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"value": "1. Accounting policies1.1 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 75 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 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 income statement. These financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and methods of computation are followed in the financial statements as applied in the prior year, except for a change in reporting date and the movement in borrowings in the cashflow statement. Historically the Group\u2019s subsidiary Advantage Finance has prepared accounts up to the 5th to consider the successful recovery of missed payments from customers at month-end, afforded to it under Section 390(3) of the Companies Act. Previously the Company and its subsidiary Aspen Bridging reported to the 31st and no adjustments were made to align these dates across the Group. For the current period the reporting date has been changed to the 5th February to capture all transactions up until this date across the Group, no change has been made to the accounting reference date. The prior period comparatives for the twelve-month period ended 31 January 2025 have not been adjusted because the amounts presented remain comparable. In regards to the cashflow statement, following a reassessment of IAS 7 the movements are now shown on a gross rather than net basis, where the receipts and repayments are shown as two separate line items rather than combined. Additionally for the company-only cashflow statement finance income received is now included within operating activities rather than financing activities. Comparative figures for the prior periods have been represented to reflect these changes and they have no impact on cash and cash equivalents or the Group\u2019s financial position.The consolidated financial statements incorporate the financial statements of the Company and all its subsidiaries for the period ended 5 February 2026. As discussed in sections A3 and A2.4 of the strategic report and having considered the Group\u2019s forecasts, capital and liquidity, the current economic climate and operational challenges the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. 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, in line with the Group\u2019s financial projections as approved in April 2026.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 5 February 2028 \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 still being assessed ahead of the effective date.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.c. 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 recognitionFor motor finance, interest 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. Option fees for arranging the transfer of ownership of the vehicle to customers at the end of the agreement are recognised and credited to the income statement when the service has been provided. 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. For property bridging finance, interest income is recognised in the income statement for all loans and receivables measured at amortised cost using the effective interest rate method (EIR) as per the requirements in IFRS 9. The EIR is the rate that exactly discounts estimated future cash flows of the loan back to the present value of the advance. Acceptance fees charged to customers and any direct transaction costs are included in the calculation of the EIR. Commission received from third party insurers for brokering the sale of title insurance products, for which the Company does not bear any underlying insurance risk, are recognised and credited to the income statement when the brokerage service has been provided. For loans which are classified as credit impaired (i.e. stage 3 assets under IFRS 9), Aspen recognises revenue \u2018net\u2019 of the impairment provision as required by IFRS 9.1.5 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, 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 5 February 2026 reflect that further to considering such external macroeconomic forecast data, management have judged that, whilst less than at 31 January 2025, 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 levels in future periods. As at 5 February 2026 we have not included inflation levels in our overlay as inflation has now stabilised and has not demonstrated a strong correlation with our recent loan book performance. As at 5 February 2026, 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 2025. 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 5 February 2026.Stock Code: SUS \u2015 www.suplc.co.uk 57PD/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. The Buy-to-Let and second phase of the Bridge-to-Let product is serviced by customers monthly, and these accounts are deemed credit impaired and included in IFRS9 Stage 3 at 90 days past due. 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 IFRS91.7 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 line Fixtures and Fittings - Computers 20% per annum straight line Fixtures and Fittings - Other 10% per annum straight line or 20% per annum reducing balance Motor Vehicles 25% per annum reducing balance Right 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 assumptions 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 Severe Base(5% decrease)Downside(5% increase)Weighting50%15%25%10% WeightedQ1 2026 5.20% 3.64% 6.76% 7.80% 5.62%Q1 2027 5.30% 3.71% 6.89% 7.95% 5.72%Q1 2028 5.10% 3.57% 6.63% 7.65% 5.51%Q1 2029 4.90% 3.43% 6.37% 7.35% 5.29%An increase by 0.5% in the weighted average unemployment rate would result in an increase in loan loss provisions by \u00a3927,613. A decrease by 0.5% would result in a decrease in loan loss provisions by \u00a3927,613. Used vehicle price sensitivity for our motor finance businessAt the period ended 5 February 2026 and at the year ended 31 January 2025, 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 5 February 2026 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 \u00a31,456,083. If used vehicle prices were assumed to increase by 5% instead, then this would result in a decrease in loan loss provisions of \u00a31,456,083.Other accounting judgementsExpected 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 \u00a381,521. 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 \u00a381,521.FCA consultation on motor finance commissionThe FCA has consulted on an industry-wide scheme to compensate motor finance customers who were treated unfairly, this covers motor finance agreements taken out between 6 April 2007 and 1 November 2024 where commission was payable by the lender to the broker. The FCA published its final rules on 30 March 2026 and has stated unfairness is where there is discretionary commission, high commission (where the commission is equal to or greater than 39% of the total cost of credit and 10% of the loan) or there was a tied arrangement with the broker. As previously stated our own subsidiary company Advantage Finance which offers motor finance, has never entered into any discretionary commission arrangements and has never operated \u2018first right of refusal\u2019 arrangements with brokers. Therefore, we are only captured by high commission cases. For such cases the FCA expects consumers to be compensated the average of what the FCA estimates the consumer has overpaid, or lost, and the commission paid, plus interest. Significant challenge has been provided during the consultation phase and further judicial review cannot be ruled out; therefore, several scenarios have been included in the provision calculation and these have been probability weighted to determine an appropriate provision to be recognised. The estimated provision represents management\u2019s best estimate of the potential redress based on current information available and using a range of potential scenarios. The provision assessment also excludes any potential costs in relation to FOS referrals. At this stage it is not possible to reliably determine the number of customers that would go to FOS or the approach FOS will take in applying their fees.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 monthly capital employed (unaudited) being total equity plus Bank Overdrafts plus Borrowings less cash and cash equivalents. For 25/26 Advantage ROCE is calculated as \u00a331,847/\u00a3286,500 = 11.1%. For 24/25 Advantage ROCE is calculated as \u00a328,442/\u00a3317,937 = 9.0%. For 25/26 Aspen ROCE is calculated as \u00a317,711/\u00a3158,196 = 11.2%. For 24/25 Aspen ROCE is calculated as \u00a316,477/\u00a3143,406 = 11.5%.ii. Group gearing is calculated as the sum of Bank Loans and Overdrafts less cash and cash equivalents divided by total equity. At 5 February 2026 group gearing is therefore calculated as \u00a3241,500+296 = \u00a3241,796/\u00a3249,001 = 97.1%. At 31 January 2025 group gearing is calculated as \u00a3197,500-\u00a35,216 = \u00a3192,284/\u00a3238,079 = 80.8%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
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"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
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"value": "1. Accounting policies1.1 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 75 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 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 income statement. These financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and methods of computation are followed in the financial statements as applied in the prior year, except for a change in reporting date and the movement in borrowings in the cashflow statement. Historically the Group\u2019s subsidiary Advantage Finance has prepared accounts up to the 5th to consider the successful recovery of missed payments from customers at month-end, afforded to it under Section 390(3) of the Companies Act. Previously the Company and its subsidiary Aspen Bridging reported to the 31st and no adjustments were made to align these dates across the Group. For the current period the reporting date has been changed to the 5th February to capture all transactions up until this date across the Group, no change has been made to the accounting reference date. The prior period comparatives for the twelve-month period ended 31 January 2025 have not been adjusted because the amounts presented remain comparable. In regards to the cashflow statement, following a reassessment of IAS 7 the movements are now shown on a gross rather than net basis, where the receipts and repayments are shown as two separate line items rather than combined. Additionally for the company-only cashflow statement finance income received is now included within operating activities rather than financing activities. Comparative figures for the prior periods have been represented to reflect these changes and they have no impact on cash and cash equivalents or the Group\u2019s financial position.The consolidated financial statements incorporate the financial statements of the Company and all its subsidiaries for the period ended 5 February 2026. As discussed in sections A3 and A2.4 of the strategic report and having considered the Group\u2019s forecasts, capital and liquidity, the current economic climate and operational challenges the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. 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, in line with the Group\u2019s financial projections as approved in April 2026.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 5 February 2028 \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 still being assessed ahead of the effective date.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.c. 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 recognitionFor motor finance, interest 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. Option fees for arranging the transfer of ownership of the vehicle to customers at the end of the agreement are recognised and credited to the income statement when the service has been provided. 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. For property bridging finance, interest income is recognised in the income statement for all loans and receivables measured at amortised cost using the effective interest rate method (EIR) as per the requirements in IFRS 9. The EIR is the rate that exactly discounts estimated future cash flows of the loan back to the present value of the advance. Acceptance fees charged to customers and any direct transaction costs are included in the calculation of the EIR. Commission received from third party insurers for brokering the sale of title insurance products, for which the Company does not bear any underlying insurance risk, are recognised and credited to the income statement when the brokerage service has been provided. For loans which are classified as credit impaired (i.e. stage 3 assets under IFRS 9), Aspen recognises revenue \u2018net\u2019 of the impairment provision as required by IFRS 9.1.5 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, 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 5 February 2026 reflect that further to considering such external macroeconomic forecast data, management have judged that, whilst less than at 31 January 2025, 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 levels in future periods. As at 5 February 2026 we have not included inflation levels in our overlay as inflation has now stabilised and has not demonstrated a strong correlation with our recent loan book performance. As at 5 February 2026, 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 2025. 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 5 February 2026.Stock Code: SUS \u2015 www.suplc.co.uk 57PD/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. The Buy-to-Let and second phase of the Bridge-to-Let product is serviced by customers monthly, and these accounts are deemed credit impaired and included in IFRS9 Stage 3 at 90 days past due. 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 IFRS91.7 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 line Fixtures and Fittings - Computers 20% per annum straight line Fixtures and Fittings - Other 10% per annum straight line or 20% per annum reducing balance Motor Vehicles 25% per annum reducing balance Right 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 assumptions 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 Severe Base(5% decrease)Downside(5% increase)Weighting50%15%25%10% WeightedQ1 2026 5.20% 3.64% 6.76% 7.80% 5.62%Q1 2027 5.30% 3.71% 6.89% 7.95% 5.72%Q1 2028 5.10% 3.57% 6.63% 7.65% 5.51%Q1 2029 4.90% 3.43% 6.37% 7.35% 5.29%An increase by 0.5% in the weighted average unemployment rate would result in an increase in loan loss provisions by \u00a3927,613. A decrease by 0.5% would result in a decrease in loan loss provisions by \u00a3927,613. Used vehicle price sensitivity for our motor finance businessAt the period ended 5 February 2026 and at the year ended 31 January 2025, 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 5 February 2026 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 \u00a31,456,083. If used vehicle prices were assumed to increase by 5% instead, then this would result in a decrease in loan loss provisions of \u00a31,456,083.Other accounting judgementsExpected 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 \u00a381,521. 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 \u00a381,521.FCA consultation on motor finance commissionThe FCA has consulted on an industry-wide scheme to compensate motor finance customers who were treated unfairly, this covers motor finance agreements taken out between 6 April 2007 and 1 November 2024 where commission was payable by the lender to the broker. The FCA published its final rules on 30 March 2026 and has stated unfairness is where there is discretionary commission, high commission (where the commission is equal to or greater than 39% of the total cost of credit and 10% of the loan) or there was a tied arrangement with the broker. As previously stated our own subsidiary company Advantage Finance which offers motor finance, has never entered into any discretionary commission arrangements and has never operated \u2018first right of refusal\u2019 arrangements with brokers. Therefore, we are only captured by high commission cases. For such cases the FCA expects consumers to be compensated the average of what the FCA estimates the consumer has overpaid, or lost, and the commission paid, plus interest. Significant challenge has been provided during the consultation phase and further judicial review cannot be ruled out; therefore, several scenarios have been included in the provision calculation and these have been probability weighted to determine an appropriate provision to be recognised. The estimated provision represents management\u2019s best estimate of the potential redress based on current information available and using a range of potential scenarios. The provision assessment also excludes any potential costs in relation to FOS referrals. At this stage it is not possible to reliably determine the number of customers that would go to FOS or the approach FOS will take in applying their fees.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 monthly capital employed (unaudited) being total equity plus Bank Overdrafts plus Borrowings less cash and cash equivalents. For 25/26 Advantage ROCE is calculated as \u00a331,847/\u00a3286,500 = 11.1%. For 24/25 Advantage ROCE is calculated as \u00a328,442/\u00a3317,937 = 9.0%. For 25/26 Aspen ROCE is calculated as \u00a317,711/\u00a3158,196 = 11.2%. For 24/25 Aspen ROCE is calculated as \u00a316,477/\u00a3143,406 = 11.5%.ii. Group gearing is calculated as the sum of Bank Loans and Overdrafts less cash and cash equivalents divided by total equity. At 5 February 2026 group gearing is therefore calculated as \u00a3241,500+296 = \u00a3241,796/\u00a3249,001 = 97.1%. At 31 January 2025 group gearing is calculated as \u00a3197,500-\u00a35,216 = \u00a3192,284/\u00a3238,079 = 80.8%.",
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"value": "England and Wales",
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"value": "United Kingdom",
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"language": "en",
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"value": "United Kingdom",
"dimensions": {
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"value": "holding company",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
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"f1__s9__7__15": {
"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 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 income statement. These financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and methods of computation are followed in the financial statements as applied in the prior year, except for a change in reporting date and the movement in borrowings in the cashflow statement. Historically the Group\u2019s subsidiary Advantage Finance has prepared accounts up to the 5th to consider the successful recovery of missed payments from customers at month-end, afforded to it under Section 390(3) of the Companies Act. Previously the Company and its subsidiary Aspen Bridging reported to the 31st and no adjustments were made to align these dates across the Group. For the current period the reporting date has been changed to the 5th February to capture all transactions up until this date across the Group, no change has been made to the accounting reference date. The prior period comparatives for the twelve-month period ended 31 January 2025 have not been adjusted because the amounts presented remain comparable. In regards to the cashflow statement, following a reassessment of IAS 7 the movements are now shown on a gross rather than net basis, where the receipts and repayments are shown as two separate line items rather than combined. Additionally for the company-only cashflow statement finance income received is now included within operating activities rather than financing activities. Comparative figures for the prior periods have been represented to reflect these changes and they have no impact on cash and cash equivalents or the Group\u2019s financial position.The consolidated financial statements incorporate the financial statements of the Company and all its subsidiaries for the period ended 5 February 2026. As discussed in sections A3 and A2.4 of the strategic report and having considered the Group\u2019s forecasts, capital and liquidity, the current economic climate and operational challenges the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. 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, in line with the Group\u2019s financial projections as approved in April 2026.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 5 February 2028 \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 still being assessed ahead of the effective date.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
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"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.c. 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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
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"f1__s9__7__17": {
"value": "1.4 Revenue recognitionFor motor finance, interest 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. Option fees for arranging the transfer of ownership of the vehicle to customers at the end of the agreement are recognised and credited to the income statement when the service has been provided. 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. For property bridging finance, interest income is recognised in the income statement for all loans and receivables measured at amortised cost using the effective interest rate method (EIR) as per the requirements in IFRS 9. The EIR is the rate that exactly discounts estimated future cash flows of the loan back to the present value of the advance. Acceptance fees charged to customers and any direct transaction costs are included in the calculation of the EIR. Commission received from third party insurers for brokering the sale of title insurance products, for which the Company does not bear any underlying insurance risk, are recognised and credited to the income statement when the brokerage service has been provided. For loans which are classified as credit impaired (i.e. stage 3 assets under IFRS 9), Aspen recognises revenue \u2018net\u2019 of the impairment provision as required by IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
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"f1__s9__7__18": {
"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, 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 5 February 2026 reflect that further to considering such external macroeconomic forecast data, management have judged that, whilst less than at 31 January 2025, 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 levels in future periods. As at 5 February 2026 we have not included inflation levels in our overlay as inflation has now stabilised and has not demonstrated a strong correlation with our recent loan book performance. As at 5 February 2026, 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 2025. 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 5 February 2026.Stock Code: SUS \u2015 www.suplc.co.uk 57PD/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. The Buy-to-Let and second phase of the Bridge-to-Let product is serviced by customers monthly, and these accounts are deemed credit impaired and included in IFRS9 Stage 3 at 90 days past due. 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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"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",
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"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
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"f1__s9__7__20": {
"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 line Fixtures and Fittings - Computers 20% per annum straight line Fixtures and Fittings - Other 10% per annum straight line or 20% per annum reducing balance Motor Vehicles 25% per annum reducing balance Right 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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__21-1": {
"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 taxShadow Accelerated tax SharedepreciationOptionsTotalGroup\u00a3000\u00a3000\u00a3000At 1 February 2024 (113) 268 155Debit to income \u2013 (115) (115)At 31 January 2025 (113) 153 40Debit to income 13 (28) (15)At 5 February 2026 (100) 125 25CompanyAt 1 February 2024 (3) 33 30Credit/(debit) to income 1 (16) (15)At 31 January 2025 (2) 17 15Credit/(debit) to income 2 (17) (15)At 5 February 2026 \u2013 \u2013 \u2013Shadow 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.",
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"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
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"f1__s9__7__22": {
"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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
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"f1__s9__7__23-1": {
"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 2025. At that valuation it was assumed that the appropriate post retirement discount rate was 5.44% and pension increases would be 3.3% 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 5 February 2026. 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 period to 5 February 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 and Mr C Freckelton. 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 2025 and updated to 5 February 2026 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 period end At year end 5 February 31 January 20262025Rate of increase in salaries Na NaPension increases:Pre-97 Pension 0.0% 0.0%Post 97 Pension 3.0% 3.5%Discount rate 5.3% 5.2%Mortality assumption for 5 February 2026 comes from the S4PA tables with CMI-2024 1.25% long term trend and for 31 January 2025 mortality assumption was from the S3PA tables with CMI-2023 1.25% long term trend. The analysis of the scheme assets, which are determined to be Level 2 in the fair value hierarchy and the expected rate of return at the balance sheet date were as follows:Proportion Proportion held at held at 5 February 31 January 20262026\u00a3000\u00a3000 Equities 53% 57%Bonds 39% 28%Cash/Other 8% 15%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:5.2.2631.1.25\u00a3000\u00a3000Fair value of plan assets 1,138 1,125Present value of defined benefit obligations (312) (333)Surplus before restriction 826 792Restriction on Surplus (826) (792)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 5.2.2631.1.25 income statement during the year\u00a3000\u00a3000Current service cost \u2013 \u2013Past service cost \u2013 2Interest on obligation 16 15Expected return on plan assets (59) (50)Expense recognised in the income statement (43) (33)Opening net (asset) \u2013 \u2013Expense (43) (33)Contributions paid \u2013 \u2013Actuarial loss 43 33Closing net (asset) 0 0The expense credit in both years is shown within administrative expenses.5.2.2631.1.25 Movement in present value of obligation\u00a3000\u00a3000Present value of obligation at 1 February 2025 333 348Interest cost 16 15Current service cost \u2013 \u2013Past service cost \u2013 2Benefits paid (41) (40)Actuarial gain on obligation \u2013 assumptions (7) (9)Actuarial gain on obligation \u2013 experience 11 17Present value of obligation at 5 February 2026 312 333Experience adjustment on scheme liabilities Actuarial gain as percentage of scheme liabilities 1% 2%Movement in fair value of plan assetsFair value of plan assets at 1 February 2025 1,125 1,070Expected return on plan assets 59 50Contributions \u2013 \u2013Benefits paid (41) (40)Actuarial (loss)/gain on plan assets (5) 45Fair value of plan assets at 5 February 2026 1,138 1,125The fair value of plan assets other than cash is based on quoted market prices.Experience adjustment on assetsActuarial (loss)/gain as percentage of scheme assets 0.4% 4%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__24": {
"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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__25": {
"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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__26": {
"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 assumptions 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 Severe Base(5% decrease)Downside(5% increase)Weighting50%15%25%10% WeightedQ1 2026 5.20% 3.64% 6.76% 7.80% 5.62%Q1 2027 5.30% 3.71% 6.89% 7.95% 5.72%Q1 2028 5.10% 3.57% 6.63% 7.65% 5.51%Q1 2029 4.90% 3.43% 6.37% 7.35% 5.29%An increase by 0.5% in the weighted average unemployment rate would result in an increase in loan loss provisions by \u00a3927,613. A decrease by 0.5% would result in a decrease in loan loss provisions by \u00a3927,613. Used vehicle price sensitivity for our motor finance businessAt the period ended 5 February 2026 and at the year ended 31 January 2025, 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 5 February 2026 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 \u00a31,456,083. If used vehicle prices were assumed to increase by 5% instead, then this would result in a decrease in loan loss provisions of \u00a31,456,083.Other accounting judgementsExpected 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 \u00a381,521. 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 \u00a381,521.FCA consultation on motor finance commissionThe FCA has consulted on an industry-wide scheme to compensate motor finance customers who were treated unfairly, this covers motor finance agreements taken out between 6 April 2007 and 1 November 2024 where commission was payable by the lender to the broker. The FCA published its final rules on 30 March 2026 and has stated unfairness is where there is discretionary commission, high commission (where the commission is equal to or greater than 39% of the total cost of credit and 10% of the loan) or there was a tied arrangement with the broker. As previously stated our own subsidiary company Advantage Finance which offers motor finance, has never entered into any discretionary commission arrangements and has never operated \u2018first right of refusal\u2019 arrangements with brokers. Therefore, we are only captured by high commission cases. For such cases the FCA expects consumers to be compensated the average of what the FCA estimates the consumer has overpaid, or lost, and the commission paid, plus interest. Significant challenge has been provided during the consultation phase and further judicial review cannot be ruled out; therefore, several scenarios have been included in the provision calculation and these have been probability weighted to determine an appropriate provision to be recognised. The estimated provision represents management\u2019s best estimate of the potential redress based on current information available and using a range of potential scenarios. The provision assessment also excludes any potential costs in relation to FOS referrals. At this stage it is not possible to reliably determine the number of customers that would go to FOS or the approach FOS will take in applying their fees.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__28": {
"value": "2. Segmental analysisAnalyses by class of business of revenue and profit before taxation from continuing operations are stated below:Revenue Profit before taxationPeriod Year Period Year ended endedended ended5.2.2631.1.25 5.2.2631.1.25 Operating segments\u00a3000\u00a3000\u00a3000\u00a3000Motor finance 83,049 91,823 23,391 16,542Property bridging finance 24,382 23,788 8,826 7,207Central costs net of central finance income \u2013 \u2013 (401) 227Total per Group Income Statement 107,431 115,611 31,816 23,976Analyses by class of business of assets and liabilities are stated below:Assets LiabilitiesPeriod Year Period Year ended endedended ended5.2.2631.1.25 5.2.2631.1.25 Operating segments\u00a3000\u00a3000\u00a3000\u00a3000Motor finance 320,779 286,813 (163,372) (135,862)Property bridging finance 180,053 155,085 (162,985) (142,215)Central 385 3,158 74,141 71,100Total per Group Balance Sheet 501,217 445,056 (252,216) (206,977)Depreciation of assets for motor finance was \u00a3368,000 (31.1.25: \u00a3375,000), for property bridging finance was \u00a316,000 (31.1.25: \u00a316,000) and for central was \u00a397,000 (31.1.25: \u00a391,000). Fixed asset additions for motor finance were \u00a3821,000 (31.1.25: \u00a3705,000), for property bridging finance were \u00a315,000 (31.1.25: \u00a319,000) and for central were \u00a347,000 (31.1.25: \u00a32,000).The net finance credit for central costs was \u00a32,993,000 (31.1.25: \u00a32,992,000), for motor finance was a cost of \u00a38,456,000 (31.1.25: \u00a311,901,000) and for property bridging finance was a cost of \u00a38,885,000 (31.1.25: \u00a39,209,000). The tax credit for central costs was \u00a361,000 (31.1.25: \u00a399,000 charge), for motor finance was a tax charge of \u00a35,934,000 (31.1.25: \u00a34,150,000) and for property bridging finance was a tax charge of \u00a32,229,000 (31.1.25: \u00a31,814,000).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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__30": {
"value": "3. RevenuePeriod Year ended ended5.2.2631.1.25 \u00a3000\u00a3000Interest revenue and other income calculated using the effective interest method 104,384 112,673Other fee income 3,047 2,938Total revenue 107,431 115,611",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__32": {
"value": "4. Cost of salesPeriod Year ended ended5.2.2631.1.25 \u00a3000\u00a3000Cost of sales \u2013 motor finance 20,795 14,063Cost of sales \u2013 property bridging finance 2,757 2,321Total Cost of sales 23,552 16,384",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__34": {
"value": "5. Impairment chargePeriod Year ended ended5.2.2631.1.25 \u00a3000\u00a3000Loan loss provisioning chargeLoan loss provisioning charge \u2013 motor finance 12,755 33,191Loan loss provisioning charge \u2013 property bridging finance 277 2,380Total impairment charge 13,032 35,571",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__36": {
"value": "6. Administrative expensesPeriod Year ended ended5.2.2631.1.25 \u00a3000\u00a3000Administrative expenses \u2013 motor finance 17,653 13,391Administrative expenses \u2013 property bridging 3,636 2,670Administrative expenses \u2013 central 3,394 2,765Total Administrative Expenses 24,683 18,826",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__37": {
"value": "7. Information regarding employeesGroup Group Company Company period year periodyear ended ended ended ended5.2.2631.1.25 5.2.2631.1.25 \u00a3000\u00a3000\u00a3000\u00a3000The monthly average number of persons employed by the Group was:Motor finance 215 212 \u2013 \u2013Property bridging finance 31 25 \u2013 \u2013Central 12 11 12 11Total Group average number of employees 258 248 12 11The monthly average employed by the company was 12 (31.1.25:11).Staff costs (including directors):Group Group Company Company period year period year ended endedended ended5.2.2631.1.25 5.2.2631.1.25 \u00a3000\u00a3000\u00a3000\u00a3000Wages and salaries 13,533 11,348 1,661 1,377Social security costs 1,727 1,254 249 238Pension costs for defined contribution scheme 646 614 43 42Total Staff Costs 15,906 13,216 1,953 1,657Directors\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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__39": {
"value": "8. Operating profitPeriod Year ended ended5.2.2631.1.25 \u00a3000\u00a3000Operating profit from continuing operations is after charging/(crediting):Depreciation and amortisation:Owned and Right to Use assets 481 482Profit on sale of fixed assets \u2013 (14)Staff costs 15,906 13,216The analysis of auditor\u2019s remuneration is as follows:Period Year ended ended5.2.2631.1.25 \u00a3000\u00a3000Fees payable to the Group\u2019s auditor for the audit of the Company\u2019s annual accounts 60 50Fees payable to the Group\u2019s auditor for other services to the GroupThe audit of the Company\u2019s subsidiaries 230 170Total audit fees 290 220Audit related assurance services 45 30Other services 15 15Total non-audit fees 60 45Total 350 265",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__41": {
"value": "9. Finance costsPeriod Year ended ended5.2.2631.1.25 \u00a3000\u00a300031.5% cumulative preference dividend 141 141Lease Liabilities 15 20Bank loan and overdraft interest payable 14,192 17,957Total Finance Costs 14,348 18,118",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__43-1": {
"value": "10. 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 \u00a313,061,000 (31.1.25: \u00a317,028,000).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 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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__46": {
"value": "12. Tax on profit before taxationPeriod Year ended ended5.2.2631.1.25 Continuing operations\u00a3000\u00a3000Corporation tax at 25.0% (31.1.25: 25.0%) based on profit for the year 8,041 5,968Adjustment in respect of prior years 47 (20)8,088 5,948Deferred tax (temporary differences - origination and (reversal) 15 1158,103 6,063The 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.Period Year ended ended5.2.2631.1.25 \u00a3000\u00a3000Profit on ordinary activities before tax from continuing operations 31,816 23,976Tax on profit on ordinary activities at standard rate of 25.0% (31.1.25: 25.0%) 7,954 5,994Factors affecting charge for the period:Expenses not deductible for tax purposes 60 54Effects of other tax rates and permanent differences 42 35Prior period adjustments 47 (20)Total actual amount of tax 8,103 6,063",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__48": {
"value": "13. DividendsPeriod Year ended ended5.2.2631.1.25 \u00a3000\u00a30002nd Interim dividend paid for the year ended 31/1/2025 \u2013 30.0p per Ordinary share (35.0p) 3,645 4,253Final dividend paid for the year ended 31/1/2025 \u2013 40.0p per Ordinary share (50.0p) 4,860 6,0751st Interim dividend paid for the period ended 5/2/2026 \u2013 35.0p per Ordinary share (30.0p) 4,253 3,645Total ordinary dividends paid 12,758 13,9736% cumulative preference dividend paid March and September 12 12Credit for unpresented dividend payments over 12 years old (22) (22)Total dividends paid 12,748 13,963A second interim dividend of 35.0p per ordinary share for the period ended 5 February 2026 was paid on 6 March 2026 totalling \u00a34.3m and the directors are proposing a final dividend for the period ended 5 February 2026 of 45p per ordinary share totalling \u00a35.5m. The final dividend will be paid on 24 July 2026 to shareholders on the register at close of business on 3 July 2026 subject to approval by shareholders at the Annual General Meeting on Wednesday 24 June 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__50": {
"value": "14. Earnings per ordinary shareThe calculation of earnings per ordinary share (\u201cEPS\u201d) from continuing operations is based on profit after tax of \u00a323,713,000 (31.1.25: \u00a317,913,000). 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 (31.1.25: 12,150,760). There is a total of nil dilutive share options in issue (31.1.25: nil) and considering the appropriate proportion of these dilutive options the number of shares used in the Diluted EPS calculation is 12,150,760 (31.1.25: 12,150,760).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__52": {
"value": "15. Property, plant and equipmentLand and Motor Fixtures and Right buildingsvehiclesfittingsto useTotalGroup\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 February 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 5,494Additions 209 198 476 \u2013 883Disposals (3) (93) (148) \u2013 (244)At 5 February 2026 2,650 399 2,212 872 6,133Accumulated depreciationAt 1 February 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 2,967Charge for the year 111 72 197 101 481Eliminated on disposals (3) (56) (141) \u2013 (200)At 5 February 2026 827 182 1,528 711 3,248Net book valueAt 5 February 2026 1,823 217 684 161 2,885At 31 January 2025 1,725 128 412 262 2,527Included in the above is land at a cost of \u00a322,000 (31.1.25: \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 period to 5.2.26 was \u00a3126,000 (31.1.25: \u00a3192,000).Land and Motor Fixtures and Right buildingsvehiclesfittingsto useTotalCompany\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 February 2024 42 53 296 343 734Additions \u2013 \u2013 2 \u2013 2Disposals \u2013 \u2013 \u2013 \u2013 \u2013At 31 January 2025 42 53 298 343 736Additions \u2013 39 8 \u2013 47Disposals \u2013 (34) \u2013 \u2013 (34)At 5 February 2026 42 58 306 343 749Accumulated depreciationAt 1 February 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 449Charge for the year \u2013 12 17 68 97Eliminated on disposals \u2013 (31) \u2013 \u2013 (31)At 5 February 2026 13 23 262 217 515Net book valueAt 5 February 2026 29 35 44 126 234At 31 January 2025 29 11 53 194 287Included in the above is land at cost of \u00a322,000 (31.1.25: \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 period to 5.2.26 was \u00a388,000 (31.1.25: \u00a388,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__55": {
"value": "16. Investments and related party transactions5.2.2631.1.25Company\u00a3000\u00a3000Shares in subsidiary companiesAt historical cost less impairment 1 1The 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 30. During the year the Group made charitable donations amounting to \u00a390,000 (31.1.25: \u00a360,000) via the Keith Coombs Trust which is a related party because Messrs GDC Coombs and AMV Coombs are trustees. The amount owed to the Keith Coombs Trust at the year-end was \u00a312,000 (31.1.25: \u00a3nil) During the year the Group obtained supplies at market rates amounting to \u00a34,930 (31.1.25: \u00a34,544) 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 \u00a313,400,000 (31.1.25: \u00a316,900,000). 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 5 February 2026 the Company was owed \u00a3317,845,213 (31.1.25: \u00a3270,408,115) by other Group undertakings as part of an intercompany loan facility and owed \u00a3217,119 to S&U Stores Limited, a dormant group company (31.1.25: \u00a3217,119). All related party transactions were settled in full when due. Key management personnel, defined as the S&U Directors, compensation is disclosed on page 24 in the Directors Remuneration Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__54": {
"value": "2 Stratford Court, Cranmore Boulevard, Solihull B90 4QT.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__57": {
"value": "17. Amounts receivable from customersGroup5.2.2631.1.25 \u00a3000\u00a3000Motor finance hire purchase 424,411 401,792Less: Loan loss provision motor finance (107,282) (118,166)Amounts receivable from customers motor finance 317,129 283,626Property bridging finance loans 182,303 155,083Less: Loan loss provision property bridging finance (2,650) (2,863)Amounts receivable from customers property bridging finance 179,653 152,220Amounts receivable from customers total 496,782 435,846Analysis by future date dueDue within one year 225,196 232,330Due in more than one year 271,586 203,516Amounts receivable from customers 496,782 435,846Analysis of securityLoans secured on vehicles under hire purchase agreements 311,248 277,831Loans secured on property 179,653 152,220Other loans not secured (motor finance where security no longer present) 5,881 5,795Amounts receivable from customers 496,782 435,846Analysis of not impaired and impairedNot impairedNeither past due nor impaired 420,934 355,566Past due up to 3 months but not impaired \u2013 \u2013Past due over 3 months but not impaired \u2013 \u2013ImpairedPast due up to 3 months 46,836 46,865Past due over 3 months and up to 6 months 9,064 13,412Past due over 6 months or default 19,948 20,003Amounts receivable from customers 496,782 435,846The 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 2,657 vulnerable customers who although not in arrears at 5.2.26 were assessed from a review of internal data to have a significant increase in credit risk (31.1.25: 1,727). Under IFRS9 therefore these customers although not in arrears are included in stage 2 at 5.2.26 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 TotalAs at 5 February 2026\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3000Amounts receivable (capital)Motor finance 257,649 16,208 150,554 424,411Property bridging finance 165,766 \u2013 16,537 182,303Total 423,415 16,208 167,091 606,714Loan loss provisionsMotor finance (13,071) (4,867) (89,344) (107,282)Property bridging finance (751) \u2013 (1,899) (2,650)Total (13,822) (4,867) (91,243) (109,932)Amounts receivable (net)Motor finance 244,578 11,341 61,210 317,129Property bridging finance 165,015 \u2013 14,638 179,653Total 409,593 11,341 75,848 496,782Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to months ECL lifetime ECL lifetime ECL TotalAs at 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3000Amounts 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 80,280 435,846Collateral heldMotor finance \u2013 except for loans valued at \u00a35.881m (31.1.25: \u00a35.795m), 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 5.2.26 for motor finance loans currently in stage 3 was \u00a364.1m (31.1.25: \u00a382.4m) \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 5.2.26 is \u00a3265.3m (31.1.25: \u00a3246.3m). This includes \u00a318.8m estimated value of properties secured which is held for loan agreements currently in Stage 3 (31.1.25: \u00a316.7m).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 provisionLoan loss provisions\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3000At 1 February 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 (stage at year-end) 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 2,904 103,866 121,029Net transfers and changes in credit risk (5,854) 1,236 (915) (5,533)New loans originated (stage at period-end) 7,463 1,687 11,949 21,099Debt sale gain on disposal \u2013 \u2013 (2,534) (2,534)Total impairment charge to income statement 1,609 2,923 8,500 13,032Amounts netted off revenue for stage 3 assets \u2013 \u2013 14,676 14,676Utilised provision on write-offs (2,046) (960) (39,204) (42,210)Debt sale proceeds \u2013 \u2013 3,405 3,405At 5 February 2026 13,822 4,867 91,243 109,932There 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. During the period Advantage executed a debt sale of old written-off or heavily provisioned customer agreements to an external third party and as a result has no continuing involvement with these receivables. Advantage received proceeds of \u00a33.4m and after costs and provisions recognised a gain of \u00a32.5m.Internal rating valuesA breakdown of the group gross receivables by internal credit risk rating is shown belowPeriod Year ended ended5.2.2631.1.25 \u00a3000\u00a3000Good quality 423,415 362,918Satisfactory quality 16,208 9,811Lower quality 129,384 144,859Below standard 37,707 39,287Total Amounts receivable (capital) 606,714 556,875The Group manages credit risk by performing credit assessments at the time of customer onboarding. Customers are assigned a credit score at origination using a combination of external data and internal information. The Group does not maintain an ongoing internal credit risk rating system. Instead, credit risk is monitored on an ongoing basis using days past due, historical payment behaviour and forward-looking information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__59": {
"value": "18. Other receivables and prepaymentsGroup Company5.2.2631.1.25 5.2.2631.1.25 \u00a3000\u00a3000\u00a3000\u00a3000Amounts owed by subsidiary undertakings \u2013 \u2013 317,628 270,191Other debtors 13 22 \u2013 \u2013Prepayments and accrued income 1,512 1,405 152 1791,525 1,427 317,780 270,370The Company has assessed the estimated credit losses for these intercompany loans and an impairment provision of \u00a3nil (2025: \u00a3nil) has been recognised. Amounts owed by subsidiary undertakings are categorised as Stage 1, against which no provision is recognised as the loan entities have sufficient expected cash flow to service their obligations and/or sufficient realisable net assets to sell in the event of a default. Other than \u00a3120.0m of intercompany receivables from Advantage Finance Limited (31.1.25: \u00a390.5m) and \u00a3121.5m of intercompany receivables from Aspen Bridging Limited (31.1.25: \u00a3107.0m), 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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__61": {
"value": "19. Borrowings including bank overdrafts and loansGroup Company5.2.2631.1.25 5.2.2631.1.25 \u00a3000\u00a3000\u00a3000\u00a3000Bank overdrafts and loans \u2013 due within one year 296 \u2013 387 \u2013Bank and other loans \u2013 due in more than one year 241,500 197,500 241,500 197,500241,796 197,500 241,887 197,500The 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 5 February 2026:\u2022 a facility for \u00a35 million (31.1.25: \u00a35m) which is subject to annual review in June 2026.\u2022 a facility for \u00a32 million (31.1.25: \u00a32m) which has no annual review date.Total drawdowns of these overdraft facilities at 5 February 2026 were \u00a3296,000 (31.1.25: \u00a3nil).S&U plc had the following revolving credit facilities available at 5 February 2026:\u2022 a facility for \u00a3280 million (31.1.25: \u00a3230m) which is due for repayment in May 2027.At 31 January 2025 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 2025 and 5 February 2026:\u2022 a facility for \u00a350 million (31.1.25: \u00a350m) - \u00a325m of which is due for repayment in March 2028 and \u00a325m is due for repayment in March 2029. 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 5 February 2026 was \u00a3387,000 overdrawn (31.1.25: \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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__63": {
"value": "20. Trade and other payablesGroup Company5.2.2631.1.25 5.2.2631.1.25 \u00a3000\u00a3000\u00a3000\u00a3000Trade creditors 967 1,139 73 136Other creditors including commissions and remuneration payable 3,865 2,156 615 5384,832 3,295 688 674The 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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__65": {
"value": "21. Provisions for liabilities and chargesGroup5.2.2631.1.25WarrantiesCommissionForbearanceForbearance\u00a3000\u00a3000\u00a3000\u00a3000At 1 February 2025 \u2013 \u2013 2,272 \u2013Charge/(release) to income statement 596 1,794 (221) 2,736Utilised - - (1,839) (464)At 5 February 2026 596 1,794 212 2,272Our 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 provided for anticipated associated exceptional potential customer remediation costs and external support costs totalling \u00a32.736m (see also note 11) of which \u00a32.30m has so far been incurred and \u00a30.22m released leaving a provision of \u00a30.21m carried forward at 5 February 2026.In addition, Advantage has recognised a provision of \u00a31.79m related to the FCA\u2019s final scheme rules on motor finance commissions, which was announced on 30 March 2026. The provision is determined by probability weighting several scenarios and includes the costs of running the proposed scheme. Finally during the period Advantage executed a debt sale of old written-off or heavily provisioned customer agreements to an external third party. As part of the agreement, as is customary, is a requirement to repurchase ineligible accounts that were sold. Advantage has recognised a provision of \u00a30.60m to account for this risk.There are no provisions for liabilities and charges at a company-only level.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__69": {
"value": "23. Called up share capital and preference shares5.2.2631.1.25 Called up, allotted and fully paid\u00a3000\u00a300012,150,760 Ordinary shares of 12.5p each (31.1.25: 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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__71": {
"value": "24. Financial liabilitiesPreference share capital5.2.2631.1.25 Called up, allotted and fully paid\u00a3000\u00a30003,598,506 31.5% Cumulative preference shares of 12.5p each (31.1.25: 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": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__73": {
"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 5 February 2026 the Group\u2019s indebtedness amounted to \u00a3241,796,000 (31.1.25: \u00a3197,500,000) and the Company\u2019s indebtedness amounted to \u00a3241,887,000 (31.1.25: \u00a3197,500,000). The Group gearing was 97.1% (31.1.25: 80.8%), 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 85 and 86 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 5 February 2026 of \u00a388.5m (31.1.25: \u00a382.5m). 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 5 February 2026 was estimated to be 21% (31.1.25: 23%). The average effective interest rate of financial liabilities of the Group at 5 February 2026 was estimated to be 7% (31.1.25: 8%). The average effective interest rate on financial liabilities of the Company at 5 February 2026 was estimated to be 7% (31.1.25: 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 1.5. 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 5 February 2026 (31.1.25: 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 5 February 2026 would decrease/increase by \u00a31.7 million (31.1.25: decrease/increase by \u00a31.5 million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.\u2022 total equity would decrease/increase by \u00a31.7 million (31.1.25: decrease/increase by \u00a31.5 million).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 5 February 2026 would decrease/increase by \u00a33.4million (31.1.25: decrease/increase by \u00a33.0 million). This is mainly attributable to the Group\u2019s exposure on its variable rate borrowings.\u2022 total equity would decrease/increase by \u00a33.4million (31.1.25: decrease/increase by \u00a33.0 million). 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 5 February 2026 the Group gearing level was 97.1% (31.1.25: 80.8%) 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 \u00a35,000 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 (31.1.25: \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 97.1% results in a positive liquidity position. More More than 1 than 2 year but years but Less not more not more More No fixed than 1 than 2 than 5 than 5 maturityGroupyearyearsyearsyearsdateTotalAt 5 February 2026\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets 225,196 105,679 165,907 - - 496,782Other assets - - - - 4,435 4,435Cash at bank and in hand - - - - - -Total assets 225,196 105,679 165,907 - 4,435 501,217Shareholders\u2019 funds - - - - (249,001) (249,001)Bank overdrafts and loans (296) (191,500) (50,000) - - (241,796)Lease liabilities (90) (74) (18) - - (182)Financial liabilities - - - (450) - (450)Other liabilities - - - - (9,788) (9,788)Total liabilities and shareholders\u2019 funds (386) (191,574) (50,018) (450) (258,789) (501,217)Cumulative gap 224,810 138,915 254,804 254,354 - -More More than 1 than 2 year but years but Less not more not more More No fixed than 1 than 2 than 5 than 5 maturityGroupyearyearsyearsyearsdateTotalAt 31 January 2025\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets 232,330 64,673 138,843 - - 435,846Other assets - - - - 3,994 3,994Cash at bank and in hand 5,216 - - - - 5,216Total assets 237,546 64,673 138,843 - 3,994 445,056Shareholders\u2019 funds - - - - (238,079) (238,079)Bank overdrafts and loans - - (197,500) - - (197,500)Lease liabilities (109) (92) (91) - - (292)Financial liabilities - - - (450) - (450)Other liabilities - - - - (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 - -More More than 1 than 2 year but years but Less not more not more More No fixed than 1 than 2 than 5 than 5 maturity CompanyyearyearsyearsyearsdateTotalAt 5 February 2026\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Other assets \u2013 191,500 50,000 \u2013 76,555 318,055Cash at bank and in hand \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Total assets \u2013 191,500 50,000 \u2013 76,155 318,055Shareholders\u2019 funds \u2013 \u2013 \u2013 \u2013 (74,311) (74,311)Bank overdrafts and loans (387) (191,500) (50,000) \u2013 \u2013 (241,887)Financial liabilities \u2013 \u2013 \u2013 (450) \u2013 (450)Lease liabilities (81) (64) \u2013 \u2013 \u2013 (145)Other liabilities \u2013 \u2013 \u2013 \u2013 (1,262) (1,262)Total liabilities and shareholders\u2019 funds (468) (191,564) (50,000) (450) (75,573) (318,055)Cumulative gap \u2013 \u2013 \u2013 \u2013 \u2013 \u2013More More than 1 than 2 year but years but Less not more not more More No fixed than 1 than 2 than 5 than 5 maturity CompanyyearyearsyearsyearsdateTotalAt 31 January 2025\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Other 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 \u2013The cash flows payable under financial liabilities are analysed as follows:More More than 1 than 2 year but years but Repayable Less not more not more More on than 1 than 2 than 5 than 5 GroupDemandyearyearsyearsyearsTotalAt 5 February 2026\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Bank overdrafts and loans 296 \u2013 \u2013 \u2013 \u2013 296Trade and other payables \u2013 4,832 \u2013 \u2013 \u2013 4,832Tax liabilities \u2013 483 \u2013 \u2013 \u2013 483Provisions for liabilities and charges \u2013 2,602 \u2013 \u2013 \u2013 2,602Accruals and deferred income \u2013 1,871 \u2013 \u2013 \u2013 1,871Borrowings \u2013 \u2013 191,500 50,000 \u2013 241,500Lease liabilities \u2013 90 74 18 \u2013 182Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 5 February 2026 296 9,878 191,574 50,018 450 252,216More More than 1 than 2 year but years but Repayable Less not more not more More on than 1 than 2 than 5 than 5 GroupDemandyearyearsyearsyearsTotalAt 31 January 2025\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Bank 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 \u2013 \u2013 \u2013 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 More than 1 than 2 year but years but Repayable Less not more not more More on than 1 than 2 than 5 than 5 CompanyDemandyearyearsyearsyearsTotalAt 5 February 2026\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Bank overdrafts and loans 387 \u2013 \u2013 \u2013 \u2013 387Trade and other payables \u2013 688 \u2013 \u2013 \u2013 688Tax liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Accruals and deferred income \u2013 574 \u2013 \u2013 \u2013 574Borrowings \u2013 \u2013 191,500 50,000 \u2013 241,500Lease liabilities \u2013 81 64 \u2013 \u2013 145Financial liabilities \u2013 \u2013 \u2013 \u2013 450 450At 5 February 2026 387 1,343 191,564 50,000 450 243,744More More than 1 than 2 year but years but Repayable Less not more not more More on than 1 than 2 than 5 than 5 CompanyDemandyearyearsyearsyearsTotalAt 31 January 2025\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Bank 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 81 197,563 450 199,323",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__75": {
"value": "26. Reconciliation of operating profit to net cash from operating activitiesGroup GroupCompany Company5.2.2631.1.25 5.2.2631.1.25 \u00a3000\u00a3000\u00a3000\u00a3000Operating Profit 46,164 44,830 13,140 17,268Tax paid (9,335) (4,817) (79) (57)Exceptional item \u2013 (2,736) \u2013 \u2013Depreciation on plant, property and equipment 481 482 97 91Profit on disposal of plant, property and equipment \u2013 (14) \u2013 \u2013(Increase)/decrease in amounts receivable from customers (60,936) 27,092 \u2013 \u2013(Increase)/decrease in other receivables and prepayments (98) 15 (47,410) 25,448Increase/(decrease) in trade and other payables 1,537 (1,602) 14 4Increase/(decrease)in accruals 398 (498) 222 63Increase in provisions for other liabilities and charges 330 2,272 \u2013 \u2013Movement in retirement benefit asset/obligations (43) (33) (43) (33)Net cash (used in)/generated by operating activities (21,502) 64,991 (34,059) 42,784",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__77": {
"value": "27. Financial commitmentsCapital commitmentsAt 5 February 2026 the Group had \u00a3nil capital commitments contracted but not provided for (31.1.25: \u00a3nil). At 5 February 2026, the Company had \u00a3nil capital commitments contracted but not provided for (31.1.25: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__79": {
"value": "28. Contingent liabilitiesThe 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 5 February 2026 was \u00a33,497,531 (31.1.25: \u00a313,721).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
},
"f1__s9__7__81": {
"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 \u00a3354,445 in the period to 5 February 2026 (31.1.25: \u00a3145,154). At 5 February 2026 the creditor for LTIP 2021 shadow share options amounted to \u00a3671,353 (31.1.25: \u00a3750,566).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800QZ1X2A7J64SQ31",
"period": "2025-02-01T00:00:00/2026-02-06T00:00:00"
}
}
}
}