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"value": "1. Accounting Policies 1.1 General InformationS&U plc is a Company incorporated in England and Wales under the Companies Act and is a public company limited by shares. The address of the registered office is given on page 92 which is also the Group\u2019s principal business address. All operations are situated in the United Kingdom. S&U plc is the parent and the ultimate parent company of the group. S&U plc is a listed holding company and within the group the main operations are motor finance and property bridging finance.1.2 Basis of preparation and consolidationAs a listed Group we are required to prepare our consolidated financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. We have also prepared our S&U plc Company financial statements in in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. Under S404 of the Companies Act 2006, the parent company S&U plc has taken exemption from reporting its own profit and loss. These financial statements have been prepared under the historical cost convention. The consolidated financial statements incorporate the financial statements of the Company and all its subsidiaries for the year ended 31 January 2025. As discussed in sections A3 and A2.4 of the strategic report and having considered the Group\u2019s forecasts, capital and liquidity and the motor finance regulatory outlook including any potential impact arising from the UK Supreme Court hearing on vehicle finance commission disclosure, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In respect of the UK Supreme Court hearing potential impact, the most stressed adverse scenario considered, which is unlikely but not implausible, could require the Group to take funding, litigation and other mitigating actions. However, management is confident that future cash flows of the Group and mitigating actions would be sufficient to settle liabilities should such an unlikely scenario occur. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts of at least 12 months from the date of the approval of the financial statements.There are no new standards which have been adopted by the group this year which have a material impact on the financial statements of the Group. All companies within the Group are 100% owned and consolidated and the assets, liabilities, costs and revenues are fully consolidated. All intercompany balances and transactions are eliminated on consolidation.At the date of authorisation of these financial statements the directors anticipate that the adoption in future periods of any other Standards and interpretations which are in issue but not yet effective, will have no material impact on the financial statements of the Group. IFRS18 Presentation and Disclosure in Financial Statements will first mandatorily apply to S&U for the year ended 31 January 2027 \u2013 at point of implementation there should be no material impact on S&U as the changed reporting requirements under IFRS18 are presentational, although the full impact of this upcoming standard is yet to be determined.1.3 Financial assets and financial liabilities accounting policyWhen initially recognising a financial asset, it is classified into one of the following three categories based on the group\u2019s business model for managing that asset and the asset\u2019s contractual cash flow characteristics: i) Amortised cost \u2013 a financial asset is measured at amortised cost if both of the following conditions are met:a) The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; andb) The contractual terms of the financial asset give rise on specified dates to cash flows that are payments of principal and interest on the principal amount outstanding.ii) Fair value through other comprehensive income \u2013 financial assets are classified and measured at fair value through other comprehensive income if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.iii) Fair value through profit or loss \u2013 any financial assets that are not held in one of the two business models mentioned are measured at fair value through profit or loss.The group has classified its financial assets and its financial liabilities as measured at amortised cost.1.4 Revenue recognitionInterest income is recognised in the income statement for all loans and receivables measured at amortised cost using the constant periodic rate of return on the net investment in the loans, which is akin to an effective interest rate (EIR) method. The EIR is the rate that exactly discounts estimated future cash flows of the loan back to the present value of the advance and hire purchase interest income is then recognised using the EIR. Acceptance fees charged to customers and any direct transaction costs are included in the calculation of the EIR. For hire purchase agreements in Advantage Finance which are classified as credit impaired (i.e. stage 3 assets under IFRS 9), the group recognises revenue \u2018net\u2019 of the impairment provision to align the accounting treatment under IFRS 16 with the requirements of IFRS 9 and also with the treatment adopted for similar assets in Aspen. Revenue starts to be recognised from the date of completion of the loan \u2013 after completion hire purchase customers have a 14-day cooling off period during which they can cancel their loan. 1.5 Impairment and measurement of amounts receivable from customersAll customer receivables are initially recognised as the amount loaned to the customer plus direct transaction costs. After initial recognition the amounts receivable from customers are subsequently measured at amortised cost. Amortised cost includes a deduction for loan loss impairment provisions for expected credit losses (\u201cECL\u201d) assessed by the directors in accordance with the requirements of IFRS9. There are 3 classification stages under IFRS9 for the impairment of amounts receivable from customers:Stage 1: Not credit impaired and no significant increase in credit risk since initial recognitionStage 2: Not credit impaired and a significant increase in credit risk since initial recognitionStage 3: Credit impairedThe directors assess whether there is objective evidence that a loan asset or group of loan assets is credit impaired and should be classified as stage 3. A loan asset or a group of loan assets is credit impaired only if there is objective evidence of credit impairment as a result of one or more events that occurred after the initial recognition of the loan. Objective evidence may include evidence that a borrower or group of borrowers is experiencing financial difficulty or delinquency in repayments. Impairment is then calculated by estimating the future cash flows for such impaired loans, discounting the flows to a present value using the original EIR and comparing this figure with the balance sheet carrying value. All such impairments are charged to the income statement. Under IFRS 9 for all stage 1 accounts which are not credit impaired, a further collective provision for expected credit losses in the next 12 months is calculated and charged to the income statement.Key assumptions in ascertaining whether a loan asset or group of loan assets is credit impaired include information regarding the probability of any account going into default (PD) and information regarding the likely eventual loss including recoveries (LGD). These assumptions and assumptions for estimating future cash flows are based upon observed historical data and updated to reflect current and future conditions. As required under IFRS9, all assumptions are reviewed regularly to take account of differences between previously estimated cash flows on impaired debt and the eventual losses. For all loans in stages 2 and 3 a provision equal to the lifetime expected credit loss is taken. In addition and in accordance with the provisions of IFRS9 a collective provision for 12 months expected credit losses (\u201cECL\u201d) is recognised for the remainder of the loan book which is Stage 1. 12-month ECL is the portion of lifetime ECL that results from default events on a financial asset that are possible within 12 months after the reporting date.In our Motor Finance business, all loans 1 month or more in contractual arrears are deemed credit impaired and are therefore included in IFRS9 stage 3. This results in more of our net receivables being in stage 3 and the associated stage 3 loan loss provisions being higher than if we adopted a more prime customer receivables approach of 3 months or more in arrears. Our approach of 1 month or more in contractual arrears is based on our historical observation of subsequent loan performance after our customers fall 1 month or more in contractual arrears within our non-prime motor finance customer receivables book. The expected credit loss (\u201cECL\u201d) is the probability weighted estimate of credit losses. A PD/LGD model was developed by our Motor Finance business, Advantage Finance, to calculate the expected loss impairment provisions in accordance with IFRS9. Stage 1 expected losses are recognised on inception/initial recognition of a loan based on the probability of a customer defaulting in the next 12 months. This is determined with reference to historical data updated for current and future conditions. If a motor finance loan falls one month or more in contractual arrears, then this is deemed credit impaired and included in IFRS9 Stage 3. There are some motor finance loans which are up to date with payments but the customer is in some form of forbearance and we deem this to be a significant increase in credit risk and so these loans are included in Stage 2. As required under IFRS9 the expected impact of movements in the macroeconomy is also reflected in the expected loss model calculations. For motor finance, assessments are made to identify the correlation of the level of impairment provision with forward looking external data regarding forecast future levels of employment, inflation, interest rates and used car values which may affect the customers\u2019 future propensity to repay their loan. The macroeconomic overlay assessments for 31 January 2025 reflect that further to considering such external macroeconomic forecast data, management have judged that, whilst less than at 31 January 2024, there is currently still a heightened risk of an adverse economic environment for our customers. To factor in such uncertainties, management has included an overlay for certain groups of assets to reflect this macroeconomic outlook, based on estimated unemployment and inflation levels in future periods. As at 31 January 2025, we have not included an overlay for used vehicle prices as we assume that used vehicle prices will now remain stable \u2013 this is the same assumption as at 31 January 2024. Further sensitivity over this estimation uncertainty is provided in note 1.13.Other than the changes to the approach mentioned above, there were no significant changes to estimation techniques applied to the calculations used at 31 January 2024.PD/LGD calculations for expected loss impairment provisions were also developed for our Property Bridging business Aspen Bridging in accordance with IFRS9. Stage 1 expected losses are recognised on inception/initial recognition of a loan based on the probability of a customer becoming impaired in the next 12 months. The Bridging product has a single repayment scheduled for the end of the loan term and if a bridging loan is not granted an extension and is still outstanding beyond the end of the loan term then this is deemed credit impaired and included in IFRS9 Stage 3. Due mainly to the high values of property security attached to bridging loans, the bridging sector typically has lower credit risk and lower impairment than other credit sectors.Assets in both our secured loan businesses are written off once the asset has been repossessed and sold and there is no prospect of further legal or other debt recovery action. Where enforcement action is still taking place, loans are not written off. In motor finance where the asset is no longer present then another indicator used to determine whether the loan should be written off is the lack of any receipt for 12 months from that customer. 1.6 Impairment of amounts owed by subsidiary companies to the parent companyThese are initially recognised as the amount loaned to the subsidiary company. After initial recognition amounts owed by subsidiary companies to the parent company are subsequently measured at amortised cost. Amortised costs include any deduction for loan loss impairment provisions for expected credit losses in accordance with the requirements of IFRS9. Management consider that there is a low probability of default on these loans and there has been no significant increase in credit risk or credit impairment since these loans were first recognised. Therefore, the loans continued to be held at the amount loaned.1.7 Property, plant and equipmentProperty, plant and equipment is stated at cost less accumulated depreciation. Certain freehold property is held at previous revalued amounts less accumulated depreciation as the Group has elected to use these amounts as the deemed cost as at the date of transition to IFRS under the transitional arrangements of IFRS 1.Depreciation is provided on the cost or valuation of property, plant and equipment in order to write such cost or valuation over the expected useful lives as follows;Freehold Buildings 2% per annum straight lineFixtures and Fittings -Computers 20% per annum straight lineFixtures and Fittings - Other 10% per annum straight line or 20% per annum reducing balanceMotor Vehicles 25% per annum reducing balanceRight to Use Assets Straight line over the normal term of the leaseFreehold Land is not depreciated.1.8 TaxationCurrent tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.1.9 Preference sharesThe issued 31.5% preference share capital is carried in the balance sheet at amortised cost and shown as a financial liability. The issued 6% preference share capital is valued at par and shown as called up share capital.1.10 PensionsThe Group contributes as required to a defined benefit pension scheme. The defined benefit pension asset at the balance sheet date is calculated as the fair value of the plan assets less the present value of the defined benefit obligation. The scheme is currently in surplus but as the group has no ability to access this asset the surplus is capped at \u00a3nil. Actuarial gains and losses are recognised immediately in the financial statements.The Group also operates several defined contribution pension schemes and the pension charge represents the amount payable by the Company for the financial year.1.11 InvestmentsInvestments in subsidiaries held as non-current assets are stated at cost less provision for any impairment.1.12 Exceptional ItemsExceptional items are items unrelated to the core activities of the Group that are material to the Group\u2019s performance and are presented separately in the financial statements to enhance user understanding of these items and the underlying performance of the Group.1.13 Critical accounting judgements and key sources of estimation uncertaintyIn preparing these financial statements, the Company has made judgements, estimates and assumptions which affect the reported amounts within the current and next financial year. Actual results may differ from these estimates. Estimates and judgements are regularly reviewed based on past experience, expectations of future events and other factors.Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Company\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.Significant increase in credit risk for classification in Stage 2The Company\u2019s transfer criteria determine what constitutes a significant increase in credit risk, which results in a customer being moved from Stage 1 to Stage 2. Stage 2 currently includes customers who have a good payment record but have been identified as vulnerable by trained staff. Vulnerability can be driven by factors including health, life events, resilience or capability. All customer facing staff are trained to help recognise characteristics of vulnerability. Key sources of estimation uncertaintyThe directors consider that the sources of estimation uncertainty which have the most significant effect on the amounts recognised in the financial statements are those inherent in the consumer credit markets in which we operate relating to impairment as outlined in 1.5 above. In particular, the Group\u2019s impairment provision is dependent on estimation uncertainty in forward-looking on areas such as employment rates, inflation rates and used car and property prices. The Group implemented IFRS 9 from 1 February 2018 by developing models to calculate expected credit losses in a range of economic scenarios. These models involve setting modelling assumptions, weighting of economic scenarios, the criteria of determining significant deterioration in credit quality and the application of adjustments to model outputs. We have outlined assumptions in our expected credit loss model in the current year. Reasonable movement in these assumptions might have a material impact on the impairment provision value.Macroeconomic overlay for our motor finance businessFor this overlay, the Group considers four probability-weighted scenarios in relation to unemployment rate: base, upside, downside and severe scenarios as follows:Upside Downside Severe (30% (30 % (50% Basedecrease)increase)increase) Weighted Weighting 50% 20% 25% 5%Q1 2025 4.50% 3.15% 5.85% 6.75% 4.68%Q1 2026 4.70% 3.15% 5.85% 6.75% 4.68%Q1 2027 4.80% 3.36% 6.24% 7.20% 4.89%Q1 2028 4.80% 3.36% 6.24% 7.20% 4.89%Inflation rates were not previously been factored into the macroeconomic overlay prior to 31 January 2022 when we included them due to the extraordinary increases forecast for the following 12 months period and the potential impact on our customers and their repayments \u2013 high inflation and forecast inflation were still present at 31 January 2023 and to a lesser extent at 31 January 2024 but inflation and forecast inflation are more normalised at 31 January 2025. The Group considers four probability-weighted scenarios in relation to inflation rate: base, upside, downside and severe scenarios as follows:Upside Downside Severe (30% (30 % (50% Basedecrease)increase)increase) Weighted Weighting 50% 20% 25% 5%Q1 2025 2.80% 1.96% 3.64% 4.20% 2.91%Q1 2026 3.00% 2.10% 3.90% 4.50% 3.12%Q1 2027 2.30% 1.61% 2.99% 3.45% 2.39%Q1 2028 1.90% 1.37% 2.47% 2.85% 1.98%An increase by 0.5% in the weighted average unemployment rate would result in an increase in loan loss provisions by \u00a3902,739. A decrease by 0.5% would result in a decrease in loan loss provisions by \u00a3902,739. Due to the lower more normalised inflation rates now forecast, an increase or decrease of 0.5% in the weighted average inflation rate would have no material effect. Used vehicle price sensitivity for our motor finance businessAt the year ended 31 January 2025 and at the year ended 31 January 2024, we have assumed that used vehicle prices will remain stable after a period when used vehicle prices increased during years ended 31 January 2022 and 31 January 2023 and then decreased during year ended 31 January 2024. This assumption as at 31 January 2025 has been made after considering market trends and expectations but is uncertain. If used car prices were assumed to fall by 5% instead, then this would result in an increase in loan loss provisions of \u00a32,767,863. If used vehicle prices were assumed to increase by 5% instead, then this would result in a decrease in loan loss provisions of \u00a32,767,863.Expected loss sensitivity for our property bridging businessThe PD/LGD expected loss impairment provision model calculations developed for our Aspen bridging business have been based on extrapolating an inherently low volume sample of historic defaults and losses to reflect the current receivables and current market conditions. If the probability of default were assessed to be 10% higher than these calculations, then this would result in an increase in loan loss provisions of \u00a3341,574. If the probability of default were assessed to be 10% lower than these calculations, then this would result in a decrease in loan loss provisions of \u00a3341,574.1.14 Alternative Performance Measurementsi) Return on average capital employed before cost of funds (ROCE) is calculated as the Operating Profit divided by the average capital employed (total equity plus Bank Overdrafts plus Borrowings less cash and cash equivalents) ii) iGroup gearing is calculated as the sum of Bank Loans and Overdrafts less cash and cash equivalents divided by total equity. At 31 January 2025 group gearing is therefore calculated as \u00a3197,500-\u00a35,216= \u00a3192,284/\u00a3238,079 = 80.8%. At 31 January 2024 group gearing is calculated as \u00a3223,500+\u00a3881= \u00a3224381/\u00a3234,162 = 95.8%.iii) Group total repayments are the total live monthly repayments, settlement proceeds and recovery collections in motor finance added to the total amount retained from advances, customer redemptions and recovery collections in property bridging.",
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"value": "1. Accounting Policies 1.1 General InformationS&U plc is a Company incorporated in England and Wales under the Companies Act and is a public company limited by shares. The address of the registered office is given on page 92 which is also the Group\u2019s principal business address. All operations are situated in the United Kingdom. S&U plc is the parent and the ultimate parent company of the group. S&U plc is a listed holding company and within the group the main operations are motor finance and property bridging finance.1.2 Basis of preparation and consolidationAs a listed Group we are required to prepare our consolidated financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. We have also prepared our S&U plc Company financial statements in in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. Under S404 of the Companies Act 2006, the parent company S&U plc has taken exemption from reporting its own profit and loss. These financial statements have been prepared under the historical cost convention. The consolidated financial statements incorporate the financial statements of the Company and all its subsidiaries for the year ended 31 January 2025. As discussed in sections A3 and A2.4 of the strategic report and having considered the Group\u2019s forecasts, capital and liquidity and the motor finance regulatory outlook including any potential impact arising from the UK Supreme Court hearing on vehicle finance commission disclosure, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In respect of the UK Supreme Court hearing potential impact, the most stressed adverse scenario considered, which is unlikely but not implausible, could require the Group to take funding, litigation and other mitigating actions. However, management is confident that future cash flows of the Group and mitigating actions would be sufficient to settle liabilities should such an unlikely scenario occur. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts of at least 12 months from the date of the approval of the financial statements.There are no new standards which have been adopted by the group this year which have a material impact on the financial statements of the Group. All companies within the Group are 100% owned and consolidated and the assets, liabilities, costs and revenues are fully consolidated. All intercompany balances and transactions are eliminated on consolidation.At the date of authorisation of these financial statements the directors anticipate that the adoption in future periods of any other Standards and interpretations which are in issue but not yet effective, will have no material impact on the financial statements of the Group. IFRS18 Presentation and Disclosure in Financial Statements will first mandatorily apply to S&U for the year ended 31 January 2027 \u2013 at point of implementation there should be no material impact on S&U as the changed reporting requirements under IFRS18 are presentational, although the full impact of this upcoming standard is yet to be determined.1.3 Financial assets and financial liabilities accounting policyWhen initially recognising a financial asset, it is classified into one of the following three categories based on the group\u2019s business model for managing that asset and the asset\u2019s contractual cash flow characteristics: i) Amortised cost \u2013 a financial asset is measured at amortised cost if both of the following conditions are met:a) The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; andb) The contractual terms of the financial asset give rise on specified dates to cash flows that are payments of principal and interest on the principal amount outstanding.ii) Fair value through other comprehensive income \u2013 financial assets are classified and measured at fair value through other comprehensive income if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.iii) Fair value through profit or loss \u2013 any financial assets that are not held in one of the two business models mentioned are measured at fair value through profit or loss.The group has classified its financial assets and its financial liabilities as measured at amortised cost.1.4 Revenue recognitionInterest income is recognised in the income statement for all loans and receivables measured at amortised cost using the constant periodic rate of return on the net investment in the loans, which is akin to an effective interest rate (EIR) method. The EIR is the rate that exactly discounts estimated future cash flows of the loan back to the present value of the advance and hire purchase interest income is then recognised using the EIR. Acceptance fees charged to customers and any direct transaction costs are included in the calculation of the EIR. For hire purchase agreements in Advantage Finance which are classified as credit impaired (i.e. stage 3 assets under IFRS 9), the group recognises revenue \u2018net\u2019 of the impairment provision to align the accounting treatment under IFRS 16 with the requirements of IFRS 9 and also with the treatment adopted for similar assets in Aspen. Revenue starts to be recognised from the date of completion of the loan \u2013 after completion hire purchase customers have a 14-day cooling off period during which they can cancel their loan. 1.5 Impairment and measurement of amounts receivable from customersAll customer receivables are initially recognised as the amount loaned to the customer plus direct transaction costs. After initial recognition the amounts receivable from customers are subsequently measured at amortised cost. Amortised cost includes a deduction for loan loss impairment provisions for expected credit losses (\u201cECL\u201d) assessed by the directors in accordance with the requirements of IFRS9. There are 3 classification stages under IFRS9 for the impairment of amounts receivable from customers:Stage 1: Not credit impaired and no significant increase in credit risk since initial recognitionStage 2: Not credit impaired and a significant increase in credit risk since initial recognitionStage 3: Credit impairedThe directors assess whether there is objective evidence that a loan asset or group of loan assets is credit impaired and should be classified as stage 3. A loan asset or a group of loan assets is credit impaired only if there is objective evidence of credit impairment as a result of one or more events that occurred after the initial recognition of the loan. Objective evidence may include evidence that a borrower or group of borrowers is experiencing financial difficulty or delinquency in repayments. Impairment is then calculated by estimating the future cash flows for such impaired loans, discounting the flows to a present value using the original EIR and comparing this figure with the balance sheet carrying value. All such impairments are charged to the income statement. Under IFRS 9 for all stage 1 accounts which are not credit impaired, a further collective provision for expected credit losses in the next 12 months is calculated and charged to the income statement.Key assumptions in ascertaining whether a loan asset or group of loan assets is credit impaired include information regarding the probability of any account going into default (PD) and information regarding the likely eventual loss including recoveries (LGD). These assumptions and assumptions for estimating future cash flows are based upon observed historical data and updated to reflect current and future conditions. As required under IFRS9, all assumptions are reviewed regularly to take account of differences between previously estimated cash flows on impaired debt and the eventual losses. For all loans in stages 2 and 3 a provision equal to the lifetime expected credit loss is taken. In addition and in accordance with the provisions of IFRS9 a collective provision for 12 months expected credit losses (\u201cECL\u201d) is recognised for the remainder of the loan book which is Stage 1. 12-month ECL is the portion of lifetime ECL that results from default events on a financial asset that are possible within 12 months after the reporting date.In our Motor Finance business, all loans 1 month or more in contractual arrears are deemed credit impaired and are therefore included in IFRS9 stage 3. This results in more of our net receivables being in stage 3 and the associated stage 3 loan loss provisions being higher than if we adopted a more prime customer receivables approach of 3 months or more in arrears. Our approach of 1 month or more in contractual arrears is based on our historical observation of subsequent loan performance after our customers fall 1 month or more in contractual arrears within our non-prime motor finance customer receivables book. The expected credit loss (\u201cECL\u201d) is the probability weighted estimate of credit losses. A PD/LGD model was developed by our Motor Finance business, Advantage Finance, to calculate the expected loss impairment provisions in accordance with IFRS9. Stage 1 expected losses are recognised on inception/initial recognition of a loan based on the probability of a customer defaulting in the next 12 months. This is determined with reference to historical data updated for current and future conditions. If a motor finance loan falls one month or more in contractual arrears, then this is deemed credit impaired and included in IFRS9 Stage 3. There are some motor finance loans which are up to date with payments but the customer is in some form of forbearance and we deem this to be a significant increase in credit risk and so these loans are included in Stage 2. As required under IFRS9 the expected impact of movements in the macroeconomy is also reflected in the expected loss model calculations. For motor finance, assessments are made to identify the correlation of the level of impairment provision with forward looking external data regarding forecast future levels of employment, inflation, interest rates and used car values which may affect the customers\u2019 future propensity to repay their loan. The macroeconomic overlay assessments for 31 January 2025 reflect that further to considering such external macroeconomic forecast data, management have judged that, whilst less than at 31 January 2024, there is currently still a heightened risk of an adverse economic environment for our customers. To factor in such uncertainties, management has included an overlay for certain groups of assets to reflect this macroeconomic outlook, based on estimated unemployment and inflation levels in future periods. As at 31 January 2025, we have not included an overlay for used vehicle prices as we assume that used vehicle prices will now remain stable \u2013 this is the same assumption as at 31 January 2024. Further sensitivity over this estimation uncertainty is provided in note 1.13.Other than the changes to the approach mentioned above, there were no significant changes to estimation techniques applied to the calculations used at 31 January 2024.PD/LGD calculations for expected loss impairment provisions were also developed for our Property Bridging business Aspen Bridging in accordance with IFRS9. Stage 1 expected losses are recognised on inception/initial recognition of a loan based on the probability of a customer becoming impaired in the next 12 months. The Bridging product has a single repayment scheduled for the end of the loan term and if a bridging loan is not granted an extension and is still outstanding beyond the end of the loan term then this is deemed credit impaired and included in IFRS9 Stage 3. Due mainly to the high values of property security attached to bridging loans, the bridging sector typically has lower credit risk and lower impairment than other credit sectors.Assets in both our secured loan businesses are written off once the asset has been repossessed and sold and there is no prospect of further legal or other debt recovery action. Where enforcement action is still taking place, loans are not written off. In motor finance where the asset is no longer present then another indicator used to determine whether the loan should be written off is the lack of any receipt for 12 months from that customer. 1.6 Impairment of amounts owed by subsidiary companies to the parent companyThese are initially recognised as the amount loaned to the subsidiary company. After initial recognition amounts owed by subsidiary companies to the parent company are subsequently measured at amortised cost. Amortised costs include any deduction for loan loss impairment provisions for expected credit losses in accordance with the requirements of IFRS9. Management consider that there is a low probability of default on these loans and there has been no significant increase in credit risk or credit impairment since these loans were first recognised. Therefore, the loans continued to be held at the amount loaned.1.7 Property, plant and equipmentProperty, plant and equipment is stated at cost less accumulated depreciation. Certain freehold property is held at previous revalued amounts less accumulated depreciation as the Group has elected to use these amounts as the deemed cost as at the date of transition to IFRS under the transitional arrangements of IFRS 1.Depreciation is provided on the cost or valuation of property, plant and equipment in order to write such cost or valuation over the expected useful lives as follows;Freehold Buildings 2% per annum straight lineFixtures and Fittings -Computers 20% per annum straight lineFixtures and Fittings - Other 10% per annum straight line or 20% per annum reducing balanceMotor Vehicles 25% per annum reducing balanceRight to Use Assets Straight line over the normal term of the leaseFreehold Land is not depreciated.1.8 TaxationCurrent tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.1.9 Preference sharesThe issued 31.5% preference share capital is carried in the balance sheet at amortised cost and shown as a financial liability. The issued 6% preference share capital is valued at par and shown as called up share capital.1.10 PensionsThe Group contributes as required to a defined benefit pension scheme. The defined benefit pension asset at the balance sheet date is calculated as the fair value of the plan assets less the present value of the defined benefit obligation. The scheme is currently in surplus but as the group has no ability to access this asset the surplus is capped at \u00a3nil. Actuarial gains and losses are recognised immediately in the financial statements.The Group also operates several defined contribution pension schemes and the pension charge represents the amount payable by the Company for the financial year.1.11 InvestmentsInvestments in subsidiaries held as non-current assets are stated at cost less provision for any impairment.1.12 Exceptional ItemsExceptional items are items unrelated to the core activities of the Group that are material to the Group\u2019s performance and are presented separately in the financial statements to enhance user understanding of these items and the underlying performance of the Group.1.13 Critical accounting judgements and key sources of estimation uncertaintyIn preparing these financial statements, the Company has made judgements, estimates and assumptions which affect the reported amounts within the current and next financial year. Actual results may differ from these estimates. Estimates and judgements are regularly reviewed based on past experience, expectations of future events and other factors.Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Company\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.Significant increase in credit risk for classification in Stage 2The Company\u2019s transfer criteria determine what constitutes a significant increase in credit risk, which results in a customer being moved from Stage 1 to Stage 2. Stage 2 currently includes customers who have a good payment record but have been identified as vulnerable by trained staff. Vulnerability can be driven by factors including health, life events, resilience or capability. All customer facing staff are trained to help recognise characteristics of vulnerability. Key sources of estimation uncertaintyThe directors consider that the sources of estimation uncertainty which have the most significant effect on the amounts recognised in the financial statements are those inherent in the consumer credit markets in which we operate relating to impairment as outlined in 1.5 above. In particular, the Group\u2019s impairment provision is dependent on estimation uncertainty in forward-looking on areas such as employment rates, inflation rates and used car and property prices. The Group implemented IFRS 9 from 1 February 2018 by developing models to calculate expected credit losses in a range of economic scenarios. These models involve setting modelling assumptions, weighting of economic scenarios, the criteria of determining significant deterioration in credit quality and the application of adjustments to model outputs. We have outlined assumptions in our expected credit loss model in the current year. Reasonable movement in these assumptions might have a material impact on the impairment provision value.Macroeconomic overlay for our motor finance businessFor this overlay, the Group considers four probability-weighted scenarios in relation to unemployment rate: base, upside, downside and severe scenarios as follows:Upside Downside Severe (30% (30 % (50% Basedecrease)increase)increase) Weighted Weighting 50% 20% 25% 5%Q1 2025 4.50% 3.15% 5.85% 6.75% 4.68%Q1 2026 4.70% 3.15% 5.85% 6.75% 4.68%Q1 2027 4.80% 3.36% 6.24% 7.20% 4.89%Q1 2028 4.80% 3.36% 6.24% 7.20% 4.89%Inflation rates were not previously been factored into the macroeconomic overlay prior to 31 January 2022 when we included them due to the extraordinary increases forecast for the following 12 months period and the potential impact on our customers and their repayments \u2013 high inflation and forecast inflation were still present at 31 January 2023 and to a lesser extent at 31 January 2024 but inflation and forecast inflation are more normalised at 31 January 2025. The Group considers four probability-weighted scenarios in relation to inflation rate: base, upside, downside and severe scenarios as follows:Upside Downside Severe (30% (30 % (50% Basedecrease)increase)increase) Weighted Weighting 50% 20% 25% 5%Q1 2025 2.80% 1.96% 3.64% 4.20% 2.91%Q1 2026 3.00% 2.10% 3.90% 4.50% 3.12%Q1 2027 2.30% 1.61% 2.99% 3.45% 2.39%Q1 2028 1.90% 1.37% 2.47% 2.85% 1.98%An increase by 0.5% in the weighted average unemployment rate would result in an increase in loan loss provisions by \u00a3902,739. A decrease by 0.5% would result in a decrease in loan loss provisions by \u00a3902,739. Due to the lower more normalised inflation rates now forecast, an increase or decrease of 0.5% in the weighted average inflation rate would have no material effect. Used vehicle price sensitivity for our motor finance businessAt the year ended 31 January 2025 and at the year ended 31 January 2024, we have assumed that used vehicle prices will remain stable after a period when used vehicle prices increased during years ended 31 January 2022 and 31 January 2023 and then decreased during year ended 31 January 2024. This assumption as at 31 January 2025 has been made after considering market trends and expectations but is uncertain. If used car prices were assumed to fall by 5% instead, then this would result in an increase in loan loss provisions of \u00a32,767,863. If used vehicle prices were assumed to increase by 5% instead, then this would result in a decrease in loan loss provisions of \u00a32,767,863.Expected loss sensitivity for our property bridging businessThe PD/LGD expected loss impairment provision model calculations developed for our Aspen bridging business have been based on extrapolating an inherently low volume sample of historic defaults and losses to reflect the current receivables and current market conditions. If the probability of default were assessed to be 10% higher than these calculations, then this would result in an increase in loan loss provisions of \u00a3341,574. If the probability of default were assessed to be 10% lower than these calculations, then this would result in a decrease in loan loss provisions of \u00a3341,574.1.14 Alternative Performance Measurementsi) Return on average capital employed before cost of funds (ROCE) is calculated as the Operating Profit divided by the average capital employed (total equity plus Bank Overdrafts plus Borrowings less cash and cash equivalents) ii) iGroup gearing is calculated as the sum of Bank Loans and Overdrafts less cash and cash equivalents divided by total equity. At 31 January 2025 group gearing is therefore calculated as \u00a3197,500-\u00a35,216= \u00a3192,284/\u00a3238,079 = 80.8%. At 31 January 2024 group gearing is calculated as \u00a3223,500+\u00a3881= \u00a3224381/\u00a3234,162 = 95.8%.iii) Group total repayments are the total live monthly repayments, settlement proceeds and recovery collections in motor finance added to the total amount retained from advances, customer redemptions and recovery collections in property bridging.",
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"value": "1.2 Basis of preparation and consolidationAs a listed Group we are required to prepare our consolidated financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. We have also prepared our S&U plc Company financial statements in in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. Under S404 of the Companies Act 2006, the parent company S&U plc has taken exemption from reporting its own profit and loss. These financial statements have been prepared under the historical cost convention. The consolidated financial statements incorporate the financial statements of the Company and all its subsidiaries for the year ended 31 January 2025. As discussed in sections A3 and A2.4 of the strategic report and having considered the Group\u2019s forecasts, capital and liquidity and the motor finance regulatory outlook including any potential impact arising from the UK Supreme Court hearing on vehicle finance commission disclosure, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In respect of the UK Supreme Court hearing potential impact, the most stressed adverse scenario considered, which is unlikely but not implausible, could require the Group to take funding, litigation and other mitigating actions. However, management is confident that future cash flows of the Group and mitigating actions would be sufficient to settle liabilities should such an unlikely scenario occur. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts of at least 12 months from the date of the approval of the financial statements.There are no new standards which have been adopted by the group this year which have a material impact on the financial statements of the Group. All companies within the Group are 100% owned and consolidated and the assets, liabilities, costs and revenues are fully consolidated. All intercompany balances and transactions are eliminated on consolidation.At the date of authorisation of these financial statements the directors anticipate that the adoption in future periods of any other Standards and interpretations which are in issue but not yet effective, will have no material impact on the financial statements of the Group. IFRS18 Presentation and Disclosure in Financial Statements will first mandatorily apply to S&U for the year ended 31 January 2027 \u2013 at point of implementation there should be no material impact on S&U as the changed reporting requirements under IFRS18 are presentational, although the full impact of this upcoming standard is yet to be determined.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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},
"f0__s9__6__18": {
"value": "1.3 Financial assets and financial liabilities accounting policyWhen initially recognising a financial asset, it is classified into one of the following three categories based on the group\u2019s business model for managing that asset and the asset\u2019s contractual cash flow characteristics: i) Amortised cost \u2013 a financial asset is measured at amortised cost if both of the following conditions are met:a) The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; andb) The contractual terms of the financial asset give rise on specified dates to cash flows that are payments of principal and interest on the principal amount outstanding.ii) Fair value through other comprehensive income \u2013 financial assets are classified and measured at fair value through other comprehensive income if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.iii) Fair value through profit or loss \u2013 any financial assets that are not held in one of the two business models mentioned are measured at fair value through profit or loss.The group has classified its financial assets and its financial liabilities as measured at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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"f0__s9__6__19": {
"value": "1.4 Revenue recognitionInterest income is recognised in the income statement for all loans and receivables measured at amortised cost using the constant periodic rate of return on the net investment in the loans, which is akin to an effective interest rate (EIR) method. The EIR is the rate that exactly discounts estimated future cash flows of the loan back to the present value of the advance and hire purchase interest income is then recognised using the EIR. Acceptance fees charged to customers and any direct transaction costs are included in the calculation of the EIR. For hire purchase agreements in Advantage Finance which are classified as credit impaired (i.e. stage 3 assets under IFRS 9), the group recognises revenue \u2018net\u2019 of the impairment provision to align the accounting treatment under IFRS 16 with the requirements of IFRS 9 and also with the treatment adopted for similar assets in Aspen. Revenue starts to be recognised from the date of completion of the loan \u2013 after completion hire purchase customers have a 14-day cooling off period during which they can cancel their loan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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"f0__s9__6__5": {
"value": "D2 Notes to the AccountsYEAR ENDED 31 JANUARY 20251. Accounting Policies 1.1 General InformationS&U plc is a Company incorporated in England and Wales under the Companies Act and is a public company limited by shares. The address of the registered office is given on page 92 which is also the Group\u2019s principal business address. All operations are situated in the United Kingdom. S&U plc is the parent and the ultimate parent company of the group. S&U plc is a listed holding company and within the group the main operations are motor finance and property bridging finance.1.2 Basis of preparation and consolidationAs a listed Group we are required to prepare our consolidated financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. We have also prepared our S&U plc Company financial statements in in conformity with the requirements of the Companies Act 2006 and UK-adopted international accounting standards. Under S404 of the Companies Act 2006, the parent company S&U plc has taken exemption from reporting its own profit and loss. These financial statements have been prepared under the historical cost convention. The consolidated financial statements incorporate the financial statements of the Company and all its subsidiaries for the year ended 31 January 2025. As discussed in sections A3 and A2.4 of the strategic report and having considered the Group\u2019s forecasts, capital and liquidity and the motor finance regulatory outlook including any potential impact arising from the UK Supreme Court hearing on vehicle finance commission disclosure, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In respect of the UK Supreme Court hearing potential impact, the most stressed adverse scenario considered, which is unlikely but not implausible, could require the Group to take funding, litigation and other mitigating actions. However, management is confident that future cash flows of the Group and mitigating actions would be sufficient to settle liabilities should such an unlikely scenario occur. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts of at least 12 months from the date of the approval of the financial statements.There are no new standards which have been adopted by the group this year which have a material impact on the financial statements of the Group. All companies within the Group are 100% owned and consolidated and the assets, liabilities, costs and revenues are fully consolidated. All intercompany balances and transactions are eliminated on consolidation.At the date of authorisation of these financial statements the directors anticipate that the adoption in future periods of any other Standards and interpretations which are in issue but not yet effective, will have no material impact on the financial statements of the Group. IFRS18 Presentation and Disclosure in Financial Statements will first mandatorily apply to S&U for the year ended 31 January 2027 \u2013 at point of implementation there should be no material impact on S&U as the changed reporting requirements under IFRS18 are presentational, although the full impact of this upcoming standard is yet to be determined.1.3 Financial assets and financial liabilities accounting policyWhen initially recognising a financial asset, it is classified into one of the following three categories based on the group\u2019s business model for managing that asset and the asset\u2019s contractual cash flow characteristics: i) Amortised cost \u2013 a financial asset is measured at amortised cost if both of the following conditions are met:a) The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; andb) The contractual terms of the financial asset give rise on specified dates to cash flows that are payments of principal and interest on the principal amount outstanding.ii) Fair value through other comprehensive income \u2013 financial assets are classified and measured at fair value through other comprehensive income if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.iii) Fair value through profit or loss \u2013 any financial assets that are not held in one of the two business models mentioned are measured at fair value through profit or loss.The group has classified its financial assets and its financial liabilities as measured at amortised cost.1.4 Revenue recognitionInterest income is recognised in the income statement for all loans and receivables measured at amortised cost using the constant periodic rate of return on the net investment in the loans, which is akin to an effective interest rate (EIR) method. The EIR is the rate that exactly discounts estimated future cash flows of the loan back to the present value of the advance and hire purchase interest income is then recognised using the EIR. Acceptance fees charged to customers and any direct transaction costs are included in the calculation of the EIR. For hire purchase agreements in Advantage Finance which are classified as credit impaired (i.e. stage 3 assets under IFRS 9), the group recognises revenue \u2018net\u2019 of the impairment provision to align the accounting treatment under IFRS 16 with the requirements of IFRS 9 and also with the treatment adopted for similar assets in Aspen. Revenue starts to be recognised from the date of completion of the loan \u2013 after completion hire purchase customers have a 14-day cooling off period during which they can cancel their loan. 1.5 Impairment and measurement of amounts receivable from customersAll customer receivables are initially recognised as the amount loaned to the customer plus direct transaction costs. After initial recognition the amounts receivable from customers are subsequently measured at amortised cost. Amortised cost includes a deduction for loan loss impairment provisions for expected credit losses (\u201cECL\u201d) assessed by the directors in accordance with the requirements of IFRS9. There are 3 classification stages under IFRS9 for the impairment of amounts receivable from customers:Stage 1: Not credit impaired and no significant increase in credit risk since initial recognitionStage 2: Not credit impaired and a significant increase in credit risk since initial recognitionStage 3: Credit impairedThe directors assess whether there is objective evidence that a loan asset or group of loan assets is credit impaired and should be classified as stage 3. A loan asset or a group of loan assets is credit impaired only if there is objective evidence of credit impairment as a result of one or more events that occurred after the initial recognition of the loan. Objective evidence may include evidence that a borrower or group of borrowers is experiencing financial difficulty or delinquency in repayments. Impairment is then calculated by estimating the future cash flows for such impaired loans, discounting the flows to a present value using the original EIR and comparing this figure with the balance sheet carrying value. All such impairments are charged to the income statement. Under IFRS 9 for all stage 1 accounts which are not credit impaired, a further collective provision for expected credit losses in the next 12 months is calculated and charged to the income statement.Key assumptions in ascertaining whether a loan asset or group of loan assets is credit impaired include information regarding the probability of any account going into default (PD) and information regarding the likely eventual loss including recoveries (LGD). These assumptions and assumptions for estimating future cash flows are based upon observed historical data and updated to reflect current and future conditions. As required under IFRS9, all assumptions are reviewed regularly to take account of differences between previously estimated cash flows on impaired debt and the eventual losses. For all loans in stages 2 and 3 a provision equal to the lifetime expected credit loss is taken. In addition and in accordance with the provisions of IFRS9 a collective provision for 12 months expected credit losses (\u201cECL\u201d) is recognised for the remainder of the loan book which is Stage 1. 12-month ECL is the portion of lifetime ECL that results from default events on a financial asset that are possible within 12 months after the reporting date.In our Motor Finance business, all loans 1 month or more in contractual arrears are deemed credit impaired and are therefore included in IFRS9 stage 3. This results in more of our net receivables being in stage 3 and the associated stage 3 loan loss provisions being higher than if we adopted a more prime customer receivables approach of 3 months or more in arrears. Our approach of 1 month or more in contractual arrears is based on our historical observation of subsequent loan performance after our customers fall 1 month or more in contractual arrears within our non-prime motor finance customer receivables book. The expected credit loss (\u201cECL\u201d) is the probability weighted estimate of credit losses. A PD/LGD model was developed by our Motor Finance business, Advantage Finance, to calculate the expected loss impairment provisions in accordance with IFRS9. Stage 1 expected losses are recognised on inception/initial recognition of a loan based on the probability of a customer defaulting in the next 12 months. This is determined with reference to historical data updated for current and future conditions. If a motor finance loan falls one month or more in contractual arrears, then this is deemed credit impaired and included in IFRS9 Stage 3. There are some motor finance loans which are up to date with payments but the customer is in some form of forbearance and we deem this to be a significant increase in credit risk and so these loans are included in Stage 2. As required under IFRS9 the expected impact of movements in the macroeconomy is also reflected in the expected loss model calculations. For motor finance, assessments are made to identify the correlation of the level of impairment provision with forward looking external data regarding forecast future levels of employment, inflation, interest rates and used car values which may affect the customers\u2019 future propensity to repay their loan. The macroeconomic overlay assessments for 31 January 2025 reflect that further to considering such external macroeconomic forecast data, management have judged that, whilst less than at 31 January 2024, there is currently still a heightened risk of an adverse economic environment for our customers. To factor in such uncertainties, management has included an overlay for certain groups of assets to reflect this macroeconomic outlook, based on estimated unemployment and inflation levels in future periods. As at 31 January 2025, we have not included an overlay for used vehicle prices as we assume that used vehicle prices will now remain stable \u2013 this is the same assumption as at 31 January 2024. Further sensitivity over this estimation uncertainty is provided in note 1.13.Other than the changes to the approach mentioned above, there were no significant changes to estimation techniques applied to the calculations used at 31 January 2024.PD/LGD calculations for expected loss impairment provisions were also developed for our Property Bridging business Aspen Bridging in accordance with IFRS9. Stage 1 expected losses are recognised on inception/initial recognition of a loan based on the probability of a customer becoming impaired in the next 12 months. The Bridging product has a single repayment scheduled for the end of the loan term and if a bridging loan is not granted an extension and is still outstanding beyond the end of the loan term then this is deemed credit impaired and included in IFRS9 Stage 3. Due mainly to the high values of property security attached to bridging loans, the bridging sector typically has lower credit risk and lower impairment than other credit sectors.Assets in both our secured loan businesses are written off once the asset has been repossessed and sold and there is no prospect of further legal or other debt recovery action. Where enforcement action is still taking place, loans are not written off. In motor finance where the asset is no longer present then another indicator used to determine whether the loan should be written off is the lack of any receipt for 12 months from that customer. 1.6 Impairment of amounts owed by subsidiary companies to the parent companyThese are initially recognised as the amount loaned to the subsidiary company. After initial recognition amounts owed by subsidiary companies to the parent company are subsequently measured at amortised cost. Amortised costs include any deduction for loan loss impairment provisions for expected credit losses in accordance with the requirements of IFRS9. Management consider that there is a low probability of default on these loans and there has been no significant increase in credit risk or credit impairment since these loans were first recognised. Therefore, the loans continued to be held at the amount loaned.1.7 Property, plant and equipmentProperty, plant and equipment is stated at cost less accumulated depreciation. Certain freehold property is held at previous revalued amounts less accumulated depreciation as the Group has elected to use these amounts as the deemed cost as at the date of transition to IFRS under the transitional arrangements of IFRS 1.Depreciation is provided on the cost or valuation of property, plant and equipment in order to write such cost or valuation over the expected useful lives as follows;Freehold Buildings 2% per annum straight lineFixtures and Fittings -Computers 20% per annum straight lineFixtures and Fittings - Other 10% per annum straight line or 20% per annum reducing balanceMotor Vehicles 25% per annum reducing balanceRight to Use Assets Straight line over the normal term of the leaseFreehold Land is not depreciated.1.8 TaxationCurrent tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.1.9 Preference sharesThe issued 31.5% preference share capital is carried in the balance sheet at amortised cost and shown as a financial liability. The issued 6% preference share capital is valued at par and shown as called up share capital.1.10 PensionsThe Group contributes as required to a defined benefit pension scheme. The defined benefit pension asset at the balance sheet date is calculated as the fair value of the plan assets less the present value of the defined benefit obligation. The scheme is currently in surplus but as the group has no ability to access this asset the surplus is capped at \u00a3nil. Actuarial gains and losses are recognised immediately in the financial statements.The Group also operates several defined contribution pension schemes and the pension charge represents the amount payable by the Company for the financial year.1.11 InvestmentsInvestments in subsidiaries held as non-current assets are stated at cost less provision for any impairment.1.12 Exceptional ItemsExceptional items are items unrelated to the core activities of the Group that are material to the Group\u2019s performance and are presented separately in the financial statements to enhance user understanding of these items and the underlying performance of the Group.1.13 Critical accounting judgements and key sources of estimation uncertaintyIn preparing these financial statements, the Company has made judgements, estimates and assumptions which affect the reported amounts within the current and next financial year. Actual results may differ from these estimates. Estimates and judgements are regularly reviewed based on past experience, expectations of future events and other factors.Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Company\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.Significant increase in credit risk for classification in Stage 2The Company\u2019s transfer criteria determine what constitutes a significant increase in credit risk, which results in a customer being moved from Stage 1 to Stage 2. Stage 2 currently includes customers who have a good payment record but have been identified as vulnerable by trained staff. Vulnerability can be driven by factors including health, life events, resilience or capability. All customer facing staff are trained to help recognise characteristics of vulnerability. Key sources of estimation uncertaintyThe directors consider that the sources of estimation uncertainty which have the most significant effect on the amounts recognised in the financial statements are those inherent in the consumer credit markets in which we operate relating to impairment as outlined in 1.5 above. In particular, the Group\u2019s impairment provision is dependent on estimation uncertainty in forward-looking on areas such as employment rates, inflation rates and used car and property prices. The Group implemented IFRS 9 from 1 February 2018 by developing models to calculate expected credit losses in a range of economic scenarios. These models involve setting modelling assumptions, weighting of economic scenarios, the criteria of determining significant deterioration in credit quality and the application of adjustments to model outputs. We have outlined assumptions in our expected credit loss model in the current year. Reasonable movement in these assumptions might have a material impact on the impairment provision value.Macroeconomic overlay for our motor finance businessFor this overlay, the Group considers four probability-weighted scenarios in relation to unemployment rate: base, upside, downside and severe scenarios as follows:Upside Downside Severe (30% (30 % (50% Basedecrease)increase)increase) Weighted Weighting 50% 20% 25% 5%Q1 2025 4.50% 3.15% 5.85% 6.75% 4.68%Q1 2026 4.70% 3.15% 5.85% 6.75% 4.68%Q1 2027 4.80% 3.36% 6.24% 7.20% 4.89%Q1 2028 4.80% 3.36% 6.24% 7.20% 4.89%Inflation rates were not previously been factored into the macroeconomic overlay prior to 31 January 2022 when we included them due to the extraordinary increases forecast for the following 12 months period and the potential impact on our customers and their repayments \u2013 high inflation and forecast inflation were still present at 31 January 2023 and to a lesser extent at 31 January 2024 but inflation and forecast inflation are more normalised at 31 January 2025. The Group considers four probability-weighted scenarios in relation to inflation rate: base, upside, downside and severe scenarios as follows:Upside Downside Severe (30% (30 % (50% Basedecrease)increase)increase) Weighted Weighting 50% 20% 25% 5%Q1 2025 2.80% 1.96% 3.64% 4.20% 2.91%Q1 2026 3.00% 2.10% 3.90% 4.50% 3.12%Q1 2027 2.30% 1.61% 2.99% 3.45% 2.39%Q1 2028 1.90% 1.37% 2.47% 2.85% 1.98%An increase by 0.5% in the weighted average unemployment rate would result in an increase in loan loss provisions by \u00a3902,739. A decrease by 0.5% would result in a decrease in loan loss provisions by \u00a3902,739. Due to the lower more normalised inflation rates now forecast, an increase or decrease of 0.5% in the weighted average inflation rate would have no material effect. Used vehicle price sensitivity for our motor finance businessAt the year ended 31 January 2025 and at the year ended 31 January 2024, we have assumed that used vehicle prices will remain stable after a period when used vehicle prices increased during years ended 31 January 2022 and 31 January 2023 and then decreased during year ended 31 January 2024. This assumption as at 31 January 2025 has been made after considering market trends and expectations but is uncertain. If used car prices were assumed to fall by 5% instead, then this would result in an increase in loan loss provisions of \u00a32,767,863. If used vehicle prices were assumed to increase by 5% instead, then this would result in a decrease in loan loss provisions of \u00a32,767,863.Expected loss sensitivity for our property bridging businessThe PD/LGD expected loss impairment provision model calculations developed for our Aspen bridging business have been based on extrapolating an inherently low volume sample of historic defaults and losses to reflect the current receivables and current market conditions. If the probability of default were assessed to be 10% higher than these calculations, then this would result in an increase in loan loss provisions of \u00a3341,574. If the probability of default were assessed to be 10% lower than these calculations, then this would result in a decrease in loan loss provisions of \u00a3341,574.1.14 Alternative Performance Measurementsi) Return on average capital employed before cost of funds (ROCE) is calculated as the Operating Profit divided by the average capital employed (total equity plus Bank Overdrafts plus Borrowings less cash and cash equivalents) ii) iGroup gearing is calculated as the sum of Bank Loans and Overdrafts less cash and cash equivalents divided by total equity. At 31 January 2025 group gearing is therefore calculated as \u00a3197,500-\u00a35,216= \u00a3192,284/\u00a3238,079 = 80.8%. At 31 January 2024 group gearing is calculated as \u00a3223,500+\u00a3881= \u00a3224381/\u00a3234,162 = 95.8%.iii) Group total repayments are the total live monthly repayments, settlement proceeds and recovery collections in motor finance added to the total amount retained from advances, customer redemptions and recovery collections in property bridging.2. Segmental AnalysisAnalyses by class of business of revenue and profit before taxation from continuing operations are stated below:Revenue Profit before taxationYear ended Year endedYear ended Year ended 31.1.25 31.1.2431.1.2531.1.24Class of business\u00a3000\u00a3000\u00a3000\u00a3000Motor finance 91,823 98,177 16,542 28,810Property bridging finance 23,788 17,260 7,207 4,803Central costs net of central finance income \u2013 \u2013 227 (29)Total per Group Income Statement 115,611 115,437 23,976 33,584Analyses by class of business of assets and liabilities are stated below:Assets LiabilitiesYear ended Year endedYear ended Year ended 31.1.25 31.1.2431.1.2531.1.24Class of business\u00a3000\u00a3000\u00a3000\u00a3000Motor finance 286,813 335,502 (135,862) (181,944)Property bridging finance 155,085 130,808 (142,215) (121,431)Central 3,158 536 71,100 70,691Total per Group Balance Sheet 445,056 466,846 (206,977) (232,684)Depreciation of assets for motor finance was \u00a3375,000 (2024: \u00a3399,000), for property bridging finance was \u00a316,000 (2024: \u00a314,000) and for central was \u00a391,000 (2023: \u00a397,000). Fixed asset additions for motor finance were \u00a3705,000 (2024: \u00a3218,000), for property bridging finance were \u00a319,000 (2024: \u00a313,000) and for central were \u00a32,000 (2024: \u00a327,000).The net finance credit for central costs was \u00a32,992,000 (2024: \u00a32,904,000), for motor finance was a cost of \u00a311,901,000 (2024: \u00a311,018,000) and for property bridging finance was a cost of \u00a39,209,000 (2024: \u00a36,948,000). The tax charge for central costs was \u00a399,000 (2024: \u00a325,000 charge), for motor finance was a tax charge of \u00a34,150,000 (2024: \u00a36,967,000) and for property bridging finance was a tax charge of \u00a31,814,000 (2024: \u00a31,155,000).The significant products in motor finance are car and other vehicle loans secured under hire purchase agreements.The significant products in property bridging finance are bridging loans secured on property.The assets and liabilities of the Parent Company are classified as Central.No geographical analysis is presented because all operations are situated in the United Kingdom.3. Revenue20252024\u00a3000\u00a3000Interest revenue and other income calculated using the effective interest method 112,673 111,378Other fee income 2,938 4,059Total revenue 115,611 115,4374. Cost of Sales20252024\u00a3000\u00a3000Cost of sales \u2013 motor finance 14,063 20,726Cost of sales \u2013 property bridging finance 2,321 2,095Total Cost of sales 16,384 22,8215. Impairment Charge20252024\u00a3000\u00a3000Loan loss provisioning chargeLoan loss provisioning charge \u2013 motor finance 33,191 23,280Loan loss provisioning charge \u2013 property bridging finance 2,380 923Total impairment charge 35,571 24,2036. Administrative Expenses20252024\u00a3000\u00a3000Administrative expenses \u2013 motor finance 13,391 14,343Administrative expenses \u2013 property bridging 2,670 2,491Administrative expenses \u2013 central 2,765 2,933Total Administrative Expenses 18,826 19,7677. Information Regarding EmployeesGroupGroupCompanyCompany2025202420252024No.No.No.No.The monthly average number of persons employed by the Group in the year was:Motor finance 212 205 \u2013 \u2013Property bridging finance 25 23 \u2013 \u2013Central 11 11 11 11Total Group average number of employees 248 239 11 11The monthly average employed by the company was 11 (2024: 11).2025202420252024Staff costs during the year (including directors):\u00a3000\u00a3000\u00a3000\u00a3000Wages and salaries 11,348 11,184 1,377 1,407Social security costs 1,254 1,285 238 234Pension costs for defined contribution scheme 614 521 42 40Total Staff Costs 13,216 12,990 1,657 1,681Directors\u2019 remuneration and details of the highest paid director are disclosed in the audited section of the Directors\u2019 Remuneration Report. No director or current employee is a member of the small historical defined benefit pension plan the details of which are contained in note 30 of these notes to the accounts.8. Operating Profit20252024\u00a3000\u00a3000Operating profit from continuing operations is after charging/(crediting):Depreciation and amortisation:Owned and Right to Use assets 482 510Profit on sale of fixed assets (14) (16)Staff costs 13,216 12,990The analysis of auditor\u2019s remuneration is as follows:20252024\u00a3000\u00a3000Fees payable to the Group\u2019s auditor for the audit of the Company\u2019s annual accounts 50 45Fees payable to the Group\u2019s auditor for other services to the GroupThe audit of the Company\u2019s subsidiaries 170 155Total audit fees 220 200Audit related assurance services 30 30Other services \u2013 \u2013Total non-audit fees 30 30Total 250 2309. Finance Costs 20252024\u00a3000\u00a300031.5% cumulative preference dividend 141 141Lease Liabilities 20 16Bank loan and overdraft interest payable 17,957 14,905Total Finance Costs 18,118 15,06210. Profit of Parent CompanyAs permitted by Section 408 of the Companies Act 2006, the profit and loss account of the Parent Company is not presented as part of these accounts. The Parent Company\u2019s profit for the financial year after taxation amounted to \u00a317,028,000 (2024: \u00a316,445,000).11. Exceptional ItemMotor Finance Forbearance Outcomes ReviewOur motor finance subsidiary Advantage was included in the FCA\u2019s multi-firm Cost of Living Forbearance Outcomes review in 2023 and as a result the FCA concluded that enhancements were required to Advantage\u2019s approach to arrears management and the application of forbearance. We have engaged external support and Advantage and the FCA have discussed and agreed the necessary steps and Advantage have assessed whether any customers were adversely affected by its practices. We have recently completed this work and have provided for anticipated total associated exceptional potential customer remediation costs and external support costs totalling \u00a32.736m as an exceptional item during the year ended 31 January 2025.12. Tax on Profit Before Taxation20252024\u00a3000\u00a3000Continuing OperationsCorporation tax at 25.0% (2024: 24.0%) based on profit for the year 5,968 8,176Adjustment in respect of prior years (20) 165,948 8,192Deferred tax (temporary differences \u2013 origination and (reversal)) 115 (45)6,063 8,147The actual tax charge for the current and the previous year from continuing operations varies to the standard rate for the reasons set out in the following reconciliation.20252024\u00a3000\u00a3000Profit on ordinary activities before tax from continuing operations 23,976 33,584Tax on profit on ordinary activities at standard rate of 25.0% (2024: 24.0%) 5,994 8,060Factors affecting charge for the period:Expenses not deductible for tax purposes 54 48Effects of other tax rates and permanent differences 35 23Prior period adjustments (20) 16Total actual amount of tax 6,063 8,147The Finance Act 2021 confirms an increase of UK corporation tax rate from 19% to 25% with effect from 1 April 2023 and this was substantively enacted by the statement of financial position date and therefore included in these financial statements.13. Dividends20252024\u00a3000\u00a30002nd Interim dividend paid for the year ended 31/1/2024 \u2013 35.0p per Ordinary share (38.0p) 4,253 4,617Final dividend paid for the year ended 31/1/2024 \u2013 50.0p per Ordinary share (60.0p) 6,075 7,2901st Interim dividend paid for the year ended 31/1/2025 \u2013 30.0p per Ordinary share (35.0p) 3,645 4,253Total ordinary dividends paid 13,973 16,1606% cumulative preference dividend paid March and September 12 12Credit for unpresented dividend payments over 12 years old (22) (18)Total dividends paid 13,963 16,154A second interim dividend of 30.0p per ordinary share for the year ended 31 January 2025 was paid on 7 March 2025 totalling \u00a33.6m and the directors are proposing a final dividend for the year ended 31 January 2025 of 40p per ordinary share totalling \u00a34.9m. The final dividend will be paid on 25 July 2025 to shareholders on the register at close of business on 4 July 2025 subject to approval by shareholders at the Annual General Meeting on Wednesday 18 June 2025.14. Earnings Per Ordinary ShareThe calculation of earnings per ordinary share (\u201cEPS\u201d) from continuing operations is based on profit after tax of \u00a317,913,000 (2024: \u00a325,437,000). The number of shares used in the Basic EPS calculation is the weighted average number of shares in issue during the year of 12,150,760 (2024: 12,150,760). There are a total of nil dilutive share options in issue (2024: nil) and taking into account the appropriate proportion of these dilutive options the number of shares used in the Diluted EPS calculation is 12,150,760 (2024: 12,150,760).15. Property, Plant and EquipmentLand andMotor Fixtures andRight to buildingsvehicles Fittings UseTotalGroup\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Cost At 1 February 2023 1,886 381 1,796 885 4,948Additions 15 63 187 \u2013 265Disposals (4) (122) (110) (56) (292)At 31 January 2024 1,897 322 1,873 829 4,921Additions 547 35 101 43 726Disposals \u2013 (63) (90) \u2013 (153)At 31 January 2025 2,444 294 1,884 872 5,494Accumulated depreciationAt 1 February 2023 505 177 1,323 327 2,332Charge for the year 108 53 173 176 510Eliminated on disposals (3) (68) (104) (56) (231)At 31 January 2024 610 162 1,392 447 2,611Charge for the year 109 43 167 163 482Eliminated on disposals \u2013 (39) (87) \u2013 (126)At 31 January 2025 719 166 1,472 610 2,967Net book valueAt 31 January 2025 1,725 128 412 262 2,527At 31 January 2024 1,287 160 481 382 2,310Included in the above is land at a cost of \u00a322,000 (2024: \u00a322,000) which is not depreciated.Included in Right to Use assets above, are leases now capitalised under IFRS16 which are depreciated over the normal term of the lease. The total cash outflow for these leases during the year to 31.1.25 was \u00a3192,000 (2024: \u00a3178,000 ).Land andMotor Fixtures andRight toBuildingsvehiclesFittings UseTotalCompany\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Cost At 1 February 2023 42 53 269 343 707Additions \u2013 \u2013 27 \u2013 27Disposals \u2013 \u2013 \u2013 \u2013 \u2013At 31 January 2024 42 53 296 343 734Additions \u2013 \u2013 2 \u2013 2Disposals \u2013 \u2013 \u2013 \u2013 \u2013At 31 January 2025 42 53 298 343 736Accumulated depreciationAt 1 February 2023 12 33 204 12 261Charge for the year 1 5 23 68 97Eliminated on disposals \u2013 \u2013 \u2013 \u2013 \u2013At 31 January 2024 13 38 227 80 358Charge for the year \u2013 4 18 69 91Eliminated on disposals \u2013 \u2013 \u2013 \u2013 \u2013At 31 January 2025 13 42 245 149 449Net book valueAt 31 January 2025 29 11 53 194 287At 31 January 2024 29 15 69 263 376Included in the above is land at cost of \u00a322,000 (2024: \u00a322,000) which is not depreciated.The only asset included in Right to Use assets above is a lease of S&U and Aspen Solihull office premises which is now capitalised under IFRS16 which is depreciated over the normal term of the lease. The total cash outflow for this lease during the year to 31.1.25 was \u00a388,000 (2024: \u00a366,000).16. Investments and Related Party Transactions20252024Company\u00a3000\u00a3000Shares in subsidiary companiesAt historical cost less impairment 1 1Interests in subsidiariesThe principal subsidiaries of the Company, which are wholly owned directly by the Company, operate in Great Britain and are incorporated in England and Wales. Subsidiary and Registered Number Principal activityAdvantage Finance Limited (03773673) Motor financeAspen Bridging Limited (10270026) Property bridging financeThe following are wholly owned dormant subsidiaries of the group which take advantage of exemptions provided under s394a and s448a and do not prepare, file or have audited individual company accounts; Advantage Motor Finance Limited (03773678), Advantage4u Limited (06691669), Advantage Direct Finance Limited (07037684), Advantage Partner Finance Limited (07036720), Advantage Asset Finance Limited (06691598), S&U Stores Limited (00448884) and Cash Kangaroo Limited (08435795).All dormant subsidiaries are directly owned by S&U plc with the exception of Advantage Motor Finance Limited which is indirectly wholly owned via Advantage Finance Limited.All companies in the Group have their registered office at 2 Stratford Court, Cranmore Boulevard, Solihull B90 4QT.Related party transactionsGroupTransactions between the Company and its subsidiaries, which are related parties have been eliminated on consolidation and are not disclosed in this note. Transactions with the Company\u2019s pension scheme are disclosed in note 28. During the year the Group made charitable donations amounting to \u00a360,000 (2024: \u00a3117,500) via the Keith Coombs Trust which is a related party because Messrs GDC Coombs, AMV Coombs and CH Redford are trustees. The amount owed to the Keith Coombs Trust at the year-end was \u00a3nil (2024: \u00a320,000). During the year the Group obtained supplies at market rates amounting to \u00a34,544 (2024: \u00a34,110) from Grevayne Properties Limited a Company which is a related party because Messrs G D C and A M V Coombs are directors and shareholders. All related party transactions were settled in full when due. CompanyThe Company received dividends from other Group undertakings totalling \u00a316,900,000 (2024: \u00a316,500,000). During the year the Company recharged other Group undertakings for various administrative expenses incurred on their behalf. The Company also received administrative cost recharges from other Group undertakings. At 31 January 2025 the Company was owed \u00a3270,408,115 (2024: \u00a3295,926,496) by other Group undertakings as part of an intercompany loan facility and owed \u00a3217,119 to S&U Stores Limited, a dormant group company (2024: \u00a3217,119). All related party transactions were settled in full when due. Key management personnel compensation is disclosed on page 36 in the Directors Remuneration Report.17. Amounts Receivable from Customers Group20252024\u00a3000\u00a3000Motor finance hire purchase 401,792 437,181Less: Loan loss provision motor finance (118,166) (104,685)Amounts receivable from customers motor finance 283,626 332,496Property bridging finance loans 155,083 132,746Less: Loan loss provision property bridging finance (2,863) (2,304)Amounts receivable from customers property bridging finance 152,220 130,442Amounts receivable from customers total 435,846 462,938Analysis by future date due\u2013 Due within one year 232,330 220,953\u2013 Due in more than one year 203,516 241,985Amounts receivable from customers 435,846 462,938Analysis of securityLoans secured on vehicles under hire purchase agreements 277,831 327,485Loans secured on property 152,220 130,442Other loans not secured (motor finance where security no longer present) 5,795 5,011Amounts receivable from customers 435,846 462,938Analysis of not impaired and impairedNot impairedNeither past due nor impaired 355,566 395,047Past due up to 3 months but not impaired \u2013 \u2013Past due over 3 months but not impaired \u2013 \u2013ImpairedPast due up to 3 months 46,865 48,986Past due over 3 months and up to 6 months 13,412 9,070Past due over 6 months or default 20,003 9,835Amounts receivable from customers 435,846 462,938The credit risk inherent in amounts receivable from customers is reviewed as per note 1.5 and under this review the credit quality of assets which are neither past due nor impaired was considered to be good with the exception of 1,727 vulnerable customers who although not in arrears at 31.1.25 were assessed from a review of internal data to have a significant increase in credit risk (2024: 881). Under IFRS9 therefore these customers although not in arrears are included in stage 2 at 31.1.25 with an increased impairment provision.Analysis of loan loss provision and amounts receivable from customers (capital)Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to months ECL lifetime ECL lifetime ECL Total As at 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Amounts receivable (capital)Motor finance 221,442 9,811 170,539 401,792Property bridging finance 141,476 \u2013 13,607 155,083Total 362,918 9,811 184,146 556,875Loan loss provisionsMotor finance (13,258) (2,904) (102,004) (118,166)Property bridging finance (1,001) \u2013 (1,862) (2,863)Total (14,259) (2,904) (103,866) (121,029)Amounts receivable (net)Motor finance 208,184 6,907 68,535 283,626Property bridging finance 140,475 \u2013 11,745 152,220Total 348,659 6,907 80,280 435,846Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to months ECL lifetime ECL lifetime ECL Total As at 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Amounts receivable (capital)Motor finance 291,566 5,125 140,490 437,181Property bridging finance 121,908 \u2013 10,838 132,746Total 413,474 5,125 151,328 569,927Loan loss provisionsMotor finance (21,315) (1,323) (82,047) (104,685)Property bridging finance (914) \u2013 (1,390) (2,304)Total (22,229) (1,323) (83,437) (106,989)Amounts receivable (net)Motor finance 270,251 3,802 58,443 332,496Property bridging finance 120,994 \u2013 9,448 130,442Total 391,245 3,802 67,891 462,938Collateral heldMotor finance \u2013 except for loans valued at \u00a35.795m (2024: \u00a35.011m), where we are aware the security is no longer present, security is held on a used vehicle for each hire purchase motor finance agreement. As stated in note 1.13 above, valuing these used vehicles secured under our hire purchase agreements is uncertain as the condition and mileage of the used vehicle are unknown. We estimate the trade value of collateral held at 31.1.25 for motor finance loans currently in stage 3 was \u00a382.4m (2024: \u00a368.8m) \u2013 these estimated values are stated before taking into account recovery and disposal costs.Property bridging finance \u2013 the estimated value of first charge secured properties held under our bridging loan facility agreements at 31.1.25 is \u00a3246.3m (2024: \u00a3199.6m). This includes \u00a316.7m estimated value of properties secured which is held for loan agreements currently in Stage 3 (2024: \u00a315.3m).Advances in both our motor finance business and our property bridging business are only made with collateral security and this is important in both these markets for the collectability of these loans \u2013 there have been no significant changes in the quality of collateral held during the year.Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to Total months ECL lifetime ECL lifetime ECL Provision Loan loss provisions\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 1 February 2023 27,756 662 69,605 98,023Net transfers and changes in credit risk (14,755) 565 12,331 (1,859)New loans originated 11,863 354 13,845 26,062Total impairment charge to income statement (2,892) 919 26,176 24,203Amounts netted off revenue for stage 3 assets \u2013 \u2013 9,162 9,162Utilised provision on write-offs (2,635) (258) (21,506) (24,399)At 31 January 2024 22,229 1,323 83,437 106,989Net transfers and changes in credit risk (11,286) 1,434 26,699 16,847New loans originated 5,204 642 12,878 18,724Total impairment charge to income statement (6,082) 2,076 39,577 35,571Amounts netted off revenue for stage 3 assets \u2013 \u2013 15,614 15,614Utilised provision on write-offs (1,888) (495) (34,762) (37,145)At 31 January 2025 14,259 2,904 103,866 121,029There were no significant changes in the capital carrying value of amounts receivable from customers this year which contributed to changes in the loan loss provisions other than growth in new loans originated.18. Other Receivables and PrepaymentsGroup Company2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000Amounts owed by subsidiary undertakings \u2013 \u2013 270,191 295,709Other debtors 22 52 \u2013 10Prepayments and accrued income 1,405 1,390 179 991,427 1,442 270,370 295,818The amounts owed by subsidiary undertakings in the Company\u2019s balance sheet are stated net of nil impairment and, other than \u00a390.5m of intercompany receivables from Advantage Finance Limited (2024: \u00a3125.0m) and \u00a3107.0m of intercompany receivables from Aspen Bridging Limited (2024: \u00a398.5m), which are due after more than one year, the amounts owed by subsidiary undertakings have no fixed maturity date. Under IFRS7, there are no amounts included in other receivables and prepayments which are past due but not impaired and no amounts which are impaired or have a significant increase in credit risk. The carrying value of trade and other receivables is not materially different to their fair value.19. Borrowings Including Bank Overdrafts and LoansGroup Company2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000Bank overdrafts and loans \u2013 due within one year \u2013 881 \u2013 \u2013Bank and other loans \u2013 due in more than one year 197,500 223,500 197,500 223,500197,500 224,381 197,500 223,500The carrying value of bank overdrafts and loans is not materially different to the fair value.S&U plc had the following overdraft facilities available at 31 January 2025:\u2013 a facility for \u00a35 million (2024: \u00a35m) which is subject to annual review in June 2025.\u2013 a facility for \u00a32 million (2024: \u00a32m) which has no annual review date.Total drawdowns of these overdraft facilities at 31 January 2025 were \u00a3nil (2024: \u00a3880,564).S&U plc had the following revolving credit facilities available at 31 January 2025:\u2013 a facility for \u00a3230 million (2024: \u00a3230m) which is due for repayment in May 2027.At 31 January 2024 S&U plc had revolving credit facilities of \u00a3230m which was due for repayment in May 2026.S&U plc had the following term loan facilities available at 31 January 2024 and 31 January 2025:\u2013 a facility for \u00a350 million (2024: \u00a350m) - \u00a325m of which is due for repayment in March 2028 and \u00a325m is due for repayment in March 2024. All the bank overdrafts facilities, revolving credit facilities and term loan facilities mentioned above incur interest at a variable rate.The bank overdraft and loans are secured under a multilateral guarantee provided by S&U plc and its operating subsidiaries Advantage Finance Ltd and Aspen Bridging Ltd.The Company is part of the Group overdraft facility and at 31 January 2025 was \u00a3nil overdrawn (2024: \u00a3nil overdrawn). A maturity analysis of the above borrowings is given in note 25.20. Trade and Other PayablesGroup Company2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000Trade creditors 1,139 920 136 63Other creditors including commissions and remuneration payable 2,156 3,977 538 6073,295 4,897 674 670The carrying value of trade and other payables is not materially different to the fair value.21. Provisions For Liabilities and ChargesGroup Company2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000At 1 February 2024 \u2013 \u2013 \u2013 \u2013Charge to income statement 2,736 \u2013 \u2013 \u2013Utilised (464) \u2013 \u2013 \u2013At 31 January 2025 2,272 \u2013 \u2013 \u2013Our motor finance subsidiary Advantage was included in the FCA\u2019s multi-firm Cost of Living Forbearance Outcomes review in 2023 and as a result the FCA concluded that enhancements were required to Advantage\u2019s approach to arrears management and the application of forbearance. We have engaged external support and Advantage and the FCA have discussed and agreed the necessary steps and Advantage have assessed whether any customers were adversely affected by its practices. We have recently completed this work and have provided for anticipated associated exceptional potential customer remediation costs and external support costs totalling \u00a32.736m (see also note 11) of which \u00a30.464m has so far been incurred leaving a provision of \u00a32.272m carried forward at 31 January 2025.22. Deferred TaxAccelerated Shadow tax SharedepreciationOptionsTotal Group\u00a3000\u00a3000\u00a3000At 1 February 2023 (109) 219 110Credit/(debit) to income (4) 49 45At 31 January 2024 (113) 268 155Debit to income \u2013 (115) (115)At 31 January 2025 (113) 153 40CompanyAt 1 February 2023 (7) 22 15Credit to income 4 11 15At 31 January 2024 (3) 33 30Credit/(debit) to income 1 (16) (15)At 31 January 2025 (2) 17 15Shadow share options are long term share based incentive instruments which will be settled in cash when exercised based on future share price and require achieving certain performance targets and are subject to continued employment conditions.The Finance Act 2021 confirms an increase of UK corporation tax rate from 19% to 25% with effect from 1 April 2023 and this was substantively enacted by the statement of financial position date and therefore included in these financial statements.23. Called Up Share Capital and Preference Shares20252024\u00a3000\u00a3000Called up, allotted and fully paid12,150,760 Ordinary shares of 12.5p each (2024: 12,150,760) 1,519 1,519200,000 6.0% Cumulative preference shares of \u00a31 each 200 200Called up share capital 1,719 1,719The 6.0% cumulative preference shares enable the holder to receive a cumulative preferential dividend at the rate of 6.0% on paid up capital and the right to a return of capital plus a premium of 10p per share at either a winding up or a repayment of capital. The 6.0% cumulative preference shares do not carry voting rights so long as the dividends are not in arrears.24. Financial Liabilities20252024Preference Share Capital\u00a3000\u00a3000Called up, allotted and fully paid3,598,506 31.5% Cumulative preference shares of 12.5p each (2024: 3,598,506) 450 450The 31.5% cumulative preference shares entitle the holder to receive a cumulative preference dividend of 31.5% plus associated tax credit and the right to a return of twice the capital (2 lots of 12.5p) plus a premium of 22.5p per share on either a winding up or a repayment of capital. The rights of the holders of these shares to dividends and returns of capital are subordinated to those of the holders of the 6.0% cumulative preference shares. The 31.5% cumulative preference shares do not carry voting rights so long as the dividends are not in arrears.25. Financial InstrumentsThe Group and the Company\u2019s principal financial instruments are amounts receivable from customers, cash, preference share capital, bank overdrafts and bank loans.The Group and the Company\u2019s business objectives rely on maintaining a well spread customer base of carefully controlled quality by applying strong emphasis on good credit management, both through strict lending criteria at the time of underwriting a new credit facility and continuous monitoring of the collection process. The motor finance hire purchase debts are secured by the financed vehicle. All financial assets are held at amortised cost.As at 31 January 2025 the Group\u2019s indebtedness amounted to \u00a3197,500,000 (2024: \u00a3224,381,000) and the Company\u2019s indebtedness amounted to \u00a3197,500,000 (2024: \u00a3223,415,000). The Group gearing was 80.8% (2024: 98.5%), being calculated as borrowings net of cash as a percentage of total equity. The Board is of the view that the gearing level remains conservative, especially for a lending organisation. The tables below on pages 83 and 84 analyses the Group and Company assets and liabilities into relevant maturity groupings based on the remaining period at the balance sheet date (to contractual maturity).S&U plc has unused committed borrowing facilities at 31 January 2025 of \u00a382.5m (2024: \u00a356.5m). The preference share capital financial liability of \u00a3450,000 has no maturity date and is classified as more than five years.The average effective interest rate on financial assets of the Group at 31 January 2025 was estimated to be 23% (2024: 26%). The average effective interest rate of financial liabilities of the Group at 31 January 2025 was estimated to be 8% (2024: 8%). The average effective interest rate on financial liabilities of the Company at 31 January 2025 was estimated to be 8% (2024: 8%).Currency and credit riskThe Group has no material exposure to foreign currency risk. The credit risk inherent in amounts receivable from customers is reviewed under impairment as per note 1.4. It should be noted that the credit risk at the individual customer level is limited by strict adherence to credit control rules which are regularly reviewed. The credit risk is also mitigated in the motor finance segment of our business by ensuring that the valuation of the security at origination of the loan is within glasses guide and cap limits. The credit risk is also mitigated in the bridging property finance segment of our business by ensuring that the valuation of the security at origination of the loan is rigorously assessed and is within loan to value limits. As confirmation required under IFRS 8, no individual customer contributes more than 10% of the revenue for the Group. Group trade and other receivables and cash are considered to have no material credit risk as all material balances are due from highly rated banking counterparties.Interest rate riskThe Group\u2019s activities expose it to the financial risks of changes in interest rates and the Group uses interest rate derivative contracts where appropriate to hedge these exposures in bank borrowings. There are no interest rate derivative contracts held at 31 January 2025 (2024: none held). There is considered to be no material interest rate risk in cash, trade and other receivables, preference shares and trade and other payables.The sensitivity analyses below have been determined based on the exposure to interest rates at the balance sheet date. The Group has low gearing for its sector and the directors consider a 1% and a 2% movement in interest rates to reflect the UK interest rate environment and to be appropriate for sensitivity analyses. For floating rate liabilities, the analysis is prepared assuming the liability outstanding at the balance sheet date was outstanding for the whole year.If interest rates had been 1% higher/lower and all other variables were held constant, the Group\u2019s;\u2022 profit for the year ended 31 January 2025 would decrease/increase by \u00a31.5 million (2024: decrease/increase by \u00a31.6million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.\u2022 total equity would decrease/increase by \u00a31.5million (2024: decrease/increase by \u00a31.6million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.If interest rates had been 2% higher/lower and all other variables were held constant, the Group\u2019s;\u2022 profit for the year ended 31 January 2025 would decrease/increase by \u00a33.0million (2024: decrease/increase by \u00a33.2million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.\u2022 total equity would decrease/increase by \u00a33.0million (2024: decrease/increase by \u00a33.2million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.Capital risk managementThe Board of Directors assess the capital needs of the Group on an ongoing basis and approve all material capital transactions. The Group\u2019s objective in respect of capital risk management is to maintain a conservative \u201cGroup Gearing\u201d level with respect to market conditions, whilst taking account of business growth opportunities in a capital efficient manner. \u201cGroup Gearing\u201d is calculated as the sum of Bank Overdrafts plus Bank Loans less Cash and Cash Equivalents divided by Total Equity. At 31 January 2025 the Group gearing level was 80.8% (2024: 98.5%) which the directors consider to have met their objective.Although Advantage have not sold insurance products in recent years, they are required to hold a regulatory minimum capital figure of \u00a35000 in this regard. Throughout the year this Company has maintained a capital base greater than this requirement. Fair values of financial assets and liabilitiesThe fair values of amounts receivable from customers, bank loans and overdrafts and other assets and liabilities with the exception of the junior preference share capital are considered to be not materially different from their book values. The junior preference share capital classified as a financial liability is estimated to have a fair value of \u00a31.9m (2024: \u00a31.9m) but is considered more appropriate under IFRS to be included in the balance sheet at amortised cost. Fair values which are recognised or disclosed in these financial statements are determined in whole or in part using a valuation technique based on assumptions that are supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and based on available observable market data. The fair value hierarchy is derived from Level 2 inputs in accordance with IFRS13.Liquidity riskThe Group\u2019s liquidity risk is shown in the following tables which measure the cumulative liquidity gap. Management review and manage the maturity of borrowing facilities appropriately. Most of the Group\u2019s financial assets are repayable anyway within two years which together with net gearing of around 80.8% results in a positive liquidity position. More than More than1 year but 2 years but not more not more No fixed Less than than than More than maturity Group1 year2 years5 years5 yearsdateTotalAt 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets 232,330 64,673 138,843 \u2013 \u2013 435,846Other assets \u2013 \u2013 \u2013 \u2013 3,994 3,994Cash at bank and in hand 5,216 \u2013 \u2013 \u2013 \u2013 5,216Total assets 237,546 64,673 138,843 \u2013 3,994 445,056Shareholders\u2019 funds \u2013 \u2013 \u2013 \u2013 (238,079) (238,079)Bank overdrafts and loans \u2013 \u2013 (197,500) \u2013 \u2013 (197,500)Lease liabilities (109) (92) (91) \u2013 \u2013 (292)Financial liabilities \u2013 \u2013 \u2013 (450) \u2013 (450)Other liabilities \u2013 \u2013 \u2013 \u2013 (8,735) (8,735)Total liabilities and shareholders\u2019 funds (109) (92) (197,591) (450) (246,814) (445,056)Cumulative gap 237,437 302,018 243,270 242,820 \u2013 \u2013More than More than 1 year but 2 years but not more not more No fixed Less than than than More than maturityGroup1 year2 years5 years5 yearsdateTotalAt 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets 220,953 71,353 170,632 \u2013 \u2013 462,938Other assets \u2013 \u2013 \u2013 \u2013 3,907 3,907Cash at bank and in hand 1 \u2013 \u2013 \u2013 \u2013 1Total assets 220,954 71,353 170,632 \u2013 3,907 466,846Shareholders\u2019 funds \u2013 \u2013 \u2013 \u2013 (234,162) (234,162)Bank overdrafts and loans (881) \u2013 (198,500) (25,000) \u2013 (224,381)Lease liabilities (170) (102) (149) \u2013 \u2013 (421)Financial liabilities \u2013 \u2013 \u2013 (450) \u2013 (450)Other liabilities \u2013 \u2013 \u2013 \u2013 (7,432) (7,432)Total liabilities and shareholders\u2019 funds (1,051) (102) (198,649) (25,450) (241,594) (466,846)Cumulative gap 219,903 291,154 263,137 237,687 \u2013 \u2013More than More than 2 years but 1 year but not more No fixed Less than not more thanMore than maturityCompany1 yearthan 2 years5 years5 yearsdateTotalAt 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Other assets \u2013 \u2013 197,500 \u2013 73,173 270,673Cash at bank and in hand 2,691 \u2013 \u2013 \u2013 \u2013 2,691Total assets 2,691 \u2013 197,500 \u2013 73,173 273,364Shareholders\u2019 funds \u2013 \u2013 \u2013 \u2013 (74,041) (74,041)Bank overdrafts and loans \u2013 \u2013 (197,500) \u2013 \u2013 (197,500)Financial liabilities \u2013 \u2013 \u2013 (450) \u2013 (450)Lease liabilities (76) (81) (63) \u2013 \u2013 (220)Other liabilities \u2013 \u2013 \u2013 \u2013 (1,153) (1,153)Total liabilities and shareholders\u2019 funds (76) (81) (197,563) (450) (75,194) (273,364)Cumulative gap 2,615 2,534 2,471 2,021 \u2013 \u2013More than More than 1 year but 2 years but not more not more No fixed Less than thanthan More than maturityCompany1 year 2 years5 years5 yearsdateTotalAt 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Other assets \u2013 \u2013 198,500 25,000 72,725 296,225Cash at bank and in hand 85 \u2013 \u2013 \u2013 \u2013 85Total assets 85 \u2013 198,500 25,000 72,725 296,310Shareholders\u2019 funds \u2013 \u2013 \u2013 \u2013 (71,009) (71,009)Bank overdrafts and loans \u2013 \u2013 (198,500) (25,000) \u2013 (223,500)Financial liabilities \u2013 \u2013 \u2013 (450) \u2013 (450)Lease liabilities (72) (76) (144) \u2013 \u2013 (292)Other liabilities \u2013 \u2013 \u2013 \u2013 (1,059) (1,059)Total liabilities and shareholders\u2019 funds (72) (76) (198,644) (25,450) (72,068) (296,310)Cumulative gap 13 (63) (207) (657) \u2013 \u2013The cash flows payable under financial liabilities are analysed as follows:More than More than 1 year but 2 years but not more not more Repayable on Less than than than More than GroupDemand1 year2 years5 years5 yearsTotalAt 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Bank overdrafts and loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Trade and other payables \u2013 3,295 \u2013 \u2013 \u2013 3,295Tax liabilities \u2013 1,695 \u2013 \u2013 \u2013 1,695Provisions for liabilities and charges \u2013 2,272 , , , 2,272Accruals and deferred income \u2013 1,473 \u2013 \u2013 \u2013 1,473Borrowings \u2013 \u2013 \u2013 197,500 \u2013 197,500Lease liabilities \u2013 109 92 91 \u2013 292Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 31 January 2025 \u2013 8,844 92 197,591 450 206,977More than More than 1 year but 2 years but not more not more Repayable on Less than than than More than GroupDemand1 year2 years5 years5 yearsTotalAt 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Bank overdrafts and loans 881 \u2013 \u2013 \u2013 \u2013 881Trade and other payables \u2013 4,897 \u2013 \u2013 \u2013 4,897Tax liabilities \u2013 564 \u2013 \u2013 \u2013 564Accruals and deferred income \u2013 1,971 \u2013 \u2013 \u2013 1,971Borrowings \u2013 \u2013 \u2013 198,500 25,000 223,500Lease liabilities \u2013 170 102 149 \u2013 421Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 31 January 2024 881 7,602 102 198,649 25,450 232,684More than More than 1 year but 2 years but not more not more Repayable on Less than than than More than CompanyDemand1 year2 years5 years5 yearsTotalAt 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Bank overdrafts and loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Trade and other payables \u2013 674 \u2013 \u2013 \u2013 674Tax liabilities \u2013 127 \u2013 \u2013 \u2013 127Accruals and deferred income \u2013 352 \u2013 \u2013 \u2013 352Borrowings \u2013 \u2013 \u2013 197,500 \u2013 197,500Lease liabilities \u2013 76 81 63 \u2013 220Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 31 January 2025 \u2013 1,229 81 197,563 450 199,323More than More than 1 year but 2 years but not more not more Repayable on Less than than than More than CompanyDemand1 year2 years5 years5 yearsTotalAt 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Bank overdrafts and loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Trade and other payables \u2013 670 \u2013 \u2013 \u2013 670Tax liabilities \u2013 100 \u2013 \u2013 \u2013 100Accruals and deferred income \u2013 289 \u2013 \u2013 \u2013 289Borrowings \u2013 \u2013 \u2013 198,500 25,000 223,500Lease liabilities \u2013 72 76 144 \u2013 292Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 31 January 2024 \u2013 1,131 76 198,644 25,450 225,30126. Reconciliation of Operating Profit to Net Cash from Operating ActivitiesGroupGroupCompanyCompany2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000Operating Profit 44,830 48,646 14,135 13,566Tax paid (4,817) (8,515) (57) (9)Exceptional item (2,736) \u2013 \u2013 \u2013Depreciation on plant, property and equipment 482 510 91 97Profit on disposal of plant, property and equipment (14) (16) \u2013 \u2013Decrease/(increase) in amounts receivable from customers 27,092 (42,228) \u2013 \u2013Decrease/(increase) in other receivables and prepayments 15 159 25,448 (27,985)(Decrease)/increase in trade and other payables (1,602) 295 4 (51)(Decrease)/increase in accruals (498) 709 63 74Increase in provisions for other liabilities and charges 2,272 \u2013 \u2013 \u2013Movement in retirement benefit asset/obligations (33) (6) (33) (6)Net cash generated by/(used in) operating activities 64,991 (446) 39,651 (14,314)27. Financial CommitmentsCapital commitmentsAt 31 January 2025 the Group had \u00a3nil capital commitments contracted but not provided for (2024: \u00a3nil). At 31 January 2025, the Company had no capital commitments contracted but not provided for (2024: \u00a3nil). 28. Contingent LiabilitiesOn 25 October 2024 the Court of Appeal passed a ruling in the cases of Hopcraft, Wrench and Johnson which affected the payment of motor finance commissions by two motor finance lenders in circumstances where informed and explicit consent had not been obtained. The Court of Appeal ruled in favour of the claimants although the two lenders have appealed this ruling to the UK Supreme Court, who heard their appeal in April 2025 and plan to announce their own ruling by July 2025. Our own subsidiary company Advantage Finance offers motor finance mainly through independent credit broker intermediaries rather than more directly with dealers. From the period January 2013 to October 2024 only about 10% of transactions were written via dealers acting as credit brokers, upon which \u00a36m of commission was paid. Due to different fact patterns between Advantage\u2019s process and the 3 cases which were considered by the Court of Appeal and which are now being considered by the UK Supreme Court and also due to the acknowledged inherent lack of consumer harm in fixed fee commission models of the sort operated by Advantage, management consider that a liability arising is possible but this is not probable. The Group has assessed the requirement for a provision and as at 31 January 2025 no amounts have been recognised. At this point it is also not practicable to reliably estimate the financial effect of any redress payout given the uncertainties over the amount, timing and success of any claims. In summary, this UK Supreme Court ruling arising from the appeal hearing in April 2025 is unknown and uncertain.Please note that Advantage Finance have never used discretionary commission arrangements and so there is no contingent liability or provision recorded for the FCA review into historic discretionary commissions as paid by some lenders in the motor finance sector.The Company has entered into cross-guarantee arrangements with respect to the bank overdrafts of certain of its subsidiaries. The maximum exposure under this arrangement at 31 January 2025 was \u00a313,721 (2024: \u00a32,253,817).29. Share Based PaymentsThe Company operates a Long-Term Incentive Plan (LTIP 2021), which was approved by the AGM in May 2021. LTIP 2021 allows shadow share options which can only be cash settled and therefore do not dilute current shareholders. Vesting of these shadow share option awards is subject to performance conditions over a performance period of at least a year and the awards can normally be exercised for the period between 3 years and 6 years from the date of grant of the award subject also to standard leaver and malus and clawback provisions contained in the rules of the LTIP 2021 plan.The Group recognised total share-based payment expenses for LTIP 2021 of \u00a3145,154 in the year to 31 January 2025 (2024: \u00a3631,936). At 31 January 2025 the creditor for LTIP 2021 shadow share options amounted to \u00a3750,566 (31.1.24: \u00a31,368,768).30. Retirement Benefit ObligationsThe Company operates a defined benefit scheme in the UK. The plan is funded by payment of contributions to a separate trustee administered fund. The pension cost relating to the scheme is assessed in accordance with the advice of a qualified independent actuary using the attained age method. The last formal valuation was at 31 March 2022. At that valuation it was assumed that the appropriate post retirement discount rate was 1.95% and pension increases would be 3.6% per annum. The valuation results have been updated on the advice of a qualified actuary to take account of the requirements of IAS19 in order to assess the liabilities of the scheme as at 31 January 2025. The last actuarial valuation highlighted that the scheme was in surplus on an ongoing basis with the value of assets being sufficient to cover the actuarial value of accrued liabilities. No contributions are therefore being paid to the scheme at the present time and the estimated amount of contributions expected to be paid into the scheme during the year to 31 January 2026 is \u00a3nil.The scheme is run by Trustees who are responsible for the affairs of the scheme. Trustees during the year were Mr GDC Coombs and Mr CH Redford who were also directors of S&U plc during the year. The scheme is closed to new members. The Trustees discuss the affairs of the scheme and deal with discretionary matters regarding benefits. The trustees have employed Barclays Wealth as investment managers. S&U plc has power, under the Trust Deed and Rules which govern the operation of the Fund, to remove Trustees from office, to accept their resignations, and to appoint new or additional Trustees. The directors of S&U plc consider all these arrangements to be appropriate, having noted that the scheme has been closed to new members for over 40 years, the scheme continues to have a significant surplus and the scheme\u2019s defined benefit obligations are not material in the context of the group. Disclosures made in accordance with IAS 19A full actuarial valuation was carried out at 31 March 2022 and updated to 31 January 2025 by a qualified independent actuary. The valuation method used was the projected unit method. The major assumptions used by the actuary were (in nominal terms):At year endAt year end31 January 31 January 20252024Rate of increase in salariesPension increases: Na NaPre-97 Pension 0.0% 0.0%Post 97 Pension 3.5% 3.3%Discount rate 5.2% 4.7%Mortality assumption for 31 January 2025 comes from the S3PA tables with CMI-2023 1.25% long term trend and for 31 January 2024 mortality assumption was from the S3PA tables with CMI-2022 1.25% long term trend. The analysis of the scheme assets and the expected rate of return at the balance sheet date were as follows:Proportion Proportion held atheld at31 January 31 January 20252024\u00a3000\u00a3000Equities 57% 51%Bonds 28% 33%Cash/Other 15% 16%Total market value of assets 100% 100%The amount included in the balance sheet arising from the Group\u2019s obligations in respect of its defined benefit schemes is as follows:Jan 25Jan 24\u00a3000 \u00a3000 Fair value of plan assets 1,125 1,070Present value of defined benefit obligations (333) (348)Surplus before restriction 792 722Restriction on Surplus (792) (722)Pension asset 0 0The pension asset has a large surplus before restriction and so is unlikely to be affected by normal variances in actuarial assumptions and so no actuarial assumption sensitivity analysis is provided. The amount recognised in the income statements during the yearJan 25Jan 24\u00a3000 \u00a3000 Current service cost \u2013 \u2013Past service cost 2 26Interest on obligation 15 14Expected return on plan assets (50) (46)Expense recognised in the income statement (33) (6)Opening net (asset) \u2013 \u2013Expense (33) (6)Contributions paid \u2013 \u2013Actuarial loss 33 6Closing net (asset) 0 0The expense credit in both years is shown within administrative expenses.Jan 25Jan 24Movement in present value of obligation \u00a3000 \u00a3000 Present value of obligation at 1 February 348 342Interest cost 15 14Current service cost \u2013 \u2013Past service cost 2 26Benefits paid (40) (39)Actuarial (gain)/loss on obligation \u2013 assumptions (9) (11)Actuarial (gain)/loss on obligation \u2013 experience 17 16Present value of obligation at 31 January 333 348Experience adjustment on scheme liabilities Actuarial (gain)/loss as percentage of scheme liabilities 2% 1%Movement in fair value of plan assetsFair value of plan assets at 1 February 1,070 1,092Expected return on plan assets 50 46Contributions \u2013 \u2013Benefits paid (40) (39)Actuarial gain/(loss) on plan assets 45 (29)Fair value of plan assets at 31 January 1,125 1,070The fair value of plan assets other than cash is based on quoted market prices.Experience adjustment on assets Actuarial gain/(loss) as percentage of scheme assets 4% (3%)",
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"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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"f0__s9__6__20": {
"value": "1.5 Impairment and measurement of amounts receivable from customersAll customer receivables are initially recognised as the amount loaned to the customer plus direct transaction costs. After initial recognition the amounts receivable from customers are subsequently measured at amortised cost. Amortised cost includes a deduction for loan loss impairment provisions for expected credit losses (\u201cECL\u201d) assessed by the directors in accordance with the requirements of IFRS9. There are 3 classification stages under IFRS9 for the impairment of amounts receivable from customers:Stage 1: Not credit impaired and no significant increase in credit risk since initial recognitionStage 2: Not credit impaired and a significant increase in credit risk since initial recognitionStage 3: Credit impairedThe directors assess whether there is objective evidence that a loan asset or group of loan assets is credit impaired and should be classified as stage 3. A loan asset or a group of loan assets is credit impaired only if there is objective evidence of credit impairment as a result of one or more events that occurred after the initial recognition of the loan. Objective evidence may include evidence that a borrower or group of borrowers is experiencing financial difficulty or delinquency in repayments. Impairment is then calculated by estimating the future cash flows for such impaired loans, discounting the flows to a present value using the original EIR and comparing this figure with the balance sheet carrying value. All such impairments are charged to the income statement. Under IFRS 9 for all stage 1 accounts which are not credit impaired, a further collective provision for expected credit losses in the next 12 months is calculated and charged to the income statement.Key assumptions in ascertaining whether a loan asset or group of loan assets is credit impaired include information regarding the probability of any account going into default (PD) and information regarding the likely eventual loss including recoveries (LGD). These assumptions and assumptions for estimating future cash flows are based upon observed historical data and updated to reflect current and future conditions. As required under IFRS9, all assumptions are reviewed regularly to take account of differences between previously estimated cash flows on impaired debt and the eventual losses. For all loans in stages 2 and 3 a provision equal to the lifetime expected credit loss is taken. In addition and in accordance with the provisions of IFRS9 a collective provision for 12 months expected credit losses (\u201cECL\u201d) is recognised for the remainder of the loan book which is Stage 1. 12-month ECL is the portion of lifetime ECL that results from default events on a financial asset that are possible within 12 months after the reporting date.In our Motor Finance business, all loans 1 month or more in contractual arrears are deemed credit impaired and are therefore included in IFRS9 stage 3. This results in more of our net receivables being in stage 3 and the associated stage 3 loan loss provisions being higher than if we adopted a more prime customer receivables approach of 3 months or more in arrears. Our approach of 1 month or more in contractual arrears is based on our historical observation of subsequent loan performance after our customers fall 1 month or more in contractual arrears within our non-prime motor finance customer receivables book. The expected credit loss (\u201cECL\u201d) is the probability weighted estimate of credit losses. A PD/LGD model was developed by our Motor Finance business, Advantage Finance, to calculate the expected loss impairment provisions in accordance with IFRS9. Stage 1 expected losses are recognised on inception/initial recognition of a loan based on the probability of a customer defaulting in the next 12 months. This is determined with reference to historical data updated for current and future conditions. If a motor finance loan falls one month or more in contractual arrears, then this is deemed credit impaired and included in IFRS9 Stage 3. There are some motor finance loans which are up to date with payments but the customer is in some form of forbearance and we deem this to be a significant increase in credit risk and so these loans are included in Stage 2. As required under IFRS9 the expected impact of movements in the macroeconomy is also reflected in the expected loss model calculations. For motor finance, assessments are made to identify the correlation of the level of impairment provision with forward looking external data regarding forecast future levels of employment, inflation, interest rates and used car values which may affect the customers\u2019 future propensity to repay their loan. The macroeconomic overlay assessments for 31 January 2025 reflect that further to considering such external macroeconomic forecast data, management have judged that, whilst less than at 31 January 2024, there is currently still a heightened risk of an adverse economic environment for our customers. To factor in such uncertainties, management has included an overlay for certain groups of assets to reflect this macroeconomic outlook, based on estimated unemployment and inflation levels in future periods. As at 31 January 2025, we have not included an overlay for used vehicle prices as we assume that used vehicle prices will now remain stable \u2013 this is the same assumption as at 31 January 2024. Further sensitivity over this estimation uncertainty is provided in note 1.13.Other than the changes to the approach mentioned above, there were no significant changes to estimation techniques applied to the calculations used at 31 January 2024.PD/LGD calculations for expected loss impairment provisions were also developed for our Property Bridging business Aspen Bridging in accordance with IFRS9. Stage 1 expected losses are recognised on inception/initial recognition of a loan based on the probability of a customer becoming impaired in the next 12 months. The Bridging product has a single repayment scheduled for the end of the loan term and if a bridging loan is not granted an extension and is still outstanding beyond the end of the loan term then this is deemed credit impaired and included in IFRS9 Stage 3. Due mainly to the high values of property security attached to bridging loans, the bridging sector typically has lower credit risk and lower impairment than other credit sectors.Assets in both our secured loan businesses are written off once the asset has been repossessed and sold and there is no prospect of further legal or other debt recovery action. Where enforcement action is still taking place, loans are not written off. In motor finance where the asset is no longer present then another indicator used to determine whether the loan should be written off is the lack of any receipt for 12 months from that customer.",
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"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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"f0__s9__6__21": {
"value": "1.6 Impairment of amounts owed by subsidiary companies to the parent companyThese are initially recognised as the amount loaned to the subsidiary company. After initial recognition amounts owed by subsidiary companies to the parent company are subsequently measured at amortised cost. Amortised costs include any deduction for loan loss impairment provisions for expected credit losses in accordance with the requirements of IFRS9. Management consider that there is a low probability of default on these loans and there has been no significant increase in credit risk or credit impairment since these loans were first recognised. Therefore, the loans continued to be held at the amount loaned.",
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"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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"f0__s9__6__22": {
"value": "1.7 Property, plant and equipmentProperty, plant and equipment is stated at cost less accumulated depreciation. Certain freehold property is held at previous revalued amounts less accumulated depreciation as the Group has elected to use these amounts as the deemed cost as at the date of transition to IFRS under the transitional arrangements of IFRS 1.Depreciation is provided on the cost or valuation of property, plant and equipment in order to write such cost or valuation over the expected useful lives as follows;Freehold Buildings 2% per annum straight lineFixtures and Fittings -Computers 20% per annum straight lineFixtures and Fittings - Other 10% per annum straight line or 20% per annum reducing balanceMotor Vehicles 25% per annum reducing balanceRight to Use Assets Straight line over the normal term of the leaseFreehold Land is not depreciated.",
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"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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"f0__s9__6__23-1": {
"value": "1.8 TaxationCurrent tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.22. Deferred TaxAccelerated Shadow tax SharedepreciationOptionsTotal Group\u00a3000\u00a3000\u00a3000At 1 February 2023 (109) 219 110Credit/(debit) to income (4) 49 45At 31 January 2024 (113) 268 155Debit to income \u2013 (115) (115)At 31 January 2025 (113) 153 40CompanyAt 1 February 2023 (7) 22 15Credit to income 4 11 15At 31 January 2024 (3) 33 30Credit/(debit) to income 1 (16) (15)At 31 January 2025 (2) 17 15Shadow share options are long term share based incentive instruments which will be settled in cash when exercised based on future share price and require achieving certain performance targets and are subject to continued employment conditions.The Finance Act 2021 confirms an increase of UK corporation tax rate from 19% to 25% with effect from 1 April 2023 and this was substantively enacted by the statement of financial position date and therefore included in these financial statements.",
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"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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},
"f0__s9__6__24": {
"value": "1.9 Preference sharesThe issued 31.5% preference share capital is carried in the balance sheet at amortised cost and shown as a financial liability. The issued 6% preference share capital is valued at par and shown as called up share capital.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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"f0__s9__6__25-1": {
"value": "1.10 PensionsThe Group contributes as required to a defined benefit pension scheme. The defined benefit pension asset at the balance sheet date is calculated as the fair value of the plan assets less the present value of the defined benefit obligation. The scheme is currently in surplus but as the group has no ability to access this asset the surplus is capped at \u00a3nil. Actuarial gains and losses are recognised immediately in the financial statements.The Group also operates several defined contribution pension schemes and the pension charge represents the amount payable by the Company for the financial year.30. Retirement Benefit ObligationsThe Company operates a defined benefit scheme in the UK. The plan is funded by payment of contributions to a separate trustee administered fund. The pension cost relating to the scheme is assessed in accordance with the advice of a qualified independent actuary using the attained age method. The last formal valuation was at 31 March 2022. At that valuation it was assumed that the appropriate post retirement discount rate was 1.95% and pension increases would be 3.6% per annum. The valuation results have been updated on the advice of a qualified actuary to take account of the requirements of IAS19 in order to assess the liabilities of the scheme as at 31 January 2025. The last actuarial valuation highlighted that the scheme was in surplus on an ongoing basis with the value of assets being sufficient to cover the actuarial value of accrued liabilities. No contributions are therefore being paid to the scheme at the present time and the estimated amount of contributions expected to be paid into the scheme during the year to 31 January 2026 is \u00a3nil.The scheme is run by Trustees who are responsible for the affairs of the scheme. Trustees during the year were Mr GDC Coombs and Mr CH Redford who were also directors of S&U plc during the year. The scheme is closed to new members. The Trustees discuss the affairs of the scheme and deal with discretionary matters regarding benefits. The trustees have employed Barclays Wealth as investment managers. S&U plc has power, under the Trust Deed and Rules which govern the operation of the Fund, to remove Trustees from office, to accept their resignations, and to appoint new or additional Trustees. The directors of S&U plc consider all these arrangements to be appropriate, having noted that the scheme has been closed to new members for over 40 years, the scheme continues to have a significant surplus and the scheme\u2019s defined benefit obligations are not material in the context of the group. Disclosures made in accordance with IAS 19A full actuarial valuation was carried out at 31 March 2022 and updated to 31 January 2025 by a qualified independent actuary. The valuation method used was the projected unit method. The major assumptions used by the actuary were (in nominal terms):At year endAt year end31 January 31 January 20252024Rate of increase in salariesPension increases: Na NaPre-97 Pension 0.0% 0.0%Post 97 Pension 3.5% 3.3%Discount rate 5.2% 4.7%Mortality assumption for 31 January 2025 comes from the S3PA tables with CMI-2023 1.25% long term trend and for 31 January 2024 mortality assumption was from the S3PA tables with CMI-2022 1.25% long term trend. The analysis of the scheme assets and the expected rate of return at the balance sheet date were as follows:Proportion Proportion held atheld at31 January 31 January 20252024\u00a3000\u00a3000Equities 57% 51%Bonds 28% 33%Cash/Other 15% 16%Total market value of assets 100% 100%The amount included in the balance sheet arising from the Group\u2019s obligations in respect of its defined benefit schemes is as follows:Jan 25Jan 24\u00a3000 \u00a3000 Fair value of plan assets 1,125 1,070Present value of defined benefit obligations (333) (348)Surplus before restriction 792 722Restriction on Surplus (792) (722)Pension asset 0 0The pension asset has a large surplus before restriction and so is unlikely to be affected by normal variances in actuarial assumptions and so no actuarial assumption sensitivity analysis is provided. The amount recognised in the income statements during the yearJan 25Jan 24\u00a3000 \u00a3000 Current service cost \u2013 \u2013Past service cost 2 26Interest on obligation 15 14Expected return on plan assets (50) (46)Expense recognised in the income statement (33) (6)Opening net (asset) \u2013 \u2013Expense (33) (6)Contributions paid \u2013 \u2013Actuarial loss 33 6Closing net (asset) 0 0The expense credit in both years is shown within administrative expenses.Jan 25Jan 24Movement in present value of obligation \u00a3000 \u00a3000 Present value of obligation at 1 February 348 342Interest cost 15 14Current service cost \u2013 \u2013Past service cost 2 26Benefits paid (40) (39)Actuarial (gain)/loss on obligation \u2013 assumptions (9) (11)Actuarial (gain)/loss on obligation \u2013 experience 17 16Present value of obligation at 31 January 333 348Experience adjustment on scheme liabilities Actuarial (gain)/loss as percentage of scheme liabilities 2% 1%Movement in fair value of plan assetsFair value of plan assets at 1 February 1,070 1,092Expected return on plan assets 50 46Contributions \u2013 \u2013Benefits paid (40) (39)Actuarial gain/(loss) on plan assets 45 (29)Fair value of plan assets at 31 January 1,125 1,070The fair value of plan assets other than cash is based on quoted market prices.Experience adjustment on assets Actuarial gain/(loss) as percentage of scheme assets 4% (3%)",
"dimensions": {
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"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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},
"f0__s9__6__26": {
"value": "1.11 InvestmentsInvestments in subsidiaries held as non-current assets are stated at cost less provision for any impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__27": {
"value": "1.12 Exceptional ItemsExceptional items are items unrelated to the core activities of the Group that are material to the Group\u2019s performance and are presented separately in the financial statements to enhance user understanding of these items and the underlying performance of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__28": {
"value": "1.13 Critical accounting judgements and key sources of estimation uncertaintyIn preparing these financial statements, the Company has made judgements, estimates and assumptions which affect the reported amounts within the current and next financial year. Actual results may differ from these estimates. Estimates and judgements are regularly reviewed based on past experience, expectations of future events and other factors.Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Company\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.Significant increase in credit risk for classification in Stage 2The Company\u2019s transfer criteria determine what constitutes a significant increase in credit risk, which results in a customer being moved from Stage 1 to Stage 2. Stage 2 currently includes customers who have a good payment record but have been identified as vulnerable by trained staff. Vulnerability can be driven by factors including health, life events, resilience or capability. All customer facing staff are trained to help recognise characteristics of vulnerability. Key sources of estimation uncertaintyThe directors consider that the sources of estimation uncertainty which have the most significant effect on the amounts recognised in the financial statements are those inherent in the consumer credit markets in which we operate relating to impairment as outlined in 1.5 above. In particular, the Group\u2019s impairment provision is dependent on estimation uncertainty in forward-looking on areas such as employment rates, inflation rates and used car and property prices. The Group implemented IFRS 9 from 1 February 2018 by developing models to calculate expected credit losses in a range of economic scenarios. These models involve setting modelling assumptions, weighting of economic scenarios, the criteria of determining significant deterioration in credit quality and the application of adjustments to model outputs. We have outlined assumptions in our expected credit loss model in the current year. Reasonable movement in these assumptions might have a material impact on the impairment provision value.Macroeconomic overlay for our motor finance businessFor this overlay, the Group considers four probability-weighted scenarios in relation to unemployment rate: base, upside, downside and severe scenarios as follows:Upside Downside Severe (30% (30 % (50% Basedecrease)increase)increase) Weighted Weighting 50% 20% 25% 5%Q1 2025 4.50% 3.15% 5.85% 6.75% 4.68%Q1 2026 4.70% 3.15% 5.85% 6.75% 4.68%Q1 2027 4.80% 3.36% 6.24% 7.20% 4.89%Q1 2028 4.80% 3.36% 6.24% 7.20% 4.89%Inflation rates were not previously been factored into the macroeconomic overlay prior to 31 January 2022 when we included them due to the extraordinary increases forecast for the following 12 months period and the potential impact on our customers and their repayments \u2013 high inflation and forecast inflation were still present at 31 January 2023 and to a lesser extent at 31 January 2024 but inflation and forecast inflation are more normalised at 31 January 2025. The Group considers four probability-weighted scenarios in relation to inflation rate: base, upside, downside and severe scenarios as follows:Upside Downside Severe (30% (30 % (50% Basedecrease)increase)increase) Weighted Weighting 50% 20% 25% 5%Q1 2025 2.80% 1.96% 3.64% 4.20% 2.91%Q1 2026 3.00% 2.10% 3.90% 4.50% 3.12%Q1 2027 2.30% 1.61% 2.99% 3.45% 2.39%Q1 2028 1.90% 1.37% 2.47% 2.85% 1.98%An increase by 0.5% in the weighted average unemployment rate would result in an increase in loan loss provisions by \u00a3902,739. A decrease by 0.5% would result in a decrease in loan loss provisions by \u00a3902,739. Due to the lower more normalised inflation rates now forecast, an increase or decrease of 0.5% in the weighted average inflation rate would have no material effect. Used vehicle price sensitivity for our motor finance businessAt the year ended 31 January 2025 and at the year ended 31 January 2024, we have assumed that used vehicle prices will remain stable after a period when used vehicle prices increased during years ended 31 January 2022 and 31 January 2023 and then decreased during year ended 31 January 2024. This assumption as at 31 January 2025 has been made after considering market trends and expectations but is uncertain. If used car prices were assumed to fall by 5% instead, then this would result in an increase in loan loss provisions of \u00a32,767,863. If used vehicle prices were assumed to increase by 5% instead, then this would result in a decrease in loan loss provisions of \u00a32,767,863.Expected loss sensitivity for our property bridging businessThe PD/LGD expected loss impairment provision model calculations developed for our Aspen bridging business have been based on extrapolating an inherently low volume sample of historic defaults and losses to reflect the current receivables and current market conditions. If the probability of default were assessed to be 10% higher than these calculations, then this would result in an increase in loan loss provisions of \u00a3341,574. If the probability of default were assessed to be 10% lower than these calculations, then this would result in a decrease in loan loss provisions of \u00a3341,574.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__31": {
"value": "3. Revenue20252024\u00a3000\u00a3000Interest revenue and other income calculated using the effective interest method 112,673 111,378Other fee income 2,938 4,059Total revenue 115,611 115,437",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__33": {
"value": "4. Cost of Sales20252024\u00a3000\u00a3000Cost of sales \u2013 motor finance 14,063 20,726Cost of sales \u2013 property bridging finance 2,321 2,095Total Cost of sales 16,384 22,821",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__35": {
"value": "5. Impairment Charge20252024\u00a3000\u00a3000Loan loss provisioning chargeLoan loss provisioning charge \u2013 motor finance 33,191 23,280Loan loss provisioning charge \u2013 property bridging finance 2,380 923Total impairment charge 35,571 24,203",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__37": {
"value": "6. Administrative Expenses20252024\u00a3000\u00a3000Administrative expenses \u2013 motor finance 13,391 14,343Administrative expenses \u2013 property bridging 2,670 2,491Administrative expenses \u2013 central 2,765 2,933Total Administrative Expenses 18,826 19,767",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__38": {
"value": "7. Information Regarding EmployeesGroupGroupCompanyCompany2025202420252024No.No.No.No.The monthly average number of persons employed by the Group in the year was:Motor finance 212 205 \u2013 \u2013Property bridging finance 25 23 \u2013 \u2013Central 11 11 11 11Total Group average number of employees 248 239 11 11The monthly average employed by the company was 11 (2024: 11).2025202420252024Staff costs during the year (including directors):\u00a3000\u00a3000\u00a3000\u00a3000Wages and salaries 11,348 11,184 1,377 1,407Social security costs 1,254 1,285 238 234Pension costs for defined contribution scheme 614 521 42 40Total Staff Costs 13,216 12,990 1,657 1,681Directors\u2019 remuneration and details of the highest paid director are disclosed in the audited section of the Directors\u2019 Remuneration Report. No director or current employee is a member of the small historical defined benefit pension plan the details of which are contained in note 30 of these notes to the accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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},
"f0__s9__6__40": {
"value": "8. Operating Profit20252024\u00a3000\u00a3000Operating profit from continuing operations is after charging/(crediting):Depreciation and amortisation:Owned and Right to Use assets 482 510Profit on sale of fixed assets (14) (16)Staff costs 13,216 12,990The analysis of auditor\u2019s remuneration is as follows:20252024\u00a3000\u00a3000Fees payable to the Group\u2019s auditor for the audit of the Company\u2019s annual accounts 50 45Fees payable to the Group\u2019s auditor for other services to the GroupThe audit of the Company\u2019s subsidiaries 170 155Total audit fees 220 200Audit related assurance services 30 30Other services \u2013 \u2013Total non-audit fees 30 30Total 250 230",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__42": {
"value": "9. Finance Costs 20252024\u00a3000\u00a300031.5% cumulative preference dividend 141 141Lease Liabilities 20 16Bank loan and overdraft interest payable 17,957 14,905Total Finance Costs 18,118 15,062",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__45": {
"value": "11. Exceptional ItemMotor Finance Forbearance Outcomes ReviewOur motor finance subsidiary Advantage was included in the FCA\u2019s multi-firm Cost of Living Forbearance Outcomes review in 2023 and as a result the FCA concluded that enhancements were required to Advantage\u2019s approach to arrears management and the application of forbearance. We have engaged external support and Advantage and the FCA have discussed and agreed the necessary steps and Advantage have assessed whether any customers were adversely affected by its practices. We have recently completed this work and have provided for anticipated total associated exceptional potential customer remediation costs and external support costs totalling \u00a32.736m as an exceptional item during the year ended 31 January 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__47": {
"value": "12. Tax on Profit Before Taxation20252024\u00a3000\u00a3000Continuing OperationsCorporation tax at 25.0% (2024: 24.0%) based on profit for the year 5,968 8,176Adjustment in respect of prior years (20) 165,948 8,192Deferred tax (temporary differences \u2013 origination and (reversal)) 115 (45)6,063 8,147The actual tax charge for the current and the previous year from continuing operations varies to the standard rate for the reasons set out in the following reconciliation.20252024\u00a3000\u00a3000Profit on ordinary activities before tax from continuing operations 23,976 33,584Tax on profit on ordinary activities at standard rate of 25.0% (2024: 24.0%) 5,994 8,060Factors affecting charge for the period:Expenses not deductible for tax purposes 54 48Effects of other tax rates and permanent differences 35 23Prior period adjustments (20) 16Total actual amount of tax 6,063 8,147The Finance Act 2021 confirms an increase of UK corporation tax rate from 19% to 25% with effect from 1 April 2023 and this was substantively enacted by the statement of financial position date and therefore included in these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__49": {
"value": "13. Dividends20252024\u00a3000\u00a30002nd Interim dividend paid for the year ended 31/1/2024 \u2013 35.0p per Ordinary share (38.0p) 4,253 4,617Final dividend paid for the year ended 31/1/2024 \u2013 50.0p per Ordinary share (60.0p) 6,075 7,2901st Interim dividend paid for the year ended 31/1/2025 \u2013 30.0p per Ordinary share (35.0p) 3,645 4,253Total ordinary dividends paid 13,973 16,1606% cumulative preference dividend paid March and September 12 12Credit for unpresented dividend payments over 12 years old (22) (18)Total dividends paid 13,963 16,154A second interim dividend of 30.0p per ordinary share for the year ended 31 January 2025 was paid on 7 March 2025 totalling \u00a33.6m and the directors are proposing a final dividend for the year ended 31 January 2025 of 40p per ordinary share totalling \u00a34.9m. The final dividend will be paid on 25 July 2025 to shareholders on the register at close of business on 4 July 2025 subject to approval by shareholders at the Annual General Meeting on Wednesday 18 June 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__51": {
"value": "14. Earnings Per Ordinary ShareThe calculation of earnings per ordinary share (\u201cEPS\u201d) from continuing operations is based on profit after tax of \u00a317,913,000 (2024: \u00a325,437,000). The number of shares used in the Basic EPS calculation is the weighted average number of shares in issue during the year of 12,150,760 (2024: 12,150,760). There are a total of nil dilutive share options in issue (2024: nil) and taking into account the appropriate proportion of these dilutive options the number of shares used in the Diluted EPS calculation is 12,150,760 (2024: 12,150,760).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__53": {
"value": "15. Property, Plant and EquipmentLand andMotor Fixtures andRight to buildingsvehicles Fittings UseTotalGroup\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Cost At 1 February 2023 1,886 381 1,796 885 4,948Additions 15 63 187 \u2013 265Disposals (4) (122) (110) (56) (292)At 31 January 2024 1,897 322 1,873 829 4,921Additions 547 35 101 43 726Disposals \u2013 (63) (90) \u2013 (153)At 31 January 2025 2,444 294 1,884 872 5,494Accumulated depreciationAt 1 February 2023 505 177 1,323 327 2,332Charge for the year 108 53 173 176 510Eliminated on disposals (3) (68) (104) (56) (231)At 31 January 2024 610 162 1,392 447 2,611Charge for the year 109 43 167 163 482Eliminated on disposals \u2013 (39) (87) \u2013 (126)At 31 January 2025 719 166 1,472 610 2,967Net book valueAt 31 January 2025 1,725 128 412 262 2,527At 31 January 2024 1,287 160 481 382 2,310Included in the above is land at a cost of \u00a322,000 (2024: \u00a322,000) which is not depreciated.Included in Right to Use assets above, are leases now capitalised under IFRS16 which are depreciated over the normal term of the lease. The total cash outflow for these leases during the year to 31.1.25 was \u00a3192,000 (2024: \u00a3178,000 ).Land andMotor Fixtures andRight toBuildingsvehiclesFittings UseTotalCompany\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Cost At 1 February 2023 42 53 269 343 707Additions \u2013 \u2013 27 \u2013 27Disposals \u2013 \u2013 \u2013 \u2013 \u2013At 31 January 2024 42 53 296 343 734Additions \u2013 \u2013 2 \u2013 2Disposals \u2013 \u2013 \u2013 \u2013 \u2013At 31 January 2025 42 53 298 343 736Accumulated depreciationAt 1 February 2023 12 33 204 12 261Charge for the year 1 5 23 68 97Eliminated on disposals \u2013 \u2013 \u2013 \u2013 \u2013At 31 January 2024 13 38 227 80 358Charge for the year \u2013 4 18 69 91Eliminated on disposals \u2013 \u2013 \u2013 \u2013 \u2013At 31 January 2025 13 42 245 149 449Net book valueAt 31 January 2025 29 11 53 194 287At 31 January 2024 29 15 69 263 376Included in the above is land at cost of \u00a322,000 (2024: \u00a322,000) which is not depreciated.The only asset included in Right to Use assets above is a lease of S&U and Aspen Solihull office premises which is now capitalised under IFRS16 which is depreciated over the normal term of the lease. The total cash outflow for this lease during the year to 31.1.25 was \u00a388,000 (2024: \u00a366,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__56": {
"value": "16. Investments and Related Party Transactions20252024Company\u00a3000\u00a3000Shares in subsidiary companiesAt historical cost less impairment 1 1Interests in subsidiariesThe principal subsidiaries of the Company, which are wholly owned directly by the Company, operate in Great Britain and are incorporated in England and Wales. Subsidiary and Registered Number Principal activityAdvantage Finance Limited (03773673) Motor financeAspen Bridging Limited (10270026) Property bridging financeThe following are wholly owned dormant subsidiaries of the group which take advantage of exemptions provided under s394a and s448a and do not prepare, file or have audited individual company accounts; Advantage Motor Finance Limited (03773678), Advantage4u Limited (06691669), Advantage Direct Finance Limited (07037684), Advantage Partner Finance Limited (07036720), Advantage Asset Finance Limited (06691598), S&U Stores Limited (00448884) and Cash Kangaroo Limited (08435795).All dormant subsidiaries are directly owned by S&U plc with the exception of Advantage Motor Finance Limited which is indirectly wholly owned via Advantage Finance Limited.All companies in the Group have their registered office at 2 Stratford Court, Cranmore Boulevard, Solihull B90 4QT.Related party transactionsGroupTransactions between the Company and its subsidiaries, which are related parties have been eliminated on consolidation and are not disclosed in this note. Transactions with the Company\u2019s pension scheme are disclosed in note 28. During the year the Group made charitable donations amounting to \u00a360,000 (2024: \u00a3117,500) via the Keith Coombs Trust which is a related party because Messrs GDC Coombs, AMV Coombs and CH Redford are trustees. The amount owed to the Keith Coombs Trust at the year-end was \u00a3nil (2024: \u00a320,000). During the year the Group obtained supplies at market rates amounting to \u00a34,544 (2024: \u00a34,110) from Grevayne Properties Limited a Company which is a related party because Messrs G D C and A M V Coombs are directors and shareholders. All related party transactions were settled in full when due. CompanyThe Company received dividends from other Group undertakings totalling \u00a316,900,000 (2024: \u00a316,500,000). During the year the Company recharged other Group undertakings for various administrative expenses incurred on their behalf. The Company also received administrative cost recharges from other Group undertakings. At 31 January 2025 the Company was owed \u00a3270,408,115 (2024: \u00a3295,926,496) by other Group undertakings as part of an intercompany loan facility and owed \u00a3217,119 to S&U Stores Limited, a dormant group company (2024: \u00a3217,119). All related party transactions were settled in full when due. Key management personnel compensation is disclosed on page 36 in the Directors Remuneration Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__55": {
"value": "2 Stratford Court, Cranmore Boulevard, Solihull B90 4QT.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__58": {
"value": "17. Amounts Receivable from Customers Group20252024\u00a3000\u00a3000Motor finance hire purchase 401,792 437,181Less: Loan loss provision motor finance (118,166) (104,685)Amounts receivable from customers motor finance 283,626 332,496Property bridging finance loans 155,083 132,746Less: Loan loss provision property bridging finance (2,863) (2,304)Amounts receivable from customers property bridging finance 152,220 130,442Amounts receivable from customers total 435,846 462,938Analysis by future date due\u2013 Due within one year 232,330 220,953\u2013 Due in more than one year 203,516 241,985Amounts receivable from customers 435,846 462,938Analysis of securityLoans secured on vehicles under hire purchase agreements 277,831 327,485Loans secured on property 152,220 130,442Other loans not secured (motor finance where security no longer present) 5,795 5,011Amounts receivable from customers 435,846 462,938Analysis of not impaired and impairedNot impairedNeither past due nor impaired 355,566 395,047Past due up to 3 months but not impaired \u2013 \u2013Past due over 3 months but not impaired \u2013 \u2013ImpairedPast due up to 3 months 46,865 48,986Past due over 3 months and up to 6 months 13,412 9,070Past due over 6 months or default 20,003 9,835Amounts receivable from customers 435,846 462,938The credit risk inherent in amounts receivable from customers is reviewed as per note 1.5 and under this review the credit quality of assets which are neither past due nor impaired was considered to be good with the exception of 1,727 vulnerable customers who although not in arrears at 31.1.25 were assessed from a review of internal data to have a significant increase in credit risk (2024: 881). Under IFRS9 therefore these customers although not in arrears are included in stage 2 at 31.1.25 with an increased impairment provision.Analysis of loan loss provision and amounts receivable from customers (capital)Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to months ECL lifetime ECL lifetime ECL Total As at 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Amounts receivable (capital)Motor finance 221,442 9,811 170,539 401,792Property bridging finance 141,476 \u2013 13,607 155,083Total 362,918 9,811 184,146 556,875Loan loss provisionsMotor finance (13,258) (2,904) (102,004) (118,166)Property bridging finance (1,001) \u2013 (1,862) (2,863)Total (14,259) (2,904) (103,866) (121,029)Amounts receivable (net)Motor finance 208,184 6,907 68,535 283,626Property bridging finance 140,475 \u2013 11,745 152,220Total 348,659 6,907 80,280 435,846Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to months ECL lifetime ECL lifetime ECL Total As at 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Amounts receivable (capital)Motor finance 291,566 5,125 140,490 437,181Property bridging finance 121,908 \u2013 10,838 132,746Total 413,474 5,125 151,328 569,927Loan loss provisionsMotor finance (21,315) (1,323) (82,047) (104,685)Property bridging finance (914) \u2013 (1,390) (2,304)Total (22,229) (1,323) (83,437) (106,989)Amounts receivable (net)Motor finance 270,251 3,802 58,443 332,496Property bridging finance 120,994 \u2013 9,448 130,442Total 391,245 3,802 67,891 462,938Collateral heldMotor finance \u2013 except for loans valued at \u00a35.795m (2024: \u00a35.011m), where we are aware the security is no longer present, security is held on a used vehicle for each hire purchase motor finance agreement. As stated in note 1.13 above, valuing these used vehicles secured under our hire purchase agreements is uncertain as the condition and mileage of the used vehicle are unknown. We estimate the trade value of collateral held at 31.1.25 for motor finance loans currently in stage 3 was \u00a382.4m (2024: \u00a368.8m) \u2013 these estimated values are stated before taking into account recovery and disposal costs.Property bridging finance \u2013 the estimated value of first charge secured properties held under our bridging loan facility agreements at 31.1.25 is \u00a3246.3m (2024: \u00a3199.6m). This includes \u00a316.7m estimated value of properties secured which is held for loan agreements currently in Stage 3 (2024: \u00a315.3m).Advances in both our motor finance business and our property bridging business are only made with collateral security and this is important in both these markets for the collectability of these loans \u2013 there have been no significant changes in the quality of collateral held during the year.Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to Total months ECL lifetime ECL lifetime ECL Provision Loan loss provisions\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 1 February 2023 27,756 662 69,605 98,023Net transfers and changes in credit risk (14,755) 565 12,331 (1,859)New loans originated 11,863 354 13,845 26,062Total impairment charge to income statement (2,892) 919 26,176 24,203Amounts netted off revenue for stage 3 assets \u2013 \u2013 9,162 9,162Utilised provision on write-offs (2,635) (258) (21,506) (24,399)At 31 January 2024 22,229 1,323 83,437 106,989Net transfers and changes in credit risk (11,286) 1,434 26,699 16,847New loans originated 5,204 642 12,878 18,724Total impairment charge to income statement (6,082) 2,076 39,577 35,571Amounts netted off revenue for stage 3 assets \u2013 \u2013 15,614 15,614Utilised provision on write-offs (1,888) (495) (34,762) (37,145)At 31 January 2025 14,259 2,904 103,866 121,029There were no significant changes in the capital carrying value of amounts receivable from customers this year which contributed to changes in the loan loss provisions other than growth in new loans originated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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},
"f0__s9__6__60": {
"value": "18. Other Receivables and PrepaymentsGroup Company2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000Amounts owed by subsidiary undertakings \u2013 \u2013 270,191 295,709Other debtors 22 52 \u2013 10Prepayments and accrued income 1,405 1,390 179 991,427 1,442 270,370 295,818The amounts owed by subsidiary undertakings in the Company\u2019s balance sheet are stated net of nil impairment and, other than \u00a390.5m of intercompany receivables from Advantage Finance Limited (2024: \u00a3125.0m) and \u00a3107.0m of intercompany receivables from Aspen Bridging Limited (2024: \u00a398.5m), which are due after more than one year, the amounts owed by subsidiary undertakings have no fixed maturity date. Under IFRS7, there are no amounts included in other receivables and prepayments which are past due but not impaired and no amounts which are impaired or have a significant increase in credit risk. The carrying value of trade and other receivables is not materially different to their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__62": {
"value": "19. Borrowings Including Bank Overdrafts and LoansGroup Company2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000Bank overdrafts and loans \u2013 due within one year \u2013 881 \u2013 \u2013Bank and other loans \u2013 due in more than one year 197,500 223,500 197,500 223,500197,500 224,381 197,500 223,500The carrying value of bank overdrafts and loans is not materially different to the fair value.S&U plc had the following overdraft facilities available at 31 January 2025:\u2013 a facility for \u00a35 million (2024: \u00a35m) which is subject to annual review in June 2025.\u2013 a facility for \u00a32 million (2024: \u00a32m) which has no annual review date.Total drawdowns of these overdraft facilities at 31 January 2025 were \u00a3nil (2024: \u00a3880,564).S&U plc had the following revolving credit facilities available at 31 January 2025:\u2013 a facility for \u00a3230 million (2024: \u00a3230m) which is due for repayment in May 2027.At 31 January 2024 S&U plc had revolving credit facilities of \u00a3230m which was due for repayment in May 2026.S&U plc had the following term loan facilities available at 31 January 2024 and 31 January 2025:\u2013 a facility for \u00a350 million (2024: \u00a350m) - \u00a325m of which is due for repayment in March 2028 and \u00a325m is due for repayment in March 2024. All the bank overdrafts facilities, revolving credit facilities and term loan facilities mentioned above incur interest at a variable rate.The bank overdraft and loans are secured under a multilateral guarantee provided by S&U plc and its operating subsidiaries Advantage Finance Ltd and Aspen Bridging Ltd.The Company is part of the Group overdraft facility and at 31 January 2025 was \u00a3nil overdrawn (2024: \u00a3nil overdrawn). A maturity analysis of the above borrowings is given in note 25.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__64": {
"value": "20. Trade and Other PayablesGroup Company2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000Trade creditors 1,139 920 136 63Other creditors including commissions and remuneration payable 2,156 3,977 538 6073,295 4,897 674 670The carrying value of trade and other payables is not materially different to the fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__66": {
"value": "21. Provisions For Liabilities and ChargesGroup Company2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000At 1 February 2024 \u2013 \u2013 \u2013 \u2013Charge to income statement 2,736 \u2013 \u2013 \u2013Utilised (464) \u2013 \u2013 \u2013At 31 January 2025 2,272 \u2013 \u2013 \u2013Our motor finance subsidiary Advantage was included in the FCA\u2019s multi-firm Cost of Living Forbearance Outcomes review in 2023 and as a result the FCA concluded that enhancements were required to Advantage\u2019s approach to arrears management and the application of forbearance. We have engaged external support and Advantage and the FCA have discussed and agreed the necessary steps and Advantage have assessed whether any customers were adversely affected by its practices. We have recently completed this work and have provided for anticipated associated exceptional potential customer remediation costs and external support costs totalling \u00a32.736m (see also note 11) of which \u00a30.464m has so far been incurred leaving a provision of \u00a32.272m carried forward at 31 January 2025.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__70": {
"value": "23. Called Up Share Capital and Preference Shares20252024\u00a3000\u00a3000Called up, allotted and fully paid12,150,760 Ordinary shares of 12.5p each (2024: 12,150,760) 1,519 1,519200,000 6.0% Cumulative preference shares of \u00a31 each 200 200Called up share capital 1,719 1,719The 6.0% cumulative preference shares enable the holder to receive a cumulative preferential dividend at the rate of 6.0% on paid up capital and the right to a return of capital plus a premium of 10p per share at either a winding up or a repayment of capital. The 6.0% cumulative preference shares do not carry voting rights so long as the dividends are not in arrears.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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"f0__s9__6__72": {
"value": "24. Financial Liabilities20252024Preference Share Capital\u00a3000\u00a3000Called up, allotted and fully paid3,598,506 31.5% Cumulative preference shares of 12.5p each (2024: 3,598,506) 450 450The 31.5% cumulative preference shares entitle the holder to receive a cumulative preference dividend of 31.5% plus associated tax credit and the right to a return of twice the capital (2 lots of 12.5p) plus a premium of 22.5p per share on either a winding up or a repayment of capital. The rights of the holders of these shares to dividends and returns of capital are subordinated to those of the holders of the 6.0% cumulative preference shares. The 31.5% cumulative preference shares do not carry voting rights so long as the dividends are not in arrears.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__74": {
"value": "25. Financial InstrumentsThe Group and the Company\u2019s principal financial instruments are amounts receivable from customers, cash, preference share capital, bank overdrafts and bank loans.The Group and the Company\u2019s business objectives rely on maintaining a well spread customer base of carefully controlled quality by applying strong emphasis on good credit management, both through strict lending criteria at the time of underwriting a new credit facility and continuous monitoring of the collection process. The motor finance hire purchase debts are secured by the financed vehicle. All financial assets are held at amortised cost.As at 31 January 2025 the Group\u2019s indebtedness amounted to \u00a3197,500,000 (2024: \u00a3224,381,000) and the Company\u2019s indebtedness amounted to \u00a3197,500,000 (2024: \u00a3223,415,000). The Group gearing was 80.8% (2024: 98.5%), being calculated as borrowings net of cash as a percentage of total equity. The Board is of the view that the gearing level remains conservative, especially for a lending organisation. The tables below on pages 83 and 84 analyses the Group and Company assets and liabilities into relevant maturity groupings based on the remaining period at the balance sheet date (to contractual maturity).S&U plc has unused committed borrowing facilities at 31 January 2025 of \u00a382.5m (2024: \u00a356.5m). The preference share capital financial liability of \u00a3450,000 has no maturity date and is classified as more than five years.The average effective interest rate on financial assets of the Group at 31 January 2025 was estimated to be 23% (2024: 26%). The average effective interest rate of financial liabilities of the Group at 31 January 2025 was estimated to be 8% (2024: 8%). The average effective interest rate on financial liabilities of the Company at 31 January 2025 was estimated to be 8% (2024: 8%).Currency and credit riskThe Group has no material exposure to foreign currency risk. The credit risk inherent in amounts receivable from customers is reviewed under impairment as per note 1.4. It should be noted that the credit risk at the individual customer level is limited by strict adherence to credit control rules which are regularly reviewed. The credit risk is also mitigated in the motor finance segment of our business by ensuring that the valuation of the security at origination of the loan is within glasses guide and cap limits. The credit risk is also mitigated in the bridging property finance segment of our business by ensuring that the valuation of the security at origination of the loan is rigorously assessed and is within loan to value limits. As confirmation required under IFRS 8, no individual customer contributes more than 10% of the revenue for the Group. Group trade and other receivables and cash are considered to have no material credit risk as all material balances are due from highly rated banking counterparties.Interest rate riskThe Group\u2019s activities expose it to the financial risks of changes in interest rates and the Group uses interest rate derivative contracts where appropriate to hedge these exposures in bank borrowings. There are no interest rate derivative contracts held at 31 January 2025 (2024: none held). There is considered to be no material interest rate risk in cash, trade and other receivables, preference shares and trade and other payables.The sensitivity analyses below have been determined based on the exposure to interest rates at the balance sheet date. The Group has low gearing for its sector and the directors consider a 1% and a 2% movement in interest rates to reflect the UK interest rate environment and to be appropriate for sensitivity analyses. For floating rate liabilities, the analysis is prepared assuming the liability outstanding at the balance sheet date was outstanding for the whole year.If interest rates had been 1% higher/lower and all other variables were held constant, the Group\u2019s;\u2022 profit for the year ended 31 January 2025 would decrease/increase by \u00a31.5 million (2024: decrease/increase by \u00a31.6million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.\u2022 total equity would decrease/increase by \u00a31.5million (2024: decrease/increase by \u00a31.6million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.If interest rates had been 2% higher/lower and all other variables were held constant, the Group\u2019s;\u2022 profit for the year ended 31 January 2025 would decrease/increase by \u00a33.0million (2024: decrease/increase by \u00a33.2million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.\u2022 total equity would decrease/increase by \u00a33.0million (2024: decrease/increase by \u00a33.2million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.Capital risk managementThe Board of Directors assess the capital needs of the Group on an ongoing basis and approve all material capital transactions. The Group\u2019s objective in respect of capital risk management is to maintain a conservative \u201cGroup Gearing\u201d level with respect to market conditions, whilst taking account of business growth opportunities in a capital efficient manner. \u201cGroup Gearing\u201d is calculated as the sum of Bank Overdrafts plus Bank Loans less Cash and Cash Equivalents divided by Total Equity. At 31 January 2025 the Group gearing level was 80.8% (2024: 98.5%) which the directors consider to have met their objective.Although Advantage have not sold insurance products in recent years, they are required to hold a regulatory minimum capital figure of \u00a35000 in this regard. Throughout the year this Company has maintained a capital base greater than this requirement. Fair values of financial assets and liabilitiesThe fair values of amounts receivable from customers, bank loans and overdrafts and other assets and liabilities with the exception of the junior preference share capital are considered to be not materially different from their book values. The junior preference share capital classified as a financial liability is estimated to have a fair value of \u00a31.9m (2024: \u00a31.9m) but is considered more appropriate under IFRS to be included in the balance sheet at amortised cost. Fair values which are recognised or disclosed in these financial statements are determined in whole or in part using a valuation technique based on assumptions that are supported by prices from observable current market transactions in the same instrument (i.e. without modification or repackaging) and based on available observable market data. The fair value hierarchy is derived from Level 2 inputs in accordance with IFRS13.Liquidity riskThe Group\u2019s liquidity risk is shown in the following tables which measure the cumulative liquidity gap. Management review and manage the maturity of borrowing facilities appropriately. Most of the Group\u2019s financial assets are repayable anyway within two years which together with net gearing of around 80.8% results in a positive liquidity position. More than More than1 year but 2 years but not more not more No fixed Less than than than More than maturity Group1 year2 years5 years5 yearsdateTotalAt 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets 232,330 64,673 138,843 \u2013 \u2013 435,846Other assets \u2013 \u2013 \u2013 \u2013 3,994 3,994Cash at bank and in hand 5,216 \u2013 \u2013 \u2013 \u2013 5,216Total assets 237,546 64,673 138,843 \u2013 3,994 445,056Shareholders\u2019 funds \u2013 \u2013 \u2013 \u2013 (238,079) (238,079)Bank overdrafts and loans \u2013 \u2013 (197,500) \u2013 \u2013 (197,500)Lease liabilities (109) (92) (91) \u2013 \u2013 (292)Financial liabilities \u2013 \u2013 \u2013 (450) \u2013 (450)Other liabilities \u2013 \u2013 \u2013 \u2013 (8,735) (8,735)Total liabilities and shareholders\u2019 funds (109) (92) (197,591) (450) (246,814) (445,056)Cumulative gap 237,437 302,018 243,270 242,820 \u2013 \u2013More than More than 1 year but 2 years but not more not more No fixed Less than than than More than maturityGroup1 year2 years5 years5 yearsdateTotalAt 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets 220,953 71,353 170,632 \u2013 \u2013 462,938Other assets \u2013 \u2013 \u2013 \u2013 3,907 3,907Cash at bank and in hand 1 \u2013 \u2013 \u2013 \u2013 1Total assets 220,954 71,353 170,632 \u2013 3,907 466,846Shareholders\u2019 funds \u2013 \u2013 \u2013 \u2013 (234,162) (234,162)Bank overdrafts and loans (881) \u2013 (198,500) (25,000) \u2013 (224,381)Lease liabilities (170) (102) (149) \u2013 \u2013 (421)Financial liabilities \u2013 \u2013 \u2013 (450) \u2013 (450)Other liabilities \u2013 \u2013 \u2013 \u2013 (7,432) (7,432)Total liabilities and shareholders\u2019 funds (1,051) (102) (198,649) (25,450) (241,594) (466,846)Cumulative gap 219,903 291,154 263,137 237,687 \u2013 \u2013More than More than 2 years but 1 year but not more No fixed Less than not more thanMore than maturityCompany1 yearthan 2 years5 years5 yearsdateTotalAt 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Other assets \u2013 \u2013 197,500 \u2013 73,173 270,673Cash at bank and in hand 2,691 \u2013 \u2013 \u2013 \u2013 2,691Total assets 2,691 \u2013 197,500 \u2013 73,173 273,364Shareholders\u2019 funds \u2013 \u2013 \u2013 \u2013 (74,041) (74,041)Bank overdrafts and loans \u2013 \u2013 (197,500) \u2013 \u2013 (197,500)Financial liabilities \u2013 \u2013 \u2013 (450) \u2013 (450)Lease liabilities (76) (81) (63) \u2013 \u2013 (220)Other liabilities \u2013 \u2013 \u2013 \u2013 (1,153) (1,153)Total liabilities and shareholders\u2019 funds (76) (81) (197,563) (450) (75,194) (273,364)Cumulative gap 2,615 2,534 2,471 2,021 \u2013 \u2013More than More than 1 year but 2 years but not more not more No fixed Less than thanthan More than maturityCompany1 year 2 years5 years5 yearsdateTotalAt 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Other assets \u2013 \u2013 198,500 25,000 72,725 296,225Cash at bank and in hand 85 \u2013 \u2013 \u2013 \u2013 85Total assets 85 \u2013 198,500 25,000 72,725 296,310Shareholders\u2019 funds \u2013 \u2013 \u2013 \u2013 (71,009) (71,009)Bank overdrafts and loans \u2013 \u2013 (198,500) (25,000) \u2013 (223,500)Financial liabilities \u2013 \u2013 \u2013 (450) \u2013 (450)Lease liabilities (72) (76) (144) \u2013 \u2013 (292)Other liabilities \u2013 \u2013 \u2013 \u2013 (1,059) (1,059)Total liabilities and shareholders\u2019 funds (72) (76) (198,644) (25,450) (72,068) (296,310)Cumulative gap 13 (63) (207) (657) \u2013 \u2013The cash flows payable under financial liabilities are analysed as follows:More than More than 1 year but 2 years but not more not more Repayable on Less than than than More than GroupDemand1 year2 years5 years5 yearsTotalAt 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Bank overdrafts and loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Trade and other payables \u2013 3,295 \u2013 \u2013 \u2013 3,295Tax liabilities \u2013 1,695 \u2013 \u2013 \u2013 1,695Provisions for liabilities and charges \u2013 2,272 , , , 2,272Accruals and deferred income \u2013 1,473 \u2013 \u2013 \u2013 1,473Borrowings \u2013 \u2013 \u2013 197,500 \u2013 197,500Lease liabilities \u2013 109 92 91 \u2013 292Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 31 January 2025 \u2013 8,844 92 197,591 450 206,977More than More than 1 year but 2 years but not more not more Repayable on Less than than than More than GroupDemand1 year2 years5 years5 yearsTotalAt 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Bank overdrafts and loans 881 \u2013 \u2013 \u2013 \u2013 881Trade and other payables \u2013 4,897 \u2013 \u2013 \u2013 4,897Tax liabilities \u2013 564 \u2013 \u2013 \u2013 564Accruals and deferred income \u2013 1,971 \u2013 \u2013 \u2013 1,971Borrowings \u2013 \u2013 \u2013 198,500 25,000 223,500Lease liabilities \u2013 170 102 149 \u2013 421Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 31 January 2024 881 7,602 102 198,649 25,450 232,684More than More than 1 year but 2 years but not more not more Repayable on Less than than than More than CompanyDemand1 year2 years5 years5 yearsTotalAt 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Bank overdrafts and loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Trade and other payables \u2013 674 \u2013 \u2013 \u2013 674Tax liabilities \u2013 127 \u2013 \u2013 \u2013 127Accruals and deferred income \u2013 352 \u2013 \u2013 \u2013 352Borrowings \u2013 \u2013 \u2013 197,500 \u2013 197,500Lease liabilities \u2013 76 81 63 \u2013 220Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 31 January 2025 \u2013 1,229 81 197,563 450 199,323More than More than 1 year but 2 years but not more not more Repayable on Less than than than More than CompanyDemand1 year2 years5 years5 yearsTotalAt 31 January 2024\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Bank overdrafts and loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Trade and other payables \u2013 670 \u2013 \u2013 \u2013 670Tax liabilities \u2013 100 \u2013 \u2013 \u2013 100Accruals and deferred income \u2013 289 \u2013 \u2013 \u2013 289Borrowings \u2013 \u2013 \u2013 198,500 25,000 223,500Lease liabilities \u2013 72 76 144 \u2013 292Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 31 January 2024 \u2013 1,131 76 198,644 25,450 225,301",
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"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
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},
"f0__s9__6__76": {
"value": "26. Reconciliation of Operating Profit to Net Cash from Operating ActivitiesGroupGroupCompanyCompany2025202420252024\u00a3000\u00a3000\u00a3000\u00a3000Operating Profit 44,830 48,646 14,135 13,566Tax paid (4,817) (8,515) (57) (9)Exceptional item (2,736) \u2013 \u2013 \u2013Depreciation on plant, property and equipment 482 510 91 97Profit on disposal of plant, property and equipment (14) (16) \u2013 \u2013Decrease/(increase) in amounts receivable from customers 27,092 (42,228) \u2013 \u2013Decrease/(increase) in other receivables and prepayments 15 159 25,448 (27,985)(Decrease)/increase in trade and other payables (1,602) 295 4 (51)(Decrease)/increase in accruals (498) 709 63 74Increase in provisions for other liabilities and charges 2,272 \u2013 \u2013 \u2013Movement in retirement benefit asset/obligations (33) (6) (33) (6)Net cash generated by/(used in) operating activities 64,991 (446) 39,651 (14,314)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__78": {
"value": "27. Financial CommitmentsCapital commitmentsAt 31 January 2025 the Group had \u00a3nil capital commitments contracted but not provided for (2024: \u00a3nil). At 31 January 2025, the Company had no capital commitments contracted but not provided for (2024: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__80": {
"value": "28. Contingent LiabilitiesOn 25 October 2024 the Court of Appeal passed a ruling in the cases of Hopcraft, Wrench and Johnson which affected the payment of motor finance commissions by two motor finance lenders in circumstances where informed and explicit consent had not been obtained. The Court of Appeal ruled in favour of the claimants although the two lenders have appealed this ruling to the UK Supreme Court, who heard their appeal in April 2025 and plan to announce their own ruling by July 2025. Our own subsidiary company Advantage Finance offers motor finance mainly through independent credit broker intermediaries rather than more directly with dealers. From the period January 2013 to October 2024 only about 10% of transactions were written via dealers acting as credit brokers, upon which \u00a36m of commission was paid. Due to different fact patterns between Advantage\u2019s process and the 3 cases which were considered by the Court of Appeal and which are now being considered by the UK Supreme Court and also due to the acknowledged inherent lack of consumer harm in fixed fee commission models of the sort operated by Advantage, management consider that a liability arising is possible but this is not probable. The Group has assessed the requirement for a provision and as at 31 January 2025 no amounts have been recognised. At this point it is also not practicable to reliably estimate the financial effect of any redress payout given the uncertainties over the amount, timing and success of any claims. In summary, this UK Supreme Court ruling arising from the appeal hearing in April 2025 is unknown and uncertain.Please note that Advantage Finance have never used discretionary commission arrangements and so there is no contingent liability or provision recorded for the FCA review into historic discretionary commissions as paid by some lenders in the motor finance sector.The Company has entered into cross-guarantee arrangements with respect to the bank overdrafts of certain of its subsidiaries. The maximum exposure under this arrangement at 31 January 2025 was \u00a313,721 (2024: \u00a32,253,817).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
},
"f0__s9__6__82": {
"value": "29. Share Based PaymentsThe Company operates a Long-Term Incentive Plan (LTIP 2021), which was approved by the AGM in May 2021. LTIP 2021 allows shadow share options which can only be cash settled and therefore do not dilute current shareholders. Vesting of these shadow share option awards is subject to performance conditions over a performance period of at least a year and the awards can normally be exercised for the period between 3 years and 6 years from the date of grant of the award subject also to standard leaver and malus and clawback provisions contained in the rules of the LTIP 2021 plan.The Group recognised total share-based payment expenses for LTIP 2021 of \u00a3145,154 in the year to 31 January 2025 (2024: \u00a3631,936). At 31 January 2025 the creditor for LTIP 2021 shadow share options amounted to \u00a3750,566 (31.1.24: \u00a31,368,768).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2024-02-01T00:00:00/2025-02-01T00:00:00"
}
}
}
}