of trade
receivables are used to record impairment losses unless the Group is satis\ufb01ed that no recovery
of the amount owing is possible; at that point the amounts considered irrecoverable are written
off against the \ufb01nancial asset directly.
The movement in the allowance for impairment in respect of trade receivables during the year was
as follows.
2024
2023
Note
\u00a3m
\u00a3m
At 1 April
18
3.0
2.5
Charged during the year
1.9
1.0
Acquired through business combinations
\u2013
0.3
Utilised during the year
(1.6)
(0.8)
At 31 March
18
3.3
3.0
The movement in the allowance for impairment in respect of accrued income during the year was
as follows.
2024
2023
Note
\u00a3m
\u00a3m
At 1 April
18
1.5
1.2
Charged during the year
0.2
0.5
Utilised during the year
\u2013
(0.2)
At 31 March
18
1.7
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f26130": { "value": "Financial liabilities
2024
2023
As per
Future
Total
As per
Future
Total
balance
interest
cash
balance
interest
cash
sheet
cost
\ufb02ows
sheet
cost
\ufb02ows
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
25.5
\u2013
25.5
27.9
\u2013
27.9
Vehicle stocking loan
2.1
\u2013
2.1
3.0
\u2013
3.0
Borrowings (gross of debt issue costs)
30.0
\u2013
30.0
58.6
\u2013
58.6
Leases
4.8
0.1
4.9
7.1
0.3
7.4
Total
62.4
0.1
62.5
96.6
0.3
96.9
Trade and other payables are as disclosed within note 21, excluding vehicle stocking loan, other taxation
and social security liabilities and deferred income.
IFRS 7 requires the contractual future interest cost of a \ufb01nancial liability to be included within the
above table. As disclosed in note 22 of these Consolidated \ufb01nancial statements, borrowings are
currently drawn under a syndicated debt arrangement and repayments can be made at any time
without penalty. As such there is no contractual future interest cost. Interest is payable on borrowings\u2019
drawn amounts at a rate of SONIA prevailing at the time of drawdown plus the applicable margin,
which ranges from 1.2% to 2.1%, excluding the potential bene\ufb01cial impact of sustainability performance
targets. Interest paid in the year in relation to borrowings amounted to \u00a33.1m (2023: \u00a33.2m).
Similarly, repayments can be made at any time without penalty on the vehicle stocking loan. As such
there is no contractual future interest cost. Interest is payable on the loan balance at the prevailing
Bank of England Base Rate plus a 2% margin. Interest paid in the year in relation to the vehicle stocking
loan amounted to \u00a30.3m (2023: \u00a30.1m).
The Company had no derivative \ufb01nancial liabilities in either year. It is not expected that the cash \ufb02ows
included in the maturity analysis could occur earlier or at signi\ufb01cantly different amounts.
Liquidity risk
The maturity of \ufb01nancial liabilities based on contracted cash \ufb02ows is shown in the table below.
This table has been drawn up using the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the
earliest date on which the Group is obliged to pay. The table includes both interest and principal
cash \ufb02ows. Floating rate interest payments have been calculated using the relevant interest rates
prevailing at the year end, where applicable.
Trade and
other
Vehicle
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
25.5
2.1
\u2013
2.4
30.0
Due within one to two years
\u2013
\u2013
\u2013
2.0
2.0
Due within two to \ufb01ve years
\u2013
\u2013
30.0
0.5
30.5
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
Total
25.5
2.1
30.0
4.9
62.5
Trade and
other
Vehicle
payables
stocking loan
Borrowings
Leases
Total
As at 31 March 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due within one year
27.9
3.0
1.1
2.5
34.5
Due within one to two years
\u2013
\u2013
\u2013
2.4
2.4
Due within two to \ufb01ve years
\u2013
\u2013
57.5
2.5
60.0
Due after more than \ufb01ve years
\u2013
\u2013
\u2013
\u2013
\u2013
Total
27.9
3.0
58.6
7.4
96.9
Fair 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f26545": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f26551": { "value": "33. NET DEBT
Analysis of net debt
Net debt is calculated as total borrowings, vehicle stocking loan and lease liabilities, less cash and
cash equivalents. Non-cash changes represent the effects of the recognition and subsequent
amortisation of fees relating to the bank facility, changing maturity pro\ufb01les, acquisition of debt and
new leases entered into during the year.
At
At
1 April
Cash
Non-cash
31 March
2023
\ufb02ow
changes
2024
March 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt due within one year
1.1
(1.1)
\u2013
\u2013
Debt due after more than one year
57.5
(30.5)
0.7
27.7
Vehicle stocking loan
3.0
\u2013
(3.0)
\u2013
Accrued interest
0.3
(3.4)
3.3
0.2
Lease liabilities
7.1
(2.7)
0.4
4.8
Total debt and lease \ufb01nancing
69.0
(37.7)
1.4
32.7
Cash and cash equivalents
(16.6)
(2.1)
\u2013
(18.7)
Net debt/(cash)
52.4
(39.8)
1.4
14.0
In the current year, the vehicle stocking loan is not presented within net debt to be consistent
with the presentation of this balance, together with the related inventory, as part of the Group\u2019s
operating cycle.
Non-cash changes on debt due after more than one year relates to amortisation of debt issue costs.
At
At
1 April
Cash
Non-cash
31 March
2022
\ufb02ow
changes
2023
March 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt due within one year
\u2013
1.1
\u2013
1.1
Debt due after more than one year
\u2013
54.6
2.9
57.5
Vehicle stocking loan
\u2013
\u2013
3.0
3.0
Accrued interest
0.1
(3.0)
3.2
0.3
Lease liabilities
9.5
(2.9)
0.5
7.1
Total debt and lease \ufb01nancing
9.6
49.8
9.6
69.0
Cash and cash equivalents
(51.3)
34.7
\u2013
(16.6)
Net debt/(cash)
(41.7)
84.5
9.6
52.4
Reconciliation of movements in liabilities to cash \ufb02ows arising from \ufb01nancing activities
Liabilities/(Assets)
Equity
Borrowings
Vehicle
and accrued
stocking
Lease
Share
Retained
Own
Other
interest
loan
liabilities
capital
earnings
shares held
reserves
Total
Balance as of 1 April 2023
58.9
3.0
7.1
9.3
1,390.3
(26.0)
(846.3)
596.3
Changes from \ufb01nancing cash \ufb02ows
Dividends paid to Company shareholders
\u2013
\u2013
\u2013
\u2013
(80.4)
\u2013
\u2013
(80.4)
Drawdown of Syndicated RCF
57.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
57.0
Repayment of Syndicated RCF
(87.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(87.0)
Repayment of other debt
(1.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.1)
Payment of re\ufb01nancing fees
(0.5)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.5)
Payment of interest on borrowings
(3.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.4)
Payment of lease liabilities
\u2013
\u2013
(2.7)
\u2013
\u2013
\u2013
\u2013
(2.7)
Purchase of own shares for cancellation
\u2013
\u2013
\u2013
(0.2)
(158.9)
\u2013
0.2
(158.9)
Purchase of own shares for treasury
\u2013
\u2013
\u2013
\u2013
\u2013
(11.0)
\u2013
(11.0)
Fees on repurchase of own shares
\u2013
\u2013
\u2013
\u2013
(0.9)
\u2013
\u2013
(0.9)
Issue of ordinary shares
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Proceeds from exercise of share-based incentives
\u2013
\u2013
\u2013
\u2013
1.8
\u2013
\u2013
1.8
Total changes from \ufb01nancing cash \ufb02ows
(35.0)
\u2013
(2.7)
(0.1)
(238.4)
(11.0)
0.2
(287.0)
Other changes \u2013 liability related
Interest expense
3.0
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
3.1
Other
1.0
(3.0)
0.3
\u2013
\u2013
\u2013
\u2013
(1.7)
Total liability-related other changes
4.0
(3.0)
0.4
\u2013
\u2013
\u2013
\u2013
1.4
Total equity-related other changes
\u2013
\u2013
\u2013
\u2013
268.6
5.7
-
274.3
Balance as of 31 March 2024
27.9
\u2013
4.8
9.2
1420.5
(31.3)
(846.1)
585.0
Liabilities/(Assets)
Equity
Borrowings
Vehicle
and accrued
stocking
Lease
Share
Retained
Own
Other
interest
loan
liabilities
capital
earnings
shares held
reserves
Total
Balance as of 1 April 2022
(1.2)
\u2013
9.5
9.5
1,332.4
(22.4)
(847.0)
480.8
Changes from \ufb01nancing cash \ufb02ows
Dividends paid to Company shareholders
\u2013
\u2013
\u2013
\u2013
(77.7)
\u2013
\u2013
(77.7)
Drawdown of Syndicated RCF
110.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
110.0
Repayment of Syndicated RCF
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.0)
Repayment of other debt
(4.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(4.0)
Proceeds from loan
1.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.1
Payment of re\ufb01nancing fees
(1.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.4)
Payment of interest on borrowings
(3.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.0)
Payment of lease liabilities
\u2013
\u2013
(2.9)
\u2013
\u2013
\u2013
\u2013
(2.9)
Purchase of own shares for cancellation
\u2013
\u2013
\u2013
(0.2)
(138.6)
\u2013
0.2
(138.6)
Purchase of own shares for treasury
\u2013
\u2013
\u2013
\u2013
\u2013
(8.7)
\u2013
(8.7)
Fees on repurchase of own shares
\u2013
\u2013
\u2013
\u2013
(0.7)
\u2013
\u2013
(0.7)
Proceeds from exercise of share-based incentives
\u2013
\u2013
\u2013
\u2013
2.0
\u2013
\u2013
2.0
Total changes from \ufb01nancing cash \ufb02ows
52.7
\u2013
(2.9)
(0.2)
(215.0)
(8.7)
0.2
(173.9)
Other changes \u2013 liability related
Interest expense
3.1
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
3.3
Other
4.3
3.0
0.3
\u2013
\u2013
\u2013
\u2013
7.6
Total liability-related other changes
7.4
3.0
0.5
\u2013
\u2013
\u2013
\u2013
10.9
Total equity-related other changes
\u2013
\u2013
\u2013
\u2013
272.9
5.1
0.5
278.5
Balance as of 31 March 2023
58.9
3.0
7.1
9.3
1,390.3
(26.0)
(846.3)
596.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f27779": { "value": "34. RELATED PARTY TRANSACTIONS
Dealer Auction Limited
The Group transacted the following related party transactions with its joint venture, Dealer Auction
Limited, during the period.
The Group provided data services to Dealer Auction under a licence agreement established as part
of the formation of the joint venture in January 2019. The value of services provided to Dealer Auction
was \u00a30.6m (2023: \u00a30.6m) and has been recognised within revenue. At 31 March 2024, deferred income
outstanding in relation to the licence agreement was \u00a38.3m (2023: \u00a38.9m).
The Group recharged Dealer Auction for the provision of of\ufb01ce space and laptops during the period, the
total value of which was \u00a332,900 (2023: \u00a331,500). The service was provided to Dealer Auction at an arm\u2019s
length basis and recorded within administrative expenses within the Consolidated income statement.
Other related party transactions
Key Management personnel compensation has been disclosed in note 8.
The Group sponsors a funded de\ufb01ned bene\ufb01t pension scheme. Details of transactions with the
Wiltshire (Bristol) Limited Retirement Bene\ufb01ts Scheme are set out in note 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f28153": { "value": "Company balance sheet
At 31 March 2024
2024
2023
Note
\u00a3m
\u00a3m
Fixed assets
Investments
3
1,403.9
1,427.2
1,403.9
1,427.2
Current assets
Debtors
4
303.1
338.1
Cash and cash equivalents
5
0.1
0.3
303.2
338.4
Creditors: amounts falling due within one year
6
(1,118.3)
(905.5)
Net current assets
(815.1)
(567.1)
Net assets
588.8
860.1
Capital and reserves
Called-up share capital
9
9.2
9.3
Share premium
182.6
182.6
Own shares held
10
(31.3)
(26.0)
Capital redemption reserve
1.4
1.2
Retained earnings
426.9
693.0
Total equity
588.8
860.1
The loss for the year of the Company was \u00a339.7m (2023: loss \u00a39.0m). The accompanying notes form part of these \ufb01nancial statements. The \ufb01nancial statements were approved by the Board of Directors
on 30 May 2024 and authorised for issue:
Jamie Warner
Chief Financial Of\ufb01cer
Auto Trader Group plc
Registered number: 09439967
30 May 2024
Company statement of changes in equity
For the year ended 31 March 2024
Capital
Share
Share
Retained
Own shares
redemption
Total
capital
premium
earnings
held
reserve
equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 31 March 2022
9.5
182.6
877.8
(22.4)
1.0
1,048.5
Loss for the year
\u2013
\u2013
(9.0)
\u2013
\u2013
(9.0)
Total comprehensive expense, net of tax
\u2013
\u2013
(9.0)
\u2013
\u2013
(9.0)
Transactions with owners:
Employee share schemes \u2013 value of employee services
\u2013
\u2013
44.6
\u2013
\u2013
44.6
Exercise of employee share schemes
\u2013
\u2013
(3.6)
5.1
\u2013
1.5
Tax impact of employee share schemes
\u2013
\u2013
0.2
\u2013
\u2013
0.2
Purchase of own shares for treasury
\u2013
\u2013
\u2013
(8.7)
\u2013
(8.7)
Purchase of own shares for cancellation
(0.2)
\u2013
(139.3)
\u2013
0.2
(139.3)
Dividends paid
\u2013
\u2013
(77.7)
\u2013
\u2013
(77.7)
Total transactions with owners recognised directly in equity
(0.2)
\u2013
(175.8)
(3.6)
0.2
(179.4)
Balance at 31 March 2023
9.3
182.6
693.0
(26.0)
1.2
860.1
Loss for the year
\u2013
\u2013
(39.7)
\u2013
\u2013
(39.7)
Total comprehensive expense, net of tax
\u2013
\u2013
(39.7)
\u2013
\u2013
(39.7)
Transactions with owners:
Employee share schemes \u2013 value of employee services
\u2013
\u2013
17.9
\u2013
\u2013
17.9
Exercise of employee share schemes
\u2013
\u2013
(4.0)
5.8
\u2013
1.8
Tax impact of employee share schemes
\u2013
\u2013
(0.1)
\u2013
\u2013
(0.1)
Purchase of own shares for treasury
\u2013
\u2013
\u2013
(11.1)
\u2013
(11.1)
Purchase of own shares for cancellation
(0.2)
\u2013
(159.7)
\u2013
0.2
(159.7)
Issue of ordinary shares
0.1
\u2013
(0.1)
\u2013
\u2013
\u2013
Dividends paid
\u2013
\u2013
(80.4)
\u2013
\u2013
(80.4)
Total transactions with owners recognised directly in equity
(0.1)
\u2013
(226.4)
(5.3)
0.2
(231.6)
Balance at 31 March 2024
9.2
182.6
426.9
(31.3)
1.4
588.8
The accompanying notes form part of these \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QLK9BZILB1DI86", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }