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"pp-value-3-1": {
"value": "1. Accounting policiesThe principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all of the years presented, unless otherwise stated.The consolidated financial statements for the year ended 31 December 2023 consolidate the results of the Company and its subsidiaries(together referred to as the \u2018Group\u2019).Basis of preparationThe Consolidated and Company financial statements of Harworth Group plc have been prepared on the going concern basis and inin accordance with the provisions of the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties and financial assets and liabilities at fair value through profit or loss. The consolidated financial statements are presented in pound sterling and all values are rounded to the nearest thousand (\u00a3\u2019000), except when otherwise indicated. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and the financial statements and notes. The Directors believe that the Group is well placed to manage its business risks successfully. The principal risks that may impact the Group\u2019s performance and their mitigation are outlined in the \u201cEffectively Managing Our Risk\u201d statement starting on page 50. After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to fund its operations for the foreseeable future. For this reason, they continue to adopt the going concern basisin preparing the annual financial statements.Going-concern basisThese financial statements are prepared on the basis that the Group is a going concern. In forming its opinion as to going concern, the Company prepares cash flow and banking covenant forecasts based upon its assumptions with particular consideration to the key risks and uncertainties and the current macro-economic environment as well as taking into account available borrowing facilities. The going concern period assessed is until June 2025 which has been selected as it can be projected with a good degree of expected accuracy.A key focus of the assessment of going concern is the management of liquidity and compliance with borrowing facilities for the period to June 2025. In 2022, a five year \u00a3200m RCF was agreed with HSBC joining as a new lender in addition to lenders NatWest and Santander. The RCF is aligned to the Group\u2019s strategy and provides significant liquidity and flexibility to enable it to pursue its strategic objectives. The facility is subject to financial covenants, including minimum interest cover, maximum infrastructure debt as a percentageof property value and gearing, all of which are tested through the going concern assessment undertaken. Available liquidity, including cash and cash equivalents and bank facility headroom, was \u00a3192.2m as at 31 December 2023.The Group benefits from diversification across its Capital Growth and Income Generation businesses including its industrial and renewable energy property portfolio. Taking into account the independent valuation by BNP Paribas and Savills, the Group net LTV remains low at 4.7%, within the Board\u2019s target range and with headroom to allow for falls in property values. Rent collection remained strong, with 98% collected to date for 2023.In addition to a base cashflow forecast, a sensitised forecast was produced that reflected a number of severe but plausible downsides. This downside included: 1) a severe reduction in sales to the housebuilding sector as well as lower investment property sales; 2) notwithstanding strong rent collection, a prudent material increase in bad debts across the portfolio over the majority of the going concern assessment period; 3) a material decline in the value of land and investment property values and 4) increases in interest rates, impacting the cost of the Group\u2019s borrowings. A scenario was also run which demonstrated that very severe loss of revenue, valuation reductions and interest cost increases would be required to breach cashflow and banking covenants. The Directors consider this very severe scenario to be remote. A scenario with consideration of potential climate change and related transition impacts was also examined as part of the Group\u2019s focus on climate-related risks and opportunities. Under each downside scenario, for the going concern period to June 2025, the Group expects to continue to have sufficient liquidity to continue to operate with headroom on lending facilities and associated covenants and has additional mitigation measures within management\u2019s control, for example reducing development and acquisition expenditure and reducing operating costs, that could be deployed to create further liquidity and covenant headroom. Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors considered it appropriate to adopt a going concern basis of accounting in the preparation of the Group\u2019s and Company\u2019s financial statements.Changes in accounting policy and disclosures(a) New standards, amendments and interpretationsA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2023. None of these have had a significant effect on the financial statements of the Group.(b) New standards, amendments and interpretations not yet adoptedA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2024 and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Group.Revenue recognitionRevenue comprises rental and other land-related income arising on investment properties, income from construction contracts, planning promotion agreements, promotion fees and overages and the sale of development properties.Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Group and the revenue can be reliably measured. All such revenue is reported net of discounts, and value added and other sales taxes.Rental incomeUnder IFRS 16 \u2018Leases\u2019, rental and other land related income is recognised on a straight-line basis over the term of the lease. Lease incentives, including rent-free periods and payments to tenants, are allocated to the consolidated income statement on a straight-line basis over the lease term as a deduction from rental and other land-related income.Revenue from contracts with customersUnder IFRS 15 \u2018Revenue from Contracts with Customers\u2019, revenue is measured based on the consideration specified in a contract with a customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over a product or service to a customer.Income from construction contracts is recognised in line with the accounting policy for construction contracts. Revenue is recognised when the Group is acting as a principal under a contract with primary responsibility for the contract.Revenue from planning promotion agreements, promotion fees and overages is recognised at the point in time when the associated performance obligations contained within the agreements are satisfied.Royalty income relates to revenue paid by customers who extract natural resources from some of the Group\u2019s property and is recognised at the transaction prices set out in the customer contracts in line with the volumes or values of resources extracted as determined by individual contracts.Service charge income is recognised as revenue in the period to which it relates.Sales of development properties, including land parcels sold to housebuilders for residential development, usually have performance obligations such as transferring legal title that are satisfied at a point in time. Revenue is recognised when control of the property passes to the buyer on completion of contracts. Any variable consideration including overages is estimated at the point of sale, taking into consideration the time to recover overage amounts as well as other factors which may give rise to variability. Revenue is only recognised to the extent that it is highly probable that there will not be a significant reversal in the future. Where sale contracts contain specific performance obligations, the contract price is apportioned to the obligations and the revenue is recognised as the obligations are satisfied in accordance with IFRS 15. Any deferred consideration is discounted to present value with the discount being unwound to the consolidated income statement as finance income.Construction contractsContracts for the construction of substantial assets are accounted for as construction contracts. Revenue on construction contracts is recognised over time, as the performance obligations are satisfied. Revenue is recognised over time if the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created. Otherwise, the revenue is recognised at a point in time. The revenue is reported in Other Property Activities within Note 3. Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion. The assessment of the stage of completion is dependent on the nature of the contracts but will generally be based on the estimated proportion of the total contract costs which have been incurred to date. If a contract is expected to be loss making, a provision is recognised when the contract is, or has become, onerous in accordance with IAS 37.Interest income and expenseInterest income and expense are recognised within \u2018finance income\u2019 and \u2018finance costs\u2019 in the income statement using the effective interest rate method.The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability.InventoriesInventories comprise development properties, land held for development, options to purchase land and planning promotion agreements.Development properties are included in the consolidated balance sheet at the lower of cost and net realisable value. Net realisable value is the expected net sales proceeds of the developed property in the ordinary course of business less estimated costs to complete and anticipated selling costs. Properties re-categorised to development properties from investment properties are transferred at deemed cost, being the fair value at the date of re-categorisation. Properties are re-categorised as development properties once planning is secured and where development with a view to sale has commenced.Where individual parcels of land held for development are disposed of out of a larger overall development site, costs are apportioned based on acreage, or other specific allocation where appropriate, after taking into account the cost or net realisable value of any remaining residual land which may not form part of the overall development site or which may not be available for development. Where the Group retains obligations attached to the development site as a whole, accruals are made relating to these disposals on the same allocation basis.Land held for development is land that has planning permission and is being developed for onward sale.Options to purchase land are agreements that the Group has entered into with landowners whereby the Group has the option to purchase their land within a limited timeframe. The landowners are not generally permitted to sell to any other party during this period, unless agreed by the Group. All costs, including the cost of entering into the option, are capitalised. At each reporting date, recoverability of the costs is considered by management and where required provisions are made such that the agreements are held at the lower of cost and net realisable value.Planning promotion agreements are agreements that the Group has entered into with landowners whereby the Group provides planning and promotion services in exchange for a fixed fee and/or a set percentage of the proceeds or profit of the eventual sale of the land that is the subject of the agreement. The Group promotes the land through the planning process at its own expense. If the land is sold, the Group receives a fee for its services.The Group incurs various costs in promoting land held under promotion planning agreements, in some instances the agreements allow for the Group to be reimbursed certain expenditure following the conclusion of a successful sale. These costs are held in inventory at the lower of cost and net realisable value. Investments in subsidiariesInvestments held by the Company in subsidiary undertakings are carried at cost less impairments to write them down to their recoverable amount.Investments in joint venturesJoint ventures are those entities over whose activities the Group has joint control established by contractual agreement. Interests in joint ventures through which the Group carries on its business are classified as jointly controlled entities and accounted for using the equity method. This involves recording the investment initially at cost to the Group and then, in subsequent years, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the joint venture\u2019s results less any impairment in carrying value and any other changes to the joint venture\u2019s net assets such as dividends. Impairments in subsidiariesInvestments in subsidiaries are reviewed for impairment if there is any indication that the carrying amount may not be recoverable.When a review for impairment is conducted, the recoverable amount is assessed by reference to the higher of \u2018value in use\u2019 (being the present value of expected future cash flows of the relevant cash-generating unit) or \u2018fair value less costs to sell\u2019. Where there is no binding sale agreement or active market, fair value less costs to sell is based on the best information available to reflect the amount the Company could receive for the cash-generating unit in an arm\u2019s length transaction.Impairment testing is carried out under the principles described in IAS 36 \u2018Impairment of assets\u2019 which includes a number of restrictions on the future cash flows that can be recognised in respect of restructurings and improvements related to capital expenditure.Investment propertiesInvestment properties are those properties which are not occupied by the Group and which are held for long-term rental yields, capital appreciation or both. Investment properties also include property that is being developed or constructed for future use as investment property by the Group. Investment properties comprise freehold land and buildings and are measured at fair value. At the end of a financial year the fair values are determined by obtaining an independent valuation prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors. External, independent valuation firms having appropriate, recognised professional qualifications and recent experience in the location and category of property being valued are used. A transfer to the fair value reserve is made for all fair value gains in the year from retained earnings. Where there have been previous fair value gains transferred to the fair value reserve and fair value losses have been incurred in the year then a transfer is made to retained earnings to offset as much of the fair value losses as possible.Investment properties are re-categorised as development properties and moved to inventory once planning is secured and where development with a view to sale has commenced.A transfer from the fair value reserve to retained earnings is made if any net realisable value provision is required on any development property where gains had previously been recorded as an investment property.At each subsequent reporting date, investment properties are re-measured to their fair value. Movements in fair value are included in the income statement.Where specific investment properties have been identified as being for sale within the next 12 months, a sale is considered highly probable and the property is immediately available for sale, their fair value is shown under assets held for sale (AHFS) within current assets, measured in accordance with the provisions of IAS 40 \u2018Investment Property\u2019.Profit or loss on disposal of investment propertiesDisposals are accounted for when control of the investment property is passed to a customer, typically at the point of legal completion and when title passes. Profits or losses on disposal arise from deducting the asset\u2019s net carrying value, selling costs and where appropriate a proportion of future costs attributable to the development of the overall land area from the net proceeds (being net purchase consideration less any clawback liability arising on disposal) is recognised in the income statement. Net carrying value includes valuation in the case of investment properties.In the case of investment properties, any fair value reserve for the property disposed of is treated as realised on disposal of the property and transferred to retained earnings.Investment properties in the course of constructionDirectly attributable costs incurred in the course of constructing a property, not including interest, are capitalised as part of the cost of the property. Any resultant change in value is therefore recognised through the next revaluation.Government grantsGovernment grants are recognised when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants related to the development of Investment Property and Development Property are deducted from the cost of the related asset. Grants for the reimbursement of operating expenditure are deducted from the related category of costs in the income statement. Once a government grant is recognised, any related deferred income is treated in accordance with IAS 20 \u2018Accounting for Government Grants and Disclosure of Government Assistance\u2019.Financial assetsA financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.Financial assets include cash received from the sale of certain development properties but held in separate bank accounts over which third party infrastructure loan providers have a charge.Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the income statement. Financial assets are assessed for their recoverability under the Expected Credit Loss model on a periodic basis with a provision being made if required under this model. Financial assets are de-recognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.Gains or losses arising from changes in the fair value of financial assets are presented in the income statement within \u2018other gains\u2019 in the year in which they arise.Interest income is recognised on financial assets by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.Financial liabilitiesLiabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or as other liabilities, as appropriate. A financial liability is de-recognised when the obligation under the liability is discharged, cancelled or expires.All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted.Pension obligationsThe Group contributes to defined contribution schemes for its current employees. The cost is charged to the consolidated income statement as incurred.Blenkinsopp pensionThe Group\u2019s only defined benefit pension liability is in respect of the Blenkinsopp Section of the Industry-Wide Mineworkers Pension Scheme.During the years to 31 December 2023 and 31 December 2022 all contributions have been paid to this scheme by the Company.In the Company balance sheet, a net liability equal to the IAS 19 (revised) liability is recognised, and an equal amount within non-current assets, due to its ability to call upon an indemnity from Harworth Estates Mines Property Limited for this liability if required. Harworth Estates Mines Property Limited is a wholly owned subsidiary of the Group.Share-based paymentsEquity-settled share-based payments to employees of the Company and its subsidiary undertakings are measured at the fair value of the equity instruments at the date of grant and are expensed on a straight-line basis over the vesting period in the consolidated income statement. The fair value of the equity instruments is determined at the date of grant taking into account any market-based vesting conditions attached to the award. Non-market based vesting conditions are taken into account in estimating the number of awards likely to vest. The estimate of the number of awards likely to vest is reviewed regularly and the expense charge adjusted accordingly.Operating segmentsManagement has determined the operating segments based upon the operating reports reviewed by the Investment Committee that are used to assess both performance and strategic decisions. Management has identified that the Investment Committee is the Chief Operating Decision Maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.The Group is organised into two operating segments: Income Generation and Capital Growth. Group costs are not a reportable segment. However, information about them is considered by the Investment Committee in conjunction with the reportable segments.The Income Generation segment focuses on generating rental returns from the investment portfolio, rental returns and royalties from energy generation, environmental technologies and the agricultural portfolio, and generating income from recycled aggregates and secondary coal products. The Capital Growth segment focuses on delivering value by developing the underlying investment and development property portfolios, and includes planning and development activity, value engineering, proactive asset management and strategic land acquisition.All operations are carried out in the United Kingdom.ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, and liabilities and contingent liabilities, assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.Costs related to acquisitions, other than those associated with the issue of debt or equity securities, are expensed as incurred.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated.Share capital and reservesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where shares are issued in direct consideration for acquiring shares in another company, and following which the Group holds at least 90% of the nominal share capital of that company, any premium on the shares issued as consideration is included in a merger reserve rather than share premium.The merger reserve reflects the premium on the shares issued to the Pension Protection Fund as part of the consideration for the purchase of 75.1% of the issued share capital of Harworth Estates Property Group Limited in 2016.The fair value reserve reflects the accumulation of fair value adjustments as detailed in the investment property and property, plant and equipment accounting policies.Property, plant and equipmentLand and buildings relate to Group-occupied properties. These properties are stated at their fair value, based on market values, less any subsequent accumulated depreciation or accumulated impairment loss. Depreciation is provided where it is considered significant having regard to the estimated remaining useful lives and residual values of individual properties. Surpluses on revaluations are recorded in other comprehensive income and credited to the fair value reserve. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit or loss. Deficits on revaluations are charged against the fair value reserve to the extent that there are available surpluses relating to the same asset and are otherwise charged to profit or loss. Office equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on these assets so as to write off the cost or valuation of assets over their estimated useful lives of three to four years, using the straight-line method.Derivatives and hedgingDerivative financial instruments such as interest rate swaps are entered into in order to manage interest rate risks. Such derivative instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedge item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedge risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they are designated.The effective portion of the gain or loss on the hedging instrument is recognised through other comprehensive income, while any ineffective portion is recognised immediately in profit or loss, such as when the hedged financial income or financial expense is recognised or when a forecast sale of the hedged item occurs.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognised in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction or firm commitment occurs.When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current (or separated into current and non-current portions) consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. The derivative instrument is separated into a current portion and non-current portion only if: 1) a reliable allocation can be made; and 2) it is applied to all designated and effective hedging instruments.TaxCurrent taxThe charge or credit for current tax is based on the results for the year adjusted for items that are either not subject to taxation or for expenditure which cannot be deducted in computing the tax charge or credit. The tax charge or credit is calculated using taxation rates that have been enacted or substantively enacted at the balance sheet date.Deferred taxDeferred tax is recognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax is recognised in respect of all taxable temporary differences and all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses, with certain limited exceptions:\u2022 Deferred tax liability is not recognised when it arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and\u2022 Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and\u2022 In respect of taxable or deductible temporary differences associated with investments in subsidiaries and joint ventures, deferred tax liability is not recognised when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future while deferred tax asset is not recognised when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax is calculated at the tax rates that are expected to apply in the years in which temporary differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited to the income statement, except where it applies to items credited or charged to other comprehensive income or equity in which case the deferred tax is also dealt with in other comprehensive income or equity.The carrying value of the Group\u2019s investment properties is assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale.Critical accounting estimates and judgementsThe preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these financial statements, the significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty are as follows:Estimation of fair value of investment propertiesThe fair value of investment property reflects, amongst other things, rental income from current leases, assumptions about rental income from future leases and the possible outcome of planning applications, in the light of current market conditions. The valuation has been arrived at primarily after consideration of market evidence for similar property, although in the case of those properties where fair value is based on their ultimate redevelopment potential, development appraisals have been undertaken to estimate the residual value of the landholding after due regard to the cost of, and revenue from, the development of the property.In determining fair value measurement, the impact of potential climate-related matters, including legislation, which may affect the fair value measurement of investment property has been considered.The values reported are based on significant assumptions and a change in fair values could have a material impact on the Group\u2019s results. This is due to the sensitivity of fair value to the assumptions made as regards to variances in development costs compared to management`s own estimates.Investment properties are disclosed in note 14.Estimation of valuation of development propertiesFor the purposes of calculating net realisable value for both EPRA reporting and ensuring that development properties are stated at the lower of cost and net realisable value, the Group obtains an independent valuation of these properties, prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors.If the net realisable value of the property is lower than cost, a provision is made to reduce the value of the property.2. Alternative Performance Measures (\u2018APMs\u2019)IntroductionThe Group has applied the December 2019 European Securities and Markets Authority (\u2018ESMA\u2019) guidance on APMs and the November 2017 Financial Reporting Council (\u2018FRC\u2019) corporate thematic review of APMs in these results. An APM is a financial measure of historical or future financial performance, position or cash flows of the Group which is not a measure defined or specified in IFRS.Overview of our use of APMsThe Directors believe that APMs assist in providing additional useful information on the underlying trends, performance and position of the Group. APMs assist stakeholder users of the accounts, particularly equity and debt investors, through the comparability of information. APMs are used by the Directors and management, both internally and externally, for performance analysis, strategic planning, reporting and incentive-setting purposes.APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs, including peers in the real estate industry. APMs should be considered in addition to, and are not intended to be a substitute for, or superior to, IFRS measurements.The derivations of our APMs and their purposeThe primary differences between IFRS statutory amounts and the APMs used by Harworth are as follows:1. Capturing all sources of value creation \u2013 Under IFRS, the revaluation movement in development properties which are held in inventory, is not included in the balance sheet. Also, overages are not recognised in the balance sheet until they are highly probable. These movements, which are verified by BNP Paribas and Savills (independent external property valuers), are included within our APMs;2. Recategorising income statement amounts \u2013 Under IFRS, the grouping of amounts, particularly within gross profit and other gains, does not clearly allow Harworth to demonstrate the value creation through its business model. In particular, the statutory grouping does not distinguish value gains (being realised profits from the sales of properties and unrealised profits from property value movements) from the ongoing profitability of the business which is less susceptible to movements in the property cycle. Finally, the Group includes profits from joint ventures within our APMs as our joint ventures conduct similar operations to Harworth, albeit in different ownership structures; and3. Comparability with industry peers \u2013 Harworth discloses some APMs which are European Public Real Estate Association (\u2018EPRA\u2019) measures as these are a set of standard disclosures for the property industry and thus aid comparability for our stakeholder users.Our key APMsThe key APMs that the Group focuses on are as follows:\u2022 Total Return \u2013 The movement in EPRA NDV plus dividends per share paid in the year expressed as a percentage of opening EPRA NDV per share\u2022 EPRA NDV per share \u2013 EPRA NDV divided by the number of shares in issue less shares held by the Employee Benefit Trust and Equiniti Share Plan Trustees Limited to satisfy Long Term Incentive Plan and Share Incentive Plan awards\u2022 Value gains \u2013 These are the realised profits from the sales of properties and unrealised profits from property value movements including joint ventures and the mark to market movement on development properties, AHFS and overages\u2022 Net loan to portfolio value (Net LTV) \u2013 Group debt net of cash held expressed as a percentage of portfolio valueSet out in the appendix to these financial statements is a reconciliation of the statutory measures to the APMs for the current reporting period and its comparative. Capital Growth Sale of Other Development Property Income Properties Activities Generation Central Total \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000(1)Revenue46,731 2,286 23,410 \u2013 72,427Cost of sales (51,709) (2,340) (6,028) \u2013 (60,077)(2)Gross (loss)/profit(4,978) (54) 17,382 \u2013 12,350Administrative expenses \u2013 (5,062) (3,147) (19,226) (27,435)(3)Other gains \u2013 65,066 4,360 \u2013 69,426Other operating expense \u2013 \u2013 \u2013 (112) (112)Operating (loss)/profit (4,978) 59,950 18,595 (19,338) 54,229Finance costs \u2013 \u2013 \u2013 (6,421) (6,421)Finance income \u2013 438 7 \u2013 445Share of profit of joint ventures \u2013 892 662 \u2013 1,554(Loss)/profit before tax (4,978) 61,280 19,264 (25,759) 49,807(1) Revenue Revenue is analysed as follows:Sale of development properties 46,731 \u2013 \u2013 \u2013 46,731Revenue from PPAs \u2013 776 \u2013 \u2013 776Build \u2013to \u2013suit development revenue \u2013 956 \u2013 \u2013 956Rent, service charge and royalties revenue \u2013 340 22,657 \u2013 22,997Other revenue \u2013 214 753 \u2013 96746,731 2,286 23,410 \u2013 72,427(2) Gross (loss)/profitGross (loss)/profit is analysed as follows:Gross (loss)/profit excluding sales of development properties \u2013 (54) 17,382 \u2013 17,328Gross loss on sale of development properties* (618) \u2013 \u2013 \u2013 (618)Net realisable value provision on development properties (7,442) \u2013 \u2013 \u2013 (7,442)Release of previous net realisable value provision on development properties 1,213 \u2013 \u2013 \u2013 1,213Release of previous net realisable value provision on disposal of development properties 1,869 \u2013 \u2013 \u2013 1,869(4,978) (54) 17,382 \u2013 12,350(3) Other gains/(losses)Other gains/(losses) are analysed as follows:Increase in fair value of investment properties \u2013 65,584 5,788 \u2013 71,372Decrease in the fair value of AHFS \u2013 (114) (158) \u2013 (272)Loss on sale of investment properties \u2013 (588) (365) \u2013 (953)Loss on sale of AHFS \u2013 (134) (1,006) \u2013 (1,140)Profit on sale of overages \u2013 318 101 \u2013 419 \u2013 65,066 4,360 \u2013 69,426*Gross loss on sale of development properties includes a reduction of \u00a32.0m (2022: \u00a30.4m) relating to the discounting of deferred consideration receivable.3. Segmental Information continuedSegmental Balance Sheet31 December 2023Capital Income Growth Generation Central Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non\u2013current assetsProperty, plant and equipment \u2013 \u2013 1,670 1,670Right of use assets \u2013 \u2013 512 512Other receivables 11,296 \u2013 \u2013 11,296Investment properties 199,216 234,726 \u2013 433,942Investments in joint ventures 17,604 13,118 \u2013 30,722 228,116 247,844 2,182 478,142Current assetsInventories 263,073 \u2013 \u2013 263,073Trade and other receivables 23,967 11,300 2,022 37,289AHFS 3,764 14,988 \u2013 18,752Cash \u2013 \u2013 27,182 27,182290,804 26,288 29,204 346,296Total assets 518,920 274,132 31,386 824,438Financial liabilities and derivative financial instruments are not allocated to the reporting segments as they are managed and measured at a Group level.3. Segmental Information continuedSegmental Income Statement31 December 2022 Capital Growth Sale of Other Development Property Income Properties Activities Generation Central Total \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000(1)Revenue124,956 10,478 31,251 \u2013 166,685Cost of sales (68,099) (6,305) (8,888) \u2013 (83,292)(2)Gross profit56,857 4,173 22,363 \u2013 83,393Administrative expenses \u2013 (4,123) (1,877) (16,090) (22,090)(3)Other gains/(losses) \u2013 17,788 (34,549) \u2013 (16,761)Other operating expense \u2013 \u2013 \u2013 (56) (56)Operating profit/(loss) 56,857 17,838 (14,063) (16,146) 44,486Finance costs \u2013 (168) \u2013 (6,199) (6,367)Finance income \u2013 227 \u2013 \u2013 227Share of profit of joint ventures \u2013 (4,317) (3,170) \u2013 (7,487)Profit/(loss) before tax 56,857 13,580 (17,233) (22,345) 30,859(1) Revenue Revenue is analysed as follows: Sale of development properties 124,956 \u2013 \u2013 \u2013 124,956 Revenue from PPAs \u2013 5,810 \u2013 \u2013 5,810 Build \u2013to \u2013suit development revenue \u2013 4,215 \u2013 \u2013 4,215 Rent, service charge and royalties revenue \u2013 426 28,151 \u2013 28,577Revenue from coal fines \u2013 \u2013 2,113 \u2013 2,113 Other revenue \u2013 27 987 \u2013 1,014124,956 10,478 31,251 \u2013 166,685(2) Gross profit Gross profit is analysed as follows:Gross profit excluding sales of development properties \u2013 4,173 22,363 \u2013 26,536 Gross profit on sale of development properties 57,252 \u2013 \u2013 \u2013 57,252Net realisable value provision on development properties (7,074) \u2013 \u2013 \u2013 (7,074)Reversal of previous net realisable value provision on development properties 5,030 \u2013 \u2013 \u2013 5,030Release of previous net realisable value provision on disposal of development properties 1,649 \u2013 \u2013 \u2013 1,649 56,857 4,173 22,363 \u2013 83,393(3) Other gains/(losses) Other gains/(losses) are analysed as follows: Increase/(decrease) in fair value of investment properties \u2013 17,958 (37,683) \u2013 (19,725) Decrease in the fair value of AHFS \u2013 (199) \u2013 \u2013 (199) Profit on sale of investment properties \u2013 76 847 \u2013 923 (Loss)/profit on sale of AHFS \u2013 (216) 2,287 \u2013 2,071 Profit on sale of overages \u2013 169 \u2013 \u2013 169 \u2013 17,788 (34,549) \u2013 (16,761)3. Segmental Information continuedSegmental Balance Sheet31 December 2022Capital Income Growth Generation Central Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current assetsProperty, plant and equipment \u2013 \u2013 600 600Right of use assets \u2013 \u2013 254 254Other receivables 4,013 \u2013 \u2013 4,013Investment properties 164,533 235,830 \u2013 400,363Investments in joint ventures 16,462 13,366 \u2013 29,828 185,008 249,196 854 435,058Current assetsInventories 216,393 \u2013 \u2013 216,393Trade and other receivables 41,287 14,913 458 56,658AHFS 2,627 57,163 \u2013 59,790Cash \u2013 \u2013 11,583 11,583 260,307 72,076 12,041 344,424Total assets 445,315 321,272 12,895 779,482Financial liabilities and derivative financial instruments are not allocated to the reporting segments as they are managed and measured at a Group level.4. Operating profit Year ended Year ended 31 December 31 December 2023 2022 Note\u00a3\u2019000 \u00a3\u2019000 Operating profit before tax is stated after charging:Net realisable value provision on development properties 16 4,360 395Staff costs 5 17,670 13,690Depreciation of property, plant and equipment and right of use assets 12, 13 282 1525. Employee informationThe monthly average number of persons (excluding Non-Executive Directors) employed by the Group during the year was: Group Company Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2023 2022 2023 2022 Number Number Number Number Management and administration 121 107 3 35. Employee information continuedRemuneration details of these persons were as follows: Group Company Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2023 2022 2023 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Wages and salaries 13,768 10,825 3,087 1,399Share-based payment expense 1,404 703 301 157Social security costs 1,603 1,383 407 278Post employment benefits 895 779 33 50 17,670 13,690 3,828 1,884Key management remuneration relates to the members of the Investment Committee: Group Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Short term employee benefits 5,364 4,514Post employment benefits 218 213Share-based payment expense 775 490 6,357 5,217Detailed information relating to Directors\u2019 remuneration is disclosed in the Directors\u2019 remuneration report on pages 116 to 138 and forms part of these financial statements.6. Finance costs and finance incomeYear endedYear ended31 December31 December20232022\u00a3\u2019000\u00a3\u2019000Total finance income 445 227Finance costs\u2013 Bank interest (2,778) (2,206)\u2013 Facility fees (1,524) (1,791)\u2013 Amortisation of up-front fees (671) (685)\u2013 Acceleration of amortisation of up-front fees following extinguishment of previous RCF \u2013 (599)\u2013 Other interest (1,448) (1,086)Total finance costs (6,421) (6,367)Net finance costs (5,976) (6,140)During the year no interest has been capitalised in investment or development properties (2022: \u00a3nil).In March 2022 the Group entered into a new RCF replacing the existing facility under different lending terms. This transaction met the definition of a loan extinguishment and led to an acceleration of amortisation on the up-front fees of the previous facility.7. Auditors\u2019 remuneration Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Fees payable to the Company\u2019s auditors and its associates for the audit of the Company and the consolidated financial statements 380 330Fees payable to the Company\u2019s auditors and its associates for other services:\u2013 The audit of the Company\u2019s subsidiaries pursuant to legislation 40 42\u2013 Other assurance services 189 \u2013 609 3728. Tax Year ended Year ended 31 December 31 December 2023 2022 Analysis of tax (charge)/credit in the year \u00a3\u2019000 \u00a3\u2019000 Current tax Current year (6,749) (21,650)Adjustment in respect of prior periods 907 (118)Total current tax charge (5,842) (21,768)Deferred tax Current year (4,779) 13,504Adjustment in respect of prior periods (987) 409Difference between current tax rate and rate of deferred tax (243) 4,834Total deferred tax (charge)/credit (6,009) 18,747Tax charge (11,851) (3,021)Other comprehensive income items Deferred tax - current year 3 (101)Total 3 (101)The tax charge for the year is higher (2022: lower) than the standard rate of corporation tax in the UK of 23.5% (2022: 19%). The differences are explained below: Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Profit before tax 49,807 30,859Profit before tax multiplied by rate of corporation tax in the UK of 23.5% (2022: 19%) (11,705) (5,863)Effects of:Adjustments in respect of prior periods \u2013 deferred taxation (987) 409Adjustments in respect of prior periods \u2013 current taxation 907 (118)Expenses not deducted for tax purposes (542) (127)Revaluation gains/(losses) 252 (755)Share of profit/(loss) of joint ventures 365 (1,423)Difference between current tax rate and rate of deferred tax (243) 4,834Share options 102 22Total tax charge (11,851) (3,021)8. Tax continuedThe difference between current tax rate and rate of deferred tax of \u00a30.2m (2022: \u00a34.8m) relates to the unwinding of balances previously recognised at 25% and the reduction of the deferred tax liabilities recognised at 25% as a result of in year movements. At 31 December 2023, the Group had a current tax liability of \u00a32.6m (2022: \u00a37.0m).The Company has recognised a current tax liability in 2023 of \u00a30.8m (2022: asset \u00a30.5m).Deferred taxThe following is the analysis of deferred tax liabilities presented in the consolidated balance sheet:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Deferred tax assets 503 1,839Deferred tax liabilities (30,592) (25,980) (30,089) (24,141)The movements on the deferred income tax account were as follows: Other Investment Tax Temporary Properties Losses Differences Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 At 1 January 2022 (46,988) 2,558 1,783 (42,647)Recognised in the consolidated income statement 21,008 (2,558) 297 18,747Recognised in the consolidated statement of comprehensive income \u2013 \u2013 (101) (101)Recognised in the consolidated statement of equity \u2013 \u2013 (140) (140)At 31 December 2022 and 1 January 2023 (25,980) \u2013 1,839 (24,141)Recognised in the consolidated income statement (4,612) \u2013 (1,397) (6,009)Recognised in the consolidated statement of comprehensive income \u2013 \u2013 3 3Recognised in the consolidated statement of equity \u2013 \u2013 58 58At 31 December 2023 (30,592) \u2013 503 (30,089)In the Spring Budget 2021, the Government announced an increase in the corporation tax rate from 19% to 25% from 1 April 2023. The rate was substantively enacted on 24 May 2021 and as such the deferred tax balances have been calculated in full on temporary differences under the liability method using the rate expected to apply at the time of the reversal of the balance. As such, the deferred tax assets and liabilities have been calculated using a 25% rate (2022: mixture of 25% and a blended rate) as appropriate. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same fiscal authority. Deferred tax assets of \u00a37.7m at 31 December 2023 (2022: \u00a38.1m) have not been recognised owing to the uncertainty as to their recoverability. The Company has recognised a deferred tax asset in 2023 of \u00a30.1m (2022: \u00a30.1m).9. Result of the parent entityAs permitted by section 408 of the Companies Act 2006, the Company\u2019s income statement and statement of comprehensive income have not been included separately in these financial statements. The loss for the financial year was \u00a39.3m (2022: \u00a36.4m) and the total comprehensive expense for the financial year was \u00a39.3m (2022: \u00a36.2m). The distributable reserves of the Company are \u00a389.1m (2022: \u00a3101.6m).10. Dividends Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Interim dividend of 0.444p per share for the six months ended 30 June 2023 1,437 \u2013Full year dividend of 0.929p per share for the year ended 31 December 2022 3,001 \u2013Interim dividend of 0.404p per share for the six months ended 30 June 2022 \u2013 1,305Final dividend of 0.845p per share for the year ended 31 December 2021 \u2013 2,7274,438 4,032The Board has declared a final dividend to be paid of 1.022p (2022: 0.929p) per share, bringing the total dividend for the year to 1.466p (2022: 1.333p). The recommended 2023 final dividend and 2023 total dividend represent a 10% increase in line with the Group\u2019s policy.11. Earnings per shareEarnings per share has been calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of shares in issue and ranking for dividend during the year. Year ended Year ended 31 December 31 December 20232022Profit from continuing operations attributable to owners of the Company (\u00a3\u2019000) 37,956 27,838Weighted average number of shares used for basic earnings per share calculation 322,767,356 322,571,783Basic earnings per share (pence) 11.8 8.6Weighted average number of shares used for diluted earnings per share calculation 328,653,655 326,317,353Diluted earnings per share (pence) 11.5 8.5The difference between the weighted average number of shares used for the basic and diluted earnings per share calculation is due to the effect of share awards and options that are dilutive.12. Property, plant and equipment Land and Office Group Buildings Equipment Total Cost or fair value \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2022 635 525 1,160Additions \u2013 110 110Decrease in fair value (133) \u2013 (133)As at 31 December 2022 and 1 January 2023 502 635 1,137Additions at cost \u2013 396 396Transfers from investment property 967 \u2013 967Decrease in fair value (169) \u2013 (169)As at 31 December 2023 1,300 1,031 2,331Depreciation As at 1 January 2022 \u2013 (479) (479)Depreciation charge \u2013 (58) (58)As at 31 December 2022 and 1 January 2023 \u2013 (537) (537)Depreciation charge \u2013 (124) (124)As at 31 December 2023 \u2013 (661) (661)Net book value Net book value at 31 December 2023 1,300 370 1,670Net book value at 31 December 2022 502 98 600At 31 December 2023, the Group had not entered into any contractual commitments for the acquisitions of property, plant and equipment (2022: \u00a3nil).13. Right of use assetsAs at As at 31 December 31 December Group 2023 2022 Right of use assets \u00a3\u2019000 \u00a3\u2019000 Buildings 466 229Vehicles 46 25 512 254Lease liabilitiesCurrent 158 82Non-current 397 172 555 254As at As at 31 December 31 December Group 2023 2022 Depreciation charge of right of use assets\u00a3\u2019000 \u00a3\u2019000 Buildings 143 77Vehicles 15 17 158 94The Group leases a number of offices and vehicles. Rental contracts are typically made for fixed periods of three to five years but may have extension options.13. Right of use assets continuedContracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Lease assets may not be used as security for borrowing purposes.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2013 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2013 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement dateLease payments to be made under reasonably certain extension options are also included in the measurement of the liability.14. Investment propertiesInvestment properties at 31 December 2023 and 31 December 2022 have been measured at fair value. The Group holds five categories of investment property, being Agricultural Land, Natural Resources, the Investment Portfolio, Major Developments and Strategic Land in the UK, which sit within the operating segments of Income Generation and Capital Growth. Income Generation Capital Growth Agricultural Natural Investment Major Strategic Land Resources Portfolio Developments Land Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000At 1 January 2022 5,412 30,551 259,726 45,483 137,183 478,355Direct acquisitions \u2013 \u2013 \u2013 \u2013 11,863 11,863 Subsequent expenditure \u2013 12 2,822 40,928 9,344 53,106 Disposals \u2013 (860) \u2013 \u2013 \u2013 (860)Increase/(decrease) in fair value 282 (163) (37,802) (5,357) 23,315 (19,725)Transfers between divisions 42,250 (42,250) \u2013 \u2013 Transfers from/(to) development properties \u2013 \u2013 \u2013 5,440 (60,513) (55,073)Transfer to AHFS \u2013 (9,814) (56,589) \u2013 (900) (67,303)At 31 December 2022 5,694 19,726 210,407 44,244 120,292 400,363Direct acquisitions 655 \u2013 \u2013 \u2013 15,829 16,484Subsequent expenditure 45 1,350 677 22,104 11,558 35,734Disposals \u2013 \u2013 (11,136) (788) (7,041) (18,965)Increase in fair value 116 89 5,583 3,196 62,388 71,372Transfers between divisions \u2013 \u2013 18,551 (10,416) (8,135) \u2013Transfers to development properties \u2013 \u2013 \u2013 \u2013 (51,865) (51,865)Transfers to property, plant and equipment \u2013 \u2013 (967) \u2013 \u2013 (967)Transfer to AHFS \u2013 (1,264) (14,800) \u2013 (2,150) (18,214)At 31 December 2023 6,510 19,901 208,315 58,340 140,876 433,942Subsequent expenditure is recorded net of government grant receipts of \u00a31.6m (2022: \u00a30.9m).Included within investment properties (agricultural land) is a provision of \u00a30.2m (2022: \u00a30.2m) relating to the restoration liability on sites formerly rented to mining tenants. This provision is treated as a reduction of the individual property valuations.14. Investment properties continuedDuring the year no development property was re-categorised as investment property to reflect a change in use (2022: \u00a35.4m). During the year \u00a351.9m of investment property was re-categorised to development properties (2022: \u00a360.5m). During the year \u00a31.0m of investment property was re-categorised as land and buildings (2022: \u00a3nil). Properties that have obtained planning permission and where development with a view to sale has commenced are held as development properties in inventories. Until sites receive planning permission and their future use has been determined, Harworth\u2019s view is that the land is held for a currently undetermined future use and should thus be held as investment property. Where there is a subsequent change in use, typically in properties and land that have received planning permission and where development with a view to sale has commenced, these are re-categorised as development properties in inventories.Investment property is transferred between divisions to reflect a change in the activity arising from the asset.The fair value disclosures for investment properties are presented on a combined basis along with those properties in AHFS as summarised in the following table: Income Generation Capital Growth Agricultural Major Natural Investment Strategic LandDevelopmentsResources Portfolio Land Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000Investment properties 6,510 19,901 208,315 58,340 140,876 433,942Properties included within AHFS (note 18) \u2013 1,738 13,250 \u2013 3,764 18,752Total properties (excluding development properties) 6,510 21,639 221,565 58,340 144,640 452,694As at As at 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Market value as estimated by the external valuer 461,288 470,150Capital incentives and rent-free periods included within other receivables (5,149) (5,853)Contingent interest in adjoining land included within external valuations (4,118) (3,848)Other adjustments 673 (296)Fair value for financial purposes 452,694 460,153Valuation processThe properties were valued in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation \u2013 Professional Standards (the \u2018Red Book\u2019) by BNP Paribas Real Estate and Savills. Both are independent firms acting in the capacity of external valuers with relevant experience of valuations of this nature. The valuations are on the basis of Market Value as defined by the Red Book, which RICS considers meets the criteria for assessing Fair Value under IFRS. The valuations are based on what is determined to be the highest and best use. When considering the highest and best use a valuer will consider, on a property by property basis, its actual and potential uses which are physically, legally and financially viable. Where the highest and best use differs from the existing use, the valuer will consider the cost and the likelihood of achieving and implementing this change in arriving at its valuation. Most of the Group\u2019s properties have been valued on the basis of their development potential which differs from their existing use.At each financial year end, management:\u2022 verifies all major inputs to the independent valuation report;\u2022 assesses property valuation movements when compared to the prior year valuation report; and\u2022 holds discussions with the independent valuer.14. Investment properties continuedThe different valuation levels are defined as:Level 1: valuation based on quoted market prices traded in active markets.Level 2: valuation based on inputs other than quoted prices included within Level 1 that maximise the use of observable data either directly or from market prices or indirectly derived from market prices.Level 3: where one or more inputs to valuation are not based on observable market data.The Directors determine the applicable hierarchy that each investment property falls into by assessing the level of significant unobservable inputs used in the valuation technique. As a result of the specific nature of each investment property, valuation inputs are not based on directly observable market data and therefore all investment properties were determined to fall into Level 3.The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as at the date of the event or change in circumstance that caused the transfer. There were no transfers between hierarchy levels in the year ended 31 December 2023 (2022: none).Valuation techniques underlying management\u2019s estimation of fair value are as follows:Agricultural landMost of the agricultural land is valued using the market comparison basis, with an adjustment made for the length of the remaining term on any tenancy and the estimated cost to bring the land to its highest and best use. Where the asset is subject to a secure letting, it is valued on a yield basis, based upon sales of similar types of investment.Natural resourcesNatural resource sites in the portfolio are valued based on a discounted cash flow for the operating life of the asset with regard to the residual land value.Investment PortfolioThe industrial & logistics investment properties are valued on the basis of market comparison with direct reference to observable market evidence including current rent and estimated rental value (ERV), yields and capital values and adjusted where required for the estimated cost to bring the property to its highest and best use. The evidence is adjusted to reflect the quality of the property assets, the quality of the covenant profile of the tenants and the reliability/volatility of cash flows. The Group\u2019s portfolio has a spread of yields. New income acquisitions are generally acquired at high yields where value can be added. Subject to market backdrop, properties that are newly built by Harworth typically have lower yields. As assets are enhanced and improved, these would also be expected to be valued at lower yields.ERV and reversionary rental yields are considered to be significant unobservable inputs. Details of the aggregate ERV and weighted average reversionary rental yields used for the Investment Portfolio properties are provided in the following table:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Market value (\u00a3\u2019000) 226,650 272,850 Aggregate ERV (\u00a3\u2019000) 16,187 20,388 Equivalent rental yield % 7.2 7.8 All other factors being equal, a higher equivalent yield would lead to a decrease in the valuation of an asset and an increase in the current or estimated future rental stream, or market demand for the asset, would have the effect of increasing the capital value, and vice versa. However, there are inter-relationships between the significant unobservable inputs which are partially determined by market conditions, which would impact on these changes.14. Investment properties continuedThe table below sets out a sensitivity analysis for the key sources of estimation uncertainty with the resulting increase/(decrease) in the fair value of Investment Portfolio assets at 31 December 2023:2023 2022Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Change in net income by 5% 11,427 (11,427) 13,568 (13,568)Change in portfolio net initial yield by 50 basis points (24,109) 28,653 (24,934) 25,980The property rental income earned by the Group from its occupied investment property, all of which is leased out under operating leases amounted to \u00a317.5m (2022: \u00a319.9m). Direct operating expenses arising on investment property generating rental income in the year amounted to \u00a35.4m (2022: \u00a36.4m).The RCF and other loans are secured by way of fixed equitable charges over investment and development properties.Major developmentsMajor development sites are generally valued using residual development appraisals, a form of discounted cash flow which estimates the current site value from future cash flows measured by current land and/or completed built development values, observable or estimated development costs, and observable or estimated development returns.Where possible development sites are valued by direct comparison to observable market evidence with appropriate adjustment for the quality and location of the property asset, although this is generally only a reliable method of measurement for smaller development sites.The discounted cash flows utilise gross development value, which takes account of the future expectations of sales over time, less costs, as at today\u2019s value, to complete remediation and provide the necessary site infrastructure to bring the site forward. Sales prices, build costs and profit margins are considered to be significant unobservable inputs for sites valued using residual development appraisals and details of these are provided below:As at 31 December 2023 As at 31 December 2022Market Sales Profit Market Profit value price Build cost Margin value Sales price Build cost Margin (\u00a3\u2019000)per sq. ftper sq. ft%(\u00a3\u2019000)per sq. ftper sq. ft%Major developments 57,554 \u00a3131-\u00a3147 \u00a369-\u00a375 15% 43,941 \u00a3125-\u00a3138 \u00a367-\u00a393 15%All other factors being equal, a higher land value reflecting future expectations on sales would lead to an increase in the valuation of an asset, an increase in costs would lead to a decrease in the valuation of an asset. However, there are inter-relationships between the significant unobservable inputs which are partially determined by market conditions, which would impact on these changes.The table below sets out a sensitivity analysis for the key sources of estimation uncertainty with the resulting increase/(decrease) in the fair value of Major Development investment properties at 31 December 2023:2023 2022Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Change in sales price of 5% 8,649 (8,745) 7,999 (6,439) Change in build cost of 5% (6,224) 6,036 (4,266) 5,826 14. Investment properties continuedStrategic landStrategic land is valued on the basis of discounted cash flows, with future cash flows measured by current land values adjusted to reflect the quality of the development opportunity, the potential development costs estimated by reference to observable development costs on comparable sites, and the likelihood of securing planning consent. Valuations are then benchmarked against observable land values reflecting the current existing use of the land, which is generally agricultural and, where available, observable strategic land values. The land value per acre is considered to be a significant unobservable input and details of the ranges used are provided below:As at 31 December 2023 As at 31 December 2022Agricultural Natural Strategic Agricultural Natural Strategic Land Resources Land Land Resources Land \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Market value 6,653 21,639 148,792 5,845 20,706 126,808Weighted Average Land value per acre 3 19 75 3 21 68All things being equal, a higher value per acre would lead to an increase in the valuation of an asset and vice versa. The table below sets out a sensitivity analysis for the key source of estimation uncertainty with the resulting increase/(decrease) in the fair value at 31 December 2023:2023 2022Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value Change in land value per acre by 5%\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Agricultural Land 333 (333) 292 (292)Natural Resources 1,082 (1,082) 1,035 (1,035)Strategic Land 7,440 (7,440) 6,340 (6,340)15. InvestmentsInvestment in subsidiaries (Company balance sheet)As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000 Cost and net book amount: At 1 January 209,864 209,300 Grant of equity instruments to employees of subsidiaries 980 564 At 31 December 210,844 209,864Investments in subsidiaries are stated at cost less provision for impairment. As permitted by section 616 of the Companies Act 2006, where the relief afforded under section 612 of the Companies Act 2006 applies, cost is the aggregate of the nominal value of the relevant number of the Company\u2019s shares and the fair value of any other consideration given to acquire the share capital of the subsidiary undertakings.15. Investments continuedThe Company held investments in the following subsidiaries as at 31 December 2023:Proportion of nominal value of Held issued share directly or capital indirectly Description of held by the by the Company name Activityshares heldCompany %CompanyHarworth Estates Property Group Limited Trading Ordinary 100 DirectCadley Park Management Company Limited Trading Ordinary 100 IndirectCutacre Country Park Management Company Limited Trading Ordinary 100 IndirectEOS Inc Limited Trading Ordinary 100 IndirectHarworth Estates (Agricultural Land) Limited Trading Ordinary 100 IndirectHarworth Estates (Waverley Prince) Limited Trading Ordinary 100 IndirectHarworth Estates Curtilage Limited Trading Ordinary 100 IndirectHarworth Estates Investments Limited Trading Ordinary 100 IndirectHarworth Estates Limited Trading Ordinary 100 IndirectHarworth Estates Mines Property Limited Trading Ordinary 100 IndirectHarworth Estates Overage Limited Trading Ordinary 100 IndirectHarworth Estates Residential Development Limited Trading Ordinary 100 IndirectHarworth Estates Warwickshire Limited Trading Ordinary 100 IndirectHarworth Surface Water Management (Bardon) Limited Trading Ordinary 100 IndirectHarworth Surface Water Management (North West) Limited Trading Ordinary 100 IndirectHarworth TRR Limited Trading Ordinary 100 IndirectLogistics North MC Limited Trading Ordinary 10.86 IndirectThoresby Vale Management Company Limited Trading Ordinary 100 IndirectHarworth Estates Northumberland Woodland Limited Trading Ordinary 100 IndirectCoze Homes Limited Trading Ordinary 100 Indirect Olive Lane Management Company Limited Trading Ordinary 100 IndirectFlass Lane Management Company Limited Trading Limited by guarantee 100 IndirectMapplewell Management Company Limited Trading Limited by guarantee 100 IndirectPOW Management Company Limited Trading Limited by guarantee 100 IndirectRiverdale Park Management Company Limited Trading Limited by guarantee 100 IndirectRossington Community Management Company Limited Trading Limited by guarantee 100 IndirectSimpson Park Management Company Limited Trading Limited by guarantee 100 IndirectSouth East Coalville Management Company Limited Trading Limited by guarantee 100 IndirectWaverley Community Management Company Limited Trading Limited by guarantee 100 IndirectAnsty Development Vehicle LLP Trading Partnership 100 IndirectGrimsby West LLP Trading Partnership 100 IndirectHarworth PV Limited Non-trading Ordinary 100 IndirectHarworth Regeneration Limited Non-trading Ordinary 100 IndirectHarworth Services Limited Non-trading Ordinary 100 IndirectHarworth Estates No 2 Limited Non-trading Ordinary 100 IndirectHarworth No 1 Limited Dormant Ordinary 100 IndirectBenthall Grange (Ironbridge) Management Company Limited Dormant Limited by guarantee 100 IndirectMoss Nook (St Helens) Management Company Limited Dormant Limited by guarantee 100 IndirectAll of the above companies are incorporated in England and Wales and have a registered address of Advantage House, Poplar Way, Rotherham, South Yorkshire, S60 5TR. Control of Logistics North MC Limited is via ownership of voting rights equal to 75% or more and the right to appoint and remove directors.15. Investments continuedThe following entities were incorporated during the year:\u2013 Harworth Estates Northumberland Woodland Limited on 10 January 2023\u2013 Coze Homes Limited on 11 August 2023\u2013 Olive Lane Management Company Limited on 26 October 2023\u2013 Grimsby West LLP on 6 December 2023The following entities were dissolved in January 2023: \u2022 Coalfield Estates Limited\u2022 Harworth Guarantee Co. Limited \u2022 Harworth Estates Group Limited\u2022 Harworth No.3 LimitedInvestment in joint venturesYear ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000 At 1 January 29,828 36,131 Investments in joint ventures 250 1,849 Distributions from joint ventures (910) (665) Share of profits/(losses) of joint ventures 1,554 (7,487) At 31 December 30,722 29,828The Group holds investments in the following joint ventures as at 31 December 2023:Proportion of nominal value of issued share Description capital held by Company name Activityof shares heldthe Group %Multiply Logistics North Holdings Limited Trading Ordinary 20Multiply Logistics North LP Trading Partnership 20Crimea Land Mansfield LLP Trading Partnership 50Northern Gateway Development Vehicle LLP Trading Partnership 50The Aire Valley Land LLP Trading Partnership 50All of the above companies are incorporated in England and Wales and, have a registered address of Advantage House, Poplar Way, Rotherham, South Yorkshire, S60 5TR. Multiply Logistics North Holdings Limited and Multiply Logistics North LP are joint ventures as a consequence of equal voting rights.15. Investments continuedAggregate information of the Group\u2019s share of assets, liabilities and results of joint ventures, that are individually material is:The Aire Valley Land LLPAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Investment property 26,000 26,350Current assets 2,339 306Total assets 28,339 26,656Current liabilities (38) (180)Equity 28,301 26,476Group\u2019s share in equity (50%) 14,151 13,238Group\u2019s carrying amount of the investment 14,151 13,238Included within current assets are cash and cash equivalents of \u00a32.3m (2022: \u00a30.2m)Multiply Logistics North LPAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Investment property 63,245 62,840Current assets 3,356 5,495Total assets 66,601 68,335Current liabilities (1,011) (1,505)Equity 65,590 66,830Group\u2019s share in equity (20%) 13,118 13,366Group\u2019s carrying amount of the investment 13,118 13,366Included within current assets are cash and cash equivalents of \u00a30.7m (2022: \u00a32.0m). Included within current liabilities are accruals and deferred income of \u00a30.9m (2022: \u00a30.9m) and other taxes payable of \u00a30.4m (2022: \u00a30.5m)The Aire Valley Land LLPAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Revenue \u2013 60Current assets (11) (7)Gross (loss)/profit (11) 53Administrative expenses (9) (11)Other gains/(losses) 1,845 (8,650)Profit/(loss) for the year 1,825 (8,608)Group's share of profit/(loss) for the year (50%) 913 (4,304)15. Investments continuedMultiply Logistics North LPAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Revenue 3,600 3,880Current assets (590) (125)Gross profit 3,010 3,755Administrative expenses (100) (160)Other gains/(losses) 400 (19,450)Profit/(loss) for the year 3,310 (15,855)Group's share of profit/(loss) for the year (20%) 662 (3,171)Aggregate information of the Group\u2019s share of assets, liabilities and results of joint ventures, that are not individually material is:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Current assets 7,701 7,088Total assets 7,701 7,088Current liabilities (795) (640)Equity 6,906 6,448Group share in equity (50%) 3,453 3,224Group\u2019s carrying amount of the investment 3,453 3,224Loss for the year (41) (23)Group\u2019s share of losses for the year (50%) (21) (12)The risks associated with these investments are as follows:\u2022 Decline in the availability, and/or an increase in the cost, of credit for residential and commercial buyers; and\u2022 Decline in market conditions and values.16. InventoriesAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Development properties 250,024 204,952Planning promotion agreements 3,805 2,994Options 9,244 8,447 263,073 216,393The total cost of inventory recognised as an expense within cost of sales in the year is \u00a352.7m (2022: \u00a368.4m) and comprising: \u00a347.3m (2022: \u00a367.7m) relating to the sale of development properties; a net realisable value charge of \u00a34.3m (2022: \u00a30.4m) against development properties; a charge of \u00a31.1m (2022: \u00a30.1m) in relation to planning promotion agreements; and a charge of \u00a3nil (2022: \u00a30.2m) relating to finished goods stocks. 16. Inventories continuedThe movement in development properties was as follows:Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000At 1 January 204,952 172,701Subsequent expenditure 32,417 35,430Disposals (34,850) (57,857)Net realisable value charge (4,360) (395)Transfers from investment properties 51,865 55,073At 31 December 250,024 204,952Subsequent expenditure is recorded net of government grant receipts of \u00a31.2m (2022: \u00a32.7m).The movement in net realisable value provision was as follows:Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000At 1 January 9,776 12,154Charge for the year 7,442 7,074Released on disposals (1,213) (5,030)Reversal of previous net realisable value provision (1,869) (1,649)Released on transfer to investment property \u2013 (2,773)At 31 December 14,136 9,776The reversal of previous net realisable value provision occurs where development properties have an increase in net realisable value which offsets a previous net realisable value charge.17. Trade and other receivables Group Company As at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 Current\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade receivables 16,933 31,566 \u2013 \u2013Less: provision for impairment of trade receivables (9) (28) \u2013 \u2013Net trade receivables 16,924 31,538 \u2013 \u2013Other receivables 17,019 22,379 111 144Prepayments 1,965 1,062 55 43Accrued income 1,381 1,679 \u2013 \u2013Amounts owed by subsidiary undertakings (note 30) \u2013 \u2013 136 110 37,289 56,658 302 297Non\u2013currentTrade receivables 10,336 3,119 \u2013 \u2013Other receivables 960 894 \u2013 \u2013Amounts owed by subsidiary undertakings (note 30) \u2013 \u2013 23,337 28,647 11,296 4,013 23,337 28,64717. Trade and other receivables continuedThe carrying amount of trade and other receivables approximates to their fair value due to the short time frame over which the assets are realised. All of the Group and Company receivables are denominated in sterling. Included within trade receivables is \u00a315.7m (2022: \u00a331.4m) of deferred consideration on the sale of investment and development property.The non-current trade receivable of \u00a312.3m (2022: \u00a33.1m) relates to deferred consideration on the sale of development properties due in more than one year.The cash movement in respect of deferred consideration as reflected in the Consolidated Statement of Cash Flows is a net deduction to proceeds from sale of investment properties of \u00a36.7m (2022: net increase \u00a31.0m). Other receivables include debtors from agent managed properties of \u00a33.7m (2022: \u00a37.3m), right of return assets of \u00a32.3m (2022: \u00a3nil) and rent-free and capital incentives of \u00a35.2m (2022: \u00a35.9m).The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables as disclosed in note 22. A charge is retained on deferred consideration related to land sales. No other security or collateral is held by the Group or the Company.The amounts owed to the Company by subsidiary undertakings are repayable on demand. Interest is payable at SONIA + 2% (2022: SONIA + 2%). GroupMovements on the Group provisions for impairment of trade receivables are as follows:Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000At the beginning of the year (28) (27)Released/(provided for) in the year 19 (1)At the end of the year (9) (28)Trade receivables can be analysed as follows:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Amounts receivable not past due 16,828 31,489Amounts receivable past due but not impaired 96 49Amounts receivable impaired (gross) 9 28Less impairment (9) (28) 16,924 31,538Ageing of past due but not impaired trade receivables:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u201900031- 60 days 1 361- 90 days \u2013 \u201391- 120 days 95 46 96 4917. Trade and other receivables continuedAgeing of impaired trade receivables:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u201900091- 120 days 9 28120+ days \u2013 \u2013 9 2818. Assets Held For Sale AHFS relate to investment properties identified as being for sale within 12 months, where a sale is considered highly probable and the property is immediately available for sale. Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000At 1 January 59,790 1,925Transferred from investment properties 18,214 67,303Subsequent expenditure 74 1Decrease in fair value (272) (199)Disposals (59,054) (9,240)At 31 December 18,752 59,79019. CashGroup CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cash 27,182 11,583 90 1,43320. BorrowingsAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Current:Secured \u2013 infrastructure and direct development loans (29,744) (3,067) (29,744) (3,067)Non-current:Secured \u2013 bank loan (33,830) (34,558)Secured \u2013 infrastructure and direct development loans \u2013 (22,353) (33,830) (56,911)Total borrowings (63,574) (59,978)Loans are stated after deduction of unamortised borrowing costs of \u00a31.5m (2022: \u00a32.0m).20. Borrowings continuedAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Infrastructure and direct development loansSouth Yorkshire Pension Fund/ Scrudf Limited Partnership Rotherham AMP (584) \u2013Scrudf Limited Partnership Gateway 36 (6,850) (1,413)Merseyside Pension Fund Bardon Hill (22,310) (20,940)North West Evergreen Limited Partnership Logistics North \u2013 (3,067)Total infrastructure and direct development loans (29,744) (25,420)Bank loan (33,830) (34,558)Total borrowings (63,574) (59,978)The bank borrowings are part of a \u00a3200m (2022: \u00a3200m) revolving credit facility (\u2018RCF\u2019) with a \u00a340m uncommitted accordion option, provided by NatWest, Santander and HSBC. The RCF is repayable on 4 March 2027 at the end of the five-year term.The RCF is subject to financial and other covenants. The bank borrowings are secured by way of a floating debenture over assets not otherwise used as security under specific infrastructure loans. Proceeds from and repayments of bank loans are reflected gross in the Consolidated Statement of Cash Flows and reflect timing of utilisation of the RCF. The infrastructure and direct development loans are provided by public and private bodies in order to promote the development of major sites or assist with vertical direct development. The loans are drawn as work on the respective sites is progressed and they are repaid on agreed dates or when disposals are made from the sites.21. Trade and other payables Group Company As at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 Current\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade payables 759 2,361 7 28Amounts owed to subsidiary undertakings (note 30) \u2013 \u2013 38,544 34,481Taxation and social security 6,178 513 105 98Other creditors 5,142 6,611 224 187Accruals 71,814 65,338 2,598 1,553Deferred income 4,194 7,676 \u2013 \u2013 88,087 82,499 41,478 36,347The amounts owed by the Company to subsidiary undertakings are repayable on demand. Interest is payable at SONIA + 2% (2022: SONIA + 2%). Group Company As at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Amounts in accruals relating to parcels of land that have been sold but where infrastructure costs are yet to be incurred 54,163 48,595 \u2013 \u2013Amounts in accruals relating to deferred payments for investment property acquisitions \u2013 2,561 \u2013 \u2013Deferred income includes \u00a33.1m (2022: \u00a34.1m) in relation to rental income.21. Trade and other payables continuedNon-current liabilities Group Company As at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Other creditors 947 1,925 \u2013 \u2013Deferred income 810 894 \u2013 \u20131,757 2,819 \u2013 \u201322. Financial Instruments and derivativesUntil March 2022, the Group was party to a \u00a345m fixed rate interest swap at an all-in cost of 1.184% (including fees) on top of the existing 2.35% margin under the previous RCF. The interest rate swap was ended when the Group entered into the new RCF in 2022.The fair value of the interest rate swap at 31 December 2023 was \u00a3nil (2022: a liability of \u00a3nil).The following gain was recognised in the other comprehensive income statement in relation to the interest rate swap:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Gain on interest rate swap \u2013 cash flow hedge \u2013 156The Group\u2019s principal financial instruments include trade and other receivables, cash, interest bearing borrowings and trade and other payables.Other financial assets and liabilitiesAs at 31 December 2023 As at 31 December 2022Book value Fair value Book value Fair value Group\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets held at amortised costCash 27,182 27,182 11,583 11,583 Trade and other receivables 45,239 45,239 57,930 57,930 Financial liabilities held at amortised costBank and other borrowings 63,574 63,574 59,978 59,978 Trade and other payables 78,662 78,662 76,235 76,235 As at 31 December 2023 As at 31 December 2022Book value Fair value Book value Fair value Company\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets held at amortised costCash 90 90 1,433 1,433 Trade and other receivables 23,584 23,584 28,901 28,901 Financial liabilities held at amortised costTrade and other payables 41,373 41,373 36,249 36,249 The Group classifies the assets and liabilities in the analysis above as \u2018loans and receivables\u2019 and \u2018other financial liabilities\u2019, respectively.The fair value of bank and other borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are within Level 2 of the fair value hierarchy.22. Financial Instruments and derivatives continuedChanges in liabilities arising from financing activitiesYear ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Borrowings at start of year 59,978 37,781Repayments (49,299) (152,000)Drawdowns 50,939 173,850Interest expense 4,225 3,292Interest paid (2,778) (2,206)Borrowing costs (162) (2,022)Amortisation of capitalised borrowing costs 671 1,283Borrowings at end of year 63,574 59,978Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Leases at start of year 254 94Additions 392 251Payments in respect of leases (91) (91)Leases at end of year 555 25423. Financial risk managementThe Group\u2019s overall risk management programme focuses on credit and liquidity risks to minimise potential adverse effects on the Group\u2019s financial performance.Risk management is carried out centrally under policies approved by the Board of Directors. The Board discusses and agrees courses of action to cover material risk management areas, including credit risk and investment of excess liquidity.Credit riskThe Group is subject to credit risk arising from outstanding receivables and committed cash and cash equivalents and deposits with banks and financial institutions. The Group\u2019s policy is to manage credit exposure to trading counterparties within defined trading limits.The Group is exposed to counterparty credit risk on cash and cash equivalent balances. The Group and Company hold all their cash deposits with their principal bankers.Interest rate riskThe Group\u2019s interest rate risk arises from external borrowings, the details of which are set out in Note 22. At the year end, the Group\u2019s RCF had an all in funding rate of 7.45% (2022: 5.32%). The Group also has three (2022: three) infrastructure loans with an all in funding rate of between 5.75% and 7.29% (2022: between 2.2% and 5.9%), of these one loan (2022: one) has a fixed rate of interest. Based on the amounts drawn down at 31 December 2023, if the variable interest rate changed by 50bps, the annual interest cost would increase or decrease by \u00a30.3m.Liquidity riskThe Group is subject to the risk that it will not have sufficient liquid resources to fund its on-going business. The Group manages its liquidity requirements with the use of operating cash flows, cash balances and drawdowns under its RCF.The Group had net debt at 31 December 2023 of \u00a336.4m (2022: \u00a348.4m). The Group generated cash from operating activities and investing activities for the year of \u00a318.3m (2022: cash used of \u00a316.2m). 23. Financial risk management continuedThe table below analyses the Group\u2019s financial liabilities which will be settled on a net basis into relevant maturity groupings based on the remaining period at the Balance sheet date to the contractual maturity date. The amounts disclosed in the table are the gross contractual undiscounted cash flows.Net carrying amount of Total financial contractual Less than Between Between liabilities cashflow 1 year 1 and 2 years 2 and 5 years \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 31 December 2023Trade and other payables 78,662 78,662 77,715 57 890Lease liability 455 455 158 150 247Bank and other borrowings including interest payable 63,574 78,571 35,454 4,128 38,989At 31 December 2022Trade and other payables 76,235 76,235 74,310 1,925 \u2013Lease liability 254 254 82 63 109Bank and other borrowings including interest payable 59,978 59,978 3,067 22,353 34,558Capital risk managementThe Group is subject to the risk that its capital structure will not be sufficient to support the growth of the business. The Group\u2019s objectives when managing capital are:\u2013 to safeguard the Group\u2019s ability to continue as a going concern and have the resources to provide returns for Shareholders and benefits for other stakeholders; \u2013 to maximise returns to Shareholders by allocating capital across the business based upon the expected level of return and risk; and\u2013 to maintain an optimal capital structure to reduce the cost of capital. The Group manages and monitors its cash balances to ensure it has sufficient capital to manage and maintain its business activities. Cash balances are disclosed in note 19. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of net debt to equity. Net debt is total debt less cash and at 31 December 2023 this was \u00a336.4m (2022: \u00a348.4m). The Group has in place a \u00a3200m (2022: \u00a3200m) RCF, with a \u00a340m accordion (2022: \u00a340m) as discussed in Note 20. The facility is provided by NatWest, Santander and HSBC. The RCF is repayable in March 2027 (five year term) on a non-amortising basis. The facility is subject to financial covenants including minimum interest cover, maximum infrastructure debts as a percentage of property value and gearing. The bank borrowings are secured by fixed equitable charges over development and investment properties.24. Retirement benefit obligationsDefined contribution pension schemesThe Group pays defined contribution payments to pension insurance plans. Contributions to defined contribution schemes in the year amounted to \u00a30.9m (2022: \u00a30.8m) . The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an expense when they are due. Defined benefit obligationsThe Group and the Company have defined benefit obligations in respect of the Blenkinsopp Section of the Industry-Wide Mineworkers\u2019 Pension Scheme (the Blenkinsopp scheme). This scheme is closed to new members.The Balance sheet liability in respect of retirement benefit obligations was:Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Relating to continuing activitiesBlenkinsopp 11 114 11 114Contributions to the Blenkinsopp scheme of \u00a30.2m were made by the Group during 2023 (2022: \u00a30.2m). It is expected that contributions of a similar amount will be paid in 2024. At 31 December 2023, no contributions remained unpaid (2022: \u00a3nil). The pension scheme is valued annually by a qualified independent actuary for the purposes of IAS 19 (revised) and the preparation of financial statements. The assumptions which usually have the most significant effect on the results of the valuation are the discount rate, which is based on corporate bond yields, and the rates of increase in pensions. There are no active members of this scheme. The main assumptions underlying the valuation of the Blenkinsopp scheme were:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Discount rate 4.60% p.a. 4.90% p.a.Rate of pension increases 2.50% p.a. 2.60% p.a.Rate of price inflation (RPI) 3.00% p.a. 3.15% p.a.Rate of price inflation (CPI) 2.50% p.a. 2.60% p.a.25% of pension at 25% of pension at a Rate of cash commutationa rate of \u00a39:\u00a31rate of \u00a39:\u00a31As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Life expectancy at age 65 for current pensioners (years) Male 18.2 19.2Female 21.6 22.5Life expectancy at age 65 for future pensioners currently aged 45 (years) Male 19.1 20.5Female 22.8 24.2The assumed pension increases depend on the period of service accrual (before April 1997: no increases, after 1997: in line with statutory minimum increases based on consumer price inflation).24. Retirement benefit obligations continuedDefined benefit obligationsThe amounts recognised in the Balance sheet are:2023 2022 2021 2020 2019 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000Fair value of plan assets 2,124 1,989 2,747 2,537 2,313 Present value of funding obligations (2,135) (2,103) (3,305) (3,505) (3,084)Net liability recognised in the Balance sheet (11) (114) (558) (968) (771)The Blenkinsopp scheme does not own any shares in the Company.The amounts recognised in the Consolidated Income Statement are:Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Expenses (109) (50)Interest cost (3) (9) (112) (59)A further credit of \u00a30.0m (2022: \u00a30.3m) has been reflected in the Statement of Comprehensive Income in the year. This represents the net effect of experience, and actuarial gains and losses on the scheme in the year.Year ended Year ended 31 December 31 December 2023 2022 Change in assets\u00a3\u2019000\u00a3\u2019000Fair value of plan assets at the start of the year 1,989 2,747Interest income 98 53Actual return/(loss) on scheme assets excluding interest income 20 (883)Employer contributions 225 208Expenses (109) (86)Benefits paid (99) (50)Fair value of plan assets at the end of the year 2,124 1,989Plan assets, which are all quoted investments, are comprised as follows:As at As at 31 December 31 December 2023 2022 Analysis of plan assets (which are all quoted investments)\u00a3\u2019000\u00a3\u2019000Gilts 332 1,284Liability driven investments 1,155 \u2013Delegated solutions \u2013 663Sterling liquidity fund 442 \u2013Other 195 42Total 2,124 1,98924. Retirement benefit obligations continuedYear ended Year ended 31 December 31 December 2023 2022 Change in defined benefit obligations\u00a3\u2019000\u00a3\u2019000Present value of defined benefit obligations at the start of the year (2,103) (3,305)Interest cost (101) (62)Remeasurements:\u2013 Gain arising from changes in demographic assumptions 80 16\u2013 Loss arising from changes in experience (57) (1)\u2013 Gain arising from changes in financial assumptions (53) 1,163Benefits paid 99 86Present value of defined benefit obligation at the end of the year (2,135) (2,103)Year ended Year ended 31 December 31 December 2023 2022 Analysis of the movement of the Balance Sheet liability\u00a3\u2019000\u00a3\u2019000At the start of the year (114) (558)Total amounts recognised in the income statement (112) (59)Employer contributions 225 208Net actuarial (loss)/gain recognised in the year (10) 295At the end of the year (11) (114)The duration of the defined benefit obligation is c.15 years (2022: c.16 years).Year ended Year ended 31 December 31 December 2023 2022 Cumulative actuarial gains and losses recognised in equity\u00a3\u2019000\u00a3\u2019000At the start of the year (392) (687)Net actuarial (loss)/gain in the year (10) 295At the end of the year (402) (392)Year ended Year ended 31 December 31 December 2023 2022 Experience gains and losses\u00a3\u2019000\u00a3\u2019000Actual return/(loss) on scheme assets excluding interest income 20 (883)Remeasurements:\u2013 Loss arising from changes in experience (57) (1)\u2013 (Loss)/gains arising from changes in financial assumptions (53) 1,163\u2013 Gains arising from changes in demographic assumptions 80 16Net actuarial (loss)/gain (10) 295Contributions are determined by a qualified actuary on the basis of a triennial valuation, using the projected credit unit method. The most recent valuation for the purpose of determining contributions was at 31 December 2021, which was agreed in March 2023. This showed an estimated past service deficit of \u00a30.7m. 24. Retirement benefit obligations continuedThe sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is: As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Change in discount rate by 0.5% (2022: 0.5%) (129) (115)Change in price inflation (and associated assumptions) by 0.5% (2022: 0.5%) 97 115Increase in life expectancy by 1 year 79 75The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice some of the assumptions may be correlated. No changes have been made to the method and types of assumptions from those in the previous year. The Scheme exposes the Group to actuarial risks such as: investment risk, interest rate risk and longevity risk. \u2022 Investment risk: the present value of the defined benefit obligation is calculated using a discount rate determined by reference to high quality corporate bond yields; if the return on Scheme assets is below this rate, it will create a deficit. The majority of the Scheme investments are held within index-linked government bonds, cash/liquidity funds and delegated solutions. \u2022 Interest rate risk: a decrease in the corporate bond interest rate will increase the liability but this would likely be partially offset by an increase in the return on the Scheme\u2019s debt investments. \u2022 Longevity risk: the present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality of Scheme participants both during and after retirement. An increase in the life expectancy of the participants will increase the Scheme\u2019s liability. 25. Share-based paymentsDuring the year, there were five classes of equity-settled share incentive plans outstanding:\u2022 Deferred Share Bonus Plan (DSBP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to the achievement of a performance condition relating to Total Return and continued employment. \u2022 Deferred Bonus Plan (DBP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to continued employment.\u2022 Restricted Share Plan (RSP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to continued employment and the satisfaction of underpin conditions relating to Financial Health, Underlying performance and Corporate Governance as detailed on page 125 of the Directors\u2019 Remuneration Report. \u2022 Save As You Earn (SAYE). Under this scheme eligible employees enter into a savings contract for a period of three years. Share options are granted on commencement of the savings contract and are exercisable using the amount saved under the contract at the time it terminates. Share options are granted at a discount of up to 20% of the market value of the shares at the time of invitation. The exercise of the share options is subject to continued employment only. \u2022 Share Incentive Plan (SIP). Under this scheme eligible employees are granted free shares which vest after three years subject to continued employment only. Share options granted under the DSBP, DBP and RSP are exercisable no later than the tenth anniversary of the grant date. Share options granted under the SAYE are exercisable for a six month period after the end of the three year savings period.25. Share-based payments continuedThe movements in the number of share options outstanding and their weighted average exercise prices are as follows:Number of shares Weighted average exercise priceDSBP 2023 2022 2023 2022Outstanding at beginning of the year 943 1,067 \u00a30.00 \u00a30.00Granted during the year \u2013 \u2013 n/a n/aForfeited during the year \u2013 (124) n/a \u00a30.00Exercised during the year \u2013 \u2013 n/a n/aOutstanding at end of the year 943 943 \u00a30.00 \u00a30.00Exercisable at end of the year 943 943 \u00a30.00 \u00a30.00Weighted average remaining contractual life 4.3 years 5.3 yearsNumber of shares Weighted average exercise priceDBP 2023 2022 2023 2022Outstanding at beginning of the year \u2013 \u2013 n/a n/aGranted during the year 57,988 \u2013 \u00a30.00 n/aForfeited during the year \u2013 \u2013 n/a n/aExercised during the year \u2013 \u2013 n/a n/aOutstanding at end of the year 57,988 \u2013 \u00a30.00 n/aExercisable at end of the year \u2013 \u2013 n/a n/aWeighted average remaining contractual life 9.2 years n/aNumber of shares Weighted average exercise priceRSP 2023 2022 2023 2022Outstanding at beginning of the year 2,412,749 1,502,883 \u00a30.00 \u00a30.00Granted during the year 1,396,752 1,096,516 \u00a30.00 n/aForfeited during the year (46,971) (186,650) \u00a30.00 \u00a30.00Exercised during the year \u2013 \u2013 n/a n/aOutstanding at end of the year 3,762,530 2,412,749 \u00a30.00 n/aExercisable at end of the year \u2013 \u2013 n/a n/aWeighted average remaining contractual life 8.1 years 8.4 yearsNumber of shares Weighted average exercise priceSAYE 2023 2022 2023 2022Outstanding at beginning of the year 894,382 877,530 \u00a30.91 \u00a30.82Granted during the year 1,034,244 161,916 \u00a31.00 \u00a31.40Forfeited during the year (192,868) (80,357) \u00a31.26 \u00a30.82Exercised during the year (541,688) (64,707) \u00a30.74 \u00a31.04Outstanding at end of the year 1,194,070 894,382 \u00a31.04 \u00a30.91Exercisable at end of year 21,921 \u2013 \u00a30.74 n/aWeighted average remaining contractual life 2.1 years 1.5 yearsNumber of shares Weighted average exercise priceSIP 2023 2022 2023 2022Outstanding at beginning of the year 432,769 147,845 \u00a30.00 \u00a30.00Granted during the year 538,078 286,138 \u00a30.00 \u00a30.00Forfeited during the year (62,967) (1,214) \u00a30.00 \u00a30.00Released during the year (17,137) \u2013 \u00a30.00 n/aOutstanding at end of the year 890,743 432,769 \u00a30.00 \u00a30.0025. Share-based payments continuedThe fair values of the share options granted under the RSP and SAYE during the year were determined using Black-Scholes valuation methodology. The fair value of shares awarded granted under the DBP and SIP schemes in the year was the share price at the date of grant.The significant inputs to the valuation models were as follows: RSP SAYEShare price at date of grant \u00a31.17 \u00a31.00Exercise price \u00a30.00 \u00a30.83Dividend yield 1.14% 1.37%Expected volatility 35% 37%Risk free interest rate n/a 4.43%Expected term 4.91 years 3.32 yearsWeighted average fair value \u00a30.98 \u00a30.36For the DBP and SIP schemes the fair values of the awards are equal to the share price at the date the awards are granted.The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. Awards under the 2020 SAYE Scheme were exercised in the year with a weighted average share price on exercise of \u00a31.06.The total charge for the year relating to employee share based payment plans was \u00a31.4m (2022: \u00a30.7m), all of which related to equity-settled share based payment transactions.26. Share capitalIssued, authorised and fully paidAs at As at 31 December 31 December 2023 2022 Group and Company\u00a3\u2019000\u00a3\u2019000At 1 January 32,305 32,272Shares issued 103 33At 31 December 32,408 32,305Issued, authorised and fully paid \u2013 number of sharesYear ended Year ended 31 December 31 December Group and Company 20232022At 1 January 323,051,124 322,724,566Shares issued 1,032,948 326,558At 31 December 324,084,072 323,051,124Own shares held (929,699) (438,439)At 31 December 323,154,373 322,612,685There is only one class of share in issue: ordinary shares of 10 pence each. All shares carry equal rights to dividends, voting and return of capital on a winding up of the Company, as set out in the Company\u2019s Articles of Association.The own shares held represent the number of shares held by the Employee Benefit Trust and Equiniti Share Plan Trustees Limited to satisfy Deferred Share Bonus Plan, Restricted Share Plan and Share Incentive plan awards for Executive Directors, Senior Executives and employees. For this purpose both Employee Benefit Trust and Equiniti Share Plan Trustees Limited are treated as an extension of the Company.27. Share premium accountYear ended Year ended 31 December 31 December 2023 2022 Group and Company \u00a3\u2019000\u00a3\u2019000At 1 January 24,688 24,627Premium on shares issued 346 61At 31 December 25,034 24,68828. CommitmentsAt 31 December 2023 the Group had contractual commitments due under construction contracts of \u00a321.2m (2022: \u00a30.6m). Capital commitments for the acquisition of property, plant and equipment are disclosed in note 12. Future expenditure required to bring investment and development properties to their highest and best use are not considered to be capital commitments, however such build costs for our investment properties are disclosed as a significant unobservable input in the valuation of Major Development properties as set out in note 14.29. Operating leasesFuture minimum lease receiptsAt 31 December 2023 the Group had contracted with tenants for the following future minimum lease payments:GroupAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Less than one year 15,527 17,733Between one and two years 13,506 17,426Between two and three years 12,206 15,057Between three and four years 11,850 14,059Between four and five years 9,615 12,861More than five years 108,973 124,992 171,677 202,128As set out in note 14 property rental income earned during the year was \u00a317.3m (2022: \u00a319.9m)30. Related party transactionsGroupThe Group carried out the following transactions with related parties during 2023. The following entities are related parties as a consequence of shareholdings, joint venture arrangements and partners of such and/or common Directorships. All related party transactions are clearly justified and beneficial to the Group, are undertaken on an arm\u2019s-length basis on fully commercial terms and in the normal course of business.Year ended/ Year ended/ as at as at 31 December 31 December 2023 2022 \u00a3000\u00a3000MULTIPLY LOGISTICS NORTH HOLDINGS LIMITED & MULTIPLY LOGISTICS NORTH LPSalesRecharges of costs 281 \u2013Asset management fee 100 145 Water charges 146 113 PurchasesRecharge of costs 1 \u2013ReceivablesOther receivables 5 \u2013 Trade receivables 281 \u2013 GENUIT GROUP (FORMERLY POLYPIPE)SalesRent 10 20 Development property disposal 1,680 \u2013 ReceivablesTrade receivables \u2013 6THE AIRE VALLEY LAND LLPReceivables 26 26CRIMEA LAND MANSFIELD LLPReceivables 9 9NORTHERN GATEWAY DEVELOPMENT VEHICLE LLPPartner loan made during the year \u2013 1,849 Investment made during the year 250 \u2013INVESTMENT PROPERTY FORUMPurchases 5 130. Related party transactions continuedCompanyThe Company carried out the following transactions with subsidiary undertakings.Details of the Company\u2019s intercompany balances and interest at 31 December 2023 are set out below:Year ended/as at Year ended/as at 31 December 202331 December 2022Net interest Net interest receivable/ receivable/ (payable) Net amounts (payable) Net amounts in the year due from/(to) in the year due from/(to) \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000EOS Inc. Limited 1,039 15,232 657 19,891 Harworth Estates Limited (495) (9,020) (219) (7,967)Harworth Estates (Agricultural Land) Limited (122) (1,953) (62) (1,841)Harworth Estates Investments Limited (919) (15,716) (366) (13,802)Harworth Guarantee Co. Limited \u2013 \u2013 \u2013 \u2013 Harworth Estates Overages Limited \u2013 3 \u2013 1 Harworth Estates Mines Property Limited 391 5,661 213 6,464 Harworth Estates Curtilage Limited 151 2,444 75 2,290 Harworth Estates Waverley Prince Limited (22) (351) (9) (336)Harworth Estates Property Group Limited (646) (10,680) (290) (9,749)Harworth Surface Water Management (North West) Limited (35) (562) (17) (529)Coalfield Estates Limited \u2013 \u2013 \u2013 \u2013 Harworth Estates Warwickshire Limited \u2013 3 \u2013 1 Harworth TRR Ltd (17) (256) (2) (249)Logistics North MC Limited \u2013 3 \u2013 1 POW Management Company Limited \u2013 (2) \u2013 (2)Rossington Community Management Company Limited \u2013 \u2013 \u2013 (1)Flass Lane Management Company Limited \u2013 (1) \u2013 (1)Mapplewell Management Company Limited \u2013 \u2013 \u2013 (1)Cadley Park Management Company Limited \u2013 (2) \u2013 (2)Simpson Park Management Company Limited \u2013 (1) \u2013 (1)Ansty Development Vehicle LLP 7 121 3 107 Harworth Surface Water Management (Bardon) Limited \u2013 3 \u2013 2 Harworth Estates Residential Development Limited \u2013 3 \u2013 \u2013 (668) (15,071) (17) (5,724)Dividends receivedDuring the year the Company received dividends of \u00a3nil (2022: \u00a3nil) from subsidiary undertakings.31. Post balance sheet eventsIn January 2024 the Group disposed of the investment portfolio asset Flaxby Moor Industrial Estate, Knaresborough for proceeds of \u00a313.3m. This property was included within assets held for sale at the year end.EPRA Net Asset MeasuresEPRA introduced a new set of Net Asset Value metrics in 2020: EPRA Net Reinstatement Value (\u2018NRV\u2019), EPRA Net Tangible Assets (\u2018NTA\u2019) and EPRA NDV. While the Group uses only EPRA NDV as a key APM, the EPRA Best Practices Recommendations guidelines require companies to report all three EPRA NAV metrics and reconcile them to IFRS. These disclosures are provided below.31 December 2023EPRA NDV EPRA NTA EPRA NRV \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets 637,722 637,722 637,722Cumulative unrealised gains on development properties 24,083 24,083 24,083Cumulative unrealised gains on overages 9,400 9,400 9,400Deferred tax liabilities (IFRS) \u2013 30,089 30,089Notional deferred tax on unrealised gains (8,342) \u2013 \u2013Deferred tax liabilities @ 50% \u2013 (19,216) \u2013Purchaser costs \u2013 \u2013 52,528 662,863 682,078 753,822Number of shares used for per share calculations 323,154,373 323,154,373 323,154,373Per share (pence) 205.1 211.1 233.331 December 2022EPRA NDV EPRA NTA EPRA NRV \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets 602,664 602,664 602,664 Cumulative unrealised gains on development properties 33,852 33,852 33,852 Cumulative unrealised gains on overages 7,500 7,500 7,500Deferred tax liabilities (IFRS) \u2013 24,141 24,141 Notional deferred tax on unrealised gains (10,171) \u2013 \u2013 Deferred tax liabilities @ 50% \u2013 (17,156) \u2013 Purchaser costs \u2013 \u2013 46,307 633,845 651,001 714,464 Number of shares used for per share calculations 322,612,685 322,612,685 322,612,685Per share (pence) 196.5 201.8 221.51) Reconciliation to statutory measuresYear ended Year ended 31 December 31 December 2023 2022 a. Revaluation gains/(losses) Note\u00a3\u2019000\u00a3\u2019000 Increase/(decrease) in fair value of investment properties 3 71,372 (19,725)Decrease in fair value of AHFS 3 (272) (199)Share of profit/(loss) of joint ventures 3 1,554 (7,487)Net realisable value provision on development properties 3 (7,442) (7,074)Reversal of previous net realisable value provision on development properties 3 1,213 5,030Amounts derived from statutory reporting 66,425 (29,455)Unrealised (losses)/gains on development properties (3,708) 10,493Unrealised gains on overages 2,209 4,003Revaluation gains/(losses) 64,926 (14,959)b. (Loss)/profit on sale(Loss)/profit on sale of investment properties 3 (953) 923(Loss)/profit on sale of AHFS 3 (1,140) 2,071(Loss)/profit on sale of development properties 3 (618) 57,252Release of net realisable value provision on disposal of development properties 3 1,869 1,649Profit on sale of overages 3 419 169Amounts derived from statutory reporting (423) 62,064Less previously unrealised gains on development properties released on sale (6,061) (49,093)Less previously unrealised gains overages released on sale (309) \u2013(Loss)/profit on sale (6,793) 12,971c. Value gains/(losses)Revaluation gains/(losses) 64,926 (14,959)(Loss)/profit on sale (6,793) 12,971Value gains/(losses) 58,133 (1,988)d. Total property salesRevenue 72,427 166,685Less revenue from other property activities 3 (2,286) (10,478)Less revenue from income generation activities 3 (23,410) (31,251)Add proceeds from sales of investment properties, AHFS and overages 79,166 13,550Total property sales 125,897 138,506e. Operating profit contributing to growth in EPRA NDVOperating profit 54,229 44,486Share of profit/(loss) of joint ventures 15 1,554 (7,487)Unrealised (losses)/gains on development properties (3,708) 10,493Unrealised gains on overages 2,209 4,003Less previously unrealised gains on development properties released on sale (6,061) (49,093)Less previously unrealised gains on overages released on sale (309) \u2013Operating profit contributing to growth in EPRA NDV 47,914 2,4021) Reconciliation to statutory measures continued As at As at 31 December 31 December 2023 2022 f. Portfolio value Note \u00a3\u2019000 \u00a3\u2019000 Land and buildings (included within property, plant and equipment) 1,300 500Investment properties 14 433,942 400,363Investments in joint ventures 15 30,722 29,828AHFS 18 18,752 59,790Development properties (included within inventories) 16 250,024 204,952Amounts derived from statutory reporting 734,740 695,433Cumulative unrealised gains on development properties as at year end 24,083 33,852Cumulative unrealised gains on overages as at year end 9,400 7,500Portfolio value 768,223 736,785g. Net debtGross borrowings 20 (63,574) (59,978)Cash 27,182 11,583Net debt (36,392) (48,395)h. Net loan to portfolio value (%)Net debt (36,392) (48,395)Portfolio value 768,223 736,785Net loan to portfolio value (%) 4.7% 6.6%i. Net loan to core income generation portfolio value (%)Net debt (36,392) (48,395)Core income generation portfolio value (investment portfolio and natural resources) 14 228,216 230,133Net loan to core income generation portfolio value (%) 15.9% 21.0%j. Gross loan to portfolio value (%)Gross borrowings 20 (63,574) (59,978)Portfolio value 768,223 736,785Gross loan to portfolio value (%) 8.3% 8.1%k. Gross loan to core income generation portfolio value (%)Gross borrowings 20 (63,574) (59,978)Core income generation portfolio value (investment portfolio and natural resources) 14 228,216 230,133Gross loan to core income generation portfolio value (%) 27.9% 26.1%1) Reconciliation to statutory measures continuedl. Number of shares used for per share calculationsNumber of shares in issue 26 324,084,072 323,051,124Less Employee Benefit Trust and Equiniti Share Plan Trustees Limited held shares (own shares) 26 (929,699) (438,439)Number of shares used for per share calculations 26 323,154,373 322,612,685m. Net Asset Value (NAV) per shareNAV \u00a3\u2019000 637,722 602,664Number of shares used for per share calculations 26 323,154,373 322,612,685NAV per share (p) 197.3 186.82) Reconciliation to EPRA measures As at As at 31 December 31 December 2023 2022 a. EPRA NDV Note\u00a3\u2019000 \u00a3\u2019000 Net assets 637,722 602,664Cumulative unrealised gains on development properties 24,083 33,852Cumulative unrealised gains on overages 9,400 7,500Notional deferred tax on unrealised gains (8,342) (10,171)EPRA NDV 662,863 633,845Harworth calculates EPRA NDV per share and total asset return on an undiluted basis.b. EPRA NDV per share (p)EPRA NDV \u00a3\u2019000 662,863 633,845Number of shares used for per share calculations 26 323,154,373 322,612,685EPRA NDV per share (p) 205.1 196.5EPRA NDV growth and total returnOpening EPRA NDV/share (p) 196.5 197.6Closing EPRA NDV/share (p) 205.1 196.5Movement in the year (p) 8.6 (1.1)EPRA NDV growth 4.4% (0.6%)Dividends paid per share (p) 1.4 1.2Total return per share (p) 10.0 0.1Total return as a percentage of opening EPRA NDV per share 5.1% 0.1%2) Reconciliation to EPRA measures continuedTo help retain and incentivise a management team with the requisite skills, knowledge and experience to deliver strong, long-term, sustainable growth for shareholders Harworth runs a number of share schemes for employees. The dilutive impact of these on the number of shares at 31 December is set out below:Number of shares used for per share calculation 323,154,373 322,612,685Outstanding share options and shares held in trust under employee share schemes 5,223,777 3,193,351Number of diluted shares used for per share calculations 328,378,150 325,806,036Diluted EPRA NDV per share, Diluted NDV Growth and Total Return as a percentage of opening diluted EPRA NDV per share are set out below:c. Diluted EPRA NDV per share (p)EPRA NDV \u00a3\u2019000 662,863 633,845Number of diluted shares used for per share calculations 328,378,150 325,806,036Diluted EPRA NDV per share (p) 201.9 194.5Diluted EPRA NDV growth and total returnOpening diluted EPRA NDV/share (p) 194.5 196.2Closing diluted EPRA NDV/share (p) 201.9 194.5Movement in the year (p) 7.4 (1.7)Diluted EPRA NDV growth 3.8% (0.9%)Dividends paid per share (p) 1.4 1.2Total diluted return per share (p) 8.8 (0.5)Total return as a percentage of opening diluted EPRA NDV per share 4.5% (0.2%)d. Net loan to EPRA NDVNet debt (36,392) (48,395)EPRA NDV 662,863 633,845Net loan to EPRA NDV 5.5% 7.6%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3-2": {
"value": "1. Accounting policiesThe principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all of the years presented, unless otherwise stated.The consolidated financial statements for the year ended 31 December 2023 consolidate the results of the Company and its subsidiaries(together referred to as the \u2018Group\u2019).Revenue recognitionRevenue comprises rental and other land-related income arising on investment properties, income from construction contracts, planning promotion agreements, promotion fees and overages and the sale of development properties.Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Group and the revenue can be reliably measured. All such revenue is reported net of discounts, and value added and other sales taxes.Rental incomeUnder IFRS 16 \u2018Leases\u2019, rental and other land related income is recognised on a straight-line basis over the term of the lease. Lease incentives, including rent-free periods and payments to tenants, are allocated to the consolidated income statement on a straight-line basis over the lease term as a deduction from rental and other land-related income.Revenue from contracts with customersUnder IFRS 15 \u2018Revenue from Contracts with Customers\u2019, revenue is measured based on the consideration specified in a contract with a customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over a product or service to a customer.Income from construction contracts is recognised in line with the accounting policy for construction contracts. Revenue is recognised when the Group is acting as a principal under a contract with primary responsibility for the contract.Revenue from planning promotion agreements, promotion fees and overages is recognised at the point in time when the associated performance obligations contained within the agreements are satisfied.Royalty income relates to revenue paid by customers who extract natural resources from some of the Group\u2019s property and is recognised at the transaction prices set out in the customer contracts in line with the volumes or values of resources extracted as determined by individual contracts.Service charge income is recognised as revenue in the period to which it relates.Sales of development properties, including land parcels sold to housebuilders for residential development, usually have performance obligations such as transferring legal title that are satisfied at a point in time. Revenue is recognised when control of the property passes to the buyer on completion of contracts. Any variable consideration including overages is estimated at the point of sale, taking into consideration the time to recover overage amounts as well as other factors which may give rise to variability. Revenue is only recognised to the extent that it is highly probable that there will not be a significant reversal in the future. Where sale contracts contain specific performance obligations, the contract price is apportioned to the obligations and the revenue is recognised as the obligations are satisfied in accordance with IFRS 15. Any deferred consideration is discounted to present value with the discount being unwound to the consolidated income statement as finance income.Construction contractsContracts for the construction of substantial assets are accounted for as construction contracts. Revenue on construction contracts is recognised over time, as the performance obligations are satisfied. Revenue is recognised over time if the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created. Otherwise, the revenue is recognised at a point in time. The revenue is reported in Other Property Activities within Note 3. Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion. The assessment of the stage of completion is dependent on the nature of the contracts but will generally be based on the estimated proportion of the total contract costs which have been incurred to date. If a contract is expected to be loss making, a provision is recognised when the contract is, or has become, onerous in accordance with IAS 37.Interest income and expenseInterest income and expense are recognised within \u2018finance income\u2019 and \u2018finance costs\u2019 in the income statement using the effective interest rate method.The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability.InventoriesInventories comprise development properties, land held for development, options to purchase land and planning promotion agreements.Development properties are included in the consolidated balance sheet at the lower of cost and net realisable value. Net realisable value is the expected net sales proceeds of the developed property in the ordinary course of business less estimated costs to complete and anticipated selling costs. Properties re-categorised to development properties from investment properties are transferred at deemed cost, being the fair value at the date of re-categorisation. Properties are re-categorised as development properties once planning is secured and where development with a view to sale has commenced.Where individual parcels of land held for development are disposed of out of a larger overall development site, costs are apportioned based on acreage, or other specific allocation where appropriate, after taking into account the cost or net realisable value of any remaining residual land which may not form part of the overall development site or which may not be available for development. Where the Group retains obligations attached to the development site as a whole, accruals are made relating to these disposals on the same allocation basis.Land held for development is land that has planning permission and is being developed for onward sale.Options to purchase land are agreements that the Group has entered into with landowners whereby the Group has the option to purchase their land within a limited timeframe. The landowners are not generally permitted to sell to any other party during this period, unless agreed by the Group. All costs, including the cost of entering into the option, are capitalised. At each reporting date, recoverability of the costs is considered by management and where required provisions are made such that the agreements are held at the lower of cost and net realisable value.Planning promotion agreements are agreements that the Group has entered into with landowners whereby the Group provides planning and promotion services in exchange for a fixed fee and/or a set percentage of the proceeds or profit of the eventual sale of the land that is the subject of the agreement. The Group promotes the land through the planning process at its own expense. If the land is sold, the Group receives a fee for its services.The Group incurs various costs in promoting land held under promotion planning agreements, in some instances the agreements allow for the Group to be reimbursed certain expenditure following the conclusion of a successful sale. These costs are held in inventory at the lower of cost and net realisable value. Investments in subsidiariesInvestments held by the Company in subsidiary undertakings are carried at cost less impairments to write them down to their recoverable amount.Investments in joint venturesJoint ventures are those entities over whose activities the Group has joint control established by contractual agreement. Interests in joint ventures through which the Group carries on its business are classified as jointly controlled entities and accounted for using the equity method. This involves recording the investment initially at cost to the Group and then, in subsequent years, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the joint venture\u2019s results less any impairment in carrying value and any other changes to the joint venture\u2019s net assets such as dividends. Impairments in subsidiariesInvestments in subsidiaries are reviewed for impairment if there is any indication that the carrying amount may not be recoverable.When a review for impairment is conducted, the recoverable amount is assessed by reference to the higher of \u2018value in use\u2019 (being the present value of expected future cash flows of the relevant cash-generating unit) or \u2018fair value less costs to sell\u2019. Where there is no binding sale agreement or active market, fair value less costs to sell is based on the best information available to reflect the amount the Company could receive for the cash-generating unit in an arm\u2019s length transaction.Impairment testing is carried out under the principles described in IAS 36 \u2018Impairment of assets\u2019 which includes a number of restrictions on the future cash flows that can be recognised in respect of restructurings and improvements related to capital expenditure.Investment propertiesInvestment properties are those properties which are not occupied by the Group and which are held for long-term rental yields, capital appreciation or both. Investment properties also include property that is being developed or constructed for future use as investment property by the Group. Investment properties comprise freehold land and buildings and are measured at fair value. At the end of a financial year the fair values are determined by obtaining an independent valuation prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors. External, independent valuation firms having appropriate, recognised professional qualifications and recent experience in the location and category of property being valued are used. A transfer to the fair value reserve is made for all fair value gains in the year from retained earnings. Where there have been previous fair value gains transferred to the fair value reserve and fair value losses have been incurred in the year then a transfer is made to retained earnings to offset as much of the fair value losses as possible.Investment properties are re-categorised as development properties and moved to inventory once planning is secured and where development with a view to sale has commenced.A transfer from the fair value reserve to retained earnings is made if any net realisable value provision is required on any development property where gains had previously been recorded as an investment property.At each subsequent reporting date, investment properties are re-measured to their fair value. Movements in fair value are included in the income statement.Where specific investment properties have been identified as being for sale within the next 12 months, a sale is considered highly probable and the property is immediately available for sale, their fair value is shown under assets held for sale (AHFS) within current assets, measured in accordance with the provisions of IAS 40 \u2018Investment Property\u2019.Profit or loss on disposal of investment propertiesDisposals are accounted for when control of the investment property is passed to a customer, typically at the point of legal completion and when title passes. Profits or losses on disposal arise from deducting the asset\u2019s net carrying value, selling costs and where appropriate a proportion of future costs attributable to the development of the overall land area from the net proceeds (being net purchase consideration less any clawback liability arising on disposal) is recognised in the income statement. Net carrying value includes valuation in the case of investment properties.In the case of investment properties, any fair value reserve for the property disposed of is treated as realised on disposal of the property and transferred to retained earnings.Investment properties in the course of constructionDirectly attributable costs incurred in the course of constructing a property, not including interest, are capitalised as part of the cost of the property. Any resultant change in value is therefore recognised through the next revaluation.Government grantsGovernment grants are recognised when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants related to the development of Investment Property and Development Property are deducted from the cost of the related asset. Grants for the reimbursement of operating expenditure are deducted from the related category of costs in the income statement. Once a government grant is recognised, any related deferred income is treated in accordance with IAS 20 \u2018Accounting for Government Grants and Disclosure of Government Assistance\u2019.Financial assetsA financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.Financial assets include cash received from the sale of certain development properties but held in separate bank accounts over which third party infrastructure loan providers have a charge.Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the income statement. Financial assets are assessed for their recoverability under the Expected Credit Loss model on a periodic basis with a provision being made if required under this model. Financial assets are de-recognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.Gains or losses arising from changes in the fair value of financial assets are presented in the income statement within \u2018other gains\u2019 in the year in which they arise.Interest income is recognised on financial assets by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.Financial liabilitiesLiabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or as other liabilities, as appropriate. A financial liability is de-recognised when the obligation under the liability is discharged, cancelled or expires.All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted.Pension obligationsThe Group contributes to defined contribution schemes for its current employees. The cost is charged to the consolidated income statement as incurred.Blenkinsopp pensionThe Group\u2019s only defined benefit pension liability is in respect of the Blenkinsopp Section of the Industry-Wide Mineworkers Pension Scheme.During the years to 31 December 2023 and 31 December 2022 all contributions have been paid to this scheme by the Company.In the Company balance sheet, a net liability equal to the IAS 19 (revised) liability is recognised, and an equal amount within non-current assets, due to its ability to call upon an indemnity from Harworth Estates Mines Property Limited for this liability if required. Harworth Estates Mines Property Limited is a wholly owned subsidiary of the Group.Share-based paymentsEquity-settled share-based payments to employees of the Company and its subsidiary undertakings are measured at the fair value of the equity instruments at the date of grant and are expensed on a straight-line basis over the vesting period in the consolidated income statement. The fair value of the equity instruments is determined at the date of grant taking into account any market-based vesting conditions attached to the award. Non-market based vesting conditions are taken into account in estimating the number of awards likely to vest. The estimate of the number of awards likely to vest is reviewed regularly and the expense charge adjusted accordingly.Operating segmentsManagement has determined the operating segments based upon the operating reports reviewed by the Investment Committee that are used to assess both performance and strategic decisions. Management has identified that the Investment Committee is the Chief Operating Decision Maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.The Group is organised into two operating segments: Income Generation and Capital Growth. Group costs are not a reportable segment. However, information about them is considered by the Investment Committee in conjunction with the reportable segments.The Income Generation segment focuses on generating rental returns from the investment portfolio, rental returns and royalties from energy generation, environmental technologies and the agricultural portfolio, and generating income from recycled aggregates and secondary coal products. The Capital Growth segment focuses on delivering value by developing the underlying investment and development property portfolios, and includes planning and development activity, value engineering, proactive asset management and strategic land acquisition.All operations are carried out in the United Kingdom.ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, and liabilities and contingent liabilities, assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.Costs related to acquisitions, other than those associated with the issue of debt or equity securities, are expensed as incurred.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated.Share capital and reservesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where shares are issued in direct consideration for acquiring shares in another company, and following which the Group holds at least 90% of the nominal share capital of that company, any premium on the shares issued as consideration is included in a merger reserve rather than share premium.The merger reserve reflects the premium on the shares issued to the Pension Protection Fund as part of the consideration for the purchase of 75.1% of the issued share capital of Harworth Estates Property Group Limited in 2016.The fair value reserve reflects the accumulation of fair value adjustments as detailed in the investment property and property, plant and equipment accounting policies.Property, plant and equipmentLand and buildings relate to Group-occupied properties. These properties are stated at their fair value, based on market values, less any subsequent accumulated depreciation or accumulated impairment loss. Depreciation is provided where it is considered significant having regard to the estimated remaining useful lives and residual values of individual properties. Surpluses on revaluations are recorded in other comprehensive income and credited to the fair value reserve. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit or loss. Deficits on revaluations are charged against the fair value reserve to the extent that there are available surpluses relating to the same asset and are otherwise charged to profit or loss. Office equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on these assets so as to write off the cost or valuation of assets over their estimated useful lives of three to four years, using the straight-line method.Derivatives and hedgingDerivative financial instruments such as interest rate swaps are entered into in order to manage interest rate risks. Such derivative instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedge item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedge risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they are designated.The effective portion of the gain or loss on the hedging instrument is recognised through other comprehensive income, while any ineffective portion is recognised immediately in profit or loss, such as when the hedged financial income or financial expense is recognised or when a forecast sale of the hedged item occurs.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognised in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction or firm commitment occurs.When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current (or separated into current and non-current portions) consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. The derivative instrument is separated into a current portion and non-current portion only if: 1) a reliable allocation can be made; and 2) it is applied to all designated and effective hedging instruments.TaxCurrent taxThe charge or credit for current tax is based on the results for the year adjusted for items that are either not subject to taxation or for expenditure which cannot be deducted in computing the tax charge or credit. The tax charge or credit is calculated using taxation rates that have been enacted or substantively enacted at the balance sheet date.Deferred taxDeferred tax is recognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax is recognised in respect of all taxable temporary differences and all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses, with certain limited exceptions:\u2022 Deferred tax liability is not recognised when it arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and\u2022 Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and\u2022 In respect of taxable or deductible temporary differences associated with investments in subsidiaries and joint ventures, deferred tax liability is not recognised when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future while deferred tax asset is not recognised when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax is calculated at the tax rates that are expected to apply in the years in which temporary differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited to the income statement, except where it applies to items credited or charged to other comprehensive income or equity in which case the deferred tax is also dealt with in other comprehensive income or equity.The carrying value of the Group\u2019s investment properties is assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-5-1": {
"value": "incorporated and domiciled in the United Kingdom.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31202": {
"value": "The address of its registered office is Advantage House, Poplar Way, Catcliffe, Rotherham, South Yorkshire, S60 5TR.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31208": {
"value": "The Company is a public company listed on the London Stock Exchange.",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-11-2": {
"value": "Basis of preparationThe Consolidated and Company financial statements of Harworth Group plc have been prepared on the going concern basis and inin accordance with the provisions of the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties and financial assets and liabilities at fair value through profit or loss. The consolidated financial statements are presented in pound sterling and all values are rounded to the nearest thousand (\u00a3\u2019000), except when otherwise indicated. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and the financial statements and notes. The Directors believe that the Group is well placed to manage its business risks successfully. The principal risks that may impact the Group\u2019s performance and their mitigation are outlined in the \u201cEffectively Managing Our Risk\u201d statement starting on page 50. After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to fund its operations for the foreseeable future. For this reason, they continue to adopt the going concern basisin preparing the annual financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31230": {
"value": "accordance with UK adopted International Accounting Standards (\u2018IFRS\u2019) and, as regards the company financial statements, as applied",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "Going-concern basisThese financial statements are prepared on the basis that the Group is a going concern. In forming its opinion as to going concern, the Company prepares cash flow and banking covenant forecasts based upon its assumptions with particular consideration to the key risks and uncertainties and the current macro-economic environment as well as taking into account available borrowing facilities. The going concern period assessed is until June 2025 which has been selected as it can be projected with a good degree of expected accuracy.A key focus of the assessment of going concern is the management of liquidity and compliance with borrowing facilities for the period to June 2025. In 2022, a five year \u00a3200m RCF was agreed with HSBC joining as a new lender in addition to lenders NatWest and Santander. The RCF is aligned to the Group\u2019s strategy and provides significant liquidity and flexibility to enable it to pursue its strategic objectives. The facility is subject to financial covenants, including minimum interest cover, maximum infrastructure debt as a percentageof property value and gearing, all of which are tested through the going concern assessment undertaken. Available liquidity, including cash and cash equivalents and bank facility headroom, was \u00a3192.2m as at 31 December 2023.The Group benefits from diversification across its Capital Growth and Income Generation businesses including its industrial and renewable energy property portfolio. Taking into account the independent valuation by BNP Paribas and Savills, the Group net LTV remains low at 4.7%, within the Board\u2019s target range and with headroom to allow for falls in property values. Rent collection remained strong, with 98% collected to date for 2023.In addition to a base cashflow forecast, a sensitised forecast was produced that reflected a number of severe but plausible downsides. This downside included: 1) a severe reduction in sales to the housebuilding sector as well as lower investment property sales; 2) notwithstanding strong rent collection, a prudent material increase in bad debts across the portfolio over the majority of the going concern assessment period; 3) a material decline in the value of land and investment property values and 4) increases in interest rates, impacting the cost of the Group\u2019s borrowings. A scenario was also run which demonstrated that very severe loss of revenue, valuation reductions and interest cost increases would be required to breach cashflow and banking covenants. The Directors consider this very severe scenario to be remote. A scenario with consideration of potential climate change and related transition impacts was also examined as part of the Group\u2019s focus on climate-related risks and opportunities. Under each downside scenario, for the going concern period to June 2025, the Group expects to continue to have sufficient liquidity to continue to operate with headroom on lending facilities and associated covenants and has additional mitigation measures within management\u2019s control, for example reducing development and acquisition expenditure and reducing operating costs, that could be deployed to create further liquidity and covenant headroom. Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors considered it appropriate to adopt a going concern basis of accounting in the preparation of the Group\u2019s and Company\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-15-2": {
"value": "Changes in accounting policy and disclosures(a) New standards, amendments and interpretationsA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2023. None of these have had a significant effect on the financial statements of the Group.(b) New standards, amendments and interpretations not yet adoptedA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2024 and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "Changes in accounting policy and disclosures(a) New standards, amendments and interpretationsA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2023. None of these have had a significant effect on the financial statements of the Group.(b) New standards, amendments and interpretations not yet adoptedA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2024 and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-16-3": {
"value": "Revenue recognitionRevenue comprises rental and other land-related income arising on investment properties, income from construction contracts, planning promotion agreements, promotion fees and overages and the sale of development properties.Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Group and the revenue can be reliably measured. All such revenue is reported net of discounts, and value added and other sales taxes.Rental incomeUnder IFRS 16 \u2018Leases\u2019, rental and other land related income is recognised on a straight-line basis over the term of the lease. Lease incentives, including rent-free periods and payments to tenants, are allocated to the consolidated income statement on a straight-line basis over the lease term as a deduction from rental and other land-related income.Revenue from contracts with customersUnder IFRS 15 \u2018Revenue from Contracts with Customers\u2019, revenue is measured based on the consideration specified in a contract with a customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over a product or service to a customer.Income from construction contracts is recognised in line with the accounting policy for construction contracts. Revenue is recognised when the Group is acting as a principal under a contract with primary responsibility for the contract.Revenue from planning promotion agreements, promotion fees and overages is recognised at the point in time when the associated performance obligations contained within the agreements are satisfied.Royalty income relates to revenue paid by customers who extract natural resources from some of the Group\u2019s property and is recognised at the transaction prices set out in the customer contracts in line with the volumes or values of resources extracted as determined by individual contracts.Service charge income is recognised as revenue in the period to which it relates.Sales of development properties, including land parcels sold to housebuilders for residential development, usually have performance obligations such as transferring legal title that are satisfied at a point in time. Revenue is recognised when control of the property passes to the buyer on completion of contracts. Any variable consideration including overages is estimated at the point of sale, taking into consideration the time to recover overage amounts as well as other factors which may give rise to variability. Revenue is only recognised to the extent that it is highly probable that there will not be a significant reversal in the future. Where sale contracts contain specific performance obligations, the contract price is apportioned to the obligations and the revenue is recognised as the obligations are satisfied in accordance with IFRS 15. Any deferred consideration is discounted to present value with the discount being unwound to the consolidated income statement as finance income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "Construction contractsContracts for the construction of substantial assets are accounted for as construction contracts. Revenue on construction contracts is recognised over time, as the performance obligations are satisfied. Revenue is recognised over time if the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created. Otherwise, the revenue is recognised at a point in time. The revenue is reported in Other Property Activities within Note 3. Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion. The assessment of the stage of completion is dependent on the nature of the contracts but will generally be based on the estimated proportion of the total contract costs which have been incurred to date. If a contract is expected to be loss making, a provision is recognised when the contract is, or has become, onerous in accordance with IAS 37.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "Interest income and expenseInterest income and expense are recognised within \u2018finance income\u2019 and \u2018finance costs\u2019 in the income statement using the effective interest rate method.The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "InventoriesInventories comprise development properties, land held for development, options to purchase land and planning promotion agreements.Development properties are included in the consolidated balance sheet at the lower of cost and net realisable value. Net realisable value is the expected net sales proceeds of the developed property in the ordinary course of business less estimated costs to complete and anticipated selling costs. Properties re-categorised to development properties from investment properties are transferred at deemed cost, being the fair value at the date of re-categorisation. Properties are re-categorised as development properties once planning is secured and where development with a view to sale has commenced.Where individual parcels of land held for development are disposed of out of a larger overall development site, costs are apportioned based on acreage, or other specific allocation where appropriate, after taking into account the cost or net realisable value of any remaining residual land which may not form part of the overall development site or which may not be available for development. Where the Group retains obligations attached to the development site as a whole, accruals are made relating to these disposals on the same allocation basis.Land held for development is land that has planning permission and is being developed for onward sale.Options to purchase land are agreements that the Group has entered into with landowners whereby the Group has the option to purchase their land within a limited timeframe. The landowners are not generally permitted to sell to any other party during this period, unless agreed by the Group. All costs, including the cost of entering into the option, are capitalised. At each reporting date, recoverability of the costs is considered by management and where required provisions are made such that the agreements are held at the lower of cost and net realisable value.Planning promotion agreements are agreements that the Group has entered into with landowners whereby the Group provides planning and promotion services in exchange for a fixed fee and/or a set percentage of the proceeds or profit of the eventual sale of the land that is the subject of the agreement. The Group promotes the land through the planning process at its own expense. If the land is sold, the Group receives a fee for its services.The Group incurs various costs in promoting land held under promotion planning agreements, in some instances the agreements allow for the Group to be reimbursed certain expenditure following the conclusion of a successful sale. These costs are held in inventory at the lower of cost and net realisable value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "Investments in subsidiariesInvestments held by the Company in subsidiary undertakings are carried at cost less impairments to write them down to their recoverable amount.ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, and liabilities and contingent liabilities, assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.Costs related to acquisitions, other than those associated with the issue of debt or equity securities, are expensed as incurred.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "Investments in joint venturesJoint ventures are those entities over whose activities the Group has joint control established by contractual agreement. Interests in joint ventures through which the Group carries on its business are classified as jointly controlled entities and accounted for using the equity method. This involves recording the investment initially at cost to the Group and then, in subsequent years, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the joint venture\u2019s results less any impairment in carrying value and any other changes to the joint venture\u2019s net assets such as dividends. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-21-4": {
"value": "Investments in joint venturesJoint ventures are those entities over whose activities the Group has joint control established by contractual agreement. Interests in joint ventures through which the Group carries on its business are classified as jointly controlled entities and accounted for using the equity method. This involves recording the investment initially at cost to the Group and then, in subsequent years, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the joint venture\u2019s results less any impairment in carrying value and any other changes to the joint venture\u2019s net assets such as dividends. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "Impairments in subsidiariesInvestments in subsidiaries are reviewed for impairment if there is any indication that the carrying amount may not be recoverable.When a review for impairment is conducted, the recoverable amount is assessed by reference to the higher of \u2018value in use\u2019 (being the present value of expected future cash flows of the relevant cash-generating unit) or \u2018fair value less costs to sell\u2019. Where there is no binding sale agreement or active market, fair value less costs to sell is based on the best information available to reflect the amount the Company could receive for the cash-generating unit in an arm\u2019s length transaction.Impairment testing is carried out under the principles described in IAS 36 \u2018Impairment of assets\u2019 which includes a number of restrictions on the future cash flows that can be recognised in respect of restructurings and improvements related to capital expenditure.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "Investment propertiesInvestment properties are those properties which are not occupied by the Group and which are held for long-term rental yields, capital appreciation or both. Investment properties also include property that is being developed or constructed for future use as investment property by the Group. Investment properties comprise freehold land and buildings and are measured at fair value. At the end of a financial year the fair values are determined by obtaining an independent valuation prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors. External, independent valuation firms having appropriate, recognised professional qualifications and recent experience in the location and category of property being valued are used. A transfer to the fair value reserve is made for all fair value gains in the year from retained earnings. Where there have been previous fair value gains transferred to the fair value reserve and fair value losses have been incurred in the year then a transfer is made to retained earnings to offset as much of the fair value losses as possible.Investment properties are re-categorised as development properties and moved to inventory once planning is secured and where development with a view to sale has commenced.A transfer from the fair value reserve to retained earnings is made if any net realisable value provision is required on any development property where gains had previously been recorded as an investment property.At each subsequent reporting date, investment properties are re-measured to their fair value. Movements in fair value are included in the income statement.Where specific investment properties have been identified as being for sale within the next 12 months, a sale is considered highly probable and the property is immediately available for sale, their fair value is shown under assets held for sale (AHFS) within current assets, measured in accordance with the provisions of IAS 40 \u2018Investment Property\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "Government grantsGovernment grants are recognised when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants related to the development of Investment Property and Development Property are deducted from the cost of the related asset. Grants for the reimbursement of operating expenditure are deducted from the related category of costs in the income statement. Once a government grant is recognised, any related deferred income is treated in accordance with IAS 20 \u2018Accounting for Government Grants and Disclosure of Government Assistance\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-26-3": {
"value": "Financial assetsA financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.Financial assets include cash received from the sale of certain development properties but held in separate bank accounts over which third party infrastructure loan providers have a charge.Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the income statement. Financial assets are assessed for their recoverability under the Expected Credit Loss model on a periodic basis with a provision being made if required under this model. Financial assets are de-recognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.Gains or losses arising from changes in the fair value of financial assets are presented in the income statement within \u2018other gains\u2019 in the year in which they arise.Interest income is recognised on financial assets by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "Financial liabilitiesLiabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or as other liabilities, as appropriate. A financial liability is de-recognised when the obligation under the liability is discharged, cancelled or expires.All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "Share-based paymentsEquity-settled share-based payments to employees of the Company and its subsidiary undertakings are measured at the fair value of the equity instruments at the date of grant and are expensed on a straight-line basis over the vesting period in the consolidated income statement. The fair value of the equity instruments is determined at the date of grant taking into account any market-based vesting conditions attached to the award. Non-market based vesting conditions are taken into account in estimating the number of awards likely to vest. The estimate of the number of awards likely to vest is reviewed regularly and the expense charge adjusted accordingly.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "Operating segmentsManagement has determined the operating segments based upon the operating reports reviewed by the Investment Committee that are used to assess both performance and strategic decisions. Management has identified that the Investment Committee is the Chief Operating Decision Maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.The Group is organised into two operating segments: Income Generation and Capital Growth. Group costs are not a reportable segment. However, information about them is considered by the Investment Committee in conjunction with the reportable segments.The Income Generation segment focuses on generating rental returns from the investment portfolio, rental returns and royalties from energy generation, environmental technologies and the agricultural portfolio, and generating income from recycled aggregates and secondary coal products. The Capital Growth segment focuses on delivering value by developing the underlying investment and development property portfolios, and includes planning and development activity, value engineering, proactive asset management and strategic land acquisition.All operations are carried out in the United Kingdom.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "Property, plant and equipmentLand and buildings relate to Group-occupied properties. These properties are stated at their fair value, based on market values, less any subsequent accumulated depreciation or accumulated impairment loss. Depreciation is provided where it is considered significant having regard to the estimated remaining useful lives and residual values of individual properties. Surpluses on revaluations are recorded in other comprehensive income and credited to the fair value reserve. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit or loss. Deficits on revaluations are charged against the fair value reserve to the extent that there are available surpluses relating to the same asset and are otherwise charged to profit or loss. Office equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on these assets so as to write off the cost or valuation of assets over their estimated useful lives of three to four years, using the straight-line method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "Derivatives and hedgingDerivative financial instruments such as interest rate swaps are entered into in order to manage interest rate risks. Such derivative instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedge item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedge risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they are designated.The effective portion of the gain or loss on the hedging instrument is recognised through other comprehensive income, while any ineffective portion is recognised immediately in profit or loss, such as when the hedged financial income or financial expense is recognised or when a forecast sale of the hedged item occurs.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognised in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction or firm commitment occurs.When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current (or separated into current and non-current portions) consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. The derivative instrument is separated into a current portion and non-current portion only if: 1) a reliable allocation can be made; and 2) it is applied to all designated and effective hedging instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "TaxCurrent taxThe charge or credit for current tax is based on the results for the year adjusted for items that are either not subject to taxation or for expenditure which cannot be deducted in computing the tax charge or credit. The tax charge or credit is calculated using taxation rates that have been enacted or substantively enacted at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "Deferred taxDeferred tax is recognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax is recognised in respect of all taxable temporary differences and all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses, with certain limited exceptions:\u2022 Deferred tax liability is not recognised when it arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and\u2022 Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and\u2022 In respect of taxable or deductible temporary differences associated with investments in subsidiaries and joint ventures, deferred tax liability is not recognised when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future while deferred tax asset is not recognised when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax is calculated at the tax rates that are expected to apply in the years in which temporary differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited to the income statement, except where it applies to items credited or charged to other comprehensive income or equity in which case the deferred tax is also dealt with in other comprehensive income or equity.The carrying value of the Group\u2019s investment properties is assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-39-2": {
"value": "Critical accounting estimates and judgementsThe preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these financial statements, the significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty are as follows:Estimation of fair value of investment propertiesThe fair value of investment property reflects, amongst other things, rental income from current leases, assumptions about rental income from future leases and the possible outcome of planning applications, in the light of current market conditions. The valuation has been arrived at primarily after consideration of market evidence for similar property, although in the case of those properties where fair value is based on their ultimate redevelopment potential, development appraisals have been undertaken to estimate the residual value of the landholding after due regard to the cost of, and revenue from, the development of the property.In determining fair value measurement, the impact of potential climate-related matters, including legislation, which may affect the fair value measurement of investment property has been considered.The values reported are based on significant assumptions and a change in fair values could have a material impact on the Group\u2019s results. This is due to the sensitivity of fair value to the assumptions made as regards to variances in development costs compared to management`s own estimates.Investment properties are disclosed in note 14.Estimation of valuation of development propertiesFor the purposes of calculating net realisable value for both EPRA reporting and ensuring that development properties are stated at the lower of cost and net realisable value, the Group obtains an independent valuation of these properties, prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors.If the net realisable value of the property is lower than cost, a provision is made to reduce the value of the property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-46-2": {
"value": " Capital Growth Sale of Other Development Property Income Properties Activities Generation Central Total \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000(1)Revenue46,731 2,286 23,410 \u2013 72,427Cost of sales (51,709) (2,340) (6,028) \u2013 (60,077)(2)Gross (loss)/profit(4,978) (54) 17,382 \u2013 12,350Administrative expenses \u2013 (5,062) (3,147) (19,226) (27,435)(3)Other gains \u2013 65,066 4,360 \u2013 69,426Other operating expense \u2013 \u2013 \u2013 (112) (112)Operating (loss)/profit (4,978) 59,950 18,595 (19,338) 54,229Finance costs \u2013 \u2013 \u2013 (6,421) (6,421)Finance income \u2013 438 7 \u2013 445Share of profit of joint ventures \u2013 892 662 \u2013 1,554(Loss)/profit before tax (4,978) 61,280 19,264 (25,759) 49,807(1) Revenue Revenue is analysed as follows:Sale of development properties 46,731 \u2013 \u2013 \u2013 46,731Revenue from PPAs \u2013 776 \u2013 \u2013 776Build \u2013to \u2013suit development revenue \u2013 956 \u2013 \u2013 956Rent, service charge and royalties revenue \u2013 340 22,657 \u2013 22,997Other revenue \u2013 214 753 \u2013 96746,731 2,286 23,410 \u2013 72,427(2) Gross (loss)/profitGross (loss)/profit is analysed as follows:Gross (loss)/profit excluding sales of development properties \u2013 (54) 17,382 \u2013 17,328Gross loss on sale of development properties* (618) \u2013 \u2013 \u2013 (618)Net realisable value provision on development properties (7,442) \u2013 \u2013 \u2013 (7,442)Release of previous net realisable value provision on development properties 1,213 \u2013 \u2013 \u2013 1,213Release of previous net realisable value provision on disposal of development properties 1,869 \u2013 \u2013 \u2013 1,869(4,978) (54) 17,382 \u2013 12,350(3) Other gains/(losses)Other gains/(losses) are analysed as follows:Increase in fair value of investment properties \u2013 65,584 5,788 \u2013 71,372Decrease in the fair value of AHFS \u2013 (114) (158) \u2013 (272)Loss on sale of investment properties \u2013 (588) (365) \u2013 (953)Loss on sale of AHFS \u2013 (134) (1,006) \u2013 (1,140)Profit on sale of overages \u2013 318 101 \u2013 419 \u2013 65,066 4,360 \u2013 69,426*Gross loss on sale of development properties includes a reduction of \u00a32.0m (2022: \u00a30.4m) relating to the discounting of deferred consideration receivable.3. Segmental Information continuedSegmental Balance Sheet31 December 2023Capital Income Growth Generation Central Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non\u2013current assetsProperty, plant and equipment \u2013 \u2013 1,670 1,670Right of use assets \u2013 \u2013 512 512Other receivables 11,296 \u2013 \u2013 11,296Investment properties 199,216 234,726 \u2013 433,942Investments in joint ventures 17,604 13,118 \u2013 30,722 228,116 247,844 2,182 478,142Current assetsInventories 263,073 \u2013 \u2013 263,073Trade and other receivables 23,967 11,300 2,022 37,289AHFS 3,764 14,988 \u2013 18,752Cash \u2013 \u2013 27,182 27,182290,804 26,288 29,204 346,296Total assets 518,920 274,132 31,386 824,438Financial liabilities and derivative financial instruments are not allocated to the reporting segments as they are managed and measured at a Group level.3. Segmental Information continuedSegmental Income Statement31 December 2022 Capital Growth Sale of Other Development Property Income Properties Activities Generation Central Total \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000(1)Revenue124,956 10,478 31,251 \u2013 166,685Cost of sales (68,099) (6,305) (8,888) \u2013 (83,292)(2)Gross profit56,857 4,173 22,363 \u2013 83,393Administrative expenses \u2013 (4,123) (1,877) (16,090) (22,090)(3)Other gains/(losses) \u2013 17,788 (34,549) \u2013 (16,761)Other operating expense \u2013 \u2013 \u2013 (56) (56)Operating profit/(loss) 56,857 17,838 (14,063) (16,146) 44,486Finance costs \u2013 (168) \u2013 (6,199) (6,367)Finance income \u2013 227 \u2013 \u2013 227Share of profit of joint ventures \u2013 (4,317) (3,170) \u2013 (7,487)Profit/(loss) before tax 56,857 13,580 (17,233) (22,345) 30,859(1) Revenue Revenue is analysed as follows: Sale of development properties 124,956 \u2013 \u2013 \u2013 124,956 Revenue from PPAs \u2013 5,810 \u2013 \u2013 5,810 Build \u2013to \u2013suit development revenue \u2013 4,215 \u2013 \u2013 4,215 Rent, service charge and royalties revenue \u2013 426 28,151 \u2013 28,577Revenue from coal fines \u2013 \u2013 2,113 \u2013 2,113 Other revenue \u2013 27 987 \u2013 1,014124,956 10,478 31,251 \u2013 166,685(2) Gross profit Gross profit is analysed as follows:Gross profit excluding sales of development properties \u2013 4,173 22,363 \u2013 26,536 Gross profit on sale of development properties 57,252 \u2013 \u2013 \u2013 57,252Net realisable value provision on development properties (7,074) \u2013 \u2013 \u2013 (7,074)Reversal of previous net realisable value provision on development properties 5,030 \u2013 \u2013 \u2013 5,030Release of previous net realisable value provision on disposal of development properties 1,649 \u2013 \u2013 \u2013 1,649 56,857 4,173 22,363 \u2013 83,393(3) Other gains/(losses) Other gains/(losses) are analysed as follows: Increase/(decrease) in fair value of investment properties \u2013 17,958 (37,683) \u2013 (19,725) Decrease in the fair value of AHFS \u2013 (199) \u2013 \u2013 (199) Profit on sale of investment properties \u2013 76 847 \u2013 923 (Loss)/profit on sale of AHFS \u2013 (216) 2,287 \u2013 2,071 Profit on sale of overages \u2013 169 \u2013 \u2013 169 \u2013 17,788 (34,549) \u2013 (16,761)3. Segmental Information continuedSegmental Balance Sheet31 December 2022Capital Income Growth Generation Central Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current assetsProperty, plant and equipment \u2013 \u2013 600 600Right of use assets \u2013 \u2013 254 254Other receivables 4,013 \u2013 \u2013 4,013Investment properties 164,533 235,830 \u2013 400,363Investments in joint ventures 16,462 13,366 \u2013 29,828 185,008 249,196 854 435,058Current assetsInventories 216,393 \u2013 \u2013 216,393Trade and other receivables 41,287 14,913 458 56,658AHFS 2,627 57,163 \u2013 59,790Cash \u2013 \u2013 11,583 11,583 260,307 72,076 12,041 344,424Total assets 445,315 321,272 12,895 779,482Financial liabilities and derivative financial instruments are not allocated to the reporting segments as they are managed and measured at a Group level.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-56-2": {
"value": "4. Operating profit Year ended Year ended 31 December 31 December 2023 2022 Note\u00a3\u2019000 \u00a3\u2019000 Operating profit before tax is stated after charging:Net realisable value provision on development properties 16 4,360 395Staff costs 5 17,670 13,690Depreciation of property, plant and equipment and right of use assets 12, 13 282 152",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-58-2": {
"value": "5. Employee informationThe monthly average number of persons (excluding Non-Executive Directors) employed by the Group during the year was: Group Company Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2023 2022 2023 2022 Number Number Number Number Management and administration 121 107 3 35. Employee information continuedRemuneration details of these persons were as follows: Group Company Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2023 2022 2023 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Wages and salaries 13,768 10,825 3,087 1,399Share-based payment expense 1,404 703 301 157Social security costs 1,603 1,383 407 278Post employment benefits 895 779 33 50 17,670 13,690 3,828 1,884",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "Key management remuneration relates to the members of the Investment Committee: Group Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Short term employee benefits 5,364 4,514Post employment benefits 218 213Share-based payment expense 775 490 6,357 5,217",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-65-2": {
"value": "6. Finance costs and finance incomeYear endedYear ended31 December31 December20232022\u00a3\u2019000\u00a3\u2019000Total finance income 445 227Finance costs\u2013 Bank interest (2,778) (2,206)\u2013 Facility fees (1,524) (1,791)\u2013 Amortisation of up-front fees (671) (685)\u2013 Acceleration of amortisation of up-front fees following extinguishment of previous RCF \u2013 (599)\u2013 Other interest (1,448) (1,086)Total finance costs (6,421) (6,367)Net finance costs (5,976) (6,140)During the year no interest has been capitalised in investment or development properties (2022: \u00a3nil).In March 2022 the Group entered into a new RCF replacing the existing facility under different lending terms. This transaction met the definition of a loan extinguishment and led to an acceleration of amortisation on the up-front fees of the previous facility.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-68-2": {
"value": "7. Auditors\u2019 remuneration Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Fees payable to the Company\u2019s auditors and its associates for the audit of the Company and the consolidated financial statements 380 330Fees payable to the Company\u2019s auditors and its associates for other services:\u2013 The audit of the Company\u2019s subsidiaries pursuant to legislation 40 42\u2013 Other assurance services 189 \u2013 609 372",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-70-2": {
"value": "8. Tax Year ended Year ended 31 December 31 December 2023 2022 Analysis of tax (charge)/credit in the year \u00a3\u2019000 \u00a3\u2019000 Current tax Current year (6,749) (21,650)Adjustment in respect of prior periods 907 (118)Total current tax charge (5,842) (21,768)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-71-2": {
"value": "Deferred tax Current year (4,779) 13,504Adjustment in respect of prior periods (987) 409Difference between current tax rate and rate of deferred tax (243) 4,834Total deferred tax (charge)/credit (6,009) 18,747Tax charge (11,851) (3,021)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-82-2": {
"value": "10. Dividends Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Interim dividend of 0.444p per share for the six months ended 30 June 2023 1,437 \u2013Full year dividend of 0.929p per share for the year ended 31 December 2022 3,001 \u2013Interim dividend of 0.404p per share for the six months ended 30 June 2022 \u2013 1,305Final dividend of 0.845p per share for the year ended 31 December 2021 \u2013 2,7274,438 4,032The Board has declared a final dividend to be paid of 1.022p (2022: 0.929p) per share, bringing the total dividend for the year to 1.466p (2022: 1.333p). The recommended 2023 final dividend and 2023 total dividend represent a 10% increase in line with the Group\u2019s policy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-84-2": {
"value": "11. Earnings per shareEarnings per share has been calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of shares in issue and ranking for dividend during the year. Year ended Year ended 31 December 31 December 20232022Profit from continuing operations attributable to owners of the Company (\u00a3\u2019000) 37,956 27,838Weighted average number of shares used for basic earnings per share calculation 322,767,356 322,571,783Basic earnings per share (pence) 11.8 8.6Weighted average number of shares used for diluted earnings per share calculation 328,653,655 326,317,353Diluted earnings per share (pence) 11.5 8.5The difference between the weighted average number of shares used for the basic and diluted earnings per share calculation is due to the effect of share awards and options that are dilutive.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-86-2": {
"value": "12. Property, plant and equipment Land and Office Group Buildings Equipment Total Cost or fair value \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2022 635 525 1,160Additions \u2013 110 110Decrease in fair value (133) \u2013 (133)As at 31 December 2022 and 1 January 2023 502 635 1,137Additions at cost \u2013 396 396Transfers from investment property 967 \u2013 967Decrease in fair value (169) \u2013 (169)As at 31 December 2023 1,300 1,031 2,331Depreciation As at 1 January 2022 \u2013 (479) (479)Depreciation charge \u2013 (58) (58)As at 31 December 2022 and 1 January 2023 \u2013 (537) (537)Depreciation charge \u2013 (124) (124)As at 31 December 2023 \u2013 (661) (661)Net book value Net book value at 31 December 2023 1,300 370 1,670Net book value at 31 December 2022 502 98 600At 31 December 2023, the Group had not entered into any contractual commitments for the acquisitions of property, plant and equipment (2022: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-88-2": {
"value": "13. Right of use assetsAs at As at 31 December 31 December Group 2023 2022 Right of use assets \u00a3\u2019000 \u00a3\u2019000 Buildings 466 229Vehicles 46 25 512 254Lease liabilitiesCurrent 158 82Non-current 397 172 555 254As at As at 31 December 31 December Group 2023 2022 Depreciation charge of right of use assets\u00a3\u2019000 \u00a3\u2019000 Buildings 143 77Vehicles 15 17 158 94The Group leases a number of offices and vehicles. Rental contracts are typically made for fixed periods of three to five years but may have extension options.13. Right of use assets continuedContracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Lease assets may not be used as security for borrowing purposes.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2013 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2013 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement dateLease payments to be made under reasonably certain extension options are also included in the measurement of the liability.29. Operating leasesFuture minimum lease receiptsAt 31 December 2023 the Group had contracted with tenants for the following future minimum lease payments:GroupAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Less than one year 15,527 17,733Between one and two years 13,506 17,426Between two and three years 12,206 15,057Between three and four years 11,850 14,059Between four and five years 9,615 12,861More than five years 108,973 124,992 171,677 202,128As set out in note 14 property rental income earned during the year was \u00a317.3m (2022: \u00a319.9m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-92-2": {
"value": "14. Investment propertiesInvestment properties at 31 December 2023 and 31 December 2022 have been measured at fair value. The Group holds five categories of investment property, being Agricultural Land, Natural Resources, the Investment Portfolio, Major Developments and Strategic Land in the UK, which sit within the operating segments of Income Generation and Capital Growth. Income Generation Capital Growth Agricultural Natural Investment Major Strategic Land Resources Portfolio Developments Land Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000At 1 January 2022 5,412 30,551 259,726 45,483 137,183 478,355Direct acquisitions \u2013 \u2013 \u2013 \u2013 11,863 11,863 Subsequent expenditure \u2013 12 2,822 40,928 9,344 53,106 Disposals \u2013 (860) \u2013 \u2013 \u2013 (860)Increase/(decrease) in fair value 282 (163) (37,802) (5,357) 23,315 (19,725)Transfers between divisions 42,250 (42,250) \u2013 \u2013 Transfers from/(to) development properties \u2013 \u2013 \u2013 5,440 (60,513) (55,073)Transfer to AHFS \u2013 (9,814) (56,589) \u2013 (900) (67,303)At 31 December 2022 5,694 19,726 210,407 44,244 120,292 400,363Direct acquisitions 655 \u2013 \u2013 \u2013 15,829 16,484Subsequent expenditure 45 1,350 677 22,104 11,558 35,734Disposals \u2013 \u2013 (11,136) (788) (7,041) (18,965)Increase in fair value 116 89 5,583 3,196 62,388 71,372Transfers between divisions \u2013 \u2013 18,551 (10,416) (8,135) \u2013Transfers to development properties \u2013 \u2013 \u2013 \u2013 (51,865) (51,865)Transfers to property, plant and equipment \u2013 \u2013 (967) \u2013 \u2013 (967)Transfer to AHFS \u2013 (1,264) (14,800) \u2013 (2,150) (18,214)At 31 December 2023 6,510 19,901 208,315 58,340 140,876 433,942Subsequent expenditure is recorded net of government grant receipts of \u00a31.6m (2022: \u00a30.9m).Included within investment properties (agricultural land) is a provision of \u00a30.2m (2022: \u00a30.2m) relating to the restoration liability on sites formerly rented to mining tenants. This provision is treated as a reduction of the individual property valuations.14. Investment properties continuedDuring the year no development property was re-categorised as investment property to reflect a change in use (2022: \u00a35.4m). During the year \u00a351.9m of investment property was re-categorised to development properties (2022: \u00a360.5m). During the year \u00a31.0m of investment property was re-categorised as land and buildings (2022: \u00a3nil). Properties that have obtained planning permission and where development with a view to sale has commenced are held as development properties in inventories. Until sites receive planning permission and their future use has been determined, Harworth\u2019s view is that the land is held for a currently undetermined future use and should thus be held as investment property. Where there is a subsequent change in use, typically in properties and land that have received planning permission and where development with a view to sale has commenced, these are re-categorised as development properties in inventories.Investment property is transferred between divisions to reflect a change in the activity arising from the asset.The fair value disclosures for investment properties are presented on a combined basis along with those properties in AHFS as summarised in the following table: Income Generation Capital Growth Agricultural Major Natural Investment Strategic LandDevelopmentsResources Portfolio Land Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000Investment properties 6,510 19,901 208,315 58,340 140,876 433,942Properties included within AHFS (note 18) \u2013 1,738 13,250 \u2013 3,764 18,752Total properties (excluding development properties) 6,510 21,639 221,565 58,340 144,640 452,694As at As at 31 December 31 December 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Market value as estimated by the external valuer 461,288 470,150Capital incentives and rent-free periods included within other receivables (5,149) (5,853)Contingent interest in adjoining land included within external valuations (4,118) (3,848)Other adjustments 673 (296)Fair value for financial purposes 452,694 460,153Valuation processThe properties were valued in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation \u2013 Professional Standards (the \u2018Red Book\u2019) by BNP Paribas Real Estate and Savills. Both are independent firms acting in the capacity of external valuers with relevant experience of valuations of this nature. The valuations are on the basis of Market Value as defined by the Red Book, which RICS considers meets the criteria for assessing Fair Value under IFRS. The valuations are based on what is determined to be the highest and best use. When considering the highest and best use a valuer will consider, on a property by property basis, its actual and potential uses which are physically, legally and financially viable. Where the highest and best use differs from the existing use, the valuer will consider the cost and the likelihood of achieving and implementing this change in arriving at its valuation. Most of the Group\u2019s properties have been valued on the basis of their development potential which differs from their existing use.At each financial year end, management:\u2022 verifies all major inputs to the independent valuation report;\u2022 assesses property valuation movements when compared to the prior year valuation report; and\u2022 holds discussions with the independent valuer.14. Investment properties continuedThe different valuation levels are defined as:Level 1: valuation based on quoted market prices traded in active markets.Level 2: valuation based on inputs other than quoted prices included within Level 1 that maximise the use of observable data either directly or from market prices or indirectly derived from market prices.Level 3: where one or more inputs to valuation are not based on observable market data.The Directors determine the applicable hierarchy that each investment property falls into by assessing the level of significant unobservable inputs used in the valuation technique. As a result of the specific nature of each investment property, valuation inputs are not based on directly observable market data and therefore all investment properties were determined to fall into Level 3.The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as at the date of the event or change in circumstance that caused the transfer. There were no transfers between hierarchy levels in the year ended 31 December 2023 (2022: none).Valuation techniques underlying management\u2019s estimation of fair value are as follows:Agricultural landMost of the agricultural land is valued using the market comparison basis, with an adjustment made for the length of the remaining term on any tenancy and the estimated cost to bring the land to its highest and best use. Where the asset is subject to a secure letting, it is valued on a yield basis, based upon sales of similar types of investment.Natural resourcesNatural resource sites in the portfolio are valued based on a discounted cash flow for the operating life of the asset with regard to the residual land value.Investment PortfolioThe industrial & logistics investment properties are valued on the basis of market comparison with direct reference to observable market evidence including current rent and estimated rental value (ERV), yields and capital values and adjusted where required for the estimated cost to bring the property to its highest and best use. The evidence is adjusted to reflect the quality of the property assets, the quality of the covenant profile of the tenants and the reliability/volatility of cash flows. The Group\u2019s portfolio has a spread of yields. New income acquisitions are generally acquired at high yields where value can be added. Subject to market backdrop, properties that are newly built by Harworth typically have lower yields. As assets are enhanced and improved, these would also be expected to be valued at lower yields.ERV and reversionary rental yields are considered to be significant unobservable inputs. Details of the aggregate ERV and weighted average reversionary rental yields used for the Investment Portfolio properties are provided in the following table:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Market value (\u00a3\u2019000) 226,650 272,850 Aggregate ERV (\u00a3\u2019000) 16,187 20,388 Equivalent rental yield % 7.2 7.8 All other factors being equal, a higher equivalent yield would lead to a decrease in the valuation of an asset and an increase in the current or estimated future rental stream, or market demand for the asset, would have the effect of increasing the capital value, and vice versa. However, there are inter-relationships between the significant unobservable inputs which are partially determined by market conditions, which would impact on these changes.14. Investment properties continuedThe table below sets out a sensitivity analysis for the key sources of estimation uncertainty with the resulting increase/(decrease) in the fair value of Investment Portfolio assets at 31 December 2023:2023 2022Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Change in net income by 5% 11,427 (11,427) 13,568 (13,568)Change in portfolio net initial yield by 50 basis points (24,109) 28,653 (24,934) 25,980The property rental income earned by the Group from its occupied investment property, all of which is leased out under operating leases amounted to \u00a317.5m (2022: \u00a319.9m). Direct operating expenses arising on investment property generating rental income in the year amounted to \u00a35.4m (2022: \u00a36.4m).The RCF and other loans are secured by way of fixed equitable charges over investment and development properties.Major developmentsMajor development sites are generally valued using residual development appraisals, a form of discounted cash flow which estimates the current site value from future cash flows measured by current land and/or completed built development values, observable or estimated development costs, and observable or estimated development returns.Where possible development sites are valued by direct comparison to observable market evidence with appropriate adjustment for the quality and location of the property asset, although this is generally only a reliable method of measurement for smaller development sites.The discounted cash flows utilise gross development value, which takes account of the future expectations of sales over time, less costs, as at today\u2019s value, to complete remediation and provide the necessary site infrastructure to bring the site forward. Sales prices, build costs and profit margins are considered to be significant unobservable inputs for sites valued using residual development appraisals and details of these are provided below:As at 31 December 2023 As at 31 December 2022Market Sales Profit Market Profit value price Build cost Margin value Sales price Build cost Margin (\u00a3\u2019000)per sq. ftper sq. ft%(\u00a3\u2019000)per sq. ftper sq. ft%Major developments 57,554 \u00a3131-\u00a3147 \u00a369-\u00a375 15% 43,941 \u00a3125-\u00a3138 \u00a367-\u00a393 15%All other factors being equal, a higher land value reflecting future expectations on sales would lead to an increase in the valuation of an asset, an increase in costs would lead to a decrease in the valuation of an asset. However, there are inter-relationships between the significant unobservable inputs which are partially determined by market conditions, which would impact on these changes.The table below sets out a sensitivity analysis for the key sources of estimation uncertainty with the resulting increase/(decrease) in the fair value of Major Development investment properties at 31 December 2023:2023 2022Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Change in sales price of 5% 8,649 (8,745) 7,999 (6,439) Change in build cost of 5% (6,224) 6,036 (4,266) 5,826 14. Investment properties continuedStrategic landStrategic land is valued on the basis of discounted cash flows, with future cash flows measured by current land values adjusted to reflect the quality of the development opportunity, the potential development costs estimated by reference to observable development costs on comparable sites, and the likelihood of securing planning consent. Valuations are then benchmarked against observable land values reflecting the current existing use of the land, which is generally agricultural and, where available, observable strategic land values. The land value per acre is considered to be a significant unobservable input and details of the ranges used are provided below:As at 31 December 2023 As at 31 December 2022Agricultural Natural Strategic Agricultural Natural Strategic Land Resources Land Land Resources Land \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Market value 6,653 21,639 148,792 5,845 20,706 126,808Weighted Average Land value per acre 3 19 75 3 21 68All things being equal, a higher value per acre would lead to an increase in the valuation of an asset and vice versa. The table below sets out a sensitivity analysis for the key source of estimation uncertainty with the resulting increase/(decrease) in the fair value at 31 December 2023:2023 2022Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value Change in land value per acre by 5%\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Agricultural Land 333 (333) 292 (292)Natural Resources 1,082 (1,082) 1,035 (1,035)Strategic Land 7,440 (7,440) 6,340 (6,340)",
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-106-2": {
"value": "15. InvestmentsInvestment in subsidiaries (Company balance sheet)As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000 Cost and net book amount: At 1 January 209,864 209,300 Grant of equity instruments to employees of subsidiaries 980 564 At 31 December 210,844 209,864Investments in subsidiaries are stated at cost less provision for impairment. As permitted by section 616 of the Companies Act 2006, where the relief afforded under section 612 of the Companies Act 2006 applies, cost is the aggregate of the nominal value of the relevant number of the Company\u2019s shares and the fair value of any other consideration given to acquire the share capital of the subsidiary undertakings.15. Investments continuedThe Company held investments in the following subsidiaries as at 31 December 2023:Proportion of nominal value of Held issued share directly or capital indirectly Description of held by the by the Company name Activityshares heldCompany %CompanyHarworth Estates Property Group Limited Trading Ordinary 100 DirectCadley Park Management Company Limited Trading Ordinary 100 IndirectCutacre Country Park Management Company Limited Trading Ordinary 100 IndirectEOS Inc Limited Trading Ordinary 100 IndirectHarworth Estates (Agricultural Land) Limited Trading Ordinary 100 IndirectHarworth Estates (Waverley Prince) Limited Trading Ordinary 100 IndirectHarworth Estates Curtilage Limited Trading Ordinary 100 IndirectHarworth Estates Investments Limited Trading Ordinary 100 IndirectHarworth Estates Limited Trading Ordinary 100 IndirectHarworth Estates Mines Property Limited Trading Ordinary 100 IndirectHarworth Estates Overage Limited Trading Ordinary 100 IndirectHarworth Estates Residential Development Limited Trading Ordinary 100 IndirectHarworth Estates Warwickshire Limited Trading Ordinary 100 IndirectHarworth Surface Water Management (Bardon) Limited Trading Ordinary 100 IndirectHarworth Surface Water Management (North West) Limited Trading Ordinary 100 IndirectHarworth TRR Limited Trading Ordinary 100 IndirectLogistics North MC Limited Trading Ordinary 10.86 IndirectThoresby Vale Management Company Limited Trading Ordinary 100 IndirectHarworth Estates Northumberland Woodland Limited Trading Ordinary 100 IndirectCoze Homes Limited Trading Ordinary 100 Indirect Olive Lane Management Company Limited Trading Ordinary 100 IndirectFlass Lane Management Company Limited Trading Limited by guarantee 100 IndirectMapplewell Management Company Limited Trading Limited by guarantee 100 IndirectPOW Management Company Limited Trading Limited by guarantee 100 IndirectRiverdale Park Management Company Limited Trading Limited by guarantee 100 IndirectRossington Community Management Company Limited Trading Limited by guarantee 100 IndirectSimpson Park Management Company Limited Trading Limited by guarantee 100 IndirectSouth East Coalville Management Company Limited Trading Limited by guarantee 100 IndirectWaverley Community Management Company Limited Trading Limited by guarantee 100 IndirectAnsty Development Vehicle LLP Trading Partnership 100 IndirectGrimsby West LLP Trading Partnership 100 IndirectHarworth PV Limited Non-trading Ordinary 100 IndirectHarworth Regeneration Limited Non-trading Ordinary 100 IndirectHarworth Services Limited Non-trading Ordinary 100 IndirectHarworth Estates No 2 Limited Non-trading Ordinary 100 IndirectHarworth No 1 Limited Dormant Ordinary 100 IndirectBenthall Grange (Ironbridge) Management Company Limited Dormant Limited by guarantee 100 IndirectMoss Nook (St Helens) Management Company Limited Dormant Limited by guarantee 100 IndirectAll of the above companies are incorporated in England and Wales and have a registered address of Advantage House, Poplar Way, Rotherham, South Yorkshire, S60 5TR. Control of Logistics North MC Limited is via ownership of voting rights equal to 75% or more and the right to appoint and remove directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-111-2": {
"value": "Investment in joint venturesYear ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000 At 1 January 29,828 36,131 Investments in joint ventures 250 1,849 Distributions from joint ventures (910) (665) Share of profits/(losses) of joint ventures 1,554 (7,487) At 31 December 30,722 29,828The Group holds investments in the following joint ventures as at 31 December 2023:Proportion of nominal value of issued share Description capital held by Company name Activityof shares heldthe Group %Multiply Logistics North Holdings Limited Trading Ordinary 20Multiply Logistics North LP Trading Partnership 20Crimea Land Mansfield LLP Trading Partnership 50Northern Gateway Development Vehicle LLP Trading Partnership 50The Aire Valley Land LLP Trading Partnership 50All of the above companies are incorporated in England and Wales and, have a registered address of Advantage House, Poplar Way, Rotherham, South Yorkshire, S60 5TR. Multiply Logistics North Holdings Limited and Multiply Logistics North LP are joint ventures as a consequence of equal voting rights.15. Investments continuedAggregate information of the Group\u2019s share of assets, liabilities and results of joint ventures, that are individually material is:The Aire Valley Land LLPAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Investment property 26,000 26,350Current assets 2,339 306Total assets 28,339 26,656Current liabilities (38) (180)Equity 28,301 26,476Group\u2019s share in equity (50%) 14,151 13,238Group\u2019s carrying amount of the investment 14,151 13,238Included within current assets are cash and cash equivalents of \u00a32.3m (2022: \u00a30.2m)Multiply Logistics North LPAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Investment property 63,245 62,840Current assets 3,356 5,495Total assets 66,601 68,335Current liabilities (1,011) (1,505)Equity 65,590 66,830Group\u2019s share in equity (20%) 13,118 13,366Group\u2019s carrying amount of the investment 13,118 13,366Included within current assets are cash and cash equivalents of \u00a30.7m (2022: \u00a32.0m). Included within current liabilities are accruals and deferred income of \u00a30.9m (2022: \u00a30.9m) and other taxes payable of \u00a30.4m (2022: \u00a30.5m)The Aire Valley Land LLPAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Revenue \u2013 60Current assets (11) (7)Gross (loss)/profit (11) 53Administrative expenses (9) (11)Other gains/(losses) 1,845 (8,650)Profit/(loss) for the year 1,825 (8,608)Group's share of profit/(loss) for the year (50%) 913 (4,304)15. Investments continuedMultiply Logistics North LPAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Revenue 3,600 3,880Current assets (590) (125)Gross profit 3,010 3,755Administrative expenses (100) (160)Other gains/(losses) 400 (19,450)Profit/(loss) for the year 3,310 (15,855)Group's share of profit/(loss) for the year (20%) 662 (3,171)Aggregate information of the Group\u2019s share of assets, liabilities and results of joint ventures, that are not individually material is:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Current assets 7,701 7,088Total assets 7,701 7,088Current liabilities (795) (640)Equity 6,906 6,448Group share in equity (50%) 3,453 3,224Group\u2019s carrying amount of the investment 3,453 3,224Loss for the year (41) (23)Group\u2019s share of losses for the year (50%) (21) (12)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-122-2": {
"value": "16. InventoriesAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Development properties 250,024 204,952Planning promotion agreements 3,805 2,994Options 9,244 8,447 263,073 216,393The total cost of inventory recognised as an expense within cost of sales in the year is \u00a352.7m (2022: \u00a368.4m) and comprising: \u00a347.3m (2022: \u00a367.7m) relating to the sale of development properties; a net realisable value charge of \u00a34.3m (2022: \u00a30.4m) against development properties; a charge of \u00a31.1m (2022: \u00a30.1m) in relation to planning promotion agreements; and a charge of \u00a3nil (2022: \u00a30.2m) relating to finished goods stocks. 16. Inventories continuedThe movement in development properties was as follows:Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000At 1 January 204,952 172,701Subsequent expenditure 32,417 35,430Disposals (34,850) (57,857)Net realisable value charge (4,360) (395)Transfers from investment properties 51,865 55,073At 31 December 250,024 204,952Subsequent expenditure is recorded net of government grant receipts of \u00a31.2m (2022: \u00a32.7m).The movement in net realisable value provision was as follows:Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000At 1 January 9,776 12,154Charge for the year 7,442 7,074Released on disposals (1,213) (5,030)Reversal of previous net realisable value provision (1,869) (1,649)Released on transfer to investment property \u2013 (2,773)At 31 December 14,136 9,776The reversal of previous net realisable value provision occurs where development properties have an increase in net realisable value which offsets a previous net realisable value charge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-127-2": {
"value": "17. Trade and other receivables Group Company As at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 Current\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade receivables 16,933 31,566 \u2013 \u2013Less: provision for impairment of trade receivables (9) (28) \u2013 \u2013Net trade receivables 16,924 31,538 \u2013 \u2013Other receivables 17,019 22,379 111 144Prepayments 1,965 1,062 55 43Accrued income 1,381 1,679 \u2013 \u2013Amounts owed by subsidiary undertakings (note 30) \u2013 \u2013 136 110 37,289 56,658 302 297Non\u2013currentTrade receivables 10,336 3,119 \u2013 \u2013Other receivables 960 894 \u2013 \u2013Amounts owed by subsidiary undertakings (note 30) \u2013 \u2013 23,337 28,647 11,296 4,013 23,337 28,64717. Trade and other receivables continuedThe carrying amount of trade and other receivables approximates to their fair value due to the short time frame over which the assets are realised. All of the Group and Company receivables are denominated in sterling. Included within trade receivables is \u00a315.7m (2022: \u00a331.4m) of deferred consideration on the sale of investment and development property.The non-current trade receivable of \u00a312.3m (2022: \u00a33.1m) relates to deferred consideration on the sale of development properties due in more than one year.The cash movement in respect of deferred consideration as reflected in the Consolidated Statement of Cash Flows is a net deduction to proceeds from sale of investment properties of \u00a36.7m (2022: net increase \u00a31.0m). Other receivables include debtors from agent managed properties of \u00a33.7m (2022: \u00a37.3m), right of return assets of \u00a32.3m (2022: \u00a3nil) and rent-free and capital incentives of \u00a35.2m (2022: \u00a35.9m).The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables as disclosed in note 22. A charge is retained on deferred consideration related to land sales. No other security or collateral is held by the Group or the Company.The amounts owed to the Company by subsidiary undertakings are repayable on demand. Interest is payable at SONIA + 2% (2022: SONIA + 2%). GroupMovements on the Group provisions for impairment of trade receivables are as follows:Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000At the beginning of the year (28) (27)Released/(provided for) in the year 19 (1)At the end of the year (9) (28)Trade receivables can be analysed as follows:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Amounts receivable not past due 16,828 31,489Amounts receivable past due but not impaired 96 49Amounts receivable impaired (gross) 9 28Less impairment (9) (28) 16,924 31,538Ageing of past due but not impaired trade receivables:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u201900031- 60 days 1 361- 90 days \u2013 \u201391- 120 days 95 46 96 4917. Trade and other receivables continuedAgeing of impaired trade receivables:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u201900091- 120 days 9 28120+ days \u2013 \u2013 9 28",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-137-2": {
"value": "19. CashGroup CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cash 27,182 11,583 90 1,433",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-139-2": {
"value": "20. BorrowingsAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Current:Secured \u2013 infrastructure and direct development loans (29,744) (3,067) (29,744) (3,067)Non-current:Secured \u2013 bank loan (33,830) (34,558)Secured \u2013 infrastructure and direct development loans \u2013 (22,353) (33,830) (56,911)Total borrowings (63,574) (59,978)Loans are stated after deduction of unamortised borrowing costs of \u00a31.5m (2022: \u00a32.0m).20. Borrowings continuedAs at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Infrastructure and direct development loansSouth Yorkshire Pension Fund/ Scrudf Limited Partnership Rotherham AMP (584) \u2013Scrudf Limited Partnership Gateway 36 (6,850) (1,413)Merseyside Pension Fund Bardon Hill (22,310) (20,940)North West Evergreen Limited Partnership Logistics North \u2013 (3,067)Total infrastructure and direct development loans (29,744) (25,420)Bank loan (33,830) (34,558)Total borrowings (63,574) (59,978)The bank borrowings are part of a \u00a3200m (2022: \u00a3200m) revolving credit facility (\u2018RCF\u2019) with a \u00a340m uncommitted accordion option, provided by NatWest, Santander and HSBC. The RCF is repayable on 4 March 2027 at the end of the five-year term.The RCF is subject to financial and other covenants. The bank borrowings are secured by way of a floating debenture over assets not otherwise used as security under specific infrastructure loans. Proceeds from and repayments of bank loans are reflected gross in the Consolidated Statement of Cash Flows and reflect timing of utilisation of the RCF. The infrastructure and direct development loans are provided by public and private bodies in order to promote the development of major sites or assist with vertical direct development. The loans are drawn as work on the respective sites is progressed and they are repaid on agreed dates or when disposals are made from the sites.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-143-2": {
"value": "21. Trade and other payables Group Company As at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 Current\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade payables 759 2,361 7 28Amounts owed to subsidiary undertakings (note 30) \u2013 \u2013 38,544 34,481Taxation and social security 6,178 513 105 98Other creditors 5,142 6,611 224 187Accruals 71,814 65,338 2,598 1,553Deferred income 4,194 7,676 \u2013 \u2013 88,087 82,499 41,478 36,347The amounts owed by the Company to subsidiary undertakings are repayable on demand. Interest is payable at SONIA + 2% (2022: SONIA + 2%). Group Company As at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Amounts in accruals relating to parcels of land that have been sold but where infrastructure costs are yet to be incurred 54,163 48,595 \u2013 \u2013Amounts in accruals relating to deferred payments for investment property acquisitions \u2013 2,561 \u2013 \u2013Deferred income includes \u00a33.1m (2022: \u00a34.1m) in relation to rental income.21. Trade and other payables continuedNon-current liabilities Group Company As at As at As at As at 31 December 31 December 31 December 31 December 2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Other creditors 947 1,925 \u2013 \u2013Deferred income 810 894 \u2013 \u20131,757 2,819 \u2013 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-148-2": {
"value": "22. Financial Instruments and derivativesUntil March 2022, the Group was party to a \u00a345m fixed rate interest swap at an all-in cost of 1.184% (including fees) on top of the existing 2.35% margin under the previous RCF. The interest rate swap was ended when the Group entered into the new RCF in 2022.The fair value of the interest rate swap at 31 December 2023 was \u00a3nil (2022: a liability of \u00a3nil).The following gain was recognised in the other comprehensive income statement in relation to the interest rate swap:As at As at 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Gain on interest rate swap \u2013 cash flow hedge \u2013 156The Group\u2019s principal financial instruments include trade and other receivables, cash, interest bearing borrowings and trade and other payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-149-2": {
"value": "Other financial assets and liabilitiesAs at 31 December 2023 As at 31 December 2022Book value Fair value Book value Fair value Group\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets held at amortised costCash 27,182 27,182 11,583 11,583 Trade and other receivables 45,239 45,239 57,930 57,930 Financial liabilities held at amortised costBank and other borrowings 63,574 63,574 59,978 59,978 Trade and other payables 78,662 78,662 76,235 76,235 As at 31 December 2023 As at 31 December 2022Book value Fair value Book value Fair value Company\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets held at amortised costCash 90 90 1,433 1,433 Trade and other receivables 23,584 23,584 28,901 28,901 Financial liabilities held at amortised costTrade and other payables 41,373 41,373 36,249 36,249 The Group classifies the assets and liabilities in the analysis above as \u2018loans and receivables\u2019 and \u2018other financial liabilities\u2019, respectively.The fair value of bank and other borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are within Level 2 of the fair value hierarchy.22. Financial Instruments and derivatives continuedChanges in liabilities arising from financing activitiesYear ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Borrowings at start of year 59,978 37,781Repayments (49,299) (152,000)Drawdowns 50,939 173,850Interest expense 4,225 3,292Interest paid (2,778) (2,206)Borrowing costs (162) (2,022)Amortisation of capitalised borrowing costs 671 1,283Borrowings at end of year 63,574 59,978Year ended Year ended 31 December 31 December 2023 2022 \u00a3\u2019000\u00a3\u2019000Leases at start of year 254 94Additions 392 251Payments in respect of leases (91) (91)Leases at end of year 555 254",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-156-2": {
"value": "23. Financial risk managementThe Group\u2019s overall risk management programme focuses on credit and liquidity risks to minimise potential adverse effects on the Group\u2019s financial performance.Risk management is carried out centrally under policies approved by the Board of Directors. The Board discusses and agrees courses of action to cover material risk management areas, including credit risk and investment of excess liquidity.Credit riskThe Group is subject to credit risk arising from outstanding receivables and committed cash and cash equivalents and deposits with banks and financial institutions. The Group\u2019s policy is to manage credit exposure to trading counterparties within defined trading limits.The Group is exposed to counterparty credit risk on cash and cash equivalent balances. The Group and Company hold all their cash deposits with their principal bankers.Interest rate riskThe Group\u2019s interest rate risk arises from external borrowings, the details of which are set out in Note 22. At the year end, the Group\u2019s RCF had an all in funding rate of 7.45% (2022: 5.32%). The Group also has three (2022: three) infrastructure loans with an all in funding rate of between 5.75% and 7.29% (2022: between 2.2% and 5.9%), of these one loan (2022: one) has a fixed rate of interest. Based on the amounts drawn down at 31 December 2023, if the variable interest rate changed by 50bps, the annual interest cost would increase or decrease by \u00a30.3m.Liquidity riskThe Group is subject to the risk that it will not have sufficient liquid resources to fund its on-going business. The Group manages its liquidity requirements with the use of operating cash flows, cash balances and drawdowns under its RCF.The Group had net debt at 31 December 2023 of \u00a336.4m (2022: \u00a348.4m). The Group generated cash from operating activities and investing activities for the year of \u00a318.3m (2022: cash used of \u00a316.2m). 23. Financial risk management continuedThe table below analyses the Group\u2019s financial liabilities which will be settled on a net basis into relevant maturity groupings based on the remaining period at the Balance sheet date to the contractual maturity date. The amounts disclosed in the table are the gross contractual undiscounted cash flows.Net carrying amount of Total financial contractual Less than Between Between liabilities cashflow 1 year 1 and 2 years 2 and 5 years \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 31 December 2023Trade and other payables 78,662 78,662 77,715 57 890Lease liability 455 455 158 150 247Bank and other borrowings including interest payable 63,574 78,571 35,454 4,128 38,989At 31 December 2022Trade and other payables 76,235 76,235 74,310 1,925 \u2013Lease liability 254 254 82 63 109Bank and other borrowings including interest payable 59,978 59,978 3,067 22,353 34,558Capital risk managementThe Group is subject to the risk that its capital structure will not be sufficient to support the growth of the business. The Group\u2019s objectives when managing capital are:\u2013 to safeguard the Group\u2019s ability to continue as a going concern and have the resources to provide returns for Shareholders and benefits for other stakeholders; \u2013 to maximise returns to Shareholders by allocating capital across the business based upon the expected level of return and risk; and\u2013 to maintain an optimal capital structure to reduce the cost of capital. The Group manages and monitors its cash balances to ensure it has sufficient capital to manage and maintain its business activities. Cash balances are disclosed in note 19. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of net debt to equity. Net debt is total debt less cash and at 31 December 2023 this was \u00a336.4m (2022: \u00a348.4m). The Group has in place a \u00a3200m (2022: \u00a3200m) RCF, with a \u00a340m accordion (2022: \u00a340m) as discussed in Note 20. The facility is provided by NatWest, Santander and HSBC. The RCF is repayable in March 2027 (five year term) on a non-amortising basis. The facility is subject to financial covenants including minimum interest cover, maximum infrastructure debts as a percentage of property value and gearing. The bank borrowings are secured by fixed equitable charges over development and investment properties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-176-2": {
"value": "25. Share-based paymentsDuring the year, there were five classes of equity-settled share incentive plans outstanding:\u2022 Deferred Share Bonus Plan (DSBP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to the achievement of a performance condition relating to Total Return and continued employment. \u2022 Deferred Bonus Plan (DBP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to continued employment.\u2022 Restricted Share Plan (RSP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to continued employment and the satisfaction of underpin conditions relating to Financial Health, Underlying performance and Corporate Governance as detailed on page 125 of the Directors\u2019 Remuneration Report. \u2022 Save As You Earn (SAYE). Under this scheme eligible employees enter into a savings contract for a period of three years. Share options are granted on commencement of the savings contract and are exercisable using the amount saved under the contract at the time it terminates. Share options are granted at a discount of up to 20% of the market value of the shares at the time of invitation. The exercise of the share options is subject to continued employment only. \u2022 Share Incentive Plan (SIP). Under this scheme eligible employees are granted free shares which vest after three years subject to continued employment only. Share options granted under the DSBP, DBP and RSP are exercisable no later than the tenth anniversary of the grant date. Share options granted under the SAYE are exercisable for a six month period after the end of the three year savings period.25. Share-based payments continuedThe movements in the number of share options outstanding and their weighted average exercise prices are as follows:Number of shares Weighted average exercise priceDSBP 2023 2022 2023 2022Outstanding at beginning of the year 943 1,067 \u00a30.00 \u00a30.00Granted during the year \u2013 \u2013 n/a n/aForfeited during the year \u2013 (124) n/a \u00a30.00Exercised during the year \u2013 \u2013 n/a n/aOutstanding at end of the year 943 943 \u00a30.00 \u00a30.00Exercisable at end of the year 943 943 \u00a30.00 \u00a30.00Weighted average remaining contractual life 4.3 years 5.3 yearsNumber of shares Weighted average exercise priceDBP 2023 2022 2023 2022Outstanding at beginning of the year \u2013 \u2013 n/a n/aGranted during the year 57,988 \u2013 \u00a30.00 n/aForfeited during the year \u2013 \u2013 n/a n/aExercised during the year \u2013 \u2013 n/a n/aOutstanding at end of the year 57,988 \u2013 \u00a30.00 n/aExercisable at end of the year \u2013 \u2013 n/a n/aWeighted average remaining contractual life 9.2 years n/aNumber of shares Weighted average exercise priceRSP 2023 2022 2023 2022Outstanding at beginning of the year 2,412,749 1,502,883 \u00a30.00 \u00a30.00Granted during the year 1,396,752 1,096,516 \u00a30.00 n/aForfeited during the year (46,971) (186,650) \u00a30.00 \u00a30.00Exercised during the year \u2013 \u2013 n/a n/aOutstanding at end of the year 3,762,530 2,412,749 \u00a30.00 n/aExercisable at end of the year \u2013 \u2013 n/a n/aWeighted average remaining contractual life 8.1 years 8.4 yearsNumber of shares Weighted average exercise priceSAYE 2023 2022 2023 2022Outstanding at beginning of the year 894,382 877,530 \u00a30.91 \u00a30.82Granted during the year 1,034,244 161,916 \u00a31.00 \u00a31.40Forfeited during the year (192,868) (80,357) \u00a31.26 \u00a30.82Exercised during the year (541,688) (64,707) \u00a30.74 \u00a31.04Outstanding at end of the year 1,194,070 894,382 \u00a31.04 \u00a30.91Exercisable at end of year 21,921 \u2013 \u00a30.74 n/aWeighted average remaining contractual life 2.1 years 1.5 yearsNumber of shares Weighted average exercise priceSIP 2023 2022 2023 2022Outstanding at beginning of the year 432,769 147,845 \u00a30.00 \u00a30.00Granted during the year 538,078 286,138 \u00a30.00 \u00a30.00Forfeited during the year (62,967) (1,214) \u00a30.00 \u00a30.00Released during the year (17,137) \u2013 \u00a30.00 n/aOutstanding at end of the year 890,743 432,769 \u00a30.00 \u00a30.0025. Share-based payments continuedThe fair values of the share options granted under the RSP and SAYE during the year were determined using Black-Scholes valuation methodology. The fair value of shares awarded granted under the DBP and SIP schemes in the year was the share price at the date of grant.The significant inputs to the valuation models were as follows: RSP SAYEShare price at date of grant \u00a31.17 \u00a31.00Exercise price \u00a30.00 \u00a30.83Dividend yield 1.14% 1.37%Expected volatility 35% 37%Risk free interest rate n/a 4.43%Expected term 4.91 years 3.32 yearsWeighted average fair value \u00a30.98 \u00a30.36For the DBP and SIP schemes the fair values of the awards are equal to the share price at the date the awards are granted.The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. Awards under the 2020 SAYE Scheme were exercised in the year with a weighted average share price on exercise of \u00a31.06.The total charge for the year relating to employee share based payment plans was \u00a31.4m (2022: \u00a30.7m), all of which related to equity-settled share based payment transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-185-2": {
"value": "26. Share capitalIssued, authorised and fully paidAs at As at 31 December 31 December 2023 2022 Group and Company\u00a3\u2019000\u00a3\u2019000At 1 January 32,305 32,272Shares issued 103 33At 31 December 32,408 32,305Issued, authorised and fully paid \u2013 number of sharesYear ended Year ended 31 December 31 December Group and Company 20232022At 1 January 323,051,124 322,724,566Shares issued 1,032,948 326,558At 31 December 324,084,072 323,051,124Own shares held (929,699) (438,439)At 31 December 323,154,373 322,612,685There is only one class of share in issue: ordinary shares of 10 pence each. All shares carry equal rights to dividends, voting and return of capital on a winding up of the Company, as set out in the Company\u2019s Articles of Association.The own shares held represent the number of shares held by the Employee Benefit Trust and Equiniti Share Plan Trustees Limited to satisfy Deferred Share Bonus Plan, Restricted Share Plan and Share Incentive plan awards for Executive Directors, Senior Executives and employees. For this purpose both Employee Benefit Trust and Equiniti Share Plan Trustees Limited are treated as an extension of the Company.27. Share premium accountYear ended Year ended 31 December 31 December 2023 2022 Group and Company \u00a3\u2019000\u00a3\u2019000At 1 January 24,688 24,627Premium on shares issued 346 61At 31 December 25,034 24,688",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-190-2": {
"value": "28. CommitmentsAt 31 December 2023 the Group had contractual commitments due under construction contracts of \u00a321.2m (2022: \u00a30.6m). Capital commitments for the acquisition of property, plant and equipment are disclosed in note 12. Future expenditure required to bring investment and development properties to their highest and best use are not considered to be capital commitments, however such build costs for our investment properties are disclosed as a significant unobservable input in the valuation of Major Development properties as set out in note 14.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-190-3": {
"value": "28. CommitmentsAt 31 December 2023 the Group had contractual commitments due under construction contracts of \u00a321.2m (2022: \u00a30.6m). Capital commitments for the acquisition of property, plant and equipment are disclosed in note 12. Future expenditure required to bring investment and development properties to their highest and best use are not considered to be capital commitments, however such build costs for our investment properties are disclosed as a significant unobservable input in the valuation of Major Development properties as set out in note 14.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-193-2": {
"value": "30. Related party transactionsGroupThe Group carried out the following transactions with related parties during 2023. The following entities are related parties as a consequence of shareholdings, joint venture arrangements and partners of such and/or common Directorships. All related party transactions are clearly justified and beneficial to the Group, are undertaken on an arm\u2019s-length basis on fully commercial terms and in the normal course of business.Year ended/ Year ended/ as at as at 31 December 31 December 2023 2022 \u00a3000\u00a3000MULTIPLY LOGISTICS NORTH HOLDINGS LIMITED & MULTIPLY LOGISTICS NORTH LPSalesRecharges of costs 281 \u2013Asset management fee 100 145 Water charges 146 113 PurchasesRecharge of costs 1 \u2013ReceivablesOther receivables 5 \u2013 Trade receivables 281 \u2013 GENUIT GROUP (FORMERLY POLYPIPE)SalesRent 10 20 Development property disposal 1,680 \u2013 ReceivablesTrade receivables \u2013 6THE AIRE VALLEY LAND LLPReceivables 26 26CRIMEA LAND MANSFIELD LLPReceivables 9 9NORTHERN GATEWAY DEVELOPMENT VEHICLE LLPPartner loan made during the year \u2013 1,849 Investment made during the year 250 \u2013INVESTMENT PROPERTY FORUMPurchases 5 130. Related party transactions continuedCompanyThe Company carried out the following transactions with subsidiary undertakings.Details of the Company\u2019s intercompany balances and interest at 31 December 2023 are set out below:Year ended/as at Year ended/as at 31 December 202331 December 2022Net interest Net interest receivable/ receivable/ (payable) Net amounts (payable) Net amounts in the year due from/(to) in the year due from/(to) \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000EOS Inc. Limited 1,039 15,232 657 19,891 Harworth Estates Limited (495) (9,020) (219) (7,967)Harworth Estates (Agricultural Land) Limited (122) (1,953) (62) (1,841)Harworth Estates Investments Limited (919) (15,716) (366) (13,802)Harworth Guarantee Co. Limited \u2013 \u2013 \u2013 \u2013 Harworth Estates Overages Limited \u2013 3 \u2013 1 Harworth Estates Mines Property Limited 391 5,661 213 6,464 Harworth Estates Curtilage Limited 151 2,444 75 2,290 Harworth Estates Waverley Prince Limited (22) (351) (9) (336)Harworth Estates Property Group Limited (646) (10,680) (290) (9,749)Harworth Surface Water Management (North West) Limited (35) (562) (17) (529)Coalfield Estates Limited \u2013 \u2013 \u2013 \u2013 Harworth Estates Warwickshire Limited \u2013 3 \u2013 1 Harworth TRR Ltd (17) (256) (2) (249)Logistics North MC Limited \u2013 3 \u2013 1 POW Management Company Limited \u2013 (2) \u2013 (2)Rossington Community Management Company Limited \u2013 \u2013 \u2013 (1)Flass Lane Management Company Limited \u2013 (1) \u2013 (1)Mapplewell Management Company Limited \u2013 \u2013 \u2013 (1)Cadley Park Management Company Limited \u2013 (2) \u2013 (2)Simpson Park Management Company Limited \u2013 (1) \u2013 (1)Ansty Development Vehicle LLP 7 121 3 107 Harworth Surface Water Management (Bardon) Limited \u2013 3 \u2013 2 Harworth Estates Residential Development Limited \u2013 3 \u2013 \u2013 (668) (15,071) (17) (5,724)Dividends receivedDuring the year the Company received dividends of \u00a3nil (2022: \u00a3nil) from subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-197-2": {
"value": "31. Post balance sheet eventsIn January 2024 the Group disposed of the investment portfolio asset Flaxby Moor Industrial Estate, Knaresborough for proceeds of \u00a313.3m. This property was included within assets held for sale at the year end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}