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"value": "Notes to the Accounts 1. Accounting Policies General information A.G. BARR p.l.c. (the \u201cCompany\u201d) and its subsidiaries (together the \u201cGroup\u201d) manufacture, distribute and sell a range of beverages. The Group has manufacturing sites in the UK and sells mainly to customers in the UK with some international sales. The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in Scotland. The address of its registered office is Westfield House, 4 Mollins Road, Cumbernauld, G68 9HD. The financial year represents the 52 weeks ended 29 January 2023 (prior financial year 53 weeks ended 30 January 2022). Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation The consolidated and parent Company financial statements of A.G. BARR p.l.c. have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. They have been prepared under the historical cost accounting rules except for the derivative financial instruments and the assets of the Group pension scheme which are stated at fair value and the liabilities of the Group pension scheme which are valued using the projected unit credit method. The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks. This assessment was undertaken through the use of a number of reasonably possible downside scenarios that could impact the business (both individually and cumulatively). These scenarios include adverse brand damage to the Group\u2019s largest brand (IRN-BRU), reimposition of restrictions associated with the Covid-19 pandemic, significant disruption to supply chain (including the closure of a factory), a cyber attack, and significant energy cost inflation. The director\u2019s experience of the Covid-19 pandemic provides confidence over the resilience of our brands, and that the business can react appropriately to significant downside scenarios. Material cash preservation measures are available, including reducing discretionary spend on overheads, non-essential capital, marketing investment, and the suspension of dividends. As at 29 January 2023, the consolidated balance sheet reflects a net asset position of \u00a3268.8m, including net cash at bank of \u00a352.6m. The Group has \u00a320m of committed and unutilised debt facilities, consisting of one revolving credit facility with one bank, providing the business with a secure funding platform. Throughout these severe but plausible downside scenarios, and with no cost mitigation, the Group\u2019s liquidity requirements would be satisfied within existing credit facilities, and headroom is maintained on associated covenants. The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group and parent Company will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed on page 154. The directors have taken advantage of the exemption available under s408 of the Companies Act 2006 and have not presented a separate income statement or statement of comprehensive income for the Company. Changes in accounting policy and disclosures
(a) New and amended standards adopted by the Group
A number of new or amended standards became applicable for the current reporting period and the Group had to change its accounting policies as a result of adopting the
following standards:
\u2022 Property, Plant and Equipment Proceeds before Intended Use \u2013 Amendments to IAS 16;
\u2022 Onerous contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37;
\u2022 Annual Improvements to IFRS Standards 2018 \u2013 2020; and
\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3.
The amendments listed above do not have a material impact on the results for the current and prior reporting periods.
(b) New standards, amendments and interpretations issued but not effective for the financial year beginning 30 January 2023 and not adopted early
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 29 January 2023 reporting
periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the
current or future reporting periods or on foreseeable future transactions.
Consolidation \u2013 subsidiaries
Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from
the date over which control commences until the date on which control ceases.
On the acquisition of a business, identifiable assets and liabilities acquired are measured at their fair value. The cost of the acquisition is measured at the aggregate of the fair
values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued. Any contingent consideration is recognised at fair value at the
acquisition date and subsequently until it is settled. The cost of the acquisition in excess of the Group\u2019s interest in the net fair value of the identifiable net assets acquired is
recorded as goodwill.
Non-controlling interests represent the portion of comprehensive income and equity in subsidiaries that is not attributable to the parent Company shareholders and is
presented separately from the parent shareholders\u2019 equity in the Consolidated Balance Sheet.
Intercompany transactions, balances, income and expenses on transactions between Group companies are eliminated. Profits and losses resulting from intercompany
transactions that are recognised in net assets are also eliminated. Accounting policies of subsidiaries are consistent with those adopted by the Group.
Revenue recognition
Revenue is recognised when control of the goods has passed to the buyer. All revenue is recognised on a point of time basis being primarily the point of delivery to
customers\u2019 sites. The majority of goods are dispatched by the Group\u2019s own distribution network and delivery often occurs on the day of dispatch although some are a few
days later therefore revenue is recognised on delivery to the customer site. None of the Group\u2019s contractual arrangements lead to revenue being recognised over time.
Revenue is the net invoiced sales value, after deducting promotional sales related discounts invoiced by customers, including: brand support costs; customer incentives; and
exclusive of value added tax of goods and services supplied to external customers during the year. Brand support costs are investments in customer promotional activities.
Sales are recorded based on the price specified in the sales invoices, net of any agreed discounts and rebates. Brand support accruals are included in the statement of
financial position.
Sales related discounts and rebates are calculated based on the expected amounts necessary to meet the claims of the Group\u2019s customers in respect of these discounts and
rebates. When the Group expects to grant a discount or rebate to a customer, this is treated as variable consideration and adjustments are made to the transaction price using
the expected value method. This variable consideration is only included to the extent that it is highly probable the inclusion will not result in a significant revenue reversal in
the future.
1. Accounting Policies continued
Excise tax
For the cocktail business, excise duties become payable on alcoholic products when goods are moved from bonded warehouses. This duty is effectively a production tax,
borne by the Group and passed on in full to customers through pricing. Excise duty on our own-produced goods are included within cost of goods sold and net revenue as
all sales are delivered duty paid.
Segment reporting
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses
that relate to transactions with any of the Group\u2019s other components and for which discrete financial information is available. Segment results that are reported to the Board
and senior executives (as chief operating decision makers) include items directly attributable to a segment as well as those that can be allocated on a consistent basis.
Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates
(\u201cthe functional currency\u201d). The consolidated financial statements are presented in \u00a3 sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are
remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets
and liabilities denominated in foreign currencies are recognised in the income statement in the same line in which the transaction is recorded.
Intangible assets
Goodwill
Goodwill represents the excess of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the
date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated
impairment charges. Impairment charges on goodwill are not reversed. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation
is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.
An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable or arises from contractual or other legal rights and its
fair value can be measured reliably.
Brands
Separately acquired brands are recognised at cost at the date of purchase. Brands acquired in a business combination are recognised at fair value at the acquisition date. Brands
acquired separately or through a business combination are assessed at the date of acquisition as to whether they have an indefinite life. The assessment includes whether the
brand name will continue to trade, and the expected lifetime of the brand. All brands acquired to date have been assessed as having an indefinite life as they are expected to
continue to contribute to the long-term future of the Group. The brands are reviewed annually for impairment, being carried at cost less accumulated impairment charges.
The fair value of a brand at the date of acquisition is based on the Relief from Royalties method, which is a valuation model based on discounted cash flows.
Customer relationships
Customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The customer relationships have a finite useful life and are
carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship.
The fair value of the customer relationships at the acquisition date was based on the Multiple Excess Earnings Method (MEEM) which is a valuation model based on discounted
cash flows. The useful lives of customer relationships are based on the churn rate of the acquired portfolio and are up to 10 years corresponding to a yearly amortisation of
between 10% and 33%. The useful lives of all intangible assets are reviewed annually and amended, as required, on a prospective basis.
Software costs
Software expenditure is recognised as an intangible asset only after its technical feasibility and commercial viability can be demonstrated. Acquired computer software
licences and software developed in-house are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs include resources focused
on delivery of capital projects where the choice has been made to use internal resources. These costs are amortised using the straight-line method over the expected useful
life of the software, which is 10 years.
Property, plant and equipment
Land and buildings comprise mainly factories, distribution sites and offices. All property, plant and equipment is stated at historical cost less accumulated depreciation and
impairments. Historical cost includes expenditure that is directly attributable to the acquisition or construction of the assets. The purchase price of an asset will include the fair
value of the consideration paid to acquire the asset. Borrowing costs directly attributable to acquisition, construction and/or production of assets that take a substantial time
to complete are capitalised.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can be measured reliably.
The carrying amount of any replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they
are incurred.
Land is not depreciated. Depreciation is charged from the date that assets, other than land, are available for use. It is calculated using the straight-line method to allocate the
cost to the residual values of the related assets using the following rates:
Buildings \u2013 1%
Leasehold buildings \u2013 Term of lease
Plant, equipment and vehicles \u2013 10% to 33%
Property, plant and equipment residual values and useful lives are reviewed, and adjusted if appropriate, at each year end date. The carrying value of the property, plant
and equipment is reviewed for impairment when events or changes in circumstances indicate that the recoverable amount may be less than the carrying value.
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.
An item of property, plant and equipment is derecognised on disposal or where no future economic benefits are expected to arise from the continued use of the asset.
Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are recognised within administration costs in the income statement.
1. Accounting Policies continued
Government grants
The Group recognises government grants in accordance with IAS 20. Grants received by the Group are recognised in the income statement and matched against the costs
that the grant are intended to compensate for and are therefore shown net.
Leases
The Group as lessee
For any new contracts entered into,the Group considers whether a contract is, or contains, a lease. A lease is defined as any contract, or part of a contract, that conveys the
right to use an asset (the underlying asset) for a period of time in exchange for consideration. To apply this definition the Group assesses whether the contract meets three
key evaluations which are whether:
\u2022 The contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available
to the Group;
\u2022 The Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the
defined scope of the contract; and
\u2022 The Group has the right to direct the use of the identified asset throughout the period of use. The Group assesses whether it has the right to direct the use of the identified
assets through the period of use. The Group assesses whether it has the right to direct \u201chow and for what purpose\u201d the asset is used throughout the period of use
Measurement and recognition of leases as a lessee
At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made
up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the
lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use assets on a
straight-line basis from the lease commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group also assesses the
right-of-use asset for impairment where such indicators exist.
Lease payments included in the measurement of the lease liability are made up of fixed payments, variable payments based on an index or rate, amounts expected to be
payable under a residual guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced
for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When
the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero.
The Group has elected to account for short-term leases and leases of low-value assets (less than \u00a31,000) using the practical expedients. Instead of recognising the right-of-
use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term.
On the balance sheet, right-of-use assets and lease liabilities have been disclosed separately.
Investment in associates
An associate is an entity over which the Group has significant influence that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. The investment is recognised initially
in the statement of financial position at cost, and is adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate.
On acquisition, any excess of the cost of the investments over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as
goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of identifiable assets and liabilities over the cost
of the investment, after reassessment, is recognised immediately in profit or loss in which the investment is acquired.
Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment charge is recognised in the income statement 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. In assessing value in use, the estimated future cash flows are discounted to their present value using a
post-tax discount rate that is based on current market assessments of the time value of money and risks specific to the asset for which the future cash flow estimates have not
been adjusted.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial
assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the impairment
loss was recognised although any reversal cannot result in a carrying amount that would exceed the carrying amount that would have been recognised, net of depreciation,
had no impairment loss been recognised in prior years.
Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity and debt securities, short-term investments, loans receivable, trade and other receivables, cash and cash
equivalents, loans and borrowings, put liability, contingent consideration and trade payables.
Trade receivables
Trade receivables are recognised initially at transaction price. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less
an allowance for expected credit losses (ECL). The Group always recognises lifetime ECL for trade receivables. The expected credit loss on these financial assets are estimated
using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. The carrying amount
of the asset is reduced by the allowance for expected credit losses and the amount of the loss is recognised in the income statement within administration costs.
Trade and other payables
Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
Investments
Investments in subsidiaries are carried at cost less impairment in the parent Company accounts.
Short-term investments
Short-term investments are interest-bearing deposits. They are recognised initially at fair value plus attributable transaction costs. Subsequent to initial recognition, they are
measured at amortised cost using the effective interest method. The Group always recognises 12-months ECL for trade short-term investments as they are low credit risk.
Financial assets classification
The Group classifies its financial assets at amortised costs if both the following criteria are met:
\u2022 The asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2022 The contractual terms give risk to cash flows that are solely payments of principal and interest on principal outstanding.
1. Accounting Policies continued
Recognition and derecognition of financial instruments
Purchases or sales of financial assets that require delivery of assets within a timeframe established by regulation or convention in the market-place (regular way trades) are
recognised at the trade date, i.e. the date that the Group commits to purchase or sell the asset. All other financial assets and financial liabilities are recognised at trade date.
Financial assets are derecognised when the rights to receive cash flows from the contractual assets have expired or have been transferred and the Group has transferred all
the risks and rewards of ownership.
Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, on demand deposits with banks and other short-term, highly liquid investments with maturities of three months or less,
which are readily convertible into known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the statement of cash flows, bank
overdrafts repayable on demand that form an integral part of the Group\u2019s cash management are included as components of cash and cash equivalents.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated
at amortised cost using the effective interest method.
Put liability
A put liability is recognised where the Group is obliged to purchase the shares of a subsidiary from non-controlling shareholders. It is initially measured at the present value
of the redemption amount in the consolidated financial statements with any changes in the measurement recognised in the income statement. The liability is recognised
as a non-current liability if it is not expected to be exercised within 12 months.
Contingent consideration
Contingent consideration resulting from business combinations, is measured at fair value using the income approach. When the contingent consideration meets the
definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value of contingent consideration is based
on cash flows and is classified as a non-current liability in the balance sheet.
Derivative financial instruments and hedging activities
The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risks using foreign exchange forward contracts. Further details of
derivative financial instruments are disclosed in Note 14.
Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value. The gain or loss on
remeasurement is recognised in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing
of the recognition in the income statement depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not
offset in the financial statements unless the Group has both legal right and intention to offset. The impact of hedging on the Group\u2019s financial position is disclosed in Note 14.
A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be
realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities.
Cash flow hedges
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk in cash flow hedges, including hedges of foreign exchange risk on
firm commitments.
At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether
the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship
meets all of the following hedge effectiveness requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument;
\u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. (The Group does not consider credit risk to be material but will
monitor on an ongoing basis); and
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the
hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The Group designates the full change in the fair value of a forward contract as the hedging instruments for all of its hedging relationships.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and
accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement
within administration costs. Amounts accumulated in equity are recycled through the income statement in the period when the hedged item affects profit or loss.
Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs
of completing production and selling expenses.
The cost of inventories is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their primary distribution
location and condition. This includes direct labour costs and an appropriate share of overheads based on normal operating activity.
Company shares held by employee benefit trusts
Company shares are purchased on behalf of employee benefit trusts to satisfy the liability of various employee share schemes. The amount of the consideration paid,
including directly attributable costs, is recognised as a charge in equity. Purchased shares are classified as Company shares held by employee benefit trusts, and presented
as a deduction from retained earnings.
Current and deferred income tax
Tax on the profit or loss for the year comprises current and deferred tax.
Current tax is charged in the income statement except where it relates to tax on items recognised directly in equity, in which case it is charged to equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the year end date and any adjustment to tax
payable in respect of previous years.
Deferred tax is provided in full using the liability method, providing for temporary differences between the tax bases of assets and liabilities and their carrying amounts,
in the consolidated financial statements.
1. Accounting Policies continued
The following temporary differences are not provided for:
\u2022 The initial recognition of goodwill; and
\u2022 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the year end date and are expected to apply when the related deferred
tax asset is realised or the deferred tax liability is settled. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Employee benefits
Retirement benefit plans
The Group operates two pension schemes, as detailed in Note 27. The schemes are generally funded through payments to trustee-administered funds. The Group has both
defined benefit and defined contribution plans.
Defined contribution pension plans
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Obligations for contributions are recognised as an
expense in the income statement as they fall due. The Group has no further payment obligations once the contributions have been paid.
Defined benefit pension plans
A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will
receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability/surplus recognised in the statement of financial position in respect of defined benefit pension plans is the present value of plan assets less the fair value of the
defined benefit obligation. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that
are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial 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.
The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. The gain or loss on a settlement is the difference between
the present value of the defined benefit obligation being settled as determined on the date of settlement and the settlement price, including any plan assets transferred and
any payments made directly by the Group in connection with the settlement.
The Group\u2019s defined benefit plan was closed to future accrual on 1 May 2016.
Share-based compensation
The Group grants equity-settled share-based payments to certain employees. These are measured at fair value (excluding the effect of non-market-based vesting conditions)
at the grant date. The fair value of the equity-settled share-based payment determined at the grant date is expensed on a straight-line basis over the vesting period, based on
the Group\u2019s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. Fair value is measured using the Black-Scholes
pricing model.
The Group also provides employees with the ability to purchase the Company\u2019s ordinary shares at a discount to the current market value through payroll.
The Group records as an expense the fair value of the discount on the shares purchased by the employee as a charge to the income statement and a credit to the share
options reserve.
At each year end date, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact
of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to the share options reserve.
Profit-sharing and bonus plans
The Group recognises a liability and an expense for various bonuses based on formulae that take into consideration the profit attributable to the Company\u2019s shareholders
after certain adjustments.
The Group recognises a provision where there is a contractual obligation or where there is a past practice that has created a constructive obligation.
Provisions
A provision is recognised if, as the result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an
outflow of economic benefits will be required to settle the obligation.
A restructuring provision is recognised when the Group has approved a detailed and formal restructuring plan which has been either announced or has commenced.
Future operating costs are not provided for.
Dividend distributions
Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by
the Company\u2019s shareholders.
Share repurchase programme
Any share repurchase programmes would result in the cancellation of repurchased shares and the transfer of the relevant permanent capital into a Capital Redemption
Reserve. The Capital Redemption Reserve is included in \u201cOther reserves\u201d within equity. Refer to Note 28.
Alternative performance measures
Alternative performance measures (APMs) are tracked by management to assess the Group\u2019s operating performance and to inform financial, strategic and operating decisions.
These are therefore presented within the Annual Report and Accounts. Definitions of APMs and reconciliation to GAAP measures can be found in the Glossary on pages 199
to 204.
Adjusting items
The Group excludes adjusting items from its non-GAAP measures because of their size, frequency and nature to allow shareholders to better understand the elements of
financial performance in the year, so as to facilitate comparison with prior periods and to assess trends in financial performance more readily. These items are primarily
non-operational.
1. Accounting Policies continued
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make assumptions and estimates that affect the amounts reported for assets and liabilities as at the statement of
financial position date and the amounts reported for revenues and expenses during the year. Due to the nature of estimation, the actual outcomes may well differ from these estimates.
The directors do not consider there to be any critical accounting judgements. The key sources of estimation uncertainty at the end of the reporting period that may have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are:
Estimates
Retirement benefit obligations
The determination of any defined benefit pension scheme surplus/obligation is based on assumptions determined with independent actuarial advice. The assumptions used
include discount rate, inflation, pension increases, salary increases, the expected return on scheme assets and mortality assumptions. The material estimations are those for
which a sensitivity analysis is provided in Note 27. The directors consider that those sensitivities provided in Note 27 represent the range of possible outcomes that could
reasonably be expected to occur in the next 12 months.
Sales related rebates and discounts
The Group agrees to pay customers various amounts in the form of sales related rebates and discounts. Accruals are made for each individual promotion or rebate based
on the specific terms and conditions of the customer agreement. Management make estimates on an ongoing basis to assess customer performance and sales volume to
calculate the total amounts earned to be deducted from revenue. Based on total rebate and discount spend in the year 3% of spend would need to be omitted to result in
a material error in the value of accruals made at year end.
Climate change considerations
Climate change is a global challenge and an emerging risk to businesses, people and the environment across the world. We have a role to play in limiting warming by improving
our energy management, reducing our carbon emissions and by helping our customers and suppliers do the same. In our view, climate change does not create any further key
sources of estimation uncertainty in these financial statements. For further details, see the Risk Management and Sustainability sections of the Strategic Report.
2. Segment reporting
The Board and senior executives have been identified as the Group's chief operating decision-makers, who review the Group's internal reporting in order to assess
performance and allocate resources.
The performance of the operating segments is assessed by reference to their gross profit.
Year ended 29 January 2023
Soft drinks
\u00a3m
Cocktail
solutions
\u00a3m
Other
\u00a3m
Total
\u00a3m
Total revenue 266.6 42.8 8.2 317.6
Gross profit 109.6 16.2 2.3 128.1
Year ended 30 January 2022
Soft drinks
\u00a3m
Cocktail
solutions
\u00a3m
Other
\u00a3m
Total
\u00a3m
Total revenue 230.6 36.9 1.1 268.6
Gross profit 103.5 14.7 0.4 118.6
There are no material intersegment sales. All revenue is in relation to product sales, which is recognised at a point in time, upon delivery to the customer.
All of the assets and liabilities of the Group are managed on a central basis rather than at a segment level. As a result, no reconciliation of segment assets and liabilities to the
statement of financial position has been disclosed for either of the periods presented.
Included in revenues arising from the above segments are revenues of approximately \u00a360.3m, which arose from sales to the Group\u2019s largest customer (2022: \u00a351.5m).
No other single customers contributed 10% or more to the Group\u2019s revenue in either 2022 or 2023.
All of the segments included within \u201cSoft drinks\u201d and \u201cCocktail solutions\u201d meet the aggregation criteria set out in IFRS 8 Operating Segments.
Geographical information
The Group operates predominantly in the UK with some worldwide sales. All of the operations of the Group are based in the UK.
Revenue
2023
\u00a3m
2022
\u00a3m
UK 303.7 257.3
Rest of the world 13.9 11.3
317.6 268.6
The rest of the world revenue includes sales to the Republic of Ireland and international wholesale export houses.
All of the assets of the Group are located in the UK.
3. Profit before tax
The following items have been included in arriving at profit before tax:
Note
2023
\u00a3m
2022
\u00a3m
Depreciation of property, plant and equipment 12 8.2 8.4
Depreciation of right-of-use assets
13 1.6 1.5
Amortisation of intangible assets
11 1.2 1.3
Cost of inventories charged in cost of sales 189.5 150.0
Trade receivables impairment movement
20 0.1 \u2013
Staff costs
4 55.6 50.2
R&D costs for the year totalled \u00a31.4m (2022: \u00a31.3m), with elements of these costs included in the table above.
Included within administration costs (Note 6) is the auditor\u2019s remuneration, including expenses for audit and non-audit services.
3. Profit before tax continued
The cost includes services from the Company\u2019s auditor and its associates:
2023
\u00a3'000
2022
\u00a3'000
Statutory audit services
Fees payable to the auditor of the parent Company and consolidated accounts 229 170
Fees payable to the auditor for other services:
Audit of the Company's subsidiaries pursuant to legislation \u2013 20
Audit-related assurance services 35 30
Other services 6 5
4. Employees and directors
2023 2022
Average monthly number of people employed by the Group (including executive directors)
Production and distribution 644 643
Administration 293 236
937 879
Staff costs for the Group for the year
2023
\u00a3m
2022
\u00a3m
Wages and salaries 44.2 40.2
Social security costs 5.4 4.8
Share-based payments 2.0 1.2
Pension costs \u2013 defined contribution plans 4.0 3.8
Pension costs \u2013 defined benefit plans \u2013 0.2
55.6 50.2
5. Other income
2023
\u00a3m
2022
\u00a3m
Gain on sale of property 1.3 0.7
Total 1.3 0.7
The gain on sale has been included as an adjusting item, See adjusted income statement on page 201.
6. Operating expenses
2023
\u00a3m
2022
\u00a3m
Distribution costs (including selling costs) 48.7 41.7
Administration costs 35.4 34.9
84.1 76.6
7. Net finance costs
2023
\u00a3m
2022
\u00a3m
Interest receivable on short-term deposits 0.5 \u2013
Interest payable (0.2) (0.2)
Lease interest (0.1) (0.1)
Finance costs relating to defined benefit pension plans (Note 27) \u2013 (0.1)
Unwind of discount (1.1) \u2013
(0.9) (0.4)
8. Taxation
Group
2023
\u00a3m
2022
\u00a3m
Charge/(credit) to the income statement
Current tax on profits for the year 7.0 7.1
Adjustments in respect of prior years 0.7 (0.3)
Total current tax expense 7.7 6.8
Deferred tax
Origination and reversal of:
Temporary differences 3.5 1.3
Adjustment for change in corporation tax rate \u2013 5.7
Adjustments in respect of prior years (0.7) 0.6
Total deferred tax expense (Note 25) 2.8 7.6
Total tax expense 10.5 14.4
In addition to the above movements in deferred tax, a deferred tax debit of \u00a30.6m (2022: credit of \u00a30.3m) has been recognised in other comprehensive income and a debit of
\u00a30.2m (2022: credit of \u00a30.4m) has been taken direct to reserves (Note 25). In addition, a deferred tax liability of \u00a34.3m has been recognised on the acquisition of Boost (Note 15).
8. Taxation continued
The tax on the Group's profit before tax differs from the amount that would arise using the tax rate applicable to the consolidated profits of the Group as follows:
2023
\u00a3m
2023
%
2022
\u00a3m
2022
%
Profit before tax 44.4 42.2
Tax at 19% (2022: 19.0%) 8.4 19.0 8.0 19.0
Tax effects of:
Items that are not deductible in determining taxable profit 2.1 4.6 0.4 0.9
Current tax adjustment in respect of prior years 0.7 1.6 (0.3) (0.7)
Deferred tax adjustment in respect of prior years (0.7) (1.6) 0.6 1.4
Deferred tax adjustment in respect of change in corporation tax rates \u2013 \u2013 5.7 13.5
Total tax expense 10.5 23.6 14.4 34.1
The weighted average tax rate was 23.6% (2022: 34.1%).
In March 2021, the UK Government announced that the corporation tax rate would increase from 19% to 25% effective from 1 April 2023, which was substantively enacted on
24 May 2021. The impact of this was a one-off increase in the deferred tax charge of \u00a35.7m. The Finance Act 2022, which received Royal Assent on 24 February 2022, will not
have any impact on the corporation tax figures.
9. Earnings per share
Basic earnings per share has been calculated by dividing the earnings attributable to equity holders of the parent by the weighted average number of shares in issue during the
year, excluding shares held by the employee share scheme trusts.
2023 2022
Profit attributable to equity holders of the Company (\u00a3m) 33.9 27.9
Weighted average number of ordinary shares in issue 111,258,209 111,187,778
Basic earnings per share (pence) 30.47 25.09
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. These
represent share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year. The number
of shares as calculated above is compared with the number of shares that would have been issued assuming the exercise of the share options.
2023 2022
Profit attributable to equity holders of the Company (\u00a3m) 33.9 27.9
Weighted average number of ordinary shares in issue 111,258,209 111,187,778
Adjustment for dilutive effect of share options 920,512 657,074
Diluted weighted average number of ordinary shares in issue 112,178,721 111,844,852
Diluted earnings per share (pence) 30.22 24.95
10. Dividends
Dividends paid in the financial year were as follows:
2023
per share
2022
per share
2023
\u00a3m
2022
\u00a3m
Final dividend 10.00p \u2013 11.1 \u2013
Interim dividend 2.50p 2.00p 2.8 2.2
Special dividend \u2013p 10.00p \u2013 11.2
12.50p 12.00p 13.9 13.4
The directors have proposed a final dividend in respect of the year ended 29 January 2023 of 10.6p per share. It will be paid on 9 June 2023 to all shareholders who are on
the Register of Members on 12 May 2023.
In the year ended 30 January 2022, following a review of the Group's net cash position and future funding requirements, the Board approved a special dividend of 10.0p per
share recognising the benefit of a number of one-off cash inflows that were outside normal trading.
Dividends payable in respect of the financial year were as follows:
2023
per share
2022
per share
Final dividend 10.60p 10.00p
Interim dividend 2.50p 2.00p
13.10p 12.00p
Special dividend \u2013 10.00p
Total dividend payable 13.10p 22.00p
11. Intangible assets
Group
Goodwill
\u00a3m
Brands
\u00a3m
Customer
relationships
\u00a3m
Water rights
\u00a3m
Software
development
costs
\u00a3m
Total
\u00a3m
Cost
At 24 January 2021 39.0 57.1 3.9 0.7 11.8 112.5
Additions 1.0 8.4 \u2013 \u2013 \u2013 9.4
At 30 January 2022 40.0 65.5 3.9 0.7 11.8 121.9
Additions 1.9 16.9 \u2013 \u2013 \u2013 18.8
At 29 January 2023 41.9 82.4 3.9 0.7 11.8 140.7
Amortisation and impairment losses
At 24 January 2021 3.6 7.3 3.8 0.7 6.6 22.0
Amortisation for the year \u2013 \u2013 0.1 \u2013 1.2 1.3
At 30 January 2022 3.6 7. 3 3.9 0.7 7.8 23.3
Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2
At 29 January 2023 3.6 7.3 3.9 0.7 9.0 24.5
Carrying amounts
At 29 January 2023 38.3 75.1 \u2013 \u2013 2.8 116.2
At 30 January 2022 36.4 58.2 \u2013 \u2013 4.0 98.6
During the year ended 29 January 2023, the Group acquired a 100% interest in Boost Drinks Holdings Limited (\u201cBoost\u201d). In addition the Group acquired the remaining 38.2%
interest in MOMA Foods Ltd (\"MOMA\") having acquired a 61.8% controlling interest in the prior year. Details of brand and goodwill recognised on acquisition are included in
Note 15.
The remaining goodwill and brands recognised relate primarily to the acquisition of Rubicon Drinks Limited and FUNKIN Limited. The software development costs represent
internally generated software development costs and third party consultancy costs in relation to the Business Process Redesign project implemented in 2015.
The opening customer relationships balance represents intangible assets recognised on the acquisition of Rubicon Drinks Limited and FUNKIN Limited. The amortisation
charge represents the spreading of the cost over the assets' expected useful lives. All customer relationships are fully amortised.
The amortisation costs for the year to 29 January 2023 have been included in the income statement as administration costs.
Company
Goodwill
\u00a3m
Brands
\u00a3m
Customer
relationships
\u00a3m
Water rights
\u00a3m
Software
development
costs
\u00a3m
Total
\u00a3m
Cost
At 24 January 2021 1.9 7. 3 1.0 0.7 11.8 22.7
At 30 January 2022 1.9 7.3 1.0 0.7 11.8 22.7
At 29 January 2023 1.9 7.3 1.0 0.7 11.8 22.7
Amortisation and impairment losses
At 24 January 2021 1.9 7. 3 1.0 0.7 6.7 17.6
Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2
At 30 January 2022 1.9 7.3 1.0 0.7 7.9 18.8
Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2
At 29 January 2023 1.9 7.3 1.0 0.7 9.1 20.0
Carrying amounts
At 29 January 2023 \u2013 \u2013 \u2013 \u2013 2.7 2.7
At 30 January 2022 \u2013 \u2013 \u2013 \u2013 3.9 3.9
The goodwill and brands recognised in the Company relate to the acquisition of the Strathmore Water business. The software development costs represent internally
generated software development costs and third party consultancy costs incurred in relation to the Business Process Redesign project.
Impairment tests for goodwill and brands
For impairment testing, goodwill and brands are allocated to the cash-generating unit (CGU) representing the lowest level at which goodwill is monitored for internal
management purposes. The Group tests whether there has been any impairment of intangible assets on an annual basis or when there is an indication of impairment.
The recoverable amount of a CGU is based on value in use calculations. These calculations use pre-tax cash flow projections based on financial forecasts approved
by management which cover a five-year period. Cash flows beyond five years are extrapolated using the growth rates and other key assumptions noted below.
The aggregate carrying amounts of goodwill allocated to each CGU are:
At 29 January 2023
Goodwill
\u00a3m
Brands
\u00a3m
Total
\u00a3m
Rubicon 21.0 43.0 64.0
FUNKIN 14.4 6.8 21.2
MOMA 1.0 8.4 9.4
Boost 1.9 16.9 18.8
Total 38.3 75.1 113.4
At 30 January 2022
Goodwill
\u00a3m
Brands
\u00a3m
Total
\u00a3m
Rubicon 21.0 43.0 64.0
FUNKIN 14.4 6.8 21.2
MOMA 1.0 8.4 9.4
Total 36.4 58.2 94.6
11. Intangible assets continued
Key assumptions for each CGU:
2023 2022
Long-term
growth rate
%
Discount
rate
%
Long-term
growth rate
%
Discount
rate
%
Rubicon 3.0 9.5 2.0 8.7
FUNKIN 3.0 9.5 2.0 8.7
MOMA 3.0 9.5 3.0 18.0
Boost 2.3 9.5 \u2013 \u2013
Key assumptions used in value in use calculations
The following describes each key assumption on which management has based its cash flow projections to undertake impairment testing of goodwill:
\u2022 Volume growth rates \u2013 reflect management expectations of volume growth based on growth achieved to date, current strategy and expected market trends, and will vary
according to each CGU.
\u2022 Marginal contribution \u2013 being revenue less material costs and all other marginal costs that management considers to be directly attributable to the sale of a given product.
Marginal contribution is based on approved financial budgets. Key assumptions are made within these budgets about pricing, discounts and costs based on historical data,
current strategy and expected market trends.
\u2022 Advertising and promotional spend \u2013 financial budgets approved by management are used to determine the value assigned to advertising and promotional spend. This is
based on planned spend for year one and strategic intent thereafter.
\u2022 Raw material price, production and distribution costs, selling costs and other overhead inflation \u2013 based on approved financial budgets, which incorporate current material
coverage, current strategy and expected market trends.
\u2022 The discount rate reflects management\u2019s estimate of post-tax cost of capital adjusted for the specific risks impacting on each operating unit. The estimated pre-tax cost of
capital is based on guidance provided by an independent third party to the Group.
Sensitivity analysis was carried out on the above calculations to review possible levels of impairment under a range of different assumptions, e.g. adjusting discount rates. At a
pre-tax rate of 20%, or a reduction in long-term growth of 1%, there would be no impairment. Whilst cash flow projections used within the impairment reviews are subject to
inherent uncertainty, reasonably possible changes to the key assumptions applied in assessing the value in use calculation would not result in a change in the impairment
conclusions reached.
12. Property, plant and equipment
Group
Land and buildings
Plant,
equipment
and vehicles
\u00a3m
Assets under
construction
\u00a3m
Total
\u00a3m
Freehold
\u00a3m
Long
leasehold
\u00a3m
Cost or deemed cost
At 24 January 2021 64.8 0.4 109.9 2.6 17 7.7
Additions 0.2 \u2013 1.0 4.6 5.8
Transfer from assets under construction 0.6 \u2013 2.7 (3.3) \u2013
Disposals (0.1) \u2013 (0.4) \u2013 (0.5)
At 30 January 2022 65.5 0.4 113.2 3.9 183.0
Additions 0.4 \u2013 4.0 12.6 17.0
Transfer from assets under construction 0.3 \u2013 0.3 (0.6) \u2013
Disposals (0.3) \u2013 (6.9) \u2013 (7.2)
At 29 January 2023 65.9 0.4 110.6 15.9 192.8
Depreciation
At 24 January 2021 7.4 0.4 73.5 \u2013 81.3
Amount charged for year 0.8 \u2013 7.6 \u2013 8.4
Disposals (0.1) \u2013 (0.4) \u2013 (0.5)
At 30 January 2022 8.1 0.4 80.7 \u2013 89.2
Amount charged for year 0.8 \u2013 7.4 \u2013 8.2
Disposals (0.1) \u2013 (7.0) \u2013 (7.1)
At 29 January 2023 8.8 0.4 81.1 \u2013 90.3
Net book value
At 29 January 2023 57.1 \u2013 29.5 15.9 102.5
At 30 January 2022 57.4 \u2013 32.5 3.9 93.8
12. Property, plant and equipment continued Company Land and buildings Plant, equipment and vehicles \u00a3m Assets under construction \u00a3m Total \u00a3m Freehold \u00a3m Long leasehold \u00a3m Cost or deemed cost At 24 January 2021 41.9 0.3 109.1 2.7 154.0 Additions 0.1 \u2013 0.9 4.5 5.5 Transfer from assets under construction 0.6 \u2013 2.7 (3.3) \u2013 Disposals \u2013 \u2013 (0.4) \u2013 (0.4) At 30 January 2022 42.6 0.3 112.3 3.9 159.1 Additions 0.4 \u2013 3.9 12.6 16.9 Transfer from assets under construction 0.3 \u2013 0.3 (0.6) \u2013 Disposals (0.3) \u2013 (7.0) \u2013 (7.3) At 29 January 2023 43.0 0.3 109.5 15.9 168.7 Depreciation At 24 January 2021 4.0 0.3 72.8 \u2013 77.1 Amount charged for year 0.5 \u2013 7.5 \u2013 8.0 Disposals \u2013 \u2013 (0.4) \u2013 (0.4) At 30 January 2022 4.5 0.3 79.9 \u2013 84.7 Amount charged for year 0.5 \u2013 7. 2 \u2013 7.7 Disposals (0.1) \u2013 (6.9) \u2013 (7.0) At 29 January 2023 4.9 0.3 80.2 \u2013 85.4 Net book value At 29 January 2023 38.1 \u2013 29.3 15.9 83.3 At 30 January 2022 38.1 \u2013 32.4 3.9 74.4 At 29 January 2023, the Group and the Company had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a38.7m (2022: \u00a39.5m) . 13. Leases
This note provides information for leases where the Group is a lessee. The Group is not a lessor.
(i) Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Right-of-use assets
Buildings 1.8 0.7 18.9 19.7
Plant, equipment and vehicles 3.6 3.5 4.1 3.5
5.4 4.2 23.0 23.2
Lease liabilities
Current 1.5 1.3 2.9 2.6
Non-current 3.6 2.8 18.4 19.3
5.1 4.1 21.3 21.9
Company only right-of-use assets and lease liabilities relate to assets leased under the asset-backed funding arrangements, as outlined in Note 27.
Additions to the right-of-use assets during 2023 were \u00a32.9m (2022:\u00a33.1m) for the Group \u00a31.4m (2022: \u00a33.1m) for the Company.
(ii) Amounts recognised in the income statement
The income statement shows the following amounts relating to leases:
2023
\u00a3m
2022
\u00a3m
Depreciation charge of right-of-use assets
Buildings 0.6 0.4
Plant, equipment and vehicles 1.0 1.1
1.6 1.5
Interest expense (including finance cost) 0.1 0.1
Expense related to short-term leases (included in cost of goods sold and administrative expenses) 0.1 0.1
The total cash outflow for leases in 2023 was \u00a31.7m (2022: \u00a31.5m).
At 29 January 2023 the Group has no commitments for short-term leases.
There are no expenses in relation to variable lease payments not included in the measurement of the lease liabilities or income from sub-leasing right-of-use assets.
13. Leases continued
(iii) The Group\u2019s leasing activities and how these are accounted for
The Group leases various offices, equipment and vehicles. Rental contracts are typically made for fixed periods of 12 months to 10 years, but may have extension options
as described in (iv).
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their
relative stand-alone prices. However for leases for real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead
accounts for these as a single lease.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other
than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date
\u2022 Amounts expected to be payable by the Group under residual value guarantees
\u2022 The exercise price of a purchase option if the Group is reasonably certain to exercise that option
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group,
the lessee\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the
right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
\u2022 Where possible, uses recent third-party financing received by the Group as a starting point, adjusted to reflect changes in financing conditions since third-party financing
was received
\u2022 Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases
\u2022 Makes adjustments specific to the lease, e.g. term, country, currency and security
Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives received
\u2022 Any initial direct costs
\u2022 Restoration costs
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
Payments associated with short-term leases of equipment and vehicles, and all leases of low-value assets, are recognised on a straight-line basis as an expense in the income
statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.
(iv) Extension and termination options
Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms
of managing the assets used in the Group\u2019s operations. The majority of extension and termination options are exercisable only by the Group and not by the respective lessor.
(v) Residual value guarantees
To optimise lease costs during the contract period, the Group sometimes provides residual value guarantees in relation to equipment leases.
The Group initially estimates and recognises amounts expected to be paid under residual value guarantee as part of the lease liability. Typically, the expected residual value
at lease commencement is equal to or higher than the guaranteed amount, so the Group does not expect to pay anything under the guarantees.
14. Financial instruments
2023
\u00a3m
2022
\u00a3m
Derivative financial assets \u2013 current
Derivatives that are designated and effective as hedging instruments carried at fair value:
Foreign currency forward contracts 0.1 \u2013
Derivative financial liabilities \u2013 current
Derivatives that are designated and effective as hedging instruments carried at fair value:
Foreign currency forward contracts 0.1 0.2
It is the policy of the Group to enter into foreign exchange forward contracts to manage the foreign currency risk associated with anticipated purchase transactions out to
18 months. This is hedged on a sliding scale basis where the nearer the time of the purchase, the greater the amount hedged will be.
For the hedges of highly probable forecast purchases, as the critical terms (i.e. the notional amount, life and underlying contracts) of the foreign exchange forward contracts
and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the forward contracts
and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying exchange rates. The Group
assesses the ineffectiveness by comparing past changes in the fair value of the foreign exchange forward contracts with changes in the fair value of a hypothetical derivative.
The main sources of hedge ineffectiveness in these hedging relationships are foreign currency basis spread and the effect of the counterparty and the Group\u2019s own credit risk
on the fair value of the forward contracts, which is not reflected in the fair value of the hedged item attributable to changes in foreign exchange rates. Both items are not
material to the Group. No other sources of ineffectiveness emerged from these hedge relationships.
The cumulative amount of gains and losses on effective hedging instruments are held within the cashflow reserve in \u2018Other reserves\u2019.
14. Financial instruments continued
The following table details the foreign currency forward contracts outstanding at the end of the reporting period, as well as information regarding their related hedged items.
Foreign currency forward contract assets and liabilities are presented in the line \u201cDerivative financial instruments\u201d (either as assets or as liabilities) within the statement of
financial position. All of the currency forward contracts are designated as cash flow hedges.
Average exchange rate
Notional value:
Foreign currency
Notional value:
Local currency
Carrying amount of the hedging
instruments liabilities
2023 2022
2023
\u20acm
2022
\u20acm
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Buy EUR
Less than 3 months 1.15 1.17 4.3 3.6 3.8 3.1 0.1 (0.1)
3 to 6 months 1.14 1.16 3.5 3.1 3.1 2.5 \u2013 (0.1)
6 to 12 months 1.13 1.16 2.5 1.8 2.2 1.6 \u2013 \u2013
over 12 months 1.12 1.15 0.4 0.4 0.4 0.3 \u2013 \u2013
2023 2022
2023
$m
2022
$m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Buy USD
Less than 3 months 1.22 \u2013 1.7 \u2013 1.4 \u2013 (0.1) \u2013
3 to 6 months 1.22 1.35 1.3 1.4 1.1 1.0 \u2013 \u2013
\u2013 (0.2)
Group and Company
Fair value hierarchies 1 to 3 are based on the degree to which fair value is observable:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These
valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. The fair value of the forward
foreign exchange contracts is determined using forward exchange rates at the date of the statement of financial position, with the resulting value discounted accordingly
as relevant.
The following tables show the carrying amounts and fair values of financial assets and financial liabilities. It does not include fair value information for financial assets and
financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Carrying amount
Group
At 29 January 2023
Fair value \u2013
hedging
instruments
\u00a3m
Other financial
assets at
amortised cost
\u00a3m
Other financial
liabilities at fair
value through
profit and loss
\u00a3m
Other financial
liabilities at
amortised cost
\u00a3m
Total
\u00a3m
Financial assets \u2013 Non-current
Loan receivable* \u2013 0.5 \u2013 \u2013 0.5
Loan receivable from associate \u2013 1.0 \u2013 \u2013 1.0
\u2013 1.5 \u2013 \u2013 1.5
Financial assets \u2013 Current
Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 \u2013 0.1
Trade receivables \u2013 55.8 \u2013 \u2013 55.8
Short-term investments \u2013 40.0 \u2013 \u2013 40.0
Cash and cash equivalents \u2013 13.6 \u2013 \u2013 13.6
0.1 109.4 \u2013 \u2013 109.5
Financial liabilities \u2013 Non-current
Contingent consideration \u2013 \u2013 0.8 \u2013 0.8
Lease liabilities \u2013 \u2013 \u2013 3.6 3.6
\u2013 \u2013 0.8 3.6 4.4
Financial liabilities \u2013 Current
Bank borrowings \u2013 \u2013 \u2013 0.7 0.7
Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 \u2013 0.1
Lease liabilities \u2013 \u2013 \u2013 1.5 1.5
Accruals \u2013 \u2013 \u2013 27.2 27.2
Trade payables \u2013 \u2013 \u2013 37.2 37.2
0.1 \u2013 \u2013 66.6 66.7
14. Financial instruments continued
The contingent consideration is carried at fair value and classified as level 3 fair value in the fair value hierarchy. The main unobservable input is whether or the profit targets
for the pay-out are expected to be met. The performance targets are expected to be met and the fair value of this contingent consideration earned was estimated to be
\u00a30.8m at 29 January 2023. See also Note 24.
Carrying amount
Group
At 30 January 2022
Fair value \u2013
hedging
instruments
\u00a3m
Other financial
assets at
amortised cost
\u00a3m
Other financial
liabilities at fair
value through
profit and loss
\u00a3m
Other financial
liabilities at
amortised cost
\u00a3m
Total
\u00a3m
Financial assets \u2013 Non-current
Loan receivable* \u2013 0.5 \u2013 \u2013 0.5
Loan receivable from associate \u2013 1.0 \u2013 \u2013 1.0
\u2013 1.5 \u2013 \u2013 1.5
Financial assets \u2013 Current
Trade receivables \u2013 41.6 \u2013 \u2013 41.6
Cash and cash equivalents \u2013 68.7 \u2013 \u2013 68.7
\u2013 110.3 \u2013 \u2013 110.3
Financial liabilities \u2013 Non-current
Put option \u2013 \u2013 5.0 \u2013 5.0
Lease liabilities \u2013 \u2013 \u2013 2.8 2.8
\u2013 \u2013 5.0 2.8 7.8
Financial liabilities \u2013 Current
Bank borrowings \u2013 \u2013 \u2013 0.3 0.3
Foreign exchange contracts used for hedging 0.2 \u2013 \u2013 \u2013 0.2
Lease liabilities \u2013 \u2013 \u2013 1.3 1.3
Accruals \u2013 \u2013 \u2013 31.3 31.3
Trade payables \u2013 \u2013 \u2013 15.8 15.8
0.2 \u2013 \u2013 48.7 48.9
* The loan receivable was provided in August 2021. The earliest repayment date is August 2023.
Carrying amount
Company
At 29 January 2023
Fair value \u2013
hedging
instruments
\u00a3m
Other financial
assets at
amortised cost
\u00a3m
Other financial
liabilities at
amortised cost
\u00a3m
Total
\u00a3m
Financial assets \u2013 Non-current
Loan receivable* \u2013 0.5 \u2013 0.5
Loan receivable from associate \u2013 1.0 \u2013 1.0
\u2013 1.5 \u2013 1.5
Financial assets \u2013 Current
Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 0.1
Trade and other receivables and amounts due from subsidiary companies \u2013 39.0 \u2013 39.0
Short term investments \u2013 40.0 \u2013 40.0
Cash and cash equivalents \u2013 11.5 \u2013 11.5
0.1 90.5 \u2013 90.6
Financial liabilities \u2013 Non-current
Contingent consideration \u2013 0.8 \u2013 0.8
Lease liabilities \u2013 \u2013 18.4 18.4
\u2013 0.8 18.4 19.2
Financial liabilities \u2013 Current
Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 0.1
Lease liabilities \u2013 \u2013 2.9 2.9
Accruals \u2013 \u2013 20.6 20.6
Trade payables and amounts due to other subsidiary companies \u2013 \u2013 33.0 33.0
0.1 \u2013 56.5 56.6
14. Financial instruments continued
Carrying amount
Company
At 30 January 2022
Fair value \u2013
hedging
instruments
\u00a3m
Other financial
assets at
amortised cost
\u00a3m
Other financial
liabilities at
amortised cost
\u00a3m
Total
\u00a3m
Financial assets \u2013 Non-current
Loan receivable* \u2013 0.5 \u2013 0.5
Loan receivable from associate \u2013 1.0 \u2013 1.0
\u2013 1.5 \u2013 1.5
Financial assets \u2013 Current
Trade and other receivables and amounts due from subsidiary companies \u2013 34.6 \u2013 34.6
Cash and cash equivalents \u2013 59.1 \u2013 59.1
\u2013 93.7 \u2013 93.7
Financial liabilities \u2013 Non-current
Lease liabilities \u2013 \u2013 19.3 19.3
\u2013 \u2013 19.3 19.3
Financial liabilities \u2013 Current
Foreign exchange contracts used for hedging 0.2 \u2013 \u2013 0.2
Accruals \u2013 \u2013 27.1 27.1
Lease liabilities \u2013 \u2013 2.6 2.6
Trade payables and amounts due to other subsidiary companies \u2013 \u2013 25.9 25.9
0.2 \u2013 55.6 55.8
* The loan receivable was provided in August 2021. The earliest repayment date is August 2023.
All financial instruments at fair value sit within Level 2 of the fair value hierarchy with the exception of the contingent consideration that sits within Level 3.
The carrying amount of the other financial assets and liabilities approximates to the fair value due to the short term to maturity and/or not bearing interest.
The cumulative amount of gains and losses on effective hedging instruments are held within the cash flow hedge reserve in \"Other reserves\".
15. Investment in subsidiaries
Company
2023
\u00a3m
2022
\u00a3m
Opening investment in subsidiaries 90.3 84.1
Investments made in the year 23.3 6.2
Closing investment in subsidiaries 113.6 90.3
On 5 December 2022, the Group acquired 100% of the shares and voting interests in Boost Drinks Holdings Limited (\"Boost\") granting it control. Included in the identifiable
assets and liabilities of Boost are inputs (inventories, receivables and payables) and an experienced workforce with technical expertise. The Group has concluded that,
together, the acquired inputs and processes are a business that will create value by generating revenue in the soft drinks category, supported by the Group's brand
building capability.
For the two months ended 29 January 2023, Boost contributed revenue of \u00a37.3m and had an immaterial impact on profit. Had Boost been a subsidiary for the full financial
year, it would have contributed c.\u00a350m revenue to the Group and c.\u00a31.0m profit.
The value of the identifiable assets and liabilities of Boost at the date of acquisition were:
\u00a3m
Property, plant and equipment 0.2
Right-of-use assets 0.3
Intangible assets 16.9
Inventory 6.0
Trade receivables 8.5
Cash and cash equivalents 1.3
Trade payables (7.1)
Accruals (2.8)
Lease creditors (0.3)
Other taxes and social security (0.7)
Current tax (0.2)
Deferred tax (4.1)
Total identifiable net assets acquired 18.0
Goodwill 1.9
Value on acquisition 19.9
Total consideration 19.9
Represented by:
Cash 19.9
The acquisition includes a potential additional consideration of up to \u00a312.0m payable depending on the successful delivery of future performance during an earn-out period
commencing 1 December 2022 and ending 20 November 2024 as outlined in Note 24.
15. Investment in subsidiaries continued
On 20 December 2022 the Group acquired the remaining 38.2% equity stake in MOMA Foods Ltd (\"MOMA\") for a total cash consideration of \u00a33.4m.
On 6 December 2021, the Group acquired 61.8% of the shares and voting interests in MOMA granting it control. Included in the identifiable assets and liabilities of MOMA
are inputs (inventories, receivables and payables) and an experienced workforce with technical expertise. The Group has concluded that, together, the acquired inputs and
processes are a business that will create value by generating revenue in the growing plant-based drinks category, supported by the Group's brand building capability.
The value of the identifiable assets and liabilities of MOMA at the date of acquisition were:
\u00a3m
Property, plant and equipment 0.2
Intangible assets 8.4
Inventory 0.6
Trade receivables 1.0
Prepayments 0.1
Cash and cash equivalents 0.4
Trade payables (0.7)
Accruals (0.7)
Loans (0.3)
Total identifiable net assets acquired 9.0
Goodwill 1.0
Value on acquisition 10.0
Non-controlling interest (3.8)
Total consideration 6.2
Represented by:
Cash 6.2
As part of the arrangements with non-controlling shareholders of MOMA, the Group issued put options to the sellers to sell the remaining shares and simultaneously the
seller issued call options to the Group to purchase the remaining shares. At the acquisition date, the Group recognised a put liability of \u00a38.6m recorded at a present value of
\u00a35.0m being the estimated redemption value, using forecast revenue of MOMA, discounted at a post-tax rate of 18%.
The put liability was derived from an internal valuation, using forecast revenue over the exercise period, discounted at a post-tax rate of 18% and assumed the option was
exercised in full in the third year following the date of acquisition. As the Group now owns 100% of MOMA the put liability has been released in the year to 29 January 2023.
Acquisition-related costs
The Group incurred acquisition-related costs of \u00a31.2m (year to 30 January 2022 \u00a30.2m) on legal fees and due diligence costs. These costs have been included
in 'Administrative expenses'.
The goodwill arising represents potential revenue synergies. It is anticipated that on disposal, goodwill and brand will be deductible for tax purposes.
The principal subsidiaries are as follows:
Principal subsidiary Principal activity
Country of
incorporation
Country of principal
operations
FUNKIN Limited Distribution and selling of cocktail solutions England UK
FUNKIN USA Limited Distribution and selling of cocktail solutions England UK
Rubicon Drinks Limited Distribution of fruit based soft-drinks England UK
MOMA Foods Ltd Distribution and selling of oat drinks and cereals England UK
Boost Drinks Limited Distribution and selling of soft-drinks England UK
A.G. BARR p.l.c. holds 100% of the equity and votes of the subsidiaries. (Year ended 30 January 2022: 100% with the exception of MOMA: 68.2%). The subsidiaries have the
same year end as A.G. BARR p.l.c. and have been included in the Group consolidation. The companies listed are the trading subsidiaries. Refer to Note 31 for a full list of
subsidiary companies.
16. Investment in associates
In June 2019, the Group made a \u00a31m investment in Elegantly Spirited Limited, acquiring a 20% stake in the business. In November 2020, a \u00a31m loan was provided as disclosed
in Note 14.
The following entities have been included in the consolidated financial statements using the equity method:
% of ownership interest Carrying amount
Name of entity
Country of incorporation and
principal place of business
2023
%
2022
%
2023
\u00a3m
2022
\u00a3m
Elegantly Spirited Limited UK 20 20 0.7 0.7
The primary business of Elegantly Spirited Limited is a brand builder, marketing and selling a range of zero proof distilled spirits. The address of its registered office is
19 Langham Street, London, England, W1W 6BP. This investment is consistent with our strategy of building a branded portfolio of products across both alcohol and
non-alcohol beverages. The investment is not considered a material associate and therefore disclosures are limited to the section below.
16. Investment in associates continued
Aggregate information of associates that are not individually material
2023
\u00a3m
2022
\u00a3m
Carrying amount of individually immaterial associates 0.7 0.7
Aggregate amounts of the Group's share of:
Loss from continuing operations \u2013 (0.1)
Total comprehensive expense \u2013 (0.1)
2023
\u00a3m
2022
\u00a3m
Opening balance at start of year 0.7 0.8
Share of operating losses \u2013 (0.1)
Closing balance at end of year 0.7 0.7
17. Short-term investments
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Short-term investments 40.0 \u2013 40.0 \u2013
These deposits are made for durations of three months to no more than six months. These investments are due to mature by April 2023 when accrued interest will then
be received.
18. Cash and cash equivalents
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Cash and cash equivalents 13.6 68.7 11.5 59.1
Cash and cash equivalents in the table above are included in the cash flow statements.
19. Inventories
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Materials 9.8 9.8 9.8 9.8
Finished goods 24.9 14.4 12.9 11.2
34.7 24.2 22.7 21.0
20. Trade and other receivables
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Trade receivables 56.0 41.7 39.1 34.7
Less: loss allowance (0.2) (0.1) (0.1) (0.1)
Trade receivables \u2013 net 55.8 41.6 39.0 34.6
Prepayments 4.6 2.7 3.8 2.3
Amounts due by subsidiary companies \u2013 \u2013 1.9 0.3
60.4 44.3 44.7 37.2
Trade receivables
The average credit period on sales of goods is 60 days. No interest is charged on outstanding trade receivables.
The Group always measures the loss allowance for trade receivables at an amount equal to lifetime ECL. The expected credit losses on trade receivables are estimated using
a provision matrix by reference to past default experience on the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the
debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at
the reporting date. Accordingly, the credit risk profile of these assets is presented based on their past due status in terms of the provision matrix.
The Group writes off a trade receivable when there is information that the debtor is in severe financial difficulty and there is no realistic prospect of recovery,
e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceeding. None of the trade receivables that have been written off are
subject to enforcement activities.
The maximum exposure for both the Group and the Company to credit risk for trade receivables are the balances in the table above.
The following table details the risk profile of trade receivables based on the Group\u2019s provision matrix. As the Group\u2019s historical credit loss experience does not show
significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group\u2019s
different customer base.
The Group\u2019s and Company\u2019s most significant customer, a UK major customer, accounts for \u00a39.1m of the trade receivables carrying amount at 29 January 2023
(30 January 2022: \u00a39.4m).
20. Trade and other receivables continued
Group \u2013 29 January 2023
Trade receivables \u2013 days past due
Not past due
\u00a3m
<30
\u00a3m
31-60
\u00a3m
61-90
\u00a3m
>90
\u00a3m
Total
\u00a3m
Expected credit loss rate 0.1% 0.1% 0.6% 42.4% 6.0%
Expected total gross carrying amount at default 48.9 4.2 1.5 \u2013 1.4
Lifetime ECL 0.1 \u2013 \u2013 \u2013 0.1 0.2
Group \u2013 30 January 2022
Trade receivables \u2013 days past due
Not past due
\u00a3m
<30
\u00a3m
31-60
\u00a3m
61-90
\u00a3m
>90
\u00a3m
Total
\u00a3m
Expected credit loss rate 0.1% 0.4% 1.8% 7.4% 50.8%
Expected total gross carrying amount at default 37.6 3.1 0.8 0.1 0.1
Lifetime ECL \u2013 \u2013 \u2013 \u2013 0.1 0.1
Company \u2013 29 January 2023
Trade receivables \u2013 days past due
Not past due
\u00a3m
<30
\u00a3m
31-60
\u00a3m
61-90
\u00a3m
>90
\u00a3m
Total
\u00a3m
Expected credit loss rate 0.1% 1.4% 19.9% 39.2% 50.3%
Expected total gross carrying amount at default 39.0 \u2013 \u2013 \u2013 0.1
Lifetime ECL \u2013 \u2013 \u2013 \u2013 0.1 0.1
Company \u2013 30 January 2022
Trade receivables \u2013 days past due
Not past due
\u00a3m
<30
\u00a3m
31-60
\u00a3m
61-90
\u00a3m
>90
\u00a3m
Total
\u00a3m
Expected credit loss rate 0.1% 1.7% 25.9% 41.2% 52.0%
Expected total gross carrying amount at default 34.5 0.1 \u2013 \u2013 0.1
Lifetime ECL \u2013 \u2013 \u2013 \u2013 0.1 0.1
The carrying amount of the Group and Company\u2019s external trade and other receivables are denominated in the following currencies:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
UK sterling 59.5 43.8 44.3 36.9
Euro 0.5 0.4 0.4 0.3
US dollar 0.4 0.1 \u2013 \u2013
60.4 44.3 44.7 37.2
21. Loans and other borrowings
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Current
Bank borrowings 0.7 0.3 \u2013 \u2013
Lease liabilities 1.5 1.3 2.9 2.6
Non-current
Lease liabilities 3.6 2.8 18.4 19.3
Total borrowings 5.8 4.4 21.3 21.9
All of the Group\u2019s borrowings are denominated in UK sterling.
As disclosed in Note 15, the Group made an investment in Boost in the year ended 29 January 2023. The bank borrowing at the year end represents the overdraft of Boost at
the year end date.
As disclosed in Note 15, the Group made an investment in MOMA in the year ending 30 January 2022. MOMA had two CBIL loans totalling \u00a30.3m, as noted in the table above.
This was a sterling debt facility expiring in June 2026. The \u00a30.3m was fully repaid in the year ended 29 January 2023.
As at 30 January 2022, the Group had access to \u00a330m of revolving credit facilities over periods of three to five years with Royal Bank of Scotland plc and HSBC Bank plc.
In the year ending 29 January 2023 these facilities were reduced to \u00a320m held with Royal Bank Scotland plc which is due to expire in February 2026.
Arrangement fees associated with loan facilities are included in the finance costs line in the income statement.
During the year to 26 January 2014, certain property assets were transferred into A.G. BARR Scottish Limited Partnership and are being leased back to the Company under
a 21-year lease agreement. Further details are included within Note 27.
The maturity analysis of the lease liabilities are shown in the table below:
Group
Lease liabilities
Company
Lease liabilities
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Less than one year 1.5 1.3 2.9 2.6
One to two years 1.4 1.0 2.8 2.4
Two to three years 1.1 0.8 2.6 2.4
Three to four years 0.8 0.6 2.3 2.0
Four to five years 0.3 0.4 1.8 2.0
Later than five years \u2013 \u2013 14.4 16.1
5.1 4.1 26.8 27.5
Less: Unearned interest \u2013 \u2013 (5.5) (5.6)
5.1 4.1 21.3 21.9
21. Loans and other borrowings continued
The movements in the Group borrowings are analysed as follows:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Opening borrowings balance 4.4 5.4 21.9 23.5
Net lease movements 1.0 (1.3) (0.6) 1.3
Bank overdraft utilised 0.7 \u2013 \u2013 \u2013
Borrowings acquired/drawn-down \u2013 0.3 \u2013 \u2013
Repayments of borrowings (0.3) \u2013 \u2013 (2.9)
Closing borrowings balance 5.8 4.4 21.3 21.9
Reconciliation to net funds:
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Closing borrowings balance (5.8) (4.4) (21.3) (21.9)
Short-term investments (Note 17) 40.0 \u2013 40.0 \u2013
Cash and cash equivalents (Note 18) 13.6 68.7 11.5 59.1
Net funds 47.8 64.3 30.2 37.2
The facilities at 29 January 2023 were as follows:
Total facility
\u00a3m
Drawn
\u00a3m
Undrawn
\u00a3m
Revolving credit facility \u2013 five years, expires February 2026 20.0 \u2013 20.0
Overdraft 1.0 0.7 0.3
21.0 0.7 20.3
The facilities as at 30 January 2022 were as follows:
Total facility
\u00a3m
Drawn
\u00a3m
Undrawn
\u00a3m
Revolving credit facility \u2013 three years, expires February 2022 10.0 \u2013 10.0
Revolving credit facility \u2013 five years, expires February 2025 20.0 \u2013 20.0
Overdraft 5.1 \u2013 5.1
CBILS loan facility \u2013 six years, expires June 2026 0.2 0.2 \u2013
CBILS revolving credit facility \u2013 three years, expires May 2024 0.1 0.1 \u2013
35.4 0.3 35.1
The table below details changes in the Group and Company\u2019s liabilities arising from financing activities, including both cash and non-cash changes.
Group
At
30 January
2022
\u00a3m
Interest
charged
\u00a3m
New
leases
\u00a3m
Financing
cash flows
\u00a3m
At
29 January
2023
\u00a3m
Borrowings 0.3 \u2013 \u2013 0.4 0.7
Interest paid \u2013 0.2 \u2013 (0.2) \u2013
Lease liabilities (Note 13) 4.1 \u2013 2.7 (1.7) 5.1
Total liabilities from financing activities 4.4 0.2 2.7 (1.5) 5.8
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities (Note 13) 21.9 \u2013 0.9 (1.5) 21.3
Total liabilities from financing activities 21.9 \u2013 0.9 (1.5) 21.3
22. Trade and other payables
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Current
Trade payables 37. 2 15.8 27.3 13.7
Other taxes and social security costs 3.6 1.1 3.0 1.1
Accruals 31.5 37.1 24.5 32.6
Amounts due to subsidiary companies \u2013 \u2013 5.7 12.2
72.3 54.0 60.5 59.6
Trade payables have increased \u00a321.4m as a result of the incorporation of Boost and the phasing of the January 2023 supplier payment runs.
Trade payables and amounts due to subsidiaries are repayable within six months.
23. Provisions
Group
Business
reorganisation
\u00a3m
Customer
related
provisions
\u00a3m
Repairs/
Dilapidations
\u00a3m
Supplier related
commitments
\u00a3m
Total
\u00a3m
Opening provision at 24 January 2021 1.1 0.3 0.5 \u2013 1.9
Provision created during the year \u2013 0.1 \u2013 0.5 0.6
Provision utilised during the year (0.5) \u2013 \u2013 \u2013 (0.5)
Closing provision at 30 January 2022 0.6 0.4 0.5 0.5 2.0
Provision created during the year 0.3 0.1 0.2 \u2013 0.6
Provision utilised during the year (0.6) (0.4) (0.3) (0.5) (1.8)
Closing provision at 29 January 2023 0.3 0.1 0.4 \u2013 0.8
Company
Business
reorganisation
\u00a3m
Customer
related
provisions
\u00a3m
Repairs/
Dilapidations
\u00a3m
Supplier related
commitments
\u00a3m
Total
\u00a3m
Opening provision at 24 January 2021 1.1 0.3 0.3 \u2013 1.7
Provision created during the year \u2013 0.1 \u2013 0.5 0.6
Provision utilised during the year (0.5) \u2013 \u2013 \u2013 (0.5)
Closing provision at 30 January 2022 0.6 0.4 0.3 0.5 1.8
Provision created during the year 0.3 0.1 \u2013 \u2013 0.4
Provision utilised during the year (0.6) (0.4) (0.1) (0.5) (1.6)
Closing provision at 29 January 2023 0.3 0.1 0.2 \u2013 0.6
The provisions above primarily relate to redundancy costs, customer related provisions, and for any known obligations for substantial repairs and supplier related
commitments. The majority of the provisions are expected to be utilised within 12 months.
24. Other non-current liabilities
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Contingent consideration 0.8 \u2013 0.8 \u2013
Put liability \u2013 5.0 \u2013 \u2013
0.8 5.0 0.8 \u2013
On 5 December 2022, the Group acquired 100% of the shares and voting interests in Boost Drinks Holdings Limited (\u201cBoost\u201d) The acquisition consideration comprised both
an initial payment of \u00a319.9m and a potential future consideration of up to \u00a312.0m payable depending on the successful delivery of future performance during an earn-out
period commencing 1 December 2022 and ending 20 November 2024.
The put liability related to the initial purchase of a 62% stake in MOMA Foods Ltd under which the vendor had a right but not an obligation to sell the remaining 38% of the
Company to the Group in June 2025.
The put liability was derived from an internal valuation, using forecast revenue over the exercise period, discounted at a post-tax rate of 18% and assumed the option was
exercised in full in the third year following the date of acquisition. As the Group now owns 100% of MOMA the put liability has been released in the year to 29 January 2023.
Details of the acquisition of Boost and MOMA are provided in Note 15.
25. Deferred tax assets and liabilities
Group
Share-based
payments
\u00a3m
Foreign
exchange
contract
hedge
\u00a3m
Total deferred
tax asset
\u00a3m
Retirement
benefit
obligations
\u00a3m
Share-based
payments
\u00a3m
Accelerated
tax
depreciation
\u00a3m
Total deferred
tax liability
\u00a3m
Net deferred
tax liability
\u00a3m
At 24 January 2021 \u2013 \u2013 \u2013 (2.4) (0.4) (11.8) (14.6) (14.6)
(Credit)/charge to the income statement (Note 8) \u2013 \u2013 \u2013 (2.8) 0.3 (5.1) (7.6) (7.6)
Charge to other comprehensive income \u2013 \u2013 \u2013 0.3 \u2013 \u2013 0.3 0.3
Charge to other reserves \u2013 \u2013 \u2013 \u2013 0.4 \u2013 0.4 0.4
At 30 January 2022 \u2013 \u2013 \u2013 (4.9) 0.3 (16.9) (21.5) (21.5)
(Credit)/charge to the income statement (Note 8) \u2013 \u2013 \u2013 (1.2) (0.3) (1.5) (3.0) (3.0)
Charge to other comprehensive income \u2013 \u2013 \u2013 0.6 \u2013 \u2013 0.6 0.6
Acquired on acquisition \u2013 \u2013 \u2013 \u2013 \u2013 (4.3) (4.3) (4.3)
Charge to equity \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
At 29 January 2023 \u2013 \u2013 \u2013 (5.5) \u2013 (22.7) (28.2) (28.2)
Company
Share-based
payments
\u00a3m
Foreign
exchange
contract
hedge
\u00a3m
Total deferred
tax asset
\u00a3m
Retirement
benefit
obligations
\u00a3m
Share-based
payments
\u00a3m
Accelerated
tax
depreciation
\u00a3m
Total deferred
tax liability
\u00a3m
Net deferred
tax liability
\u00a3m
At 24 January 2021 \u2013 \u2013 \u2013 (2.4) (0.4) (2.4) (5.2) (5.2)
(Credit)/charge to the income statement \u2013 \u2013 \u2013 (2.8) 0.3 (2.0) (4.5) (4.5)
Charge to other comprehensive income \u2013 \u2013 \u2013 0.3 0.3 \u2013 0.6 0.6
At 30 January 2022 \u2013 \u2013 \u2013 (4.9) 0.2 (4.4) (9.1) (9.1)
(Credit)/charge to the income statement \u2013 \u2013 \u2013 (1.2) (0.3) (1.8) (3.3) (3.3)
Charge to other comprehensive income \u2013 \u2013 \u2013 0.6 \u2013 \u2013 0.6 0.6
Charge to equity \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
At 29 January 2023 \u2013 \u2013 \u2013 (5.5) (0.1) (6.2) (11.8) (11.8)
No deferred tax asset is recognised in the statement of financial position for unused capital losses within the Company of \u00a34.0m (2022: \u00a34.0m).
26. Financial risk management
Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk and price risk), credit risk
and liquidity risk. The Board has delegated the management the Group\u2019s overall financial risk programme to the Treasury and Commodity Committee; this risk programme
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial
instruments to hedge certain risk exposures.
Financial risk management is carried out in accordance with policies approved by the Board of Directors. Management identifies, evaluates and manages financial risks in
close cooperation with the Group\u2019s business units. The Board provides guidance on overall market risk management, including use of derivative financial instruments and
investment of excess liquidity.
In addition, the Treasury and Commodity Committee deals with a range of other treasury matters, details of which are provided in the Corporate Governance Report.
Market risk
Foreign exchange risk
The Group operates internationally. The Group primarily buys and sells in Sterling but does make purchases and sales denominated in US dollars and euros. Due to the
hedging arrangements that have been in place for the year ended 29 January 2023, if Sterling had weakened/strengthened by 10% against the US dollar or euro, with all other
variables held constant, there would not have been a material effect on post-tax profit (year ended 30 January 2022: no material impact on post-tax profit). See also Note 14
for information regarding hedging.
The Group periodically enters into option contracts to purchase foreign currencies for known purchases where the value and volume of trading purchases is known.
The Treasury and Commodity Committee assesses whether hedge accounting should be applied for each FX option contract.
Price risk
The Group is not exposed to equity securities price risk because no such investments are held by the Group other than within pension scheme assets.
The Group purchases a wide range of commodities in the ordinary course of business. Exposure to changes in the market price of certain of these commodities, including
sugar, plastic, aluminium and mango, is managed through the use of forward physical supply contracts, primarily to convert floating or indexed prices to fixed prices.
The use of such contracts to hedge commodity exposures is governed by the Group\u2019s risk policies and is continually monitored by the Treasury and Commodity Committee.
Commodity derivatives also provide a way to meet customers\u2019 pricing requirements whilst achieving a price structure consistent with the Group\u2019s overall pricing strategy.
All of the Group\u2019s commodity derivatives are treated as \u201cown use\u201d contracts, which are outside the scope of IFRS 9, since they are both entered into, and continue to be held,
for the purposes of the Group\u2019s ordinary operations, and are not net settled (the Group takes physical delivery of the commodity concerned). \u201cOwn use\u201d contracts do not
require accounting entries until the commodity purchase actually crystallises.
The majority of the Group\u2019s forward physical contracts and commodity derivatives have original maturities of less than one year.
As all of the commodity contracts qualify for the \u201cown use\u201d treatment, no sensitivity analysis has been carried out.
Cash flow and fair value interest rate risk
The Group\u2019s interest rate risk arises from long-term borrowings and short-term investments. Borrowings and investments are obtained at fixed rates reducing the Group\u2019s
exposure to cash flow interest rate risk.
For the year ended 29 January 2023, if interest rates on sterling-denominated borrowings at that date had been 1.0% higher/lower, with all other variables held constant,
there would have been an immaterial change in the post-tax profit for the year (year ended 30 January 2022: immaterial impact on post-tax profit).
Credit risk
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to
major and direct to store customers, including outstanding receivables and committed transactions.
For banks and financial institutions where the company holds cash and cash equivalents, short-term investments and borrowing, only independently rated parties with a
minimum rating of \u201cA\u201d are accepted. If major customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, risk control processes
assess the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set by senior management, based
on internal or external ratings. The utilisation of credit limits is regularly monitored. Sales to direct to store customers are largely settled in cash in order to manage credit risk
from smaller, independent stores.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit
facilities and the ability to close out market positions. Due to the dynamic nature of the underlying business, the Group maintains flexibility in funding by maintaining sufficient
cash reserves and the availability of borrowing facilities. See Note 21 for disclosures of committed facilities.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve (which comprises undrawn borrowing facilities and cash and cash equivalents) on the basis of
expected cash flows. This is carried out at a Group level and involves projecting forward cash flows and considering the level of liquid assets necessary to meet excesses of
expenditure relative to income.
The Group and Company also enters into forward commodity contracts that are not held on the balance sheet. Commitments are shown in the table below, all of which are
payable within one year.
Total contractual outflow
Group and Company
2023
\u00a3m
2022
\u00a3m
Forward commodity contracts 13.8 9.0
26. Financial risk management continued
The undiscounted contractual cash flows of financial liabilities are presented in the table below:
Year ended 29 January 2023
Group
Within 1 year
\u00a3m
1 \u2013 2 years
\u00a3m
2 \u2013 3 years
\u00a3m
3 \u2013 4 years
\u00a3m
4 \u2013 5 years
\u00a3m
5 years +
\u00a3m
Total
contractual
outflow
\u00a3m
Trade and other payables 37. 2 \u2013 \u2013 \u2013 \u2013 \u2013 37.2
Accruals 31.5 \u2013 \u2013 \u2013 \u2013 \u2013 31.5
Contingent consideration \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8
Leases 1.5 1.4 1.1 0.8 0.3 \u2013 5.1
Borrowings 0.7 \u2013 \u2013 \u2013 \u2013 \u2013 0.7
Derivatives 11.5 0.4 \u2013 \u2013 \u2013 \u2013 11.9
82.4 2.6 1.1 0.8 0.3 \u2013 87.2
Company
Trade and other payables 27. 3 \u2013 \u2013 \u2013 \u2013 \u2013 27.3
Amounts due to subsidiary companies 5.7 \u2013 \u2013 \u2013 \u2013 \u2013 5.7
Accruals 24.5 \u2013 \u2013 \u2013 \u2013 \u2013 24.5
Contingent consideration \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8
Leases 2.9 2.8 2.6 2.3 1.8 14.4 26.8
Derivatives 11.5 0.4 \u2013 \u2013 \u2013 \u2013 11.9
71.9 4.0 2.6 2.3 1.8 14.4 97.0
Year ended 30 January 2022
Group
Within 1 year
\u00a3m
1 \u2013 2 years
\u00a3m
2 \u2013 3 years
\u00a3m
3 \u2013 4 years
\u00a3m
4 \u2013 5 years
\u00a3m
5 years +
\u00a3m
Total
contractual
outflow
\u00a3m
Trade and other payables 15.8 \u2013 \u2013 \u2013 \u2013 \u2013 15.8
Accruals 37.1 \u2013 \u2013 \u2013 \u2013 \u2013 37.1
Put liability \u2013 \u2013 5.0 \u2013 \u2013 \u2013 \u2013
Leases 1.3 1.0 0.8 0.6 0.4 \u2013 4.1
Derivatives 8.5 \u2013 \u2013 \u2013 \u2013 \u2013 8.5
62.7 1.0 5.8 0.6 0.4 \u2013 65.5
Company
Trade and other payables 13.7 \u2013 \u2013 \u2013 \u2013 \u2013 13.7
Amounts due to subsidiary companies 12.2 \u2013 \u2013 \u2013 \u2013 \u2013 12.2
Accruals 32.6 \u2013 \u2013 \u2013 \u2013 \u2013 32.6
Leases 2.6 2.4 2.4 2.0 2.0 16.1 27.5
Derivatives 8.5 \u2013 \u2013 \u2013 \u2013 \u2013 8.5
69.6 2.4 2.4 2.0 2.0 16.1 94.5
Capital risk management
The Group defines \u201ccapital\u201d as being net debt plus equity including lease liabilities.
The Group\u2019s objective when managing capital is to maintain an appropriate capital structure to balance the needs of the Group, whilst operating within its bank covenants.
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group has
a number of options available to it, including modifying dividend payments to shareholders, returning capital to shareholders or issuing new shares. In this way, the Group
balances returns to shareholders between long-term growth and current returns whilst maintaining capital discipline in relation to investing activities and taking any necessary
action on costs to respond to the current environment.
The Group monitors existing equity in issuance on the basis of the net debt/EBITDA ratio. Net debt is calculated as being the net of cash and cash equivalents, interest-bearing
loans and borrowings. The net debt/EBITDA ratio enables the Group to plan its capital requirements in the medium term. The Group uses this measure to provide useful
information to financial institutions and investors. The Group believes that the current net debt/EBITDA ratio together with existing shares in issuance provides a secure capital
structure with a strong level of financial flexibility to enable the Group to take advantage of opportunities that may arise.
For the year ended 29 January 2023, there was a net cash surplus of \u00a352.6m (year ended 30 January 2022: net cash surplus of \u00a364.3m) with cash and cash equivalent
balances of \u00a313.6m, short-term investments of \u00a340.0m and bank borrowings of \u00a31.0m (year ended 30 January 2022: cash and cash equivalents balance of \u00a368.7m and bank
borrowings of \u00a30.3m).
The Group monitors capital efficiency on the basis of the return on capital employed ratio (ROCE). In the financial year ended 29 January 2023, ROCE remained strong
at 18.0% (2022: 19.9%).
27. Retirement benefit obligations
During the year the Company operated two pension schemes, the A.G. BARR p.l.c. (2005) Defined Contribution Scheme (the \u201c2005 Scheme\u201d) and the A.G. BARR p.l.c. (2008)
Pension and Life Assurance Scheme (the \u201c2008 Scheme\u201d). The 2008 Scheme comprises a funded defined benefit section based on final salary and a defined contribution
section. The defined benefit section was closed to future accrual from 1 May 2016. The defined contribution section of the 2008 Scheme and the 2005 Scheme were closed
to new entrants and new contributions from 30 June 2021 and all defined contribution assets were transferred to the A.G. Barr Retirement Plan, an outsourced master trust
pension arrangement, in September 2021. The 2005 Scheme was terminated on 31 May 2022. Under the defined benefit section of the 2008 Scheme, employees are entitled
to retirement benefits based on final pensionable pay. No other post-retirement benefits are provided.
Defined benefit scheme: Actuarial valuation
The assets of the defined benefit section of the 2008 Scheme are held separately from those of the Company and are invested in managed funds. A full valuation of the
defined benefit section of the 2008 Scheme was conducted as at 5 April 2020 using the attained age method and a deficit of \u00a37.7m was determined at that date.
The defined benefit section of the 2008 Scheme exposes the Group to actuarial risks such as longevity risk, interest rate risk and market investment risk.
Responsibility for governance of the plans, including investment decisions and contribution schedules, lies jointly with the Company and the board of pension trustees.
The board of trustees is composed of representatives from the Company scheme members and an independent trustee in accordance with the 2008 Scheme\u2019s rules.
27. Retirement benefit obligations continued
Defined benefit scheme: IAS 19 information
The full actuarial valuation carried out at 5 April 2020 was updated to 29 January 2023 by a qualified independent actuary.
The valuation used for the defined benefit schemes has been based on market conditions as at the Company year end.
The amounts recognised in the statement of financial position are as follows:
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Present value of funded obligations (76.9) (114.9) (76.9) (114.9)
Fair value of scheme assets 79.3 113.9 79.3 113.9
Deficit recognised under IAS 19 2.4 (1.0) 2.4 (1.0)
Company contribution made to pension scheme in the year to 26 January 2014 \u2013 \u2013 15.3 16.1
Surplus/(deficit) recognised in the statement of financial position 2.4 (1.0) 17.7 15.1
The movement in the defined benefit obligation over the year is as follows:
Group and Company
Fair value of
plan assets
\u00a3m
Present value
of obligation
\u00a3m
Total
\u00a3m
At 30 January 2022 113.9 (114.9) (1.0)
Current and past service cost \u2013 \u2013 \u2013
Interest income/(expense) 2.4 (2.4) \u2013
Total cost recognised in income statement 2.4 (2.4) \u2013
Remeasurements
\u2013 changes in demographic assumptions \u2013 4.4 4.4
\u2013 changes in financial assumptions \u2013 34.5 34.5
\u2013 experience \u2013 (3.3) (3.3)
\u2013 actuarial return on assets excluding amounts recognised in net interest (37.1) \u2013 (37.1)
Total remeasurements recognised in other comprehensive income (37.1) 35.6 (1.5)
Cash flows
Employer contributions 4.9 \u2013 4.9
Benefits paid (4.8) 4.8 \u2013
Total cash outflow 0.1 4.8 4.9
At 29 January 2023 79.3 (76.9) 2.4
This table excludes the Company contribution made to the pension scheme through the asset-backed funding arrangement as described below and reconciled in the table
above.
On 1 May 2016, the defined benefit section of the 2008 Scheme was closed to future accrual following a negotiated agreement between the Company and the board
of trustees.
The Company made a \u00a31.0m contribution to the defined benefit section of the 2008 Scheme each year in May 2016 through May 2022. A further contribution of \u00a31.0m was
due to be paid in May 2023 but was paid in the current financial year to support the 2008 Scheme\u2019s liquidity during a period of stock market turbulence.
The movement in the defined benefit obligation in the year to 30 January 2022 was as follows:
Group and Company
Fair value of
plan assets
\u00a3m
Present value
of obligation
\u00a3m
Total
\u00a3m
At 24 January 2021 116.0 (123.9) ( 7.9)
Current service cost and past service cost \u2013 (0.1) (0.1)
Interest income/(expense) 1.6 (1.7) (0.1)
Total cost recognised in income statement 1.6 (1.8) (0.2)
Remeasurements
\u2013 changes in demographic assumptions \u2013 (0.9) (0.9)
\u2013 changes in financial assumptions \u2013 9.5 9.5
\u2013 experience \u2013 (2.2) (2.2)
\u2013 actuarial return on assets excluding amounts recognised in net interest (1.7) \u2013 (1.7)
Total remeasurements recognised in other comprehensive income (1.7) 6.4 4.7
Cash flows
Employer contributions 2.4 \u2013 2.4
Benefits paid (4.4) 4.4 \u2013
Total cash outflow (2.0) 4.4 2.4
At 30 January 2022 113.9 (114.9) (1.0)
This table excludes the Company contribution made to the 2008 Scheme through the asset-backed funding arrangement as described below and reconciled in the
table above.
Asset-backed funding arrangement
During the year to 26 January 2014, the Company established the A.G. BARR Scottish Limited Partnership (the \u201cPartnership\u201d) and through the Partnership has entered into
a long-term pension funding arrangement with the 2008 Scheme.
Under this arrangement certain property assets were transferred into the Partnership and are being leased back to A.G. BARR p.l.c. under a 21-year lease agreement,
generating an income stream of \u00a31.1m per annum for the 2008 Scheme, increasing annually in line with inflation.
The Partnership is controlled by A.G. BARR p.l.c. and its results are consolidated by the Group. The value of the properties transferred into the Partnership remains included on
the Group\u2019s and Company\u2019s balance sheet at carrying values at the date of transfer with the Group and Company retaining full operational control over these properties.
27. Retirement benefit obligations continued
At the end of the term of the relevant lease, or earlier if the 2008 Scheme becomes fully funded to the extent that the members\u2019 benefits can be secured with an insurance
company, the Company has the option to repurchase the properties in the Partnership for an agreed fixed price.
A \u201cstructured entity\u201d is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any
voting rights relate only to administrative tasks and the relevant activities are directed by means of contractual arrangements. As outlined above, during a prior year, certain
freehold properties were transferred to a limited Partnership (a structured entity) established by the Group, the main purpose of which is to lease these properties to a Group
company and, as a result, to provide the Group\u2019s 2008 scheme with a distribution of profits in the Partnership.
The distribution is subject to discretion exercisable by the Group in certain circumstances; however, given that the Group has the ability to control the limited Partnership
by making an additional contribution into the 2008 Scheme, it is the view of the directors that the Group controls the limited Partnership and therefore it is treated as a
consolidated entity.
The carrying value of the properties sold to the Partnership and leased back to the Company remain included on the Group\u2019s and Company\u2019s balance sheet and continue
to be depreciated in line with the Group\u2019s and Company\u2019s accounting policies with the Group and Company retaining full operational control over these properties.
The Group has taken advantage of the exemption conferred by Regulation 7 of the Partnerships (Accounts) Regulations 2008 and has, therefore, not appended the accounts
of this qualifying partnership to these financial statements. Separate accounts for the Partnership are not required to be, and have not been, filed at UK Companies House.
As part of the funding arrangement, the Company made a one-off payment to the 2008 Scheme of \u00a320.4m to allow it to invest in the Partnership and in prior years
this has been treated as a reduction in the carrying value of the retirement benefit obligation.
As the Partnership results are consolidated within the Group results, no balances are recognised in the consolidated statement of financial position.
Financial assumptions
2023 2022
Discount rate 4.4% 2.2%
Inflation assumption 3.2% 3.6%
Mortality assumptions
2023 2022
Average future life expectancy (in years) for a male pensioner aged 65 22 22
Average future life expectancy (in years) for a female pensioner aged 65 23 24
Average future life expectancy (in years) at age 65 for a male non-pensioner aged 45 23 23
Average future life expectancy (in years) at age 65 for a female non-pensioner aged 45 25 26
The mortality tables adopted in finalising the fair value of the liabilities are the 2019 VITA tables based on the member\u2019s year of birth.
This assumes that the expected age at death for males is 87 to 88 and for females is 89 to 91, depending on their age at 29 January 2023.
The fair value of scheme assets at the year end dates is analysed as follows:
2023 2022
Quoted*
\u00a3m
Unquoted
\u00a3m
Quoted*
\u00a3m
Unquoted
\u00a3m
Equities 2.3 \u2013 6.3 \u2013
Bonds 19.2 \u2013 33.0 \u2013
Debt 15.2 \u2013 21.8 \u2013
Cash \u2013 7.1 \u2013 6.4
Buy-in policy \u2013 35.5 \u2013 46.4
Total market value of scheme assets 36.7 42.6 61.1 52.8
* Quoted prices for identical assets or liabilities in active markets.
Sensitivity review
The sensitivity of the overall pension liability to changes in the principal assumptions is:
Year ended 29 January 2023 Change in assumption Impact on overall liabilities
Discount rate Increase/decrease by 2% Decreases/increases liabilities by \u00a324.2m
Rate of inflation Increase/decrease by 1% Increases/decreases liabilities by \u00a34.0m
Life expectancy Increase/decrease by one year Increases/decreases liabilities by \u00a33.1m
Year ended 30 January 2022 Change in assumption Impact on overall liabilities
Discount rate Increase/decrease by 1% Decreases/increases liabilities by \u00a320.4m
Rate of inflation Increase/decrease by 1% Increases/decreases liabilities by \u00a36.8m
Life expectancy Increase/decrease by one year Increases/decreases liabilities by \u00a34.6m
Methods and assumptions used in preparing the sensitivity analyses
The sensitivities disclosed were calculated using approximate methods taking into account the duration of the 2008 Scheme\u2019s liabilities. They have been calculated
consistently with last period\u2019s disclosures, however these change over time with financial conditions and assumptions.
27. Retirement benefit obligations continued
Risks to which the 2008 Scheme exposes the Company
The nature of the 2008 Scheme exposes the Company to the risk of paying unanticipated additional contributions to the 2008 Scheme in times of adverse experience.
The most financially significant risks are likely to be:
\u2013 Asset volatility
The 2008 Scheme\u2019s liabilities are calculated using a discount rate set with reference to corporate bond yields in line with the requirements of IAS 19R. If the 2008 Scheme
assets underperform this yield, this will create a deficit. The plan holds investments in a diversified portfolio, primarily equity and bonds, which are expected to outperform
corporate bonds in the long term but provide volatility and risk in the short term.
The board of pension trustees have made a number of steps to control the level of investment risk within the 2008 Scheme. The Trustee and the Company agreed to
purchase an annuity policy with Canada Life in April 2016 to cover all future pension payments to certain members of the 2008 Scheme. This policy was purchased at
a cost of \u00a334.7m and secures the total amount of future pension payments for 100 of the 2008 Scheme\u2019s pensioner members. A second annuity contract was purchased
with Canada Life in September 2019 at a cost of \u00a322.7m and secures the total amount of future pension payments for 82 of the 2008 Scheme\u2019s pensioner members.
The board of pension trustees will continue to review the risk exposures in light of the longer-term objectives of the 2008 Scheme.
\u2013 Changes in bond yields
A decrease in corporate bond yields will increase the 2008 Scheme\u2019s liabilities. In the event of a reduction in the corporate bond yields, there will be an increase in the value
of the 2008 Scheme\u2019s bond holdings.
\u2013 Inflation risk
The Group pension obligations are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the 2008 Scheme\u2019s assets are either unaffected by
inflation (fixed interest bonds) or loosely correlated with inflation (equities), meaning that an increase in inflation will also increase the deficit.
\u2013 Life expectancy
The 2008 Scheme\u2019s obligation is to provide benefits for the life of the members. An increase in life expectancy will result in an increase in the 2008 Scheme\u2019s liabilities.
Policy for recognising gains and losses
The Company recognises actuarial gains and losses immediately, through the remeasurement of the net defined benefit liability.
Asset-liability matching strategies used by the 2008 Scheme or the Company
Excluding insurance policies held within the 2008 Scheme the Trustee\u2019s target allocation to growth assets and return seeking income focused assets is c.30%, with the
remaining c.70% in liability matching bonds including corporate bonds, with the aim of striking a balance between:
\u2022 maximising the returns on the 2008 Scheme\u2019s assets; and
\u2022 minimising the risks associated with the lower than expected returns on the 2008 Scheme\u2019s assets.
The Trustee has entered into a Liability Driven Investment (LDI) mandate with Legal & General Investment Management. This has resulted in interest rate and inflation hedging
levels of over 50% of liabilities (excluding insurance policies and the asset-backed funding arrangement). The LDI funds are invested in a mix of levered gilts, levered index-linked
gilts and cash, with the aim of matching, as closely as possible, the 2008 Scheme\u2019s liability cash flows.
Description of funding arrangements and funding policy that affect future contributions
The Schedule of Contributions dated March 2018 sets out the current contributions payable by the Company to the 2008 Scheme to eliminate the Scheme deficit. This is in
addition to the rental income stream from the asset-backed funding arrangement, that is a commitment which will offset the requirement for future deficit contributions.
Expected contributions over the next accounting period
The \u00a31.0m payment which A.G. BARR p.l.c. was expected to contribute to the 2008 Scheme for the year to 28 January 2024 in respect of commitments in relation to the
Schedule of Contributions was paid in October 2022, and the approximate \u00a31.5m due for the year to 28 January 2024 from the asset-backed funding arrangement in which
the 2008 Scheme holds an interest were also paid in advance in the year to 29 January 2023.
The weighted average duration of the defined benefit obligation is 14 years.
The expected maturity analysis of the undiscounted defined benefit pension benefit, estimated on the 2008 Scheme\u2019s funding is as follows:
Less than
one year
One to
two years
Two to
five years
Greater than
five years
Proportion of total pension benefits to be paid as at 5 April 2022 2% 2% 7% 89%
Proportion of total pension benefits to be paid as at 5 April 2021 2% 2% 7% 89%
Note the above disclosure is given as at the date of the last signed financial statements for the 2008 Scheme, and for the comparative year.
Defined contribution scheme
The pension costs for the defined contribution schemes are as follows:
2023
\u00a3m
2022
\u00a3m
Defined contribution costs 4.0 3.8
28. Share capital
2023 2022
Shares \u00a3m Shares \u00a3m
Authorised, issued and fully paid 112,028,871 4.7 112,028,871 4.7
The Company has one class of ordinary shares which carry no right to fixed income. The shares have a nominal value of 4 1/6 pence.
During the year to 29 January 2023, the Company\u2019s employee benefit trusts purchased 141,890 shares (2022: 42,778) shares. The total amount paid to acquire the shares has
been deducted from shareholders\u2019 equity and is included within retained earnings. At 29 January 2023,the shares held by the Company\u2019s employee benefit trusts represented
887,553 (2022: 782,873) shares at a purchased cost of \u00a35.2m (2022: \u00a34.7m).
28. Share capital continued
Share repurchase programme
During the year ended 25 January 2020, the Group completed a share repurchase programme, purchasing 1,915,772 shares at a total cost of \u00a330.0m. The permanent capital
has been replaced through the creation of a Capital Redemption Reserve, which is included in \u201cOther reserves\u201d within equity in the table below.
The cash flow hedge reserve is also included in \u201cOther reserves\u201d in equity and records the effective portion of movements in the fair value of forward foreign exchange
contracts that have been designated as part of a cash flow hedge relationship.
Other reserves
Cash flow
hedge reserve
\u00a3m
Capital
redemption
reserve
\u00a3m
Non-
controlling
interest
\u00a3m
Total
\u00a3m
At 30 January 2022 (0.3) 0.2 (5.0) (5.1)
Derecognition of non-controlling interest on acquisition of MOMA \u2013 \u2013 5.0 5.0
Movement on cash flow hedge reserve 0.2 \u2013 \u2013 0.2
At 29 January 2023 (0.1) 0.2 \u2013 0.1
The share premium reserve contains the premium arising on the issue of equity shares, net of issue expenses.
29. Share-based payments
As disclosed in the Directors\u2019 Remuneration Report, the Group runs a number of share award plans and share option plans:
\u2022 Savings Related Share Option Scheme which is open to all employees
\u2022 LTIP and ESOS options which are granted to directors
\u2022 AESOP awards that are available to all employees
Share-based payment costs and related deferred and current tax charges are recognised within the share option reserve.
Savings Related Share Option Scheme (SAYE)
All SAYEs outstanding at 29 January 2023 and 30 January 2022 have no performance criteria attached other than the requirement for the employee to remain in the employment
of the Company and to continue contributing to the plan. Options granted under the SAYE must be exercised within six months of the relevant award vesting date.
The SAYE is open to all qualifying employees in employment at the date of inception of the scheme. Options are normally exercisable after three years from the date of grant.
The price at which options are offered is not less than 80% of the average of the middle-market price of the five dealing days immediately preceding the date of invitation.
The movements in the number of share options outstanding and their related weighted average exercise prices determined using the Black-Scholes valuation model are
as follows:
2023 2022
Options
Average
exercise price
in pence per
share Options
Average
exercise price
in pence per
share
At start of the year 679,758 486p 896,005 535p
Granted in the year 160,830 506p 377,647 459p
Forfeited (165,721) 529p (495,553) 559p
Exercised (2,317) 428p (98,341) 460p
At end of the year 672,550 530p 679,758 486p
The weighted average fair value of the share awards made during the period was determined using the Black-Scholes valuation model. The significant inputs to the model
were as follows:
Date of grant
SAYE
3 May 2022
Number of share awards granted 160,830
Share price at date of grant 562p
Contractual life in years 3
Dividend yield 2%
Expected outcome of meeting performance criteria (at grant date) 70%
Fair value determined at grant date 145p
None of the options listed above were exercisable at the respective year end dates. The outstanding options at the year end had exercise prices of \u00a37.45, \u00a34.28, \u00a34.59 and
\u00a35.06 (2022: \u00a36.20, \u00a37.45, \u00a34.28 and \u00a34.59).
The weighted average share price on the dates that options were exercised in the year to 30 January 2022 was \u00a34.69.
The weighted average remaining contractual life of the outstanding share options at the year end is two years (2022: two years).
29. Share-based payments continued
LTIP
During the year, LTIP awards were made to the executive directors as disclosed in the Directors\u2019 Remuneration Report.
The weighted average fair value of the share awards made during the period was determined using the Black-Scholes valuation model. The significant inputs to the model
were as follows:
Date of grant
LTIP
8 April 2022
Number of share awards granted 323,560
Share price at date of grant 537p
Contractual life in years 3
Dividend yield 2%
Expected outcome of meeting performance criteria (at grant date) 100%
Fair value determined at grant date 501p
AESOP
As described in the Directors\u2019 Remuneration Report, there are two elements to the AESOP.
The partnership share element provides that for every two shares (year to 30 January 2022: two shares) that a participant purchases in A.G. BARR p.l.c., up to a maximum
contribution of \u00a3150 per month, the Company will purchase one matching share. The matching shares purchased are held in trust in the name of the individual. There are
various rules as to the period of time that the shares must be held in trust but after five years, the shares can be released tax free to the participant.
The second element of free shares allows participants to receive shares to the value of a common percentage of their earnings, related to the performance of the Group.
The maximum value of the annual award is \u00a33,600 and the shares awarded are held in trust for five years.
Under the terms of the AESOP rules, any award of free shares to employees is made by the Trustee of the AESOP subject to the Company\u2019s consent.
30. Related party-transactions
Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation. Details of transactions between
the Company and related parties are as follows:
Purchase of goods and services
2023
\u00a3m
2022
\u00a3m
Rubicon Drinks Limited 6.4 5.3
FUNKIN Limited 1.6 \u2013
The amounts disclosed in the table below are the amounts owed to and due from subsidiary companies that are trading subsidiaries.
The balances are unsecured and are due on demand. The difference between the total of these balances and the amounts disclosed as amounts due by (Note 20) and to
subsidiary companies (Note 22) are balances due by and due to dormant subsidiary companies.
Amounts owed by related parties Amounts due to related parties
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Rubicon Drinks Limited \u2013 \u2013 4.5 13.1
FUNKIN Limited \u2013 0.2 2.2 \u2013
The amounts disclosed in the table below are the amounts owed from investments in associates. The balance is an interest-free equity convertible loan note.
Amounts due by related parties
2023
\u00a3m
2022
\u00a3m
Loans to associates
Opening and closing balance 1.0 1.0
Compensation of key management personnel
The remuneration of the executive directors, non-executive directors and senior executives during the year was as follows:
2023
\u00a3m
2022
\u00a3m
Salaries and short-term benefits 4.9 4.6
Post-employment benefits 0.5 0.4
5.4 5.0
The Directors\u2019 Remuneration Report can be found on pages 92 to 106.
Retirement benefit plans
The Group\u2019s retirement benefit plans are administered by an independent third-party service provider. During the year, the service provider charged the Group \u00a30.5m
(2022: \u00a30.5m) for administration services in respect of the retirement benefit plans. At the year end, \u00a3nil (2022: \u00a3nil) was outstanding to the service provider on behalf
of the retirement benefit plans.
31. Subsidiaries
The Group\u2019s subsidiaries at 29 January 2023 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by
the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place
of business.
Name of entity
Place of business/
country of incorporation Address
Ownership interest held
by the Group
Principal activities
2023
%
2022
%
FUNKIN Limited* UK Milton Keynes 100 100 Distribution and selling of cocktail solutions
FUNKIN USA Limited* USA Milton Keynes 100 100 Distribution and selling of cocktail solutions
Rubicon Drinks Limited* UK Milton Keynes 100 100 Distribution of fruit based soft-drinks
A.G. BARR Capital Partner Limited* UK Milton Keynes 100 100 Investment holding company
A.G. BARR General Partner Limited* UK Cumbernauld 100 100 Investment holding company
A.G. BARR Pension Trustee Limited UK Cumbernauld 100 100 Investment holding company
A.G. BARR Scottish Limited Partnership UK Cumbernauld 100 100 Investment holding company
Robert Barr Limited UK Cumbernauld 100 100 Non-trading entity
Mandora St Clements Limited UK Milton Keynes 100 100 Non-trading entity
Tizer Limited UK Milton Keynes 100 100 Non-trading entity
A.G. BARR (Ireland) Limited Republic of Ireland Dublin 100 100 Non-trading entity
MOMA Foods Limited* UK Milton Keynes 100 61.8 Distribution and selling of oat drinks and cereals
Boost Drinks Holdings Limited* UK Milton Keynes 100 \u2013 Investment holding company
Boost Drinks Limited UK Milton Keynes 100 \u2013 Distribution and selling of soft drinks
* Under section 479A of the Companies Act 2006 the Group is claiming exemption from audit for the subsidiary company with an \u201c*\u201d in the table above. The parent undertakings, A.G. BARR p.l.c., registered
number SC005653, guarantees all outstanding liabilities to the which the subsidiary company is subject at the end of the financial year (being the year ended 29 January 2023 for each company).
The guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities.
The full address for Cumbernauld is: Westfield House, 4 Mollins Road, Cumbernauld, Scotland, G68 9HD.
The full address for Milton Keynes is: Crossley Drive, Magna Park, Milton Keynes, England, MK17 8FL.
The full address for Dublin is: 25-28 North Wall Quay, Dublin 1, Dublin, Ireland.
32. Subsequent events
There have been no events that have had a material impact on the Group after the balance sheet date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-393": {
"value": "1. Accounting Policies General information A.G. BARR p.l.c. (the \u201cCompany\u201d) and its subsidiaries (together the \u201cGroup\u201d) manufacture, distribute and sell a range of beverages. The Group has manufacturing sites in the UK and sells mainly to customers in the UK with some international sales. The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in Scotland. The address of its registered office is Westfield House, 4 Mollins Road, Cumbernauld, G68 9HD. The financial year represents the 52 weeks ended 29 January 2023 (prior financial year 53 weeks ended 30 January 2022). Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation The consolidated and parent Company financial statements of A.G. BARR p.l.c. have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. They have been prepared under the historical cost accounting rules except for the derivative financial instruments and the assets of the Group pension scheme which are stated at fair value and the liabilities of the Group pension scheme which are valued using the projected unit credit method. The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks. This assessment was undertaken through the use of a number of reasonably possible downside scenarios that could impact the business (both individually and cumulatively). These scenarios include adverse brand damage to the Group\u2019s largest brand (IRN-BRU), reimposition of restrictions associated with the Covid-19 pandemic, significant disruption to supply chain (including the closure of a factory), a cyber attack, and significant energy cost inflation. The director\u2019s experience of the Covid-19 pandemic provides confidence over the resilience of our brands, and that the business can react appropriately to significant downside scenarios. Material cash preservation measures are available, including reducing discretionary spend on overheads, non-essential capital, marketing investment, and the suspension of dividends. As at 29 January 2023, the consolidated balance sheet reflects a net asset position of \u00a3268.8m, including net cash at bank of \u00a352.6m. The Group has \u00a320m of committed and unutilised debt facilities, consisting of one revolving credit facility with one bank, providing the business with a secure funding platform. Throughout these severe but plausible downside scenarios, and with no cost mitigation, the Group\u2019s liquidity requirements would be satisfied within existing credit facilities, and headroom is maintained on associated covenants. The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group and parent Company will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed on page 154. The directors have taken advantage of the exemption available under s408 of the Companies Act 2006 and have not presented a separate income statement or statement of comprehensive income for the Company. Changes in accounting policy and disclosures (a) New and amended standards adopted by the Group A number of new or amended standards became applicable for the current reporting period and the Group had to change its accounting policies as a result of adopting the following standards: \u2022 Property, Plant and Equipment Proceeds before Intended Use \u2013 Amendments to IAS 16; \u2022 Onerous contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2022 Annual Improvements to IFRS Standards 2018 \u2013 2020; and \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The amendments listed above do not have a material impact on the results for the current and prior reporting periods. (b) New standards, amendments and interpretations issued but not effective for the financial year beginning 30 January 2023 and not adopted early Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 29 January 2023 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions. Consolidation \u2013 subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date over which control commences until the date on which control ceases. On the acquisition of a business, identifiable assets and liabilities acquired are measured at their fair value. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued. Any contingent consideration is recognised at fair value at the acquisition date and subsequently until it is settled. The cost of the acquisition in excess of the Group\u2019s interest in the net fair value of the identifiable net assets acquired is recorded as goodwill. Non-controlling interests represent the portion of comprehensive income and equity in subsidiaries that is not attributable to the parent Company shareholders and is presented separately from the parent shareholders\u2019 equity in the Consolidated Balance Sheet. Intercompany transactions, balances, income and expenses on transactions between Group companies are eliminated. Profits and losses resulting from intercompany transactions that are recognised in net assets are also eliminated. Accounting policies of subsidiaries are consistent with those adopted by the Group. Revenue recognition Revenue is recognised when control of the goods has passed to the buyer. All revenue is recognised on a point of time basis being primarily the point of delivery to customers\u2019 sites. The majority of goods are dispatched by the Group\u2019s own distribution network and delivery often occurs on the day of dispatch although some are a few days later therefore revenue is recognised on delivery to the customer site. None of the Group\u2019s contractual arrangements lead to revenue being recognised over time. Revenue is the net invoiced sales value, after deducting promotional sales related discounts invoiced by customers, including: brand support costs; customer incentives; and exclusive of value added tax of goods and services supplied to external customers during the year. Brand support costs are investments in customer promotional activities. Sales are recorded based on the price specified in the sales invoices, net of any agreed discounts and rebates. Brand support accruals are included in the statement of financial position. Sales related discounts and rebates are calculated based on the expected amounts necessary to meet the claims of the Group\u2019s customers in respect of these discounts and rebates. When the Group expects to grant a discount or rebate to a customer, this is treated as variable consideration and adjustments are made to the transaction price using the expected value method. This variable consideration is only included to the extent that it is highly probable the inclusion will not result in a significant revenue reversal in the future. 1. Accounting Policies continued Excise tax For the cocktail business, excise duties become payable on alcoholic products when goods are moved from bonded warehouses. This duty is effectively a production tax, borne by the Group and passed on in full to customers through pricing. Excise duty on our own-produced goods are included within cost of goods sold and net revenue as all sales are delivered duty paid. Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components and for which discrete financial information is available. Segment results that are reported to the Board and senior executives (as chief operating decision makers) include items directly attributable to a segment as well as those that can be allocated on a consistent basis. Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in \u00a3 sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement in the same line in which the transaction is recorded. Intangible assets Goodwill Goodwill represents the excess of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment charges. Impairment charges on goodwill are not reversed. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. Brands Separately acquired brands are recognised at cost at the date of purchase. Brands acquired in a business combination are recognised at fair value at the acquisition date. Brands acquired separately or through a business combination are assessed at the date of acquisition as to whether they have an indefinite life. The assessment includes whether the brand name will continue to trade, and the expected lifetime of the brand. All brands acquired to date have been assessed as having an indefinite life as they are expected to continue to contribute to the long-term future of the Group. The brands are reviewed annually for impairment, being carried at cost less accumulated impairment charges. The fair value of a brand at the date of acquisition is based on the Relief from Royalties method, which is a valuation model based on discounted cash flows. Customer relationships Customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The customer relationships have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship. The fair value of the customer relationships at the acquisition date was based on the Multiple Excess Earnings Method (MEEM) which is a valuation model based on discounted cash flows. The useful lives of customer relationships are based on the churn rate of the acquired portfolio and are up to 10 years corresponding to a yearly amortisation of between 10% and 33%. The useful lives of all intangible assets are reviewed annually and amended, as required, on a prospective basis. Software costs Software expenditure is recognised as an intangible asset only after its technical feasibility and commercial viability can be demonstrated. Acquired computer software licences and software developed in-house are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs include resources focused on delivery of capital projects where the choice has been made to use internal resources. These costs are amortised using the straight-line method over the expected useful life of the software, which is 10 years. Property, plant and equipment Land and buildings comprise mainly factories, distribution sites and offices. All property, plant and equipment is stated at historical cost less accumulated depreciation and impairments. Historical cost includes expenditure that is directly attributable to the acquisition or construction of the assets. The purchase price of an asset will include the fair value of the consideration paid to acquire the asset. Borrowing costs directly attributable to acquisition, construction and/or production of assets that take a substantial time to complete are capitalised. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Land is not depreciated. Depreciation is charged from the date that assets, other than land, are available for use. It is calculated using the straight-line method to allocate the cost to the residual values of the related assets using the following rates: Buildings \u2013 1% Leasehold buildings \u2013 Term of lease Plant, equipment and vehicles \u2013 10% to 33% Property, plant and equipment residual values and useful lives are reviewed, and adjusted if appropriate, at each year end date. The carrying value of the property, plant and equipment is reviewed for impairment when events or changes in circumstances indicate that the recoverable amount may be less than the carrying value. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. An item of property, plant and equipment is derecognised on disposal or where no future economic benefits are expected to arise from the continued use of the asset. Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are recognised within administration costs in the income statement. 1. Accounting Policies continued Government grants The Group recognises government grants in accordance with IAS 20. Grants received by the Group are recognised in the income statement and matched against the costs that the grant are intended to compensate for and are therefore shown net. Leases The Group as lessee For any new contracts entered into,the Group considers whether a contract is, or contains, a lease. A lease is defined as any contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. To apply this definition the Group assesses whether the contract meets three key evaluations which are whether: \u2022 The contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; \u2022 The Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and \u2022 The Group has the right to direct the use of the identified asset throughout the period of use. The Group assesses whether it has the right to direct the use of the identified assets through the period of use. The Group assesses whether it has the right to direct \u201chow and for what purpose\u201d the asset is used throughout the period of use Measurement and recognition of leases as a lessee At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment where such indicators exist. Lease payments included in the measurement of the lease liability are made up of fixed payments, variable payments based on an index or rate, amounts expected to be payable under a residual guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero. The Group has elected to account for short-term leases and leases of low-value assets (less than \u00a31,000) using the practical expedients. Instead of recognising the right-of- use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term. On the balance sheet, right-of-use assets and lease liabilities have been disclosed separately. Investment in associates An associate is an entity over which the Group has significant influence that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. The investment is recognised initially in the statement of financial position at cost, and is adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate. On acquisition, any excess of the cost of the investments over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in which the investment is acquired. Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment charge is recognised in the income statement 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. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that is based on current market assessments of the time value of money and risks specific to the asset for which the future cash flow estimates have not been adjusted. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the impairment loss was recognised although any reversal cannot result in a carrying amount that would exceed the carrying amount that would have been recognised, net of depreciation, had no impairment loss been recognised in prior years. Non-derivative financial instruments Non-derivative financial instruments comprise investments in equity and debt securities, short-term investments, loans receivable, trade and other receivables, cash and cash equivalents, loans and borrowings, put liability, contingent consideration and trade payables. Trade receivables Trade receivables are recognised initially at transaction price. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less an allowance for expected credit losses (ECL). The Group always recognises lifetime ECL for trade receivables. The expected credit loss on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. The carrying amount of the asset is reduced by the allowance for expected credit losses and the amount of the loss is recognised in the income statement within administration costs. Trade and other payables Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Investments Investments in subsidiaries are carried at cost less impairment in the parent Company accounts. Short-term investments Short-term investments are interest-bearing deposits. They are recognised initially at fair value plus attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method. The Group always recognises 12-months ECL for trade short-term investments as they are low credit risk. Financial assets classification The Group classifies its financial assets at amortised costs if both the following criteria are met: \u2022 The asset is held within a business model whose objective is to collect the contractual cash flows; and \u2022 The contractual terms give risk to cash flows that are solely payments of principal and interest on principal outstanding. 1. Accounting Policies continued Recognition and derecognition of financial instruments Purchases or sales of financial assets that require delivery of assets within a timeframe established by regulation or convention in the market-place (regular way trades) are recognised at the trade date, i.e. the date that the Group commits to purchase or sell the asset. All other financial assets and financial liabilities are recognised at trade date. Financial assets are derecognised when the rights to receive cash flows from the contractual assets have expired or have been transferred and the Group has transferred all the risks and rewards of ownership. Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. Cash and cash equivalents Cash and cash equivalents include cash in hand, on demand deposits with banks and other short-term, highly liquid investments with maturities of three months or less, which are readily convertible into known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the statement of cash flows, bank overdrafts repayable on demand that form an integral part of the Group\u2019s cash management are included as components of cash and cash equivalents. Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method. Put liability A put liability is recognised where the Group is obliged to purchase the shares of a subsidiary from non-controlling shareholders. It is initially measured at the present value of the redemption amount in the consolidated financial statements with any changes in the measurement recognised in the income statement. The liability is recognised as a non-current liability if it is not expected to be exercised within 12 months. Contingent consideration Contingent consideration resulting from business combinations, is measured at fair value using the income approach. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value of contingent consideration is based on cash flows and is classified as a non-current liability in the balance sheet. Derivative financial instruments and hedging activities The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risks using foreign exchange forward contracts. Further details of derivative financial instruments are disclosed in Note 14. Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value. The gain or loss on remeasurement is recognised in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the income statement depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and intention to offset. The impact of hedging on the Group\u2019s financial position is disclosed in Note 14. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Cash flow hedges The Group designates certain derivatives as hedging instruments in respect of foreign currency risk in cash flow hedges, including hedges of foreign exchange risk on firm commitments. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. (The Group does not consider credit risk to be material but will monitor on an ongoing basis); and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The Group designates the full change in the fair value of a forward contract as the hedging instruments for all of its hedging relationships. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within administration costs. Amounts accumulated in equity are recycled through the income statement in the period when the hedged item affects profit or loss. Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completing production and selling expenses. The cost of inventories is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their primary distribution location and condition. This includes direct labour costs and an appropriate share of overheads based on normal operating activity. Company shares held by employee benefit trusts Company shares are purchased on behalf of employee benefit trusts to satisfy the liability of various employee share schemes. The amount of the consideration paid, including directly attributable costs, is recognised as a charge in equity. Purchased shares are classified as Company shares held by employee benefit trusts, and presented as a deduction from retained earnings. Current and deferred income tax Tax on the profit or loss for the year comprises current and deferred tax. Current tax is charged in the income statement except where it relates to tax on items recognised directly in equity, in which case it is charged to equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the year end date and any adjustment to tax payable in respect of previous years. Deferred tax is provided in full using the liability method, providing for temporary differences between the tax bases of assets and liabilities and their carrying amounts, in the consolidated financial statements. 1. Accounting Policies continued The following temporary differences are not provided for: \u2022 The initial recognition of goodwill; and \u2022 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the year end date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Employee benefits Retirement benefit plans The Group operates two pension schemes, as detailed in Note 27. The schemes are generally funded through payments to trustee-administered funds. The Group has both defined benefit and defined contribution plans. Defined contribution pension plans A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Obligations for contributions are recognised as an expense in the income statement as they fall due. The Group has no further payment obligations once the contributions have been paid. Defined benefit pension plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability/surplus recognised in the statement of financial position in respect of defined benefit pension plans is the present value of plan assets less the fair value of the defined benefit obligation. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. Actuarial 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. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. The gain or loss on a settlement is the difference between the present value of the defined benefit obligation being settled as determined on the date of settlement and the settlement price, including any plan assets transferred and any payments made directly by the Group in connection with the settlement. The Group\u2019s defined benefit plan was closed to future accrual on 1 May 2016. Share-based compensation The Group grants equity-settled share-based payments to certain employees. These are measured at fair value (excluding the effect of non-market-based vesting conditions) at the grant date. The fair value of the equity-settled share-based payment determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. Fair value is measured using the Black-Scholes pricing model. The Group also provides employees with the ability to purchase the Company\u2019s ordinary shares at a discount to the current market value through payroll. The Group records as an expense the fair value of the discount on the shares purchased by the employee as a charge to the income statement and a credit to the share options reserve. At each year end date, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to the share options reserve. Profit-sharing and bonus plans The Group recognises a liability and an expense for various bonuses based on formulae that take into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognises a provision where there is a contractual obligation or where there is a past practice that has created a constructive obligation. Provisions A provision is recognised if, as the result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. A restructuring provision is recognised when the Group has approved a detailed and formal restructuring plan which has been either announced or has commenced. Future operating costs are not provided for. Dividend distributions Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Share repurchase programme Any share repurchase programmes would result in the cancellation of repurchased shares and the transfer of the relevant permanent capital into a Capital Redemption Reserve. The Capital Redemption Reserve is included in \u201cOther reserves\u201d within equity. Refer to Note 28. Alternative performance measures Alternative performance measures (APMs) are tracked by management to assess the Group\u2019s operating performance and to inform financial, strategic and operating decisions. These are therefore presented within the Annual Report and Accounts. Definitions of APMs and reconciliation to GAAP measures can be found in the Glossary on pages 199 to 204. Adjusting items The Group excludes adjusting items from its non-GAAP measures because of their size, frequency and nature to allow shareholders to better understand the elements of financial performance in the year, so as to facilitate comparison with prior periods and to assess trends in financial performance more readily. These items are primarily non-operational. 1. Accounting Policies continued Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make assumptions and estimates that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. Due to the nature of estimation, the actual outcomes may well differ from these estimates. The directors do not consider there to be any critical accounting judgements. The key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are: Estimates Retirement benefit obligations The determination of any defined benefit pension scheme surplus/obligation is based on assumptions determined with independent actuarial advice. The assumptions used include discount rate, inflation, pension increases, salary increases, the expected return on scheme assets and mortality assumptions. The material estimations are those for which a sensitivity analysis is provided in Note 27. The directors consider that those sensitivities provided in Note 27 represent the range of possible outcomes that could reasonably be expected to occur in the next 12 months. Sales related rebates and discounts The Group agrees to pay customers various amounts in the form of sales related rebates and discounts. Accruals are made for each individual promotion or rebate based on the specific terms and conditions of the customer agreement. Management make estimates on an ongoing basis to assess customer performance and sales volume to calculate the total amounts earned to be deducted from revenue. Based on total rebate and discount spend in the year 3% of spend would need to be omitted to result in a material error in the value of accruals made at year end. Climate change considerations Climate change is a global challenge and an emerging risk to businesses, people and the environment across the world. We have a role to play in limiting warming by improving our energy management, reducing our carbon emissions and by helping our customers and suppliers do the same. In our view, climate change does not create any further key sources of estimation uncertainty in these financial statements. For further details, see the Risk Management and Sustainability sections of the Strategic Report. ",
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"value": "General information A.G. BARR p.l.c. (the \u201cCompany\u201d) and its subsidiaries (together the \u201cGroup\u201d) manufacture, distribute and sell a range of beverages. The Group has manufacturing sites in the UK and sells mainly to customers in the UK with some international sales. The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in Scotland. The address of its registered office is Westfield House, 4 Mollins Road, Cumbernauld, G68 9HD. The financial year represents the 52 weeks ended 29 January 2023 (prior financial year 53 weeks ended 30 January 2022). ",
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"fact-389": {
"value": "A.G. BARR p.l.c. (the \u201cCompany\u201d) and its subsidiaries (together the \u201cGroup\u201d) manufacture, distribute and sell a range of beverages. The Group has manufacturing sites in the UK and sells mainly to customers in the UK with some international sales. ",
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"value": "A.G. BARR p.l.c.",
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"fact-390": {
"value": "The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in Scotland. The address of its registered office ",
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"entity": "scheme:213800QWTXXXF8BNEC87",
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"fact-4": {
"value": "public limited company",
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"fact-5": {
"value": "Scotland",
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"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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"value": "Westfield House, 4 Mollins Road, Cumbernauld, G68 9HD",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
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"fact-395": {
"value": "Basis of preparation The consolidated and parent Company financial statements of A.G. BARR p.l.c. have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. They have been prepared under the historical cost accounting rules except for the derivative financial instruments and the assets of the Group pension scheme which are stated at fair value and the liabilities of the Group pension scheme which are valued using the projected unit credit method. The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks. This assessment was undertaken through the use of a number of reasonably possible downside scenarios that could impact the business (both individually and cumulatively). These scenarios include adverse brand damage to the Group\u2019s largest brand (IRN-BRU), reimposition of restrictions associated with the Covid-19 pandemic, significant disruption to supply chain (including the closure of a factory), a cyber attack, and significant energy cost inflation. The director\u2019s experience of the Covid-19 pandemic provides confidence over the resilience of our brands, and that the business can react appropriately to significant downside scenarios. Material cash preservation measures are available, including reducing discretionary spend on overheads, non-essential capital, marketing investment, and the suspension of dividends. As at 29 January 2023, the consolidated balance sheet reflects a net asset position of \u00a3268.8m, including net cash at bank of \u00a352.6m. The Group has \u00a320m of committed and unutilised debt facilities, consisting of one revolving credit facility with one bank, providing the business with a secure funding platform. Throughout these severe but plausible downside scenarios, and with no cost mitigation, the Group\u2019s liquidity requirements would be satisfied within existing credit facilities, and headroom is maintained on associated covenants. The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group and parent Company will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed on page 154. The directors have taken advantage of the exemption available under s408 of the Companies Act 2006 and have not presented a separate income statement or statement of comprehensive income for the Company. ",
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"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
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"fact-461": {
"value": "The consolidated and parent Company financial statements of A.G. BARR p.l.c. have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. They have been prepared under the historical cost accounting rules except for the derivative financial instruments and the assets of the Group pension scheme which are stated at fair value and the liabilities of the Group pension scheme which are valued using the projected unit credit method. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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"fact-462": {
"value": "The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks. This assessment was undertaken through the use of a number of reasonably possible downside scenarios that could impact the business (both individually and cumulatively). These scenarios include adverse brand damage to the Group\u2019s largest brand (IRN-BRU), reimposition of restrictions associated with the Covid-19 pandemic, significant disruption to supply chain (including the closure of a factory), a cyber attack, and significant energy cost inflation. The director\u2019s experience of the Covid-19 pandemic provides confidence over the resilience of our brands, and that the business can react appropriately to significant downside scenarios. Material cash preservation measures are available, including reducing discretionary spend on overheads, non-essential capital, marketing investment, and the suspension of dividends. As at 29 January 2023, the consolidated balance sheet reflects a net asset position of \u00a3268.8m, including net cash at bank of \u00a352.6m. The Group has \u00a320m of committed and unutilised debt facilities, consisting of one revolving credit facility with one bank, providing the business with a secure funding platform. Throughout these severe but plausible downside scenarios, and with no cost mitigation, the Group\u2019s liquidity requirements would be satisfied within existing credit facilities, and headroom is maintained on associated covenants. The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group and parent Company will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. ",
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"value": "Changes in accounting policy and disclosures (a) New and amended standards adopted by the Group A number of new or amended standards became applicable for the current reporting period and the Group had to change its accounting policies as a result of adopting the following standards: \u2022 Property, Plant and Equipment Proceeds before Intended Use \u2013 Amendments to IAS 16; \u2022 Onerous contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2022 Annual Improvements to IFRS Standards 2018 \u2013 2020; and \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The amendments listed above do not have a material impact on the results for the current and prior reporting periods. (b) New standards, amendments and interpretations issued but not effective for the financial year beginning 30 January 2023 and not adopted early Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 29 January 2023 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions. ",
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"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-463": {
"value": "(a) New and amended standards adopted by the Group A number of new or amended standards became applicable for the current reporting period and the Group had to change its accounting policies as a result of adopting the following standards: \u2022 Property, Plant and Equipment Proceeds before Intended Use \u2013 Amendments to IAS 16; \u2022 Onerous contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37; \u2022 Annual Improvements to IFRS Standards 2018 \u2013 2020; and \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The amendments listed above do not have a material impact on the results for the current and prior reporting periods. ",
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"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
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"fact-464": {
"value": "(b) New standards, amendments and interpretations issued but not effective for the financial year beginning 30 January 2023 and not adopted early Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 29 January 2023 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions. ",
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"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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},
"fact-397": {
"value": "Consolidation \u2013 subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date over which control commences until the date on which control ceases. On the acquisition of a business, identifiable assets and liabilities acquired are measured at their fair value. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued. Any contingent consideration is recognised at fair value at the acquisition date and subsequently until it is settled. The cost of the acquisition in excess of the Group\u2019s interest in the net fair value of the identifiable net assets acquired is recorded as goodwill. Non-controlling interests represent the portion of comprehensive income and equity in subsidiaries that is not attributable to the parent Company shareholders and is presented separately from the parent shareholders\u2019 equity in the Consolidated Balance Sheet. Intercompany transactions, balances, income and expenses on transactions between Group companies are eliminated. Profits and losses resulting from intercompany transactions that are recognised in net assets are also eliminated. Accounting policies of subsidiaries are consistent with those adopted by the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-398": {
"value": "Revenue recognition Revenue is recognised when control of the goods has passed to the buyer. All revenue is recognised on a point of time basis being primarily the point of delivery to customers\u2019 sites. The majority of goods are dispatched by the Group\u2019s own distribution network and delivery often occurs on the day of dispatch although some are a few days later therefore revenue is recognised on delivery to the customer site. None of the Group\u2019s contractual arrangements lead to revenue being recognised over time. Revenue is the net invoiced sales value, after deducting promotional sales related discounts invoiced by customers, including: brand support costs; customer incentives; and exclusive of value added tax of goods and services supplied to external customers during the year. Brand support costs are investments in customer promotional activities. Sales are recorded based on the price specified in the sales invoices, net of any agreed discounts and rebates. Brand support accruals are included in the statement of financial position. Sales related discounts and rebates are calculated based on the expected amounts necessary to meet the claims of the Group\u2019s customers in respect of these discounts and rebates. When the Group expects to grant a discount or rebate to a customer, this is treated as variable consideration and adjustments are made to the transaction price using the expected value method. This variable consideration is only included to the extent that it is highly probable the inclusion will not result in a significant revenue reversal in the future. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-399": {
"value": "Excise tax For the cocktail business, excise duties become payable on alcoholic products when goods are moved from bonded warehouses. This duty is effectively a production tax, borne by the Group and passed on in full to customers through pricing. Excise duty on our own-produced goods are included within cost of goods sold and net revenue as all sales are delivered duty paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-400": {
"value": "Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components and for which discrete financial information is available. Segment results that are reported to the Board and senior executives (as chief operating decision makers) include items directly attributable to a segment as well as those that can be allocated on a consistent basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-465": {
"value": "Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in \u00a3 sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-401": {
"value": "Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in \u00a3 sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement in the same line in which the transaction is recorded. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-402": {
"value": "Intangible assets Goodwill Goodwill represents the excess of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment charges. Impairment charges on goodwill are not reversed. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. Brands Separately acquired brands are recognised at cost at the date of purchase. Brands acquired in a business combination are recognised at fair value at the acquisition date. Brands acquired separately or through a business combination are assessed at the date of acquisition as to whether they have an indefinite life. The assessment includes whether the brand name will continue to trade, and the expected lifetime of the brand. All brands acquired to date have been assessed as having an indefinite life as they are expected to continue to contribute to the long-term future of the Group. The brands are reviewed annually for impairment, being carried at cost less accumulated impairment charges. The fair value of a brand at the date of acquisition is based on the Relief from Royalties method, which is a valuation model based on discounted cash flows. Customer relationships Customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The customer relationships have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship. The fair value of the customer relationships at the acquisition date was based on the Multiple Excess Earnings Method (MEEM) which is a valuation model based on discounted cash flows. The useful lives of customer relationships are based on the churn rate of the acquired portfolio and are up to 10 years corresponding to a yearly amortisation of between 10% and 33%. The useful lives of all intangible assets are reviewed annually and amended, as required, on a prospective basis. Software costs Software expenditure is recognised as an intangible asset only after its technical feasibility and commercial viability can be demonstrated. Acquired computer software licences and software developed in-house are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs include resources focused on delivery of capital projects where the choice has been made to use internal resources. These costs are amortised using the straight-line method over the expected useful life of the software, which is 10 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-466": {
"value": "Goodwill Goodwill represents the excess of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment charges. Impairment charges on goodwill are not reversed. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-467": {
"value": "Brands Separately acquired brands are recognised at cost at the date of purchase. Brands acquired in a business combination are recognised at fair value at the acquisition date. Brands acquired separately or through a business combination are assessed at the date of acquisition as to whether they have an indefinite life. The assessment includes whether the brand name will continue to trade, and the expected lifetime of the brand. All brands acquired to date have been assessed as having an indefinite life as they are expected to continue to contribute to the long-term future of the Group. The brands are reviewed annually for impairment, being carried at cost less accumulated impairment charges. The fair value of a brand at the date of acquisition is based on the Relief from Royalties method, which is a valuation model based on discounted cash flows. Customer relationships Customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The customer relationships have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship. The fair value of the customer relationships at the acquisition date was based on the Multiple Excess Earnings Method (MEEM) which is a valuation model based on discounted cash flows. The useful lives of customer relationships are based on the churn rate of the acquired portfolio and are up to 10 years corresponding to a yearly amortisation of between 10% and 33%. The useful lives of all intangible assets are reviewed annually and amended, as required, on a prospective basis. Software costs Software expenditure is recognised as an intangible asset only after its technical feasibility and commercial viability can be demonstrated. Acquired computer software licences and software developed in-house are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs include resources focused on delivery of capital projects where the choice has been made to use internal resources. These costs are amortised using the straight-line method over the expected useful life of the software, which is 10 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-403": {
"value": "Property, plant and equipment Land and buildings comprise mainly factories, distribution sites and offices. All property, plant and equipment is stated at historical cost less accumulated depreciation and impairments. Historical cost includes expenditure that is directly attributable to the acquisition or construction of the assets. The purchase price of an asset will include the fair value of the consideration paid to acquire the asset. Borrowing costs directly attributable to acquisition, construction and/or production of assets that take a substantial time to complete are capitalised. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Land is not depreciated. Depreciation is charged from the date that assets, other than land, are available for use. It is calculated using the straight-line method to allocate the cost to the residual values of the related assets using the following rates: Buildings \u2013 1% Leasehold buildings \u2013 Term of lease Plant, equipment and vehicles \u2013 10% to 33% Property, plant and equipment residual values and useful lives are reviewed, and adjusted if appropriate, at each year end date. The carrying value of the property, plant and equipment is reviewed for impairment when events or changes in circumstances indicate that the recoverable amount may be less than the carrying value. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. An item of property, plant and equipment is derecognised on disposal or where no future economic benefits are expected to arise from the continued use of the asset. Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are recognised within administration costs in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-404": {
"value": "Government grants The Group recognises government grants in accordance with IAS 20. Grants received by the Group are recognised in the income statement and matched against the costs that the grant are intended to compensate for and are therefore shown net. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-405": {
"value": "Leases The Group as lessee For any new contracts entered into,the Group considers whether a contract is, or contains, a lease. A lease is defined as any contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. To apply this definition the Group assesses whether the contract meets three key evaluations which are whether: \u2022 The contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; \u2022 The Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and \u2022 The Group has the right to direct the use of the identified asset throughout the period of use. The Group assesses whether it has the right to direct the use of the identified assets through the period of use. The Group assesses whether it has the right to direct \u201chow and for what purpose\u201d the asset is used throughout the period of use Measurement and recognition of leases as a lessee At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment where such indicators exist. Lease payments included in the measurement of the lease liability are made up of fixed payments, variable payments based on an index or rate, amounts expected to be payable under a residual guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero. The Group has elected to account for short-term leases and leases of low-value assets (less than \u00a31,000) using the practical expedients. Instead of recognising the right-of- use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term. On the balance sheet, right-of-use assets and lease liabilities have been disclosed separately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-406": {
"value": "Investment in associates An associate is an entity over which the Group has significant influence that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. The investment is recognised initially in the statement of financial position at cost, and is adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate. On acquisition, any excess of the cost of the investments over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in which the investment is acquired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-407": {
"value": "Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment charge is recognised in the income statement 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. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that is based on current market assessments of the time value of money and risks specific to the asset for which the future cash flow estimates have not been adjusted. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the impairment loss was recognised although any reversal cannot result in a carrying amount that would exceed the carrying amount that would have been recognised, net of depreciation, had no impairment loss been recognised in prior years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-408": {
"value": "Non-derivative financial instruments Non-derivative financial instruments comprise investments in equity and debt securities, short-term investments, loans receivable, trade and other receivables, cash and cash equivalents, loans and borrowings, put liability, contingent consideration and trade payables. ",
"dimensions": {
"concept": "agbarrplc:DescriptionOfAccountingPolicyForNonDerivativeFinancialInstruments",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-409": {
"value": "Trade receivables Trade receivables are recognised initially at transaction price. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less an allowance for expected credit losses (ECL). The Group always recognises lifetime ECL for trade receivables. The expected credit loss on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. The carrying amount of the asset is reduced by the allowance for expected credit losses and the amount of the loss is recognised in the income statement within administration costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-410": {
"value": "Trade and other payables Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-411": {
"value": "Investments Investments in subsidiaries are carried at cost less impairment in the parent Company accounts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-413": {
"value": "Short-term investments Short-term investments are interest-bearing deposits. They are recognised initially at fair value plus attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method. The Group always recognises 12-months ECL for trade short-term investments as they are low credit risk. ",
"dimensions": {
"concept": "agbarrplc:DescriptionOfAccountingPolicyForShortTermInvestments",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-412": {
"value": "Financial assets classification The Group classifies its financial assets at amortised costs if both the following criteria are met: \u2022 The asset is held within a business model whose objective is to collect the contractual cash flows; and \u2022 The contractual terms give risk to cash flows that are solely payments of principal and interest on principal outstanding. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-414": {
"value": "Recognition and derecognition of financial instruments Purchases or sales of financial assets that require delivery of assets within a timeframe established by regulation or convention in the market-place (regular way trades) are recognised at the trade date, i.e. the date that the Group commits to purchase or sell the asset. All other financial assets and financial liabilities are recognised at trade date. Financial assets are derecognised when the rights to receive cash flows from the contractual assets have expired or have been transferred and the Group has transferred all the risks and rewards of ownership. Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-415": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash in hand, on demand deposits with banks and other short-term, highly liquid investments with maturities of three months or less, which are readily convertible into known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the statement of cash flows, bank overdrafts repayable on demand that form an integral part of the Group\u2019s cash management are included as components of cash and cash equivalents. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-416": {
"value": "Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-417": {
"value": "Put liability A put liability is recognised where the Group is obliged to purchase the shares of a subsidiary from non-controlling shareholders. It is initially measured at the present value of the redemption amount in the consolidated financial statements with any changes in the measurement recognised in the income statement. The liability is recognised as a non-current liability if it is not expected to be exercised within 12 months. ",
"dimensions": {
"concept": "agbarrplc:DescriptionOfAccountingPolicyForPutLiability",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-418": {
"value": "Contingent consideration Contingent consideration resulting from business combinations, is measured at fair value using the income approach. When the contingent consideration meets the definition of a financial liability, it is subsequently remeasured to fair value at each reporting date. The determination of the fair value of contingent consideration is based on cash flows and is classified as a non-current liability in the balance sheet. ",
"dimensions": {
"concept": "agbarrplc:DescriptionOfAccountingPolicyForContingentConsideration",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-468": {
"value": "Derivative financial instruments and hedging activities The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risks using foreign exchange forward contracts. Further details of derivative financial instruments are disclosed in Note 14. Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value. The gain or loss on remeasurement is recognised in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the income statement depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and intention to offset. The impact of hedging on the Group\u2019s financial position is disclosed in Note 14. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-419": {
"value": "Derivative financial instruments and hedging activities The Group enters into derivative financial instruments to manage its exposure to foreign exchange rate risks using foreign exchange forward contracts. Further details of derivative financial instruments are disclosed in Note 14. Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value. The gain or loss on remeasurement is recognised in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the income statement depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and intention to offset. The impact of hedging on the Group\u2019s financial position is disclosed in Note 14. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Cash flow hedges The Group designates certain derivatives as hedging instruments in respect of foreign currency risk in cash flow hedges, including hedges of foreign exchange risk on firm commitments. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. (The Group does not consider credit risk to be material but will monitor on an ongoing basis); and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The Group designates the full change in the fair value of a forward contract as the hedging instruments for all of its hedging relationships. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within administration costs. Amounts accumulated in equity are recycled through the income statement in the period when the hedged item affects profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-469": {
"value": "Cash flow hedges The Group designates certain derivatives as hedging instruments in respect of foreign currency risk in cash flow hedges, including hedges of foreign exchange risk on firm commitments. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. (The Group does not consider credit risk to be material but will monitor on an ongoing basis); and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The Group designates the full change in the fair value of a forward contract as the hedging instruments for all of its hedging relationships. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within administration costs. Amounts accumulated in equity are recycled through the income statement in the period when the hedged item affects profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-420": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completing production and selling expenses. The cost of inventories is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their primary distribution location and condition. This includes direct labour costs and an appropriate share of overheads based on normal operating activity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-421": {
"value": "Company shares held by employee benefit trusts Company shares are purchased on behalf of employee benefit trusts to satisfy the liability of various employee share schemes. The amount of the consideration paid, including directly attributable costs, is recognised as a charge in equity. Purchased shares are classified as Company shares held by employee benefit trusts, and presented as a deduction from retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-470": {
"value": "Current and deferred income tax Tax on the profit or loss for the year comprises current and deferred tax. Current tax is charged in the income statement except where it relates to tax on items recognised directly in equity, in which case it is charged to equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the year end date and any adjustment to tax payable in respect of previous years. Deferred tax is provided in full using the liability method, providing for temporary differences between the tax bases of assets and liabilities and their carrying amounts, in the consolidated financial statements. The following temporary differences are not provided for: \u2022 The initial recognition of goodwill; and \u2022 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the year end date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-422": {
"value": "Current and deferred income tax Tax on the profit or loss for the year comprises current and deferred tax. Current tax is charged in the income statement except where it relates to tax on items recognised directly in equity, in which case it is charged to equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the year end date and any adjustment to tax payable in respect of previous years. Deferred tax is provided in full using the liability method, providing for temporary differences between the tax bases of assets and liabilities and their carrying amounts, in the consolidated financial statements. The following temporary differences are not provided for: \u2022 The initial recognition of goodwill; and \u2022 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the year end date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-423": {
"value": "Employee benefits Retirement benefit plans The Group operates two pension schemes, as detailed in Note 27. The schemes are generally funded through payments to trustee-administered funds. The Group has both defined benefit and defined contribution plans. Defined contribution pension plans A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Obligations for contributions are recognised as an expense in the income statement as they fall due. The Group has no further payment obligations once the contributions have been paid. Defined benefit pension plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability/surplus recognised in the statement of financial position in respect of defined benefit pension plans is the present value of plan assets less the fair value of the defined benefit obligation. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. Actuarial 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. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. The gain or loss on a settlement is the difference between the present value of the defined benefit obligation being settled as determined on the date of settlement and the settlement price, including any plan assets transferred and any payments made directly by the Group in connection with the settlement. The Group\u2019s defined benefit plan was closed to future accrual on 1 May 2016. Share-based compensation The Group grants equity-settled share-based payments to certain employees. These are measured at fair value (excluding the effect of non-market-based vesting conditions) at the grant date. The fair value of the equity-settled share-based payment determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. Fair value is measured using the Black-Scholes pricing model. The Group also provides employees with the ability to purchase the Company\u2019s ordinary shares at a discount to the current market value through payroll. The Group records as an expense the fair value of the discount on the shares purchased by the employee as a charge to the income statement and a credit to the share options reserve. At each year end date, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to the share options reserve. Profit-sharing and bonus plans The Group recognises a liability and an expense for various bonuses based on formulae that take into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognises a provision where there is a contractual obligation or where there is a past practice that has created a constructive obligation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-471": {
"value": "Share-based compensation The Group grants equity-settled share-based payments to certain employees. These are measured at fair value (excluding the effect of non-market-based vesting conditions) at the grant date. The fair value of the equity-settled share-based payment determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. Fair value is measured using the Black-Scholes pricing model. The Group also provides employees with the ability to purchase the Company\u2019s ordinary shares at a discount to the current market value through payroll. The Group records as an expense the fair value of the discount on the shares purchased by the employee as a charge to the income statement and a credit to the share options reserve. At each year end date, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to the share options reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-424": {
"value": "Provisions A provision is recognised if, as the result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. A restructuring provision is recognised when the Group has approved a detailed and formal restructuring plan which has been either announced or has commenced. Future operating costs are not provided for. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-425": {
"value": "Dividend distributions Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-426": {
"value": "Share repurchase programme Any share repurchase programmes would result in the cancellation of repurchased shares and the transfer of the relevant permanent capital into a Capital Redemption Reserve. The Capital Redemption Reserve is included in \u201cOther reserves\u201d within equity. Refer to Note 28. ",
"dimensions": {
"concept": "agbarrplc:DescriptionOfAccountingPolicyForShareRepurchaseProgramme",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-427": {
"value": "Alternative performance measures Alternative performance measures (APMs) are tracked by management to assess the Group\u2019s operating performance and to inform financial, strategic and operating decisions. These are therefore presented within the Annual Report and Accounts. Definitions of APMs and reconciliation to GAAP measures can be found in the Glossary on pages 199 to 204. ",
"dimensions": {
"concept": "agbarrplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-428": {
"value": "Adjusting items The Group excludes adjusting items from its non-GAAP measures because of their size, frequency and nature to allow shareholders to better understand the elements of financial performance in the year, so as to facilitate comparison with prior periods and to assess trends in financial performance more readily. These items are primarily non-operational. ",
"dimensions": {
"concept": "agbarrplc:DescriptionOfAccountingPolicyForAdjustingItems",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-429": {
"value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make assumptions and estimates that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. Due to the nature of estimation, the actual outcomes may well differ from these estimates. The directors do not consider there to be any critical accounting judgements. The key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are: Estimates Retirement benefit obligations The determination of any defined benefit pension scheme surplus/obligation is based on assumptions determined with independent actuarial advice. The assumptions used include discount rate, inflation, pension increases, salary increases, the expected return on scheme assets and mortality assumptions. The material estimations are those for which a sensitivity analysis is provided in Note 27. The directors consider that those sensitivities provided in Note 27 represent the range of possible outcomes that could reasonably be expected to occur in the next 12 months. Sales related rebates and discounts The Group agrees to pay customers various amounts in the form of sales related rebates and discounts. Accruals are made for each individual promotion or rebate based on the specific terms and conditions of the customer agreement. Management make estimates on an ongoing basis to assess customer performance and sales volume to calculate the total amounts earned to be deducted from revenue. Based on total rebate and discount spend in the year 3% of spend would need to be omitted to result in a material error in the value of accruals made at year end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-430": {
"value": "Climate change considerations Climate change is a global challenge and an emerging risk to businesses, people and the environment across the world. We have a role to play in limiting warming by improving our energy management, reducing our carbon emissions and by helping our customers and suppliers do the same. In our view, climate change does not create any further key sources of estimation uncertainty in these financial statements. For further details, see the Risk Management and Sustainability sections of the Strategic Report. ",
"dimensions": {
"concept": "agbarrplc:DisclosureOfClimateChangeConsiderations",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-431": {
"value": "2. Segment reporting The Board and senior executives have been identified as the Group's chief operating decision-makers, who review the Group's internal reporting in order to assess performance and allocate resources. The performance of the operating segments is assessed by reference to their gross profit. Year ended 29 January 2023 Soft drinks \u00a3m Cocktail solutions \u00a3m Other \u00a3m Total \u00a3m Total revenue 266.6 42.8 8.2 317.6 Gross profit 109.6 16.2 2.3 128.1 Year ended 30 January 2022 Soft drinks \u00a3m Cocktail solutions \u00a3m Other \u00a3m Total \u00a3m Total revenue 230.6 36.9 1.1 268.6 Gross profit 103.5 14.7 0.4 118.6 There are no material intersegment sales. All revenue is in relation to product sales, which is recognised at a point in time, upon delivery to the customer. All of the assets and liabilities of the Group are managed on a central basis rather than at a segment level. As a result, no reconciliation of segment assets and liabilities to the statement of financial position has been disclosed for either of the periods presented. Included in revenues arising from the above segments are revenues of approximately \u00a360.3m, which arose from sales to the Group\u2019s largest customer (2022: \u00a351.5m). No other single customers contributed 10% or more to the Group\u2019s revenue in either 2022 or 2023. All of the segments included within \u201cSoft drinks\u201d and \u201cCocktail solutions\u201d meet the aggregation criteria set out in IFRS 8 Operating Segments. Geographical information The Group operates predominantly in the UK with some worldwide sales. All of the operations of the Group are based in the UK. Revenue 2023 \u00a3m 2022 \u00a3m UK 303.7 257.3 Rest of the world 13.9 11.3 317.6 268.6 The rest of the world revenue includes sales to the Republic of Ireland and international wholesale export houses. All of the assets of the Group are located in the UK. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-472": {
"value": "Geographical information The Group operates predominantly in the UK with some worldwide sales. All of the operations of the Group are based in the UK. Revenue 2023 \u00a3m 2022 \u00a3m UK 303.7 257.3 Rest of the world 13.9 11.3 317.6 268.6 The rest of the world revenue includes sales to the Republic of Ireland and international wholesale export houses. All of the assets of the Group are located in the UK. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-432": {
"value": "3. Profit before tax The following items have been included in arriving at profit before tax: Note 2023 \u00a3m 2022 \u00a3m Depreciation of property, plant and equipment 12 8.2 8.4 Depreciation of right-of-use assets 13 1.6 1.5 Amortisation of intangible assets 11 1.2 1.3 Cost of inventories charged in cost of sales 189.5 150.0 Trade receivables impairment movement 20 0.1 \u2013 Staff costs 4 55.6 50.2 R&D costs for the year totalled \u00a31.4m (2022: \u00a31.3m), with elements of these costs included in the table above. Included within administration costs (Note 6) is the auditor\u2019s remuneration, including expenses for audit and non-audit services. 3. Profit before tax continued The cost includes services from the Company\u2019s auditor and its associates: 2023 \u00a3'000 2022 \u00a3'000 Statutory audit services Fees payable to the auditor of the parent Company and consolidated accounts 229 170 Fees payable to the auditor for other services: Audit of the Company's subsidiaries pursuant to legislation \u2013 20 Audit-related assurance services 35 30 Other services 6 5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-473": {
"value": "3. Profit before tax The following items have been included in arriving at profit before tax: Note 2023 \u00a3m 2022 \u00a3m Depreciation of property, plant and equipment 12 8.2 8.4 Depreciation of right-of-use assets 13 1.6 1.5 Amortisation of intangible assets 11 1.2 1.3 Cost of inventories charged in cost of sales 189.5 150.0 Trade receivables impairment movement 20 0.1 \u2013 Staff costs 4 55.6 50.2 R&D costs for the year totalled \u00a31.4m (2022: \u00a31.3m), with elements of these costs included in the table above. Included within administration costs (Note 6) is the auditor\u2019s remuneration, including expenses for audit and non-audit services. 3. Profit before tax continued The cost includes services from the Company\u2019s auditor and its associates: 2023 \u00a3'000 2022 \u00a3'000 Statutory audit services Fees payable to the auditor of the parent Company and consolidated accounts 229 170 Fees payable to the auditor for other services: Audit of the Company's subsidiaries pursuant to legislation \u2013 20 Audit-related assurance services 35 30 Other services 6 5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-486": {
"value": "The following items have been included in arriving at profit before tax: Note 2023 \u00a3m 2022 \u00a3m Depreciation of property, plant and equipment 12 8.2 8.4 Depreciation of right-of-use assets 13 1.6 1.5 Amortisation of intangible assets 11 1.2 1.3 Cost of inventories charged in cost of sales 189.5 150.0 Trade receivables impairment movement 20 0.1 \u2013 Staff costs 4 55.6 50.2 R&D costs for the year totalled \u00a31.4m (2022: \u00a31.3m), with elements of these costs included in the table above. Included within administration costs (Note 6) is the auditor\u2019s remuneration, including expenses for audit and non-audit services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-487": {
"value": "The cost includes services from the Company\u2019s auditor and its associates: 2023 \u00a3'000 2022 \u00a3'000 Statutory audit services Fees payable to the auditor of the parent Company and consolidated accounts 229 170 Fees payable to the auditor for other services: Audit of the Company's subsidiaries pursuant to legislation \u2013 20 Audit-related assurance services 35 30 Other services 6 5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-433": {
"value": "4. Employees and directors 2023 2022 Average monthly number of people employed by the Group (including executive directors) Production and distribution 644 643 Administration 293 236 937 879 Staff costs for the Group for the year 2023 \u00a3m 2022 \u00a3m Wages and salaries 44.2 40.2 Social security costs 5.4 4.8 Share-based payments 2.0 1.2 Pension costs \u2013 defined contribution plans 4.0 3.8 Pension costs \u2013 defined benefit plans \u2013 0.2 55.6 50.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-434": {
"value": "5. Other income 2023 \u00a3m 2022 \u00a3m Gain on sale of property 1.3 0.7 Total 1.3 0.7 The gain on sale has been included as an adjusting item, See adjusted income statement on page 201. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-437": {
"value": "6. Operating expenses 2023 \u00a3m 2022 \u00a3m Distribution costs (including selling costs) 48.7 41.7 Administration costs 35.4 34.9 84.1 76.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-488": {
"value": "7. Net finance costs 2023 \u00a3m 2022 \u00a3m Interest receivable on short-term deposits 0.5 \u2013 Interest payable (0.2) (0.2) Lease interest (0.1) (0.1) Finance costs relating to defined benefit pension plans (Note 27) \u2013 (0.1) Unwind of discount (1.1) \u2013 (0.9) (0.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-474": {
"value": "7. Net finance costs 2023 \u00a3m 2022 \u00a3m Interest receivable on short-term deposits 0.5 \u2013 Interest payable (0.2) (0.2) Lease interest (0.1) (0.1) Finance costs relating to defined benefit pension plans (Note 27) \u2013 (0.1) Unwind of discount (1.1) \u2013 (0.9) (0.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-435": {
"value": "7. Net finance costs 2023 \u00a3m 2022 \u00a3m Interest receivable on short-term deposits 0.5 \u2013 Interest payable (0.2) (0.2) Lease interest (0.1) (0.1) Finance costs relating to defined benefit pension plans (Note 27) \u2013 (0.1) Unwind of discount (1.1) \u2013 (0.9) (0.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-436": {
"value": "8. Taxation Group 2023 \u00a3m 2022 \u00a3m Charge/(credit) to the income statement Current tax on profits for the year 7.0 7.1 Adjustments in respect of prior years 0.7 (0.3) Total current tax expense 7.7 6.8 Deferred tax Origination and reversal of: Temporary differences 3.5 1.3 Adjustment for change in corporation tax rate \u2013 5.7 Adjustments in respect of prior years (0.7) 0.6 Total deferred tax expense (Note 25) 2.8 7.6 Total tax expense 10.5 14.4 In addition to the above movements in deferred tax, a deferred tax debit of \u00a30.6m (2022: credit of \u00a30.3m) has been recognised in other comprehensive income and a debit of \u00a30.2m (2022: credit of \u00a30.4m) has been taken direct to reserves (Note 25). In addition, a deferred tax liability of \u00a34.3m has been recognised on the acquisition of Boost (Note 15). 8. Taxation continued The tax on the Group's profit before tax differs from the amount that would arise using the tax rate applicable to the consolidated profits of the Group as follows: 2023 \u00a3m 2023 % 2022 \u00a3m 2022 % Profit before tax 44.4 42.2 Tax at 19% (2022: 19.0%) 8.4 19.0 8.0 19.0 Tax effects of: Items that are not deductible in determining taxable profit 2.1 4.6 0.4 0.9 Current tax adjustment in respect of prior years 0.7 1.6 (0.3) (0.7) Deferred tax adjustment in respect of prior years (0.7) (1.6) 0.6 1.4 Deferred tax adjustment in respect of change in corporation tax rates \u2013 \u2013 5.7 13.5 Total tax expense 10.5 23.6 14.4 34.1 The weighted average tax rate was 23.6% (2022: 34.1%). In March 2021, the UK Government announced that the corporation tax rate would increase from 19% to 25% effective from 1 April 2023, which was substantively enacted on 24 May 2021. The impact of this was a one-off increase in the deferred tax charge of \u00a35.7m. The Finance Act 2022, which received Royal Assent on 24 February 2022, will not have any impact on the corporation tax figures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-438": {
"value": "9. Earnings per share Basic earnings per share has been calculated by dividing the earnings attributable to equity holders of the parent by the weighted average number of shares in issue during the year, excluding shares held by the employee share scheme trusts. 2023 2022 Profit attributable to equity holders of the Company (\u00a3m) 33.9 27.9 Weighted average number of ordinary shares in issue 111,258,209 111,187,778 Basic earnings per share (pence) 30.47 25.09 For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year. The number of shares as calculated above is compared with the number of shares that would have been issued assuming the exercise of the share options. 2023 2022 Profit attributable to equity holders of the Company (\u00a3m) 33.9 27.9 Weighted average number of ordinary shares in issue 111,258,209 111,187,778 Adjustment for dilutive effect of share options 920,512 657,074 Diluted weighted average number of ordinary shares in issue 112,178,721 111,844,852 Diluted earnings per share (pence) 30.22 24.95 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-439": {
"value": "10. Dividends Dividends paid in the financial year were as follows: 2023 per share 2022 per share 2023 \u00a3m 2022 \u00a3m Final dividend 10.00p \u2013 11.1 \u2013 Interim dividend 2.50p 2.00p 2.8 2.2 Special dividend \u2013p 10.00p \u2013 11.2 12.50p 12.00p 13.9 13.4 The directors have proposed a final dividend in respect of the year ended 29 January 2023 of 10.6p per share. It will be paid on 9 June 2023 to all shareholders who are on the Register of Members on 12 May 2023. In the year ended 30 January 2022, following a review of the Group's net cash position and future funding requirements, the Board approved a special dividend of 10.0p per share recognising the benefit of a number of one-off cash inflows that were outside normal trading. Dividends payable in respect of the financial year were as follows: 2023 per share 2022 per share Final dividend 10.60p 10.00p Interim dividend 2.50p 2.00p 13.10p 12.00p Special dividend \u2013 10.00p Total dividend payable 13.10p 22.00p ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-489": {
"value": "11. Intangible assets Group Goodwill \u00a3m Brands \u00a3m Customer relationships \u00a3m Water rights \u00a3m Software development costs \u00a3m Total \u00a3m Cost At 24 January 2021 39.0 57.1 3.9 0.7 11.8 112.5 Additions 1.0 8.4 \u2013 \u2013 \u2013 9.4 At 30 January 2022 40.0 65.5 3.9 0.7 11.8 121.9 Additions 1.9 16.9 \u2013 \u2013 \u2013 18.8 At 29 January 2023 41.9 82.4 3.9 0.7 11.8 140.7 Amortisation and impairment losses At 24 January 2021 3.6 7.3 3.8 0.7 6.6 22.0 Amortisation for the year \u2013 \u2013 0.1 \u2013 1.2 1.3 At 30 January 2022 3.6 7. 3 3.9 0.7 7.8 23.3 Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2 At 29 January 2023 3.6 7.3 3.9 0.7 9.0 24.5 Carrying amounts At 29 January 2023 38.3 75.1 \u2013 \u2013 2.8 116.2 At 30 January 2022 36.4 58.2 \u2013 \u2013 4.0 98.6 During the year ended 29 January 2023, the Group acquired a 100% interest in Boost Drinks Holdings Limited (\u201cBoost\u201d). In addition the Group acquired the remaining 38.2% interest in MOMA Foods Ltd (\"MOMA\") having acquired a 61.8% controlling interest in the prior year. Details of brand and goodwill recognised on acquisition are included in Note 15. The remaining goodwill and brands recognised relate primarily to the acquisition of Rubicon Drinks Limited and FUNKIN Limited. The software development costs represent internally generated software development costs and third party consultancy costs in relation to the Business Process Redesign project implemented in 2015. The opening customer relationships balance represents intangible assets recognised on the acquisition of Rubicon Drinks Limited and FUNKIN Limited. The amortisation charge represents the spreading of the cost over the assets' expected useful lives. All customer relationships are fully amortised. The amortisation costs for the year to 29 January 2023 have been included in the income statement as administration costs. Company Goodwill \u00a3m Brands \u00a3m Customer relationships \u00a3m Water rights \u00a3m Software development costs \u00a3m Total \u00a3m Cost At 24 January 2021 1.9 7. 3 1.0 0.7 11.8 22.7 At 30 January 2022 1.9 7.3 1.0 0.7 11.8 22.7 At 29 January 2023 1.9 7.3 1.0 0.7 11.8 22.7 Amortisation and impairment losses At 24 January 2021 1.9 7. 3 1.0 0.7 6.7 17.6 Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2 At 30 January 2022 1.9 7.3 1.0 0.7 7.9 18.8 Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2 At 29 January 2023 1.9 7.3 1.0 0.7 9.1 20.0 Carrying amounts At 29 January 2023 \u2013 \u2013 \u2013 \u2013 2.7 2.7 At 30 January 2022 \u2013 \u2013 \u2013 \u2013 3.9 3.9 The goodwill and brands recognised in the Company relate to the acquisition of the Strathmore Water business. The software development costs represent internally generated software development costs and third party consultancy costs incurred in relation to the Business Process Redesign project. Impairment tests for goodwill and brands For impairment testing, goodwill and brands are allocated to the cash-generating unit (CGU) representing the lowest level at which goodwill is monitored for internal management purposes. The Group tests whether there has been any impairment of intangible assets on an annual basis or when there is an indication of impairment. The recoverable amount of a CGU is based on value in use calculations. These calculations use pre-tax cash flow projections based on financial forecasts approved by management which cover a five-year period. Cash flows beyond five years are extrapolated using the growth rates and other key assumptions noted below. The aggregate carrying amounts of goodwill allocated to each CGU are: At 29 January 2023 Goodwill \u00a3m Brands \u00a3m Total \u00a3m Rubicon 21.0 43.0 64.0 FUNKIN 14.4 6.8 21.2 MOMA 1.0 8.4 9.4 Boost 1.9 16.9 18.8 Total 38.3 75.1 113.4 At 30 January 2022 Goodwill \u00a3m Brands \u00a3m Total \u00a3m Rubicon 21.0 43.0 64.0 FUNKIN 14.4 6.8 21.2 MOMA 1.0 8.4 9.4 Total 36.4 58.2 94.6 11. Intangible assets continued Key assumptions for each CGU: 2023 2022 Long-term growth rate % Discount rate % Long-term growth rate % Discount rate % Rubicon 3.0 9.5 2.0 8.7 FUNKIN 3.0 9.5 2.0 8.7 MOMA 3.0 9.5 3.0 18.0 Boost 2.3 9.5 \u2013 \u2013 Key assumptions used in value in use calculations The following describes each key assumption on which management has based its cash flow projections to undertake impairment testing of goodwill: \u2022 Volume growth rates \u2013 reflect management expectations of volume growth based on growth achieved to date, current strategy and expected market trends, and will vary according to each CGU. \u2022 Marginal contribution \u2013 being revenue less material costs and all other marginal costs that management considers to be directly attributable to the sale of a given product. Marginal contribution is based on approved financial budgets. Key assumptions are made within these budgets about pricing, discounts and costs based on historical data, current strategy and expected market trends. \u2022 Advertising and promotional spend \u2013 financial budgets approved by management are used to determine the value assigned to advertising and promotional spend. This is based on planned spend for year one and strategic intent thereafter. \u2022 Raw material price, production and distribution costs, selling costs and other overhead inflation \u2013 based on approved financial budgets, which incorporate current material coverage, current strategy and expected market trends. \u2022 The discount rate reflects management\u2019s estimate of post-tax cost of capital adjusted for the specific risks impacting on each operating unit. The estimated pre-tax cost of capital is based on guidance provided by an independent third party to the Group. Sensitivity analysis was carried out on the above calculations to review possible levels of impairment under a range of different assumptions, e.g. adjusting discount rates. At a pre-tax rate of 20%, or a reduction in long-term growth of 1%, there would be no impairment. Whilst cash flow projections used within the impairment reviews are subject to inherent uncertainty, reasonably possible changes to the key assumptions applied in assessing the value in use calculation would not result in a change in the impairment conclusions reached. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-475": {
"value": "11. Intangible assets Group Goodwill \u00a3m Brands \u00a3m Customer relationships \u00a3m Water rights \u00a3m Software development costs \u00a3m Total \u00a3m Cost At 24 January 2021 39.0 57.1 3.9 0.7 11.8 112.5 Additions 1.0 8.4 \u2013 \u2013 \u2013 9.4 At 30 January 2022 40.0 65.5 3.9 0.7 11.8 121.9 Additions 1.9 16.9 \u2013 \u2013 \u2013 18.8 At 29 January 2023 41.9 82.4 3.9 0.7 11.8 140.7 Amortisation and impairment losses At 24 January 2021 3.6 7.3 3.8 0.7 6.6 22.0 Amortisation for the year \u2013 \u2013 0.1 \u2013 1.2 1.3 At 30 January 2022 3.6 7. 3 3.9 0.7 7.8 23.3 Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2 At 29 January 2023 3.6 7.3 3.9 0.7 9.0 24.5 Carrying amounts At 29 January 2023 38.3 75.1 \u2013 \u2013 2.8 116.2 At 30 January 2022 36.4 58.2 \u2013 \u2013 4.0 98.6 During the year ended 29 January 2023, the Group acquired a 100% interest in Boost Drinks Holdings Limited (\u201cBoost\u201d). In addition the Group acquired the remaining 38.2% interest in MOMA Foods Ltd (\"MOMA\") having acquired a 61.8% controlling interest in the prior year. Details of brand and goodwill recognised on acquisition are included in Note 15. The remaining goodwill and brands recognised relate primarily to the acquisition of Rubicon Drinks Limited and FUNKIN Limited. The software development costs represent internally generated software development costs and third party consultancy costs in relation to the Business Process Redesign project implemented in 2015. The opening customer relationships balance represents intangible assets recognised on the acquisition of Rubicon Drinks Limited and FUNKIN Limited. The amortisation charge represents the spreading of the cost over the assets' expected useful lives. All customer relationships are fully amortised. The amortisation costs for the year to 29 January 2023 have been included in the income statement as administration costs. Company Goodwill \u00a3m Brands \u00a3m Customer relationships \u00a3m Water rights \u00a3m Software development costs \u00a3m Total \u00a3m Cost At 24 January 2021 1.9 7. 3 1.0 0.7 11.8 22.7 At 30 January 2022 1.9 7.3 1.0 0.7 11.8 22.7 At 29 January 2023 1.9 7.3 1.0 0.7 11.8 22.7 Amortisation and impairment losses At 24 January 2021 1.9 7. 3 1.0 0.7 6.7 17.6 Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2 At 30 January 2022 1.9 7.3 1.0 0.7 7.9 18.8 Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2 At 29 January 2023 1.9 7.3 1.0 0.7 9.1 20.0 Carrying amounts At 29 January 2023 \u2013 \u2013 \u2013 \u2013 2.7 2.7 At 30 January 2022 \u2013 \u2013 \u2013 \u2013 3.9 3.9 The goodwill and brands recognised in the Company relate to the acquisition of the Strathmore Water business. The software development costs represent internally generated software development costs and third party consultancy costs incurred in relation to the Business Process Redesign project. Impairment tests for goodwill and brands For impairment testing, goodwill and brands are allocated to the cash-generating unit (CGU) representing the lowest level at which goodwill is monitored for internal management purposes. The Group tests whether there has been any impairment of intangible assets on an annual basis or when there is an indication of impairment. The recoverable amount of a CGU is based on value in use calculations. These calculations use pre-tax cash flow projections based on financial forecasts approved by management which cover a five-year period. Cash flows beyond five years are extrapolated using the growth rates and other key assumptions noted below. The aggregate carrying amounts of goodwill allocated to each CGU are: At 29 January 2023 Goodwill \u00a3m Brands \u00a3m Total \u00a3m Rubicon 21.0 43.0 64.0 FUNKIN 14.4 6.8 21.2 MOMA 1.0 8.4 9.4 Boost 1.9 16.9 18.8 Total 38.3 75.1 113.4 At 30 January 2022 Goodwill \u00a3m Brands \u00a3m Total \u00a3m Rubicon 21.0 43.0 64.0 FUNKIN 14.4 6.8 21.2 MOMA 1.0 8.4 9.4 Total 36.4 58.2 94.6 11. Intangible assets continued Key assumptions for each CGU: 2023 2022 Long-term growth rate % Discount rate % Long-term growth rate % Discount rate % Rubicon 3.0 9.5 2.0 8.7 FUNKIN 3.0 9.5 2.0 8.7 MOMA 3.0 9.5 3.0 18.0 Boost 2.3 9.5 \u2013 \u2013 Key assumptions used in value in use calculations The following describes each key assumption on which management has based its cash flow projections to undertake impairment testing of goodwill: \u2022 Volume growth rates \u2013 reflect management expectations of volume growth based on growth achieved to date, current strategy and expected market trends, and will vary according to each CGU. \u2022 Marginal contribution \u2013 being revenue less material costs and all other marginal costs that management considers to be directly attributable to the sale of a given product. Marginal contribution is based on approved financial budgets. Key assumptions are made within these budgets about pricing, discounts and costs based on historical data, current strategy and expected market trends. \u2022 Advertising and promotional spend \u2013 financial budgets approved by management are used to determine the value assigned to advertising and promotional spend. This is based on planned spend for year one and strategic intent thereafter. \u2022 Raw material price, production and distribution costs, selling costs and other overhead inflation \u2013 based on approved financial budgets, which incorporate current material coverage, current strategy and expected market trends. \u2022 The discount rate reflects management\u2019s estimate of post-tax cost of capital adjusted for the specific risks impacting on each operating unit. The estimated pre-tax cost of capital is based on guidance provided by an independent third party to the Group. Sensitivity analysis was carried out on the above calculations to review possible levels of impairment under a range of different assumptions, e.g. adjusting discount rates. At a pre-tax rate of 20%, or a reduction in long-term growth of 1%, there would be no impairment. Whilst cash flow projections used within the impairment reviews are subject to inherent uncertainty, reasonably possible changes to the key assumptions applied in assessing the value in use calculation would not result in a change in the impairment conclusions reached. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-440": {
"value": "11. Intangible assets Group Goodwill \u00a3m Brands \u00a3m Customer relationships \u00a3m Water rights \u00a3m Software development costs \u00a3m Total \u00a3m Cost At 24 January 2021 39.0 57.1 3.9 0.7 11.8 112.5 Additions 1.0 8.4 \u2013 \u2013 \u2013 9.4 At 30 January 2022 40.0 65.5 3.9 0.7 11.8 121.9 Additions 1.9 16.9 \u2013 \u2013 \u2013 18.8 At 29 January 2023 41.9 82.4 3.9 0.7 11.8 140.7 Amortisation and impairment losses At 24 January 2021 3.6 7.3 3.8 0.7 6.6 22.0 Amortisation for the year \u2013 \u2013 0.1 \u2013 1.2 1.3 At 30 January 2022 3.6 7. 3 3.9 0.7 7.8 23.3 Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2 At 29 January 2023 3.6 7.3 3.9 0.7 9.0 24.5 Carrying amounts At 29 January 2023 38.3 75.1 \u2013 \u2013 2.8 116.2 At 30 January 2022 36.4 58.2 \u2013 \u2013 4.0 98.6 During the year ended 29 January 2023, the Group acquired a 100% interest in Boost Drinks Holdings Limited (\u201cBoost\u201d). In addition the Group acquired the remaining 38.2% interest in MOMA Foods Ltd (\"MOMA\") having acquired a 61.8% controlling interest in the prior year. Details of brand and goodwill recognised on acquisition are included in Note 15. The remaining goodwill and brands recognised relate primarily to the acquisition of Rubicon Drinks Limited and FUNKIN Limited. The software development costs represent internally generated software development costs and third party consultancy costs in relation to the Business Process Redesign project implemented in 2015. The opening customer relationships balance represents intangible assets recognised on the acquisition of Rubicon Drinks Limited and FUNKIN Limited. The amortisation charge represents the spreading of the cost over the assets' expected useful lives. All customer relationships are fully amortised. The amortisation costs for the year to 29 January 2023 have been included in the income statement as administration costs. Company Goodwill \u00a3m Brands \u00a3m Customer relationships \u00a3m Water rights \u00a3m Software development costs \u00a3m Total \u00a3m Cost At 24 January 2021 1.9 7. 3 1.0 0.7 11.8 22.7 At 30 January 2022 1.9 7.3 1.0 0.7 11.8 22.7 At 29 January 2023 1.9 7.3 1.0 0.7 11.8 22.7 Amortisation and impairment losses At 24 January 2021 1.9 7. 3 1.0 0.7 6.7 17.6 Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2 At 30 January 2022 1.9 7.3 1.0 0.7 7.9 18.8 Amortisation for the year \u2013 \u2013 \u2013 \u2013 1.2 1.2 At 29 January 2023 1.9 7.3 1.0 0.7 9.1 20.0 Carrying amounts At 29 January 2023 \u2013 \u2013 \u2013 \u2013 2.7 2.7 At 30 January 2022 \u2013 \u2013 \u2013 \u2013 3.9 3.9 The goodwill and brands recognised in the Company relate to the acquisition of the Strathmore Water business. The software development costs represent internally generated software development costs and third party consultancy costs incurred in relation to the Business Process Redesign project. Impairment tests for goodwill and brands For impairment testing, goodwill and brands are allocated to the cash-generating unit (CGU) representing the lowest level at which goodwill is monitored for internal management purposes. The Group tests whether there has been any impairment of intangible assets on an annual basis or when there is an indication of impairment. The recoverable amount of a CGU is based on value in use calculations. These calculations use pre-tax cash flow projections based on financial forecasts approved by management which cover a five-year period. Cash flows beyond five years are extrapolated using the growth rates and other key assumptions noted below. The aggregate carrying amounts of goodwill allocated to each CGU are: At 29 January 2023 Goodwill \u00a3m Brands \u00a3m Total \u00a3m Rubicon 21.0 43.0 64.0 FUNKIN 14.4 6.8 21.2 MOMA 1.0 8.4 9.4 Boost 1.9 16.9 18.8 Total 38.3 75.1 113.4 At 30 January 2022 Goodwill \u00a3m Brands \u00a3m Total \u00a3m Rubicon 21.0 43.0 64.0 FUNKIN 14.4 6.8 21.2 MOMA 1.0 8.4 9.4 Total 36.4 58.2 94.6 11. Intangible assets continued Key assumptions for each CGU: 2023 2022 Long-term growth rate % Discount rate % Long-term growth rate % Discount rate % Rubicon 3.0 9.5 2.0 8.7 FUNKIN 3.0 9.5 2.0 8.7 MOMA 3.0 9.5 3.0 18.0 Boost 2.3 9.5 \u2013 \u2013 Key assumptions used in value in use calculations The following describes each key assumption on which management has based its cash flow projections to undertake impairment testing of goodwill: \u2022 Volume growth rates \u2013 reflect management expectations of volume growth based on growth achieved to date, current strategy and expected market trends, and will vary according to each CGU. \u2022 Marginal contribution \u2013 being revenue less material costs and all other marginal costs that management considers to be directly attributable to the sale of a given product. Marginal contribution is based on approved financial budgets. Key assumptions are made within these budgets about pricing, discounts and costs based on historical data, current strategy and expected market trends. \u2022 Advertising and promotional spend \u2013 financial budgets approved by management are used to determine the value assigned to advertising and promotional spend. This is based on planned spend for year one and strategic intent thereafter. \u2022 Raw material price, production and distribution costs, selling costs and other overhead inflation \u2013 based on approved financial budgets, which incorporate current material coverage, current strategy and expected market trends. \u2022 The discount rate reflects management\u2019s estimate of post-tax cost of capital adjusted for the specific risks impacting on each operating unit. The estimated pre-tax cost of capital is based on guidance provided by an independent third party to the Group. Sensitivity analysis was carried out on the above calculations to review possible levels of impairment under a range of different assumptions, e.g. adjusting discount rates. At a pre-tax rate of 20%, or a reduction in long-term growth of 1%, there would be no impairment. Whilst cash flow projections used within the impairment reviews are subject to inherent uncertainty, reasonably possible changes to the key assumptions applied in assessing the value in use calculation would not result in a change in the impairment conclusions reached. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-441": {
"value": "12. Property, plant and equipment Group Land and buildings Plant, equipment and vehicles \u00a3m Assets under construction \u00a3m Total \u00a3m Freehold \u00a3m Long leasehold \u00a3m Cost or deemed cost At 24 January 2021 64.8 0.4 109.9 2.6 17 7.7 Additions 0.2 \u2013 1.0 4.6 5.8 Transfer from assets under construction 0.6 \u2013 2.7 (3.3) \u2013 Disposals (0.1) \u2013 (0.4) \u2013 (0.5) At 30 January 2022 65.5 0.4 113.2 3.9 183.0 Additions 0.4 \u2013 4.0 12.6 17.0 Transfer from assets under construction 0.3 \u2013 0.3 (0.6) \u2013 Disposals (0.3) \u2013 (6.9) \u2013 (7.2) At 29 January 2023 65.9 0.4 110.6 15.9 192.8 Depreciation At 24 January 2021 7.4 0.4 73.5 \u2013 81.3 Amount charged for year 0.8 \u2013 7.6 \u2013 8.4 Disposals (0.1) \u2013 (0.4) \u2013 (0.5) At 30 January 2022 8.1 0.4 80.7 \u2013 89.2 Amount charged for year 0.8 \u2013 7.4 \u2013 8.2 Disposals (0.1) \u2013 (7.0) \u2013 (7.1) At 29 January 2023 8.8 0.4 81.1 \u2013 90.3 Net book value At 29 January 2023 57.1 \u2013 29.5 15.9 102.5 At 30 January 2022 57.4 \u2013 32.5 3.9 93.8 12. Property, plant and equipment continued Company Land and buildings Plant, equipment and vehicles \u00a3m Assets under construction \u00a3m Total \u00a3m Freehold \u00a3m Long leasehold \u00a3m Cost or deemed cost At 24 January 2021 41.9 0.3 109.1 2.7 154.0 Additions 0.1 \u2013 0.9 4.5 5.5 Transfer from assets under construction 0.6 \u2013 2.7 (3.3) \u2013 Disposals \u2013 \u2013 (0.4) \u2013 (0.4) At 30 January 2022 42.6 0.3 112.3 3.9 159.1 Additions 0.4 \u2013 3.9 12.6 16.9 Transfer from assets under construction 0.3 \u2013 0.3 (0.6) \u2013 Disposals (0.3) \u2013 (7.0) \u2013 (7.3) At 29 January 2023 43.0 0.3 109.5 15.9 168.7 Depreciation At 24 January 2021 4.0 0.3 72.8 \u2013 77.1 Amount charged for year 0.5 \u2013 7.5 \u2013 8.0 Disposals \u2013 \u2013 (0.4) \u2013 (0.4) At 30 January 2022 4.5 0.3 79.9 \u2013 84.7 Amount charged for year 0.5 \u2013 7. 2 \u2013 7.7 Disposals (0.1) \u2013 (6.9) \u2013 (7.0) At 29 January 2023 4.9 0.3 80.2 \u2013 85.4 Net book value At 29 January 2023 38.1 \u2013 29.3 15.9 83.3 At 30 January 2022 38.1 \u2013 32.4 3.9 74.4 At 29 January 2023, the Group and the Company had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a38.7m (2022: \u00a39.5m) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-476": {
"value": "13. Leases This note provides information for leases where the Group is a lessee. The Group is not a lessor. (i) Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Right-of-use assets Buildings 1.8 0.7 18.9 19.7 Plant, equipment and vehicles 3.6 3.5 4.1 3.5 5.4 4.2 23.0 23.2 Lease liabilities Current 1.5 1.3 2.9 2.6 Non-current 3.6 2.8 18.4 19.3 5.1 4.1 21.3 21.9 Company only right-of-use assets and lease liabilities relate to assets leased under the asset-backed funding arrangements, as outlined in Note 27. Additions to the right-of-use assets during 2023 were \u00a32.9m (2022:\u00a33.1m) for the Group \u00a31.4m (2022: \u00a33.1m) for the Company. (ii) Amounts recognised in the income statement The income statement shows the following amounts relating to leases: 2023 \u00a3m 2022 \u00a3m Depreciation charge of right-of-use assets Buildings 0.6 0.4 Plant, equipment and vehicles 1.0 1.1 1.6 1.5 Interest expense (including finance cost) 0.1 0.1 Expense related to short-term leases (included in cost of goods sold and administrative expenses) 0.1 0.1 The total cash outflow for leases in 2023 was \u00a31.7m (2022: \u00a31.5m). At 29 January 2023 the Group has no commitments for short-term leases. There are no expenses in relation to variable lease payments not included in the measurement of the lease liabilities or income from sub-leasing right-of-use assets. 13. Leases continued (iii) The Group\u2019s leasing activities and how these are accounted for The Group leases various offices, equipment and vehicles. Rental contracts are typically made for fixed periods of 12 months to 10 years, but may have extension options as described in (iv). Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However for leases for real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 Amounts expected to be payable by the Group under residual value guarantees \u2022 The exercise price of a purchase option if the Group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: \u2022 Where possible, uses recent third-party financing received by the Group as a starting point, adjusted to reflect changes in financing conditions since third-party financing was received \u2022 Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases \u2022 Makes adjustments specific to the lease, e.g. term, country, currency and security Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date less any lease incentives received \u2022 Any initial direct costs \u2022 Restoration costs Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles, and all leases of low-value assets, are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. (iv) Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options are exercisable only by the Group and not by the respective lessor. (v) Residual value guarantees To optimise lease costs during the contract period, the Group sometimes provides residual value guarantees in relation to equipment leases. The Group initially estimates and recognises amounts expected to be paid under residual value guarantee as part of the lease liability. Typically, the expected residual value at lease commencement is equal to or higher than the guaranteed amount, so the Group does not expect to pay anything under the guarantees. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-442": {
"value": "13. Leases This note provides information for leases where the Group is a lessee. The Group is not a lessor. (i) Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Right-of-use assets Buildings 1.8 0.7 18.9 19.7 Plant, equipment and vehicles 3.6 3.5 4.1 3.5 5.4 4.2 23.0 23.2 Lease liabilities Current 1.5 1.3 2.9 2.6 Non-current 3.6 2.8 18.4 19.3 5.1 4.1 21.3 21.9 Company only right-of-use assets and lease liabilities relate to assets leased under the asset-backed funding arrangements, as outlined in Note 27. Additions to the right-of-use assets during 2023 were \u00a32.9m (2022:\u00a33.1m) for the Group \u00a31.4m (2022: \u00a33.1m) for the Company. (ii) Amounts recognised in the income statement The income statement shows the following amounts relating to leases: 2023 \u00a3m 2022 \u00a3m Depreciation charge of right-of-use assets Buildings 0.6 0.4 Plant, equipment and vehicles 1.0 1.1 1.6 1.5 Interest expense (including finance cost) 0.1 0.1 Expense related to short-term leases (included in cost of goods sold and administrative expenses) 0.1 0.1 The total cash outflow for leases in 2023 was \u00a31.7m (2022: \u00a31.5m). At 29 January 2023 the Group has no commitments for short-term leases. There are no expenses in relation to variable lease payments not included in the measurement of the lease liabilities or income from sub-leasing right-of-use assets. 13. Leases continued (iii) The Group\u2019s leasing activities and how these are accounted for The Group leases various offices, equipment and vehicles. Rental contracts are typically made for fixed periods of 12 months to 10 years, but may have extension options as described in (iv). Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However for leases for real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 Amounts expected to be payable by the Group under residual value guarantees \u2022 The exercise price of a purchase option if the Group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: \u2022 Where possible, uses recent third-party financing received by the Group as a starting point, adjusted to reflect changes in financing conditions since third-party financing was received \u2022 Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases \u2022 Makes adjustments specific to the lease, e.g. term, country, currency and security Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of the lease liability \u2022 Any lease payments made at or before the commencement date less any lease incentives received \u2022 Any initial direct costs \u2022 Restoration costs Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles, and all leases of low-value assets, are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. (iv) Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options are exercisable only by the Group and not by the respective lessor. (v) Residual value guarantees To optimise lease costs during the contract period, the Group sometimes provides residual value guarantees in relation to equipment leases. The Group initially estimates and recognises amounts expected to be paid under residual value guarantee as part of the lease liability. Typically, the expected residual value at lease commencement is equal to or higher than the guaranteed amount, so the Group does not expect to pay anything under the guarantees. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-477": {
"value": "14. Financial instruments 2023 \u00a3m 2022 \u00a3m Derivative financial assets \u2013 current Derivatives that are designated and effective as hedging instruments carried at fair value: Foreign currency forward contracts 0.1 \u2013 Derivative financial liabilities \u2013 current Derivatives that are designated and effective as hedging instruments carried at fair value: Foreign currency forward contracts 0.1 0.2 It is the policy of the Group to enter into foreign exchange forward contracts to manage the foreign currency risk associated with anticipated purchase transactions out to 18 months. This is hedged on a sliding scale basis where the nearer the time of the purchase, the greater the amount hedged will be. For the hedges of highly probable forecast purchases, as the critical terms (i.e. the notional amount, life and underlying contracts) of the foreign exchange forward contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the forward contracts and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying exchange rates. The Group assesses the ineffectiveness by comparing past changes in the fair value of the foreign exchange forward contracts with changes in the fair value of a hypothetical derivative. The main sources of hedge ineffectiveness in these hedging relationships are foreign currency basis spread and the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the forward contracts, which is not reflected in the fair value of the hedged item attributable to changes in foreign exchange rates. Both items are not material to the Group. No other sources of ineffectiveness emerged from these hedge relationships. The cumulative amount of gains and losses on effective hedging instruments are held within the cashflow reserve in \u2018Other reserves\u2019. 14. Financial instruments continued The following table details the foreign currency forward contracts outstanding at the end of the reporting period, as well as information regarding their related hedged items. Foreign currency forward contract assets and liabilities are presented in the line \u201cDerivative financial instruments\u201d (either as assets or as liabilities) within the statement of financial position. All of the currency forward contracts are designated as cash flow hedges. Average exchange rate Notional value: Foreign currency Notional value: Local currency Carrying amount of the hedging instruments liabilities 2023 2022 2023 \u20acm 2022 \u20acm 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Buy EUR Less than 3 months 1.15 1.17 4.3 3.6 3.8 3.1 0.1 (0.1) 3 to 6 months 1.14 1.16 3.5 3.1 3.1 2.5 \u2013 (0.1) 6 to 12 months 1.13 1.16 2.5 1.8 2.2 1.6 \u2013 \u2013 over 12 months 1.12 1.15 0.4 0.4 0.4 0.3 \u2013 \u2013 2023 2022 2023 $m 2022 $m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Buy USD Less than 3 months 1.22 \u2013 1.7 \u2013 1.4 \u2013 (0.1) \u2013 3 to 6 months 1.22 1.35 1.3 1.4 1.1 1.0 \u2013 \u2013 \u2013 (0.2) Group and Company Fair value hierarchies 1 to 3 are based on the degree to which fair value is observable: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. The fair value of the forward foreign exchange contracts is determined using forward exchange rates at the date of the statement of financial position, with the resulting value discounted accordingly as relevant. The following tables show the carrying amounts and fair values of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Carrying amount Group At 29 January 2023 Fair value \u2013 hedging instruments \u00a3m Other financial assets at amortised cost \u00a3m Other financial liabilities at fair value through profit and loss \u00a3m Other financial liabilities at amortised cost \u00a3m Total \u00a3m Financial assets \u2013 Non-current Loan receivable* \u2013 0.5 \u2013 \u2013 0.5 Loan receivable from associate \u2013 1.0 \u2013 \u2013 1.0 \u2013 1.5 \u2013 \u2013 1.5 Financial assets \u2013 Current Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 \u2013 0.1 Trade receivables \u2013 55.8 \u2013 \u2013 55.8 Short-term investments \u2013 40.0 \u2013 \u2013 40.0 Cash and cash equivalents \u2013 13.6 \u2013 \u2013 13.6 0.1 109.4 \u2013 \u2013 109.5 Financial liabilities \u2013 Non-current Contingent consideration \u2013 \u2013 0.8 \u2013 0.8 Lease liabilities \u2013 \u2013 \u2013 3.6 3.6 \u2013 \u2013 0.8 3.6 4.4 Financial liabilities \u2013 Current Bank borrowings \u2013 \u2013 \u2013 0.7 0.7 Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 \u2013 0.1 Lease liabilities \u2013 \u2013 \u2013 1.5 1.5 Accruals \u2013 \u2013 \u2013 27.2 27.2 Trade payables \u2013 \u2013 \u2013 37.2 37.2 0.1 \u2013 \u2013 66.6 66.7 14. Financial instruments continued The contingent consideration is carried at fair value and classified as level 3 fair value in the fair value hierarchy. The main unobservable input is whether or the profit targets for the pay-out are expected to be met. The performance targets are expected to be met and the fair value of this contingent consideration earned was estimated to be \u00a30.8m at 29 January 2023. See also Note 24. Carrying amount Group At 30 January 2022 Fair value \u2013 hedging instruments \u00a3m Other financial assets at amortised cost \u00a3m Other financial liabilities at fair value through profit and loss \u00a3m Other financial liabilities at amortised cost \u00a3m Total \u00a3m Financial assets \u2013 Non-current Loan receivable* \u2013 0.5 \u2013 \u2013 0.5 Loan receivable from associate \u2013 1.0 \u2013 \u2013 1.0 \u2013 1.5 \u2013 \u2013 1.5 Financial assets \u2013 Current Trade receivables \u2013 41.6 \u2013 \u2013 41.6 Cash and cash equivalents \u2013 68.7 \u2013 \u2013 68.7 \u2013 110.3 \u2013 \u2013 110.3 Financial liabilities \u2013 Non-current Put option \u2013 \u2013 5.0 \u2013 5.0 Lease liabilities \u2013 \u2013 \u2013 2.8 2.8 \u2013 \u2013 5.0 2.8 7.8 Financial liabilities \u2013 Current Bank borrowings \u2013 \u2013 \u2013 0.3 0.3 Foreign exchange contracts used for hedging 0.2 \u2013 \u2013 \u2013 0.2 Lease liabilities \u2013 \u2013 \u2013 1.3 1.3 Accruals \u2013 \u2013 \u2013 31.3 31.3 Trade payables \u2013 \u2013 \u2013 15.8 15.8 0.2 \u2013 \u2013 48.7 48.9 * The loan receivable was provided in August 2021. The earliest repayment date is August 2023. Carrying amount Company At 29 January 2023 Fair value \u2013 hedging instruments \u00a3m Other financial assets at amortised cost \u00a3m Other financial liabilities at amortised cost \u00a3m Total \u00a3m Financial assets \u2013 Non-current Loan receivable* \u2013 0.5 \u2013 0.5 Loan receivable from associate \u2013 1.0 \u2013 1.0 \u2013 1.5 \u2013 1.5 Financial assets \u2013 Current Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 0.1 Trade and other receivables and amounts due from subsidiary companies \u2013 39.0 \u2013 39.0 Short term investments \u2013 40.0 \u2013 40.0 Cash and cash equivalents \u2013 11.5 \u2013 11.5 0.1 90.5 \u2013 90.6 Financial liabilities \u2013 Non-current Contingent consideration \u2013 0.8 \u2013 0.8 Lease liabilities \u2013 \u2013 18.4 18.4 \u2013 0.8 18.4 19.2 Financial liabilities \u2013 Current Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 0.1 Lease liabilities \u2013 \u2013 2.9 2.9 Accruals \u2013 \u2013 20.6 20.6 Trade payables and amounts due to other subsidiary companies \u2013 \u2013 33.0 33.0 0.1 \u2013 56.5 56.6 14. Financial instruments continued Carrying amount Company At 30 January 2022 Fair value \u2013 hedging instruments \u00a3m Other financial assets at amortised cost \u00a3m Other financial liabilities at amortised cost \u00a3m Total \u00a3m Financial assets \u2013 Non-current Loan receivable* \u2013 0.5 \u2013 0.5 Loan receivable from associate \u2013 1.0 \u2013 1.0 \u2013 1.5 \u2013 1.5 Financial assets \u2013 Current Trade and other receivables and amounts due from subsidiary companies \u2013 34.6 \u2013 34.6 Cash and cash equivalents \u2013 59.1 \u2013 59.1 \u2013 93.7 \u2013 93.7 Financial liabilities \u2013 Non-current Lease liabilities \u2013 \u2013 19.3 19.3 \u2013 \u2013 19.3 19.3 Financial liabilities \u2013 Current Foreign exchange contracts used for hedging 0.2 \u2013 \u2013 0.2 Accruals \u2013 \u2013 27.1 27.1 Lease liabilities \u2013 \u2013 2.6 2.6 Trade payables and amounts due to other subsidiary companies \u2013 \u2013 25.9 25.9 0.2 \u2013 55.6 55.8 * The loan receivable was provided in August 2021. The earliest repayment date is August 2023. All financial instruments at fair value sit within Level 2 of the fair value hierarchy with the exception of the contingent consideration that sits within Level 3. The carrying amount of the other financial assets and liabilities approximates to the fair value due to the short term to maturity and/or not bearing interest. The cumulative amount of gains and losses on effective hedging instruments are held within the cash flow hedge reserve in \"Other reserves\". ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-443": {
"value": "14. Financial instruments 2023 \u00a3m 2022 \u00a3m Derivative financial assets \u2013 current Derivatives that are designated and effective as hedging instruments carried at fair value: Foreign currency forward contracts 0.1 \u2013 Derivative financial liabilities \u2013 current Derivatives that are designated and effective as hedging instruments carried at fair value: Foreign currency forward contracts 0.1 0.2 It is the policy of the Group to enter into foreign exchange forward contracts to manage the foreign currency risk associated with anticipated purchase transactions out to 18 months. This is hedged on a sliding scale basis where the nearer the time of the purchase, the greater the amount hedged will be. For the hedges of highly probable forecast purchases, as the critical terms (i.e. the notional amount, life and underlying contracts) of the foreign exchange forward contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the forward contracts and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying exchange rates. The Group assesses the ineffectiveness by comparing past changes in the fair value of the foreign exchange forward contracts with changes in the fair value of a hypothetical derivative. The main sources of hedge ineffectiveness in these hedging relationships are foreign currency basis spread and the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the forward contracts, which is not reflected in the fair value of the hedged item attributable to changes in foreign exchange rates. Both items are not material to the Group. No other sources of ineffectiveness emerged from these hedge relationships. The cumulative amount of gains and losses on effective hedging instruments are held within the cashflow reserve in \u2018Other reserves\u2019. 14. Financial instruments continued The following table details the foreign currency forward contracts outstanding at the end of the reporting period, as well as information regarding their related hedged items. Foreign currency forward contract assets and liabilities are presented in the line \u201cDerivative financial instruments\u201d (either as assets or as liabilities) within the statement of financial position. All of the currency forward contracts are designated as cash flow hedges. Average exchange rate Notional value: Foreign currency Notional value: Local currency Carrying amount of the hedging instruments liabilities 2023 2022 2023 \u20acm 2022 \u20acm 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Buy EUR Less than 3 months 1.15 1.17 4.3 3.6 3.8 3.1 0.1 (0.1) 3 to 6 months 1.14 1.16 3.5 3.1 3.1 2.5 \u2013 (0.1) 6 to 12 months 1.13 1.16 2.5 1.8 2.2 1.6 \u2013 \u2013 over 12 months 1.12 1.15 0.4 0.4 0.4 0.3 \u2013 \u2013 2023 2022 2023 $m 2022 $m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Buy USD Less than 3 months 1.22 \u2013 1.7 \u2013 1.4 \u2013 (0.1) \u2013 3 to 6 months 1.22 1.35 1.3 1.4 1.1 1.0 \u2013 \u2013 \u2013 (0.2) Group and Company Fair value hierarchies 1 to 3 are based on the degree to which fair value is observable: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. The fair value of the forward foreign exchange contracts is determined using forward exchange rates at the date of the statement of financial position, with the resulting value discounted accordingly as relevant. The following tables show the carrying amounts and fair values of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Carrying amount Group At 29 January 2023 Fair value \u2013 hedging instruments \u00a3m Other financial assets at amortised cost \u00a3m Other financial liabilities at fair value through profit and loss \u00a3m Other financial liabilities at amortised cost \u00a3m Total \u00a3m Financial assets \u2013 Non-current Loan receivable* \u2013 0.5 \u2013 \u2013 0.5 Loan receivable from associate \u2013 1.0 \u2013 \u2013 1.0 \u2013 1.5 \u2013 \u2013 1.5 Financial assets \u2013 Current Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 \u2013 0.1 Trade receivables \u2013 55.8 \u2013 \u2013 55.8 Short-term investments \u2013 40.0 \u2013 \u2013 40.0 Cash and cash equivalents \u2013 13.6 \u2013 \u2013 13.6 0.1 109.4 \u2013 \u2013 109.5 Financial liabilities \u2013 Non-current Contingent consideration \u2013 \u2013 0.8 \u2013 0.8 Lease liabilities \u2013 \u2013 \u2013 3.6 3.6 \u2013 \u2013 0.8 3.6 4.4 Financial liabilities \u2013 Current Bank borrowings \u2013 \u2013 \u2013 0.7 0.7 Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 \u2013 0.1 Lease liabilities \u2013 \u2013 \u2013 1.5 1.5 Accruals \u2013 \u2013 \u2013 27.2 27.2 Trade payables \u2013 \u2013 \u2013 37.2 37.2 0.1 \u2013 \u2013 66.6 66.7 14. Financial instruments continued The contingent consideration is carried at fair value and classified as level 3 fair value in the fair value hierarchy. The main unobservable input is whether or the profit targets for the pay-out are expected to be met. The performance targets are expected to be met and the fair value of this contingent consideration earned was estimated to be \u00a30.8m at 29 January 2023. See also Note 24. Carrying amount Group At 30 January 2022 Fair value \u2013 hedging instruments \u00a3m Other financial assets at amortised cost \u00a3m Other financial liabilities at fair value through profit and loss \u00a3m Other financial liabilities at amortised cost \u00a3m Total \u00a3m Financial assets \u2013 Non-current Loan receivable* \u2013 0.5 \u2013 \u2013 0.5 Loan receivable from associate \u2013 1.0 \u2013 \u2013 1.0 \u2013 1.5 \u2013 \u2013 1.5 Financial assets \u2013 Current Trade receivables \u2013 41.6 \u2013 \u2013 41.6 Cash and cash equivalents \u2013 68.7 \u2013 \u2013 68.7 \u2013 110.3 \u2013 \u2013 110.3 Financial liabilities \u2013 Non-current Put option \u2013 \u2013 5.0 \u2013 5.0 Lease liabilities \u2013 \u2013 \u2013 2.8 2.8 \u2013 \u2013 5.0 2.8 7.8 Financial liabilities \u2013 Current Bank borrowings \u2013 \u2013 \u2013 0.3 0.3 Foreign exchange contracts used for hedging 0.2 \u2013 \u2013 \u2013 0.2 Lease liabilities \u2013 \u2013 \u2013 1.3 1.3 Accruals \u2013 \u2013 \u2013 31.3 31.3 Trade payables \u2013 \u2013 \u2013 15.8 15.8 0.2 \u2013 \u2013 48.7 48.9 * The loan receivable was provided in August 2021. The earliest repayment date is August 2023. Carrying amount Company At 29 January 2023 Fair value \u2013 hedging instruments \u00a3m Other financial assets at amortised cost \u00a3m Other financial liabilities at amortised cost \u00a3m Total \u00a3m Financial assets \u2013 Non-current Loan receivable* \u2013 0.5 \u2013 0.5 Loan receivable from associate \u2013 1.0 \u2013 1.0 \u2013 1.5 \u2013 1.5 Financial assets \u2013 Current Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 0.1 Trade and other receivables and amounts due from subsidiary companies \u2013 39.0 \u2013 39.0 Short term investments \u2013 40.0 \u2013 40.0 Cash and cash equivalents \u2013 11.5 \u2013 11.5 0.1 90.5 \u2013 90.6 Financial liabilities \u2013 Non-current Contingent consideration \u2013 0.8 \u2013 0.8 Lease liabilities \u2013 \u2013 18.4 18.4 \u2013 0.8 18.4 19.2 Financial liabilities \u2013 Current Foreign exchange contracts used for hedging 0.1 \u2013 \u2013 0.1 Lease liabilities \u2013 \u2013 2.9 2.9 Accruals \u2013 \u2013 20.6 20.6 Trade payables and amounts due to other subsidiary companies \u2013 \u2013 33.0 33.0 0.1 \u2013 56.5 56.6 14. Financial instruments continued Carrying amount Company At 30 January 2022 Fair value \u2013 hedging instruments \u00a3m Other financial assets at amortised cost \u00a3m Other financial liabilities at amortised cost \u00a3m Total \u00a3m Financial assets \u2013 Non-current Loan receivable* \u2013 0.5 \u2013 0.5 Loan receivable from associate \u2013 1.0 \u2013 1.0 \u2013 1.5 \u2013 1.5 Financial assets \u2013 Current Trade and other receivables and amounts due from subsidiary companies \u2013 34.6 \u2013 34.6 Cash and cash equivalents \u2013 59.1 \u2013 59.1 \u2013 93.7 \u2013 93.7 Financial liabilities \u2013 Non-current Lease liabilities \u2013 \u2013 19.3 19.3 \u2013 \u2013 19.3 19.3 Financial liabilities \u2013 Current Foreign exchange contracts used for hedging 0.2 \u2013 \u2013 0.2 Accruals \u2013 \u2013 27.1 27.1 Lease liabilities \u2013 \u2013 2.6 2.6 Trade payables and amounts due to other subsidiary companies \u2013 \u2013 25.9 25.9 0.2 \u2013 55.6 55.8 * The loan receivable was provided in August 2021. The earliest repayment date is August 2023. All financial instruments at fair value sit within Level 2 of the fair value hierarchy with the exception of the contingent consideration that sits within Level 3. The carrying amount of the other financial assets and liabilities approximates to the fair value due to the short term to maturity and/or not bearing interest. The cumulative amount of gains and losses on effective hedging instruments are held within the cash flow hedge reserve in \"Other reserves\". ",
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"fact-444": {
"value": "15. Investment in subsidiaries Company 2023 \u00a3m 2022 \u00a3m Opening investment in subsidiaries 90.3 84.1 Investments made in the year 23.3 6.2 Closing investment in subsidiaries 113.6 90.3 On 5 December 2022, the Group acquired 100% of the shares and voting interests in Boost Drinks Holdings Limited (\"Boost\") granting it control. Included in the identifiable assets and liabilities of Boost are inputs (inventories, receivables and payables) and an experienced workforce with technical expertise. The Group has concluded that, together, the acquired inputs and processes are a business that will create value by generating revenue in the soft drinks category, supported by the Group's brand building capability. For the two months ended 29 January 2023, Boost contributed revenue of \u00a37.3m and had an immaterial impact on profit. Had Boost been a subsidiary for the full financial year, it would have contributed c.\u00a350m revenue to the Group and c.\u00a31.0m profit. The value of the identifiable assets and liabilities of Boost at the date of acquisition were: \u00a3m Property, plant and equipment 0.2 Right-of-use assets 0.3 Intangible assets 16.9 Inventory 6.0 Trade receivables 8.5 Cash and cash equivalents 1.3 Trade payables (7.1) Accruals (2.8) Lease creditors (0.3) Other taxes and social security (0.7) Current tax (0.2) Deferred tax (4.1) Total identifiable net assets acquired 18.0 Goodwill 1.9 Value on acquisition 19.9 Total consideration 19.9 Represented by: Cash 19.9 The acquisition includes a potential additional consideration of up to \u00a312.0m payable depending on the successful delivery of future performance during an earn-out period commencing 1 December 2022 and ending 20 November 2024 as outlined in Note 24. 15. Investment in subsidiaries continued On 20 December 2022 the Group acquired the remaining 38.2% equity stake in MOMA Foods Ltd (\"MOMA\") for a total cash consideration of \u00a33.4m. On 6 December 2021, the Group acquired 61.8% of the shares and voting interests in MOMA granting it control. Included in the identifiable assets and liabilities of MOMA are inputs (inventories, receivables and payables) and an experienced workforce with technical expertise. The Group has concluded that, together, the acquired inputs and processes are a business that will create value by generating revenue in the growing plant-based drinks category, supported by the Group's brand building capability. The value of the identifiable assets and liabilities of MOMA at the date of acquisition were: \u00a3m Property, plant and equipment 0.2 Intangible assets 8.4 Inventory 0.6 Trade receivables 1.0 Prepayments 0.1 Cash and cash equivalents 0.4 Trade payables (0.7) Accruals (0.7) Loans (0.3) Total identifiable net assets acquired 9.0 Goodwill 1.0 Value on acquisition 10.0 Non-controlling interest (3.8) Total consideration 6.2 Represented by: Cash 6.2 As part of the arrangements with non-controlling shareholders of MOMA, the Group issued put options to the sellers to sell the remaining shares and simultaneously the seller issued call options to the Group to purchase the remaining shares. At the acquisition date, the Group recognised a put liability of \u00a38.6m recorded at a present value of \u00a35.0m being the estimated redemption value, using forecast revenue of MOMA, discounted at a post-tax rate of 18%. The put liability was derived from an internal valuation, using forecast revenue over the exercise period, discounted at a post-tax rate of 18% and assumed the option was exercised in full in the third year following the date of acquisition. As the Group now owns 100% of MOMA the put liability has been released in the year to 29 January 2023. Acquisition-related costs The Group incurred acquisition-related costs of \u00a31.2m (year to 30 January 2022 \u00a30.2m) on legal fees and due diligence costs. These costs have been included in 'Administrative expenses'. The goodwill arising represents potential revenue synergies. It is anticipated that on disposal, goodwill and brand will be deductible for tax purposes. The principal subsidiaries are as follows: Principal subsidiary Principal activity Country of incorporation Country of principal operations FUNKIN Limited Distribution and selling of cocktail solutions England UK FUNKIN USA Limited Distribution and selling of cocktail solutions England UK Rubicon Drinks Limited Distribution of fruit based soft-drinks England UK MOMA Foods Ltd Distribution and selling of oat drinks and cereals England UK Boost Drinks Limited Distribution and selling of soft-drinks England UK A.G. BARR p.l.c. holds 100% of the equity and votes of the subsidiaries. (Year ended 30 January 2022: 100% with the exception of MOMA: 68.2%). The subsidiaries have the same year end as A.G. BARR p.l.c. and have been included in the Group consolidation. The companies listed are the trading subsidiaries. Refer to Note 31 for a full list of subsidiary companies. 31. Subsidiaries The Group\u2019s subsidiaries at 29 January 2023 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Name of entity Place of business/ country of incorporation Address Ownership interest held by the Group Principal activities 2023 % 2022 % FUNKIN Limited* UK Milton Keynes 100 100 Distribution and selling of cocktail solutions FUNKIN USA Limited* USA Milton Keynes 100 100 Distribution and selling of cocktail solutions Rubicon Drinks Limited* UK Milton Keynes 100 100 Distribution of fruit based soft-drinks A.G. BARR Capital Partner Limited* UK Milton Keynes 100 100 Investment holding company A.G. BARR General Partner Limited* UK Cumbernauld 100 100 Investment holding company A.G. BARR Pension Trustee Limited UK Cumbernauld 100 100 Investment holding company A.G. BARR Scottish Limited Partnership UK Cumbernauld 100 100 Investment holding company Robert Barr Limited UK Cumbernauld 100 100 Non-trading entity Mandora St Clements Limited UK Milton Keynes 100 100 Non-trading entity Tizer Limited UK Milton Keynes 100 100 Non-trading entity A.G. BARR (Ireland) Limited Republic of Ireland Dublin 100 100 Non-trading entity MOMA Foods Limited* UK Milton Keynes 100 61.8 Distribution and selling of oat drinks and cereals Boost Drinks Holdings Limited* UK Milton Keynes 100 \u2013 Investment holding company Boost Drinks Limited UK Milton Keynes 100 \u2013 Distribution and selling of soft drinks * Under section 479A of the Companies Act 2006 the Group is claiming exemption from audit for the subsidiary company with an \u201c*\u201d in the table above. The parent undertakings, A.G. BARR p.l.c., registered number SC005653, guarantees all outstanding liabilities to the which the subsidiary company is subject at the end of the financial year (being the year ended 29 January 2023 for each company). The guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities. The full address for Cumbernauld is: Westfield House, 4 Mollins Road, Cumbernauld, Scotland, G68 9HD. The full address for Milton Keynes is: Crossley Drive, Magna Park, Milton Keynes, England, MK17 8FL. The full address for Dublin is: 25-28 North Wall Quay, Dublin 1, Dublin, Ireland. ",
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"fact-445": {
"value": "16. Investment in associates In June 2019, the Group made a \u00a31m investment in Elegantly Spirited Limited, acquiring a 20% stake in the business. In November 2020, a \u00a31m loan was provided as disclosed in Note 14. The following entities have been included in the consolidated financial statements using the equity method: % of ownership interest Carrying amount Name of entity Country of incorporation and principal place of business 2023 % 2022 % 2023 \u00a3m 2022 \u00a3m Elegantly Spirited Limited UK 20 20 0.7 0.7 The primary business of Elegantly Spirited Limited is a brand builder, marketing and selling a range of zero proof distilled spirits. The address of its registered office is 19 Langham Street, London, England, W1W 6BP. This investment is consistent with our strategy of building a branded portfolio of products across both alcohol and non-alcohol beverages. The investment is not considered a material associate and therefore disclosures are limited to the section below. 16. Investment in associates continued Aggregate information of associates that are not individually material 2023 \u00a3m 2022 \u00a3m Carrying amount of individually immaterial associates 0.7 0.7 Aggregate amounts of the Group's share of: Loss from continuing operations \u2013 (0.1) Total comprehensive expense \u2013 (0.1) 2023 \u00a3m 2022 \u00a3m Opening balance at start of year 0.7 0.8 Share of operating losses \u2013 (0.1) Closing balance at end of year 0.7 0.7 ",
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"fact-448": {
"value": "17. Short-term investments Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Short-term investments 40.0 \u2013 40.0 \u2013 These deposits are made for durations of three months to no more than six months. These investments are due to mature by April 2023 when accrued interest will then be received. ",
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"fact-446": {
"value": "18. Cash and cash equivalents Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents 13.6 68.7 11.5 59.1 Cash and cash equivalents in the table above are included in the cash flow statements. ",
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"entity": "scheme:213800QWTXXXF8BNEC87",
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"fact-447": {
"value": "19. Inventories Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Materials 9.8 9.8 9.8 9.8 Finished goods 24.9 14.4 12.9 11.2 34.7 24.2 22.7 21.0 ",
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"fact-449": {
"value": "20. Trade and other receivables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Trade receivables 56.0 41.7 39.1 34.7 Less: loss allowance (0.2) (0.1) (0.1) (0.1) Trade receivables \u2013 net 55.8 41.6 39.0 34.6 Prepayments 4.6 2.7 3.8 2.3 Amounts due by subsidiary companies \u2013 \u2013 1.9 0.3 60.4 44.3 44.7 37.2 Trade receivables The average credit period on sales of goods is 60 days. No interest is charged on outstanding trade receivables. The Group always measures the loss allowance for trade receivables at an amount equal to lifetime ECL. The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience on the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Accordingly, the credit risk profile of these assets is presented based on their past due status in terms of the provision matrix. The Group writes off a trade receivable when there is information that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceeding. None of the trade receivables that have been written off are subject to enforcement activities. The maximum exposure for both the Group and the Company to credit risk for trade receivables are the balances in the table above. The following table details the risk profile of trade receivables based on the Group\u2019s provision matrix. As the Group\u2019s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group\u2019s different customer base. The Group\u2019s and Company\u2019s most significant customer, a UK major customer, accounts for \u00a39.1m of the trade receivables carrying amount at 29 January 2023 (30 January 2022: \u00a39.4m). 20. Trade and other receivables continued Group \u2013 29 January 2023 Trade receivables \u2013 days past due Not past due \u00a3m <30 \u00a3m 31-60 \u00a3m 61-90 \u00a3m >90 \u00a3m Total \u00a3m Expected credit loss rate 0.1% 0.1% 0.6% 42.4% 6.0% Expected total gross carrying amount at default 48.9 4.2 1.5 \u2013 1.4 Lifetime ECL 0.1 \u2013 \u2013 \u2013 0.1 0.2 Group \u2013 30 January 2022 Trade receivables \u2013 days past due Not past due \u00a3m <30 \u00a3m 31-60 \u00a3m 61-90 \u00a3m >90 \u00a3m Total \u00a3m Expected credit loss rate 0.1% 0.4% 1.8% 7.4% 50.8% Expected total gross carrying amount at default 37.6 3.1 0.8 0.1 0.1 Lifetime ECL \u2013 \u2013 \u2013 \u2013 0.1 0.1 Company \u2013 29 January 2023 Trade receivables \u2013 days past due Not past due \u00a3m <30 \u00a3m 31-60 \u00a3m 61-90 \u00a3m >90 \u00a3m Total \u00a3m Expected credit loss rate 0.1% 1.4% 19.9% 39.2% 50.3% Expected total gross carrying amount at default 39.0 \u2013 \u2013 \u2013 0.1 Lifetime ECL \u2013 \u2013 \u2013 \u2013 0.1 0.1 Company \u2013 30 January 2022 Trade receivables \u2013 days past due Not past due \u00a3m <30 \u00a3m 31-60 \u00a3m 61-90 \u00a3m >90 \u00a3m Total \u00a3m Expected credit loss rate 0.1% 1.7% 25.9% 41.2% 52.0% Expected total gross carrying amount at default 34.5 0.1 \u2013 \u2013 0.1 Lifetime ECL \u2013 \u2013 \u2013 \u2013 0.1 0.1 The carrying amount of the Group and Company\u2019s external trade and other receivables are denominated in the following currencies: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m UK sterling 59.5 43.8 44.3 36.9 Euro 0.5 0.4 0.4 0.3 US dollar 0.4 0.1 \u2013 \u2013 60.4 44.3 44.7 37.2 ",
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"value": "21. Loans and other borrowings Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Current Bank borrowings 0.7 0.3 \u2013 \u2013 Lease liabilities 1.5 1.3 2.9 2.6 Non-current Lease liabilities 3.6 2.8 18.4 19.3 Total borrowings 5.8 4.4 21.3 21.9 All of the Group\u2019s borrowings are denominated in UK sterling. As disclosed in Note 15, the Group made an investment in Boost in the year ended 29 January 2023. The bank borrowing at the year end represents the overdraft of Boost at the year end date. As disclosed in Note 15, the Group made an investment in MOMA in the year ending 30 January 2022. MOMA had two CBIL loans totalling \u00a30.3m, as noted in the table above. This was a sterling debt facility expiring in June 2026. The \u00a30.3m was fully repaid in the year ended 29 January 2023. As at 30 January 2022, the Group had access to \u00a330m of revolving credit facilities over periods of three to five years with Royal Bank of Scotland plc and HSBC Bank plc. In the year ending 29 January 2023 these facilities were reduced to \u00a320m held with Royal Bank Scotland plc which is due to expire in February 2026. Arrangement fees associated with loan facilities are included in the finance costs line in the income statement. During the year to 26 January 2014, certain property assets were transferred into A.G. BARR Scottish Limited Partnership and are being leased back to the Company under a 21-year lease agreement. Further details are included within Note 27. The maturity analysis of the lease liabilities are shown in the table below: Group Lease liabilities Company Lease liabilities 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Less than one year 1.5 1.3 2.9 2.6 One to two years 1.4 1.0 2.8 2.4 Two to three years 1.1 0.8 2.6 2.4 Three to four years 0.8 0.6 2.3 2.0 Four to five years 0.3 0.4 1.8 2.0 Later than five years \u2013 \u2013 14.4 16.1 5.1 4.1 26.8 27.5 Less: Unearned interest \u2013 \u2013 (5.5) (5.6) 5.1 4.1 21.3 21.9 21. Loans and other borrowings continued The movements in the Group borrowings are analysed as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Opening borrowings balance 4.4 5.4 21.9 23.5 Net lease movements 1.0 (1.3) (0.6) 1.3 Bank overdraft utilised 0.7 \u2013 \u2013 \u2013 Borrowings acquired/drawn-down \u2013 0.3 \u2013 \u2013 Repayments of borrowings (0.3) \u2013 \u2013 (2.9) Closing borrowings balance 5.8 4.4 21.3 21.9 Reconciliation to net funds: 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Closing borrowings balance (5.8) (4.4) (21.3) (21.9) Short-term investments (Note 17) 40.0 \u2013 40.0 \u2013 Cash and cash equivalents (Note 18) 13.6 68.7 11.5 59.1 Net funds 47.8 64.3 30.2 37.2 The facilities at 29 January 2023 were as follows: Total facility \u00a3m Drawn \u00a3m Undrawn \u00a3m Revolving credit facility \u2013 five years, expires February 2026 20.0 \u2013 20.0 Overdraft 1.0 0.7 0.3 21.0 0.7 20.3 The facilities as at 30 January 2022 were as follows: Total facility \u00a3m Drawn \u00a3m Undrawn \u00a3m Revolving credit facility \u2013 three years, expires February 2022 10.0 \u2013 10.0 Revolving credit facility \u2013 five years, expires February 2025 20.0 \u2013 20.0 Overdraft 5.1 \u2013 5.1 CBILS loan facility \u2013 six years, expires June 2026 0.2 0.2 \u2013 CBILS revolving credit facility \u2013 three years, expires May 2024 0.1 0.1 \u2013 35.4 0.3 35.1 The table below details changes in the Group and Company\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Group At 30 January 2022 \u00a3m Interest charged \u00a3m New leases \u00a3m Financing cash flows \u00a3m At 29 January 2023 \u00a3m Borrowings 0.3 \u2013 \u2013 0.4 0.7 Interest paid \u2013 0.2 \u2013 (0.2) \u2013 Lease liabilities (Note 13) 4.1 \u2013 2.7 (1.7) 5.1 Total liabilities from financing activities 4.4 0.2 2.7 (1.5) 5.8 Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Lease liabilities (Note 13) 21.9 \u2013 0.9 (1.5) 21.3 Total liabilities from financing activities 21.9 \u2013 0.9 (1.5) 21.3 ",
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"value": "22. Trade and other payables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Current Trade payables 37. 2 15.8 27.3 13.7 Other taxes and social security costs 3.6 1.1 3.0 1.1 Accruals 31.5 37.1 24.5 32.6 Amounts due to subsidiary companies \u2013 \u2013 5.7 12.2 72.3 54.0 60.5 59.6 Trade payables have increased \u00a321.4m as a result of the incorporation of Boost and the phasing of the January 2023 supplier payment runs. Trade payables and amounts due to subsidiaries are repayable within six months. ",
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"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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"fact-453": {
"value": "23. Provisions Group Business reorganisation \u00a3m Customer related provisions \u00a3m Repairs/ Dilapidations \u00a3m Supplier related commitments \u00a3m Total \u00a3m Opening provision at 24 January 2021 1.1 0.3 0.5 \u2013 1.9 Provision created during the year \u2013 0.1 \u2013 0.5 0.6 Provision utilised during the year (0.5) \u2013 \u2013 \u2013 (0.5) Closing provision at 30 January 2022 0.6 0.4 0.5 0.5 2.0 Provision created during the year 0.3 0.1 0.2 \u2013 0.6 Provision utilised during the year (0.6) (0.4) (0.3) (0.5) (1.8) Closing provision at 29 January 2023 0.3 0.1 0.4 \u2013 0.8 Company Business reorganisation \u00a3m Customer related provisions \u00a3m Repairs/ Dilapidations \u00a3m Supplier related commitments \u00a3m Total \u00a3m Opening provision at 24 January 2021 1.1 0.3 0.3 \u2013 1.7 Provision created during the year \u2013 0.1 \u2013 0.5 0.6 Provision utilised during the year (0.5) \u2013 \u2013 \u2013 (0.5) Closing provision at 30 January 2022 0.6 0.4 0.3 0.5 1.8 Provision created during the year 0.3 0.1 \u2013 \u2013 0.4 Provision utilised during the year (0.6) (0.4) (0.1) (0.5) (1.6) Closing provision at 29 January 2023 0.3 0.1 0.2 \u2013 0.6 The provisions above primarily relate to redundancy costs, customer related provisions, and for any known obligations for substantial repairs and supplier related commitments. The majority of the provisions are expected to be utilised within 12 months. ",
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"value": "24. Other non-current liabilities Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Contingent consideration 0.8 \u2013 0.8 \u2013 Put liability \u2013 5.0 \u2013 \u2013 0.8 5.0 0.8 \u2013 On 5 December 2022, the Group acquired 100% of the shares and voting interests in Boost Drinks Holdings Limited (\u201cBoost\u201d) The acquisition consideration comprised both an initial payment of \u00a319.9m and a potential future consideration of up to \u00a312.0m payable depending on the successful delivery of future performance during an earn-out period commencing 1 December 2022 and ending 20 November 2024. The put liability related to the initial purchase of a 62% stake in MOMA Foods Ltd under which the vendor had a right but not an obligation to sell the remaining 38% of the Company to the Group in June 2025. The put liability was derived from an internal valuation, using forecast revenue over the exercise period, discounted at a post-tax rate of 18% and assumed the option was exercised in full in the third year following the date of acquisition. As the Group now owns 100% of MOMA the put liability has been released in the year to 29 January 2023. Details of the acquisition of Boost and MOMA are provided in Note 15. ",
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},
"fact-454": {
"value": "25. Deferred tax assets and liabilities Group Share-based payments \u00a3m Foreign exchange contract hedge \u00a3m Total deferred tax asset \u00a3m Retirement benefit obligations \u00a3m Share-based payments \u00a3m Accelerated tax depreciation \u00a3m Total deferred tax liability \u00a3m Net deferred tax liability \u00a3m At 24 January 2021 \u2013 \u2013 \u2013 (2.4) (0.4) (11.8) (14.6) (14.6) (Credit)/charge to the income statement (Note 8) \u2013 \u2013 \u2013 (2.8) 0.3 (5.1) (7.6) (7.6) Charge to other comprehensive income \u2013 \u2013 \u2013 0.3 \u2013 \u2013 0.3 0.3 Charge to other reserves \u2013 \u2013 \u2013 \u2013 0.4 \u2013 0.4 0.4 At 30 January 2022 \u2013 \u2013 \u2013 (4.9) 0.3 (16.9) (21.5) (21.5) (Credit)/charge to the income statement (Note 8) \u2013 \u2013 \u2013 (1.2) (0.3) (1.5) (3.0) (3.0) Charge to other comprehensive income \u2013 \u2013 \u2013 0.6 \u2013 \u2013 0.6 0.6 Acquired on acquisition \u2013 \u2013 \u2013 \u2013 \u2013 (4.3) (4.3) (4.3) Charge to equity \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 At 29 January 2023 \u2013 \u2013 \u2013 (5.5) \u2013 (22.7) (28.2) (28.2) Company Share-based payments \u00a3m Foreign exchange contract hedge \u00a3m Total deferred tax asset \u00a3m Retirement benefit obligations \u00a3m Share-based payments \u00a3m Accelerated tax depreciation \u00a3m Total deferred tax liability \u00a3m Net deferred tax liability \u00a3m At 24 January 2021 \u2013 \u2013 \u2013 (2.4) (0.4) (2.4) (5.2) (5.2) (Credit)/charge to the income statement \u2013 \u2013 \u2013 (2.8) 0.3 (2.0) (4.5) (4.5) Charge to other comprehensive income \u2013 \u2013 \u2013 0.3 0.3 \u2013 0.6 0.6 At 30 January 2022 \u2013 \u2013 \u2013 (4.9) 0.2 (4.4) (9.1) (9.1) (Credit)/charge to the income statement \u2013 \u2013 \u2013 (1.2) (0.3) (1.8) (3.3) (3.3) Charge to other comprehensive income \u2013 \u2013 \u2013 0.6 \u2013 \u2013 0.6 0.6 Charge to equity \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 At 29 January 2023 \u2013 \u2013 \u2013 (5.5) (0.1) (6.2) (11.8) (11.8) No deferred tax asset is recognised in the statement of financial position for unused capital losses within the Company of \u00a34.0m (2022: \u00a34.0m). ",
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"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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},
"fact-455": {
"value": "26. Financial risk management Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk and price risk), credit risk and liquidity risk. The Board has delegated the management the Group\u2019s overall financial risk programme to the Treasury and Commodity Committee; this risk programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. Financial risk management is carried out in accordance with policies approved by the Board of Directors. Management identifies, evaluates and manages financial risks in close cooperation with the Group\u2019s business units. The Board provides guidance on overall market risk management, including use of derivative financial instruments and investment of excess liquidity. In addition, the Treasury and Commodity Committee deals with a range of other treasury matters, details of which are provided in the Corporate Governance Report. Market risk Foreign exchange risk The Group operates internationally. The Group primarily buys and sells in Sterling but does make purchases and sales denominated in US dollars and euros. Due to the hedging arrangements that have been in place for the year ended 29 January 2023, if Sterling had weakened/strengthened by 10% against the US dollar or euro, with all other variables held constant, there would not have been a material effect on post-tax profit (year ended 30 January 2022: no material impact on post-tax profit). See also Note 14 for information regarding hedging. The Group periodically enters into option contracts to purchase foreign currencies for known purchases where the value and volume of trading purchases is known. The Treasury and Commodity Committee assesses whether hedge accounting should be applied for each FX option contract. Price risk The Group is not exposed to equity securities price risk because no such investments are held by the Group other than within pension scheme assets. The Group purchases a wide range of commodities in the ordinary course of business. Exposure to changes in the market price of certain of these commodities, including sugar, plastic, aluminium and mango, is managed through the use of forward physical supply contracts, primarily to convert floating or indexed prices to fixed prices. The use of such contracts to hedge commodity exposures is governed by the Group\u2019s risk policies and is continually monitored by the Treasury and Commodity Committee. Commodity derivatives also provide a way to meet customers\u2019 pricing requirements whilst achieving a price structure consistent with the Group\u2019s overall pricing strategy. All of the Group\u2019s commodity derivatives are treated as \u201cown use\u201d contracts, which are outside the scope of IFRS 9, since they are both entered into, and continue to be held, for the purposes of the Group\u2019s ordinary operations, and are not net settled (the Group takes physical delivery of the commodity concerned). \u201cOwn use\u201d contracts do not require accounting entries until the commodity purchase actually crystallises. The majority of the Group\u2019s forward physical contracts and commodity derivatives have original maturities of less than one year. As all of the commodity contracts qualify for the \u201cown use\u201d treatment, no sensitivity analysis has been carried out. Cash flow and fair value interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings and short-term investments. Borrowings and investments are obtained at fixed rates reducing the Group\u2019s exposure to cash flow interest rate risk. For the year ended 29 January 2023, if interest rates on sterling-denominated borrowings at that date had been 1.0% higher/lower, with all other variables held constant, there would have been an immaterial change in the post-tax profit for the year (year ended 30 January 2022: immaterial impact on post-tax profit). Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to major and direct to store customers, including outstanding receivables and committed transactions. For banks and financial institutions where the company holds cash and cash equivalents, short-term investments and borrowing, only independently rated parties with a minimum rating of \u201cA\u201d are accepted. If major customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, risk control processes assess the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set by senior management, based on internal or external ratings. The utilisation of credit limits is regularly monitored. Sales to direct to store customers are largely settled in cash in order to manage credit risk from smaller, independent stores. Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying business, the Group maintains flexibility in funding by maintaining sufficient cash reserves and the availability of borrowing facilities. See Note 21 for disclosures of committed facilities. Management monitors rolling forecasts of the Group\u2019s liquidity reserve (which comprises undrawn borrowing facilities and cash and cash equivalents) on the basis of expected cash flows. This is carried out at a Group level and involves projecting forward cash flows and considering the level of liquid assets necessary to meet excesses of expenditure relative to income. The Group and Company also enters into forward commodity contracts that are not held on the balance sheet. Commitments are shown in the table below, all of which are payable within one year. Total contractual outflow Group and Company 2023 \u00a3m 2022 \u00a3m Forward commodity contracts 13.8 9.0 26. Financial risk management continued The undiscounted contractual cash flows of financial liabilities are presented in the table below: Year ended 29 January 2023 Group Within 1 year \u00a3m 1 \u2013 2 years \u00a3m 2 \u2013 3 years \u00a3m 3 \u2013 4 years \u00a3m 4 \u2013 5 years \u00a3m 5 years + \u00a3m Total contractual outflow \u00a3m Trade and other payables 37. 2 \u2013 \u2013 \u2013 \u2013 \u2013 37.2 Accruals 31.5 \u2013 \u2013 \u2013 \u2013 \u2013 31.5 Contingent consideration \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8 Leases 1.5 1.4 1.1 0.8 0.3 \u2013 5.1 Borrowings 0.7 \u2013 \u2013 \u2013 \u2013 \u2013 0.7 Derivatives 11.5 0.4 \u2013 \u2013 \u2013 \u2013 11.9 82.4 2.6 1.1 0.8 0.3 \u2013 87.2 Company Trade and other payables 27. 3 \u2013 \u2013 \u2013 \u2013 \u2013 27.3 Amounts due to subsidiary companies 5.7 \u2013 \u2013 \u2013 \u2013 \u2013 5.7 Accruals 24.5 \u2013 \u2013 \u2013 \u2013 \u2013 24.5 Contingent consideration \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8 Leases 2.9 2.8 2.6 2.3 1.8 14.4 26.8 Derivatives 11.5 0.4 \u2013 \u2013 \u2013 \u2013 11.9 71.9 4.0 2.6 2.3 1.8 14.4 97.0 Year ended 30 January 2022 Group Within 1 year \u00a3m 1 \u2013 2 years \u00a3m 2 \u2013 3 years \u00a3m 3 \u2013 4 years \u00a3m 4 \u2013 5 years \u00a3m 5 years + \u00a3m Total contractual outflow \u00a3m Trade and other payables 15.8 \u2013 \u2013 \u2013 \u2013 \u2013 15.8 Accruals 37.1 \u2013 \u2013 \u2013 \u2013 \u2013 37.1 Put liability \u2013 \u2013 5.0 \u2013 \u2013 \u2013 \u2013 Leases 1.3 1.0 0.8 0.6 0.4 \u2013 4.1 Derivatives 8.5 \u2013 \u2013 \u2013 \u2013 \u2013 8.5 62.7 1.0 5.8 0.6 0.4 \u2013 65.5 Company Trade and other payables 13.7 \u2013 \u2013 \u2013 \u2013 \u2013 13.7 Amounts due to subsidiary companies 12.2 \u2013 \u2013 \u2013 \u2013 \u2013 12.2 Accruals 32.6 \u2013 \u2013 \u2013 \u2013 \u2013 32.6 Leases 2.6 2.4 2.4 2.0 2.0 16.1 27.5 Derivatives 8.5 \u2013 \u2013 \u2013 \u2013 \u2013 8.5 69.6 2.4 2.4 2.0 2.0 16.1 94.5 Capital risk management The Group defines \u201ccapital\u201d as being net debt plus equity including lease liabilities. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure to balance the needs of the Group, whilst operating within its bank covenants. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group has a number of options available to it, including modifying dividend payments to shareholders, returning capital to shareholders or issuing new shares. In this way, the Group balances returns to shareholders between long-term growth and current returns whilst maintaining capital discipline in relation to investing activities and taking any necessary action on costs to respond to the current environment. The Group monitors existing equity in issuance on the basis of the net debt/EBITDA ratio. Net debt is calculated as being the net of cash and cash equivalents, interest-bearing loans and borrowings. The net debt/EBITDA ratio enables the Group to plan its capital requirements in the medium term. The Group uses this measure to provide useful information to financial institutions and investors. The Group believes that the current net debt/EBITDA ratio together with existing shares in issuance provides a secure capital structure with a strong level of financial flexibility to enable the Group to take advantage of opportunities that may arise. For the year ended 29 January 2023, there was a net cash surplus of \u00a352.6m (year ended 30 January 2022: net cash surplus of \u00a364.3m) with cash and cash equivalent balances of \u00a313.6m, short-term investments of \u00a340.0m and bank borrowings of \u00a31.0m (year ended 30 January 2022: cash and cash equivalents balance of \u00a368.7m and bank borrowings of \u00a30.3m). The Group monitors capital efficiency on the basis of the return on capital employed ratio (ROCE). In the financial year ended 29 January 2023, ROCE remained strong at 18.0% (2022: 19.9%). ",
"dimensions": {
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"language": "en",
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"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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"fact-478": {
"value": "Market risk Foreign exchange risk The Group operates internationally. The Group primarily buys and sells in Sterling but does make purchases and sales denominated in US dollars and euros. Due to the hedging arrangements that have been in place for the year ended 29 January 2023, if Sterling had weakened/strengthened by 10% against the US dollar or euro, with all other variables held constant, there would not have been a material effect on post-tax profit (year ended 30 January 2022: no material impact on post-tax profit). See also Note 14 for information regarding hedging. The Group periodically enters into option contracts to purchase foreign currencies for known purchases where the value and volume of trading purchases is known. The Treasury and Commodity Committee assesses whether hedge accounting should be applied for each FX option contract. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-479": {
"value": "Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to major and direct to store customers, including outstanding receivables and committed transactions. For banks and financial institutions where the company holds cash and cash equivalents, short-term investments and borrowing, only independently rated parties with a minimum rating of \u201cA\u201d are accepted. If major customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, risk control processes assess the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set by senior management, based on internal or external ratings. The utilisation of credit limits is regularly monitored. Sales to direct to store customers are largely settled in cash in order to manage credit risk from smaller, independent stores. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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},
"fact-480": {
"value": "Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying business, the Group maintains flexibility in funding by maintaining sufficient cash reserves and the availability of borrowing facilities. See Note 21 for disclosures of committed facilities. Management monitors rolling forecasts of the Group\u2019s liquidity reserve (which comprises undrawn borrowing facilities and cash and cash equivalents) on the basis of expected cash flows. This is carried out at a Group level and involves projecting forward cash flows and considering the level of liquid assets necessary to meet excesses of expenditure relative to income. The Group and Company also enters into forward commodity contracts that are not held on the balance sheet. Commitments are shown in the table below, all of which are payable within one year. Total contractual outflow Group and Company 2023 \u00a3m 2022 \u00a3m Forward commodity contracts 13.8 9.0 The undiscounted contractual cash flows of financial liabilities are presented in the table below: Year ended 29 January 2023 Group Within 1 year \u00a3m 1 \u2013 2 years \u00a3m 2 \u2013 3 years \u00a3m 3 \u2013 4 years \u00a3m 4 \u2013 5 years \u00a3m 5 years + \u00a3m Total contractual outflow \u00a3m Trade and other payables 37. 2 \u2013 \u2013 \u2013 \u2013 \u2013 37.2 Accruals 31.5 \u2013 \u2013 \u2013 \u2013 \u2013 31.5 Contingent consideration \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8 Leases 1.5 1.4 1.1 0.8 0.3 \u2013 5.1 Borrowings 0.7 \u2013 \u2013 \u2013 \u2013 \u2013 0.7 Derivatives 11.5 0.4 \u2013 \u2013 \u2013 \u2013 11.9 82.4 2.6 1.1 0.8 0.3 \u2013 87.2 Company Trade and other payables 27. 3 \u2013 \u2013 \u2013 \u2013 \u2013 27.3 Amounts due to subsidiary companies 5.7 \u2013 \u2013 \u2013 \u2013 \u2013 5.7 Accruals 24.5 \u2013 \u2013 \u2013 \u2013 \u2013 24.5 Contingent consideration \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8 Leases 2.9 2.8 2.6 2.3 1.8 14.4 26.8 Derivatives 11.5 0.4 \u2013 \u2013 \u2013 \u2013 11.9 71.9 4.0 2.6 2.3 1.8 14.4 97.0 Year ended 30 January 2022 Group Within 1 year \u00a3m 1 \u2013 2 years \u00a3m 2 \u2013 3 years \u00a3m 3 \u2013 4 years \u00a3m 4 \u2013 5 years \u00a3m 5 years + \u00a3m Total contractual outflow \u00a3m Trade and other payables 15.8 \u2013 \u2013 \u2013 \u2013 \u2013 15.8 Accruals 37.1 \u2013 \u2013 \u2013 \u2013 \u2013 37.1 Put liability \u2013 \u2013 5.0 \u2013 \u2013 \u2013 \u2013 Leases 1.3 1.0 0.8 0.6 0.4 \u2013 4.1 Derivatives 8.5 \u2013 \u2013 \u2013 \u2013 \u2013 8.5 62.7 1.0 5.8 0.6 0.4 \u2013 65.5 Company Trade and other payables 13.7 \u2013 \u2013 \u2013 \u2013 \u2013 13.7 Amounts due to subsidiary companies 12.2 \u2013 \u2013 \u2013 \u2013 \u2013 12.2 Accruals 32.6 \u2013 \u2013 \u2013 \u2013 \u2013 32.6 Leases 2.6 2.4 2.4 2.0 2.0 16.1 27.5 Derivatives 8.5 \u2013 \u2013 \u2013 \u2013 \u2013 8.5 69.6 2.4 2.4 2.0 2.0 16.1 94.5 ",
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"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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"fact-482": {
"value": "Capital risk management The Group defines \u201ccapital\u201d as being net debt plus equity including lease liabilities. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure to balance the needs of the Group, whilst operating within its bank covenants. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group has a number of options available to it, including modifying dividend payments to shareholders, returning capital to shareholders or issuing new shares. In this way, the Group balances returns to shareholders between long-term growth and current returns whilst maintaining capital discipline in relation to investing activities and taking any necessary action on costs to respond to the current environment. The Group monitors existing equity in issuance on the basis of the net debt/EBITDA ratio. Net debt is calculated as being the net of cash and cash equivalents, interest-bearing loans and borrowings. The net debt/EBITDA ratio enables the Group to plan its capital requirements in the medium term. The Group uses this measure to provide useful information to financial institutions and investors. The Group believes that the current net debt/EBITDA ratio together with existing shares in issuance provides a secure capital structure with a strong level of financial flexibility to enable the Group to take advantage of opportunities that may arise. For the year ended 29 January 2023, there was a net cash surplus of \u00a352.6m (year ended 30 January 2022: net cash surplus of \u00a364.3m) with cash and cash equivalent balances of \u00a313.6m, short-term investments of \u00a340.0m and bank borrowings of \u00a31.0m (year ended 30 January 2022: cash and cash equivalents balance of \u00a368.7m and bank borrowings of \u00a30.3m). The Group monitors capital efficiency on the basis of the return on capital employed ratio (ROCE). In the financial year ended 29 January 2023, ROCE remained strong at 18.0% (2022: 19.9%). ",
"dimensions": {
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"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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"fact-456": {
"value": "27. Retirement benefit obligations During the year the Company operated two pension schemes, the A.G. BARR p.l.c. (2005) Defined Contribution Scheme (the \u201c2005 Scheme\u201d) and the A.G. BARR p.l.c. (2008) Pension and Life Assurance Scheme (the \u201c2008 Scheme\u201d). The 2008 Scheme comprises a funded defined benefit section based on final salary and a defined contribution section. The defined benefit section was closed to future accrual from 1 May 2016. The defined contribution section of the 2008 Scheme and the 2005 Scheme were closed to new entrants and new contributions from 30 June 2021 and all defined contribution assets were transferred to the A.G. Barr Retirement Plan, an outsourced master trust pension arrangement, in September 2021. The 2005 Scheme was terminated on 31 May 2022. Under the defined benefit section of the 2008 Scheme, employees are entitled to retirement benefits based on final pensionable pay. No other post-retirement benefits are provided. Defined benefit scheme: Actuarial valuation The assets of the defined benefit section of the 2008 Scheme are held separately from those of the Company and are invested in managed funds. A full valuation of the defined benefit section of the 2008 Scheme was conducted as at 5 April 2020 using the attained age method and a deficit of \u00a37.7m was determined at that date. The defined benefit section of the 2008 Scheme exposes the Group to actuarial risks such as longevity risk, interest rate risk and market investment risk. Responsibility for governance of the plans, including investment decisions and contribution schedules, lies jointly with the Company and the board of pension trustees. The board of trustees is composed of representatives from the Company scheme members and an independent trustee in accordance with the 2008 Scheme\u2019s rules. 27. Retirement benefit obligations continued Defined benefit scheme: IAS 19 information The full actuarial valuation carried out at 5 April 2020 was updated to 29 January 2023 by a qualified independent actuary. The valuation used for the defined benefit schemes has been based on market conditions as at the Company year end. The amounts recognised in the statement of financial position are as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Present value of funded obligations (76.9) (114.9) (76.9) (114.9) Fair value of scheme assets 79.3 113.9 79.3 113.9 Deficit recognised under IAS 19 2.4 (1.0) 2.4 (1.0) Company contribution made to pension scheme in the year to 26 January 2014 \u2013 \u2013 15.3 16.1 Surplus/(deficit) recognised in the statement of financial position 2.4 (1.0) 17.7 15.1 The movement in the defined benefit obligation over the year is as follows: Group and Company Fair value of plan assets \u00a3m Present value of obligation \u00a3m Total \u00a3m At 30 January 2022 113.9 (114.9) (1.0) Current and past service cost \u2013 \u2013 \u2013 Interest income/(expense) 2.4 (2.4) \u2013 Total cost recognised in income statement 2.4 (2.4) \u2013 Remeasurements \u2013 changes in demographic assumptions \u2013 4.4 4.4 \u2013 changes in financial assumptions \u2013 34.5 34.5 \u2013 experience \u2013 (3.3) (3.3) \u2013 actuarial return on assets excluding amounts recognised in net interest (37.1) \u2013 (37.1) Total remeasurements recognised in other comprehensive income (37.1) 35.6 (1.5) Cash flows Employer contributions 4.9 \u2013 4.9 Benefits paid (4.8) 4.8 \u2013 Total cash outflow 0.1 4.8 4.9 At 29 January 2023 79.3 (76.9) 2.4 This table excludes the Company contribution made to the pension scheme through the asset-backed funding arrangement as described below and reconciled in the table above. On 1 May 2016, the defined benefit section of the 2008 Scheme was closed to future accrual following a negotiated agreement between the Company and the board of trustees. The Company made a \u00a31.0m contribution to the defined benefit section of the 2008 Scheme each year in May 2016 through May 2022. A further contribution of \u00a31.0m was due to be paid in May 2023 but was paid in the current financial year to support the 2008 Scheme\u2019s liquidity during a period of stock market turbulence. The movement in the defined benefit obligation in the year to 30 January 2022 was as follows: Group and Company Fair value of plan assets \u00a3m Present value of obligation \u00a3m Total \u00a3m At 24 January 2021 116.0 (123.9) ( 7.9) Current service cost and past service cost \u2013 (0.1) (0.1) Interest income/(expense) 1.6 (1.7) (0.1) Total cost recognised in income statement 1.6 (1.8) (0.2) Remeasurements \u2013 changes in demographic assumptions \u2013 (0.9) (0.9) \u2013 changes in financial assumptions \u2013 9.5 9.5 \u2013 experience \u2013 (2.2) (2.2) \u2013 actuarial return on assets excluding amounts recognised in net interest (1.7) \u2013 (1.7) Total remeasurements recognised in other comprehensive income (1.7) 6.4 4.7 Cash flows Employer contributions 2.4 \u2013 2.4 Benefits paid (4.4) 4.4 \u2013 Total cash outflow (2.0) 4.4 2.4 At 30 January 2022 113.9 (114.9) (1.0) This table excludes the Company contribution made to the 2008 Scheme through the asset-backed funding arrangement as described below and reconciled in the table above. Asset-backed funding arrangement During the year to 26 January 2014, the Company established the A.G. BARR Scottish Limited Partnership (the \u201cPartnership\u201d) and through the Partnership has entered into a long-term pension funding arrangement with the 2008 Scheme. Under this arrangement certain property assets were transferred into the Partnership and are being leased back to A.G. BARR p.l.c. under a 21-year lease agreement, generating an income stream of \u00a31.1m per annum for the 2008 Scheme, increasing annually in line with inflation. The Partnership is controlled by A.G. BARR p.l.c. and its results are consolidated by the Group. The value of the properties transferred into the Partnership remains included on the Group\u2019s and Company\u2019s balance sheet at carrying values at the date of transfer with the Group and Company retaining full operational control over these properties. 27. Retirement benefit obligations continued At the end of the term of the relevant lease, or earlier if the 2008 Scheme becomes fully funded to the extent that the members\u2019 benefits can be secured with an insurance company, the Company has the option to repurchase the properties in the Partnership for an agreed fixed price. A \u201cstructured entity\u201d is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate only to administrative tasks and the relevant activities are directed by means of contractual arrangements. As outlined above, during a prior year, certain freehold properties were transferred to a limited Partnership (a structured entity) established by the Group, the main purpose of which is to lease these properties to a Group company and, as a result, to provide the Group\u2019s 2008 scheme with a distribution of profits in the Partnership. The distribution is subject to discretion exercisable by the Group in certain circumstances; however, given that the Group has the ability to control the limited Partnership by making an additional contribution into the 2008 Scheme, it is the view of the directors that the Group controls the limited Partnership and therefore it is treated as a consolidated entity. The carrying value of the properties sold to the Partnership and leased back to the Company remain included on the Group\u2019s and Company\u2019s balance sheet and continue to be depreciated in line with the Group\u2019s and Company\u2019s accounting policies with the Group and Company retaining full operational control over these properties. The Group has taken advantage of the exemption conferred by Regulation 7 of the Partnerships (Accounts) Regulations 2008 and has, therefore, not appended the accounts of this qualifying partnership to these financial statements. Separate accounts for the Partnership are not required to be, and have not been, filed at UK Companies House. As part of the funding arrangement, the Company made a one-off payment to the 2008 Scheme of \u00a320.4m to allow it to invest in the Partnership and in prior years this has been treated as a reduction in the carrying value of the retirement benefit obligation. As the Partnership results are consolidated within the Group results, no balances are recognised in the consolidated statement of financial position. Financial assumptions 2023 2022 Discount rate 4.4% 2.2% Inflation assumption 3.2% 3.6% Mortality assumptions 2023 2022 Average future life expectancy (in years) for a male pensioner aged 65 22 22 Average future life expectancy (in years) for a female pensioner aged 65 23 24 Average future life expectancy (in years) at age 65 for a male non-pensioner aged 45 23 23 Average future life expectancy (in years) at age 65 for a female non-pensioner aged 45 25 26 The mortality tables adopted in finalising the fair value of the liabilities are the 2019 VITA tables based on the member\u2019s year of birth. This assumes that the expected age at death for males is 87 to 88 and for females is 89 to 91, depending on their age at 29 January 2023. The fair value of scheme assets at the year end dates is analysed as follows: 2023 2022 Quoted* \u00a3m Unquoted \u00a3m Quoted* \u00a3m Unquoted \u00a3m Equities 2.3 \u2013 6.3 \u2013 Bonds 19.2 \u2013 33.0 \u2013 Debt 15.2 \u2013 21.8 \u2013 Cash \u2013 7.1 \u2013 6.4 Buy-in policy \u2013 35.5 \u2013 46.4 Total market value of scheme assets 36.7 42.6 61.1 52.8 * Quoted prices for identical assets or liabilities in active markets. Sensitivity review The sensitivity of the overall pension liability to changes in the principal assumptions is: Year ended 29 January 2023 Change in assumption Impact on overall liabilities Discount rate Increase/decrease by 2% Decreases/increases liabilities by \u00a324.2m Rate of inflation Increase/decrease by 1% Increases/decreases liabilities by \u00a34.0m Life expectancy Increase/decrease by one year Increases/decreases liabilities by \u00a33.1m Year ended 30 January 2022 Change in assumption Impact on overall liabilities Discount rate Increase/decrease by 1% Decreases/increases liabilities by \u00a320.4m Rate of inflation Increase/decrease by 1% Increases/decreases liabilities by \u00a36.8m Life expectancy Increase/decrease by one year Increases/decreases liabilities by \u00a34.6m Methods and assumptions used in preparing the sensitivity analyses The sensitivities disclosed were calculated using approximate methods taking into account the duration of the 2008 Scheme\u2019s liabilities. They have been calculated consistently with last period\u2019s disclosures, however these change over time with financial conditions and assumptions. 27. Retirement benefit obligations continued Risks to which the 2008 Scheme exposes the Company The nature of the 2008 Scheme exposes the Company to the risk of paying unanticipated additional contributions to the 2008 Scheme in times of adverse experience. The most financially significant risks are likely to be: \u2013 Asset volatility The 2008 Scheme\u2019s liabilities are calculated using a discount rate set with reference to corporate bond yields in line with the requirements of IAS 19R. If the 2008 Scheme assets underperform this yield, this will create a deficit. The plan holds investments in a diversified portfolio, primarily equity and bonds, which are expected to outperform corporate bonds in the long term but provide volatility and risk in the short term. The board of pension trustees have made a number of steps to control the level of investment risk within the 2008 Scheme. The Trustee and the Company agreed to purchase an annuity policy with Canada Life in April 2016 to cover all future pension payments to certain members of the 2008 Scheme. This policy was purchased at a cost of \u00a334.7m and secures the total amount of future pension payments for 100 of the 2008 Scheme\u2019s pensioner members. A second annuity contract was purchased with Canada Life in September 2019 at a cost of \u00a322.7m and secures the total amount of future pension payments for 82 of the 2008 Scheme\u2019s pensioner members. The board of pension trustees will continue to review the risk exposures in light of the longer-term objectives of the 2008 Scheme. \u2013 Changes in bond yields A decrease in corporate bond yields will increase the 2008 Scheme\u2019s liabilities. In the event of a reduction in the corporate bond yields, there will be an increase in the value of the 2008 Scheme\u2019s bond holdings. \u2013 Inflation risk The Group pension obligations are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the 2008 Scheme\u2019s assets are either unaffected by inflation (fixed interest bonds) or loosely correlated with inflation (equities), meaning that an increase in inflation will also increase the deficit. \u2013 Life expectancy The 2008 Scheme\u2019s obligation is to provide benefits for the life of the members. An increase in life expectancy will result in an increase in the 2008 Scheme\u2019s liabilities. Policy for recognising gains and losses The Company recognises actuarial gains and losses immediately, through the remeasurement of the net defined benefit liability. Asset-liability matching strategies used by the 2008 Scheme or the Company Excluding insurance policies held within the 2008 Scheme the Trustee\u2019s target allocation to growth assets and return seeking income focused assets is c.30%, with the remaining c.70% in liability matching bonds including corporate bonds, with the aim of striking a balance between: \u2022 maximising the returns on the 2008 Scheme\u2019s assets; and \u2022 minimising the risks associated with the lower than expected returns on the 2008 Scheme\u2019s assets. The Trustee has entered into a Liability Driven Investment (LDI) mandate with Legal & General Investment Management. This has resulted in interest rate and inflation hedging levels of over 50% of liabilities (excluding insurance policies and the asset-backed funding arrangement). The LDI funds are invested in a mix of levered gilts, levered index-linked gilts and cash, with the aim of matching, as closely as possible, the 2008 Scheme\u2019s liability cash flows. Description of funding arrangements and funding policy that affect future contributions The Schedule of Contributions dated March 2018 sets out the current contributions payable by the Company to the 2008 Scheme to eliminate the Scheme deficit. This is in addition to the rental income stream from the asset-backed funding arrangement, that is a commitment which will offset the requirement for future deficit contributions. Expected contributions over the next accounting period The \u00a31.0m payment which A.G. BARR p.l.c. was expected to contribute to the 2008 Scheme for the year to 28 January 2024 in respect of commitments in relation to the Schedule of Contributions was paid in October 2022, and the approximate \u00a31.5m due for the year to 28 January 2024 from the asset-backed funding arrangement in which the 2008 Scheme holds an interest were also paid in advance in the year to 29 January 2023. The weighted average duration of the defined benefit obligation is 14 years. The expected maturity analysis of the undiscounted defined benefit pension benefit, estimated on the 2008 Scheme\u2019s funding is as follows: Less than one year One to two years Two to five years Greater than five years Proportion of total pension benefits to be paid as at 5 April 2022 2% 2% 7% 89% Proportion of total pension benefits to be paid as at 5 April 2021 2% 2% 7% 89% Note the above disclosure is given as at the date of the last signed financial statements for the 2008 Scheme, and for the comparative year. Defined contribution scheme The pension costs for the defined contribution schemes are as follows: 2023 \u00a3m 2022 \u00a3m Defined contribution costs 4.0 3.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-481": {
"value": "Defined benefit scheme: Actuarial valuation The assets of the defined benefit section of the 2008 Scheme are held separately from those of the Company and are invested in managed funds. A full valuation of the defined benefit section of the 2008 Scheme was conducted as at 5 April 2020 using the attained age method and a deficit of \u00a37.7m was determined at that date. The defined benefit section of the 2008 Scheme exposes the Group to actuarial risks such as longevity risk, interest rate risk and market investment risk. Responsibility for governance of the plans, including investment decisions and contribution schedules, lies jointly with the Company and the board of pension trustees. The board of trustees is composed of representatives from the Company scheme members and an independent trustee in accordance with the 2008 Scheme\u2019s rules. Defined benefit scheme: IAS 19 information The full actuarial valuation carried out at 5 April 2020 was updated to 29 January 2023 by a qualified independent actuary. The valuation used for the defined benefit schemes has been based on market conditions as at the Company year end. The amounts recognised in the statement of financial position are as follows: Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Present value of funded obligations (76.9) (114.9) (76.9) (114.9) Fair value of scheme assets 79.3 113.9 79.3 113.9 Deficit recognised under IAS 19 2.4 (1.0) 2.4 (1.0) Company contribution made to pension scheme in the year to 26 January 2014 \u2013 \u2013 15.3 16.1 Surplus/(deficit) recognised in the statement of financial position 2.4 (1.0) 17.7 15.1 The movement in the defined benefit obligation over the year is as follows: Group and Company Fair value of plan assets \u00a3m Present value of obligation \u00a3m Total \u00a3m At 30 January 2022 113.9 (114.9) (1.0) Current and past service cost \u2013 \u2013 \u2013 Interest income/(expense) 2.4 (2.4) \u2013 Total cost recognised in income statement 2.4 (2.4) \u2013 Remeasurements \u2013 changes in demographic assumptions \u2013 4.4 4.4 \u2013 changes in financial assumptions \u2013 34.5 34.5 \u2013 experience \u2013 (3.3) (3.3) \u2013 actuarial return on assets excluding amounts recognised in net interest (37.1) \u2013 (37.1) Total remeasurements recognised in other comprehensive income (37.1) 35.6 (1.5) Cash flows Employer contributions 4.9 \u2013 4.9 Benefits paid (4.8) 4.8 \u2013 Total cash outflow 0.1 4.8 4.9 At 29 January 2023 79.3 (76.9) 2.4 This table excludes the Company contribution made to the pension scheme through the asset-backed funding arrangement as described below and reconciled in the table above. On 1 May 2016, the defined benefit section of the 2008 Scheme was closed to future accrual following a negotiated agreement between the Company and the board of trustees. The Company made a \u00a31.0m contribution to the defined benefit section of the 2008 Scheme each year in May 2016 through May 2022. A further contribution of \u00a31.0m was due to be paid in May 2023 but was paid in the current financial year to support the 2008 Scheme\u2019s liquidity during a period of stock market turbulence. The movement in the defined benefit obligation in the year to 30 January 2022 was as follows: Group and Company Fair value of plan assets \u00a3m Present value of obligation \u00a3m Total \u00a3m At 24 January 2021 116.0 (123.9) ( 7.9) Current service cost and past service cost \u2013 (0.1) (0.1) Interest income/(expense) 1.6 (1.7) (0.1) Total cost recognised in income statement 1.6 (1.8) (0.2) Remeasurements \u2013 changes in demographic assumptions \u2013 (0.9) (0.9) \u2013 changes in financial assumptions \u2013 9.5 9.5 \u2013 experience \u2013 (2.2) (2.2) \u2013 actuarial return on assets excluding amounts recognised in net interest (1.7) \u2013 (1.7) Total remeasurements recognised in other comprehensive income (1.7) 6.4 4.7 Cash flows Employer contributions 2.4 \u2013 2.4 Benefits paid (4.4) 4.4 \u2013 Total cash outflow (2.0) 4.4 2.4 At 30 January 2022 113.9 (114.9) (1.0) This table excludes the Company contribution made to the 2008 Scheme through the asset-backed funding arrangement as described below and reconciled in the table above. Asset-backed funding arrangement During the year to 26 January 2014, the Company established the A.G. BARR Scottish Limited Partnership (the \u201cPartnership\u201d) and through the Partnership has entered into a long-term pension funding arrangement with the 2008 Scheme. Under this arrangement certain property assets were transferred into the Partnership and are being leased back to A.G. BARR p.l.c. under a 21-year lease agreement, generating an income stream of \u00a31.1m per annum for the 2008 Scheme, increasing annually in line with inflation. The Partnership is controlled by A.G. BARR p.l.c. and its results are consolidated by the Group. The value of the properties transferred into the Partnership remains included on the Group\u2019s and Company\u2019s balance sheet at carrying values at the date of transfer with the Group and Company retaining full operational control over these properties. At the end of the term of the relevant lease, or earlier if the 2008 Scheme becomes fully funded to the extent that the members\u2019 benefits can be secured with an insurance company, the Company has the option to repurchase the properties in the Partnership for an agreed fixed price. A \u201cstructured entity\u201d is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate only to administrative tasks and the relevant activities are directed by means of contractual arrangements. As outlined above, during a prior year, certain freehold properties were transferred to a limited Partnership (a structured entity) established by the Group, the main purpose of which is to lease these properties to a Group company and, as a result, to provide the Group\u2019s 2008 scheme with a distribution of profits in the Partnership. The distribution is subject to discretion exercisable by the Group in certain circumstances; however, given that the Group has the ability to control the limited Partnership by making an additional contribution into the 2008 Scheme, it is the view of the directors that the Group controls the limited Partnership and therefore it is treated as a consolidated entity. The carrying value of the properties sold to the Partnership and leased back to the Company remain included on the Group\u2019s and Company\u2019s balance sheet and continue to be depreciated in line with the Group\u2019s and Company\u2019s accounting policies with the Group and Company retaining full operational control over these properties. The Group has taken advantage of the exemption conferred by Regulation 7 of the Partnerships (Accounts) Regulations 2008 and has, therefore, not appended the accounts of this qualifying partnership to these financial statements. Separate accounts for the Partnership are not required to be, and have not been, filed at UK Companies House. As part of the funding arrangement, the Company made a one-off payment to the 2008 Scheme of \u00a320.4m to allow it to invest in the Partnership and in prior years this has been treated as a reduction in the carrying value of the retirement benefit obligation. As the Partnership results are consolidated within the Group results, no balances are recognised in the consolidated statement of financial position. Financial assumptions 2023 2022 Discount rate 4.4% 2.2% Inflation assumption 3.2% 3.6% Mortality assumptions 2023 2022 Average future life expectancy (in years) for a male pensioner aged 65 22 22 Average future life expectancy (in years) for a female pensioner aged 65 23 24 Average future life expectancy (in years) at age 65 for a male non-pensioner aged 45 23 23 Average future life expectancy (in years) at age 65 for a female non-pensioner aged 45 25 26 The mortality tables adopted in finalising the fair value of the liabilities are the 2019 VITA tables based on the member\u2019s year of birth. This assumes that the expected age at death for males is 87 to 88 and for females is 89 to 91, depending on their age at 29 January 2023. The fair value of scheme assets at the year end dates is analysed as follows: 2023 2022 Quoted* \u00a3m Unquoted \u00a3m Quoted* \u00a3m Unquoted \u00a3m Equities 2.3 \u2013 6.3 \u2013 Bonds 19.2 \u2013 33.0 \u2013 Debt 15.2 \u2013 21.8 \u2013 Cash \u2013 7.1 \u2013 6.4 Buy-in policy \u2013 35.5 \u2013 46.4 Total market value of scheme assets 36.7 42.6 61.1 52.8 * Quoted prices for identical assets or liabilities in active markets. Sensitivity review The sensitivity of the overall pension liability to changes in the principal assumptions is: Year ended 29 January 2023 Change in assumption Impact on overall liabilities Discount rate Increase/decrease by 2% Decreases/increases liabilities by \u00a324.2m Rate of inflation Increase/decrease by 1% Increases/decreases liabilities by \u00a34.0m Life expectancy Increase/decrease by one year Increases/decreases liabilities by \u00a33.1m Year ended 30 January 2022 Change in assumption Impact on overall liabilities Discount rate Increase/decrease by 1% Decreases/increases liabilities by \u00a320.4m Rate of inflation Increase/decrease by 1% Increases/decreases liabilities by \u00a36.8m Life expectancy Increase/decrease by one year Increases/decreases liabilities by \u00a34.6m Methods and assumptions used in preparing the sensitivity analyses The sensitivities disclosed were calculated using approximate methods taking into account the duration of the 2008 Scheme\u2019s liabilities. They have been calculated consistently with last period\u2019s disclosures, however these change over time with financial conditions and assumptions. Risks to which the 2008 Scheme exposes the Company The nature of the 2008 Scheme exposes the Company to the risk of paying unanticipated additional contributions to the 2008 Scheme in times of adverse experience. The most financially significant risks are likely to be: \u2013 Asset volatility The 2008 Scheme\u2019s liabilities are calculated using a discount rate set with reference to corporate bond yields in line with the requirements of IAS 19R. If the 2008 Scheme assets underperform this yield, this will create a deficit. The plan holds investments in a diversified portfolio, primarily equity and bonds, which are expected to outperform corporate bonds in the long term but provide volatility and risk in the short term. The board of pension trustees have made a number of steps to control the level of investment risk within the 2008 Scheme. The Trustee and the Company agreed to purchase an annuity policy with Canada Life in April 2016 to cover all future pension payments to certain members of the 2008 Scheme. This policy was purchased at a cost of \u00a334.7m and secures the total amount of future pension payments for 100 of the 2008 Scheme\u2019s pensioner members. A second annuity contract was purchased with Canada Life in September 2019 at a cost of \u00a322.7m and secures the total amount of future pension payments for 82 of the 2008 Scheme\u2019s pensioner members. The board of pension trustees will continue to review the risk exposures in light of the longer-term objectives of the 2008 Scheme. \u2013 Changes in bond yields A decrease in corporate bond yields will increase the 2008 Scheme\u2019s liabilities. In the event of a reduction in the corporate bond yields, there will be an increase in the value of the 2008 Scheme\u2019s bond holdings. \u2013 Inflation risk The Group pension obligations are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the 2008 Scheme\u2019s assets are either unaffected by inflation (fixed interest bonds) or loosely correlated with inflation (equities), meaning that an increase in inflation will also increase the deficit. \u2013 Life expectancy The 2008 Scheme\u2019s obligation is to provide benefits for the life of the members. An increase in life expectancy will result in an increase in the 2008 Scheme\u2019s liabilities. Policy for recognising gains and losses The Company recognises actuarial gains and losses immediately, through the remeasurement of the net defined benefit liability. Asset-liability matching strategies used by the 2008 Scheme or the Company Excluding insurance policies held within the 2008 Scheme the Trustee\u2019s target allocation to growth assets and return seeking income focused assets is c.30%, with the remaining c.70% in liability matching bonds including corporate bonds, with the aim of striking a balance between: \u2022 maximising the returns on the 2008 Scheme\u2019s assets; and \u2022 minimising the risks associated with the lower than expected returns on the 2008 Scheme\u2019s assets. The Trustee has entered into a Liability Driven Investment (LDI) mandate with Legal & General Investment Management. This has resulted in interest rate and inflation hedging levels of over 50% of liabilities (excluding insurance policies and the asset-backed funding arrangement). The LDI funds are invested in a mix of levered gilts, levered index-linked gilts and cash, with the aim of matching, as closely as possible, the 2008 Scheme\u2019s liability cash flows. Description of funding arrangements and funding policy that affect future contributions The Schedule of Contributions dated March 2018 sets out the current contributions payable by the Company to the 2008 Scheme to eliminate the Scheme deficit. This is in addition to the rental income stream from the asset-backed funding arrangement, that is a commitment which will offset the requirement for future deficit contributions. Expected contributions over the next accounting period The \u00a31.0m payment which A.G. BARR p.l.c. was expected to contribute to the 2008 Scheme for the year to 28 January 2024 in respect of commitments in relation to the Schedule of Contributions was paid in October 2022, and the approximate \u00a31.5m due for the year to 28 January 2024 from the asset-backed funding arrangement in which the 2008 Scheme holds an interest were also paid in advance in the year to 29 January 2023. The weighted average duration of the defined benefit obligation is 14 years. The expected maturity analysis of the undiscounted defined benefit pension benefit, estimated on the 2008 Scheme\u2019s funding is as follows: Less than one year One to two years Two to five years Greater than five years Proportion of total pension benefits to be paid as at 5 April 2022 2% 2% 7% 89% Proportion of total pension benefits to be paid as at 5 April 2021 2% 2% 7% 89% Note the above disclosure is given as at the date of the last signed financial statements for the 2008 Scheme, and for the comparative year. ",
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"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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},
"fact-483": {
"value": "Defined contribution scheme The pension costs for the defined contribution schemes are as follows: 2023 \u00a3m 2022 \u00a3m Defined contribution costs 4.0 3.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-457": {
"value": "28. Share capital 2023 2022 Shares \u00a3m Shares \u00a3m Authorised, issued and fully paid 112,028,871 4.7 112,028,871 4.7 The Company has one class of ordinary shares which carry no right to fixed income. The shares have a nominal value of 4 1/6 pence. During the year to 29 January 2023, the Company\u2019s employee benefit trusts purchased 141,890 shares (2022: 42,778) shares. The total amount paid to acquire the shares has been deducted from shareholders\u2019 equity and is included within retained earnings. At 29 January 2023,the shares held by the Company\u2019s employee benefit trusts represented 887,553 (2022: 782,873) shares at a purchased cost of \u00a35.2m (2022: \u00a34.7m). 28. Share capital continued Share repurchase programme During the year ended 25 January 2020, the Group completed a share repurchase programme, purchasing 1,915,772 shares at a total cost of \u00a330.0m. The permanent capital has been replaced through the creation of a Capital Redemption Reserve, which is included in \u201cOther reserves\u201d within equity in the table below. The cash flow hedge reserve is also included in \u201cOther reserves\u201d in equity and records the effective portion of movements in the fair value of forward foreign exchange contracts that have been designated as part of a cash flow hedge relationship. Other reserves Cash flow hedge reserve \u00a3m Capital redemption reserve \u00a3m Non- controlling interest \u00a3m Total \u00a3m At 30 January 2022 (0.3) 0.2 (5.0) (5.1) Derecognition of non-controlling interest on acquisition of MOMA \u2013 \u2013 5.0 5.0 Movement on cash flow hedge reserve 0.2 \u2013 \u2013 0.2 At 29 January 2023 (0.1) 0.2 \u2013 0.1 The share premium reserve contains the premium arising on the issue of equity shares, net of issue expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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},
"fact-458": {
"value": "29. Share-based payments As disclosed in the Directors\u2019 Remuneration Report, the Group runs a number of share award plans and share option plans: \u2022 Savings Related Share Option Scheme which is open to all employees \u2022 LTIP and ESOS options which are granted to directors \u2022 AESOP awards that are available to all employees Share-based payment costs and related deferred and current tax charges are recognised within the share option reserve. Savings Related Share Option Scheme (SAYE) All SAYEs outstanding at 29 January 2023 and 30 January 2022 have no performance criteria attached other than the requirement for the employee to remain in the employment of the Company and to continue contributing to the plan. Options granted under the SAYE must be exercised within six months of the relevant award vesting date. The SAYE is open to all qualifying employees in employment at the date of inception of the scheme. Options are normally exercisable after three years from the date of grant. The price at which options are offered is not less than 80% of the average of the middle-market price of the five dealing days immediately preceding the date of invitation. The movements in the number of share options outstanding and their related weighted average exercise prices determined using the Black-Scholes valuation model are as follows: 2023 2022 Options Average exercise price in pence per share Options Average exercise price in pence per share At start of the year 679,758 486p 896,005 535p Granted in the year 160,830 506p 377,647 459p Forfeited (165,721) 529p (495,553) 559p Exercised (2,317) 428p (98,341) 460p At end of the year 672,550 530p 679,758 486p The weighted average fair value of the share awards made during the period was determined using the Black-Scholes valuation model. The significant inputs to the model were as follows: Date of grant SAYE 3 May 2022 Number of share awards granted 160,830 Share price at date of grant 562p Contractual life in years 3 Dividend yield 2% Expected outcome of meeting performance criteria (at grant date) 70% Fair value determined at grant date 145p None of the options listed above were exercisable at the respective year end dates. The outstanding options at the year end had exercise prices of \u00a37.45, \u00a34.28, \u00a34.59 and \u00a35.06 (2022: \u00a36.20, \u00a37.45, \u00a34.28 and \u00a34.59). The weighted average share price on the dates that options were exercised in the year to 30 January 2022 was \u00a34.69. The weighted average remaining contractual life of the outstanding share options at the year end is two years (2022: two years). 29. Share-based payments continued LTIP During the year, LTIP awards were made to the executive directors as disclosed in the Directors\u2019 Remuneration Report. The weighted average fair value of the share awards made during the period was determined using the Black-Scholes valuation model. The significant inputs to the model were as follows: Date of grant LTIP 8 April 2022 Number of share awards granted 323,560 Share price at date of grant 537p Contractual life in years 3 Dividend yield 2% Expected outcome of meeting performance criteria (at grant date) 100% Fair value determined at grant date 501p AESOP As described in the Directors\u2019 Remuneration Report, there are two elements to the AESOP. The partnership share element provides that for every two shares (year to 30 January 2022: two shares) that a participant purchases in A.G. BARR p.l.c., up to a maximum contribution of \u00a3150 per month, the Company will purchase one matching share. The matching shares purchased are held in trust in the name of the individual. There are various rules as to the period of time that the shares must be held in trust but after five years, the shares can be released tax free to the participant. The second element of free shares allows participants to receive shares to the value of a common percentage of their earnings, related to the performance of the Group. The maximum value of the annual award is \u00a33,600 and the shares awarded are held in trust for five years. Under the terms of the AESOP rules, any award of free shares to employees is made by the Trustee of the AESOP subject to the Company\u2019s consent. ",
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"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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},
"fact-484": {
"value": "30. Related party-transactions Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation. Details of transactions between the Company and related parties are as follows: Purchase of goods and services 2023 \u00a3m 2022 \u00a3m Rubicon Drinks Limited 6.4 5.3 FUNKIN Limited 1.6 \u2013 The amounts disclosed in the table below are the amounts owed to and due from subsidiary companies that are trading subsidiaries. The balances are unsecured and are due on demand. The difference between the total of these balances and the amounts disclosed as amounts due by (Note 20) and to subsidiary companies (Note 22) are balances due by and due to dormant subsidiary companies. Amounts owed by related parties Amounts due to related parties 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Rubicon Drinks Limited \u2013 \u2013 4.5 13.1 FUNKIN Limited \u2013 0.2 2.2 \u2013 The amounts disclosed in the table below are the amounts owed from investments in associates. The balance is an interest-free equity convertible loan note. Amounts due by related parties 2023 \u00a3m 2022 \u00a3m Loans to associates Opening and closing balance 1.0 1.0 Compensation of key management personnel The remuneration of the executive directors, non-executive directors and senior executives during the year was as follows: 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 4.9 4.6 Post-employment benefits 0.5 0.4 5.4 5.0 The Directors\u2019 Remuneration Report can be found on pages 92 to 106. Retirement benefit plans The Group\u2019s retirement benefit plans are administered by an independent third-party service provider. During the year, the service provider charged the Group \u00a30.5m (2022: \u00a30.5m) for administration services in respect of the retirement benefit plans. At the year end, \u00a3nil (2022: \u00a3nil) was outstanding to the service provider on behalf of the retirement benefit plans. ",
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"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
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},
"fact-459": {
"value": "30. Related party-transactions Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation. Details of transactions between the Company and related parties are as follows: Purchase of goods and services 2023 \u00a3m 2022 \u00a3m Rubicon Drinks Limited 6.4 5.3 FUNKIN Limited 1.6 \u2013 The amounts disclosed in the table below are the amounts owed to and due from subsidiary companies that are trading subsidiaries. The balances are unsecured and are due on demand. The difference between the total of these balances and the amounts disclosed as amounts due by (Note 20) and to subsidiary companies (Note 22) are balances due by and due to dormant subsidiary companies. Amounts owed by related parties Amounts due to related parties 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Rubicon Drinks Limited \u2013 \u2013 4.5 13.1 FUNKIN Limited \u2013 0.2 2.2 \u2013 The amounts disclosed in the table below are the amounts owed from investments in associates. The balance is an interest-free equity convertible loan note. Amounts due by related parties 2023 \u00a3m 2022 \u00a3m Loans to associates Opening and closing balance 1.0 1.0 Compensation of key management personnel The remuneration of the executive directors, non-executive directors and senior executives during the year was as follows: 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 4.9 4.6 Post-employment benefits 0.5 0.4 5.4 5.0 The Directors\u2019 Remuneration Report can be found on pages 92 to 106. Retirement benefit plans The Group\u2019s retirement benefit plans are administered by an independent third-party service provider. During the year, the service provider charged the Group \u00a30.5m (2022: \u00a30.5m) for administration services in respect of the retirement benefit plans. At the year end, \u00a3nil (2022: \u00a3nil) was outstanding to the service provider on behalf of the retirement benefit plans. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-490": {
"value": "Compensation of key management personnel The remuneration of the executive directors, non-executive directors and senior executives during the year was as follows: 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 4.9 4.6 Post-employment benefits 0.5 0.4 5.4 5.0 The Directors\u2019 Remuneration Report can be found on pages 92 to 106. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-485": {
"value": "31. Subsidiaries The Group\u2019s subsidiaries at 29 January 2023 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Name of entity Place of business/ country of incorporation Address Ownership interest held by the Group Principal activities 2023 % 2022 % FUNKIN Limited* UK Milton Keynes 100 100 Distribution and selling of cocktail solutions FUNKIN USA Limited* USA Milton Keynes 100 100 Distribution and selling of cocktail solutions Rubicon Drinks Limited* UK Milton Keynes 100 100 Distribution of fruit based soft-drinks A.G. BARR Capital Partner Limited* UK Milton Keynes 100 100 Investment holding company A.G. BARR General Partner Limited* UK Cumbernauld 100 100 Investment holding company A.G. BARR Pension Trustee Limited UK Cumbernauld 100 100 Investment holding company A.G. BARR Scottish Limited Partnership UK Cumbernauld 100 100 Investment holding company Robert Barr Limited UK Cumbernauld 100 100 Non-trading entity Mandora St Clements Limited UK Milton Keynes 100 100 Non-trading entity Tizer Limited UK Milton Keynes 100 100 Non-trading entity A.G. BARR (Ireland) Limited Republic of Ireland Dublin 100 100 Non-trading entity MOMA Foods Limited* UK Milton Keynes 100 61.8 Distribution and selling of oat drinks and cereals Boost Drinks Holdings Limited* UK Milton Keynes 100 \u2013 Investment holding company Boost Drinks Limited UK Milton Keynes 100 \u2013 Distribution and selling of soft drinks * Under section 479A of the Companies Act 2006 the Group is claiming exemption from audit for the subsidiary company with an \u201c*\u201d in the table above. The parent undertakings, A.G. BARR p.l.c., registered number SC005653, guarantees all outstanding liabilities to the which the subsidiary company is subject at the end of the financial year (being the year ended 29 January 2023 for each company). The guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities. The full address for Cumbernauld is: Westfield House, 4 Mollins Road, Cumbernauld, Scotland, G68 9HD. The full address for Milton Keynes is: Crossley Drive, Magna Park, Milton Keynes, England, MK17 8FL. The full address for Dublin is: 25-28 North Wall Quay, Dublin 1, Dublin, Ireland. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
},
"fact-460": {
"value": "32. Subsequent events There have been no events that have had a material impact on the Group after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800QWTXXXF8BNEC87",
"period": "2022-01-31T00:00:00/2023-01-30T00:00:00"
}
}
}
}