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"entity": "scheme:213800ROIFXRRRKVQD25", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "32100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "43600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": 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1 ACCOUNTING POLICIES
Basis of preparation
Crest Nicholson Holdings plc (Company) is a public limited company incorporated, listed and domiciled
in the UK. The address of the registered office is 500 Dashwood Lang Road, Bourne Business Park,
Addlestone, Surrey, KT15 2HJ. The Group financial statements consolidate those of the Company and
its subsidiaries (together referred to as the Group) and include the Group\u2019s interest in jointly controlled
entities. The parent company financial statements present information about the Company as a
separate entity and not about its Group.
The financial statements are presented in pounds sterling and amounts are denominated in millions
(\u00a3m), unless otherwise stated.
The Group financial statements have been prepared and approved by the Directors in accordance
with UK-adopted international accounting standards, and with the requirements of the Companies
Act 2006 as applicable to companies reporting under those standards and have been prepared on
the historical cost basis except for financial assets at fair value through profit and loss, which are as
otherwise stated. The parent company financial statements are presented on pages 153\u2013157.
The preparation of financial statements in conformity with UK-adopted international accounting
standards requires the Directors to make assumptions and judgements that affect the application of
policies and reported amounts within the financial statements. Assumptions and judgements are based
on experience and other factors that the Directors consider reasonable under the circumstances.
Actual results may differ from these estimates.
Judgements made by the Directors, in the application of these accounting policies that have a
significant effect on the financial statements and estimates with a significant risk of material adjustment
in the next year are discussed below.
Going concern
In determining the appropriateness of the basis of preparation, the Directors have considered whether the
Group can continue to meet its liabilities and other obligations for the foreseeable future. These include its
ability to meet the financial covenants as required under its sustainability-linked Revolving Credit Facility
(RCF) and senior loan notes as detailed in note 24. The Directors consider the possibility of breaching one
of the three financial covenants (Gearing, Tangible Net Worth and Interest Cover) as being the first sign
that the Group could be in distress and is the basis of its going concern assessment in this year\u2019s financial
statements.
The Directors have assessed the Group\u2019s going concern position through to 30 April 2026 (the going
concern period), which aligns with its half year reporting for the 2026 financial year. The going concern
model is made up of a Board approved base case and a Severe But Plausible (SBP) downside.
Within the base case, the Group has already secured a proportion of sales for 2025 by way of its
forward order book. The base case forecast is that the Group maintains sufficient liquidity headroom
throughout the going concern period and will be compliant from a covenant perspective for all
required reporting periods.
The base case has then been used to model a range of adverse scenarios that are deemed to be
plausible downside conditions derived from the scenarios that are outlined below. These scenarios
incorporate potential macroeconomic scenarios that could be experienced by the UK, industry-wide
dynamics, and Group-specific risks.
The SBP downside scenario aggregates the impacts of multiple risk factors. In conducting this test,
the Directors drew on extensive prior experience in navigating economic downturns, including the
COVID-19 pandemic, and considered the implications of current market conditions. This assessment
also evaluates the anticipated effectiveness of proposed mitigating actions that are within the Group\u2019s
control and can be enacted in good time, ensuring a robust framework for managing potential
disruptions and safeguarding the Group\u2019s financial stability.
Risk factors applied against future forecasts
The following risk factors have been applied in reaching the SBP downside scenario:
Scenario 1 \u2013 Reduction in sales volumes
Linking to market conditions and solvency and liquidity risk, a potential decline in
macroeconomic conditions in the UK, which negatively impacts the UK residential property
market and reduces the ability for people to buy homes. The Directors have considered a
reduced sales per outlet week (SPOW) of 0.43 in 2025 and 0.47 in 2026 (2024 actual SPOW
0.48), based on a decline commencing imminently.
Scenario 2 \u2013 Fall in sales price
Also linking to a potential decline in market conditions, a reduction in sales prices during an
economic slowdown and / or lack of available debt finance. A greater than 2.0% reduction in
average selling prices compared to the current market experience of prices increasing.
Scenario 3 \u2013 Increase in build cost
Linking to supply chain risks, unexpected costs occurring on low margin or NRV sites cause an
immediate reduction in profitability of c. \u00a34m in each six months of the going concern period.
Mitigation options and considerations
The Directors have considered the mitigations that could be applied in a deteriorating trading
environment to either increase profit or conserve cash to reduce interest cost. Some of these
measures are implicit outcomes of a downturn (such as reduction in build spend) rather than mitigating
actions which the Group would have to apply.
The Group has experience of applying such mitigations in the past, which include but are not limited to:
A reduction in the Group\u2019s headcount driving a reduction in overheads, site and sales and
marketing spend to reflect the lower build and selling activity in a weaker trading environment;
Potential renegotiation of some supplier arrangements as the amount of build activity contracts, and
materials suppliers and subcontractors are required to be more competitive, reducing build spend;
Mothballing unproductive and/or capital-intensive schemes;
Reduction or elimination of management incentives;
A reduction in discretionary land acquisitions and therefore land expenditure as the Group would
require less land to replenish the land portfolio;
Disposal of land to generate cash; and
Removal of dividends after April 2025 to conserve cash.
Conclusion on going concern
Whilst the Group forecasts to meet all its covenants in the base case scenario, the cumulative impact
of the assumptions and mitigations in the SBP downside case indicates that the Group would not
meet its interest cover covenant during the going concern period, with the first measurement date
in April 2025. If this covenant breach were to occur, it would constitute an event of default under the
terms of the Revolving Credit Facility agreement and senior loan notes. The Gearing and Tangible
Net Worth covenants are forecast to be met in all reporting periods in the SBP downside scenario.
The Group maintains good relationships and a regular dialogue with all its lenders and is confident
that an amendment to its covenants would be secured if necessary, however, this is not guaranteed
and therefore this represents a material uncertainty related to going concern. In all scenarios, except
where the interest cover covenant is breached and a covenant amendment is not agreed, the Group
forecasts adequate liquidity.
In reviewing the assessment outlined above, the Directors are confident that the Group has the
necessary resources and mitigations available to continue operations and discharge its obligations as
they fall due for at least 12 months from the date of approval of the financial statements. Accordingly,
the consolidated financial statements continue to be prepared on a going concern basis. However, a
material uncertainty exists, in particular with respect to the ability to achieve the covenant amendments
which may be required, which may cast significant doubt on the Group\u2019s ability to continue as a going
concern. The financial statements do not include any adjustments that would result from the basis of
preparation being inappropriate.
Critical accounting estimates and judgements
The preparation of the consolidated financial statements under UK-adopted international accounting
standards requires the Directors to make estimates and assumptions that affect the application of
policies and reported amounts of assets and liabilities, income and expenses and related disclosures.
In applying the Group\u2019s accounting policies, the key judgements that have a significant impact on the
financial statements, including those involving estimates are described below.
The judgement to present certain items as exceptional (see note 4)
Certain revenue policies relating to part exchange sales
The identification of performance obligations where a revenue transaction involves the sale of
both land and residential units and revenue on the units is then subsequently recognised over
time where the land sale element takes place at the start of the contract (see note 3 for the split
of revenue recognised at a point in time and recognised over time and also the more detailed
revenue accounting policy)
The recognition of the defined benefit pension scheme net surplus (see note 16)
The current and non-current presentation of the combustible materials provision
The presentation of completed site liabilities as either accruals or provisions.
Estimates and associated assumptions affecting the financial statements are based on historical
experience and various other factors that are believed to be reasonable under the circumstances.
The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting
estimates may be necessary if there are changes in the circumstances on which the estimate was
based or as a result of new information.
Revisions to accounting estimates are recognised in the year in which the estimate is revised if the
revision affects only that year, or in the year of revision and future years if the revision affects both
current and future years.
The Directors have made consistent estimates and assumptions in reviewing the going concern
assumption as those detailed above. The Directors consider the key sources of estimation uncertainty
that have a risk of causing a material adjustment to the carrying value of assets and liabilities as
described below.
Carrying value of inventories
Inventories of land, work-in-progress, completed buildings including show homes and part exchange
inventories are stated in the consolidated statement of financial position at the lower of cost or
NRV. On a regular basis management updates estimates of future revenue and expenditure for
each development. Future revenue and expenditure may differ from estimates which could lead to
an impairment of inventory if there are adverse changes. Where forecast revenues are lower than
forecast total costs an inventory provision is made. This provision may be reversed in subsequent
periods if there is evidence of sustained improved revenue or reduced expenditure forecast on a
development. If forecast revenue was 10.0% lower on sites within the short-term portfolio (total land
portfolio excluding strategic land) as at 31 October 2024, the impact on loss before tax would have
been \u00a313.1m higher (2023: the impact on profit before tax would have been \u00a315.9m lower).
Estimation of development profitability
Due to the nature of development activity and, in particular, the length of the development cycle, the
Group has to make estimates of the costs to complete developments, in particular those which are
multi-phase and/or may have significant infrastructure costs. These estimates are reflected in the
margin recognised on developments in relation to sales recognised in the current and future years.
There is a degree of inherent uncertainty in making such estimates. The Group has established
internal controls that are designed to ensure an effective assessment of estimates is made of the
costs to complete developments. The Group considers estimates of the costs to complete on longer-
term sites, which typically have higher upfront shared infrastructure costs to have greater estimation
uncertainty than sites of shorter duration with less infrastructure requirements. A change in estimated
margins on sites, for example due to changes in estimates of build cost inflation or a reduction
in house prices, could alter future profitability. If forecast costs were 10.0% higher on sites which
contributed to the year ended 31 October 2024 and which are forecast to still be in production beyond
the year ending 31 October 2026 (2023: beyond the year ending 31 October 2025), cost of sales in
the current year would have been \u00a329.1m (2023: \u00a332.3m) higher.
The Group has assessed the potential financial impacts of transitional and physical climate-related
risks and opportunities. The primary known climate-related policy that will affect our product is the
Future Homes Standard, due to be legislated in 2025, which will increase build costs for individual
units. Anticipated additional build costs are incorporated into project acquisition appraisals. These
costs are not expected to have a material impact on the carrying value of inventories or their
associated project margins or the value of goodwill. Flood risk and broader planning requirements
are also evaluated and accounted for during new project acquisitions. Longer-term climate-related
costs are beyond the time horizon of the Group\u2019s contracted projects and therefore do not impact the
carrying value of inventories or their associated project margins. Additional information on climate-
related risks and opportunities is provided on pages 40\u201348. This area is considered an area of
estimation rather than a critical accounting estimate.
Completed site costs
Completed site costs include completed site accruals which is predominantly the cost to complete
outstanding site infrastructure and amenities within developments where the last housing unit has
been completed, and, completed site provisions which is the forecast cost to complete remedial works
on buildings where faults have been identified and the Group is responsible to remedy. Completed
site costs can require a number of estimates and assumptions in their calculation, though provisions
also have a level of estimation uncertainty. The Group has to make estimates of the costs to complete
outstanding site infrastructure and amenities within developments and the cost of remediation
required where faults have been identified post completion. The Group has internal controls that are
designed to ensure an effective assessment of estimates is made of the costs to finalise completed
developments. If forecast completed site costs are 10.0% higher than provided, the charge in the
consolidated income statement would be \u00a32.2m higher for completed site accruals and \u00a32.3m higher
for completed site provisions.
Valuation of the pension scheme assets and liabilities
In determining the valuation of the pension scheme assets and liabilities, the Directors utilise the
services of an actuary. The actuary uses key assumptions being inflation rate, life expectancy, discount
rate and Guaranteed Minimum Pensions, which are dependent on factors outside the control of the
Group. To the extent that such assumptions differ to that expected, the pension liability would change.
See note 16 for additional details.
Combustible materials
The combustible materials provision requires a number of key estimates and assumptions in its
calculation. During the year, the combustible materials provision has been increased to reflect the
latest assessment of these costs. Additionally, the Group has now performed sufficient surveys and
has greater experience of survey outcomes to make an appropriately reliable estimate of its probable
liabilities across non-surveyed buildings.
The key assumptions used to determine the provision include but are not limited to identification
of the properties impacted through the period of construction considered. The key estimates then
applied to these properties include the potential costs of investigation, replacement materials and
works to complete, along with the timing of forecast expenditure. The Directors have used Building
Safety Fund (BSF) cost information, other external information and internal assessments as a basis
for the estimated remedial costs. The Group has used estimates and assumptions to evaluate the
probable remediation works required to non-surveyed buildings after applying experience gained from
buildings with surveys and applying risk categories to groups of buildings with similar characteristics.
These estimates are inherently uncertain due to the highly complex and bespoke nature of the
buildings. The actual costs may differ to the amounts notified by the BSF costed projects, and fire
safety reports in progress may require different levels of remediation and associated costs than those
currently estimated. The number of non-surveyed buildings requiring remediation may differ from current
estimates, which cannot be fully known until surveys have been completed. Management expects
assessments to have been completed by late summer 2025. If forecast remediation costs on buildings
currently provided for are 10.0% higher/lower than provided, the pre-tax exceptional items charge in the
consolidated income statement would be \u00a324.9m higher/lower. See notes 4 and 22 for additional details.
Adoption of new and revised standards
There are no new standards, amendments to standards and interpretations that are applicable to the
Group and are mandatory for the first time for the financial year beginning 1 November 2023 which
have had a material impact on the Group.
Impact of standards and interpretations in issue but not yet effective
There are a number of standards, amendments and interpretations that have been published that
are not mandatory for the 31 October 2024 reporting period and have not been adopted early by
the Group. The Group does not expect that the adoption of these standards, amendments and
interpretations will have a material impact on the financial statements of the Group in future years.
Other accounting policies
The accounting policies set out below have, unless otherwise stated, been applied consistently
to all periods presented in these Group financial statements with the exception of the prior period
representation as disclosed in note 29.
Alternative performance measures (APM)
The Group has adopted various APM, as presented on pages 158\u2013159. These measures are not
defined by International Financial Reporting Standards (IFRS) and therefore may not be directly
comparable with other companies\u2019 APM, and should be considered in addition to, and are not
intended to be a substitute for, or superior to, IFRS measurements.
Consolidation
The consolidated financial statements include the financial statements of Crest Nicholson Holdings plc,
its subsidiary undertakings and the Group\u2019s share of the results of joint ventures and joint operations.
Inter-company transactions, balances and unrealised gains on transactions between group companies
are eliminated on consolidation.
(a) Subsidiaries
Subsidiaries are entities in which the Group has control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns through its power over the entity. In assessing control,
potential voting rights that are currently exercisable or convertible are taken into account. The profits
and losses of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases.
The acquisition method of accounting is used by the Group to account for the acquisition of
subsidiaries that are a business under IFRS 3. On acquisition of a subsidiary, all of the subsidiary\u2019s
separable, identifiable assets and liabilities existing at the date of acquisition are recorded at their fair
values reflecting their condition at that date.
All changes to those assets and liabilities and the resulting gains and losses that arise after the
Group has gained control of the subsidiary are charged to the post-acquisition consolidated income
statement or consolidated statement of comprehensive income. Accounting policies of acquired
subsidiaries are changed where necessary, to ensure consistency with policies adopted by the Group.
Acquisitions of subsidiaries which do not qualify as a business under IFRS 3 are accounted for as an
asset acquisition rather than a business combination. Under such circumstances the fair value of the
consideration paid for the subsidiary is allocated to the assets and liabilities purchased based on their
relative fair value at the date of purchase. No goodwill is recognised on such transactions.
(b) Joint ventures
A joint venture is a contractual arrangement in which the Group and other parties undertake an
economic activity that is subject to joint control and these parties have rights to the net assets
of the arrangement. The Group reports its interests in joint ventures using the equity method
of accounting. Under this method, interests in joint ventures are initially recognised at cost and
adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses and
movements in other comprehensive income. The Group\u2019s share of results of the joint venture
after tax is included in a single line in the consolidated income statement. Where the share of
losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses,
the carrying amount is reduced to nil and recognition of further losses is discontinued, unless
there is a long-term receivable due from the joint venture in which case, if appropriate, the loss
is recognised against the receivable. If an obligation to fund losses exists the further losses and
a provision are recognised. Unrealised gains on transactions between the Group and its joint
ventures are eliminated on consolidation. Accounting policies of joint ventures are changed where
necessary, to ensure consistency with policies adopted by the Group.
(c) Joint operations
A joint operation is a joint arrangement that the Group undertakes with other parties, in which
those parties have rights to the assets and obligations of the arrangement. The Group accounts for
joint operations by recognising its share of the jointly controlled assets and liabilities and income
and expenditure on a line-by-line basis in the consolidated statement of financial position and
consolidated income statement.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s
interest in the fair value of the identifiable assets and liabilities of the acquired entity at the date of
the acquisition and is not amortised. Goodwill arising on acquisition of subsidiaries and businesses
is capitalised as an asset. The goodwill balance has been allocated to the strategic land holdings
within the Group. The Group expects to benefit from the strategic land holdings for a further period
of 13 years to 2038. The period used in the assessment represents the estimated time it will take
to obtain planning and build out on the remaining acquired strategic land holdings. Goodwill is
assessed for impairment at each reporting date. The sites acquired are considered as a singular
cash generating unit and the value in use is calculated on a discounted cash flow basis with more
speculative strategic sites given a lower probability of reaching development. The calculated
discounted cash flow value is compared to the goodwill balance to assess if it is impaired. Any
impairment loss is recognised immediately in the consolidated income statement.
Revenue and profit recognition
Revenue comprises the fair value of the consideration received or receivable, net of value added tax
and discounts.
The Group has made a judgement to not recognise revenue on the proceeds received on the
disposal of properties taken in part exchange against a new property as they are incidental to the main
revenue-generating activities of the Group. As part exchange sales are deemed incidental, the income
and expenses associated with part exchange properties are recognised in other operating income and
other operating expenses in the consolidated income statement. Income is recognised when legal title
is passed to the customer.
Revenue is recognised on house and apartment sales at legal completion. For affordable and other
sales in bulk, revenue recognition is dependent on freehold legal title being passed to the customer
as it is considered that upon transfer of freehold title that the customer controls the work-in-progress.
Where freehold legal title and control is passed to the customer, revenue is recognised on any
upfront sale of land (where applicable) and then on the housing units as the build of the related
units progresses, via surveys of work performed on contract activity. Where freehold legal title is not
passed to the customer, revenue is not recognised on any upfront sale of land and the revenue on
the housing units and sale of land is recognised at handover of completed units to the customer. The
transaction price for all housing units is derived from contractual negotiations and does not include
any material variable consideration.
Revenue is predominantly recognised on land sales when legal title passes to the customer. If the
Group has remaining performance obligations, such as the provision of services to the land, an
element of revenue is allocated to these performance obligations and recognised as the obligations
are performed, which can be when the works are finished if the work-in-progress is controlled by the
Group or over the performance of the works if they are controlled by the customer.
Revenue recognition on commercial property sales is dependent on freehold legal title being passed
to the customer, as it is considered that upon transfer of freehold title that the customer controls the
work-in-progress. Where freehold legal title is passed to the customer, revenue is recognised on any
upfront sale of land (where applicable) and then on the development revenue over time as the build
of the related commercial units progress. Where freehold legal title is not passed to the customer
revenue is not recognised on any upfront sale of land and the revenue on the commercial property is
recognised at handover of the completed commercial unit to the customer.
Revenue is recognised on freehold reversion sales when the customer is contractually entitled to the
ground rent revenue stream associated with the units purchased.
Revenue on specification upgrades paid for by the customer or on the cost of specification upgrades
offered to the customer as part of the purchase price is recognised as revenue when legal title passes
to the customer.
Profit is recognised on a plot-by-plot basis, by reference to the margin forecast across the related
development site. Due to the development cycle often exceeding one financial year, plot margins are
forecast, taking into account the allocation of site-wide development costs such as infrastructure, and
estimates required for the cost to complete such developments.
Other operating income
Other operating income comprises rental income, joint venture and other management fee income
and the income associated with part exchange sales. In the prior year rental income was included
within cost of sales and joint venture and other management fees was included within administrative
expenses. Part exchange income was previously presented within net administrative expenses. See
note 29 for further information.
Other operating expenses
Other operating expenses represent cost of sales of part exchange properties. In the prior year this
was included within net administrative expenses. See note 29 for further information.
Exceptional items
Exceptional items are those which, in the opinion of the Directors, are material by size and/or non-
recurring in nature such as significant costs and settlements associated with combustible materials,
significant legal matters, changes in estimate of costs associated with completed sites which are no
longer part of the core strategy, significant costs associated with corporate bid approaches and the
write down of freehold inventories. Where appropriate, the Directors consider that items should be
considered as categories or classes of items, such as any credits/costs impacting the consolidated
income statement which relate to combustible materials or certain site costs, notwithstanding where an
item may be individually immaterial. The Directors believe that these items require separate disclosure
within the consolidated income statement in order to assist the users of the financial statements to
better understand the performance of the Group, which is also how the Directors and chief operating
decision maker internally manage the business. Additional charges/credits (including reversals) to
items classified as exceptional items in prior years will be classified as exceptional in the current year,
unless immaterial to the financial statements. As these exceptional items can vary significantly year on
year, they may introduce volatility into the reported earnings. The income tax impacts of exceptional
items are reflected at the actual tax rate related to these items.
Net finance expense
Interest income is recognised on a time-apportioned basis by reference to the principal outstanding
and the effective interest rate. Interest costs are recognised in the consolidated income statement on
an accruals basis in the period in which they are incurred. Imputed interest expense on deferred land
creditors and combustible materials discounting is recognised over the life of associated cash flows.
Income and deferred tax
Income tax comprises current tax and deferred tax. Income tax is recognised in the consolidated
income statement except to the extent that it relates to items recognised in other comprehensive
income, in which case it is recognised in other comprehensive income. Current tax is the expected tax
payable on taxable profit for the year and any adjustment to tax payable in respect of previous years.
Taxable profit is profit before tax per the consolidated income statement after adjusting for income
and expenditure that is not subject to tax, and for items that are subject to tax in other accounting
periods. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the consolidated statement of financial position date. Current tax assets are
recognised to the extent that it is probable the asset is recoverable.
Deferred tax is provided in full on temporary differences between the carrying amounts of assets
and liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profits.
Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised
for all temporary differences. Deferred tax is calculated using tax rates that have been substantively
enacted by the consolidated statement of financial position date.
Dividends
Final and interim dividend distributions to the Company\u2019s shareholders are recorded in the Group\u2019s
financial statements in the earlier of the period in which they are approved by the Company\u2019s
shareholders, or paid.
Employee benefits
(a) Pensions
The Group operates a defined benefit (DB) scheme (closed to new employees since October 2001
and to future service accrual since 30 April 2010) and also makes payments into a defined contribution
scheme for employees.
In respect of the DB scheme, the retirement benefit deficit or surplus is calculated by estimating the
amount of future benefit that employees have earned in return for their service in the current and
prior periods, such benefits measured at discounted present value, less the fair value of the scheme
assets. The rate used to discount the benefits accrued is the yield at the consolidated statement of
financial position date on AA credit rated bonds that have maturity dates approximating to the terms
of the Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected
unit method. The operating and financing costs of such plans are recognised separately in the
consolidated income statement; past service costs and financing costs are recognised in the periods
in which they arise. The Group recognises expected scheme gains and losses via the consolidated
income statement and actuarial gains and losses are recognised in the period they occur directly in
other comprehensive income, with associated deferred tax.
The retirement benefit deficit or surplus recognised in the consolidated statement of financial position
represents the deficit or surplus of the fair value of the scheme\u2019s assets over the present value of
scheme liabilities, with any net surplus recognised to the extent that the employer can gain economic
benefit as set out in the requirements of International Financial Reporting Interpretations Committee 14.
Payments to the defined contribution scheme are accounted for on an accruals basis.
(b) Share-based payments
The fair value of equity-settled, share-based compensation plans is recognised as an employee
expense with a corresponding increase in equity. The fair value is measured as at the date the options
are granted and the charge amended if vesting does not take place due to non-market conditions
(such as service or performance) not being met. The fair value is spread over the period during which
the employees become unconditionally entitled to the shares and is adjusted to reflect the actual
number of options that vest. At the consolidated statement of financial position date, if it is expected
that non-market conditions will not be satisfied, the cumulative expense recognised in relation to the
relevant options is reversed.
The proceeds received are credited to share capital (nominal value) and share premium when the
options are exercised if new shares are issued. If treasury shares are used the proceeds are credited to
retained reserves. There are no cash-settled share-based compensation plans.
Own shares held by Employee Share Ownership Trust (ESOT)
Transactions of the Company-sponsored ESOT are included in both the Group financial statements
and the Company\u2019s own financial statements. The purchase of shares in the Company by the ESOT are
charged directly to equity.
Software as a Service (SaaS) arrangements
Implementation costs including costs to configure or customise a cloud provider\u2019s application software
are recognised as administrative expenses when the services are received, and the Group determines
that there is no control over the asset in development.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated
impairment losses. Cost includes the original purchase price of the asset and the costs attributable to
bringing the asset to its working condition. Depreciation is calculated to write off the cost of the assets
on a straight-line basis to their estimated residual value over its expected useful life at the following
rates:
Fixtures and fittings
10%
Computer equipment and non-SaaS software
20% to 33%
The asset residual values, carrying values and useful lives are reviewed on an annual basis and
adjusted if appropriate at each consolidated statement of financial position date.
Right-of-use assets and lease liabilities
The Group assesses at lease inception whether a contract is, or contains, a lease. The Group
recognises a right-of-use asset and a lease liability at lease commencement.
The right-of-use asset is initially recorded at the present value of future lease payments and
subsequently measured net of depreciation, which is charged to the consolidated income statement
as an administrative expense over the shorter of its useful economic life or its lease term on a straight-
line basis. The right-of-use asset is also reduced for impairment losses.
The Group recognises lease liabilities at the present value of future lease payments, lease payments
being discounted at the rate implicit in the lease or the Group\u2019s incremental borrowing rate as
determined with reference to the most recently issued financial liabilities carrying interest. The
discount is subsequently unwound and recorded in the consolidated income statement over the lease
term as a finance expense. The lease term comprises the non-cancellable period of the contract,
together with periods covered by an option to extend the lease where the Group is reasonably certain
to exercise that option.
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that
have a lease term of 12 months or less and leases of low value assets. The Group recognises the lease
payments associated with these leases as an expense on a straight-line basis over the lease term.
Inventories
Inventories are stated at the lower of cost and NRV.
Land includes land under development, land options purchased and land exchanged on an
unconditional basis with or without planning consent.
Work-in-progress and completed buildings including show homes comprise direct materials, sub-
contract work, labour costs, site overheads, associated professional fees and other attributable
overheads, but excludes interest costs.
Part exchange inventories are held at the lower of cost and NRV, which includes an assessment of
costs of management and resale.
Land inventories and the associated land payables are recognised in the consolidated statement of
financial position from the date of unconditional exchange of contracts. Land payables are recognised
as part of trade and other payables.
Options purchased in respect of land are recognised initially as a prepayment within inventories and
written down on a straight-line basis over the life of the option. If planning permission is granted and
the option exercised, the option is not written down during that year and its carrying value is included
within the cost of land purchased.
Provisions are established to write down inventories where the estimated net sales proceeds less
costs to complete exceed the current carrying value. Adjustments to the provisions will be required
where selling prices or costs to complete change. NRV for inventories is assessed by estimating
selling prices and costs, taking into account current market conditions.
Financial assets
Financial assets are initially recognised at fair value and subsequently classified into one of the
following measurement categories:
At amortised cost
Subsequently at fair value through profit or loss (FVTPL)
Subsequently at fair value through other comprehensive income (FVOCI)
The classification of financial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash flows. Assets that are held for the collection of contractual cash
flows that represent solely payments of principal and interest are measured at amortised cost, with any
interest income recognised in the consolidated income statement using the effective interest rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classified by the
Group as measured at FVTPL. Fair value gains and losses on financial assets measured at FVTPL are
recognised in the consolidated income statement and presented within administrative expenses. The
Group currently has no financial assets measured at FVOCI.
Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss (which comprise shared equity receivables) are
classified as being held to collect and initially recognised at fair value. Changes in fair value relating
to the expected recoverable amount are recognised in the consolidated income statement as a
finance income or expense. These assets are held as current or non-current based on their contractual
repayment dates.
Trade and other receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at
amortised cost, using the effective interest method, less provision for impairment. A provision for
impairment of trade and other receivables is established based on an expected credit loss model
applying the simplified approach, which uses a lifetime expected loss allowance for all trade and other
receivables. The amount of the loss is recognised separately in the consolidated income statement.
Current trade and other receivables do not carry any interest and are stated at their amortised cost, as
reduced by appropriate allowances for estimated irrecoverable amounts. Non-current trade and other
receivables are discounted to present value when the impact of discounting is deemed to be material,
with any discount to nominal value being recognised in the consolidated income statement as interest
income over the duration of the deferred payment.
Contract assets
Contract assets represent unbilled work-in-progress on affordable and other sales in bulk on contracts
in which revenue is recognised over time. Contract assets are recognised initially at fair value and
subsequently measured at amortised cost, using the effective interest method, less provision for
impairment. Contract assets do not carry any interest and are stated at their amortised cost, as
reduced by appropriate allowances for estimated irrecoverable amounts.
Cash and cash equivalents
Cash and cash equivalents are cash balances in hand and in the bank and are carried in the
consolidated statement of financial position at nominal value.
Interest-bearing loans and borrowings
Interest-bearing loans and borrowings are recognised initially at fair value, net of direct transaction
costs, and subsequently measured at amortised cost. Finance charges are accounted for on an
accruals basis in the consolidated income statement using the effective interest method and are
added to the carrying amount of the instrument to the extent that they are not settled in the period in
which they arise or included within interest accruals.
Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classified into one of the
following measurement categories:
At amortised cost
Subsequently at FVTPL.
Non-derivative financial liabilities are measured at FVTPL when they are considered held for trading
or designated as such on initial recognition. The Group has no non-derivative financial liabilities
measured at FVTPL.
Land payables
Land payables are recognised in the consolidated statement of financial position from the date of
unconditional exchange of contracts. Where land is purchased on deferred settlement terms then
the land and the land payable are discounted to their fair value using the effective interest method in
accordance with IFRS 9. The difference between the fair value and the nominal value is amortised over
the deferment period, with the financing element being charged as an interest expense through the
consolidated income statement.
Trade and other payables
Trade and other payables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method. Trade and other payables on deferred terms
are initially recorded at their fair value, with the discount to nominal value being charged to the
consolidated income statement as an interest expense over the duration of the deferred period.
Included within trade and other payables are completed site accruals.
Contract liabilities
Contract liabilities represent payments on account, received from customers, in excess of billable work-
in-progress on affordable and other sales in bulk on contracts. Contract liabilities are recognised initially
at their fair value and subsequently measured at amortised cost using the effective interest method.
Provisions
A provision is recognised in the consolidated statement of financial position when the Group has a
present legal or constructive obligation as a result of a past event and it is probable that an outflow of
economic benefits will be required to settle the obligation, and the amount can be reliably estimated.
Provisions are discounted to present value on a discounted cash flow basis using an interest rate
appropriate to the class of the provision, where the effect is material. Included within provisions are
completed site provisions.
Seasonality
In common with the rest of the UK housebuilding industry, activity occurs throughout the year, with
peaks in sales completions in spring and autumn. This creates seasonality in the Group\u2019s trading
results and working capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-341": { "value": "Basis of preparation Crest Nicholson Holdings plc (Company) is a public limited company incorporated, listed and domiciled in the UK. The address of the registered office is 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey, KT15 2HJ. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the Group) and include the Group\u2019s interest in jointly controlled entities. The parent company financial statements present information about the Company as a separate entity and not about its Group. The financial statements are presented in pounds sterling and amounts are denominated in millions (\u00a3m), unless otherwise stated. The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted international accounting standards, and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and have been prepared on the historical cost basis except for financial assets at fair value through profit and loss, which are as otherwise stated. The parent company financial statements are presented on pages 153\u2013157. The preparation of financial statements in conformity with UK-adopted international accounting standards requires the Directors to make assumptions and judgements that affect the application of policies and reported amounts within the financial statements. Assumptions and judgements are based on experience and other factors that the Directors consider reasonable under the circumstances. Actual results may differ from these estimates. Judgements made by the Directors, in the application of these accounting policies that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-3": { "value": "Crest Nicholson Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-337": { "value": "Crest Nicholson Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-339": { "value": "Crest Nicholson Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-5": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-338": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-6": { "value": "500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey, KT15 2HJ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-386": { "value": "The financial statements are presented in pounds sterling and amounts are denominated in millions (\u00a3m), unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-385": { "value": "The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted international accounting standards, and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and have been prepared on the historical cost basis except for financial assets at fair value through profit and loss, which are as otherwise stated. The parent company financial statements are presented on pages 153\u2013157. The preparation of financial statements in conformity with UK-adopted international accounting standards requires the Directors to make assumptions and judgements that affect the application of policies and reported amounts within the financial statements. Assumptions and judgements are based on experience and other factors that the Directors consider reasonable under the circumstances. Actual results may differ from these estimates. Judgements made by the Directors, in the application of these accounting policies that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-342": { "value": "Going concern In determining the appropriateness of the basis of preparation, the Directors have considered whether the Group can continue to meet its liabilities and other obligations for the foreseeable future. These include its ability to meet the financial covenants as required under its sustainability-linked Revolving Credit Facility (RCF) and senior loan notes as detailed in note 24. The Directors consider the possibility of breaching one of the three financial covenants (Gearing, Tangible Net Worth and Interest Cover) as being the first sign that the Group could be in distress and is the basis of its going concern assessment in this year\u2019s financial statements. The Directors have assessed the Group\u2019s going concern position through to 30 April 2026 (the going concern period), which aligns with its half year reporting for the 2026 financial year. The going concern model is made up of a Board approved base case and a Severe But Plausible (SBP) downside. Within the base case, the Group has already secured a proportion of sales for 2025 by way of its forward order book. The base case forecast is that the Group maintains sufficient liquidity headroom throughout the going concern period and will be compliant from a covenant perspective for all required reporting periods. The base case has then been used to model a range of adverse scenarios that are deemed to be plausible downside conditions derived from the scenarios that are outlined below. These scenarios incorporate potential macroeconomic scenarios that could be experienced by the UK, industry-wide dynamics, and Group-specific risks. The SBP downside scenario aggregates the impacts of multiple risk factors. In conducting this test, the Directors drew on extensive prior experience in navigating economic downturns, including the COVID-19 pandemic, and considered the implications of current market conditions. This assessment also evaluates the anticipated effectiveness of proposed mitigating actions that are within the Group\u2019s control and can be enacted in good time, ensuring a robust framework for managing potential disruptions and safeguarding the Group\u2019s financial stability. Risk factors applied against future forecasts The following risk factors have been applied in reaching the SBP downside scenario: Scenario 1 \u2013 Reduction in sales volumes Linking to market conditions and solvency and liquidity risk, a potential decline in macroeconomic conditions in the UK, which negatively impacts the UK residential property market and reduces the ability for people to buy homes. The Directors have considered a reduced sales per outlet week (SPOW) of 0.43 in 2025 and 0.47 in 2026 (2024 actual SPOW 0.48), based on a decline commencing imminently. Scenario 2 \u2013 Fall in sales price Also linking to a potential decline in market conditions, a reduction in sales prices during an economic slowdown and / or lack of available debt finance. A greater than 2.0% reduction in average selling prices compared to the current market experience of prices increasing. Scenario 3 \u2013 Increase in build cost Linking to supply chain risks, unexpected costs occurring on low margin or NRV sites cause an immediate reduction in profitability of c. \u00a34m in each six months of the going concern period. Mitigation options and considerations The Directors have considered the mitigations that could be applied in a deteriorating trading environment to either increase profit or conserve cash to reduce interest cost. Some of these measures are implicit outcomes of a downturn (such as reduction in build spend) rather than mitigating actions which the Group would have to apply. The Group has experience of applying such mitigations in the past, which include but are not limited to: A reduction in the Group\u2019s headcount driving a reduction in overheads, site and sales and marketing spend to reflect the lower build and selling activity in a weaker trading environment; Potential renegotiation of some supplier arrangements as the amount of build activity contracts, and materials suppliers and subcontractors are required to be more competitive, reducing build spend; Mothballing unproductive and/or capital-intensive schemes; Reduction or elimination of management incentives; A reduction in discretionary land acquisitions and therefore land expenditure as the Group would require less land to replenish the land portfolio; Disposal of land to generate cash; and Removal of dividends after April 2025 to conserve cash. Conclusion on going concern Whilst the Group forecasts to meet all its covenants in the base case scenario, the cumulative impact of the assumptions and mitigations in the SBP downside case indicates that the Group would not meet its interest cover covenant during the going concern period, with the first measurement date in April 2025. If this covenant breach were to occur, it would constitute an event of default under the terms of the Revolving Credit Facility agreement and senior loan notes. The Gearing and Tangible Net Worth covenants are forecast to be met in all reporting periods in the SBP downside scenario. The Group maintains good relationships and a regular dialogue with all its lenders and is confident that an amendment to its covenants would be secured if necessary, however, this is not guaranteed and therefore this represents a material uncertainty related to going concern. In all scenarios, except where the interest cover covenant is breached and a covenant amendment is not agreed, the Group forecasts adequate liquidity. In reviewing the assessment outlined above, the Directors are confident that the Group has the necessary resources and mitigations available to continue operations and discharge its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the consolidated financial statements continue to be prepared on a going concern basis. However, a material uncertainty exists, in particular with respect to the ability to achieve the covenant amendments which may be required, which may cast significant doubt on the Group\u2019s ability to continue as a going concern. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-387": { "value": "Critical accounting estimates and judgements The preparation of the consolidated financial statements under UK-adopted international accounting standards requires the Directors to make estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses and related disclosures. In applying the Group\u2019s accounting policies, the key judgements that have a significant impact on the financial statements, including those involving estimates are described below. The judgement to present certain items as exceptional (see note 4) Certain revenue policies relating to part exchange sales The identification of performance obligations where a revenue transaction involves the sale of both land and residential units and revenue on the units is then subsequently recognised over time where the land sale element takes place at the start of the contract (see note 3 for the split of revenue recognised at a point in time and recognised over time and also the more detailed revenue accounting policy) The recognition of the defined benefit pension scheme net surplus (see note 16) The current and non-current presentation of the combustible materials provision The presentation of completed site liabilities as either accruals or provisions. Estimates and associated assumptions affecting the financial statements are based on historical experience and various other factors that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years. The Directors have made consistent estimates and assumptions in reviewing the going concern assumption as those detailed above. The Directors consider the key sources of estimation uncertainty that have a risk of causing a material adjustment to the carrying value of assets and liabilities as described below. Carrying value of inventories Inventories of land, work-in-progress, completed buildings including show homes and part exchange inventories are stated in the consolidated statement of financial position at the lower of cost or NRV. On a regular basis management updates estimates of future revenue and expenditure for each development. Future revenue and expenditure may differ from estimates which could lead to an impairment of inventory if there are adverse changes. Where forecast revenues are lower than forecast total costs an inventory provision is made. This provision may be reversed in subsequent periods if there is evidence of sustained improved revenue or reduced expenditure forecast on a development. If forecast revenue was 10.0% lower on sites within the short-term portfolio (total land portfolio excluding strategic land) as at 31 October 2024, the impact on loss before tax would have been \u00a313.1m higher (2023: the impact on profit before tax would have been \u00a315.9m lower). Estimation of development profitability Due to the nature of development activity and, in particular, the length of the development cycle, the Group has to make estimates of the costs to complete developments, in particular those which are multi-phase and/or may have significant infrastructure costs. These estimates are reflected in the margin recognised on developments in relation to sales recognised in the current and future years. There is a degree of inherent uncertainty in making such estimates. The Group has established internal controls that are designed to ensure an effective assessment of estimates is made of the costs to complete developments. The Group considers estimates of the costs to complete on longer- term sites, which typically have higher upfront shared infrastructure costs to have greater estimation uncertainty than sites of shorter duration with less infrastructure requirements. A change in estimated margins on sites, for example due to changes in estimates of build cost inflation or a reduction in house prices, could alter future profitability. If forecast costs were 10.0% higher on sites which contributed to the year ended 31 October 2024 and which are forecast to still be in production beyond the year ending 31 October 2026 (2023: beyond the year ending 31 October 2025), cost of sales in the current year would have been \u00a329.1m (2023: \u00a332.3m) higher. The Group has assessed the potential financial impacts of transitional and physical climate-related risks and opportunities. The primary known climate-related policy that will affect our product is the Future Homes Standard, due to be legislated in 2025, which will increase build costs for individual units. Anticipated additional build costs are incorporated into project acquisition appraisals. These costs are not expected to have a material impact on the carrying value of inventories or their associated project margins or the value of goodwill. Flood risk and broader planning requirements are also evaluated and accounted for during new project acquisitions. Longer-term climate-related costs are beyond the time horizon of the Group\u2019s contracted projects and therefore do not impact the carrying value of inventories or their associated project margins. Additional information on climate- related risks and opportunities is provided on pages 40\u201348. This area is considered an area of estimation rather than a critical accounting estimate. Completed site costs Completed site costs include completed site accruals which is predominantly the cost to complete outstanding site infrastructure and amenities within developments where the last housing unit has been completed, and, completed site provisions which is the forecast cost to complete remedial works on buildings where faults have been identified and the Group is responsible to remedy. Completed site costs can require a number of estimates and assumptions in their calculation, though provisions also have a level of estimation uncertainty. The Group has to make estimates of the costs to complete outstanding site infrastructure and amenities within developments and the cost of remediation required where faults have been identified post completion. The Group has internal controls that are designed to ensure an effective assessment of estimates is made of the costs to finalise completed developments. If forecast completed site costs are 10.0% higher than provided, the charge in the consolidated income statement would be \u00a32.2m higher for completed site accruals and \u00a32.3m higher for completed site provisions. Valuation of the pension scheme assets and liabilities In determining the valuation of the pension scheme assets and liabilities, the Directors utilise the services of an actuary. The actuary uses key assumptions being inflation rate, life expectancy, discount rate and Guaranteed Minimum Pensions, which are dependent on factors outside the control of the Group. To the extent that such assumptions differ to that expected, the pension liability would change. See note 16 for additional details. Combustible materials The combustible materials provision requires a number of key estimates and assumptions in its calculation. During the year, the combustible materials provision has been increased to reflect the latest assessment of these costs. Additionally, the Group has now performed sufficient surveys and has greater experience of survey outcomes to make an appropriately reliable estimate of its probable liabilities across non-surveyed buildings. The key assumptions used to determine the provision include but are not limited to identification of the properties impacted through the period of construction considered. The key estimates then applied to these properties include the potential costs of investigation, replacement materials and works to complete, along with the timing of forecast expenditure. The Directors have used Building Safety Fund (BSF) cost information, other external information and internal assessments as a basis for the estimated remedial costs. The Group has used estimates and assumptions to evaluate the probable remediation works required to non-surveyed buildings after applying experience gained from buildings with surveys and applying risk categories to groups of buildings with similar characteristics. These estimates are inherently uncertain due to the highly complex and bespoke nature of the buildings. The actual costs may differ to the amounts notified by the BSF costed projects, and fire safety reports in progress may require different levels of remediation and associated costs than those currently estimated. The number of non-surveyed buildings requiring remediation may differ from current estimates, which cannot be fully known until surveys have been completed. Management expects assessments to have been completed by late summer 2025. If forecast remediation costs on buildings currently provided for are 10.0% higher/lower than provided, the pre-tax exceptional items charge in the consolidated income statement would be \u00a324.9m higher/lower. See notes 4 and 22 for additional details. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-343": { "value": "Critical accounting estimates and judgements The preparation of the consolidated financial statements under UK-adopted international accounting standards requires the Directors to make estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses and related disclosures. In applying the Group\u2019s accounting policies, the key judgements that have a significant impact on the financial statements, including those involving estimates are described below. The judgement to present certain items as exceptional (see note 4) Certain revenue policies relating to part exchange sales The identification of performance obligations where a revenue transaction involves the sale of both land and residential units and revenue on the units is then subsequently recognised over time where the land sale element takes place at the start of the contract (see note 3 for the split of revenue recognised at a point in time and recognised over time and also the more detailed revenue accounting policy) The recognition of the defined benefit pension scheme net surplus (see note 16) The current and non-current presentation of the combustible materials provision The presentation of completed site liabilities as either accruals or provisions. Estimates and associated assumptions affecting the financial statements are based on historical experience and various other factors that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years. The Directors have made consistent estimates and assumptions in reviewing the going concern assumption as those detailed above. The Directors consider the key sources of estimation uncertainty that have a risk of causing a material adjustment to the carrying value of assets and liabilities as described below. Carrying value of inventories Inventories of land, work-in-progress, completed buildings including show homes and part exchange inventories are stated in the consolidated statement of financial position at the lower of cost or NRV. On a regular basis management updates estimates of future revenue and expenditure for each development. Future revenue and expenditure may differ from estimates which could lead to an impairment of inventory if there are adverse changes. Where forecast revenues are lower than forecast total costs an inventory provision is made. This provision may be reversed in subsequent periods if there is evidence of sustained improved revenue or reduced expenditure forecast on a development. If forecast revenue was 10.0% lower on sites within the short-term portfolio (total land portfolio excluding strategic land) as at 31 October 2024, the impact on loss before tax would have been \u00a313.1m higher (2023: the impact on profit before tax would have been \u00a315.9m lower). Estimation of development profitability Due to the nature of development activity and, in particular, the length of the development cycle, the Group has to make estimates of the costs to complete developments, in particular those which are multi-phase and/or may have significant infrastructure costs. These estimates are reflected in the margin recognised on developments in relation to sales recognised in the current and future years. There is a degree of inherent uncertainty in making such estimates. The Group has established internal controls that are designed to ensure an effective assessment of estimates is made of the costs to complete developments. The Group considers estimates of the costs to complete on longer- term sites, which typically have higher upfront shared infrastructure costs to have greater estimation uncertainty than sites of shorter duration with less infrastructure requirements. A change in estimated margins on sites, for example due to changes in estimates of build cost inflation or a reduction in house prices, could alter future profitability. If forecast costs were 10.0% higher on sites which contributed to the year ended 31 October 2024 and which are forecast to still be in production beyond the year ending 31 October 2026 (2023: beyond the year ending 31 October 2025), cost of sales in the current year would have been \u00a329.1m (2023: \u00a332.3m) higher. The Group has assessed the potential financial impacts of transitional and physical climate-related risks and opportunities. The primary known climate-related policy that will affect our product is the Future Homes Standard, due to be legislated in 2025, which will increase build costs for individual units. Anticipated additional build costs are incorporated into project acquisition appraisals. These costs are not expected to have a material impact on the carrying value of inventories or their associated project margins or the value of goodwill. Flood risk and broader planning requirements are also evaluated and accounted for during new project acquisitions. Longer-term climate-related costs are beyond the time horizon of the Group\u2019s contracted projects and therefore do not impact the carrying value of inventories or their associated project margins. Additional information on climate- related risks and opportunities is provided on pages 40\u201348. This area is considered an area of estimation rather than a critical accounting estimate. Completed site costs Completed site costs include completed site accruals which is predominantly the cost to complete outstanding site infrastructure and amenities within developments where the last housing unit has been completed, and, completed site provisions which is the forecast cost to complete remedial works on buildings where faults have been identified and the Group is responsible to remedy. Completed site costs can require a number of estimates and assumptions in their calculation, though provisions also have a level of estimation uncertainty. The Group has to make estimates of the costs to complete outstanding site infrastructure and amenities within developments and the cost of remediation required where faults have been identified post completion. The Group has internal controls that are designed to ensure an effective assessment of estimates is made of the costs to finalise completed developments. If forecast completed site costs are 10.0% higher than provided, the charge in the consolidated income statement would be \u00a32.2m higher for completed site accruals and \u00a32.3m higher for completed site provisions. Valuation of the pension scheme assets and liabilities In determining the valuation of the pension scheme assets and liabilities, the Directors utilise the services of an actuary. The actuary uses key assumptions being inflation rate, life expectancy, discount rate and Guaranteed Minimum Pensions, which are dependent on factors outside the control of the Group. To the extent that such assumptions differ to that expected, the pension liability would change. See note 16 for additional details. Combustible materials The combustible materials provision requires a number of key estimates and assumptions in its calculation. During the year, the combustible materials provision has been increased to reflect the latest assessment of these costs. Additionally, the Group has now performed sufficient surveys and has greater experience of survey outcomes to make an appropriately reliable estimate of its probable liabilities across non-surveyed buildings. The key assumptions used to determine the provision include but are not limited to identification of the properties impacted through the period of construction considered. The key estimates then applied to these properties include the potential costs of investigation, replacement materials and works to complete, along with the timing of forecast expenditure. The Directors have used Building Safety Fund (BSF) cost information, other external information and internal assessments as a basis for the estimated remedial costs. The Group has used estimates and assumptions to evaluate the probable remediation works required to non-surveyed buildings after applying experience gained from buildings with surveys and applying risk categories to groups of buildings with similar characteristics. These estimates are inherently uncertain due to the highly complex and bespoke nature of the buildings. The actual costs may differ to the amounts notified by the BSF costed projects, and fire safety reports in progress may require different levels of remediation and associated costs than those currently estimated. The number of non-surveyed buildings requiring remediation may differ from current estimates, which cannot be fully known until surveys have been completed. Management expects assessments to have been completed by late summer 2025. If forecast remediation costs on buildings currently provided for are 10.0% higher/lower than provided, the pre-tax exceptional items charge in the consolidated income statement would be \u00a324.9m higher/lower. See notes 4 and 22 for additional details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-431": { "value": "Adoption of new and revised standards There are no new standards, amendments to standards and interpretations that are applicable to the Group and are mandatory for the first time for the financial year beginning 1 November 2023 which have had a material impact on the Group. Impact of standards and interpretations in issue but not yet effective There are a number of standards, amendments and interpretations that have been published that are not mandatory for the 31 October 2024 reporting period and have not been adopted early by the Group. The Group does not expect that the adoption of these standards, amendments and interpretations will have a material impact on the financial statements of the Group in future years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-388": { "value": "Adoption of new and revised standards There are no new standards, amendments to standards and interpretations that are applicable to the Group and are mandatory for the first time for the financial year beginning 1 November 2023 which have had a material impact on the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-344": { "value": "Adoption of new and revised standards There are no new standards, amendments to standards and interpretations that are applicable to the Group and are mandatory for the first time for the financial year beginning 1 November 2023 which have had a material impact on the Group. Impact of standards and interpretations in issue but not yet effective There are a number of standards, amendments and interpretations that have been published that are not mandatory for the 31 October 2024 reporting period and have not been adopted early by the Group. The Group does not expect that the adoption of these standards, amendments and interpretations will have a material impact on the financial statements of the Group in future years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-389": { "value": "Impact of standards and interpretations in issue but not yet effective There are a number of standards, amendments and interpretations that have been published that are not mandatory for the 31 October 2024 reporting period and have not been adopted early by the Group. The Group does not expect that the adoption of these standards, amendments and interpretations will have a material impact on the financial statements of the Group in future years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-345": { "value": "Other accounting policies The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements with the exception of the prior period representation as disclosed in note 29. ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-346": { "value": "Alternative performance measures (APM) The Group has adopted various APM, as presented on pages 158\u2013159. These measures are not defined by International Financial Reporting Standards (IFRS) and therefore may not be directly comparable with other companies\u2019 APM, and should be considered in addition to, and are not intended to be a substitute for, or superior to, IFRS measurements. ", "dimensions": { "concept": "crestnicholsonholdingsplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-347": { "value": "Consolidation The consolidated financial statements include the financial statements of Crest Nicholson Holdings plc, its subsidiary undertakings and the Group\u2019s share of the results of joint ventures and joint operations. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. (a) Subsidiaries Subsidiaries are entities in which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns through its power over the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The profits and losses of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The acquisition method of accounting is used by the Group to account for the acquisition of subsidiaries that are a business under IFRS 3. On acquisition of a subsidiary, all of the subsidiary\u2019s separable, identifiable assets and liabilities existing at the date of acquisition are recorded at their fair values reflecting their condition at that date. All changes to those assets and liabilities and the resulting gains and losses that arise after the Group has gained control of the subsidiary are charged to the post-acquisition consolidated income statement or consolidated statement of comprehensive income. Accounting policies of acquired subsidiaries are changed where necessary, to ensure consistency with policies adopted by the Group. Acquisitions of subsidiaries which do not qualify as a business under IFRS 3 are accounted for as an asset acquisition rather than a business combination. Under such circumstances the fair value of the consideration paid for the subsidiary is allocated to the assets and liabilities purchased based on their relative fair value at the date of purchase. No goodwill is recognised on such transactions. (b) Joint ventures A joint venture is a contractual arrangement in which the Group and other parties undertake an economic activity that is subject to joint control and these parties have rights to the net assets of the arrangement. The Group reports its interests in joint ventures using the equity method of accounting. Under this method, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. The Group\u2019s share of results of the joint venture after tax is included in a single line in the consolidated income statement. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses, the carrying amount is reduced to nil and recognition of further losses is discontinued, unless there is a long-term receivable due from the joint venture in which case, if appropriate, the loss is recognised against the receivable. If an obligation to fund losses exists the further losses and a provision are recognised. Unrealised gains on transactions between the Group and its joint ventures are eliminated on consolidation. Accounting policies of joint ventures are changed where necessary, to ensure consistency with policies adopted by the Group. (c) Joint operations A joint operation is a joint arrangement that the Group undertakes with other parties, in which those parties have rights to the assets and obligations of the arrangement. The Group accounts for joint operations by recognising its share of the jointly controlled assets and liabilities and income and expenditure on a line-by-line basis in the consolidated statement of financial position and consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-390": { "value": "(a) Subsidiaries Subsidiaries are entities in which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns through its power over the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The profits and losses of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The acquisition method of accounting is used by the Group to account for the acquisition of subsidiaries that are a business under IFRS 3. On acquisition of a subsidiary, all of the subsidiary\u2019s separable, identifiable assets and liabilities existing at the date of acquisition are recorded at their fair values reflecting their condition at that date. All changes to those assets and liabilities and the resulting gains and losses that arise after the Group has gained control of the subsidiary are charged to the post-acquisition consolidated income statement or consolidated statement of comprehensive income. Accounting policies of acquired subsidiaries are changed where necessary, to ensure consistency with policies adopted by the Group. Acquisitions of subsidiaries which do not qualify as a business under IFRS 3 are accounted for as an asset acquisition rather than a business combination. Under such circumstances the fair value of the consideration paid for the subsidiary is allocated to the assets and liabilities purchased based on their relative fair value at the date of purchase. No goodwill is recognised on such transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-432": { "value": "(b) Joint ventures A joint venture is a contractual arrangement in which the Group and other parties undertake an economic activity that is subject to joint control and these parties have rights to the net assets of the arrangement. The Group reports its interests in joint ventures using the equity method of accounting. Under this method, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. The Group\u2019s share of results of the joint venture after tax is included in a single line in the consolidated income statement. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses, the carrying amount is reduced to nil and recognition of further losses is discontinued, unless there is a long-term receivable due from the joint venture in which case, if appropriate, the loss is recognised against the receivable. If an obligation to fund losses exists the further losses and a provision are recognised. Unrealised gains on transactions between the Group and its joint ventures are eliminated on consolidation. Accounting policies of joint ventures are changed where necessary, to ensure consistency with policies adopted by the Group. (c) Joint operations A joint operation is a joint arrangement that the Group undertakes with other parties, in which those parties have rights to the assets and obligations of the arrangement. The Group accounts for joint operations by recognising its share of the jointly controlled assets and liabilities and income and expenditure on a line-by-line basis in the consolidated statement of financial position and consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-391": { "value": "(b) Joint ventures A joint venture is a contractual arrangement in which the Group and other parties undertake an economic activity that is subject to joint control and these parties have rights to the net assets of the arrangement. The Group reports its interests in joint ventures using the equity method of accounting. Under this method, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. The Group\u2019s share of results of the joint venture after tax is included in a single line in the consolidated income statement. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses, the carrying amount is reduced to nil and recognition of further losses is discontinued, unless there is a long-term receivable due from the joint venture in which case, if appropriate, the loss is recognised against the receivable. If an obligation to fund losses exists the further losses and a provision are recognised. Unrealised gains on transactions between the Group and its joint ventures are eliminated on consolidation. Accounting policies of joint ventures are changed where necessary, to ensure consistency with policies adopted by the Group. (c) Joint operations A joint operation is a joint arrangement that the Group undertakes with other parties, in which those parties have rights to the assets and obligations of the arrangement. The Group accounts for joint operations by recognising its share of the jointly controlled assets and liabilities and income and expenditure on a line-by-line basis in the consolidated statement of financial position and consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-392": { "value": "Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the acquired entity at the date of the acquisition and is not amortised. Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset. The goodwill balance has been allocated to the strategic land holdings within the Group. The Group expects to benefit from the strategic land holdings for a further period of 13 years to 2038. The period used in the assessment represents the estimated time it will take to obtain planning and build out on the remaining acquired strategic land holdings. Goodwill is assessed for impairment at each reporting date. The sites acquired are considered as a singular cash generating unit and the value in use is calculated on a discounted cash flow basis with more speculative strategic sites given a lower probability of reaching development. The calculated discounted cash flow value is compared to the goodwill balance to assess if it is impaired. Any impairment loss is recognised immediately in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-348": { "value": "Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of the acquired entity at the date of the acquisition and is not amortised. Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset. The goodwill balance has been allocated to the strategic land holdings within the Group. The Group expects to benefit from the strategic land holdings for a further period of 13 years to 2038. The period used in the assessment represents the estimated time it will take to obtain planning and build out on the remaining acquired strategic land holdings. Goodwill is assessed for impairment at each reporting date. The sites acquired are considered as a singular cash generating unit and the value in use is calculated on a discounted cash flow basis with more speculative strategic sites given a lower probability of reaching development. The calculated discounted cash flow value is compared to the goodwill balance to assess if it is impaired. Any impairment loss is recognised immediately in the consolidated income statement. Software as a Service (SaaS) arrangements Implementation costs including costs to configure or customise a cloud provider\u2019s application software are recognised as administrative expenses when the services are received, and the Group determines that there is no control over the asset in development. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-349": { "value": "Revenue and profit recognition Revenue comprises the fair value of the consideration received or receivable, net of value added tax and discounts. The Group has made a judgement to not recognise revenue on the proceeds received on the disposal of properties taken in part exchange against a new property as they are incidental to the main revenue-generating activities of the Group. As part exchange sales are deemed incidental, the income and expenses associated with part exchange properties are recognised in other operating income and other operating expenses in the consolidated income statement. Income is recognised when legal title is passed to the customer. Revenue is recognised on house and apartment sales at legal completion. For affordable and other sales in bulk, revenue recognition is dependent on freehold legal title being passed to the customer as it is considered that upon transfer of freehold title that the customer controls the work-in-progress. Where freehold legal title and control is passed to the customer, revenue is recognised on any upfront sale of land (where applicable) and then on the housing units as the build of the related units progresses, via surveys of work performed on contract activity. Where freehold legal title is not passed to the customer, revenue is not recognised on any upfront sale of land and the revenue on the housing units and sale of land is recognised at handover of completed units to the customer. The transaction price for all housing units is derived from contractual negotiations and does not include any material variable consideration. Revenue is predominantly recognised on land sales when legal title passes to the customer. If the Group has remaining performance obligations, such as the provision of services to the land, an element of revenue is allocated to these performance obligations and recognised as the obligations are performed, which can be when the works are finished if the work-in-progress is controlled by the Group or over the performance of the works if they are controlled by the customer. Revenue recognition on commercial property sales is dependent on freehold legal title being passed to the customer, as it is considered that upon transfer of freehold title that the customer controls the work-in-progress. Where freehold legal title is passed to the customer, revenue is recognised on any upfront sale of land (where applicable) and then on the development revenue over time as the build of the related commercial units progress. Where freehold legal title is not passed to the customer revenue is not recognised on any upfront sale of land and the revenue on the commercial property is recognised at handover of the completed commercial unit to the customer. Revenue is recognised on freehold reversion sales when the customer is contractually entitled to the ground rent revenue stream associated with the units purchased. Revenue on specification upgrades paid for by the customer or on the cost of specification upgrades offered to the customer as part of the purchase price is recognised as revenue when legal title passes to the customer. Profit is recognised on a plot-by-plot basis, by reference to the margin forecast across the related development site. Due to the development cycle often exceeding one financial year, plot margins are forecast, taking into account the allocation of site-wide development costs such as infrastructure, and estimates required for the cost to complete such developments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-350": { "value": "Other operating income Other operating income comprises rental income, joint venture and other management fee income and the income associated with part exchange sales. In the prior year rental income was included within cost of sales and joint venture and other management fees was included within administrative expenses. Part exchange income was previously presented within net administrative expenses. See note 29 for further information. ", "dimensions": { "concept": "crestnicholsonholdingsplc:DescriptionOfAccountingPolicyForOtherOperatingIncome", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-351": { "value": "Other operating expenses Other operating expenses represent cost of sales of part exchange properties. In the prior year this was included within net administrative expenses. See note 29 for further information. ", "dimensions": { "concept": "crestnicholsonholdingsplc:DescriptionOfAccountingPolicyForOtherOperatingExpenses", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-352": { "value": "Exceptional items Exceptional items are those which, in the opinion of the Directors, are material by size and/or non- recurring in nature such as significant costs and settlements associated with combustible materials, significant legal matters, changes in estimate of costs associated with completed sites which are no longer part of the core strategy, significant costs associated with corporate bid approaches and the write down of freehold inventories. Where appropriate, the Directors consider that items should be considered as categories or classes of items, such as any credits/costs impacting the consolidated income statement which relate to combustible materials or certain site costs, notwithstanding where an item may be individually immaterial. The Directors believe that these items require separate disclosure within the consolidated income statement in order to assist the users of the financial statements to better understand the performance of the Group, which is also how the Directors and chief operating decision maker internally manage the business. Additional charges/credits (including reversals) to items classified as exceptional items in prior years will be classified as exceptional in the current year, unless immaterial to the financial statements. As these exceptional items can vary significantly year on year, they may introduce volatility into the reported earnings. The income tax impacts of exceptional items are reflected at the actual tax rate related to these items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-433": { "value": "Net finance expense Interest income is recognised on a time-apportioned basis by reference to the principal outstanding and the effective interest rate. Interest costs are recognised in the consolidated income statement on an accruals basis in the period in which they are incurred. Imputed interest expense on deferred land creditors and combustible materials discounting is recognised over the life of associated cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-393": { "value": "Net finance expense Interest income is recognised on a time-apportioned basis by reference to the principal outstanding and the effective interest rate. Interest costs are recognised in the consolidated income statement on an accruals basis in the period in which they are incurred. Imputed interest expense on deferred land creditors and combustible materials discounting is recognised over the life of associated cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-353": { "value": "Net finance expense Interest income is recognised on a time-apportioned basis by reference to the principal outstanding and the effective interest rate. Interest costs are recognised in the consolidated income statement on an accruals basis in the period in which they are incurred. Imputed interest expense on deferred land creditors and combustible materials discounting is recognised over the life of associated cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-394": { "value": "Income and deferred tax Income tax comprises current tax and deferred tax. Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised in other comprehensive income, in which case it is recognised in other comprehensive income. Current tax is the expected tax payable on taxable profit for the year and any adjustment to tax payable in respect of previous years. Taxable profit is profit before tax per the consolidated income statement after adjusting for income and expenditure that is not subject to tax, and for items that are subject to tax in other accounting periods. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the consolidated statement of financial position date. Current tax assets are recognised to the extent that it is probable the asset is recoverable. Deferred tax is provided in full on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for all temporary differences. Deferred tax is calculated using tax rates that have been substantively enacted by the consolidated statement of financial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-354": { "value": "Income and deferred tax Income tax comprises current tax and deferred tax. Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised in other comprehensive income, in which case it is recognised in other comprehensive income. Current tax is the expected tax payable on taxable profit for the year and any adjustment to tax payable in respect of previous years. Taxable profit is profit before tax per the consolidated income statement after adjusting for income and expenditure that is not subject to tax, and for items that are subject to tax in other accounting periods. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the consolidated statement of financial position date. Current tax assets are recognised to the extent that it is probable the asset is recoverable. Deferred tax is provided in full on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for all temporary differences. Deferred tax is calculated using tax rates that have been substantively enacted by the consolidated statement of financial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-355": { "value": "Dividends Final and interim dividend distributions to the Company\u2019s shareholders are recorded in the Group\u2019s financial statements in the earlier of the period in which they are approved by the Company\u2019s shareholders, or paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-356": { "value": "Employee benefits (a) Pensions The Group operates a defined benefit (DB) scheme (closed to new employees since October 2001 and to future service accrual since 30 April 2010) and also makes payments into a defined contribution scheme for employees. In respect of the DB scheme, the retirement benefit deficit or surplus is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods, such benefits measured at discounted present value, less the fair value of the scheme assets. The rate used to discount the benefits accrued is the yield at the consolidated statement of financial position date on AA credit rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected unit method. The operating and financing costs of such plans are recognised separately in the consolidated income statement; past service costs and financing costs are recognised in the periods in which they arise. The Group recognises expected scheme gains and losses via the consolidated income statement and actuarial gains and losses are recognised in the period they occur directly in other comprehensive income, with associated deferred tax. The retirement benefit deficit or surplus recognised in the consolidated statement of financial position represents the deficit or surplus of the fair value of the scheme\u2019s assets over the present value of scheme liabilities, with any net surplus recognised to the extent that the employer can gain economic benefit as set out in the requirements of International Financial Reporting Interpretations Committee 14. Payments to the defined contribution scheme are accounted for on an accruals basis. (b) Share-based payments The fair value of equity-settled, share-based compensation plans is recognised as an employee expense with a corresponding increase in equity. The fair value is measured as at the date the options are granted and the charge amended if vesting does not take place due to non-market conditions (such as service or performance) not being met. The fair value is spread over the period during which the employees become unconditionally entitled to the shares and is adjusted to reflect the actual number of options that vest. At the consolidated statement of financial position date, if it is expected that non-market conditions will not be satisfied, the cumulative expense recognised in relation to the relevant options is reversed. The proceeds received are credited to share capital (nominal value) and share premium when the options are exercised if new shares are issued. If treasury shares are used the proceeds are credited to retained reserves. There are no cash-settled share-based compensation plans. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-395": { "value": "(b) Share-based payments The fair value of equity-settled, share-based compensation plans is recognised as an employee expense with a corresponding increase in equity. The fair value is measured as at the date the options are granted and the charge amended if vesting does not take place due to non-market conditions (such as service or performance) not being met. The fair value is spread over the period during which the employees become unconditionally entitled to the shares and is adjusted to reflect the actual number of options that vest. At the consolidated statement of financial position date, if it is expected that non-market conditions will not be satisfied, the cumulative expense recognised in relation to the relevant options is reversed. The proceeds received are credited to share capital (nominal value) and share premium when the options are exercised if new shares are issued. If treasury shares are used the proceeds are credited to retained reserves. There are no cash-settled share-based compensation plans. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-357": { "value": "Own shares held by Employee Share Ownership Trust (ESOT) Transactions of the Company-sponsored ESOT are included in both the Group financial statements and the Company\u2019s own financial statements. The purchase of shares in the Company by the ESOT are charged directly to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-396": { "value": "Software as a Service (SaaS) arrangements Implementation costs including costs to configure or customise a cloud provider\u2019s application software are recognised as administrative expenses when the services are received, and the Group determines that there is no control over the asset in development. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-397": { "value": "Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition. Depreciation is calculated to write off the cost of the assets on a straight-line basis to their estimated residual value over its expected useful life at the following rates:
Fixtures and fittings
10%
Computer equipment and non-SaaS software
20% to 33%
The asset residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each consolidated statement of financial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-358": { "value": "Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition. Depreciation is calculated to write off the cost of the assets on a straight-line basis to their estimated residual value over its expected useful life at the following rates:
Fixtures and fittings
10%
Computer equipment and non-SaaS software
20% to 33%
The asset residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each consolidated statement of financial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-359": { "value": "Right-of-use assets and lease liabilities The Group assesses at lease inception whether a contract is, or contains, a lease. The Group recognises a right-of-use asset and a lease liability at lease commencement. The right-of-use asset is initially recorded at the present value of future lease payments and subsequently measured net of depreciation, which is charged to the consolidated income statement as an administrative expense over the shorter of its useful economic life or its lease term on a straight- line basis. The right-of-use asset is also reduced for impairment losses. The Group recognises lease liabilities at the present value of future lease payments, lease payments being discounted at the rate implicit in the lease or the Group\u2019s incremental borrowing rate as determined with reference to the most recently issued financial liabilities carrying interest. The discount is subsequently unwound and recorded in the consolidated income statement over the lease term as a finance expense. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-360": { "value": "Inventories Inventories are stated at the lower of cost and NRV. Land includes land under development, land options purchased and land exchanged on an unconditional basis with or without planning consent. Work-in-progress and completed buildings including show homes comprise direct materials, sub- contract work, labour costs, site overheads, associated professional fees and other attributable overheads, but excludes interest costs. Part exchange inventories are held at the lower of cost and NRV, which includes an assessment of costs of management and resale. Land inventories and the associated land payables are recognised in the consolidated statement of financial position from the date of unconditional exchange of contracts. Land payables are recognised as part of trade and other payables. Options purchased in respect of land are recognised initially as a prepayment within inventories and written down on a straight-line basis over the life of the option. If planning permission is granted and the option exercised, the option is not written down during that year and its carrying value is included within the cost of land purchased. Provisions are established to write down inventories where the estimated net sales proceeds less costs to complete exceed the current carrying value. Adjustments to the provisions will be required where selling prices or costs to complete change. NRV for inventories is assessed by estimating selling prices and costs, taking into account current market conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-398": { "value": "Financial assets Financial assets are initially recognised at fair value and subsequently classified into one of the following measurement categories: At amortised cost Subsequently at fair value through profit or loss (FVTPL) Subsequently at fair value through other comprehensive income (FVOCI) The classification of financial assets depends on the Group\u2019s business model for managing the asset and the contractual terms of the cash flows. Assets that are held for the collection of contractual cash flows that represent solely payments of principal and interest are measured at amortised cost, with any interest income recognised in the consolidated income statement using the effective interest rate method. Financial assets that do not meet the criteria to be measured at amortised cost are classified by the Group as measured at FVTPL. Fair value gains and losses on financial assets measured at FVTPL are recognised in the consolidated income statement and presented within administrative expenses. The Group currently has no financial assets measured at FVOCI. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-361": { "value": "Financial assets Financial assets are initially recognised at fair value and subsequently classified into one of the following measurement categories: At amortised cost Subsequently at fair value through profit or loss (FVTPL) Subsequently at fair value through other comprehensive income (FVOCI) The classification of financial assets depends on the Group\u2019s business model for managing the asset and the contractual terms of the cash flows. Assets that are held for the collection of contractual cash flows that represent solely payments of principal and interest are measured at amortised cost, with any interest income recognised in the consolidated income statement using the effective interest rate method. Financial assets that do not meet the criteria to be measured at amortised cost are classified by the Group as measured at FVTPL. Fair value gains and losses on financial assets measured at FVTPL are recognised in the consolidated income statement and presented within administrative expenses. The Group currently has no financial assets measured at FVOCI. Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss (which comprise shared equity receivables) are classified as being held to collect and initially recognised at fair value. Changes in fair value relating to the expected recoverable amount are recognised in the consolidated income statement as a finance income or expense. These assets are held as current or non-current based on their contractual repayment dates. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less provision for impairment. A provision for impairment of trade and other receivables is established based on an expected credit loss model applying the simplified approach, which uses a lifetime expected loss allowance for all trade and other receivables. The amount of the loss is recognised separately in the consolidated income statement. Current trade and other receivables do not carry any interest and are stated at their amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts. Non-current trade and other receivables are discounted to present value when the impact of discounting is deemed to be material, with any discount to nominal value being recognised in the consolidated income statement as interest income over the duration of the deferred payment. Contract assets Contract assets represent unbilled work-in-progress on affordable and other sales in bulk on contracts in which revenue is recognised over time. Contract assets are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less provision for impairment. Contract assets do not carry any interest and are stated at their amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts. Cash and cash equivalents Cash and cash equivalents are cash balances in hand and in the bank and are carried in the consolidated statement of financial position at nominal value. Interest-bearing loans and borrowings Interest-bearing loans and borrowings are recognised initially at fair value, net of direct transaction costs, and subsequently measured at amortised cost. Finance charges are accounted for on an accruals basis in the consolidated income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise or included within interest accruals. Financial liabilities Financial liabilities are initially recognised at fair value and subsequently classified into one of the following measurement categories: At amortised cost Subsequently at FVTPL. Non-derivative financial liabilities are measured at FVTPL when they are considered held for trading or designated as such on initial recognition. The Group has no non-derivative financial liabilities measured at FVTPL. Land payables Land payables are recognised in the consolidated statement of financial position from the date of unconditional exchange of contracts. Where land is purchased on deferred settlement terms then the land and the land payable are discounted to their fair value using the effective interest method in accordance with IFRS 9. The difference between the fair value and the nominal value is amortised over the deferment period, with the financing element being charged as an interest expense through the consolidated income statement. Trade and other payables Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables on deferred terms are initially recorded at their fair value, with the discount to nominal value being charged to the consolidated income statement as an interest expense over the duration of the deferred period. Included within trade and other payables are completed site accruals. Contract liabilities Contract liabilities represent payments on account, received from customers, in excess of billable work- in-progress on affordable and other sales in bulk on contracts. Contract liabilities are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-434": { "value": "Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss (which comprise shared equity receivables) are classified as being held to collect and initially recognised at fair value. Changes in fair value relating to the expected recoverable amount are recognised in the consolidated income statement as a finance income or expense. These assets are held as current or non-current based on their contractual repayment dates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-399": { "value": "Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss (which comprise shared equity receivables) are classified as being held to collect and initially recognised at fair value. Changes in fair value relating to the expected recoverable amount are recognised in the consolidated income statement as a finance income or expense. These assets are held as current or non-current based on their contractual repayment dates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-400": { "value": "Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less provision for impairment. A provision for impairment of trade and other receivables is established based on an expected credit loss model applying the simplified approach, which uses a lifetime expected loss allowance for all trade and other receivables. The amount of the loss is recognised separately in the consolidated income statement. Current trade and other receivables do not carry any interest and are stated at their amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts. Non-current trade and other receivables are discounted to present value when the impact of discounting is deemed to be material, with any discount to nominal value being recognised in the consolidated income statement as interest income over the duration of the deferred payment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-401": { "value": "Contract assets Contract assets represent unbilled work-in-progress on affordable and other sales in bulk on contracts in which revenue is recognised over time. Contract assets are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less provision for impairment. Contract assets do not carry any interest and are stated at their amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts. ", "dimensions": { "concept": "crestnicholsonholdingsplc:DescriptionOfAccountingPolicyForContractAssets", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-402": { "value": "Cash and cash equivalents Cash and cash equivalents are cash balances in hand and in the bank and are carried in the consolidated statement of financial position at nominal value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-435": { "value": "Interest-bearing loans and borrowings Interest-bearing loans and borrowings are recognised initially at fair value, net of direct transaction costs, and subsequently measured at amortised cost. Finance charges are accounted for on an accruals basis in the consolidated income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise or included within interest accruals. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-403": { "value": "Interest-bearing loans and borrowings Interest-bearing loans and borrowings are recognised initially at fair value, net of direct transaction costs, and subsequently measured at amortised cost. Finance charges are accounted for on an accruals basis in the consolidated income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise or included within interest accruals. Financial liabilities Financial liabilities are initially recognised at fair value and subsequently classified into one of the following measurement categories: At amortised cost Subsequently at FVTPL. Non-derivative financial liabilities are measured at FVTPL when they are considered held for trading or designated as such on initial recognition. The Group has no non-derivative financial liabilities measured at FVTPL. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-404": { "value": "Land payables Land payables are recognised in the consolidated statement of financial position from the date of unconditional exchange of contracts. Where land is purchased on deferred settlement terms then the land and the land payable are discounted to their fair value using the effective interest method in accordance with IFRS 9. The difference between the fair value and the nominal value is amortised over the deferment period, with the financing element being charged as an interest expense through the consolidated income statement. ", "dimensions": { "concept": "crestnicholsonholdingsplc:DescriptionOfAccountingPolicyForLandPayables", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-405": { "value": "Trade and other payables Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables on deferred terms are initially recorded at their fair value, with the discount to nominal value being charged to the consolidated income statement as an interest expense over the duration of the deferred period. Included within trade and other payables are completed site accruals. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-406": { "value": "Contract liabilities Contract liabilities represent payments on account, received from customers, in excess of billable work- in-progress on affordable and other sales in bulk on contracts. Contract liabilities are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.", "dimensions": { "concept": "crestnicholsonholdingsplc:DescriptionOfAccountingPolicyForContractLiabilities", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-362": { "value": "Provisions A provision is recognised in the consolidated statement of financial position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably estimated. Provisions are discounted to present value on a discounted cash flow basis using an interest rate appropriate to the class of the provision, where the effect is material. Included within provisions are completed site provisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-363": { "value": "Seasonality In common with the rest of the UK housebuilding industry, activity occurs throughout the year, with peaks in sales completions in spring and autumn. This creates seasonality in the Group\u2019s trading results and working capital.", "dimensions": { "concept": "crestnicholsonholdingsplc:DescriptionOfAccountingPolicyForSeasonality", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-364": { "value": "
2 SEGMENTAL REPORTING
The Executive Committee (ExCo) is accountable to the Board and has been identified as the chief
operating decision-maker for the purposes of determining the Group\u2019s operating segments. During
the year Martyn Clark (Chief Executive), Bill Floydd (Chief Financial Officer), Joe Lindsay (Group
Commercial Director), Vicky Cullen (Group Sales and Marketing Director), Jenny Matthews (Head of
Investor Relations) and Dean Cooke (Group IT Director) joined the ExCo and Peter Truscott (former
Chief Executive) and Duncan Cooper (former Group Finance Director) left the ExCo. The ExCo
approves investment decisions, allocates group resources and performs divisional performance
reviews. The Group operating segments are considered to be its divisions, each of which has its
own management board. All divisions are engaged in residential-led, mixed-use developments in the
United Kingdom and therefore with consideration of relevant economic indicators such as the nature
of the products sold and customer base, and, having regard to the aggregation criteria in IFRS 8, the
Group identifies that it has one reportable operating segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-365": { "value": "
3 REVENUE
2024 2023
Revenue type \u00a3m \u00a3m
Open market housing including specification upgrades
493.5
550.0
Affordable housing
79.0
88.0
Total housing
572.5
638.0
Land and commercial sales
45.7
19.5
Total revenue
618.2
657.5
Timing of revenue recognition
Revenue recognised at a point in time
525.0
552.4
Revenue recognised over time
93.2
105.1
Total revenue
618.2
657.5
Assets and liabilities related to contracts with customers
Contract assets (note 17)
7.6
6.9
Contract liabilities (note 21)
(6.9)
(6.0)
Contract assets have increased to \u00a37.6m from \u00a36.9m in 2024, reflecting more unbilled work-in-
progress on affordable and other sales in bulk at the year end. This is in line with the trading of the
Group and the contractual arrangements in the Group\u2019s contracts. Contract liabilities have increased
to \u00a36.9m from \u00a36.0m in 2024, reflecting a higher amount of payments on account received from
customers in excess of billable work-in-progress on affordable and other sales in bulk on contracts on
which revenue is recognised over time.
Based on historical trends, the Directors expect a significant proportion of the contract liabilities total
to be recognised as revenue in the next reporting period.
Included in revenue during the year was \u00a32.9m (2023: \u00a316.1m) that was included in contract liabilities at
the beginning of the year.
During the year \u00a3nil (2023: \u00a3nil) of revenue was recognised from performance obligations satisfied or
partially satisfied in previous years.
As at 31 October 2024 there was \u00a3151.9m (2023: \u00a3229.1m) of transaction price allocated to
performance obligations that are unsatisfied or partially unsatisfied on contracts exchanged with
customers. Forecasts recognise \u00a3111.3m (2023: \u00a3114.3m) of transaction prices allocated to performance
obligations that are unsatisfied on contracts exchanged with customers within one year, \u00a340.6m (2023:
\u00a3112.0m) within two to five years, and \u00a3nil (2023: \u00a32.8m) over five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-407": { "value": "3 REVENUE
2024 2023
Revenue type \u00a3m \u00a3m
Open market housing including specification upgrades
493.5
550.0
Affordable housing
79.0
88.0
Total housing
572.5
638.0
Land and commercial sales
45.7
19.5
Total revenue
618.2
657.5
Timing of revenue recognition
Revenue recognised at a point in time
525.0
552.4
Revenue recognised over time
93.2
105.1
Total revenue
618.2
657.5
Assets and liabilities related to contracts with customers
Contract assets (note 17)
7.6
6.9
Contract liabilities (note 21)
(6.9)
(6.0)
Contract assets have increased to \u00a37.6m from \u00a36.9m in 2024, reflecting more unbilled work-in- progress on affordable and other sales in bulk at the year end. This is in line with the trading of the Group and the contractual arrangements in the Group\u2019s contracts. Contract liabilities have increased to \u00a36.9m from \u00a36.0m in 2024, reflecting a higher amount of payments on account received from customers in excess of billable work-in-progress on affordable and other sales in bulk on contracts on which revenue is recognised over time. Based on historical trends, the Directors expect a significant proportion of the contract liabilities total to be recognised as revenue in the next reporting period. Included in revenue during the year was \u00a32.9m (2023: \u00a316.1m) that was included in contract liabilities at the beginning of the year. During the year \u00a3nil (2023: \u00a3nil) of revenue was recognised from performance obligations satisfied or partially satisfied in previous years. As at 31 October 2024 there was \u00a3151.9m (2023: \u00a3229.1m) of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied on contracts exchanged with customers. Forecasts recognise \u00a3111.3m (2023: \u00a3114.3m) of transaction prices allocated to performance obligations that are unsatisfied on contracts exchanged with customers within one year, \u00a340.6m (2023: \u00a3112.0m) within two to five years, and \u00a3nil (2023: \u00a32.8m) over five years.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-366": { "value": "
4 EXCEPTIONAL ITEMS
Exceptional items are those which, in the opinion of the Directors, are material by size and/or non-
recurring in nature such as significant costs and settlements associated with combustible materials,
significant legal matters, changes in estimate of costs associated with completed sites which are no
longer part of the core strategy, significant costs associated with corporate bid approaches and the
write down of freehold inventories. Where appropriate, the Directors consider that items should be
considered as categories or classes of items, such as any credits/costs impacting the consolidated
income statement which relate to combustible materials or certain site costs, notwithstanding where an
item may be individually immaterial. The Directors believe that these items require separate disclosure
within the consolidated income statement in order to assist the users of the financial statements to
better understand the performance of the Group, which is also how the Directors and chief operating
decision maker internally manage the business. Additional charges/credits (including reversals) to
items classified as exceptional items in prior years will be classified as exceptional in the current year,
unless immaterial to the financial statements. As these exceptional items can vary significantly year on
year, they may introduce volatility into the reported earnings. The income tax impacts of exceptional
items are reflected at the actual tax rate related to these items.
Represented\u00b9
2024 2023
Cost of sales \u00a3m \u00a3m
Combustible materials charge
(131.7)
(11.3)
Combustible materials credit
4.4
10.0
Net combustible materials charge
(127.3)
(1.3)
Legal provision and professional fees
(0.4)
(13.0)
Completed site costs
(25.0)
(6.6)
Freehold inventories write off
(5.7)
\u2013
Total cost of sales charge
(158.4)
(20.9)
Administrative expenses
Aborted transaction costs
(1.6)
\u2013
Net finance expense
Combustible materials imputed interest
(6.1)
(4.6)
Share of post-tax profits of joint ventures
Combustible materials credit of joint ventures
\u2013
0.6
Total exceptional charge
(166.1)
(24.9)
Tax credit on exceptional charge
48.2
6.5
Total exceptional charge after tax credit
(117.9)
(18.4)
1 See note 29 for an explanation of the prior year representation.
Net combustible materials charge
In the prior year, as a consequence of signing the Developer Remediation Contract on 13 March 2023,
the Group entered into contractual commitments with the government to identify and remediate those
buildings it has developed with possible life-critical fire safety defects. The combustible materials
charge represents forecast changes in build costs, costs of remediating buildings surveyed in the year,
an estimate of costs for non-surveyed buildings that are forecast to require remediation and changes
in the provision discount. In the year the Group recovered \u00a34.4m from third parties in respect of
defective design and workmanship. See note 22 for further information.
Legal provision and professional fees
The Group is subject to a legal claim relating to a low-rise bespoke apartment block built by the Group
which was damaged by fire in 2021. The Group has incurred professional fees in the year in relation
to the claim. In the prior year the Group recognised its estimate of the potential liability, which remains
the Group\u2019s best estimate. See note 22 for further information.
Completed site costs
During the first half of the financial year, the Group became aware of certain build defects initially
identified on four sites that were completed prior to 2019 when the Group closed its Regeneration and
London divisions. During the year the Group completed a thorough review of all completed sites in
association with third-party consultants. The review resulted in a one-off charge of \u00a332.3m, of which
\u00a325.0m is treated as an exceptional item as it relates to complex developments started prior to 2019
which are no longer part of the core strategy. The balance of \u00a37.3m is recorded as pre-exceptional.
Completed sites exceptional charge of \u00a325.0m is reflected within completed site accruals of \u00a38.8m
(see note 21) and completed site provisions of \u00a316.2m (see note 22). Prior year comparatives have
been represented to reflect an exceptional completed sites charge for those sites impacted by this
change. See note 29 for further information.
Freehold inventories write off
During the year the Group provided \u00a35.7m to write off the value of its remaining freehold reversionary
interests in buildings previously constructed by the Group. The remaining value is \u00a3nil and therefore
this is a non-recurring item. The market for freehold reversionary interests is increasingly uncertain
given proposed legislative changes in this area and the impact of some freehold buildings requiring
fire remediation works. This cost has been recognised as exceptional due to its size.
Aborted transaction costs
During the year the Group received an unsolicited bid from Bellway plc. On 13 August 2024 Bellway
plc withdrew from the acquisition and the Group has recognised \u00a31.6m (2023: \u00a3nil) of costs associated
with this aborted transaction as exceptional as it is non-recurring in nature.
Net finance expense
The combustible materials imputed interest reflects the unwind of the imputed interest on the
provision to reflect the time value of the liability.
Taxation
An exceptional income tax credit of \u00a348.2m (2023: \u00a36.5m represented see note 29) has been recognised
in relation to the above exceptional items using the actual tax rate applicable to these items.
", "dimensions": { "concept": "crestnicholsonholdingsplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-408": { "value": "4 EXCEPTIONAL ITEMS Exceptional items are those which, in the opinion of the Directors, are material by size and/or non- recurring in nature such as significant costs and settlements associated with combustible materials, significant legal matters, changes in estimate of costs associated with completed sites which are no longer part of the core strategy, significant costs associated with corporate bid approaches and the write down of freehold inventories. Where appropriate, the Directors consider that items should be considered as categories or classes of items, such as any credits/costs impacting the consolidated income statement which relate to combustible materials or certain site costs, notwithstanding where an item may be individually immaterial. The Directors believe that these items require separate disclosure within the consolidated income statement in order to assist the users of the financial statements to better understand the performance of the Group, which is also how the Directors and chief operating decision maker internally manage the business. Additional charges/credits (including reversals) to items classified as exceptional items in prior years will be classified as exceptional in the current year, unless immaterial to the financial statements. As these exceptional items can vary significantly year on year, they may introduce volatility into the reported earnings. The income tax impacts of exceptional items are reflected at the actual tax rate related to these items.
Represented\u00b9
2024 2023
Cost of sales \u00a3m \u00a3m
Combustible materials charge
(131.7)
(11.3)
Combustible materials credit
4.4
10.0
Net combustible materials charge
(127.3)
(1.3)
Legal provision and professional fees
(0.4)
(13.0)
Completed site costs
(25.0)
(6.6)
Freehold inventories write off
(5.7)
\u2013
Total cost of sales charge
(158.4)
(20.9)
Administrative expenses
Aborted transaction costs
(1.6)
\u2013
Net finance expense
Combustible materials imputed interest
(6.1)
(4.6)
Share of post-tax profits of joint ventures
Combustible materials credit of joint ventures
\u2013
0.6
Total exceptional charge
(166.1)
(24.9)
Tax credit on exceptional charge
48.2
6.5
Total exceptional charge after tax credit
(117.9)
(18.4)
1 See note 29 for an explanation of the prior year representation. Net combustible materials charge In the prior year, as a consequence of signing the Developer Remediation Contract on 13 March 2023, the Group entered into contractual commitments with the government to identify and remediate those buildings it has developed with possible life-critical fire safety defects. The combustible materials charge represents forecast changes in build costs, costs of remediating buildings surveyed in the year, an estimate of costs for non-surveyed buildings that are forecast to require remediation and changes in the provision discount. In the year the Group recovered \u00a34.4m from third parties in respect of defective design and workmanship. See note 22 for further information. Legal provision and professional fees The Group is subject to a legal claim relating to a low-rise bespoke apartment block built by the Group which was damaged by fire in 2021. The Group has incurred professional fees in the year in relation to the claim. In the prior year the Group recognised its estimate of the potential liability, which remains the Group\u2019s best estimate. See note 22 for further information. Completed site costs During the first half of the financial year, the Group became aware of certain build defects initially identified on four sites that were completed prior to 2019 when the Group closed its Regeneration and London divisions. During the year the Group completed a thorough review of all completed sites in association with third-party consultants. The review resulted in a one-off charge of \u00a332.3m, of which \u00a325.0m is treated as an exceptional item as it relates to complex developments started prior to 2019 which are no longer part of the core strategy. The balance of \u00a37.3m is recorded as pre-exceptional. Completed sites exceptional charge of \u00a325.0m is reflected within completed site accruals of \u00a38.8m (see note 21) and completed site provisions of \u00a316.2m (see note 22). Prior year comparatives have been represented to reflect an exceptional completed sites charge for those sites impacted by this change. See note 29 for further information. Freehold inventories write off During the year the Group provided \u00a35.7m to write off the value of its remaining freehold reversionary interests in buildings previously constructed by the Group. The remaining value is \u00a3nil and therefore this is a non-recurring item. The market for freehold reversionary interests is increasingly uncertain given proposed legislative changes in this area and the impact of some freehold buildings requiring fire remediation works. This cost has been recognised as exceptional due to its size. Aborted transaction costs During the year the Group received an unsolicited bid from Bellway plc. On 13 August 2024 Bellway plc withdrew from the acquisition and the Group has recognised \u00a31.6m (2023: \u00a3nil) of costs associated with this aborted transaction as exceptional as it is non-recurring in nature. Net finance expense The combustible materials imputed interest reflects the unwind of the imputed interest on the provision to reflect the time value of the liability. Taxation An exceptional income tax credit of \u00a348.2m (2023: \u00a36.5m represented see note 29) has been recognised in relation to the above exceptional items using the actual tax rate applicable to these items.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-367": { "value": "
5 OPERATING LOSS /PROFIT
(a) Operating loss of \u00a3128.7m (2023: operating profit \u00a329.9m) from continuing activities is stated
after (charging)/crediting:
2024 2023
Note \u00a3m \u00a3m
Inventories expensed in the year
(497.6)
(520.2)
Inventories impairment movement in the year
18
(2.1)
(7.6)
Employee costs
6
(63.0)
(60.7)
Depreciation on property, plant and equipment
12
(0.4)
(0.5)
Depreciation on right-of-use assets
13
(2.3)
(2.3)
Joint venture project management fees recognised in other operating income
27
1.9
1.9
(b) Other operating income
2024 2023
\u00a3m \u00a3m
Proceeds on disposal of part exchange properties
68.8
40.1
Rental income
3.4
1.6
Joint venture and other management fee income
3.6
3.0
75.8
44.7
In the prior year rental income was included within cost of sales and joint venture and other
management fee income was included within administrative expenses. Part exchange income was
previously presented within net administrative expenses. See note 29 for further information.
(c) Other operating expenses
2024 2023
\u00a3m \u00a3m
Costs associated with disposal of part exchange properties
69.9
40.9
In the prior year this was included within net administrative expenses. See note 29 for further information.
(d) Auditors\u2019 remuneration
2024 2023
\u00a3000 \u00a3000
Audit of these consolidated financial statements
191
166
Audit of financial statements of subsidiaries pursuant to legislation
1,529
819
Other non-audit services
130
154
The audit fees payable in 2024 included \u00a3220,000 (2023: \u00a3nil) in relation to additional costs for the
2023 audit.
Fees payable to the Group\u2019s auditors for non-audit services included \u00a3130,000 (2023: \u00a3100,000) in
respect of an independent review of the half-year results and \u00a3nil (2023: \u00a354,000) for other non-audit
assurance services for sustainability reporting.
In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson
Group Pension and Life Assurance Scheme and in the prior year Group joint ventures. The fees
associated with the services to the Crest Nicholson Group Pension and Life Assurance Scheme are
\u00a335,505 (2023: \u00a335,565) and are met by the assets of the scheme, and the fees associated with
services to Group joint ventures are \u00a3nil (2023: \u00a320,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-464": { "value": "5 OPERATING LOSS /PROFIT (a) Operating loss of \u00a3128.7m (2023: operating profit \u00a329.9m) from continuing activities is stated after (charging)/crediting:
2024 2023
Note \u00a3m \u00a3m
Inventories expensed in the year
(497.6)
(520.2)
Inventories impairment movement in the year
18
(2.1)
(7.6)
Employee costs
6
(63.0)
(60.7)
Depreciation on property, plant and equipment
12
(0.4)
(0.5)
Depreciation on right-of-use assets
13
(2.3)
(2.3)
Joint venture project management fees recognised in other operating income
27
1.9
1.9
(b) Other operating income
2024 2023
\u00a3m \u00a3m
Proceeds on disposal of part exchange properties
68.8
40.1
Rental income
3.4
1.6
Joint venture and other management fee income
3.6
3.0
75.8
44.7
In the prior year rental income was included within cost of sales and joint venture and other management fee income was included within administrative expenses. Part exchange income was previously presented within net administrative expenses. See note 29 for further information. (c) Other operating expenses
2024 2023
\u00a3m \u00a3m
Costs associated with disposal of part exchange properties
69.9
40.9
In the prior year this was included within net administrative expenses. See note 29 for further information. (d) Auditors\u2019 remuneration
2024 2023
\u00a3000 \u00a3000
Audit of these consolidated financial statements
191
166
Audit of financial statements of subsidiaries pursuant to legislation
1,529
819
Other non-audit services
130
154
The audit fees payable in 2024 included \u00a3220,000 (2023: \u00a3nil) in relation to additional costs for the 2023 audit. Fees payable to the Group\u2019s auditors for non-audit services included \u00a3130,000 (2023: \u00a3100,000) in respect of an independent review of the half-year results and \u00a3nil (2023: \u00a354,000) for other non-audit assurance services for sustainability reporting. In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson Group Pension and Life Assurance Scheme and in the prior year Group joint ventures. The fees associated with the services to the Crest Nicholson Group Pension and Life Assurance Scheme are \u00a335,505 (2023: \u00a335,565) and are met by the assets of the scheme, and the fees associated with services to Group joint ventures are \u00a3nil (2023: \u00a320,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-459": { "value": "5 OPERATING LOSS /PROFIT (a) Operating loss of \u00a3128.7m (2023: operating profit \u00a329.9m) from continuing activities is stated after (charging)/crediting:
2024 2023
Note \u00a3m \u00a3m
Inventories expensed in the year
(497.6)
(520.2)
Inventories impairment movement in the year
18
(2.1)
(7.6)
Employee costs
6
(63.0)
(60.7)
Depreciation on property, plant and equipment
12
(0.4)
(0.5)
Depreciation on right-of-use assets
13
(2.3)
(2.3)
Joint venture project management fees recognised in other operating income
27
1.9
1.9
(b) Other operating income
2024 2023
\u00a3m \u00a3m
Proceeds on disposal of part exchange properties
68.8
40.1
Rental income
3.4
1.6
Joint venture and other management fee income
3.6
3.0
75.8
44.7
In the prior year rental income was included within cost of sales and joint venture and other management fee income was included within administrative expenses. Part exchange income was previously presented within net administrative expenses. See note 29 for further information. (c) Other operating expenses
2024 2023
\u00a3m \u00a3m
Costs associated with disposal of part exchange properties
69.9
40.9
In the prior year this was included within net administrative expenses. See note 29 for further information. (d) Auditors\u2019 remuneration
2024 2023
\u00a3000 \u00a3000
Audit of these consolidated financial statements
191
166
Audit of financial statements of subsidiaries pursuant to legislation
1,529
819
Other non-audit services
130
154
The audit fees payable in 2024 included \u00a3220,000 (2023: \u00a3nil) in relation to additional costs for the 2023 audit. Fees payable to the Group\u2019s auditors for non-audit services included \u00a3130,000 (2023: \u00a3100,000) in respect of an independent review of the half-year results and \u00a3nil (2023: \u00a354,000) for other non-audit assurance services for sustainability reporting. In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson Group Pension and Life Assurance Scheme and in the prior year Group joint ventures. The fees associated with the services to the Crest Nicholson Group Pension and Life Assurance Scheme are \u00a335,505 (2023: \u00a335,565) and are met by the assets of the scheme, and the fees associated with services to Group joint ventures are \u00a3nil (2023: \u00a320,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-451": { "value": "5 OPERATING LOSS /PROFIT (a) Operating loss of \u00a3128.7m (2023: operating profit \u00a329.9m) from continuing activities is stated after (charging)/crediting:
2024 2023
Note \u00a3m \u00a3m
Inventories expensed in the year
(497.6)
(520.2)
Inventories impairment movement in the year
18
(2.1)
(7.6)
Employee costs
6
(63.0)
(60.7)
Depreciation on property, plant and equipment
12
(0.4)
(0.5)
Depreciation on right-of-use assets
13
(2.3)
(2.3)
Joint venture project management fees recognised in other operating income
27
1.9
1.9
(b) Other operating income
2024 2023
\u00a3m \u00a3m
Proceeds on disposal of part exchange properties
68.8
40.1
Rental income
3.4
1.6
Joint venture and other management fee income
3.6
3.0
75.8
44.7
In the prior year rental income was included within cost of sales and joint venture and other management fee income was included within administrative expenses. Part exchange income was previously presented within net administrative expenses. See note 29 for further information. (c) Other operating expenses
2024 2023
\u00a3m \u00a3m
Costs associated with disposal of part exchange properties
69.9
40.9
In the prior year this was included within net administrative expenses. See note 29 for further information. (d) Auditors\u2019 remuneration
2024 2023
\u00a3000 \u00a3000
Audit of these consolidated financial statements
191
166
Audit of financial statements of subsidiaries pursuant to legislation
1,529
819
Other non-audit services
130
154
The audit fees payable in 2024 included \u00a3220,000 (2023: \u00a3nil) in relation to additional costs for the 2023 audit. Fees payable to the Group\u2019s auditors for non-audit services included \u00a3130,000 (2023: \u00a3100,000) in respect of an independent review of the half-year results and \u00a3nil (2023: \u00a354,000) for other non-audit assurance services for sustainability reporting. In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson Group Pension and Life Assurance Scheme and in the prior year Group joint ventures. The fees associated with the services to the Crest Nicholson Group Pension and Life Assurance Scheme are \u00a335,505 (2023: \u00a335,565) and are met by the assets of the scheme, and the fees associated with services to Group joint ventures are \u00a3nil (2023: \u00a320,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-436": { "value": "5 OPERATING LOSS /PROFIT (a) Operating loss of \u00a3128.7m (2023: operating profit \u00a329.9m) from continuing activities is stated after (charging)/crediting:
2024 2023
Note \u00a3m \u00a3m
Inventories expensed in the year
(497.6)
(520.2)
Inventories impairment movement in the year
18
(2.1)
(7.6)
Employee costs
6
(63.0)
(60.7)
Depreciation on property, plant and equipment
12
(0.4)
(0.5)
Depreciation on right-of-use assets
13
(2.3)
(2.3)
Joint venture project management fees recognised in other operating income
27
1.9
1.9
(b) Other operating income
2024 2023
\u00a3m \u00a3m
Proceeds on disposal of part exchange properties
68.8
40.1
Rental income
3.4
1.6
Joint venture and other management fee income
3.6
3.0
75.8
44.7
In the prior year rental income was included within cost of sales and joint venture and other management fee income was included within administrative expenses. Part exchange income was previously presented within net administrative expenses. See note 29 for further information. (c) Other operating expenses
2024 2023
\u00a3m \u00a3m
Costs associated with disposal of part exchange properties
69.9
40.9
In the prior year this was included within net administrative expenses. See note 29 for further information. (d) Auditors\u2019 remuneration
2024 2023
\u00a3000 \u00a3000
Audit of these consolidated financial statements
191
166
Audit of financial statements of subsidiaries pursuant to legislation
1,529
819
Other non-audit services
130
154
The audit fees payable in 2024 included \u00a3220,000 (2023: \u00a3nil) in relation to additional costs for the 2023 audit. Fees payable to the Group\u2019s auditors for non-audit services included \u00a3130,000 (2023: \u00a3100,000) in respect of an independent review of the half-year results and \u00a3nil (2023: \u00a354,000) for other non-audit assurance services for sustainability reporting. In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson Group Pension and Life Assurance Scheme and in the prior year Group joint ventures. The fees associated with the services to the Crest Nicholson Group Pension and Life Assurance Scheme are \u00a335,505 (2023: \u00a335,565) and are met by the assets of the scheme, and the fees associated with services to Group joint ventures are \u00a3nil (2023: \u00a320,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-409": { "value": "5 OPERATING LOSS /PROFIT (a) Operating loss of \u00a3128.7m (2023: operating profit \u00a329.9m) from continuing activities is stated after (charging)/crediting:
2024 2023
Note \u00a3m \u00a3m
Inventories expensed in the year
(497.6)
(520.2)
Inventories impairment movement in the year
18
(2.1)
(7.6)
Employee costs
6
(63.0)
(60.7)
Depreciation on property, plant and equipment
12
(0.4)
(0.5)
Depreciation on right-of-use assets
13
(2.3)
(2.3)
Joint venture project management fees recognised in other operating income
27
1.9
1.9
(b) Other operating income
2024 2023
\u00a3m \u00a3m
Proceeds on disposal of part exchange properties
68.8
40.1
Rental income
3.4
1.6
Joint venture and other management fee income
3.6
3.0
75.8
44.7
In the prior year rental income was included within cost of sales and joint venture and other management fee income was included within administrative expenses. Part exchange income was previously presented within net administrative expenses. See note 29 for further information. (c) Other operating expenses
2024 2023
\u00a3m \u00a3m
Costs associated with disposal of part exchange properties
69.9
40.9
In the prior year this was included within net administrative expenses. See note 29 for further information. (d) Auditors\u2019 remuneration
2024 2023
\u00a3000 \u00a3000
Audit of these consolidated financial statements
191
166
Audit of financial statements of subsidiaries pursuant to legislation
1,529
819
Other non-audit services
130
154
The audit fees payable in 2024 included \u00a3220,000 (2023: \u00a3nil) in relation to additional costs for the 2023 audit. Fees payable to the Group\u2019s auditors for non-audit services included \u00a3130,000 (2023: \u00a3100,000) in respect of an independent review of the half-year results and \u00a3nil (2023: \u00a354,000) for other non-audit assurance services for sustainability reporting. In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson Group Pension and Life Assurance Scheme and in the prior year Group joint ventures. The fees associated with the services to the Crest Nicholson Group Pension and Life Assurance Scheme are \u00a335,505 (2023: \u00a335,565) and are met by the assets of the scheme, and the fees associated with services to Group joint ventures are \u00a3nil (2023: \u00a320,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-469": { "value": "(a) Operating loss of \u00a3128.7m (2023: operating profit \u00a329.9m) from continuing activities is stated after (charging)/crediting:
2024 2023
Note \u00a3m \u00a3m
Inventories expensed in the year
(497.6)
(520.2)
Inventories impairment movement in the year
18
(2.1)
(7.6)
Employee costs
6
(63.0)
(60.7)
Depreciation on property, plant and equipment
12
(0.4)
(0.5)
Depreciation on right-of-use assets
13
(2.3)
(2.3)
Joint venture project management fees recognised in other operating income
27
1.9
1.9
(b) Other operating income
2024 2023
\u00a3m \u00a3m
Proceeds on disposal of part exchange properties
68.8
40.1
Rental income
3.4
1.6
Joint venture and other management fee income
3.6
3.0
75.8
44.7
12 PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
Fixtures and and
fittings software Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 November 2022
1.7
2.9
4.6
Additions
1.8
\u2013
1.8
Disposals
\u2013
(0.7)
(0.7)
At 31 October 2023
3.5
2.2
5.7
Additions
1.4
\u2013
1.4
Disposals
(0.8)
(0.2)
(1.0)
At 31 October 2024
4.1
2.0
6.1
Accumulated depreciation
At 1 November 2022
1.1
2.6
3.7
Charge for the year
0.3
0.2
0.5
Disposals
\u2013
(0.7)
(0.7)
At 31 October 2023
1.4
2.1
3.5
Charge for the year
0.3
0.1
0.4
Disposals
(0.8)
(0.2)
(1.0)
At 31 October 2024
0.9
2.0
2.9
Net book value
At 31 October 2024
3.2
\u2013
3.2
At 31 October 2023
2.1
0.1
2.2
At 31 October 2022
0.6
0.3
0.9
The Group has contractual commitments for the acquisition of property, plant and equipment of \u00a3nil (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-470": { "value": "(d) Auditors\u2019 remuneration
2024 2023
\u00a3000 \u00a3000
Audit of these consolidated financial statements
191
166
Audit of financial statements of subsidiaries pursuant to legislation
1,529
819
Other non-audit services
130
154
The audit fees payable in 2024 included \u00a3220,000 (2023: \u00a3nil) in relation to additional costs for the 2023 audit. Fees payable to the Group\u2019s auditors for non-audit services included \u00a3130,000 (2023: \u00a3100,000) in respect of an independent review of the half-year results and \u00a3nil (2023: \u00a354,000) for other non-audit assurance services for sustainability reporting. In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson Group Pension and Life Assurance Scheme and in the prior year Group joint ventures. The fees associated with the services to the Crest Nicholson Group Pension and Life Assurance Scheme are \u00a335,505 (2023: \u00a335,565) and are met by the assets of the scheme, and the fees associated with services to Group joint ventures are \u00a3nil (2023: \u00a320,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-437": { "value": "6 EMPLOYEE NUMBERS AND COSTS (a) Average monthly number of persons employed by the Group
2024 2023
Number Number
Development
704
778
The Directors consider all employees of the Group to be employed within the same category of Development. (b) Employee costs (including Directors and key management)
2024 2023
\u00a3m \u00a3m
Wages and salaries
52.3
50.4
Social security costs
6.0
5.8
Other pension costs
2.9
3.0
Share-based payments
1.8
1.5
63.0
60.7
(c) Key management remuneration
2024 2023
\u00a3m \u00a3m
Salaries and short-term employee benefits
4.8
3.5
Share-based payments
0.8
0.6
5.6
4.1
Key management comprises the Executive Committee (which includes the Executive Directors of the Board) and Non-Executive Directors as they are considered to have the authority and responsibility for planning, directing and controlling the activities of the Group. During the year four new members joined the Executive Committee.
(d) Directors\u2019 remuneration
2024 2023
\u00a3m \u00a3m
Salaries and short-term employee benefits
2.4
1.7
Share-based payments
0.4
0.5
2.8
2.2
Further information relating to Directors\u2019 remuneration, incentive plans, share options, pension
entitlement and the highest paid Director, appears in the Directors\u2019 Remuneration Report, which is
presented on pages 74\u201391.
The Company pays contributions to improve the Scheme\u2019s funding position as determined by regular actuarial valuations. The Trustee is required to use prudent assumptions to value the liabilities and costs of the Scheme whereas the accounting assumptions must be best estimates. Responsibility for meeting any deficit within the Scheme lies with the Company and this introduces a number of risks for the Company. The major risks are: interest rate risk, inflation risk, investment risk and longevity risk. The Company and Trustee are aware of these risks and manage them through appropriate investment and funding strategies. The Scheme is subject to regular actuarial valuations, which are usually carried out every three years. The last actuarial valuation was carried out with an effective date of 31 January 2021. These actuarial valuations are carried out in accordance with the requirements of the Pensions Act 2004 and so include deliberate margins for prudence. This contrasts with these accounting disclosures, which are determined using best estimate assumptions. The 31 January 2024 valuation is currently underway and while the final assumptions have not yet been agreed, the initial results of the actuarial valuation as at 31 January 2024 have been projected to 31 October 2024 by a qualified independent actuary and used to derive the present value of scheme liabilities. The figures in the following disclosure were measured using the Projected Unit Method. The investment strategy in place for the Scheme is to invest in a mix of return seeking, index linked and fixed interest investments. As at 31 October 2024, the allocation of the Scheme\u2019s invested assets was 34% in return seeking investments, 51% in liability-driven investing, 12% in cash and 3% in insured annuities. Details of the investment strategy can be found in the Scheme\u2019s Statement of Investment Principles, which the Trustee updates as their policy evolves. It should also be noted that liabilities relating to insured members of the Scheme have been included as both an asset and a liability. Following the High Court judgement in the Lloyds Banking Group Pensions Trustees Limited v Lloyds Bank plc and others (2018) case, overall pension benefits now need to be equalised to eliminate inequalities between males and females in Guaranteed Minimum Pensions (GMP). The Company has allowed for this in its accounts by adding a 1.0% (2023: 1.3%) reserve reflecting an approximate estimate of the additional liability. In June 2023, the High Court judged that amendments made to the Virgin Media scheme were invalid because the scheme\u2019s actuary did not provide the associated Section 37 certificate. The High Court\u2019s decision has wide ranging implications, affecting other schemes that were contracted-out on a salary- related basis, and made amendments between April 1997 and April 2016. The Scheme was contracted out until 29 February 2016 and amendments were made during the relevant period. As such the ruling could have implications for the Group. Following the Court of Appeal upholding the 2023 High Court ruling on 25 July 2024, the Trustee initiated the process of investigating any potential impact for the Scheme. As part of this process the Trustee is also considering certain other historical amendments and the manner in which they were applied. As the detailed investigation is in progress, the Group considers that the amount of any potential impact on the defined benefit obligation cannot be confirmed and/or measured with sufficient reliability at the 2024 year end. We are therefore disclosing this issue as a potential contingent liability at 31 October 2024 and will review again in 2025 based on the findings of the detailed investigation.
2024 2023 2022
\u00a3m \u00a3m \u00a3m
The amounts recognised in the consolidated statement of financial
position are as follows:
Fair value of scheme assets
145.1
141.3
160.0
Present value of scheme liabilities
(125.6)
(131.3)
(148.9)
Net surplus amount recognised at year end
19.5
10.0
11.1
Deferred tax liability recognised at year end within non-current liabilities
(4.9)
(2.5)
(3.2)
The retirement benefit surplus recognised in the consolidated statement of financial position represents the surplus of the fair value of the Scheme\u2019s assets over the present value of the Scheme\u2019s liabilities. The rules of the Scheme provide the Group with an unconditional right to a refund of surplus assets on the gradual settlement of the Scheme\u2019s liabilities. In the ordinary course of business, the Scheme Trustee has no unilateral right to wind the Scheme up. Based on these rights and in accordance with International Financial Reporting Interpretations Committee 14, the Group has made the judgement that the net surplus in the Scheme is recognised in full. At the consolidated statement of financial position date, the corporation tax rate is 25.0%. The deferred tax liability on the retirement benefit surplus has been evaluated applying this rate. RPDT of 4.0% is applicable to residential property development trading income only. Amounts recognised in comprehensive income: The current and past service costs, settlements and curtailments, together with the interest income for the year are included in the consolidated statement of comprehensive income. Remeasurements of the net defined benefit asset are included in the consolidated statement of comprehensive income.
2024 2023
\u00a3m \u00a3m
Service cost
Administrative expenses
(0.7)
(0.6)
Interest income
0.6
0.5
Recognised in the consolidated income statement
(0.1)
(0.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-368": { "value": "
(b) Employee costs (including Directors and key management)
2024 2023
\u00a3m \u00a3m
Wages and salaries
52.3
50.4
Social security costs
6.0
5.8
Other pension costs
2.9
3.0
Share-based payments
1.8
1.5
63.0
60.7
(c) Key management remuneration
2024 2023
\u00a3m \u00a3m
Salaries and short-term employee benefits
4.8
3.5
Share-based payments
0.8
0.6
5.6
4.1
Key management comprises the Executive Committee (which includes the Executive Directors of the
Board) and Non-Executive Directors as they are considered to have the authority and responsibility
for planning, directing and controlling the activities of the Group. During the year four new members
joined the Executive Committee.
(d) Directors\u2019 remuneration
2024 2023
\u00a3m \u00a3m
Salaries and short-term employee benefits
2.4
1.7
Share-based payments
0.4
0.5
2.8
2.2
Further information relating to Directors\u2019 remuneration, incentive plans, share options, pension entitlement and the highest paid Director, appears in the Directors\u2019 Remuneration Report, which is presented on pages 74\u201391.
27 RELATED PARTY TRANSACTIONS
Transactions between subsidiaries, which are related parties, are eliminated on consolidation, as well
as transactions between the Company and its subsidiaries during the current and prior year.
Transactions between the Group and key management personnel mainly comprise remuneration
which is given in note 6. Detailed disclosure for Board members is given within the Directors\u2019
Remuneration Report on pages 74\u201391. There were no other transactions between the Group and key
management personnel in the year.
Transactions between the Group and the Crest Nicholson Group Pension and Life Assurance Scheme
is given in note 16.
The Company\u2019s Directors have associations other than with the Company. From time to time the Group
may trade with organisations with which a Director has an association. Where this occurs, it is on
normal commercial terms and without the direct involvement of the Director.
The Group had the following transactions/balances with its joint ventures in the year/at year end:
2024 2023
\u00a3m \u00a3m
Interest income on joint venture funding
0.7
1.2
Project management fees recognised
1.9
1.9
Amounts due from joint ventures, net of expected credit losses
22.6
29.5
Amounts due to joint ventures
0.1
0.7
Funding to joint ventures
(13.1)
(13.0)
Repayment of funding from joint ventures
36.4
11.7
Dividends received from joint ventures
2.5
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-410": { "value": "(b) Employee costs (including Directors and key management)
2024 2023
\u00a3m \u00a3m
Wages and salaries
52.3
50.4
Social security costs
6.0
5.8
Other pension costs
2.9
3.0
Share-based payments
1.8
1.5
63.0
60.7
(c) Key management remuneration
2024 2023
\u00a3m \u00a3m
Salaries and short-term employee benefits
4.8
3.5
Share-based payments
0.8
0.6
5.6
4.1
Key management comprises the Executive Committee (which includes the Executive Directors of the Board) and Non-Executive Directors as they are considered to have the authority and responsibility for planning, directing and controlling the activities of the Group. During the year four new members joined the Executive Committee. (d) Directors\u2019 remuneration
2024 2023
\u00a3m \u00a3m
Salaries and short-term employee benefits
2.4
1.7
Share-based payments
0.4
0.5
2.8
2.2
Further information relating to Directors\u2019 remuneration, incentive plans, share options, pension entitlement and the highest paid Director, appears in the Directors\u2019 Remuneration Report, which is presented on pages 74\u201391. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-369": { "value": "
7 FINANCE INCOME AND EXPENSE
2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income
2.7
2.4
Interest on amounts due from joint ventures
27
0.7
1.2
Net interest on defined benefit pension scheme
16
0.6
0.5
4.0
4.1
Finance expense
Interest on bank loans
(6.7)
(5.7)
Revolving Credit Facility issue costs
(0.7)
(0.6)
Imputed interest on deferred land payables
(5.0)
(3.1)
Interest on lease liabilities
13
(0.4)
(0.2)
Imputed interest on combustible materials provision \u2013 exceptional
4
(6.1)
(4.6)
(18.9)
(14.2)
Net finance expense
(14.9)
(10.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-465": { "value": "7 FINANCE INCOME AND EXPENSE
2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income
2.7
2.4
Interest on amounts due from joint ventures
27
0.7
1.2
Net interest on defined benefit pension scheme
16
0.6
0.5
4.0
4.1
Finance expense
Interest on bank loans
(6.7)
(5.7)
Revolving Credit Facility issue costs
(0.7)
(0.6)
Imputed interest on deferred land payables
(5.0)
(3.1)
Interest on lease liabilities
13
(0.4)
(0.2)
Imputed interest on combustible materials provision \u2013 exceptional
4
(6.1)
(4.6)
(18.9)
(14.2)
Net finance expense
(14.9)
(10.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-460": { "value": "7 FINANCE INCOME AND EXPENSE
2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income
2.7
2.4
Interest on amounts due from joint ventures
27
0.7
1.2
Net interest on defined benefit pension scheme
16
0.6
0.5
4.0
4.1
Finance expense
Interest on bank loans
(6.7)
(5.7)
Revolving Credit Facility issue costs
(0.7)
(0.6)
Imputed interest on deferred land payables
(5.0)
(3.1)
Interest on lease liabilities
13
(0.4)
(0.2)
Imputed interest on combustible materials provision \u2013 exceptional
4
(6.1)
(4.6)
(18.9)
(14.2)
Net finance expense
(14.9)
(10.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-452": { "value": "7 FINANCE INCOME AND EXPENSE
2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income
2.7
2.4
Interest on amounts due from joint ventures
27
0.7
1.2
Net interest on defined benefit pension scheme
16
0.6
0.5
4.0
4.1
Finance expense
Interest on bank loans
(6.7)
(5.7)
Revolving Credit Facility issue costs
(0.7)
(0.6)
Imputed interest on deferred land payables
(5.0)
(3.1)
Interest on lease liabilities
13
(0.4)
(0.2)
Imputed interest on combustible materials provision \u2013 exceptional
4
(6.1)
(4.6)
(18.9)
(14.2)
Net finance expense
(14.9)
(10.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-438": { "value": "7 FINANCE INCOME AND EXPENSE
2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income
2.7
2.4
Interest on amounts due from joint ventures
27
0.7
1.2
Net interest on defined benefit pension scheme
16
0.6
0.5
4.0
4.1
Finance expense
Interest on bank loans
(6.7)
(5.7)
Revolving Credit Facility issue costs
(0.7)
(0.6)
Imputed interest on deferred land payables
(5.0)
(3.1)
Interest on lease liabilities
13
(0.4)
(0.2)
Imputed interest on combustible materials provision \u2013 exceptional
4
(6.1)
(4.6)
(18.9)
(14.2)
Net finance expense
(14.9)
(10.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-411": { "value": "7 FINANCE INCOME AND EXPENSE
2024 2023
Note \u00a3m \u00a3m
Finance income
Interest income
2.7
2.4
Interest on amounts due from joint ventures
27
0.7
1.2
Net interest on defined benefit pension scheme
16
0.6
0.5
4.0
4.1
Finance expense
Interest on bank loans
(6.7)
(5.7)
Revolving Credit Facility issue costs
(0.7)
(0.6)
Imputed interest on deferred land payables
(5.0)
(3.1)
Interest on lease liabilities
13
(0.4)
(0.2)
Imputed interest on combustible materials provision \u2013 exceptional
4
(6.1)
(4.6)
(18.9)
(14.2)
Net finance expense
(14.9)
(10.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-370": { "value": "
8 INCOME TAX CREDIT/ EXPENSE
2024 2023
Note \u00a3m \u00a3m
Current tax
UK corporation tax credit/(expense) on (loss)/profit for the year
3.7
(4.2)
Adjustment in respect of prior periods
0.5
0.7
Total current tax credit/(expense)
4.2
(3.5)
Deferred tax
Origination and reversal of temporary differences in the year
36.0
(1.7)
Total deferred tax credit/(charge)
15
36.0
(1.7)
Total income tax credit/(expense) in consolidated income statement
40.2
(5.2)
Income tax is calculated at 29.0% (2023: 26.5%), based on corporation tax of 25.0% and residential
property developer tax (RPDT) of 4.0%. The effective tax rate for the year is 28.0% (2023: 22.5%),
which is lower than (2023: lower than) the standard rate of UK corporation tax predominantly due
to the impact of expenses not deductible for tax purposes which reduces the tax credit on the loss.
The Group expects the effective tax rate to be more aligned to the standard rate of corporation tax in
future years, however it is likely to continue to be slightly lower than the standard rate of corporation
tax (including RPDT) due to the RPDT annual allowance.
2024 2023
\u00a3m \u00a3m
Reconciliation of tax credit/(expense) in the year
(Loss)/profit before tax
(143.7)
23.1
Tax charge on (loss)/profit at 29.0% (2023: 26.5%)
41.7
(6.1)
Effects of:
Expenses not deductible for tax purposes
(1.9)
(0.8)
Enhanced tax deductions
0.3
0.3
Adjustment in respect of prior periods
0.5
0.7
Impact of tax rate change on losses carried back
(0.4)
\u2013
Impact of RPDT annual allowance and adjustments
\u2013
0.7
Total income tax credit/(expense) in consolidated income statement
40.2
(5.2)
RPDT is an additional tax on profits generated from residential property development activity, in excess
of an annual threshold and adjusting for amounts disallowable under RPDT, such as interest expense.
There is no impact from RPDT in 2024, in contrast to the previous year, since the Group has not
generated the minimum level of profit required before RPDT is incurred.
Expenses not deductible for tax purposes include business entertaining, corporate action professional
fees and other permanent disallowable expenses. Enhanced tax deductions include items for
which, under tax law, a corporation tax deduction is available in excess of the amount shown in the
consolidated income statement. For example, land remediation enhanced allowances.
Adjustment in respect of prior periods reflect the difference between the estimated consolidated
income statement tax charge in the prior year and that of the actual tax outcome.
In July 2023, the government enacted legislation to introduce a new Multinational Top-Up Tax and
Domestic Top-Up Tax as part of the UK adoption of the Organisation for Economic Co-operation and
Development Pillar Two Rules. The new rules will apply to the Group from the accounting year ended
31 October 2025.
The new rules intend to ensure that large corporate groups pay a minimum rate of tax of 15%. The
Group\u2019s activities are currently entirely UK based. Given that the Group\u2019s tax rate tends to be closer
to the statutory tax rate of 29% (being 25% UK corporation tax plus 4% RPDT) it is not expected that
the Group will be required to pay any additional Domestic Top-Up Tax.
The Group applies the exception, as set out in International Accounting Standards (IAS) 12: Income Taxes,
to the requirements regarding deferred tax assets and liabilities related to Pillar Two income taxes.
15 DEFERRED TAX ASSETS AND LIABILITIES
Share- Other
Inventories based temporary
fair value payments Tax losses differences Total
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 November 2022
1.5
0.5
\u2013
2.8
4.8
Consolidated income statement movements
(0.4)
(0.1)
\u2013
(0.8)
(1.3)
Equity movements
\u2013
(0.2)
\u2013
\u2013
(0.2)
At 31 October 2023
1.1
0.2
\u2013
2.0
3.3
Consolidated income statement movements
(0.2)
\u2013
36.0
0.5
36.3
Equity movements
\u2013
0.1
\u2013
\u2013
0.1
At 31 October 2024
0.9
0.3
36.0
2.5
39.7
Pension
surplus Total
Deferred tax liabilities \u00a3m \u00a3m
At 1 November 2022
(3.2)
(3.2)
Consolidated income statement movements
(0.4)
(0.4)
Equity movements
1.1
1.1
At 31 October 2023
(2.5)
(2.5)
Consolidated income statement movements
(0.3)
(0.3)
Equity movements
(2.1)
(2.1)
At 31 October 2024
(4.9)
(4.9)
Total deferred tax credited to equity in the year is \u00a32.0m (2023: \u00a30.9m). Deferred tax assets expected
to be recovered in less than 12 months is \u00a39.4m (2023: \u00a31.0m), and in more than 12 months is \u00a330.3m
(2023: \u00a32.3m). Deferred tax losses have been recognised based on current trading forecasts for the
next three years. Deferred tax liabilities are expected to be settled in more than 12 months.
At the consolidated statement of financial position date the substantively enacted future corporation
tax rate is 25.0%. RPDT became effective from 1 April 2022 and is an additional tax at 4.0% of profits
generated from residential property development activity, in excess of an annual threshold. Deferred
tax assets and liabilities have been evaluated using the applicable tax rates when the asset is forecast
to be realised and the liability is forecast to be settled. The Group has no material unrecognised
deferred tax assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-371": { "value": "
9 DIVIDENDS
Dividends recognised as distributions to equity shareholders in the year:
2024 2023
\u00a3m \u00a3m
Current year interim dividend of 1.0 pence per share (2023: 5.5 pence per share)
2.6
14.1
Prior year final dividend per share of 11.5 pence per share (2023: 11.5 pence per share)
29.5
29.5
32.1
43.6
Dividends proposed as distributions to equity shareholders in the year:
2024 2023
\u00a3m \u00a3m
Final dividend for the year ended 31 October 2024 of 1. 2 pence per share
(2023: 11 .5 pence per share)
3.2
29.5
The proposed final dividend was approved by the Board on 3 February 2025 and, in accordance with
IAS 10: Events after the Reporting Period, has not been included as a liability in this financial year. The
final dividend will be paid on 25 April 2025 to all ordinary shareholders on the Register of Members on
28 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-412": { "value": "0.012", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-413": { "value": "0.115", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-372": { "value": "
10 LOSS /EARNINGS PER ORDINARY SHARE
Basic (loss)/earnings per share is calculated by dividing (loss)/profit attributable to equity shareholders
by the weighted average number of ordinary shares in issue during the year. For diluted earnings
per share, the weighted average number of shares is increased by the average number of potential
ordinary shares held under option during the year. This reflects the number of ordinary shares which
would be purchased using the difference in value between the market value of shares and the share
option exercise price. The market value of shares has been calculated using the average ordinary
share price during the year. Only share options which have met their cumulative performance criteria
have been included in the dilution calculation. The earnings and weighted average number of shares
used in the calculations are set out below.
Weighted
average
number of
(Loss)/ ordinary Per share
earnings shares amount
\u00a3m Number Pence
Year ended 31 October 2024
Basic loss per share
(103.5)
256,367,618
(40.4)
Dilutive effect of share options
\u2013
1,608,047
Diluted loss per share
(103.5)
257,975,665
(40.4)
Year ended 31 October 2024 \u2013 Pre-exceptional items
Adjusted basic earnings per share
14.4
256,367,618
5.6
Dilutive effect of share options
\u2013
1,608,047
Adjusted diluted earnings per share
14.4
257,975,665
5.6
Year ended 31 October 2023
Basic earnings per share
17.9
256,131,621
7.0
Dilutive effect of share options
\u2013
594,762
Diluted earnings per share
17.9
256,726,383
7.0
Year ended 31 October 2023 \u2013 Pre-exceptional items
(Represented\u00b9)
Adjusted basic earnings per share
36.3
256,131,621
14.2
Dilutive effect of share options
\u2013
594,762
Adjusted diluted earnings per share
36.3
256,726,383
14.1
1 See note 29 for an explanation of the prior year representation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-373": { "value": "
11 INTANGIBLE ASSETS
2024 2023
Goodwill \u00a3m \u00a3m
Cost at beginning and end of the year
47.7
47.7
Accumulated impairment
(18.7)
(18.7)
At beginning and end of the year
29.0
29.0
Goodwill arose on the acquisition of CN Finance plc on 24 March 2009. The goodwill relating to items
other than the holding of strategic land was fully impaired in prior periods. The remaining goodwill
was allocated to acquired strategic land holdings (the cash-generating unit) within the Group and has
not previously been impaired. The goodwill is assessed for impairment annually. The recoverable
amount is equal to the higher of value in use and fair value less costs of disposal. The Directors have
therefore assessed value in use, being the present value of the forecast cash flows from the expected
development and sale of properties on the strategic land. These cash flows are the key estimates in
the value in use assessment. The forecast looks at the likelihood and scale of permitted development,
forecast build costs and forecast selling prices, using a pre-tax discount rate of 12.4% (2023: 9.5%),
covering a further period of 13 years to 2038, and based on current market conditions. The discount
rate is based on an externally produced weighted average cost of capital range estimate. The Future
Homes Standard will not impact the estimated development cash flows as sites in production already
incorporate the forecast extra costs, and for those under option the extra costs will be adjusted in the
land values payable. The period used in this assessment represents the estimated time it will take
to obtain planning and build out on the remaining acquired strategic land holdings. The recoverable
value of the cash generating unit is substantially in excess of the carrying value of goodwill. Sensitivity
analysis has been undertaken by changing the discount rates by plus or minus 1.0% and the forecast
profit margins applicable to the site within the cash generating unit. None of the sensitivities, either
individually or in aggregate, resulted in the fair value of the goodwill being reduced to below its
current book value amount. As the forecast covers the entire life of the cash generating unit no growth
rate has been used to extrapolate the cash flow projection, and as such the rate is not disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-439": { "value": "11 INTANGIBLE ASSETS
2024 2023
Goodwill \u00a3m \u00a3m
Cost at beginning and end of the year
47.7
47.7
Accumulated impairment
(18.7)
(18.7)
At beginning and end of the year
29.0
29.0
Goodwill arose on the acquisition of CN Finance plc on 24 March 2009. The goodwill relating to items other than the holding of strategic land was fully impaired in prior periods. The remaining goodwill was allocated to acquired strategic land holdings (the cash-generating unit) within the Group and has not previously been impaired. The goodwill is assessed for impairment annually. The recoverable amount is equal to the higher of value in use and fair value less costs of disposal. The Directors have therefore assessed value in use, being the present value of the forecast cash flows from the expected development and sale of properties on the strategic land. These cash flows are the key estimates in the value in use assessment. The forecast looks at the likelihood and scale of permitted development, forecast build costs and forecast selling prices, using a pre-tax discount rate of 12.4% (2023: 9.5%), covering a further period of 13 years to 2038, and based on current market conditions. The discount rate is based on an externally produced weighted average cost of capital range estimate. The Future Homes Standard will not impact the estimated development cash flows as sites in production already incorporate the forecast extra costs, and for those under option the extra costs will be adjusted in the land values payable. The period used in this assessment represents the estimated time it will take to obtain planning and build out on the remaining acquired strategic land holdings. The recoverable value of the cash generating unit is substantially in excess of the carrying value of goodwill. Sensitivity analysis has been undertaken by changing the discount rates by plus or minus 1.0% and the forecast profit margins applicable to the site within the cash generating unit. None of the sensitivities, either individually or in aggregate, resulted in the fair value of the goodwill being reduced to below its current book value amount. As the forecast covers the entire life of the cash generating unit no growth rate has been used to extrapolate the cash flow projection, and as such the rate is not disclosed.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-414": { "value": "11 INTANGIBLE ASSETS
2024 2023
Goodwill \u00a3m \u00a3m
Cost at beginning and end of the year
47.7
47.7
Accumulated impairment
(18.7)
(18.7)
At beginning and end of the year
29.0
29.0
Goodwill arose on the acquisition of CN Finance plc on 24 March 2009. The goodwill relating to items other than the holding of strategic land was fully impaired in prior periods. The remaining goodwill was allocated to acquired strategic land holdings (the cash-generating unit) within the Group and has not previously been impaired. The goodwill is assessed for impairment annually. The recoverable amount is equal to the higher of value in use and fair value less costs of disposal. The Directors have therefore assessed value in use, being the present value of the forecast cash flows from the expected development and sale of properties on the strategic land. These cash flows are the key estimates in the value in use assessment. The forecast looks at the likelihood and scale of permitted development, forecast build costs and forecast selling prices, using a pre-tax discount rate of 12.4% (2023: 9.5%), covering a further period of 13 years to 2038, and based on current market conditions. The discount rate is based on an externally produced weighted average cost of capital range estimate. The Future Homes Standard will not impact the estimated development cash flows as sites in production already incorporate the forecast extra costs, and for those under option the extra costs will be adjusted in the land values payable. The period used in this assessment represents the estimated time it will take to obtain planning and build out on the remaining acquired strategic land holdings. The recoverable value of the cash generating unit is substantially in excess of the carrying value of goodwill. Sensitivity analysis has been undertaken by changing the discount rates by plus or minus 1.0% and the forecast profit margins applicable to the site within the cash generating unit. None of the sensitivities, either individually or in aggregate, resulted in the fair value of the goodwill being reduced to below its current book value amount. As the forecast covers the entire life of the cash generating unit no growth rate has been used to extrapolate the cash flow projection, and as such the rate is not disclosed.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-374": { "value": "
12 PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
Fixtures and and
fittings software Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 November 2022
1.7
2.9
4.6
Additions
1.8
\u2013
1.8
Disposals
\u2013
(0.7)
(0.7)
At 31 October 2023
3.5
2.2
5.7
Additions
1.4
\u2013
1.4
Disposals
(0.8)
(0.2)
(1.0)
At 31 October 2024
4.1
2.0
6.1
Accumulated depreciation
At 1 November 2022
1.1
2.6
3.7
Charge for the year
0.3
0.2
0.5
Disposals
\u2013
(0.7)
(0.7)
At 31 October 2023
1.4
2.1
3.5
Charge for the year
0.3
0.1
0.4
Disposals
(0.8)
(0.2)
(1.0)
At 31 October 2024
0.9
2.0
2.9
Net book value
At 31 October 2024
3.2
\u2013
3.2
At 31 October 2023
2.1
0.1
2.2
At 31 October 2022
0.6
0.3
0.9
The Group has contractual commitments for the acquisition of property, plant and equipment
of \u00a3nil (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-375": { "value": "
13 RIGHT OF USE ASSETS AND LEASE LIABILITIES
Office Other
buildings leases Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 November 2022
13.1
4.5
17.6
Additions
2.8
1.9
4.7
Disposals
(7.3)
(1.6)
(8.9)
At 31 October 2023
8.6
4.8
13.4
Additions
2.8
4.3
7.1
Disposals
(3.6)
(1.4)
(5.0)
At 31 October 2024
7.8
7.7
15.5
Accumulated depreciation
At 1 November 2022
11.1
2.8
13.9
Charge for the year
1.3
1.0
2.3
Disposals
(7.3)
(1.6)
(8.9)
At 31 October 2023
5.1
2.2
7.3
Charge for the year
1.2
1.1
2.3
Disposals
(3.6)
(1.4)
(5.0)
At 31 October 2024
2.7
1.9
4.6
Net book value
At 31 October 2024
5.1
5.8
10.9
At 31 October 2023
3.5
2.6
6.1
At 31 October 2022
2.0
1.7
3.7
Other leases comprise motor vehicles and show home leases in 2024 and motor vehicles in 2023.
In 2024 the Group disposed of its show homes (proceeds received of \u00a314.9m) and entered into a lease
back agreement.
Lease liabilities included in the consolidated statement of financial position
2024 2023
\u00a3m \u00a3m
Non-current
8.8
4.4
Current
3.2
2.0
Total lease liabilities
12.0
6.4
Amounts recognised in the consolidated income statement
2024 2023
\u00a3m \u00a3m
Depreciation on right-of-use assets
2.3
2.3
Interest on lease liabilities
0.4
0.2
Amounts recognised in the consolidated cash flow statement
2024 2023
\u00a3m \u00a3m
Principal element of lease payments
1.9
2.4
Maturity of undiscounted contracted lease cash flows
2024 2023
\u00a3m \u00a3m
Less than one year
3.8
2.2
One to five years
8.2
3.2
More than five years
2.5
1.6
Total
14.5
7.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-415": { "value": "13 RIGHT OF USE ASSETS AND LEASE LIABILITIES
Office Other
buildings leases Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 November 2022
13.1
4.5
17.6
Additions
2.8
1.9
4.7
Disposals
(7.3)
(1.6)
(8.9)
At 31 October 2023
8.6
4.8
13.4
Additions
2.8
4.3
7.1
Disposals
(3.6)
(1.4)
(5.0)
At 31 October 2024
7.8
7.7
15.5
Accumulated depreciation
At 1 November 2022
11.1
2.8
13.9
Charge for the year
1.3
1.0
2.3
Disposals
(7.3)
(1.6)
(8.9)
At 31 October 2023
5.1
2.2
7.3
Charge for the year
1.2
1.1
2.3
Disposals
(3.6)
(1.4)
(5.0)
At 31 October 2024
2.7
1.9
4.6
Net book value
At 31 October 2024
5.1
5.8
10.9
At 31 October 2023
3.5
2.6
6.1
At 31 October 2022
2.0
1.7
3.7
Other leases comprise motor vehicles and show home leases in 2024 and motor vehicles in 2023. In 2024 the Group disposed of its show homes (proceeds received of \u00a314.9m) and entered into a lease back agreement. Lease liabilities included in the consolidated statement of financial position
2024 2023
\u00a3m \u00a3m
Non-current
8.8
4.4
Current
3.2
2.0
Total lease liabilities
12.0
6.4
Amounts recognised in the consolidated income statement
2024 2023
\u00a3m \u00a3m
Depreciation on right-of-use assets
2.3
2.3
Interest on lease liabilities
0.4
0.2
Amounts recognised in the consolidated cash flow statement
2024 2023
\u00a3m \u00a3m
Principal element of lease payments
1.9
2.4
Maturity of undiscounted contracted lease cash flows
2024 2023
\u00a3m \u00a3m
Less than one year
3.8
2.2
One to five years
8.2
3.2
More than five years
2.5
1.6
Total
14.5
7.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-376": { "value": "
14 INVESTMENTS
Investments in joint ventures
Below are the joint ventures that the Directors consider to be material to the Group:
Crest A2D (Walton Court) LLP: In January 2016, the Group entered into a partnership agreement with
A2 Dominion Developments Limited to procure and develop a site in Surrey. The LLP commenced
construction in 2019, with sales completion forecast for 2025. The development will be equally
funded by both parties by way of interest free loans. The Group performs the role of project
manager, for which it receives a project management fee.
Elmsbrook (Crest A2D) LLP: In July 2017, the Group entered into a partnership agreement with A2
Dominion Developments Limited to procure and develop a site in Oxfordshire. The LLP commenced
construction in 2018, with sales completion forecast for 2025. The development will be equally
funded by both parties by way of interest free loans. The Group performs the role of project
manager, for which it receives a project management fee.
Crest Sovereign (Brooklands) LLP: In April 2019, the Group entered into a partnership agreement
with Sovereign Housing Association Limited to develop a site in Bristol. The LLP commenced
construction in 2019, with sales completion forecast for 2027. The LLP will be equally funded by both
parties, who will receive interest on loaned sums. The Group performs the role of project manager,
for which it receives a project management fee.
Crest Peabody (Turweston) LLP: In September 2023, the Group entered into a partnership
agreement with the Peabody Trust to develop a site in Buckinghamshire. The LLP is expecting to
commence construction in 2025, with sales completion forecast for 2029. The development will be
equally funded by both parties by way of interest free loans. The Group performs the role of project
manager, for which it will receive a project management fee and a sales and marketing fee.
2024 2023
\u00a3m \u00a3m
Total investments in joint ventures
Crest A2D (Walton Court) LLP
1.3
2.3
Elmsbrook (Crest A2D) LLP
1.2
3.5
Crest Sovereign (Brooklands) LLP
5.9
4.9
Crest Peabody (Turweston) LLP
0.2
\u2013
Other non-material joint ventures
\u2013
\u2013
Total investments in joint ventures
8.6
10.7
All material joint ventures have their place of business in Great Britain, are 50% owned and are
accounted for using the equity method, in line with the prior year. See note 28 for further details.
Summarised financial information for joint ventures The tables below provide financial information for joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures, where the Group retains an interest, and not the Group\u2019s share of those amounts.
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Summarised statement of
financial position
Current assets:
Cash and cash equivalents
0.3
2.4
0.3
0.1
0.5
3.6
Inventories
19.6
0.7
19.5
1.1
\u2013
40.9
Other current assets
8.1
0.2
4.2
5.1
1.6
19.2
Current liabilities:
Financial liabilities
(21.8)
\u2013
(7.4)
(5.9)
(2.7)
(37.8)
Other current liabilities
(3.6)
(1.0)
(4.8)
\u2013
(1.1)
(10.5)
Net assets/(liabilities)
2.6
2.3
11.8
0.4
(1.7)
15.4
Reconciliation to carrying
amounts
Opening net assets/(liabilities) at
1 November 2023
4.5
6.9
9.8
\u2013
(1.7)
19.5
(Loss)/profit for the year
(2.4)
0.4
2.0
(0.2)
\u2013
(0.2)
Capital contribution reserve
0.5
\u2013
\u2013
0.6
\u2013
1.1
Dividends paid
\u2013
(5.0)
\u2013
\u2013
\u2013
(5.0)
Closing net assets/(liabilities) at
31 October 2024
2.6
2.3
11.8
0.4
(1.7)
15.4
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group's share of closing net
assets/(liabilities) at 31 October
2024
1.3
1.2
5.9
0.2
(0.9)
7.7
Losses recognised against
receivable from joint venture
(note 17)
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Group\u2019s share in joint venture
1.3
1.2
5.9
0.2
\u2013
8.6
Amount due to the Group
(note 17)
11.1
\u2013
3.7
6.0
1.8
22.6
Amount due from the Group
(note 21)
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Summarised income statement
for the 12 months ending
31 October 2024
Revenue
56.1
8.2
15.4
\u2013
\u2013
79.7
Expenditure
(57.5)
(7.8)
(13.1)
\u2013
\u2013
(78.4)
Operating (loss)/profit before
finance expense
(1.4)
0.4
2.3
\u2013
\u2013
1.3
Finance expense
(1.0)
\u2013
(0.3)
(0.2)
\u2013
(1.5)
Pre-tax and post-tax (loss)/profit
for the year
(2.4)
0.4
2.0
(0.2)
\u2013
(0.2)
Group\u2019s share in joint venture
(loss)/profit for the year
(1.2)
0.2
1.0
(0.1)
\u2013
(0.1)
The Group is committed to provide such funding to joint ventures as may be required by the joint venture in order to carry out the project if called. Funding of this nature is currently expected to be \u00a30.9m (2023: \u00a35.9m). The Group has recognised its share of the accumulated losses of its joint ventures against the carrying value of investments or loans in the joint venture where appropriate, in line with IAS 28.
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Summarised statement of
financial position
Current assets:
Cash and cash equivalents
0.2
6.0
0.4
\u2013
0.2
6.8
Inventories
64.8
4.6
16.7
\u2013
\u2013
86.1
Other current assets
0.2
1.0
1.9
5.3
2.0
10.4
Current liabilities:
Financial liabilities
(52.0)
(1.4)
(1.1)
(0.3)
\u2013
(54.8)
Other current liabilities
(5.7)
(3.3)
(8.1)
(5.0)
(3.9)
(26.0)
Non-current liabilities
Financial liabilities
(3.0)
\u2013
\u2013
\u2013
\u2013
(3.0)
Net assets/(liabilities)
4.5
6.9
9.8
\u2013
(1.7)
19.5
Reconciliation to carrying
amounts
Opening net assets/(liabilities) at
1 November 2022
6.7
6.5
4.6
\u2013
(2.9)
14.9
(Loss)/profit for the year
(3.2)
3.4
5.2
\u2013
1.2
6.6
Capital contribution reserve
1.0
\u2013
\u2013
\u2013
\u2013
1.0
Dividends paid
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
Closing net assets/(liabilities) at
31 October 2023
4.5
6.9
9.8
\u2013
(1.7)
19.5
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group's share of closing net
assets/(liabilities) at 31 October
2023
2.3
3.5
4.9
\u2013
(0.9)
9.8
Fully provided in the Group
financial statements (note 22)
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Group\u2019s share in joint venture
2.3
3.5
4.9
\u2013
\u2013
10.7
Amount due to the Group
(note 17)
27.4*
1.4
0.4
0.3
\u2013
29.5
Amount due from the Group
(note 21)
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Summarised income statement
for the 12 months ending
31 October 2023
Revenue
0.9
21.1
47.2
\u2013
\u2013
69.2
Expenditure
(2.6)
(17.7)
(41.1)
\u2013
\u2013
(61.4)
Expenditure \u2013 exceptional item
(note 4)
\u2013
\u2013
\u2013
\u2013
1.2
1.2
Operating (loss)/profit before
finance expense
(1.7)
3.4
6.1
\u2013
1.2
9.0
Finance expense
(1.5)
\u2013
(0.9)
\u2013
\u2013
(2.4)
Pre-tax and post-tax (loss)/profit
for the year
(3.2)
3.4
5.2
\u2013
1.2
6.6
Group\u2019s share in joint venture
(loss)/profit for the year
(1.6)
1.7
2.6
\u2013
0.6
3.3
* \u00a327.4m stated after expected credit loss of \u00a30.1m.
Subsidiary undertakings
The subsidiary undertakings that are significant to the Group and traded during the year are set out
below. The Group\u2019s interest is in respect of ordinary issued share capital that is wholly owned and all
the subsidiary undertakings are incorporated in Great Britain and are included in the consolidated
financial statements.
Subsidiary
Nature of business
CN Finance plc
Holding company (including group financing)
Crest Nicholson plc
Holding company
Crest Nicholson Operations Limited
Residential and commercial property development
A full list of the Group\u2019s undertakings including subsidiaries and joint ventures is set out in note 28.
28 GROUP UNDERTAKINGS
In accordance with Section 409 Companies Act 2006, the following is a list of all the Group\u2019s
undertakings at 31 October 2024.
Subsidiary undertakings
At 31 October 2024 the Group had an interest in the below subsidiary undertakings, which are included
in the consolidated financial statements. All subsidiaries were incorporated in England and Wales.
Voting
rights and
share-
holding
Registered Active/ Year end (direct or
Entity name
office
1
dormant date indirect)
Bath Riverside Estate Management Company Limited
2
Dormant
31 October
100%
Bath Riverside Liberty Management Company Limited
2
Dormant
31 October
100%
Castle Bidco Home Loans Limited
1
Dormant
31 October
100%
Brightwells Residential 1 Company Limited
1
Dormant
31 October
100%
Bristol Parkway North Limited
1
Dormant
31 October
100%
Building 7 Harbourside Management Company Limited
2
Active 31 December
58.33%
Buildings 3A, 3B and 4 Harbourside Management
Company Limited
2
Active 31 December
83.33%
Clevedon Developments Limited
1
Dormant
31 October
100%
Clevedon Investment Limited
1
Active
31 October
100%
CN Assets Limited
1
Dormant
31 October
100%
CN Finance plc
2
1
Active
31 October
100%
CN Nominees Limited
1
Dormant
31 October
100%
CN Properties Limited
1
Dormant
31 October
100%
CN Secretarial Limited
1
Dormant
31 October
100%
CN Shelf 2 LLP
1
Dormant
31 October
100%
CN Shelf 3 LLP
1
Dormant
31 October
100%
Crest (Claybury) Limited
1
Dormant
31 October
100%
Crest Developments Limited
1
Dormant
31 October
100%
Crest Estates Limited
1
Dormant
31 October
100%
Crest Homes (Eastern) Limited
1
Dormant
31 October
100%
Voting
rights and
share-
holding
Registered Active/ Year end (direct or
Entity name
office
1
dormant date indirect)
Crest Homes (Midlands) Limited
1
Dormant
31 October
100%
Crest Homes (Nominees) Limited
1
Active
31 October
100%
Crest Homes (Nominees No. 2) Limited
1
Active
31 October
100%
Crest Homes (Northern) Limited
1
Dormant
31 October
100%
Crest Homes (South East) Limited
1
Dormant
31 October
100%
Crest Homes (South West) Limited
1
Dormant
31 October
100%
Crest Homes (South) Limited
1
Dormant
31 October
100%
Crest Homes (Wessex) Limited
1
Dormant
31 October
100%
Crest Homes (Westerham) Limited
1
Dormant
31 October
100%
Crest Homes Limited
1
Dormant
31 October
100%
Crest Manhattan Limited
1
Dormant
31 October
100%
Crest Nicholson (Bath) Holdings Limited
1
Active
31 October
100%
Crest Nicholson (Chiltern) Limited
1
Dormant
31 October
100%
Crest Nicholson (Eastern) Limited
1
Dormant
31 October
100%
Crest Nicholson (Epsom) Limited
1
Dormant
31 October
100%
Crest Nicholson (Henley-on-Thames) Limited
1
Active
31 October
100%
Crest Nicholson (Highlands Farm) Limited
1
Dormant
31 October
100%
Crest Nicholson (Londinium) Limited
1
Dormant
31 October
100%
Crest Nicholson (Midlands) Limited
1
Dormant
31 October
100%
Crest Nicholson (Peckham) Limited
1
Active
31 October
100%
Crest Nicholson (South East) Limited
1
Dormant
31 October
100%
Crest Nicholson (South West) Limited
1
Dormant
31 October
100%
Crest Nicholson (South) Limited
1
Dormant
31 October
100%
Crest Nicholson (Stotfold) Limited
1
Active
31 October
100%
1 1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ.
2: Units 1,2, and 3 Beech Court Wokingham Road, Hurst, Reading, England, RG10 0RU.
2 CN Finance plc is the only direct holding of Crest Nicholson Holdings plc.
Voting
rights and
share-
holding
Registered Active/ (direct or
Entity name
office
1
dormant Year end date indirect)
Crest Nicholson Developments (Chertsey) Limited
1
Active
31 October
100%
Crest Nicholson Operations Limited
1
Active
31 October
100%
Crest Nicholson Pension Trustee Limited
1
Dormant
31 January
100%
Crest Nicholson plc
1
Active
31 October
100%
Crest Nicholson Projects Limited
1
Dormant
31 October
100%
Crest Nicholson Properties Limited
1
Dormant
31 October
100%
Crest Nicholson Regeneration Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (London) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (Midlands) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (South East) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (South) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential Limited
1
Active
31 October
100%
Crest Nicholson (Wheatley) LLP
1
Active
31 October
100%
Crest Partnership Homes Limited
1
Dormant
31 October
100%
Crest Strategic Projects Limited
1
Dormant
31 October
100%
Eastern Perspective Management Company Limited
1
Dormant
31 October
100%
Essex Brewery (Walthamstow) LLP
1
Dormant
31 October
100%
Harbourside Leisure Management Company Limited
1
Active
30 December
71.43%
Landscape Estates Limited
1
Dormant
31 October
100%
Mertonplace Limited
1
Dormant
31 October
100%
Nicholson Estates (Century House) Limited
1
Dormant
31 October
100%
Park Central Management (Central Plaza) Limited
1
Dormant
31 October
100%
Ellis Mews (Park Central) Management Limited
1
Active
31 October
100%
Park Central Management (Zone 11) Limited
1
Dormant
31 October
100%
Voting
rights and
share-
holding
Registered Active/ (direct or
Entity name
office
1
dormant Year end date indirect)
Park Central Management (Zone 12) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 1A North) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 1A South) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 1B) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/1) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/2) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/3) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/4) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 4/41 and 42) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 4/43/44) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 5/53) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 5/54) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 5/55) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 6/61-64) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 7/9) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 8) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 9/91) Limited
1
Dormant
31 January
100%
Park West Management Services Limited
1
Active
29 March
62.00%
1 1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ. Subsidiary audit exemption The following subsidiaries have taken advantage of an exemption from audit under section 479A of the Companies Act 2006. The parent of the subsidiaries, Crest Nicholson plc, has provided a statutory guarantee for any outstanding liabilities of these subsidiaries. All subsidiary undertakings have been included in the consolidated financial statements of Crest Nicholson Holdings plc as at 31 October 2024. Clevedon Investment Limited (00454327) Crest Homes (Nominees No. 2) Limited (02213319) Crest Nicholson (Henley-on-Thames) Limited (03828831) Crest Nicholson (Peckham) Limited (07296143) Crest Nicholson (Stotfold) Limited (08774274) Crest Nicholson (Bath) Holdings Limited (05235961) Crest Nicholson Developments (Chertsey) Limited (04707982) Crest Homes (Nominees) Limited (01715768) Crest Nicholson Residential Limited (00714425) Joint venture undertakings At 31 October 2024 the Group had an interest in the following joint venture undertakings which are equity accounted within the consolidated financial statements. The principal activity of all undertakings is that of residential development. All joint ventures were incorporated in England and Wales.
Voting
rights and
share-
holding
Registered Active/ Year end (direct or
Entity name
office
1
dormant date indirect)
Material joint ventures
Crest A2D (Walton Court) LLP
1
Active
31 March
50%
Elmsbrook (Crest A2D) LLP
4
Active
31 March
50%
Crest Sovereign (Brooklands) LLP
3
Active
31 October
50%
Crest Peabody (Turweston) LLP
1
Active
31 March
50%
Other joint ventures not material to the Group
Crest/Vistry (Epsom) LLP
1
Active
31 October
50%
Crest Nicholson Bioregional Quintain LLP
1
Active
31 October
50%
English Land Banking Company Limited
1
Active
31 October
50%
Haydon Development Company Limited
2
Active
30 April
21.36%
North Swindon Development Company Limited
2
Active 31 December
32.64%
1 1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ. 2: 6 Drakes Meadow, Penny Lane, Swindon, Wiltshire SN3 3LL. 3: Sovereign House, Basing View, Basingstoke RG21 4FA. 4: 113 Uxbridge Road, London W5 5TL Joint operations The Group is party to a joint unincorporated arrangement with Linden Homes Limited, the purpose of which was to acquire, and develop, a site in Hemel Hempstead, Hertfordshire. The two parties are jointly responsible for the control and management of the site\u2019s development, with each party funding 50% of the cost of the land acquisition and development of the site, in return for 50% of the returns. As such this arrangement was designated as a joint operation. The Group is party to a joint unincorporated arrangement with CGNU Life Assurance Limited, the purpose of which is to acquire, and develop, a site in Chertsey, Surrey. The two parties are jointly responsible for the control and management of the site\u2019s development, with each party funding 50% of the cost of the land acquisition and development of the site, in return for 50% of the returns. As such this arrangement has been designated as a joint operation. The Group is party to a joint arrangement with Passion Property Group Limited, the purpose of which was to develop a site in London. The development was completed in 2014 and there are no material balances in the Group financial statements relating to this joint arrangement as at 31 October 2024. The two parties were jointly responsible for the control and management of the site\u2019s development, with each party having prescribed funding obligations and returns. As such this arrangement has been designated as a joint operation. In line with the Group\u2019s accounting policies, the Group has recognised its share of the jointly controlled assets and liabilities, and income and expenditure, in relation to these joint arrangements on a line- by-line basis in the consolidated statement of financial position and consolidated income statement as there is no legal entity in place and the arrangements as structured such that the Group has a direct interest in the underlying assets and liabilities of each arrangement. Crest Nicholson Employee Share Ownership Trust The Group operates the Crest Nicholson ESOT, which is used to satisfy awards granted under the Group\u2019s share incentive schemes, shares are allotted to the Trust or the Trust is funded to acquire shares in the open market. The ESOT falls within the scope of IFRS 10: Consolidated Financial Statements, and is consolidated within the Group financial statements, as the Group is considered to have control over the ESOT .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-440": { "value": "14 INVESTMENTS Investments in joint ventures Below are the joint ventures that the Directors consider to be material to the Group: Crest A2D (Walton Court) LLP: In January 2016, the Group entered into a partnership agreement with A2 Dominion Developments Limited to procure and develop a site in Surrey. The LLP commenced construction in 2019, with sales completion forecast for 2025. The development will be equally funded by both parties by way of interest free loans. The Group performs the role of project manager, for which it receives a project management fee. Elmsbrook (Crest A2D) LLP: In July 2017, the Group entered into a partnership agreement with A2 Dominion Developments Limited to procure and develop a site in Oxfordshire. The LLP commenced construction in 2018, with sales completion forecast for 2025. The development will be equally funded by both parties by way of interest free loans. The Group performs the role of project manager, for which it receives a project management fee. Crest Sovereign (Brooklands) LLP: In April 2019, the Group entered into a partnership agreement with Sovereign Housing Association Limited to develop a site in Bristol. The LLP commenced construction in 2019, with sales completion forecast for 2027. The LLP will be equally funded by both parties, who will receive interest on loaned sums. The Group performs the role of project manager, for which it receives a project management fee. Crest Peabody (Turweston) LLP: In September 2023, the Group entered into a partnership agreement with the Peabody Trust to develop a site in Buckinghamshire. The LLP is expecting to commence construction in 2025, with sales completion forecast for 2029. The development will be equally funded by both parties by way of interest free loans. The Group performs the role of project manager, for which it will receive a project management fee and a sales and marketing fee.
2024 2023
\u00a3m \u00a3m
Total investments in joint ventures
Crest A2D (Walton Court) LLP
1.3
2.3
Elmsbrook (Crest A2D) LLP
1.2
3.5
Crest Sovereign (Brooklands) LLP
5.9
4.9
Crest Peabody (Turweston) LLP
0.2
\u2013
Other non-material joint ventures
\u2013
\u2013
Total investments in joint ventures
8.6
10.7
All material joint ventures have their place of business in Great Britain, are 50% owned and are accounted for using the equity method, in line with the prior year. See note 28 for further details. Summarised financial information for joint ventures The tables below provide financial information for joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures, where the Group retains an interest, and not the Group\u2019s share of those amounts.
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Summarised statement of
financial position
Current assets:
Cash and cash equivalents
0.3
2.4
0.3
0.1
0.5
3.6
Inventories
19.6
0.7
19.5
1.1
\u2013
40.9
Other current assets
8.1
0.2
4.2
5.1
1.6
19.2
Current liabilities:
Financial liabilities
(21.8)
\u2013
(7.4)
(5.9)
(2.7)
(37.8)
Other current liabilities
(3.6)
(1.0)
(4.8)
\u2013
(1.1)
(10.5)
Net assets/(liabilities)
2.6
2.3
11.8
0.4
(1.7)
15.4
Reconciliation to carrying
amounts
Opening net assets/(liabilities) at
1 November 2023
4.5
6.9
9.8
\u2013
(1.7)
19.5
(Loss)/profit for the year
(2.4)
0.4
2.0
(0.2)
\u2013
(0.2)
Capital contribution reserve
0.5
\u2013
\u2013
0.6
\u2013
1.1
Dividends paid
\u2013
(5.0)
\u2013
\u2013
\u2013
(5.0)
Closing net assets/(liabilities) at
31 October 2024
2.6
2.3
11.8
0.4
(1.7)
15.4
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group's share of closing net
assets/(liabilities) at 31 October
2024
1.3
1.2
5.9
0.2
(0.9)
7.7
Losses recognised against
receivable from joint venture
(note 17)
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Group\u2019s share in joint venture
1.3
1.2
5.9
0.2
\u2013
8.6
Amount due to the Group
(note 17)
11.1
\u2013
3.7
6.0
1.8
22.6
Amount due from the Group
(note 21)
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Summarised income statement
for the 12 months ending
31 October 2024
Revenue
56.1
8.2
15.4
\u2013
\u2013
79.7
Expenditure
(57.5)
(7.8)
(13.1)
\u2013
\u2013
(78.4)
Operating (loss)/profit before
finance expense
(1.4)
0.4
2.3
\u2013
\u2013
1.3
Finance expense
(1.0)
\u2013
(0.3)
(0.2)
\u2013
(1.5)
Pre-tax and post-tax (loss)/profit
for the year
(2.4)
0.4
2.0
(0.2)
\u2013
(0.2)
Group\u2019s share in joint venture
(loss)/profit for the year
(1.2)
0.2
1.0
(0.1)
\u2013
(0.1)
The Group is committed to provide such funding to joint ventures as may be required by the joint venture in order to carry out the project if called. Funding of this nature is currently expected to be \u00a30.9m (2023: \u00a35.9m). The Group has recognised its share of the accumulated losses of its joint ventures against the carrying value of investments or loans in the joint venture where appropriate, in line with IAS 28.
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Summarised statement of
financial position
Current assets:
Cash and cash equivalents
0.2
6.0
0.4
\u2013
0.2
6.8
Inventories
64.8
4.6
16.7
\u2013
\u2013
86.1
Other current assets
0.2
1.0
1.9
5.3
2.0
10.4
Current liabilities:
Financial liabilities
(52.0)
(1.4)
(1.1)
(0.3)
\u2013
(54.8)
Other current liabilities
(5.7)
(3.3)
(8.1)
(5.0)
(3.9)
(26.0)
Non-current liabilities
Financial liabilities
(3.0)
\u2013
\u2013
\u2013
\u2013
(3.0)
Net assets/(liabilities)
4.5
6.9
9.8
\u2013
(1.7)
19.5
Reconciliation to carrying
amounts
Opening net assets/(liabilities) at
1 November 2022
6.7
6.5
4.6
\u2013
(2.9)
14.9
(Loss)/profit for the year
(3.2)
3.4
5.2
\u2013
1.2
6.6
Capital contribution reserve
1.0
\u2013
\u2013
\u2013
\u2013
1.0
Dividends paid
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
Closing net assets/(liabilities) at
31 October 2023
4.5
6.9
9.8
\u2013
(1.7)
19.5
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group's share of closing net
assets/(liabilities) at 31 October
2023
2.3
3.5
4.9
\u2013
(0.9)
9.8
Fully provided in the Group
financial statements (note 22)
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Group\u2019s share in joint venture
2.3
3.5
4.9
\u2013
\u2013
10.7
Amount due to the Group
(note 17)
27.4*
1.4
0.4
0.3
\u2013
29.5
Amount due from the Group
(note 21)
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Summarised income statement
for the 12 months ending
31 October 2023
Revenue
0.9
21.1
47.2
\u2013
\u2013
69.2
Expenditure
(2.6)
(17.7)
(41.1)
\u2013
\u2013
(61.4)
Expenditure \u2013 exceptional item
(note 4)
\u2013
\u2013
\u2013
\u2013
1.2
1.2
Operating (loss)/profit before
finance expense
(1.7)
3.4
6.1
\u2013
1.2
9.0
Finance expense
(1.5)
\u2013
(0.9)
\u2013
\u2013
(2.4)
Pre-tax and post-tax (loss)/profit
for the year
(3.2)
3.4
5.2
\u2013
1.2
6.6
Group\u2019s share in joint venture
(loss)/profit for the year
(1.6)
1.7
2.6
\u2013
0.6
3.3
* \u00a327.4m stated after expected credit loss of \u00a30.1m. Subsidiary undertakings The subsidiary undertakings that are significant to the Group and traded during the year are set out below. The Group\u2019s interest is in respect of ordinary issued share capital that is wholly owned and all the subsidiary undertakings are incorporated in Great Britain and are included in the consolidated financial statements.
Subsidiary
Nature of business
CN Finance plc
Holding company (including group financing)
Crest Nicholson plc
Holding company
Crest Nicholson Operations Limited
Residential and commercial property development
A full list of the Group\u2019s undertakings including subsidiaries and joint ventures is set out in note 28. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-416": { "value": "14 INVESTMENTS Investments in joint ventures Below are the joint ventures that the Directors consider to be material to the Group: Crest A2D (Walton Court) LLP: In January 2016, the Group entered into a partnership agreement with A2 Dominion Developments Limited to procure and develop a site in Surrey. The LLP commenced construction in 2019, with sales completion forecast for 2025. The development will be equally funded by both parties by way of interest free loans. The Group performs the role of project manager, for which it receives a project management fee. Elmsbrook (Crest A2D) LLP: In July 2017, the Group entered into a partnership agreement with A2 Dominion Developments Limited to procure and develop a site in Oxfordshire. The LLP commenced construction in 2018, with sales completion forecast for 2025. The development will be equally funded by both parties by way of interest free loans. The Group performs the role of project manager, for which it receives a project management fee. Crest Sovereign (Brooklands) LLP: In April 2019, the Group entered into a partnership agreement with Sovereign Housing Association Limited to develop a site in Bristol. The LLP commenced construction in 2019, with sales completion forecast for 2027. The LLP will be equally funded by both parties, who will receive interest on loaned sums. The Group performs the role of project manager, for which it receives a project management fee. Crest Peabody (Turweston) LLP: In September 2023, the Group entered into a partnership agreement with the Peabody Trust to develop a site in Buckinghamshire. The LLP is expecting to commence construction in 2025, with sales completion forecast for 2029. The development will be equally funded by both parties by way of interest free loans. The Group performs the role of project manager, for which it will receive a project management fee and a sales and marketing fee.
2024 2023
\u00a3m \u00a3m
Total investments in joint ventures
Crest A2D (Walton Court) LLP
1.3
2.3
Elmsbrook (Crest A2D) LLP
1.2
3.5
Crest Sovereign (Brooklands) LLP
5.9
4.9
Crest Peabody (Turweston) LLP
0.2
\u2013
Other non-material joint ventures
\u2013
\u2013
Total investments in joint ventures
8.6
10.7
All material joint ventures have their place of business in Great Britain, are 50% owned and are accounted for using the equity method, in line with the prior year. See note 28 for further details.
Summarised financial information for joint ventures
The tables below provide financial information for joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint
ventures, where the Group retains an interest, and not the Group\u2019s share of those amounts.
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Summarised statement of
financial position
Current assets:
Cash and cash equivalents
0.3
2.4
0.3
0.1
0.5
3.6
Inventories
19.6
0.7
19.5
1.1
\u2013
40.9
Other current assets
8.1
0.2
4.2
5.1
1.6
19.2
Current liabilities:
Financial liabilities
(21.8)
\u2013
(7.4)
(5.9)
(2.7)
(37.8)
Other current liabilities
(3.6)
(1.0)
(4.8)
\u2013
(1.1)
(10.5)
Net assets/(liabilities)
2.6
2.3
11.8
0.4
(1.7)
15.4
Reconciliation to carrying
amounts
Opening net assets/(liabilities) at
1 November 2023
4.5
6.9
9.8
\u2013
(1.7)
19.5
(Loss)/profit for the year
(2.4)
0.4
2.0
(0.2)
\u2013
(0.2)
Capital contribution reserve
0.5
\u2013
\u2013
0.6
\u2013
1.1
Dividends paid
\u2013
(5.0)
\u2013
\u2013
\u2013
(5.0)
Closing net assets/(liabilities) at
31 October 2024
2.6
2.3
11.8
0.4
(1.7)
15.4
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group's share of closing net
assets/(liabilities) at 31 October
2024
1.3
1.2
5.9
0.2
(0.9)
7.7
Losses recognised against
receivable from joint venture
(note 17)
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Group\u2019s share in joint venture
1.3
1.2
5.9
0.2
\u2013
8.6
Amount due to the Group
(note 17)
11.1
\u2013
3.7
6.0
1.8
22.6
Amount due from the Group
(note 21)
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Summarised income statement
for the 12 months ending
31 October 2024
Revenue
56.1
8.2
15.4
\u2013
\u2013
79.7
Expenditure
(57.5)
(7.8)
(13.1)
\u2013
\u2013
(78.4)
Operating (loss)/profit before
finance expense
(1.4)
0.4
2.3
\u2013
\u2013
1.3
Finance expense
(1.0)
\u2013
(0.3)
(0.2)
\u2013
(1.5)
Pre-tax and post-tax (loss)/profit
for the year
(2.4)
0.4
2.0
(0.2)
\u2013
(0.2)
Group\u2019s share in joint venture
(loss)/profit for the year
(1.2)
0.2
1.0
(0.1)
\u2013
(0.1)
The Group is committed to provide such funding to joint ventures as may be required by the joint
venture in order to carry out the project if called. Funding of this nature is currently expected to
be \u00a30.9m (2023: \u00a35.9m). The Group has recognised its share of the accumulated losses of its joint
ventures against the carrying value of investments or loans in the joint venture where appropriate, in
line with IAS 28.
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Summarised statement of
financial position
Current assets:
Cash and cash equivalents
0.2
6.0
0.4
\u2013
0.2
6.8
Inventories
64.8
4.6
16.7
\u2013
\u2013
86.1
Other current assets
0.2
1.0
1.9
5.3
2.0
10.4
Current liabilities:
Financial liabilities
(52.0)
(1.4)
(1.1)
(0.3)
\u2013
(54.8)
Other current liabilities
(5.7)
(3.3)
(8.1)
(5.0)
(3.9)
(26.0)
Non-current liabilities
Financial liabilities
(3.0)
\u2013
\u2013
\u2013
\u2013
(3.0)
Net assets/(liabilities)
4.5
6.9
9.8
\u2013
(1.7)
19.5
Reconciliation to carrying
amounts
Opening net assets/(liabilities) at
1 November 2022
6.7
6.5
4.6
\u2013
(2.9)
14.9
(Loss)/profit for the year
(3.2)
3.4
5.2
\u2013
1.2
6.6
Capital contribution reserve
1.0
\u2013
\u2013
\u2013
\u2013
1.0
Dividends paid
\u2013
(3.0)
\u2013
\u2013
\u2013
(3.0)
Closing net assets/(liabilities) at
31 October 2023
4.5
6.9
9.8
\u2013
(1.7)
19.5
Crest Crest Other non-
Crest A2D Elmsbrook Sovereign Peabody material
(Walton (Crest A2D) (Brooklands) (Turweston) joint
Court) LLP LLP LLP LLP ventures Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group's share of closing net
assets/(liabilities) at 31 October
2023
2.3
3.5
4.9
\u2013
(0.9)
9.8
Fully provided in the Group
financial statements (note 22)
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Group\u2019s share in joint venture
2.3
3.5
4.9
\u2013
\u2013
10.7
Amount due to the Group
(note 17)
27.4*
1.4
0.4
0.3
\u2013
29.5
Amount due from the Group
(note 21)
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Summarised income statement
for the 12 months ending
31 October 2023
Revenue
0.9
21.1
47.2
\u2013
\u2013
69.2
Expenditure
(2.6)
(17.7)
(41.1)
\u2013
\u2013
(61.4)
Expenditure \u2013 exceptional item
(note 4)
\u2013
\u2013
\u2013
\u2013
1.2
1.2
Operating (loss)/profit before
finance expense
(1.7)
3.4
6.1
\u2013
1.2
9.0
Finance expense
(1.5)
\u2013
(0.9)
\u2013
\u2013
(2.4)
Pre-tax and post-tax (loss)/profit
for the year
(3.2)
3.4
5.2
\u2013
1.2
6.6
Group\u2019s share in joint venture
(loss)/profit for the year
(1.6)
1.7
2.6
\u2013
0.6
3.3
* \u00a327.4m stated after expected credit loss of \u00a30.1m. Joint venture undertakings At 31 October 2024 the Group had an interest in the following joint venture undertakings which are equity accounted within the consolidated financial statements. The principal activity of all undertakings is that of residential development. All joint ventures were incorporated in England and Wales.
Voting
rights and
share-
holding
Registered Active/ Year end (direct or
Entity name
office
1
dormant date indirect)
Material joint ventures
Crest A2D (Walton Court) LLP
1
Active
31 March
50%
Elmsbrook (Crest A2D) LLP
4
Active
31 March
50%
Crest Sovereign (Brooklands) LLP
3
Active
31 October
50%
Crest Peabody (Turweston) LLP
1
Active
31 March
50%
Other joint ventures not material to the Group
Crest/Vistry (Epsom) LLP
1
Active
31 October
50%
Crest Nicholson Bioregional Quintain LLP
1
Active
31 October
50%
English Land Banking Company Limited
1
Active
31 October
50%
Haydon Development Company Limited
2
Active
30 April
21.36%
North Swindon Development Company Limited
2
Active 31 December
32.64%
1 1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ. 2: 6 Drakes Meadow, Penny Lane, Swindon, Wiltshire SN3 3LL. 3: Sovereign House, Basing View, Basingstoke RG21 4FA. 4: 113 Uxbridge Road, London W5 5TL
Joint operations
The Group is party to a joint unincorporated arrangement with Linden Homes Limited, the purpose
of which was to acquire, and develop, a site in Hemel Hempstead, Hertfordshire. The two parties are
jointly responsible for the control and management of the site\u2019s development, with each party funding
50% of the cost of the land acquisition and development of the site, in return for 50% of the returns.
As such this arrangement was designated as a joint operation.
The Group is party to a joint unincorporated arrangement with CGNU Life Assurance Limited, the
purpose of which is to acquire, and develop, a site in Chertsey, Surrey. The two parties are jointly
responsible for the control and management of the site\u2019s development, with each party funding 50%
of the cost of the land acquisition and development of the site, in return for 50% of the returns. As such
this arrangement has been designated as a joint operation.
The Group is party to a joint arrangement with Passion Property Group Limited, the purpose of which
was to develop a site in London. The development was completed in 2014 and there are no material
balances in the Group financial statements relating to this joint arrangement as at 31 October 2024.
The two parties were jointly responsible for the control and management of the site\u2019s development,
with each party having prescribed funding obligations and returns. As such this arrangement has been
designated as a joint operation.
In line with the Group\u2019s accounting policies, the Group has recognised its share of the jointly controlled
assets and liabilities, and income and expenditure, in relation to these joint arrangements on a line-
by-line basis in the consolidated statement of financial position and consolidated income statement as
there is no legal entity in place and the arrangements as structured such that the Group has a direct
interest in the underlying assets and liabilities of each arrangement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-417": { "value": "Subsidiary undertakings The subsidiary undertakings that are significant to the Group and traded during the year are set out below. The Group\u2019s interest is in respect of ordinary issued share capital that is wholly owned and all the subsidiary undertakings are incorporated in Great Britain and are included in the consolidated financial statements.
Subsidiary
Nature of business
CN Finance plc
Holding company (including group financing)
Crest Nicholson plc
Holding company
Crest Nicholson Operations Limited
Residential and commercial property development
A full list of the Group\u2019s undertakings including subsidiaries and joint ventures is set out in note 28. 28 GROUP UNDERTAKINGS In accordance with Section 409 Companies Act 2006, the following is a list of all the Group\u2019s undertakings at 31 October 2024. Subsidiary undertakings At 31 October 2024 the Group had an interest in the below subsidiary undertakings, which are included in the consolidated financial statements. All subsidiaries were incorporated in England and Wales.
Voting
rights and
share-
holding
Registered Active/ Year end (direct or
Entity name
office
1
dormant date indirect)
Bath Riverside Estate Management Company Limited
2
Dormant
31 October
100%
Bath Riverside Liberty Management Company Limited
2
Dormant
31 October
100%
Castle Bidco Home Loans Limited
1
Dormant
31 October
100%
Brightwells Residential 1 Company Limited
1
Dormant
31 October
100%
Bristol Parkway North Limited
1
Dormant
31 October
100%
Building 7 Harbourside Management Company Limited
2
Active 31 December
58.33%
Buildings 3A, 3B and 4 Harbourside Management
Company Limited
2
Active 31 December
83.33%
Clevedon Developments Limited
1
Dormant
31 October
100%
Clevedon Investment Limited
1
Active
31 October
100%
CN Assets Limited
1
Dormant
31 October
100%
CN Finance plc
2
1
Active
31 October
100%
CN Nominees Limited
1
Dormant
31 October
100%
CN Properties Limited
1
Dormant
31 October
100%
CN Secretarial Limited
1
Dormant
31 October
100%
CN Shelf 2 LLP
1
Dormant
31 October
100%
CN Shelf 3 LLP
1
Dormant
31 October
100%
Crest (Claybury) Limited
1
Dormant
31 October
100%
Crest Developments Limited
1
Dormant
31 October
100%
Crest Estates Limited
1
Dormant
31 October
100%
Crest Homes (Eastern) Limited
1
Dormant
31 October
100%
Voting
rights and
share-
holding
Registered Active/ Year end (direct or
Entity name
office
1
dormant date indirect)
Crest Homes (Midlands) Limited
1
Dormant
31 October
100%
Crest Homes (Nominees) Limited
1
Active
31 October
100%
Crest Homes (Nominees No. 2) Limited
1
Active
31 October
100%
Crest Homes (Northern) Limited
1
Dormant
31 October
100%
Crest Homes (South East) Limited
1
Dormant
31 October
100%
Crest Homes (South West) Limited
1
Dormant
31 October
100%
Crest Homes (South) Limited
1
Dormant
31 October
100%
Crest Homes (Wessex) Limited
1
Dormant
31 October
100%
Crest Homes (Westerham) Limited
1
Dormant
31 October
100%
Crest Homes Limited
1
Dormant
31 October
100%
Crest Manhattan Limited
1
Dormant
31 October
100%
Crest Nicholson (Bath) Holdings Limited
1
Active
31 October
100%
Crest Nicholson (Chiltern) Limited
1
Dormant
31 October
100%
Crest Nicholson (Eastern) Limited
1
Dormant
31 October
100%
Crest Nicholson (Epsom) Limited
1
Dormant
31 October
100%
Crest Nicholson (Henley-on-Thames) Limited
1
Active
31 October
100%
Crest Nicholson (Highlands Farm) Limited
1
Dormant
31 October
100%
Crest Nicholson (Londinium) Limited
1
Dormant
31 October
100%
Crest Nicholson (Midlands) Limited
1
Dormant
31 October
100%
Crest Nicholson (Peckham) Limited
1
Active
31 October
100%
Crest Nicholson (South East) Limited
1
Dormant
31 October
100%
Crest Nicholson (South West) Limited
1
Dormant
31 October
100%
Crest Nicholson (South) Limited
1
Dormant
31 October
100%
Crest Nicholson (Stotfold) Limited
1
Active
31 October
100%
1 1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ. 2: Units 1,2, and 3 Beech Court Wokingham Road, Hurst, Reading, England, RG10 0RU. 2 CN Finance plc is the only direct holding of Crest Nicholson Holdings plc.
Voting
rights and
share-
holding
Registered Active/ (direct or
Entity name
office
1
dormant Year end date indirect)
Crest Nicholson Developments (Chertsey) Limited
1
Active
31 October
100%
Crest Nicholson Operations Limited
1
Active
31 October
100%
Crest Nicholson Pension Trustee Limited
1
Dormant
31 January
100%
Crest Nicholson plc
1
Active
31 October
100%
Crest Nicholson Projects Limited
1
Dormant
31 October
100%
Crest Nicholson Properties Limited
1
Dormant
31 October
100%
Crest Nicholson Regeneration Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (London) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (Midlands) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (South East) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (South) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential Limited
1
Active
31 October
100%
Crest Nicholson (Wheatley) LLP
1
Active
31 October
100%
Crest Partnership Homes Limited
1
Dormant
31 October
100%
Crest Strategic Projects Limited
1
Dormant
31 October
100%
Eastern Perspective Management Company Limited
1
Dormant
31 October
100%
Essex Brewery (Walthamstow) LLP
1
Dormant
31 October
100%
Harbourside Leisure Management Company Limited
1
Active
30 December
71.43%
Landscape Estates Limited
1
Dormant
31 October
100%
Mertonplace Limited
1
Dormant
31 October
100%
Nicholson Estates (Century House) Limited
1
Dormant
31 October
100%
Park Central Management (Central Plaza) Limited
1
Dormant
31 October
100%
Ellis Mews (Park Central) Management Limited
1
Active
31 October
100%
Park Central Management (Zone 11) Limited
1
Dormant
31 October
100%
Voting
rights and
share-
holding
Registered Active/ (direct or
Entity name
office
1
dormant Year end date indirect)
Park Central Management (Zone 12) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 1A North) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 1A South) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 1B) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/1) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/2) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/3) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/4) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 4/41 and 42) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 4/43/44) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 5/53) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 5/54) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 5/55) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 6/61-64) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 7/9) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 8) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 9/91) Limited
1
Dormant
31 January
100%
Park West Management Services Limited
1
Active
29 March
62.00%
1 1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ.
Subsidiary audit exemption
The following subsidiaries have taken advantage of an exemption from audit under section 479A of
the Companies Act 2006. The parent of the subsidiaries, Crest Nicholson plc, has provided a statutory
guarantee for any outstanding liabilities of these subsidiaries. All subsidiary undertakings have been
included in the consolidated financial statements of Crest Nicholson Holdings plc as at 31 October 2024.
Clevedon Investment Limited (00454327) Crest Homes (Nominees No. 2) Limited (02213319) Crest Nicholson (Henley-on-Thames) Limited (03828831) Crest Nicholson (Peckham) Limited (07296143) Crest Nicholson (Stotfold) Limited (08774274) Crest Nicholson (Bath) Holdings Limited (05235961) Crest Nicholson Developments (Chertsey) Limited (04707982) Crest Homes (Nominees) Limited (01715768) Crest Nicholson Residential Limited (00714425) ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-441": { "value": "15 DEFERRED TAX ASSETS AND LIABILITIES
Share- Other
Inventories based temporary
fair value payments Tax losses differences Total
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 November 2022
1.5
0.5
\u2013
2.8
4.8
Consolidated income statement movements
(0.4)
(0.1)
\u2013
(0.8)
(1.3)
Equity movements
\u2013
(0.2)
\u2013
\u2013
(0.2)
At 31 October 2023
1.1
0.2
\u2013
2.0
3.3
Consolidated income statement movements
(0.2)
\u2013
36.0
0.5
36.3
Equity movements
\u2013
0.1
\u2013
\u2013
0.1
At 31 October 2024
0.9
0.3
36.0
2.5
39.7
Pension
surplus Total
Deferred tax liabilities \u00a3m \u00a3m
At 1 November 2022
(3.2)
(3.2)
Consolidated income statement movements
(0.4)
(0.4)
Equity movements
1.1
1.1
At 31 October 2023
(2.5)
(2.5)
Consolidated income statement movements
(0.3)
(0.3)
Equity movements
(2.1)
(2.1)
At 31 October 2024
(4.9)
(4.9)
Total deferred tax credited to equity in the year is \u00a32.0m (2023: \u00a30.9m). Deferred tax assets expected to be recovered in less than 12 months is \u00a39.4m (2023: \u00a31.0m), and in more than 12 months is \u00a330.3m (2023: \u00a32.3m). Deferred tax losses have been recognised based on current trading forecasts for the next three years. Deferred tax liabilities are expected to be settled in more than 12 months. At the consolidated statement of financial position date the substantively enacted future corporation tax rate is 25.0%. RPDT became effective from 1 April 2022 and is an additional tax at 4.0% of profits generated from residential property development activity, in excess of an annual threshold. Deferred tax assets and liabilities have been evaluated using the applicable tax rates when the asset is forecast to be realised and the liability is forecast to be settled. The Group has no material unrecognised deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-418": { "value": "15 DEFERRED TAX ASSETS AND LIABILITIES
Share- Other
Inventories based temporary
fair value payments Tax losses differences Total
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 November 2022
1.5
0.5
\u2013
2.8
4.8
Consolidated income statement movements
(0.4)
(0.1)
\u2013
(0.8)
(1.3)
Equity movements
\u2013
(0.2)
\u2013
\u2013
(0.2)
At 31 October 2023
1.1
0.2
\u2013
2.0
3.3
Consolidated income statement movements
(0.2)
\u2013
36.0
0.5
36.3
Equity movements
\u2013
0.1
\u2013
\u2013
0.1
At 31 October 2024
0.9
0.3
36.0
2.5
39.7
Pension
surplus Total
Deferred tax liabilities \u00a3m \u00a3m
At 1 November 2022
(3.2)
(3.2)
Consolidated income statement movements
(0.4)
(0.4)
Equity movements
1.1
1.1
At 31 October 2023
(2.5)
(2.5)
Consolidated income statement movements
(0.3)
(0.3)
Equity movements
(2.1)
(2.1)
At 31 October 2024
(4.9)
(4.9)
Total deferred tax credited to equity in the year is \u00a32.0m (2023: \u00a30.9m). Deferred tax assets expected to be recovered in less than 12 months is \u00a39.4m (2023: \u00a31.0m), and in more than 12 months is \u00a330.3m (2023: \u00a32.3m). Deferred tax losses have been recognised based on current trading forecasts for the next three years. Deferred tax liabilities are expected to be settled in more than 12 months. At the consolidated statement of financial position date the substantively enacted future corporation tax rate is 25.0%. RPDT became effective from 1 April 2022 and is an additional tax at 4.0% of profits generated from residential property development activity, in excess of an annual threshold. Deferred tax assets and liabilities have been evaluated using the applicable tax rates when the asset is forecast to be realised and the liability is forecast to be settled. The Group has no material unrecognised deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-377": { "value": "
16 EMPLOYEE BENEFITS
(a) Retirement benefit obligations
Defined contribution scheme
The Group operates a defined contribution scheme for new employees. The assets of the scheme are
held separately from those of the Group in an independently administered fund. The contributions to
this scheme for the year were \u00a32.6m (2023: \u00a32.8m). At the consolidated statement of financial position
date there were no outstanding or prepaid contributions (2023: \u00a3nil).
Defined benefit scheme
The Company sponsors the Crest Nicholson Group Pension and Life Assurance Scheme (Scheme), a
funded defined benefit pension scheme in the UK. The Scheme is administered within a trust that is
legally separate from the Company. A Trustee company (Trustee) is appointed by the Company and the
Company and the Scheme\u2019s members appoint Trustee Directors. The Trustee is appointed to act in the
interest of the Scheme and all relevant stakeholders, including the members and the Company. The
Trustee is also responsible for the investment of the Scheme\u2019s assets.
The Scheme closed to future service accrual from 30 April 2010. Accrued pensions in relation to
deferred members are revalued at statutory revaluation in the period before retirement. Benefits also
increase either at a fixed rate or in line with inflation while in payment. The Scheme provides pensions
to members on retirement and to their dependants on death.
The Company pays contributions to improve the Scheme\u2019s funding position as determined by regular
actuarial valuations. The Trustee is required to use prudent assumptions to value the liabilities and
costs of the Scheme whereas the accounting assumptions must be best estimates.
Responsibility for meeting any deficit within the Scheme lies with the Company and this introduces a
number of risks for the Company. The major risks are: interest rate risk, inflation risk, investment risk
and longevity risk. The Company and Trustee are aware of these risks and manage them through
appropriate investment and funding strategies.
The Scheme is subject to regular actuarial valuations, which are usually carried out every three years.
The last actuarial valuation was carried out with an effective date of 31 January 2021. These actuarial
valuations are carried out in accordance with the requirements of the Pensions Act 2004 and so
include deliberate margins for prudence. This contrasts with these accounting disclosures, which are
determined using best estimate assumptions.
The 31 January 2024 valuation is currently underway and while the final assumptions have not yet
been agreed, the initial results of the actuarial valuation as at 31 January 2024 have been projected to
31 October 2024 by a qualified independent actuary and used to derive the present value of scheme
liabilities. The figures in the following disclosure were measured using the Projected Unit Method.
The investment strategy in place for the Scheme is to invest in a mix of return seeking, index linked
and fixed interest investments. As at 31 October 2024, the allocation of the Scheme\u2019s invested assets
was 34% in return seeking investments, 51% in liability-driven investing, 12% in cash and 3% in insured
annuities. Details of the investment strategy can be found in the Scheme\u2019s Statement of Investment
Principles, which the Trustee updates as their policy evolves.
It should also be noted that liabilities relating to insured members of the Scheme have been included
as both an asset and a liability.
Following the High Court judgement in the Lloyds Banking Group Pensions Trustees Limited v Lloyds
Bank plc and others (2018) case, overall pension benefits now need to be equalised to eliminate
inequalities between males and females in Guaranteed Minimum Pensions (GMP). The Company
has allowed for this in its accounts by adding a 1.0% (2023: 1.3%) reserve reflecting an approximate
estimate of the additional liability.
In June 2023, the High Court judged that amendments made to the Virgin Media scheme were invalid
because the scheme\u2019s actuary did not provide the associated Section 37 certificate. The High Court\u2019s
decision has wide ranging implications, affecting other schemes that were contracted-out on a salary-
related basis, and made amendments between April 1997 and April 2016.
The Scheme was contracted out until 29 February 2016 and amendments were made during the
relevant period. As such the ruling could have implications for the Group. Following the Court of
Appeal upholding the 2023 High Court ruling on 25 July 2024, the Trustee initiated the process
of investigating any potential impact for the Scheme. As part of this process the Trustee is also
considering certain other historical amendments and the manner in which they were applied.
As the detailed investigation is in progress, the Group considers that the amount of any potential
impact on the defined benefit obligation cannot be confirmed and/or measured with sufficient reliability
at the 2024 year end. We are therefore disclosing this issue as a potential contingent liability at
31 October 2024 and will review again in 2025 based on the findings of the detailed investigation.
2024 2023 2022
\u00a3m \u00a3m \u00a3m
The amounts recognised in the consolidated statement of financial
position are as follows:
Fair value of scheme assets
145.1
141.3
160.0
Present value of scheme liabilities
(125.6)
(131.3)
(148.9)
Net surplus amount recognised at year end
19.5
10.0
11.1
Deferred tax liability recognised at year end within non-current liabilities
(4.9)
(2.5)
(3.2)
The retirement benefit surplus recognised in the consolidated statement of financial position represents
the surplus of the fair value of the Scheme\u2019s assets over the present value of the Scheme\u2019s liabilities.
The rules of the Scheme provide the Group with an unconditional right to a refund of surplus assets
on the gradual settlement of the Scheme\u2019s liabilities. In the ordinary course of business, the Scheme
Trustee has no unilateral right to wind the Scheme up. Based on these rights and in accordance with
International Financial Reporting Interpretations Committee 14, the Group has made the judgement that
the net surplus in the Scheme is recognised in full.
At the consolidated statement of financial position date, the corporation tax rate is 25.0%. The
deferred tax liability on the retirement benefit surplus has been evaluated applying this rate. RPDT of
4.0% is applicable to residential property development trading income only.
Amounts recognised in comprehensive income:
The current and past service costs, settlements and curtailments, together with the interest income for
the year are included in the consolidated statement of comprehensive income. Remeasurements of
the net defined benefit asset are included in the consolidated statement of comprehensive income.
2024 2023
\u00a3m \u00a3m
Service cost
Administrative expenses
(0.7)
(0.6)
Interest income
0.6
0.5
Recognised in the consolidated income statement
(0.1)
(0.1)
2024 2023
\u00a3m \u00a3m
Remeasurements of the net liability
Return on Scheme assets
3.2
(18.5)
(Losses)/gains arising from changes in financial assumptions
(4.6)
12.5
Gains arising from changes in demographic assumptions
3.9
6.1
Experience gains/(losses)
6.0
(2.6)
Actuarial gains/(losses) recorded in the consolidated statement of
comprehensive income
8.5
(2.5)
Total defined benefit scheme gains/(losses)
8.4
(2.6)
2024 2023
% %
The principal actuarial assumptions used
were:
Liability discount rate
5.3
5.6
Inflation assumption \u2013 RPI
3.2
3.3
Inflation assumption \u2013 CPI
2.7
2.7
Revaluation of deferred pensions
2.7
2.7
Increases for pensions in payment
Benefits accrued in excess of GMP pre-1997
3.0
3.0
Benefits accrued post-1997
3.0
3.1
Proportion of employees opting for early
retirement
0.0
0.0
Proportion of employees commuting pension
for cash
100.0
100.0
Mortality assumption \u2013 pre-retirement
AC00
AC00
Mortality assumption \u2013 male and female post- Male/female pensioners: S3PA light base tables
retirement 103%/103% S3PA base tables. (males and females)
Male/female dependants: projected in line with
103%/100% S3DA base tables. CMI_2022
Projected in line with CMI_2023 core model with core
core projections and core parameters (Sk =
parameters (Sk = 7.0, an initial 7.0, an initial addition of
addition of 0.25%, w2020 = 0.25%, w2020
w2021 = 0%, and w2022 = and w2021 set to zero
w2023 = 15%) and a long-term and 2022 set to 25%) and
improvement rate of 1.25% with a long-term rate of
improvement of 1.25% p.a
2024 2023
Years Years
Future expected lifetime of current pensioner at age 65
Male aged 65 at year end
21.4
22.9
Female aged 65 at year end
23.9
24.6
Future expected lifetime of future pensioner at age 65
Male aged 45 at year end
22.7
24.1
Female aged 45 at year end
25.3
25.9
2024 2023
\u00a3m \u00a3m
Changes in the present value of assets over the year
Fair value of assets at beginning of the year
141.3
160.0
Interest income
7.7
7.5
Return on assets (excluding amount included in net interest income)
3.2
(18.5)
Contributions from the employer
1.1
1.5
Benefits paid
(7.5)
(8.6)
Administrative expenses
(0.7)
(0.6)
Fair value of assets at end of the year
145.1
141.3
Actual return on assets over the year
10.9
(10.9)
2024 2023
\u00a3m \u00a3m
Changes in the present value of liabilities over the year
Liabilities at beginning of the year
(131.3)
(148.9)
Interest cost
(7.1)
( 7.0)
Remeasurement gains/(losses)
(Losses)/gains arising from changes in financial assumptions
(4.6)
12.5
Gains arising from changes in demographic assumptions
3.9
6.1
Experience gains/(losses)
6.0
(2.6)
Benefits paid
7.5
8.6
Liabilities at end of the year
(125.6)
(131.3)
2024 2023
\u00a3m \u00a3m
Split of the Scheme's liabilities by category of membership
Deferred pensioners
(47.2)
(57.8)
Pensions in payment
(78.4)
(73.5)
(125.6)
(131.3)
2024 2023
Years Years
Average duration of the Scheme's liabilities at end of the year
11.0
12.0
This can be subdivided as follows:
Deferred pensioners
15.0
16.0
Pensions in payment
9.0
9.0
2024 2023
\u00a3m \u00a3m
Major categories of scheme assets
Return seeking
Overseas equities
8.6
2.4
Other (hedge funds, multi asset strategy and absolute return funds)
40.1
23.6
48.7
26.0
Debt instruments
Corporates
35.8
11.8
Liability-driven investing
38.4
44.1
74.2
55.9
Other
Cash (including liquidity fund)
18.3
55.9
Insured annuities
3.9
3.5
22.2
59.4
Total market value of assets
145.1
141.3
The Scheme has a Liability Driven Investment (LDI) strategy designed to closely align investment
returns with movements in the Scheme\u2019s liabilities on a low-risk basis, thereby reducing the volatility of
the Scheme\u2019s funding level. The use of LDI brings liquidity risk as the demand for additional collateral
to maintain the Scheme\u2019s hedging can change over short periods when interest rates change.
\u00a3nil (2023: \u00a3nil) of Scheme assets have a quoted market price in active markets, \u00a3132.1m (2023: \u00a390.9m)
of Scheme assets have valuation inputs other than quoted market prices, including quoted market
prices for similar assets in active markets, \u00a36.2m (2023: \u00a321.4m) of Scheme assets are instruments
that are valued based on quoted prices for similar instruments but for which significant unobservable
adjustments or assumptions are required to reflect the differences between the instruments, and
\u00a36.8m (2023: \u00a329.0m) of Scheme assets are cash at bank and insured pension annuities.
The Scheme has no investments in the Group or in property occupied by the Group.
UK legislation requires that pension schemes are funded prudently. The last funding valuation of
the scheme was carried out by a qualified actuary as at 31 January 2021 and showed a deficit of
\u00a310.8m. The 31 January 2024 valuation is underway with ongoing discussions between the Trustees
and the Company. The Company paid contributions of \u00a31.1m during 2024 and stopped paying deficit
contributions in July 2024.
Sensitivity of the liability value to changes in the principal assumptions
The sensitivities included are consistent with those shown in prior years and show the change in the
consolidated statement of financial position as at 31 October 2024 as a result of a change to the key
assumptions.
If the discount rate was 0.25% higher/(lower), the Scheme liabilities would decrease by \u00a33.3m/(increase
by \u00a33.4m) if all the other assumptions remained unchanged.
If the inflation assumption was 0.25% higher/(lower), the Scheme liabilities would increase by \u00a31.9m/
(decrease by \u00a31.9m) if all the other assumptions remained unchanged.
If life expectancies were to increase by one year, the scheme liabilities would increase by \u00a34.9m if all
the other assumptions remained unchanged.
(b) Share-based payments
The Group operates a Long-Term Incentive Plan (LTIP), Save As You Earn scheme (SAYE) and a
deferred bonus plan. No awards were made in 2024 under the deferred bonus plan as under the
terms of the Directors\u2019 Remuneration Policy any future awards in respect of the annual bonus scheme
will be made in the form of deferred shares.
Long-Term Incentive Plan
The Group\u2019s LTIP is open to the Executive Directors and senior management with awards being made
at the discretion of the Remuneration Committee. Options granted under the plan are exercisable
between three and 10 years after the date of grant. Awards may be satisfied by shares held in the
ESOT, the issue of new shares (directly or to the ESOT) or the acquisition of shares in the market.
All awards are subject to a three-year performance period and a two-year post-vesting period for
Executive Directors and Executive Committee members.
Awards issued in 2021 and 2022 are assessed against return on capital, profit performance conditions
and relative total shareholder returns (TSR). The non-market based return on capital and profit
performance conditions apply to 60% of the award and value the options using a binomial option
valuation model. The market-based TSR performance conditions apply to 40% of the award and
values the options using the Monte Carlo valuation model. The TSR-based performance conditions
are split one-third FTSE 250 excluding investment funds and two-thirds sector peer group. Awards
issued in 2023 are as above and include a tCO e target non-market performance condition and 75%
of the award is subject to an additional post-vesting holding period, where shares cannot be sold for
two years after vesting date. 1,487,313 options were awarded in 2024 and are subject to three years\u2019
performance with 882,615 options being subject to an additional two-year post-vesting holding period.
27% of the awards are assessed against return on capital, 12% against tCO e targets, 39% against
relative total shareholder returns and 22% contain no performance conditions. Non-market based
return on capital and tCO e performance conditions options and the options with no performance
conditions are valued using a binomial option valuation model. Market-based TSR performance
conditions options are valued using the Monte Carlo valuation model.
The 28 January 2022 grant fair value at measurement date of the different valuation elements of the
unrestricted options are \u00a31.68 TSR (FTSE 250), \u00a31.55 TSR (peer group), and \u00a32.62 for the non-market-
based return on capital and profit performance conditions. The 2023 fair value at measurement date
of the different valuation elements of the restricted options are \u00a31.51 TSR (FTSE 250), \u00a31.40 TSR (peer
group), and \u00a32.36 for the non-market-based return on capital and profit performance conditions. The
correlation of FTSE 250 and peer group calculated for each individual comparator company relative
to the Group is 31% and 68% respectively. The average fair value at measurement date is \u00a32.10 per
option. The average fair value at measurement date of the 25 August 2023 grant is \u00a31.59 per option.
The 27 January 2023 grant fair value at measurement date of the different valuation elements of the
unrestricted options are \u00a31.84 TSR (FTSE 250), \u00a31.68 TSR (peer group), and \u00a32.45 for the non-market-
based return on capital and tCO e elements. The 2023 fair value at measurement date of the different
valuation elements of the restricted options are \u00a31.58 TSR (FTSE 250), \u00a31.44 TSR (peer group), and
\u00a32.10 for the non-market-based return on capital and profit performance conditions. The correlation of
FTSE 250 and peer group calculated for each individual comparator company relative to the Group is
33% and 65% respectively. The average fair value at measurement date is \u00a31.88 per option.
The 5 February 2024 grant fair value at measurement date of the different valuation elements of the
unrestricted options are \u00a31.48 TSR (FTSE 250), \u00a31.14 TSR (peer group), and \u00a32.04 for the non-market-
based return on capital, tCO e targets and options with no performance conditions. The fair value at
measurement date of the different valuation elements of the restricted options are \u00a31.29 TSR (FTSE
250), \u00a30.99 TSR (peer group), and \u00a31.78 for the non-market-based return on capital, tCO e targets and
options with no performance conditions. The correlation of FTSE 250 and peer group calculated for
each individual comparator company relative to the Group is 32% and 66% respectively. The average
fair value at measurement date is \u00a31.62 per option.
The 17 June 2024 options granted are in relation to the buy-out arrangement of Martyn Clark who
joined the Group on 3 June 2024 from Persimmon Plc (Persimmon). 498,628 options have the same
conditions as the 5 February 2024 LTIP issue. 224,909 Crest Nicholson Holdings plc options are
replacement unvested Persimmon 2023 LTIP options, subject to satisfaction of original Persimmon
market and non-market performance conditions and vest 2 May 2026. 138,037 Crest Nicholson
Holdings plc options are replacement unvested Persimmon 2022 LTIP options, subject to satisfaction
of original Persimmon market and non-market performance conditions and vest 8 March 2025. 97,544
options are replacement unvested Persimmon 2024 Deferred Bonus Plan Award options, subject to a
service condition and vest on 1 March 2026. The fair value at measurement date and valuation model
applied are within the table on the next page.
20 Feb 04 Aug 08 Feb 28 Jan 25 Aug 06 Mar 07 Aug 27 Jan 05 Feb 17 Jun 17 Jun 17 Jun 17 Jun
Date of grant 2020 2020 2021 2022 2022 2023 2023 2023 2024 2024 2024 2024 2024
Options granted
1,125,531
7,298
1,328,192
1,341,918
23,955
29,462
508
1,771,417
1,487,313
498,628
224,909
138,037
97,544
Fair value at measurement date
\u00a34.28
\u00a31.53
\u00a32.50
\u00a32.10
\u00a31.59
\u00a32.75
\u00a32.46
\u00a31.88
\u00a31.62
\u00a31.92
\u00a31.47
\u00a31.30
\u00a32.48
Share price on date of grant
\u00a35.16
\u00a31.85
\u00a33.23
\u00a33.07
\u00a32.33
\u00a32.32
\u00a32.14
\u00a32.45
\u00a32.04
\u00a32.48
\u00a32.48
\u00a32.48
\u00a32.48
Exercise price
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
Vesting period
3 years
3 years
3 years
3 years
3 years
3 years
3 years
3 years
3 years
3 years
May 26
Mar 25
Mar 26
Expected dividend yield
6.40%
6.40%
4.30%
5.30%
5.30%
N/A
N/A
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Expected volatility
30.00%
30.00%
40.00%
40.00%
40.00%
N/A
N/A
45.00%
40.00%
40.00%
40.00%
40.00%
40.00%
Risk-free interest rate
0.45%
0.45%
0.03%
0.97%
0.97%
N/A
N/A
3.23%
4.05%
4.12%
4.12%
4.12%
4.12%
Binomial/ Binomial/ Binomial/ Binomial/ Binomial/ Binomial/ Binomial/ Binomial/
Monte Monte Monte Monte Monte Monte Monte Monte
Valuation model
Binomial
Binomial
Carlo Carlo
Carlo
N/A
N/A
Carlo Carlo Carlo Carlo
Carlo
Binomial
Contractual life from
20.02.20
04.08.20
08.02.21
28.01.22
25.08.22
06.03.23
07.08.23
27.01.23
05.02.24
17.06.24
17.06.24
17.06.24
17.06.24
Contractual life to
19.02.30
03.08.30
07.02.31
27.02.32
27.02.32
19.02.30
03.08.30
26.01.33
05.02.34
16.06.34
16.06.34
16.06.34
16.06.34
Number Number Number Number Number Number Number Number Number Number Number Number Number Total Number
of options of options of options of options of options of options of options of options of options of options of options of options of options of options
Movements in the year
Outstanding at 1 November 2022
891,970
7,298
1,197,676
1,312,475
23,955
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3,433,374
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
29,462
508
1,771,407
\u2013
\u2013
\u2013
\u2013
\u2013
1,801,377
Exercised during the year
(417,308)
(3,948)
\u2013
\u2013
\u2013
(29,462)
(508)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(451,226)
Lapsed during the year
(474,662)
(3,350)
(167,438)
(181,150)
\u2013
\u2013
\u2013
(201,028)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,027,628)
Outstanding at 31 October 2023
\u2013
\u2013
1,030,238
1,131,325
23,955
\u2013
\u2013
1,570,379
\u2013
\u2013
\u2013
\u2013
\u2013
3,755,897
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,487,313
498,628
224,909
138,037
97,544
2,446,431
Lapsed during the year
\u2013
\u2013
(1,030,238)
(252,040)
\u2013
\u2013
\u2013
(455,292)
(92,844)
\u2013
\u2013
\u2013
\u2013
(1,830,414)
Outstanding at 31 October 2024
\u2013
\u2013
\u2013
879,285
23,955
\u2013
\u2013
1,115,087
1,394,469
498,628
224,909
138,037
97,544
4,371,914
Exercisable at 31 October 2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercisable at 31 October 2023
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total \u00a3m
Charge to income for the current year
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.4
0.3
0.1
0.1
0.1
\u2013
1.1
Charge to income for the prior year
0.1
\u2013
\u2013
0.1
\u2013
0.1
\u2013
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
0.6
The weighted average exercise price of LTIP share options was \u00a3nil (2023: \u00a3nil).
Save As You Earn
Executive Directors and eligible employees are invited to make regular monthly contributions to a Sharesave scheme administered by EQ. On completion of the three-year savings contract period employees
are able to purchase ordinary shares in the Company based on the market price at the date of invitation less a 20% discount. There are no performance conditions.
30 Jul 07 Aug 03 Aug 02 Aug 28 Jul 13 Sep
Date of grant 2019 2020 2021 2022 2023 2024
Options granted
935,208
1,624,259
256,132
975,549
1,938,156
663,354
Fair value at measurement date
\u00a30.54
\u00a30.36
\u00a31.15
\u00a30.66
\u00a31.51
\u00a30.40
Share price on date of grant
\u00a33.68
\u00a31.94
\u00a34.14
\u00a32.67
\u00a32.19
\u00a31.98
Exercise price
\u00a32.86
\u00a31.70
\u00a33.42
\u00a31.94
\u00a31.51
\u00a31.71
Vesting period
3 years
3 years
3 years
3 years
3 years
3 years
Expected dividend yield
8.96%
5.20%
1.98%
5.63%
7.78%
8.60%
Expected volatility
35.00%
40.00%
45.30%
42.20%
41.60%
44.10%
Risk-free interest rate
0.38%
-0.08%
0.14%
1.62%
4.63%
3.51%
Valuation model
Binomial
Binomial
Binomial
Binomial
Binomial
Binomial
Contractual life from
01.09.19
01.09.20
01.09.21
01.09.22
01.09.23
01.10.24
Contractual life to
01.03.23
01.03.24
01.03.25
01.03.26
01.03.27
01.04.28
30 Jul 07 Aug 03 Aug 02 Aug 28 Jul 13 Sep
2019 2020 2021 2022 2023 2024
Weighted
Number of Number of Number of Number of Number of Number of Total number average
Movements in the year options options options options options options of options exercise price
Outstanding at 1 November 2022
96,832
907,769
84,131
912,557
\u2013
\u2013
2,001,289
\u00a31.94
Granted during the year
\u2013
25
\u2013
\u2013
1,938,156
\u2013
1,938,156
\u00a31.51
Exercised during the year
\u2013
(522,976)
\u2013
\u2013
\u2013
\u2013
(522,976)
\u00a31.70
Lapsed during the year
(96,832)
(61,983)
(41,201)
(486,485)
(158,774)
\u2013
(845,275)
\u00a32.02
Outstanding at 31 October 2023
\u2013
322,810
42,930
426,072
1,779,382
\u2013
2,571,194
\u00a31.64
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
663,354
663,354
\u00a31.71
Exercised during the year
\u2013
(198,624)
\u2013
(3,581)
(4,965)
\u2013
(207,170)
\u00a31.70
Lapsed during the year
\u2013
(124,186)
(9,943)
(231,870)
(489,591)
(27,572)
(883,162)
\u00a31.68
Outstanding at 31 October 2024
\u2013
\u2013
32,987
190,621
1,284,826
635,782
2,144,216
\u00a31.64
Exercisable at 31 October 2024
\u2013
\u2013
32,987
\u2013
\u2013
\u2013
32,987
Exercisable at 31 October 2023
\u2013
322,810
\u2013
\u2013
\u2013
\u2013
322,810
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Charge to income for the current year
\u2013
\u2013
\u2013
0.1
0.3
\u2013
0.4
Charge to income for the prior year
\u2013
0.1
\u2013
0.3
0.1
\u2013
0.5
Deferred bonus plan
Under the terms of certain bonus schemes, some parts of bonus payments must be deferred into share options. The options carry no performance criteria and vest over one or three years. Options granted
under the plan are exercisable between one and 10 years after the date of grant. Deferred bonus plan option numbers are based on the share price on the date of grant.
28 Feb 28 Jan 09 Feb 06 Mar 06 Mar 27 Jan 05 Feb
Date of grant 2020 2022 2022 2023 2023 2023 2024
Options granted
20,956
230,605
58,848
151
2,897
340,125
3,234
Fair value at measurement date
\u00a34.52
\u00a32.76
\u00a32.76
\u00a32.75
\u00a32.53
\u00a32.44
\u00a32.02
Share price on date of grant
\u00a34.52
\u00a33.06
\u00a33.27
\u00a32.32
\u00a32.32
\u00a32.45
\u00a32.04
Exercise price
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
Vesting period
3 years
3 years
1 year
N/A
N/A
3/1 year
N/A
Expected dividend yield and volatility
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Risk-free interest rate
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Valuation model
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Contractual life from
28.02.20
28.01.22
09.02.22
06.03.23
06.03.23
27.01.23
05.02.24
Contractual life to
27.02.30
27.01.32
08.02.32
27.02.30
08.02.32
26.01.33
26.01.34
28 Feb 28 Jan 09 Feb 06 Mar 06 Mar 27 Jan 05 Feb
2020 2022 2022 2023 2023 2023 2023
Number of Number of Number of Number of Number of Number of Number of Total number
Movements in the year options options options options options options options of options
Outstanding at 1 November 2022
2,260
230,605
58,848
\u2013
\u2013
\u2013
\u2013
291,713
Granted during the year
\u2013
\u2013
\u2013
151
2,897
340,125
\u2013
343,173
Exercised during the year
(2,260)
\u2013
(48,374)
(151)
(2,897)
\u2013
\u2013
(53,682)
Lapsed during the year
\u2013
\u2013
(10,474)
\u2013
\u2013
(21,108)
\u2013
(31,582)
Outstanding at 31 October 2023
\u2013
230,605
\u2013
\u2013
\u2013
319,017
\u2013
549,622
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3,234
3,234
Exercised during the year
\u2013
\u2013
\u2013
\u2013
\u2013
(37,720)
(3,234)
(40,954)
Lapsed during the year
\u2013
(41,328)
\u2013
\u2013
\u2013
(50,911)
\u2013
(92,239)
Outstanding at 31 October 2024
\u2013
189,277
\u2013
\u2013
\u2013
230,386
\u2013
419,663
Exercisable at 31 October 2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercisable at 31 October 2023
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Charge to income for the current year
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Charge to income for the prior year
\u2013
0.2
\u2013
\u2013
\u2013
0.2
\u2013
0.4
The weighted average exercise price of deferred bonus plan share options was \u00a3nil (2023: \u00a3nil).
Total share incentive schemes
2024 2023
Number of Number of
Movements in the year options options
Outstanding at beginning of the year
6,876,713
5,726,376
Granted during the year
3,113,019
4,082,706
Exercised during the year
(248,124)
(1,027,884)
Lapsed during the year
(2,805,815)
(1,904,485)
Outstanding at end of the year
6,935,793
6,876,713
Exercisable at end of the year
32,987
322,810
2024 2023
\u00a3m \u00a3m
Charge to income for share incentive schemes
1.7
1.5
Chief Executive Officer buy-out arrangement\u00b9
0.1
\u2013
Charge to income for the year
1.8
1.5
1 As part of his terms of appointment, the Group agreed to buy-out certain share-based awards from Martyn Clark\u2019s previous employment.
21,968 shares in Crest Nicholson Holdings plc were issued on joining at a cost of \u00a30.1m. Total buy-out related charge to income for the year
was \u00a30.5m (LTIPs charge \u00a30.4m and \u00a30.1m issued on joining).
The weighted average share price at the date of exercise of share options exercised during the year
was \u00a32.09 (2023: \u00a32.77). The options outstanding had a range of exercise prices of \u00a3nil to \u00a33.42 (2023:
\u00a3nil to \u00a33.42) and a weighted average remaining contractual life of 6.7 years (2023: 6.2 years). The
gain on shares exercised during the year was \u00a30.2m (2023: \u00a30.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-419": { "value": "Defined contribution scheme The Group operates a defined contribution scheme for new employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The contributions to this scheme for the year were \u00a32.6m (2023: \u00a32.8m). At the consolidated statement of financial position date there were no outstanding or prepaid contributions (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-420": { "value": "Defined benefit scheme The Company sponsors the Crest Nicholson Group Pension and Life Assurance Scheme (Scheme), a funded defined benefit pension scheme in the UK. The Scheme is administered within a trust that is legally separate from the Company. A Trustee company (Trustee) is appointed by the Company and the Company and the Scheme\u2019s members appoint Trustee Directors. The Trustee is appointed to act in the interest of the Scheme and all relevant stakeholders, including the members and the Company. The Trustee is also responsible for the investment of the Scheme\u2019s assets. The Scheme closed to future service accrual from 30 April 2010. Accrued pensions in relation to deferred members are revalued at statutory revaluation in the period before retirement. Benefits also increase either at a fixed rate or in line with inflation while in payment. The Scheme provides pensions to members on retirement and to their dependants on death. The Company pays contributions to improve the Scheme\u2019s funding position as determined by regular actuarial valuations. The Trustee is required to use prudent assumptions to value the liabilities and costs of the Scheme whereas the accounting assumptions must be best estimates. Responsibility for meeting any deficit within the Scheme lies with the Company and this introduces a number of risks for the Company. The major risks are: interest rate risk, inflation risk, investment risk and longevity risk. The Company and Trustee are aware of these risks and manage them through appropriate investment and funding strategies. The Scheme is subject to regular actuarial valuations, which are usually carried out every three years. The last actuarial valuation was carried out with an effective date of 31 January 2021. These actuarial valuations are carried out in accordance with the requirements of the Pensions Act 2004 and so include deliberate margins for prudence. This contrasts with these accounting disclosures, which are determined using best estimate assumptions. The 31 January 2024 valuation is currently underway and while the final assumptions have not yet been agreed, the initial results of the actuarial valuation as at 31 January 2024 have been projected to 31 October 2024 by a qualified independent actuary and used to derive the present value of scheme liabilities. The figures in the following disclosure were measured using the Projected Unit Method. The investment strategy in place for the Scheme is to invest in a mix of return seeking, index linked and fixed interest investments. As at 31 October 2024, the allocation of the Scheme\u2019s invested assets was 34% in return seeking investments, 51% in liability-driven investing, 12% in cash and 3% in insured annuities. Details of the investment strategy can be found in the Scheme\u2019s Statement of Investment Principles, which the Trustee updates as their policy evolves. It should also be noted that liabilities relating to insured members of the Scheme have been included as both an asset and a liability. Following the High Court judgement in the Lloyds Banking Group Pensions Trustees Limited v Lloyds Bank plc and others (2018) case, overall pension benefits now need to be equalised to eliminate inequalities between males and females in Guaranteed Minimum Pensions (GMP). The Company has allowed for this in its accounts by adding a 1.0% (2023: 1.3%) reserve reflecting an approximate estimate of the additional liability. In June 2023, the High Court judged that amendments made to the Virgin Media scheme were invalid because the scheme\u2019s actuary did not provide the associated Section 37 certificate. The High Court\u2019s decision has wide ranging implications, affecting other schemes that were contracted-out on a salary- related basis, and made amendments between April 1997 and April 2016. The Scheme was contracted out until 29 February 2016 and amendments were made during the relevant period. As such the ruling could have implications for the Group. Following the Court of Appeal upholding the 2023 High Court ruling on 25 July 2024, the Trustee initiated the process of investigating any potential impact for the Scheme. As part of this process the Trustee is also considering certain other historical amendments and the manner in which they were applied. As the detailed investigation is in progress, the Group considers that the amount of any potential impact on the defined benefit obligation cannot be confirmed and/or measured with sufficient reliability at the 2024 year end. We are therefore disclosing this issue as a potential contingent liability at 31 October 2024 and will review again in 2025 based on the findings of the detailed investigation.
2024 2023 2022
\u00a3m \u00a3m \u00a3m
The amounts recognised in the consolidated statement of financial
position are as follows:
Fair value of scheme assets
145.1
141.3
160.0
Present value of scheme liabilities
(125.6)
(131.3)
(148.9)
Net surplus amount recognised at year end
19.5
10.0
11.1
Deferred tax liability recognised at year end within non-current liabilities
(4.9)
(2.5)
(3.2)
The retirement benefit surplus recognised in the consolidated statement of financial position represents the surplus of the fair value of the Scheme\u2019s assets over the present value of the Scheme\u2019s liabilities. The rules of the Scheme provide the Group with an unconditional right to a refund of surplus assets on the gradual settlement of the Scheme\u2019s liabilities. In the ordinary course of business, the Scheme Trustee has no unilateral right to wind the Scheme up. Based on these rights and in accordance with International Financial Reporting Interpretations Committee 14, the Group has made the judgement that the net surplus in the Scheme is recognised in full. At the consolidated statement of financial position date, the corporation tax rate is 25.0%. The deferred tax liability on the retirement benefit surplus has been evaluated applying this rate. RPDT of 4.0% is applicable to residential property development trading income only. Amounts recognised in comprehensive income: The current and past service costs, settlements and curtailments, together with the interest income for the year are included in the consolidated statement of comprehensive income. Remeasurements of the net defined benefit asset are included in the consolidated statement of comprehensive income.
2024 2023
\u00a3m \u00a3m
Service cost
Administrative expenses
(0.7)
(0.6)
Interest income
0.6
0.5
Recognised in the consolidated income statement
(0.1)
(0.1)
2024 2023
\u00a3m \u00a3m
Remeasurements of the net liability
Return on Scheme assets
3.2
(18.5)
(Losses)/gains arising from changes in financial assumptions
(4.6)
12.5
Gains arising from changes in demographic assumptions
3.9
6.1
Experience gains/(losses)
6.0
(2.6)
Actuarial gains/(losses) recorded in the consolidated statement of
comprehensive income
8.5
(2.5)
Total defined benefit scheme gains/(losses)
8.4
(2.6)
2024 2023
% %
The principal actuarial assumptions used
were:
Liability discount rate
5.3
5.6
Inflation assumption \u2013 RPI
3.2
3.3
Inflation assumption \u2013 CPI
2.7
2.7
Revaluation of deferred pensions
2.7
2.7
Increases for pensions in payment
Benefits accrued in excess of GMP pre-1997
3.0
3.0
Benefits accrued post-1997
3.0
3.1
Proportion of employees opting for early
retirement
0.0
0.0
Proportion of employees commuting pension
for cash
100.0
100.0
Mortality assumption \u2013 pre-retirement
AC00
AC00
Mortality assumption \u2013 male and female post- Male/female pensioners: S3PA light base tables
retirement 103%/103% S3PA base tables. (males and females)
Male/female dependants: projected in line with
103%/100% S3DA base tables. CMI_2022
Projected in line with CMI_2023 core model with core
core projections and core parameters (Sk =
parameters (Sk = 7.0, an initial 7.0, an initial addition of
addition of 0.25%, w2020 = 0.25%, w2020
w2021 = 0%, and w2022 = and w2021 set to zero
w2023 = 15%) and a long-term and 2022 set to 25%) and
improvement rate of 1.25% with a long-term rate of
improvement of 1.25% p.a
2024 2023
Years Years
Future expected lifetime of current pensioner at age 65
Male aged 65 at year end
21.4
22.9
Female aged 65 at year end
23.9
24.6
Future expected lifetime of future pensioner at age 65
Male aged 45 at year end
22.7
24.1
Female aged 45 at year end
25.3
25.9
2024 2023
\u00a3m \u00a3m
Changes in the present value of assets over the year
Fair value of assets at beginning of the year
141.3
160.0
Interest income
7.7
7.5
Return on assets (excluding amount included in net interest income)
3.2
(18.5)
Contributions from the employer
1.1
1.5
Benefits paid
(7.5)
(8.6)
Administrative expenses
(0.7)
(0.6)
Fair value of assets at end of the year
145.1
141.3
Actual return on assets over the year
10.9
(10.9)
2024 2023
\u00a3m \u00a3m
Changes in the present value of liabilities over the year
Liabilities at beginning of the year
(131.3)
(148.9)
Interest cost
(7.1)
( 7.0)
Remeasurement gains/(losses)
(Losses)/gains arising from changes in financial assumptions
(4.6)
12.5
Gains arising from changes in demographic assumptions
3.9
6.1
Experience gains/(losses)
6.0
(2.6)
Benefits paid
7.5
8.6
Liabilities at end of the year
(125.6)
(131.3)
2024 2023
\u00a3m \u00a3m
Split of the Scheme's liabilities by category of membership
Deferred pensioners
(47.2)
(57.8)
Pensions in payment
(78.4)
(73.5)
(125.6)
(131.3)
2024 2023
Years Years
Average duration of the Scheme's liabilities at end of the year
11.0
12.0
This can be subdivided as follows:
Deferred pensioners
15.0
16.0
Pensions in payment
9.0
9.0
2024 2023
\u00a3m \u00a3m
Major categories of scheme assets
Return seeking
Overseas equities
8.6
2.4
Other (hedge funds, multi asset strategy and absolute return funds)
40.1
23.6
48.7
26.0
Debt instruments
Corporates
35.8
11.8
Liability-driven investing
38.4
44.1
74.2
55.9
Other
Cash (including liquidity fund)
18.3
55.9
Insured annuities
3.9
3.5
22.2
59.4
Total market value of assets
145.1
141.3
The Scheme has a Liability Driven Investment (LDI) strategy designed to closely align investment returns with movements in the Scheme\u2019s liabilities on a low-risk basis, thereby reducing the volatility of the Scheme\u2019s funding level. The use of LDI brings liquidity risk as the demand for additional collateral to maintain the Scheme\u2019s hedging can change over short periods when interest rates change. \u00a3nil (2023: \u00a3nil) of Scheme assets have a quoted market price in active markets, \u00a3132.1m (2023: \u00a390.9m) of Scheme assets have valuation inputs other than quoted market prices, including quoted market prices for similar assets in active markets, \u00a36.2m (2023: \u00a321.4m) of Scheme assets are instruments that are valued based on quoted prices for similar instruments but for which significant unobservable adjustments or assumptions are required to reflect the differences between the instruments, and \u00a36.8m (2023: \u00a329.0m) of Scheme assets are cash at bank and insured pension annuities. The Scheme has no investments in the Group or in property occupied by the Group. UK legislation requires that pension schemes are funded prudently. The last funding valuation of the scheme was carried out by a qualified actuary as at 31 January 2021 and showed a deficit of \u00a310.8m. The 31 January 2024 valuation is underway with ongoing discussions between the Trustees and the Company. The Company paid contributions of \u00a31.1m during 2024 and stopped paying deficit contributions in July 2024. Sensitivity of the liability value to changes in the principal assumptions The sensitivities included are consistent with those shown in prior years and show the change in the consolidated statement of financial position as at 31 October 2024 as a result of a change to the key assumptions. If the discount rate was 0.25% higher/(lower), the Scheme liabilities would decrease by \u00a33.3m/(increase by \u00a33.4m) if all the other assumptions remained unchanged. If the inflation assumption was 0.25% higher/(lower), the Scheme liabilities would increase by \u00a31.9m/ (decrease by \u00a31.9m) if all the other assumptions remained unchanged. If life expectancies were to increase by one year, the scheme liabilities would increase by \u00a34.9m if all the other assumptions remained unchanged. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-421": { "value": "(b) Share-based payments The Group operates a Long-Term Incentive Plan (LTIP), Save As You Earn scheme (SAYE) and a deferred bonus plan. No awards were made in 2024 under the deferred bonus plan as under the terms of the Directors\u2019 Remuneration Policy any future awards in respect of the annual bonus scheme will be made in the form of deferred shares. Long-Term Incentive Plan The Group\u2019s LTIP is open to the Executive Directors and senior management with awards being made at the discretion of the Remuneration Committee. Options granted under the plan are exercisable between three and 10 years after the date of grant. Awards may be satisfied by shares held in the ESOT, the issue of new shares (directly or to the ESOT) or the acquisition of shares in the market. All awards are subject to a three-year performance period and a two-year post-vesting period for Executive Directors and Executive Committee members. Awards issued in 2021 and 2022 are assessed against return on capital, profit performance conditions and relative total shareholder returns (TSR). The non-market based return on capital and profit performance conditions apply to 60% of the award and value the options using a binomial option valuation model. The market-based TSR performance conditions apply to 40% of the award and values the options using the Monte Carlo valuation model. The TSR-based performance conditions are split one-third FTSE 250 excluding investment funds and two-thirds sector peer group. Awards issued in 2023 are as above and include a tCO e target non-market performance condition and 75% of the award is subject to an additional post-vesting holding period, where shares cannot be sold for two years after vesting date. 1,487,313 options were awarded in 2024 and are subject to three years\u2019 performance with 882,615 options being subject to an additional two-year post-vesting holding period. 27% of the awards are assessed against return on capital, 12% against tCO e targets, 39% against relative total shareholder returns and 22% contain no performance conditions. Non-market based return on capital and tCO e performance conditions options and the options with no performance conditions are valued using a binomial option valuation model. Market-based TSR performance conditions options are valued using the Monte Carlo valuation model. The 28 January 2022 grant fair value at measurement date of the different valuation elements of the unrestricted options are \u00a31.68 TSR (FTSE 250), \u00a31.55 TSR (peer group), and \u00a32.62 for the non-market- based return on capital and profit performance conditions. The 2023 fair value at measurement date of the different valuation elements of the restricted options are \u00a31.51 TSR (FTSE 250), \u00a31.40 TSR (peer group), and \u00a32.36 for the non-market-based return on capital and profit performance conditions. The correlation of FTSE 250 and peer group calculated for each individual comparator company relative to the Group is 31% and 68% respectively. The average fair value at measurement date is \u00a32.10 per option. The average fair value at measurement date of the 25 August 2023 grant is \u00a31.59 per option. The 27 January 2023 grant fair value at measurement date of the different valuation elements of the unrestricted options are \u00a31.84 TSR (FTSE 250), \u00a31.68 TSR (peer group), and \u00a32.45 for the non-market- based return on capital and tCO e elements. The 2023 fair value at measurement date of the different valuation elements of the restricted options are \u00a31.58 TSR (FTSE 250), \u00a31.44 TSR (peer group), and \u00a32.10 for the non-market-based return on capital and profit performance conditions. The correlation of FTSE 250 and peer group calculated for each individual comparator company relative to the Group is 33% and 65% respectively. The average fair value at measurement date is \u00a31.88 per option. The 5 February 2024 grant fair value at measurement date of the different valuation elements of the unrestricted options are \u00a31.48 TSR (FTSE 250), \u00a31.14 TSR (peer group), and \u00a32.04 for the non-market- based return on capital, tCO e targets and options with no performance conditions. The fair value at measurement date of the different valuation elements of the restricted options are \u00a31.29 TSR (FTSE 250), \u00a30.99 TSR (peer group), and \u00a31.78 for the non-market-based return on capital, tCO e targets and options with no performance conditions. The correlation of FTSE 250 and peer group calculated for each individual comparator company relative to the Group is 32% and 66% respectively. The average fair value at measurement date is \u00a31.62 per option. The 17 June 2024 options granted are in relation to the buy-out arrangement of Martyn Clark who joined the Group on 3 June 2024 from Persimmon Plc (Persimmon). 498,628 options have the same conditions as the 5 February 2024 LTIP issue. 224,909 Crest Nicholson Holdings plc options are replacement unvested Persimmon 2023 LTIP options, subject to satisfaction of original Persimmon market and non-market performance conditions and vest 2 May 2026. 138,037 Crest Nicholson Holdings plc options are replacement unvested Persimmon 2022 LTIP options, subject to satisfaction of original Persimmon market and non-market performance conditions and vest 8 March 2025. 97,544 options are replacement unvested Persimmon 2024 Deferred Bonus Plan Award options, subject to a service condition and vest on 1 March 2026. The fair value at measurement date and valuation model applied are within the table on the next page.
20 Feb 04 Aug 08 Feb 28 Jan 25 Aug 06 Mar 07 Aug 27 Jan 05 Feb 17 Jun 17 Jun 17 Jun 17 Jun
Date of grant 2020 2020 2021 2022 2022 2023 2023 2023 2024 2024 2024 2024 2024
Options granted
1,125,531
7,298
1,328,192
1,341,918
23,955
29,462
508
1,771,417
1,487,313
498,628
224,909
138,037
97,544
Fair value at measurement date
\u00a34.28
\u00a31.53
\u00a32.50
\u00a32.10
\u00a31.59
\u00a32.75
\u00a32.46
\u00a31.88
\u00a31.62
\u00a31.92
\u00a31.47
\u00a31.30
\u00a32.48
Share price on date of grant
\u00a35.16
\u00a31.85
\u00a33.23
\u00a33.07
\u00a32.33
\u00a32.32
\u00a32.14
\u00a32.45
\u00a32.04
\u00a32.48
\u00a32.48
\u00a32.48
\u00a32.48
Exercise price
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
Vesting period
3 years
3 years
3 years
3 years
3 years
3 years
3 years
3 years
3 years
3 years
May 26
Mar 25
Mar 26
Expected dividend yield
6.40%
6.40%
4.30%
5.30%
5.30%
N/A
N/A
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Expected volatility
30.00%
30.00%
40.00%
40.00%
40.00%
N/A
N/A
45.00%
40.00%
40.00%
40.00%
40.00%
40.00%
Risk-free interest rate
0.45%
0.45%
0.03%
0.97%
0.97%
N/A
N/A
3.23%
4.05%
4.12%
4.12%
4.12%
4.12%
Binomial/ Binomial/ Binomial/ Binomial/ Binomial/ Binomial/ Binomial/ Binomial/
Monte Monte Monte Monte Monte Monte Monte Monte
Valuation model
Binomial
Binomial
Carlo Carlo
Carlo
N/A
N/A
Carlo Carlo Carlo Carlo
Carlo
Binomial
Contractual life from
20.02.20
04.08.20
08.02.21
28.01.22
25.08.22
06.03.23
07.08.23
27.01.23
05.02.24
17.06.24
17.06.24
17.06.24
17.06.24
Contractual life to
19.02.30
03.08.30
07.02.31
27.02.32
27.02.32
19.02.30
03.08.30
26.01.33
05.02.34
16.06.34
16.06.34
16.06.34
16.06.34
Number Number Number Number Number Number Number Number Number Number Number Number Number Total Number
of options of options of options of options of options of options of options of options of options of options of options of options of options of options
Movements in the year
Outstanding at 1 November 2022
891,970
7,298
1,197,676
1,312,475
23,955
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3,433,374
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
29,462
508
1,771,407
\u2013
\u2013
\u2013
\u2013
\u2013
1,801,377
Exercised during the year
(417,308)
(3,948)
\u2013
\u2013
\u2013
(29,462)
(508)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(451,226)
Lapsed during the year
(474,662)
(3,350)
(167,438)
(181,150)
\u2013
\u2013
\u2013
(201,028)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,027,628)
Outstanding at 31 October 2023
\u2013
\u2013
1,030,238
1,131,325
23,955
\u2013
\u2013
1,570,379
\u2013
\u2013
\u2013
\u2013
\u2013
3,755,897
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,487,313
498,628
224,909
138,037
97,544
2,446,431
Lapsed during the year
\u2013
\u2013
(1,030,238)
(252,040)
\u2013
\u2013
\u2013
(455,292)
(92,844)
\u2013
\u2013
\u2013
\u2013
(1,830,414)
Outstanding at 31 October 2024
\u2013
\u2013
\u2013
879,285
23,955
\u2013
\u2013
1,115,087
1,394,469
498,628
224,909
138,037
97,544
4,371,914
Exercisable at 31 October 2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercisable at 31 October 2023
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total \u00a3m
Charge to income for the current year
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.4
0.3
0.1
0.1
0.1
\u2013
1.1
Charge to income for the prior year
0.1
\u2013
\u2013
0.1
\u2013
0.1
\u2013
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
0.6
The weighted average exercise price of LTIP share options was \u00a3nil (2023: \u00a3nil). Save As You Earn Executive Directors and eligible employees are invited to make regular monthly contributions to a Sharesave scheme administered by EQ. On completion of the three-year savings contract period employees are able to purchase ordinary shares in the Company based on the market price at the date of invitation less a 20% discount. There are no performance conditions.
30 Jul 07 Aug 03 Aug 02 Aug 28 Jul 13 Sep
Date of grant 2019 2020 2021 2022 2023 2024
Options granted
935,208
1,624,259
256,132
975,549
1,938,156
663,354
Fair value at measurement date
\u00a30.54
\u00a30.36
\u00a31.15
\u00a30.66
\u00a31.51
\u00a30.40
Share price on date of grant
\u00a33.68
\u00a31.94
\u00a34.14
\u00a32.67
\u00a32.19
\u00a31.98
Exercise price
\u00a32.86
\u00a31.70
\u00a33.42
\u00a31.94
\u00a31.51
\u00a31.71
Vesting period
3 years
3 years
3 years
3 years
3 years
3 years
Expected dividend yield
8.96%
5.20%
1.98%
5.63%
7.78%
8.60%
Expected volatility
35.00%
40.00%
45.30%
42.20%
41.60%
44.10%
Risk-free interest rate
0.38%
-0.08%
0.14%
1.62%
4.63%
3.51%
Valuation model
Binomial
Binomial
Binomial
Binomial
Binomial
Binomial
Contractual life from
01.09.19
01.09.20
01.09.21
01.09.22
01.09.23
01.10.24
Contractual life to
01.03.23
01.03.24
01.03.25
01.03.26
01.03.27
01.04.28
30 Jul 07 Aug 03 Aug 02 Aug 28 Jul 13 Sep
2019 2020 2021 2022 2023 2024
Weighted
Number of Number of Number of Number of Number of Number of Total number average
Movements in the year options options options options options options of options exercise price
Outstanding at 1 November 2022
96,832
907,769
84,131
912,557
\u2013
\u2013
2,001,289
\u00a31.94
Granted during the year
\u2013
25
\u2013
\u2013
1,938,156
\u2013
1,938,156
\u00a31.51
Exercised during the year
\u2013
(522,976)
\u2013
\u2013
\u2013
\u2013
(522,976)
\u00a31.70
Lapsed during the year
(96,832)
(61,983)
(41,201)
(486,485)
(158,774)
\u2013
(845,275)
\u00a32.02
Outstanding at 31 October 2023
\u2013
322,810
42,930
426,072
1,779,382
\u2013
2,571,194
\u00a31.64
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
663,354
663,354
\u00a31.71
Exercised during the year
\u2013
(198,624)
\u2013
(3,581)
(4,965)
\u2013
(207,170)
\u00a31.70
Lapsed during the year
\u2013
(124,186)
(9,943)
(231,870)
(489,591)
(27,572)
(883,162)
\u00a31.68
Outstanding at 31 October 2024
\u2013
\u2013
32,987
190,621
1,284,826
635,782
2,144,216
\u00a31.64
Exercisable at 31 October 2024
\u2013
\u2013
32,987
\u2013
\u2013
\u2013
32,987
Exercisable at 31 October 2023
\u2013
322,810
\u2013
\u2013
\u2013
\u2013
322,810
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Charge to income for the current year
\u2013
\u2013
\u2013
0.1
0.3
\u2013
0.4
Charge to income for the prior year
\u2013
0.1
\u2013
0.3
0.1
\u2013
0.5
Deferred bonus plan Under the terms of certain bonus schemes, some parts of bonus payments must be deferred into share options. The options carry no performance criteria and vest over one or three years. Options granted under the plan are exercisable between one and 10 years after the date of grant. Deferred bonus plan option numbers are based on the share price on the date of grant.
28 Feb 28 Jan 09 Feb 06 Mar 06 Mar 27 Jan 05 Feb
Date of grant 2020 2022 2022 2023 2023 2023 2024
Options granted
20,956
230,605
58,848
151
2,897
340,125
3,234
Fair value at measurement date
\u00a34.52
\u00a32.76
\u00a32.76
\u00a32.75
\u00a32.53
\u00a32.44
\u00a32.02
Share price on date of grant
\u00a34.52
\u00a33.06
\u00a33.27
\u00a32.32
\u00a32.32
\u00a32.45
\u00a32.04
Exercise price
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
\u00a30.00
Vesting period
3 years
3 years
1 year
N/A
N/A
3/1 year
N/A
Expected dividend yield and volatility
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Risk-free interest rate
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Valuation model
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Contractual life from
28.02.20
28.01.22
09.02.22
06.03.23
06.03.23
27.01.23
05.02.24
Contractual life to
27.02.30
27.01.32
08.02.32
27.02.30
08.02.32
26.01.33
26.01.34
28 Feb 28 Jan 09 Feb 06 Mar 06 Mar 27 Jan 05 Feb
2020 2022 2022 2023 2023 2023 2023
Number of Number of Number of Number of Number of Number of Number of Total number
Movements in the year options options options options options options options of options
Outstanding at 1 November 2022
2,260
230,605
58,848
\u2013
\u2013
\u2013
\u2013
291,713
Granted during the year
\u2013
\u2013
\u2013
151
2,897
340,125
\u2013
343,173
Exercised during the year
(2,260)
\u2013
(48,374)
(151)
(2,897)
\u2013
\u2013
(53,682)
Lapsed during the year
\u2013
\u2013
(10,474)
\u2013
\u2013
(21,108)
\u2013
(31,582)
Outstanding at 31 October 2023
\u2013
230,605
\u2013
\u2013
\u2013
319,017
\u2013
549,622
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3,234
3,234
Exercised during the year
\u2013
\u2013
\u2013
\u2013
\u2013
(37,720)
(3,234)
(40,954)
Lapsed during the year
\u2013
(41,328)
\u2013
\u2013
\u2013
(50,911)
\u2013
(92,239)
Outstanding at 31 October 2024
\u2013
189,277
\u2013
\u2013
\u2013
230,386
\u2013
419,663
Exercisable at 31 October 2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercisable at 31 October 2023
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Charge to income for the current year
\u2013
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Charge to income for the prior year
\u2013
0.2
\u2013
\u2013
\u2013
0.2
\u2013
0.4
The weighted average exercise price of deferred bonus plan share options was \u00a3nil (2023: \u00a3nil). Total share incentive schemes
2024 2023
Number of Number of
Movements in the year options options
Outstanding at beginning of the year
6,876,713
5,726,376
Granted during the year
3,113,019
4,082,706
Exercised during the year
(248,124)
(1,027,884)
Lapsed during the year
(2,805,815)
(1,904,485)
Outstanding at end of the year
6,935,793
6,876,713
Exercisable at end of the year
32,987
322,810
2024 2023
\u00a3m \u00a3m
Charge to income for share incentive schemes
1.7
1.5
Chief Executive Officer buy-out arrangement\u00b9
0.1
\u2013
Charge to income for the year
1.8
1.5
1 As part of his terms of appointment, the Group agreed to buy-out certain share-based awards from Martyn Clark\u2019s previous employment. 21,968 shares in Crest Nicholson Holdings plc were issued on joining at a cost of \u00a30.1m. Total buy-out related charge to income for the year was \u00a30.5m (LTIPs charge \u00a30.4m and \u00a30.1m issued on joining). The weighted average share price at the date of exercise of share options exercised during the year was \u00a32.09 (2023: \u00a32.77). The options outstanding had a range of exercise prices of \u00a3nil to \u00a33.42 (2023: \u00a3nil to \u00a33.42) and a weighted average remaining contractual life of 6.7 years (2023: 6.2 years). The gain on shares exercised during the year was \u00a30.2m (2023: \u00a30.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-422": { "value": "
17 TRADE AND OTHER RECEIVABLES
Trade Trade Trade Trade
and other and other and other and other
receivables receivables receivables receivables
before after before after
expected Expected expected expected Expected expected
credit loss credit loss credit loss credit loss credit loss credit loss
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current
Trade receivables
12.6
\u2013
12.6
4.6
(0.1)
4.5
Due from joint ventures
\u2013
\u2013
\u2013
1.5
\u2013
1.5
Other receivables
2.0
\u2013
2.0
\u2013
\u2013
\u2013
14.6
\u2013
14.6
6.1
(0.1)
6.0
Current
Trade receivables
51.0
(1.4)
49.6
57.1
(0.7)
56.4
Contract assets
7.7
(0.1)
7.6
6.9
\u2013
6.9
Due from joint ventures
22.7
(0.1)
22.6
28.1
(0.1)
28.0
Other receivables
15.9
(0.1)
15.8
27.0
(0.2)
26.8
Prepayments and accrued
income
2.5
\u2013
2.5
1.9
\u2013
1.9
99.8
(1.7)
98.1
121.0
(1.0)
120.0
Non-current and current
114.4
(1.7)
112.7
127.1
(1.1)
126.0
Trade receivables and contract assets mainly comprise contractual amounts due from housing
associations, bulk sale purchasers and land sales to other housebuilders. Other receivables mainly
comprise two development agreements where the Group is entitled to recovery of costs incurred
under the agreement. Current trade receivables of \u00a317.7m have been collected as of 1 January 2025
(2023: \u00a320.2m have been collected as of 1 January 2024). The remaining balance is due according to
contractual terms, and no individually material amounts are past due. At the consolidated statement of
financial position date the difference between the fair value of amounts due from joint ventures and
nominal value is \u00a30.2m (2023: \u00a30.2m).
Amounts due from joint ventures comprises funding provided on four (2023: four) joint venture
developments which are being project managed by the Group and are repayable according to
contractual arrangements. Amounts due from joint ventures are stated net of losses of \u00a30.9m (2023:
\u00a3nil). See note 14 for additional details on the Group\u2019s interests in joint ventures.
Trade receivables, contract assets and other receivables are stated after a loss allowance of \u00a31.6m (2023: \u00a31.0m) in respect of expected credit losses, assessed on an estimate of default rates. \u00a30.7m (2023: \u00a30.7m) provision was made during the year, \u00a3nil (2023: \u00a3nil) was utilised and \u00a30.1m (2023: \u00a30.1m) provision was released during the year.
2024 2023
Movements in total loss allowance for expected credit losses \u00a3m \u00a3m
At beginning of the year
1.1
0.5
Charged in the year
0.7
0.7
Released in the year
(0.1)
(0.1)
At end of the year
1.7
1.1
2024 2023
Maturity of non-current receivables: \u00a3m \u00a3m
Due between one and two years
14.6
5.8
Due between two and five years
\u2013
0.2
Due after five years
\u2013
\u2013
14.6
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-472": { "value": "17 TRADE AND OTHER RECEIVABLES
Trade Trade Trade Trade
and other and other and other and other
receivables receivables receivables receivables
before after before after
expected Expected expected expected Expected expected
credit loss credit loss credit loss credit loss credit loss credit loss
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current
Trade receivables
12.6
\u2013
12.6
4.6
(0.1)
4.5
Due from joint ventures
\u2013
\u2013
\u2013
1.5
\u2013
1.5
Other receivables
2.0
\u2013
2.0
\u2013
\u2013
\u2013
14.6
\u2013
14.6
6.1
(0.1)
6.0
Current
Trade receivables
51.0
(1.4)
49.6
57.1
(0.7)
56.4
Contract assets
7.7
(0.1)
7.6
6.9
\u2013
6.9
Due from joint ventures
22.7
(0.1)
22.6
28.1
(0.1)
28.0
Other receivables
15.9
(0.1)
15.8
27.0
(0.2)
26.8
Prepayments and accrued
income
2.5
\u2013
2.5
1.9
\u2013
1.9
99.8
(1.7)
98.1
121.0
(1.0)
120.0
Non-current and current
114.4
(1.7)
112.7
127.1
(1.1)
126.0
Trade receivables and contract assets mainly comprise contractual amounts due from housing associations, bulk sale purchasers and land sales to other housebuilders. Other receivables mainly comprise two development agreements where the Group is entitled to recovery of costs incurred under the agreement. Current trade receivables of \u00a317.7m have been collected as of 1 January 2025 (2023: \u00a320.2m have been collected as of 1 January 2024). The remaining balance is due according to contractual terms, and no individually material amounts are past due. At the consolidated statement of financial position date the difference between the fair value of amounts due from joint ventures and nominal value is \u00a30.2m (2023: \u00a30.2m). Amounts due from joint ventures comprises funding provided on four (2023: four) joint venture developments which are being project managed by the Group and are repayable according to contractual arrangements. Amounts due from joint ventures are stated net of losses of \u00a30.9m (2023: \u00a3nil). See note 14 for additional details on the Group\u2019s interests in joint ventures. Trade receivables, contract assets and other receivables are stated after a loss allowance of \u00a31.6m (2023: \u00a31.0m) in respect of expected credit losses, assessed on an estimate of default rates. \u00a30.7m (2023: \u00a30.7m) provision was made during the year, \u00a3nil (2023: \u00a3nil) was utilised and \u00a30.1m (2023: \u00a30.1m) provision was released during the year.
2024 2023
Movements in total loss allowance for expected credit losses \u00a3m \u00a3m
At beginning of the year
1.1
0.5
Charged in the year
0.7
0.7
Released in the year
(0.1)
(0.1)
At end of the year
1.7
1.1
2024 2023
Maturity of non-current receivables: \u00a3m \u00a3m
Due between one and two years
14.6
5.8
Due between two and five years
\u2013
0.2
Due after five years
\u2013
\u2013
14.6
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-471": { "value": "17 TRADE AND OTHER RECEIVABLES
Trade Trade Trade Trade
and other and other and other and other
receivables receivables receivables receivables
before after before after
expected Expected expected expected Expected expected
credit loss credit loss credit loss credit loss credit loss credit loss
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current
Trade receivables
12.6
\u2013
12.6
4.6
(0.1)
4.5
Due from joint ventures
\u2013
\u2013
\u2013
1.5
\u2013
1.5
Other receivables
2.0
\u2013
2.0
\u2013
\u2013
\u2013
14.6
\u2013
14.6
6.1
(0.1)
6.0
Current
Trade receivables
51.0
(1.4)
49.6
57.1
(0.7)
56.4
Contract assets
7.7
(0.1)
7.6
6.9
\u2013
6.9
Due from joint ventures
22.7
(0.1)
22.6
28.1
(0.1)
28.0
Other receivables
15.9
(0.1)
15.8
27.0
(0.2)
26.8
Prepayments and accrued
income
2.5
\u2013
2.5
1.9
\u2013
1.9
99.8
(1.7)
98.1
121.0
(1.0)
120.0
Non-current and current
114.4
(1.7)
112.7
127.1
(1.1)
126.0
Trade receivables and contract assets mainly comprise contractual amounts due from housing associations, bulk sale purchasers and land sales to other housebuilders. Other receivables mainly comprise two development agreements where the Group is entitled to recovery of costs incurred under the agreement. Current trade receivables of \u00a317.7m have been collected as of 1 January 2025 (2023: \u00a320.2m have been collected as of 1 January 2024). The remaining balance is due according to contractual terms, and no individually material amounts are past due. At the consolidated statement of financial position date the difference between the fair value of amounts due from joint ventures and nominal value is \u00a30.2m (2023: \u00a30.2m). Amounts due from joint ventures comprises funding provided on four (2023: four) joint venture developments which are being project managed by the Group and are repayable according to contractual arrangements. Amounts due from joint ventures are stated net of losses of \u00a30.9m (2023: \u00a3nil). See note 14 for additional details on the Group\u2019s interests in joint ventures. Trade receivables, contract assets and other receivables are stated after a loss allowance of \u00a31.6m (2023: \u00a31.0m) in respect of expected credit losses, assessed on an estimate of default rates. \u00a30.7m (2023: \u00a30.7m) provision was made during the year, \u00a3nil (2023: \u00a3nil) was utilised and \u00a30.1m (2023: \u00a30.1m) provision was released during the year.
2024 2023
Movements in total loss allowance for expected credit losses \u00a3m \u00a3m
At beginning of the year
1.1
0.5
Charged in the year
0.7
0.7
Released in the year
(0.1)
(0.1)
At end of the year
1.7
1.1
2024 2023
Maturity of non-current receivables: \u00a3m \u00a3m
Due between one and two years
14.6
5.8
Due between two and five years
\u2013
0.2
Due after five years
\u2013
\u2013
14.6
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-466": { "value": "17 TRADE AND OTHER RECEIVABLES
Trade Trade Trade Trade
and other and other and other and other
receivables receivables receivables receivables
before after before after
expected Expected expected expected Expected expected
credit loss credit loss credit loss credit loss credit loss credit loss
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current
Trade receivables
12.6
\u2013
12.6
4.6
(0.1)
4.5
Due from joint ventures
\u2013
\u2013
\u2013
1.5
\u2013
1.5
Other receivables
2.0
\u2013
2.0
\u2013
\u2013
\u2013
14.6
\u2013
14.6
6.1
(0.1)
6.0
Current
Trade receivables
51.0
(1.4)
49.6
57.1
(0.7)
56.4
Contract assets
7.7
(0.1)
7.6
6.9
\u2013
6.9
Due from joint ventures
22.7
(0.1)
22.6
28.1
(0.1)
28.0
Other receivables
15.9
(0.1)
15.8
27.0
(0.2)
26.8
Prepayments and accrued
income
2.5
\u2013
2.5
1.9
\u2013
1.9
99.8
(1.7)
98.1
121.0
(1.0)
120.0
Non-current and current
114.4
(1.7)
112.7
127.1
(1.1)
126.0
Trade receivables and contract assets mainly comprise contractual amounts due from housing associations, bulk sale purchasers and land sales to other housebuilders. Other receivables mainly comprise two development agreements where the Group is entitled to recovery of costs incurred under the agreement. Current trade receivables of \u00a317.7m have been collected as of 1 January 2025 (2023: \u00a320.2m have been collected as of 1 January 2024). The remaining balance is due according to contractual terms, and no individually material amounts are past due. At the consolidated statement of financial position date the difference between the fair value of amounts due from joint ventures and nominal value is \u00a30.2m (2023: \u00a30.2m). Amounts due from joint ventures comprises funding provided on four (2023: four) joint venture developments which are being project managed by the Group and are repayable according to contractual arrangements. Amounts due from joint ventures are stated net of losses of \u00a30.9m (2023: \u00a3nil). See note 14 for additional details on the Group\u2019s interests in joint ventures. Trade receivables, contract assets and other receivables are stated after a loss allowance of \u00a31.6m (2023: \u00a31.0m) in respect of expected credit losses, assessed on an estimate of default rates. \u00a30.7m (2023: \u00a30.7m) provision was made during the year, \u00a3nil (2023: \u00a3nil) was utilised and \u00a30.1m (2023: \u00a30.1m) provision was released during the year.
2024 2023
Movements in total loss allowance for expected credit losses \u00a3m \u00a3m
At beginning of the year
1.1
0.5
Charged in the year
0.7
0.7
Released in the year
(0.1)
(0.1)
At end of the year
1.7
1.1
2024 2023
Maturity of non-current receivables: \u00a3m \u00a3m
Due between one and two years
14.6
5.8
Due between two and five years
\u2013
0.2
Due after five years
\u2013
\u2013
14.6
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-461": { "value": "17 TRADE AND OTHER RECEIVABLES
Trade Trade Trade Trade
and other and other and other and other
receivables receivables receivables receivables
before after before after
expected Expected expected expected Expected expected
credit loss credit loss credit loss credit loss credit loss credit loss
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current
Trade receivables
12.6
\u2013
12.6
4.6
(0.1)
4.5
Due from joint ventures
\u2013
\u2013
\u2013
1.5
\u2013
1.5
Other receivables
2.0
\u2013
2.0
\u2013
\u2013
\u2013
14.6
\u2013
14.6
6.1
(0.1)
6.0
Current
Trade receivables
51.0
(1.4)
49.6
57.1
(0.7)
56.4
Contract assets
7.7
(0.1)
7.6
6.9
\u2013
6.9
Due from joint ventures
22.7
(0.1)
22.6
28.1
(0.1)
28.0
Other receivables
15.9
(0.1)
15.8
27.0
(0.2)
26.8
Prepayments and accrued
income
2.5
\u2013
2.5
1.9
\u2013
1.9
99.8
(1.7)
98.1
121.0
(1.0)
120.0
Non-current and current
114.4
(1.7)
112.7
127.1
(1.1)
126.0
Trade receivables and contract assets mainly comprise contractual amounts due from housing associations, bulk sale purchasers and land sales to other housebuilders. Other receivables mainly comprise two development agreements where the Group is entitled to recovery of costs incurred under the agreement. Current trade receivables of \u00a317.7m have been collected as of 1 January 2025 (2023: \u00a320.2m have been collected as of 1 January 2024). The remaining balance is due according to contractual terms, and no individually material amounts are past due. At the consolidated statement of financial position date the difference between the fair value of amounts due from joint ventures and nominal value is \u00a30.2m (2023: \u00a30.2m). Amounts due from joint ventures comprises funding provided on four (2023: four) joint venture developments which are being project managed by the Group and are repayable according to contractual arrangements. Amounts due from joint ventures are stated net of losses of \u00a30.9m (2023: \u00a3nil). See note 14 for additional details on the Group\u2019s interests in joint ventures. Trade receivables, contract assets and other receivables are stated after a loss allowance of \u00a31.6m (2023: \u00a31.0m) in respect of expected credit losses, assessed on an estimate of default rates. \u00a30.7m (2023: \u00a30.7m) provision was made during the year, \u00a3nil (2023: \u00a3nil) was utilised and \u00a30.1m (2023: \u00a30.1m) provision was released during the year.
2024 2023
Movements in total loss allowance for expected credit losses \u00a3m \u00a3m
At beginning of the year
1.1
0.5
Charged in the year
0.7
0.7
Released in the year
(0.1)
(0.1)
At end of the year
1.7
1.1
2024 2023
Maturity of non-current receivables: \u00a3m \u00a3m
Due between one and two years
14.6
5.8
Due between two and five years
\u2013
0.2
Due after five years
\u2013
\u2013
14.6
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-378": { "value": "
2024 2023
Movements in total loss allowance for expected credit losses \u00a3m \u00a3m
At beginning of the year
1.1
0.5
Charged in the year
0.7
0.7
Released in the year
(0.1)
(0.1)
At end of the year
1.7
1.1
2024 2023
Maturity of non-current receivables: \u00a3m \u00a3m
Due between one and two years
14.6
5.8
Due between two and five years
\u2013
0.2
Due after five years
\u2013
\u2013
14.6
6.0
19 MOVEMENT IN NET DEBT /CASH
2024 Movement 2023
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents
73.8
(88.8)
162.6
Bank loans and senior loan notes
(82.3)
15.4
(97.7)
Net (debt)/cash
(8.5)
(73.4)
64.9
20 INTEREST BEARING LOANS AND BORROWINGS
2024 2023
\u00a3m \u00a3m
Non-current
Senior loan notes
65.0
85.0
Revolving credit and senior loan notes issue costs
(1.8)
(1.5)
63.2
83.5
Current
Senior loan notes
20.0
15.0
Revolving credit and senior loan notes issue costs
(0.9)
(0.8)
19.1
14.2
There were undrawn amounts of \u00a3250.0m (2023: \u00a3250.0m) under the RCF at the consolidated
statement of financial position date. The Group remained undrawn until 30 June 2024. From 1 July
2024 to 31 October 2024, the Group had average drawings of \u00a364.0m (2023: undrawn) under the RCF.
See note 24 for additional disclosures.
24 FINANCIAL RISK MANAGEMENT
The Group\u2019s financial instruments comprise cash, trade and other receivables, financial assets at fair value
through profit and loss, bank loans, senior loan notes, and trade and other payables. The main objective
of the Group\u2019s policy towards financial instruments is to maximise returns on the Group\u2019s cash balances,
manage the Group\u2019s working capital requirements and finance the Group\u2019s ongoing operations.
Capital management
The Group\u2019s policies seek to match long-term assets with long-term finance and ensure that there
is sufficient working capital to meet the Group\u2019s commitments as they fall due, comply with the loan
covenants and continue to sustain trading.
The Group\u2019s capital comprises shareholders\u2019 funds and net debt. A five-year summary of this can
be found in the unaudited historical summary on page 160, in addition to its return on average
capital employed.
The Group seeks to manage its capital through control of expenditure, dividend payments and through
its banking facilities. The Revolving Credit Facility (RCF) and senior loan notes impose certain minimum
capital requirements on the Group. These requirements are integrated into the Group\u2019s internal
forecasting process and are regularly reviewed. The Group has, and is forecasting, to operate within
these capital requirements.
There were undrawn amounts of \u00a3250.0m (2023: \u00a3250.0m) under the RCF at the consolidated
statement of financial position date.
On 31 October 2024 the Group signed an amendment and extension to the RCF. This amendment
extended the facility to run through to October 2027 and redefined margin from 1.85% to 2.15%.
Therefore, from 1 November 2024 the RCF carries interest at SONIA plus 2.15% and ends in 2027.
Both the senior loan notes and the RCF are subject to three covenants that are measured quarterly
in January, April, July and October each year. They are gearing being of a maximum of 70%, interest
cover being a minimum of three times against adjusted earnings before interest and tax (EBIT) and
consolidated tangible net worth being not less than \u00a3500m, all based on measures as defined in the
facilities agreements which are adjusted from the equivalent IFRS amounts. As at the statement of
financial position date gearing was 20.1%, interest cover was 3.5 times and consolidated tangible net
worth was \u00a3699.9m.
The RCF facility is sustainability linked with the margin applicable varying by plus or minus 0.05%
depending on the Group\u2019s progress against four targets. These targets and 2024 results are
presented below:
Reduction in absolute scope 1 and 2 emissions in line with our science-based targets. In 2024 this
target was met.
Increasing the number of our suppliers engaging with the Supply Chain Sustainability School. In
2024 this target was met.
Reduction in carbon emissions associated with the use of our homes. In 2024 this target was met.
Increasing the number of our employees in trainee positions and on training programmes. In 2024
this target was not met.
As a result of meeting 3 out of 4 of the metrics for 2024 the margin on the RCF will be amended down
by 0.025% (2023: 0.05% based on achieving 4 out of 4 targets) from the date of submission of the
compliance documents for the facility.
Financial risk
As virtually all of the operations of the Group are in sterling, there is no direct currency risk, and thus
the Group\u2019s main financial risks are credit risk, liquidity risk and market interest rate risk. The Board is
responsible for managing these risks and the policies adopted are as set out here.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or other counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s cash
deposits, as most receivables are secured on land and buildings.
The Group has cash deposits of \u00a373.8m (2023: \u00a3162.6m) which are held by the providers of its banking
facilities. The Group has bank facilities of \u00a3250.0m expiring in October 2027; as at 31 October 2024 with
\u00a3250.0m remaining available for drawdown under such facilities. These are primarily provided by HSBC
Bank Plc, Barclays Bank Plc, Lloyds Bank Plc and NatWest Group Plc, being four of the UK\u2019s leading financial
institutions. The security and suitability of these banks is monitored by the treasury function on a regular basis.
Financial assets at fair value through profit and loss of \u00a33.3m (2023: \u00a33.7m) are receivables on
extended terms granted as part of a sales transaction and are secured by way of a legal charge on the
relevant property and therefore credit risk is considered low.
The carrying value of trade and other receivables is mainly contractual amounts due from housing
associations, bulk sale purchasers, land sales to other housebuilders and a development agreement
where the Group is entitled to recovery of costs incurred under the agreement, and equates to the
Group\u2019s exposure to credit risk which is set out in note 17. Amounts due from joint ventures of \u00a322.6m
(2023: \u00a329.5m) is funding provided on four (2023: four) joint venture developments which are being
project managed by the Group and are subject to contractual arrangements. The Group has assessed
the expected credit loss impact on the carrying value of trade and other receivables as set out in note
17. Within trade receivables the other largest single amount outstanding at 31 October 2024 is \u00a37.6m
(2023: \u00a312.1m) which is within agreed terms.
The Group considers the credit quality of financial assets that are neither past due nor impaired as
good. In managing risk the Group assesses the credit risk of its counterparties before entering into a
transaction. No credit limits were exceeded during the reporting year, and the Directors do not expect
any material losses from non-performance of any counterparties, including in respect of receivables
not yet due. No individually material financial assets are past due, or are considered to be impaired as
at the consolidated statement of financial position date (2023: none).
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall
due. Cash flow forecasts are produced to monitor the expected cash flow requirements of the Group
against the available facilities. The principal risks within these cash flows relate to achieving the level
of sales volume and prices in line with current forecasts.
The following are the contractual maturities of the financial liabilities of the Group at 31 October 2024:
Carrying Contractual Within Within Within More than
value cash flows 1 year 1 to 2 years 2 to 3 years 3 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Senior loan notes
85.0
94.1
23.1
2.4
52.4
16.2
Financial liabilities carrying no
interest
326.7
332.8
280.8
36.1
13.4
2.5
At 31 October 2024
411.7
426.9
303.9
38.5
65.8
18.7
Carrying Contractual Within Within Within More than
value cash flows 1 year 1 to 2 years 2 to 3 years 3 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Senior loan notes
100.0
112.5
18.5
23.1
2.4
68.5
Financial liabilities carrying no
interest (Represented\u00b9)
391.6
399.0
325.1
42.7
28.3
2.9
At 31 October 2023
(Represented\u00b9)
491.6
511.5
343.6
65.8
30.7
71.4
1 See note 29 for an explanation of the prior year representation.
Market interest rate risk
Market interest rate risk reflects the Group\u2019s exposure to fluctuations to interest rates in the market.
The risk arises because the Group\u2019s RCF is subject to floating interest rates based on SONIA. The
Group accepts a degree of interest rate risk, and monitors rate changes to ensure they are within
acceptable limits and in line with banking covenants. The Group has partially mitigated this risk by
placing \u00a385.0m of senior loan notes which are at fixed interest rates. For the year ended 31 October
2024 it is estimated that an increase of 1.0% in interest rates applying for the full year would decrease
the Group\u2019s profit before tax and equity by \u00a30.2m (2023: \u00a3nil).
The interest rate profile of the financial liabilities of the Group was:
Represented
1
2024 2023
\u00a3m \u00a3m
Sterling bank borrowings, loan notes and long-term creditors
Financial liabilities carrying interest
85.0
100.0
Financial liabilities carrying no interest
326.7
391.6
411.7
491.6
1 See note 29 for an explanation of the prior year representation.
For financial liabilities that have no interest payable but for which imputed interest is charged,
consisting of land payables and lease liabilities, the weighted average period to maturity is 14 months
(2023: 26 months).
Represented
1
2024 2023
\u00a3m \u00a3m
The maturity of the financial liabilities is:
Repayable within one year
297.6
335.6
Repayable between one and two years
34.5
60.3
Repayable between two and five years
77.0
78.9
Repayable after five years
2.6
16.8
411.7
491.6
1 See note 29 for an explanation of the prior year representation.
Fair values
Financial assets
The Group\u2019s financial assets are detailed in the table below. The carrying value of cash and cash
equivalents and trade and other receivables is a reasonable approximation of fair value which would
be measured under a level 3 hierarchy. Financial assets at fair value through profit and loss are carried
at fair value and categorised as level 3 (inputs not based on observable market data) within the
hierarchical classification of IFRS 13: Revised.
Financial liabilities
The Group\u2019s financial liabilities are detailed in a table below, the carrying amounts of which are
deemed to be a reasonable approximation to their fair value. The fair values of the RCF, other loans
and loan notes are calculated based on the present value of future principal and interest cash flows,
discounted at the market rate of interest at the consolidated statement of financial position date.
The fair values of the facilities determined on this basis are:
Nominal Face Carrying
interest value value
2024 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.32%
20.0
20.0
2025
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2026\u20132029
Total interest-bearing loans
85.0
85.0
Nominal Face Carrying
interest value value
2023 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.15%
15.0
15.0
2024
Non-current
Senior loan notes
3.32%\u20133.87%
85.0
85.0
2025\u20132029
Total interest-bearing loans
100.0
100.0
Financial assets and liabilities by category
2024 2023
\u00a3m \u00a3m
Financial assets
Sterling cash deposits
73.8
162.6
Trade receivables
62.2
60.9
Amounts due from joint ventures
22.6
29.5
Other receivables
12.5
22.7
Total financial assets at amortised cost
171.1
275.7
Financial assets at fair value through profit and loss
3.3
3.7
Total financial assets
174.4
279.4
2024 2023
\u00a3m \u00a3m
Financial liabilities
Senior loan notes
85.0
100.0
Land payables on contractual terms carrying no interest
131.6
205.5
Amounts due to joint ventures
0.1
0.7
Lease liabilities
12.0
6.4
Other trade payables
67.8
61.8
Other payables
2.8
3.1
Accruals (represented\u00b9)
112.4
114.1
Total financial liabilities at amortised cost (represented\u00b9)
411.7
491.6
1 See note 29 for an explanation of the prior year representation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-442": { "value": "
2024 2023
Movements in total loss allowance for expected credit losses \u00a3m \u00a3m
At beginning of the year
1.1
0.5
Charged in the year
0.7
0.7
Released in the year
(0.1)
(0.1)
At end of the year
1.7
1.1
2024 2023
Maturity of non-current receivables: \u00a3m \u00a3m
Due between one and two years
14.6
5.8
Due between two and five years
\u2013
0.2
Due after five years
\u2013
\u2013
14.6
6.0
Credit risk Credit risk is the risk of financial loss to the Group if a customer or other counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s cash deposits, as most receivables are secured on land and buildings. The Group has cash deposits of \u00a373.8m (2023: \u00a3162.6m) which are held by the providers of its banking facilities. The Group has bank facilities of \u00a3250.0m expiring in October 2027; as at 31 October 2024 with \u00a3250.0m remaining available for drawdown under such facilities. These are primarily provided by HSBC Bank Plc, Barclays Bank Plc, Lloyds Bank Plc and NatWest Group Plc, being four of the UK\u2019s leading financial institutions. The security and suitability of these banks is monitored by the treasury function on a regular basis. Financial assets at fair value through profit and loss of \u00a33.3m (2023: \u00a33.7m) are receivables on extended terms granted as part of a sales transaction and are secured by way of a legal charge on the relevant property and therefore credit risk is considered low. The carrying value of trade and other receivables is mainly contractual amounts due from housing associations, bulk sale purchasers, land sales to other housebuilders and a development agreement where the Group is entitled to recovery of costs incurred under the agreement, and equates to the Group\u2019s exposure to credit risk which is set out in note 17. Amounts due from joint ventures of \u00a322.6m (2023: \u00a329.5m) is funding provided on four (2023: four) joint venture developments which are being project managed by the Group and are subject to contractual arrangements. The Group has assessed the expected credit loss impact on the carrying value of trade and other receivables as set out in note 17. Within trade receivables the other largest single amount outstanding at 31 October 2024 is \u00a37.6m (2023: \u00a312.1m) which is within agreed terms. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-453": { "value": "
2024 2023
Movements in total loss allowance for expected credit losses \u00a3m \u00a3m
At beginning of the year
1.1
0.5
Charged in the year
0.7
0.7
Released in the year
(0.1)
(0.1)
At end of the year
1.7
1.1
2024 2023
Maturity of non-current receivables: \u00a3m \u00a3m
Due between one and two years
14.6
5.8
Due between two and five years
\u2013
0.2
Due after five years
\u2013
\u2013
14.6
6.0
Credit risk Credit risk is the risk of financial loss to the Group if a customer or other counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s cash deposits, as most receivables are secured on land and buildings. The Group has cash deposits of \u00a373.8m (2023: \u00a3162.6m) which are held by the providers of its banking facilities. The Group has bank facilities of \u00a3250.0m expiring in October 2027; as at 31 October 2024 with \u00a3250.0m remaining available for drawdown under such facilities. These are primarily provided by HSBC Bank Plc, Barclays Bank Plc, Lloyds Bank Plc and NatWest Group Plc, being four of the UK\u2019s leading financial institutions. The security and suitability of these banks is monitored by the treasury function on a regular basis. Financial assets at fair value through profit and loss of \u00a33.3m (2023: \u00a33.7m) are receivables on extended terms granted as part of a sales transaction and are secured by way of a legal charge on the relevant property and therefore credit risk is considered low. The carrying value of trade and other receivables is mainly contractual amounts due from housing associations, bulk sale purchasers, land sales to other housebuilders and a development agreement where the Group is entitled to recovery of costs incurred under the agreement, and equates to the Group\u2019s exposure to credit risk which is set out in note 17. Amounts due from joint ventures of \u00a322.6m (2023: \u00a329.5m) is funding provided on four (2023: four) joint venture developments which are being project managed by the Group and are subject to contractual arrangements. The Group has assessed the expected credit loss impact on the carrying value of trade and other receivables as set out in note 17. Within trade receivables the other largest single amount outstanding at 31 October 2024 is \u00a37.6m (2023: \u00a312.1m) which is within agreed terms. The Group considers the credit quality of financial assets that are neither past due nor impaired as good. In managing risk the Group assesses the credit risk of its counterparties before entering into a transaction. No credit limits were exceeded during the reporting year, and the Directors do not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due. No individually material financial assets are past due, or are considered to be impaired as at the consolidated statement of financial position date (2023: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-379": { "value": "
18 INVENTORIES
Represented\u00b9
2024 2023
\u00a3m \u00a3m
Land
670.2
679.4
Work-in-progress
334.1
361.3
Completed buildings including show homes
102.9
89.6
Part exchange inventories
30.2
34.5
1,137.4
1,164.8
1 Work-in-progress has been represented to show land and work-in-progress separately as land represents a major component of inventories
and has different characteristics to other work-in-progress.
Total inventories of \u00a3497.6m (2023: \u00a3520.2m) were recognised as cost of sales in the year.
During the year \u00a314.2m (2023: \u00a313.4m) additional NRV was charged consisting of \u00a38.5m, mainly on
legacy developments and \u00a35.7m on freehold reversionary interests as disclosed in note 4.
Inventories are stated after an NRV provision of \u00a322.3m (2023: \u00a320.2m), which it is currently forecast
around half will be used in the next financial year.
Movements in the NRV provision in the current and prior year are shown below:
2024 2023
\u00a3m \u00a3m
At beginning of the year
20.2
12.6
NRV charged in the year
14.2
13.4
NRV used in the year
(12.1)
(5.8)
Total movement in NRV in the year
2.1
7.6
At end of the year
22.3
20.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-454": { "value": "19 MOVEMENT IN NET DEBT /CASH
2024 Movement 2023
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents
73.8
(88.8)
162.6
Bank loans and senior loan notes
(82.3)
15.4
(97.7)
Net (debt)/cash
(8.5)
(73.4)
64.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-443": { "value": "19 MOVEMENT IN NET DEBT /CASH
2024 Movement 2023
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents
73.8
(88.8)
162.6
Bank loans and senior loan notes
(82.3)
15.4
(97.7)
Net (debt)/cash
(8.5)
(73.4)
64.9
26 NET DEBT /CASH AND LAND CREDITORS
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
73.8
162.6
Non-current Interest-bearing loans and borrowings
(63.2)
(83.5)
Current Interest-bearing loans and borrowings
(19.1)
(14.2)
Net (debt)/cash
(8.5)
64.9
Land payables on contractual terms carrying no interest
(131.6)
(205.5)
Net debt and land creditors
(140.1)
(140.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-423": { "value": "19 MOVEMENT IN NET DEBT /CASH
2024 Movement 2023
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents
73.8
(88.8)
162.6
Bank loans and senior loan notes
(82.3)
15.4
(97.7)
Net (debt)/cash
(8.5)
(73.4)
64.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-424": { "value": "20 INTEREST BEARING LOANS AND BORROWINGS
2024 2023
\u00a3m \u00a3m
Non-current
Senior loan notes
65.0
85.0
Revolving credit and senior loan notes issue costs
(1.8)
(1.5)
63.2
83.5
Current
Senior loan notes
20.0
15.0
Revolving credit and senior loan notes issue costs
(0.9)
(0.8)
19.1
14.2
There were undrawn amounts of \u00a3250.0m (2023: \u00a3250.0m) under the RCF at the consolidated statement of financial position date. The Group remained undrawn until 30 June 2024. From 1 July 2024 to 31 October 2024, the Group had average drawings of \u00a364.0m (2023: undrawn) under the RCF. See note 24 for additional disclosures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-380": { "value": "
21 TRADE AND OTHER PAYABLES
Represented
1
2024 2023
\u00a3m \u00a3m
Non-current
Land payables on contractual terms
31.8
64.7
Other payables
1.7
2.0
Contract liabilities
\u2013
0.3
Accruals and deferred income
8.8
2.7
42.3
69.7
Current
Land payables on contractual terms
99.8
140.8
Other trade payables
67.8
61.8
Contract liabilities
6.9
5.7
Amounts due to joint ventures
0.1
0.7
Taxes and social security costs
1.7
1.7
Other payables
1.1
1.1
Accruals and deferred income
107.8
116.8
285.2
328.6
1 See note 29 for an explanation of the prior year representation
Land payables are recognised from the date of unconditional exchange of contracts, and represent
amounts due to land vendors for development sites acquired. All land payables are due according
to contractual terms. Where land is purchased on deferred settlement terms then the land and the
land payable are discounted to their fair value using the effective interest method in accordance with
IFRS 9. The difference between the fair value and the nominal value is amortised over the deferment
period, with the financing element being charged as an interest expense through the consolidated
income statement. As at 31 October 2024 the difference between the fair value and nominal value of
land payables is \u00a33.7m (2023: \u00a36.8m).
Contract liabilities represent payments on account, received from customers, in excess of billable
work-in-progress on affordable and other sales in bulk on contracts in which revenue is recognised
over time. Based on historical trends, the Directors expect a significant proportion of the contract
liabilities total to be recognised as revenue in the next reporting period.
Amounts due to joint ventures are interest free and repayable on demand. See note 14 for additional
details on the Group\u2019s interests in joint ventures.
Other trade payables mainly comprise amounts due to suppliers and subcontractor retentions.
Suppliers are settled according to agreed payment terms and subcontractor retentions are released
once the retention condition has been satisfied.
Accruals are mainly work-in-progress related where work has been performed but not yet invoiced
and completed site accruals. Completed site accruals are \u00a321.8m (2023: \u00a314.2m) and relate to the
cost to complete outstanding site infrastructure and amenities on completed developments. Included
within the \u00a321.8m completed site accruals is \u00a38.8m exceptional charge in the year. See note 4 for
additional disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-467": { "value": "21 TRADE AND OTHER PAYABLES
Represented
1
2024 2023
\u00a3m \u00a3m
Non-current
Land payables on contractual terms
31.8
64.7
Other payables
1.7
2.0
Contract liabilities
\u2013
0.3
Accruals and deferred income
8.8
2.7
42.3
69.7
Current
Land payables on contractual terms
99.8
140.8
Other trade payables
67.8
61.8
Contract liabilities
6.9
5.7
Amounts due to joint ventures
0.1
0.7
Taxes and social security costs
1.7
1.7
Other payables
1.1
1.1
Accruals and deferred income
107.8
116.8
285.2
328.6
1 See note 29 for an explanation of the prior year representation Land payables are recognised from the date of unconditional exchange of contracts, and represent amounts due to land vendors for development sites acquired. All land payables are due according to contractual terms. Where land is purchased on deferred settlement terms then the land and the land payable are discounted to their fair value using the effective interest method in accordance with IFRS 9. The difference between the fair value and the nominal value is amortised over the deferment period, with the financing element being charged as an interest expense through the consolidated income statement. As at 31 October 2024 the difference between the fair value and nominal value of land payables is \u00a33.7m (2023: \u00a36.8m). Contract liabilities represent payments on account, received from customers, in excess of billable work-in-progress on affordable and other sales in bulk on contracts in which revenue is recognised over time. Based on historical trends, the Directors expect a significant proportion of the contract liabilities total to be recognised as revenue in the next reporting period. Amounts due to joint ventures are interest free and repayable on demand. See note 14 for additional details on the Group\u2019s interests in joint ventures. Other trade payables mainly comprise amounts due to suppliers and subcontractor retentions. Suppliers are settled according to agreed payment terms and subcontractor retentions are released once the retention condition has been satisfied. Accruals are mainly work-in-progress related where work has been performed but not yet invoiced and completed site accruals. Completed site accruals are \u00a321.8m (2023: \u00a314.2m) and relate to the cost to complete outstanding site infrastructure and amenities on completed developments. Included within the \u00a321.8m completed site accruals is \u00a38.8m exceptional charge in the year. See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-462": { "value": "21 TRADE AND OTHER PAYABLES
Represented
1
2024 2023
\u00a3m \u00a3m
Non-current
Land payables on contractual terms
31.8
64.7
Other payables
1.7
2.0
Contract liabilities
\u2013
0.3
Accruals and deferred income
8.8
2.7
42.3
69.7
Current
Land payables on contractual terms
99.8
140.8
Other trade payables
67.8
61.8
Contract liabilities
6.9
5.7
Amounts due to joint ventures
0.1
0.7
Taxes and social security costs
1.7
1.7
Other payables
1.1
1.1
Accruals and deferred income
107.8
116.8
285.2
328.6
1 See note 29 for an explanation of the prior year representation Land payables are recognised from the date of unconditional exchange of contracts, and represent amounts due to land vendors for development sites acquired. All land payables are due according to contractual terms. Where land is purchased on deferred settlement terms then the land and the land payable are discounted to their fair value using the effective interest method in accordance with IFRS 9. The difference between the fair value and the nominal value is amortised over the deferment period, with the financing element being charged as an interest expense through the consolidated income statement. As at 31 October 2024 the difference between the fair value and nominal value of land payables is \u00a33.7m (2023: \u00a36.8m). Contract liabilities represent payments on account, received from customers, in excess of billable work-in-progress on affordable and other sales in bulk on contracts in which revenue is recognised over time. Based on historical trends, the Directors expect a significant proportion of the contract liabilities total to be recognised as revenue in the next reporting period. Amounts due to joint ventures are interest free and repayable on demand. See note 14 for additional details on the Group\u2019s interests in joint ventures. Other trade payables mainly comprise amounts due to suppliers and subcontractor retentions. Suppliers are settled according to agreed payment terms and subcontractor retentions are released once the retention condition has been satisfied. Accruals are mainly work-in-progress related where work has been performed but not yet invoiced and completed site accruals. Completed site accruals are \u00a321.8m (2023: \u00a314.2m) and relate to the cost to complete outstanding site infrastructure and amenities on completed developments. Included within the \u00a321.8m completed site accruals is \u00a38.8m exceptional charge in the year. See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-455": { "value": "21 TRADE AND OTHER PAYABLES
Represented
1
2024 2023
\u00a3m \u00a3m
Non-current
Land payables on contractual terms
31.8
64.7
Other payables
1.7
2.0
Contract liabilities
\u2013
0.3
Accruals and deferred income
8.8
2.7
42.3
69.7
Current
Land payables on contractual terms
99.8
140.8
Other trade payables
67.8
61.8
Contract liabilities
6.9
5.7
Amounts due to joint ventures
0.1
0.7
Taxes and social security costs
1.7
1.7
Other payables
1.1
1.1
Accruals and deferred income
107.8
116.8
285.2
328.6
1 See note 29 for an explanation of the prior year representation Land payables are recognised from the date of unconditional exchange of contracts, and represent amounts due to land vendors for development sites acquired. All land payables are due according to contractual terms. Where land is purchased on deferred settlement terms then the land and the land payable are discounted to their fair value using the effective interest method in accordance with IFRS 9. The difference between the fair value and the nominal value is amortised over the deferment period, with the financing element being charged as an interest expense through the consolidated income statement. As at 31 October 2024 the difference between the fair value and nominal value of land payables is \u00a33.7m (2023: \u00a36.8m). Contract liabilities represent payments on account, received from customers, in excess of billable work-in-progress on affordable and other sales in bulk on contracts in which revenue is recognised over time. Based on historical trends, the Directors expect a significant proportion of the contract liabilities total to be recognised as revenue in the next reporting period. Amounts due to joint ventures are interest free and repayable on demand. See note 14 for additional details on the Group\u2019s interests in joint ventures. Other trade payables mainly comprise amounts due to suppliers and subcontractor retentions. Suppliers are settled according to agreed payment terms and subcontractor retentions are released once the retention condition has been satisfied. Accruals are mainly work-in-progress related where work has been performed but not yet invoiced and completed site accruals. Completed site accruals are \u00a321.8m (2023: \u00a314.2m) and relate to the cost to complete outstanding site infrastructure and amenities on completed developments. Included within the \u00a321.8m completed site accruals is \u00a38.8m exceptional charge in the year. See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-444": { "value": "21 TRADE AND OTHER PAYABLES
Represented
1
2024 2023
\u00a3m \u00a3m
Non-current
Land payables on contractual terms
31.8
64.7
Other payables
1.7
2.0
Contract liabilities
\u2013
0.3
Accruals and deferred income
8.8
2.7
42.3
69.7
Current
Land payables on contractual terms
99.8
140.8
Other trade payables
67.8
61.8
Contract liabilities
6.9
5.7
Amounts due to joint ventures
0.1
0.7
Taxes and social security costs
1.7
1.7
Other payables
1.1
1.1
Accruals and deferred income
107.8
116.8
285.2
328.6
1 See note 29 for an explanation of the prior year representation Land payables are recognised from the date of unconditional exchange of contracts, and represent amounts due to land vendors for development sites acquired. All land payables are due according to contractual terms. Where land is purchased on deferred settlement terms then the land and the land payable are discounted to their fair value using the effective interest method in accordance with IFRS 9. The difference between the fair value and the nominal value is amortised over the deferment period, with the financing element being charged as an interest expense through the consolidated income statement. As at 31 October 2024 the difference between the fair value and nominal value of land payables is \u00a33.7m (2023: \u00a36.8m). Contract liabilities represent payments on account, received from customers, in excess of billable work-in-progress on affordable and other sales in bulk on contracts in which revenue is recognised over time. Based on historical trends, the Directors expect a significant proportion of the contract liabilities total to be recognised as revenue in the next reporting period. Amounts due to joint ventures are interest free and repayable on demand. See note 14 for additional details on the Group\u2019s interests in joint ventures. Other trade payables mainly comprise amounts due to suppliers and subcontractor retentions. Suppliers are settled according to agreed payment terms and subcontractor retentions are released once the retention condition has been satisfied. Accruals are mainly work-in-progress related where work has been performed but not yet invoiced and completed site accruals. Completed site accruals are \u00a321.8m (2023: \u00a314.2m) and relate to the cost to complete outstanding site infrastructure and amenities on completed developments. Included within the \u00a321.8m completed site accruals is \u00a38.8m exceptional charge in the year. See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-425": { "value": "21 TRADE AND OTHER PAYABLES
Represented
1
2024 2023
\u00a3m \u00a3m
Non-current
Land payables on contractual terms
31.8
64.7
Other payables
1.7
2.0
Contract liabilities
\u2013
0.3
Accruals and deferred income
8.8
2.7
42.3
69.7
Current
Land payables on contractual terms
99.8
140.8
Other trade payables
67.8
61.8
Contract liabilities
6.9
5.7
Amounts due to joint ventures
0.1
0.7
Taxes and social security costs
1.7
1.7
Other payables
1.1
1.1
Accruals and deferred income
107.8
116.8
285.2
328.6
1 See note 29 for an explanation of the prior year representation Land payables are recognised from the date of unconditional exchange of contracts, and represent amounts due to land vendors for development sites acquired. All land payables are due according to contractual terms. Where land is purchased on deferred settlement terms then the land and the land payable are discounted to their fair value using the effective interest method in accordance with IFRS 9. The difference between the fair value and the nominal value is amortised over the deferment period, with the financing element being charged as an interest expense through the consolidated income statement. As at 31 October 2024 the difference between the fair value and nominal value of land payables is \u00a33.7m (2023: \u00a36.8m). Contract liabilities represent payments on account, received from customers, in excess of billable work-in-progress on affordable and other sales in bulk on contracts in which revenue is recognised over time. Based on historical trends, the Directors expect a significant proportion of the contract liabilities total to be recognised as revenue in the next reporting period. Amounts due to joint ventures are interest free and repayable on demand. See note 14 for additional details on the Group\u2019s interests in joint ventures. Other trade payables mainly comprise amounts due to suppliers and subcontractor retentions. Suppliers are settled according to agreed payment terms and subcontractor retentions are released once the retention condition has been satisfied. Accruals are mainly work-in-progress related where work has been performed but not yet invoiced and completed site accruals. Completed site accruals are \u00a321.8m (2023: \u00a314.2m) and relate to the cost to complete outstanding site infrastructure and amenities on completed developments. Included within the \u00a321.8m completed site accruals is \u00a38.8m exceptional charge in the year. See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-381": { "value": "
22 PROVISIONS
Completed
Combustible Legal site Joint Other
materials provision provisions ventures provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 November 2022
140.8
\u2013
\u2013
1.2
1.0
143.0
Provided in the year
12.0
13.0
\u2013
\u2013
0.4
25.4
Utilised in the year
(12.6)
\u2013
\u2013
\u2013
(0.6)
(13.2)
Released in the year
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Imputed interest
4.6
\u2013
\u2013
\u2013
\u2013
4.6
Funding commitment change
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At 31 October 2023
as previously presented
144.8
13.0
\u2013
0.9
0.6
159.3
Represented
1
\u2013
\u2013
9.8
\u2013
\u2013
9.8
At 31 October 2023 as presented
144.8
13.0
9.8
0.9
0.6
169.1
Provided in the year
131.7
\u2013
21.5
\u2013
0.3
153.5
Utilised in the year
(33.3)
\u2013
(4.0)
\u2013
\u2013
(37.3)
Released in the year
\u2013
\u2013
(3.7)
\u2013
(0.2)
(3.9)
Imputed interest
6.1
\u2013
\u2013
\u2013
\u2013
6.1
Funding commitment change
\u2013
\u2013
\u2013
(0.9)
\u2013
(0.9)
At 31 October 2024
249.3
13.0
23.6
\u2013
0.7
286.6
At 31 October 2024
Non-current
181.5
\u2013
10.7
\u2013
0.3
192.5
Current
67.8
13.0
12.9
\u2013
0.4
94.1
249.3
13.0
23.6
\u2013
0.7
286.6
At 31 October 2023
Non-current (represented\u00b9)
73.6
\u2013
1.4
\u2013
0.2
75.2
Current (represented\u00b9)
71.2
13.0
8.4
0.9
0.4
93.9
144.8
13.0
9.8
0.9
0.6
169.1
1 See note 29 for an explanation of the prior year representation.
Combustible materials
In March 2023 the Group signed the DLUHC Developer Remediation Contract in England, which
converted the principles of the building safety pledge signed in 2022, in which the Group committed
to resolve any historical fire remedial work on buildings completed since 5 April 1992, into a binding
agreement between the government and the Group. This provides clarity for future remediation,
particularly with regards to the standards required for internal and external remedial works on
legacy buildings.
The combustible materials provision reflects the estimated costs to complete the remediation of life-
critical fire safety issues on identified buildings. The Directors have used a combination of BSF costed
information, other external information, and internal assessments as a basis for the provision, which is
a best estimate at this time.
The Group is making good progress with its assessment programme for both external walls and
internal fire safety and is working through the 291 buildings within the scope of the Developer
Remediation Contract in a risk-based sequence. At the beginning of January 2025 the Group has
external wall assessments and internal assessments on 211 and 169 buildings respectively, each out
of the 291 buildings within its scope. The Group has committed to performing 100% of assessments
by July 2025. Due to the quantity and nature of the projects, the multiple stakeholders involved and
the availability of appropriately qualified and experienced consultants and contractors, we expect to
complete the remedial works within five years.
The Group recorded a further combustible materials charge of \u00a3131.7m in the year of which \u00a398.5m
relates to non-surveyed buildings for which the Group is now able to estimate a charge based on
experience gained of remediation costs for similar surveyed buildings and \u00a315.2m relates to costs
for buildings surveyed in the year requiring remediation, both of which were previously disclosed as
contingent liabilities and thus not provided for previously. The Group has used its experience gained
to date on the cost analysis of surveyed and tendered buildings, of which the number surveyed has
increased significantly over the year, to compute a reliable estimate for these buildings. Previously any
exposure on these buildings were considered as contingent liabilities since the Group was not able to
reliably estimate any required costs, or if it was probable that a provision was required based on the
best information available at the time, influenced by the lower level of buildings previously surveyed.
The balance of \u00a318.0m relates to changes in forecast build cost scope and price over the duration of
remediation for buildings upon which a provision was already recognised. The provision is stated after
a related discount of \u00a321.1m, which unwinds to the consolidated income statement as finance expense
over the expected duration of the provision.
The provision of \u00a3249.3m represents the Group\u2019s best estimate of future costs on 31 October 2024.
The Group will continue to assess the magnitude and utilisation of this provision in future reporting
periods. The Group recognises that required remediation works could be subject to further inflationary
pressures and cash outflows. If forecast remediation costs on buildings currently provided for are
10.0% higher/lower than provided, the pre-tax exceptional items charge in the consolidated income
statement would be \u00a324.9m higher/lower.
The Group spent \u00a333.3m in the year across several buildings requiring further investigative costs
and remediation works, including balcony and cladding-related works. The Group expects to have
completed any required remediation within a five-year period, using \u00a367.8m of the remaining provision
within one year, which includes \u00a322.8m repayable to the BSF, and the balance within one to five years.
The timing of the expenditure is based on the Directors best estimates of the timing of remediating
buildings and repaying the BSF incurred costs. Actual timing may differ due to delays in agreeing
scope of works, obtaining licences, tendering works contracts and the BSF payment schedule differing
to our forecast.
The Group is continuing to review the recoverability of costs incurred from third parties where
it has a contractual right of recourse. In the year \u00a34.4m was recovered from third parties by the
Group. Recoveries are not recognised until they are virtually certain to be received. See note 4 for
consolidated income statement disclosure.
Legal provision
The Group is subject to a legal claim relating to a low-rise bespoke apartment block built by the Group which
was damaged by fire in 2021. The fire caused extensive damage to the property which was subsequently
demolished and is currently being rebuilt by the freeholder. In the prior year the Group received a letter
of claim alleging fire safety defects and claiming compensation for the rebuild and other associated
costs. The provision recorded represents the Director\u2019s best estimate of the Group\u2019s potential
exposure taking into account legal and professional advice. The claim and ultimate route to settlement
is ongoing but the Group currently does not have a set timeline for when the matter will be concluded.
Completed site provisions
During the first half of the financial year, the Group became aware of certain build defects initially
identified on four sites that were completed prior to 2019 when the Group closed its Regeneration and
London divisions. During the year the Group has undertaken a comprehensive review of all completed
sites in association with third-party consultants.
The forecast costs to remedy build defects on these four sites and a limited number of other sites is
\u00a323.6m (2023: \u00a39.8m). Discounting has not been applied to the balance as the impact would not be
material. The prior year comparative has been represented to reallocate some completed site provisions
previously disclosed within accruals (see note 29). Included within the \u00a323.6m completed site provisions
is \u00a316.2m exceptional charge in the year. See note 4 for consolidated income statement disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-426": { "value": "22 PROVISIONS
Completed
Combustible Legal site Joint Other
materials provision provisions ventures provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 November 2022
140.8
\u2013
\u2013
1.2
1.0
143.0
Provided in the year
12.0
13.0
\u2013
\u2013
0.4
25.4
Utilised in the year
(12.6)
\u2013
\u2013
\u2013
(0.6)
(13.2)
Released in the year
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Imputed interest
4.6
\u2013
\u2013
\u2013
\u2013
4.6
Funding commitment change
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At 31 October 2023
as previously presented
144.8
13.0
\u2013
0.9
0.6
159.3
Represented
1
\u2013
\u2013
9.8
\u2013
\u2013
9.8
At 31 October 2023 as presented
144.8
13.0
9.8
0.9
0.6
169.1
Provided in the year
131.7
\u2013
21.5
\u2013
0.3
153.5
Utilised in the year
(33.3)
\u2013
(4.0)
\u2013
\u2013
(37.3)
Released in the year
\u2013
\u2013
(3.7)
\u2013
(0.2)
(3.9)
Imputed interest
6.1
\u2013
\u2013
\u2013
\u2013
6.1
Funding commitment change
\u2013
\u2013
\u2013
(0.9)
\u2013
(0.9)
At 31 October 2024
249.3
13.0
23.6
\u2013
0.7
286.6
At 31 October 2024
Non-current
181.5
\u2013
10.7
\u2013
0.3
192.5
Current
67.8
13.0
12.9
\u2013
0.4
94.1
249.3
13.0
23.6
\u2013
0.7
286.6
At 31 October 2023
Non-current (represented\u00b9)
73.6
\u2013
1.4
\u2013
0.2
75.2
Current (represented\u00b9)
71.2
13.0
8.4
0.9
0.4
93.9
144.8
13.0
9.8
0.9
0.6
169.1
1 See note 29 for an explanation of the prior year representation. Combustible materials In March 2023 the Group signed the DLUHC Developer Remediation Contract in England, which converted the principles of the building safety pledge signed in 2022, in which the Group committed to resolve any historical fire remedial work on buildings completed since 5 April 1992, into a binding agreement between the government and the Group. This provides clarity for future remediation, particularly with regards to the standards required for internal and external remedial works on legacy buildings. The combustible materials provision reflects the estimated costs to complete the remediation of life- critical fire safety issues on identified buildings. The Directors have used a combination of BSF costed information, other external information, and internal assessments as a basis for the provision, which is a best estimate at this time. The Group is making good progress with its assessment programme for both external walls and internal fire safety and is working through the 291 buildings within the scope of the Developer Remediation Contract in a risk-based sequence. At the beginning of January 2025 the Group has external wall assessments and internal assessments on 211 and 169 buildings respectively, each out of the 291 buildings within its scope. The Group has committed to performing 100% of assessments by July 2025. Due to the quantity and nature of the projects, the multiple stakeholders involved and the availability of appropriately qualified and experienced consultants and contractors, we expect to complete the remedial works within five years. The Group recorded a further combustible materials charge of \u00a3131.7m in the year of which \u00a398.5m relates to non-surveyed buildings for which the Group is now able to estimate a charge based on experience gained of remediation costs for similar surveyed buildings and \u00a315.2m relates to costs for buildings surveyed in the year requiring remediation, both of which were previously disclosed as contingent liabilities and thus not provided for previously. The Group has used its experience gained to date on the cost analysis of surveyed and tendered buildings, of which the number surveyed has increased significantly over the year, to compute a reliable estimate for these buildings. Previously any exposure on these buildings were considered as contingent liabilities since the Group was not able to reliably estimate any required costs, or if it was probable that a provision was required based on the best information available at the time, influenced by the lower level of buildings previously surveyed. The balance of \u00a318.0m relates to changes in forecast build cost scope and price over the duration of remediation for buildings upon which a provision was already recognised. The provision is stated after a related discount of \u00a321.1m, which unwinds to the consolidated income statement as finance expense over the expected duration of the provision. The provision of \u00a3249.3m represents the Group\u2019s best estimate of future costs on 31 October 2024. The Group will continue to assess the magnitude and utilisation of this provision in future reporting periods. The Group recognises that required remediation works could be subject to further inflationary pressures and cash outflows. If forecast remediation costs on buildings currently provided for are 10.0% higher/lower than provided, the pre-tax exceptional items charge in the consolidated income statement would be \u00a324.9m higher/lower. The Group spent \u00a333.3m in the year across several buildings requiring further investigative costs and remediation works, including balcony and cladding-related works. The Group expects to have completed any required remediation within a five-year period, using \u00a367.8m of the remaining provision within one year, which includes \u00a322.8m repayable to the BSF, and the balance within one to five years. The timing of the expenditure is based on the Directors best estimates of the timing of remediating buildings and repaying the BSF incurred costs. Actual timing may differ due to delays in agreeing scope of works, obtaining licences, tendering works contracts and the BSF payment schedule differing to our forecast. The Group is continuing to review the recoverability of costs incurred from third parties where it has a contractual right of recourse. In the year \u00a34.4m was recovered from third parties by the Group. Recoveries are not recognised until they are virtually certain to be received. See note 4 for consolidated income statement disclosure. Legal provision The Group is subject to a legal claim relating to a low-rise bespoke apartment block built by the Group which was damaged by fire in 2021. The fire caused extensive damage to the property which was subsequently demolished and is currently being rebuilt by the freeholder. In the prior year the Group received a letter of claim alleging fire safety defects and claiming compensation for the rebuild and other associated costs. The provision recorded represents the Director\u2019s best estimate of the Group\u2019s potential exposure taking into account legal and professional advice. The claim and ultimate route to settlement is ongoing but the Group currently does not have a set timeline for when the matter will be concluded. Completed site provisions During the first half of the financial year, the Group became aware of certain build defects initially identified on four sites that were completed prior to 2019 when the Group closed its Regeneration and London divisions. During the year the Group has undertaken a comprehensive review of all completed sites in association with third-party consultants. The forecast costs to remedy build defects on these four sites and a limited number of other sites is \u00a323.6m (2023: \u00a39.8m). Discounting has not been applied to the balance as the impact would not be material. The prior year comparative has been represented to reallocate some completed site provisions previously disclosed within accruals (see note 29). Included within the \u00a323.6m completed site provisions is \u00a316.2m exceptional charge in the year. See note 4 for consolidated income statement disclosure. 25 CONTINGENCIES AND COMMITMENTS There are performance bonds and other engagements, including those in respect of joint venture partners, undertaken in the ordinary course of business. It is impractical to quantify the financial effect of performance bonds and other arrangements. The Directors consider the possibility of a cash outflow in settlement of performance bonds and other arrangements to be remote and therefore this does not represent a contingent liability for the Group. In the ordinary course of business, the Group enters into certain land purchase contracts with vendors on a conditional exchange basis. The conditions must be satisfied for the Group to recognise the land asset and corresponding liabilities within the consolidated statement of financial position. No land payable in respect of conditional land acquisitions has been recognised. The Group provides for all known material legal actions, where having taken appropriate legal advice as to the likelihood of success of the actions, it is considered probable that an outflow of economic resource will be required, and the amount can be reliably measured. No material contingent liability in respect of such claims has been recognised since there are no known claims of this nature. As discussed in note 16 as a result of the Virgin Media case the Group considers that the amount of any potential impact on the defined benefit obligation cannot be confirmed and/or measured with sufficient reliability at the 2024 year end. We are therefore disclosing this issue as a potential contingent liability at 31 October 2024 and will review again in 2025 based on the findings of the detailed investigation. As a consequence of signing the Developer Remediation Contract on 13 March 2023, the Group has entered into contractual commitments with the government to identify and remediate those buildings it has developed with possible life-critical fire safety defects. Accordingly, while the Group believes that most significant liabilities will have been identified through the process of building owners assessing buildings and applying for BSF funding and through the Group commissioning assessments to date, contingent liabilities exist where additional buildings have not yet been identified which require remediation. Due to the challenges of developing a reliable estimate of these possible costs, it is not practicable to disclose an expected range. As discussed in note 22, in 2024 the Group has now provided for the estimated cost relating to identified non-surveyed buildings. The Group is reviewing the recoverability of costs incurred from third parties where it has a contractual right of recourse. As reflected in these financial results, the Group has a track record of successfully obtaining such recoveries, however no contingent assets have been recognised in these consolidated financial statements for such items.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-382": { "value": "
23 SHARE CAPITAL
Shares Nominal Share premium
issued value Share capital account
Number Pence \u00a3 \u00a3
Ordinary shares as at 1 November 2022,
31 October 2023 and 31 October 2024
256,920,539
5
12,846,027
74,227,216
Ordinary shares are issued and fully paid.
For details of outstanding share options at 31 October 2024 see note 16.
Own shares held
The Group and Company holds shares within ESOT for participants of certain share-based payment
schemes. These are held within retained earnings. During the year 250,000 shares were purchased
by the ESOT for \u00a30.5m (2023: 840,000 shares were purchased by the ESOT for \u00a31.9m) and the ESOT
transferred 248,124 (2023: 1,027,884) shares to employees and Directors to satisfy options as detailed
in note 16 and 21,968 shares as part of Martyn Clark\u2019s share-based awards from previous employment
in Crest Nicholson Holdings plc were issued on joining at a cost of \u00a30.1m. The number of shares held
within the ESOT (Treasury shares), and on which dividends have been waived, at 31 October 2024 was
580,164 (2023: 600,256). These shares are held within the financial statements in equity at a cost of
\u00a31.4m (2023: \u00a31.5m). The market value of these shares at 31 October 2024 was \u00a31.0m (2023: \u00a31.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-427": { "value": "23 SHARE CAPITAL
Shares Nominal Share premium
issued value Share capital account
Number Pence \u00a3 \u00a3
Ordinary shares as at 1 November 2022,
31 October 2023 and 31 October 2024
256,920,539
5
12,846,027
74,227,216
Ordinary shares are issued and fully paid. For details of outstanding share options at 31 October 2024 see note 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-428": { "value": "Own shares held The Group and Company holds shares within ESOT for participants of certain share-based payment schemes. These are held within retained earnings. During the year 250,000 shares were purchased by the ESOT for \u00a30.5m (2023: 840,000 shares were purchased by the ESOT for \u00a31.9m) and the ESOT transferred 248,124 (2023: 1,027,884) shares to employees and Directors to satisfy options as detailed in note 16 and 21,968 shares as part of Martyn Clark\u2019s share-based awards from previous employment in Crest Nicholson Holdings plc were issued on joining at a cost of \u00a30.1m. The number of shares held within the ESOT (Treasury shares), and on which dividends have been waived, at 31 October 2024 was 580,164 (2023: 600,256). These shares are held within the financial statements in equity at a cost of \u00a31.4m (2023: \u00a31.5m). The market value of these shares at 31 October 2024 was \u00a31.0m (2023: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-429": { "value": "24 FINANCIAL RISK MANAGEMENT The Group\u2019s financial instruments comprise cash, trade and other receivables, financial assets at fair value through profit and loss, bank loans, senior loan notes, and trade and other payables. The main objective of the Group\u2019s policy towards financial instruments is to maximise returns on the Group\u2019s cash balances, manage the Group\u2019s working capital requirements and finance the Group\u2019s ongoing operations. Capital management The Group\u2019s policies seek to match long-term assets with long-term finance and ensure that there is sufficient working capital to meet the Group\u2019s commitments as they fall due, comply with the loan covenants and continue to sustain trading. The Group\u2019s capital comprises shareholders\u2019 funds and net debt. A five-year summary of this can be found in the unaudited historical summary on page 160, in addition to its return on average capital employed. The Group seeks to manage its capital through control of expenditure, dividend payments and through its banking facilities. The Revolving Credit Facility (RCF) and senior loan notes impose certain minimum capital requirements on the Group. These requirements are integrated into the Group\u2019s internal forecasting process and are regularly reviewed. The Group has, and is forecasting, to operate within these capital requirements. There were undrawn amounts of \u00a3250.0m (2023: \u00a3250.0m) under the RCF at the consolidated statement of financial position date. On 31 October 2024 the Group signed an amendment and extension to the RCF. This amendment extended the facility to run through to October 2027 and redefined margin from 1.85% to 2.15%. Therefore, from 1 November 2024 the RCF carries interest at SONIA plus 2.15% and ends in 2027. Both the senior loan notes and the RCF are subject to three covenants that are measured quarterly in January, April, July and October each year. They are gearing being of a maximum of 70%, interest cover being a minimum of three times against adjusted earnings before interest and tax (EBIT) and consolidated tangible net worth being not less than \u00a3500m, all based on measures as defined in the facilities agreements which are adjusted from the equivalent IFRS amounts. As at the statement of financial position date gearing was 20.1%, interest cover was 3.5 times and consolidated tangible net worth was \u00a3699.9m. The RCF facility is sustainability linked with the margin applicable varying by plus or minus 0.05% depending on the Group\u2019s progress against four targets. These targets and 2024 results are presented below: Reduction in absolute scope 1 and 2 emissions in line with our science-based targets. In 2024 this target was met. Increasing the number of our suppliers engaging with the Supply Chain Sustainability School. In 2024 this target was met. Reduction in carbon emissions associated with the use of our homes. In 2024 this target was met. Increasing the number of our employees in trainee positions and on training programmes. In 2024 this target was not met. As a result of meeting 3 out of 4 of the metrics for 2024 the margin on the RCF will be amended down by 0.025% (2023: 0.05% based on achieving 4 out of 4 targets) from the date of submission of the compliance documents for the facility. Financial risk As virtually all of the operations of the Group are in sterling, there is no direct currency risk, and thus the Group\u2019s main financial risks are credit risk, liquidity risk and market interest rate risk. The Board is responsible for managing these risks and the policies adopted are as set out here. Credit risk Credit risk is the risk of financial loss to the Group if a customer or other counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s cash deposits, as most receivables are secured on land and buildings. The Group has cash deposits of \u00a373.8m (2023: \u00a3162.6m) which are held by the providers of its banking facilities. The Group has bank facilities of \u00a3250.0m expiring in October 2027; as at 31 October 2024 with \u00a3250.0m remaining available for drawdown under such facilities. These are primarily provided by HSBC Bank Plc, Barclays Bank Plc, Lloyds Bank Plc and NatWest Group Plc, being four of the UK\u2019s leading financial institutions. The security and suitability of these banks is monitored by the treasury function on a regular basis. Financial assets at fair value through profit and loss of \u00a33.3m (2023: \u00a33.7m) are receivables on extended terms granted as part of a sales transaction and are secured by way of a legal charge on the relevant property and therefore credit risk is considered low. The carrying value of trade and other receivables is mainly contractual amounts due from housing associations, bulk sale purchasers, land sales to other housebuilders and a development agreement where the Group is entitled to recovery of costs incurred under the agreement, and equates to the Group\u2019s exposure to credit risk which is set out in note 17. Amounts due from joint ventures of \u00a322.6m (2023: \u00a329.5m) is funding provided on four (2023: four) joint venture developments which are being project managed by the Group and are subject to contractual arrangements. The Group has assessed the expected credit loss impact on the carrying value of trade and other receivables as set out in note 17. Within trade receivables the other largest single amount outstanding at 31 October 2024 is \u00a37.6m (2023: \u00a312.1m) which is within agreed terms. The Group considers the credit quality of financial assets that are neither past due nor impaired as good. In managing risk the Group assesses the credit risk of its counterparties before entering into a transaction. No credit limits were exceeded during the reporting year, and the Directors do not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due. No individually material financial assets are past due, or are considered to be impaired as at the consolidated statement of financial position date (2023: none). Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Cash flow forecasts are produced to monitor the expected cash flow requirements of the Group against the available facilities. The principal risks within these cash flows relate to achieving the level of sales volume and prices in line with current forecasts. The following are the contractual maturities of the financial liabilities of the Group at 31 October 2024:
Carrying Contractual Within Within Within More than
value cash flows 1 year 1 to 2 years 2 to 3 years 3 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Senior loan notes
85.0
94.1
23.1
2.4
52.4
16.2
Financial liabilities carrying no
interest
326.7
332.8
280.8
36.1
13.4
2.5
At 31 October 2024
411.7
426.9
303.9
38.5
65.8
18.7
Carrying Contractual Within Within Within More than
value cash flows 1 year 1 to 2 years 2 to 3 years 3 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Senior loan notes
100.0
112.5
18.5
23.1
2.4
68.5
Financial liabilities carrying no
interest (Represented\u00b9)
391.6
399.0
325.1
42.7
28.3
2.9
At 31 October 2023
(Represented\u00b9)
491.6
511.5
343.6
65.8
30.7
71.4
1 See note 29 for an explanation of the prior year representation. Market interest rate risk Market interest rate risk reflects the Group\u2019s exposure to fluctuations to interest rates in the market. The risk arises because the Group\u2019s RCF is subject to floating interest rates based on SONIA. The Group accepts a degree of interest rate risk, and monitors rate changes to ensure they are within acceptable limits and in line with banking covenants. The Group has partially mitigated this risk by placing \u00a385.0m of senior loan notes which are at fixed interest rates. For the year ended 31 October 2024 it is estimated that an increase of 1.0% in interest rates applying for the full year would decrease the Group\u2019s profit before tax and equity by \u00a30.2m (2023: \u00a3nil). The interest rate profile of the financial liabilities of the Group was:
Represented
1
2024 2023
\u00a3m \u00a3m
Sterling bank borrowings, loan notes and long-term creditors
Financial liabilities carrying interest
85.0
100.0
Financial liabilities carrying no interest
326.7
391.6
411.7
491.6
1 See note 29 for an explanation of the prior year representation. For financial liabilities that have no interest payable but for which imputed interest is charged, consisting of land payables and lease liabilities, the weighted average period to maturity is 14 months (2023: 26 months).
Represented
1
2024 2023
\u00a3m \u00a3m
The maturity of the financial liabilities is:
Repayable within one year
297.6
335.6
Repayable between one and two years
34.5
60.3
Repayable between two and five years
77.0
78.9
Repayable after five years
2.6
16.8
411.7
491.6
1 See note 29 for an explanation of the prior year representation. Fair values Financial assets The Group\u2019s financial assets are detailed in the table below. The carrying value of cash and cash equivalents and trade and other receivables is a reasonable approximation of fair value which would be measured under a level 3 hierarchy. Financial assets at fair value through profit and loss are carried at fair value and categorised as level 3 (inputs not based on observable market data) within the hierarchical classification of IFRS 13: Revised. Financial liabilities The Group\u2019s financial liabilities are detailed in a table below, the carrying amounts of which are deemed to be a reasonable approximation to their fair value. The fair values of the RCF, other loans and loan notes are calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the consolidated statement of financial position date. The fair values of the facilities determined on this basis are:
Nominal Face Carrying
interest value value
2024 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.32%
20.0
20.0
2025
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2026\u20132029
Total interest-bearing loans
85.0
85.0
Nominal Face Carrying
interest value value
2023 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.15%
15.0
15.0
2024
Non-current
Senior loan notes
3.32%\u20133.87%
85.0
85.0
2025\u20132029
Total interest-bearing loans
100.0
100.0
Financial assets and liabilities by category
2024 2023
\u00a3m \u00a3m
Financial assets
Sterling cash deposits
73.8
162.6
Trade receivables
62.2
60.9
Amounts due from joint ventures
22.6
29.5
Other receivables
12.5
22.7
Total financial assets at amortised cost
171.1
275.7
Financial assets at fair value through profit and loss
3.3
3.7
Total financial assets
174.4
279.4
2024 2023
\u00a3m \u00a3m
Financial liabilities
Senior loan notes
85.0
100.0
Land payables on contractual terms carrying no interest
131.6
205.5
Amounts due to joint ventures
0.1
0.7
Lease liabilities
12.0
6.4
Other trade payables
67.8
61.8
Other payables
2.8
3.1
Accruals (represented\u00b9)
112.4
114.1
Total financial liabilities at amortised cost (represented\u00b9)
411.7
491.6
1 See note 29 for an explanation of the prior year representation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-445": { "value": "Capital management The Group\u2019s policies seek to match long-term assets with long-term finance and ensure that there is sufficient working capital to meet the Group\u2019s commitments as they fall due, comply with the loan covenants and continue to sustain trading. The Group\u2019s capital comprises shareholders\u2019 funds and net debt. A five-year summary of this can be found in the unaudited historical summary on page 160, in addition to its return on average capital employed. The Group seeks to manage its capital through control of expenditure, dividend payments and through its banking facilities. The Revolving Credit Facility (RCF) and senior loan notes impose certain minimum capital requirements on the Group. These requirements are integrated into the Group\u2019s internal forecasting process and are regularly reviewed. The Group has, and is forecasting, to operate within these capital requirements. There were undrawn amounts of \u00a3250.0m (2023: \u00a3250.0m) under the RCF at the consolidated statement of financial position date. On 31 October 2024 the Group signed an amendment and extension to the RCF. This amendment extended the facility to run through to October 2027 and redefined margin from 1.85% to 2.15%. Therefore, from 1 November 2024 the RCF carries interest at SONIA plus 2.15% and ends in 2027. Both the senior loan notes and the RCF are subject to three covenants that are measured quarterly in January, April, July and October each year. They are gearing being of a maximum of 70%, interest cover being a minimum of three times against adjusted earnings before interest and tax (EBIT) and consolidated tangible net worth being not less than \u00a3500m, all based on measures as defined in the facilities agreements which are adjusted from the equivalent IFRS amounts. As at the statement of financial position date gearing was 20.1%, interest cover was 3.5 times and consolidated tangible net worth was \u00a3699.9m. The RCF facility is sustainability linked with the margin applicable varying by plus or minus 0.05% depending on the Group\u2019s progress against four targets. These targets and 2024 results are presented below: Reduction in absolute scope 1 and 2 emissions in line with our science-based targets. In 2024 this target was met. Increasing the number of our suppliers engaging with the Supply Chain Sustainability School. In 2024 this target was met. Reduction in carbon emissions associated with the use of our homes. In 2024 this target was met. Increasing the number of our employees in trainee positions and on training programmes. In 2024 this target was not met. As a result of meeting 3 out of 4 of the metrics for 2024 the margin on the RCF will be amended down by 0.025% (2023: 0.05% based on achieving 4 out of 4 targets) from the date of submission of the compliance documents for the facility. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-446": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Cash flow forecasts are produced to monitor the expected cash flow requirements of the Group against the available facilities. The principal risks within these cash flows relate to achieving the level of sales volume and prices in line with current forecasts. The following are the contractual maturities of the financial liabilities of the Group at 31 October 2024:
Carrying Contractual Within Within Within More than
value cash flows 1 year 1 to 2 years 2 to 3 years 3 years
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Senior loan notes
85.0
94.1
23.1
2.4
52.4
16.2
Financial liabilities carrying no
interest
326.7
332.8
280.8
36.1
13.4
2.5
At 31 October 2024
411.7
426.9
303.9
38.5
65.8
18.7
Carrying Contractual Within Within Within More than
value cash flows 1 year 1 to 2 years 2 to 3 years 3 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Senior loan notes
100.0
112.5
18.5
23.1
2.4
68.5
Financial liabilities carrying no
interest (Represented\u00b9)
391.6
399.0
325.1
42.7
28.3
2.9
At 31 October 2023
(Represented\u00b9)
491.6
511.5
343.6
65.8
30.7
71.4
1 See note 29 for an explanation of the prior year representation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-447": { "value": "Market interest rate risk Market interest rate risk reflects the Group\u2019s exposure to fluctuations to interest rates in the market. The risk arises because the Group\u2019s RCF is subject to floating interest rates based on SONIA. The Group accepts a degree of interest rate risk, and monitors rate changes to ensure they are within acceptable limits and in line with banking covenants. The Group has partially mitigated this risk by placing \u00a385.0m of senior loan notes which are at fixed interest rates. For the year ended 31 October 2024 it is estimated that an increase of 1.0% in interest rates applying for the full year would decrease the Group\u2019s profit before tax and equity by \u00a30.2m (2023: \u00a3nil). The interest rate profile of the financial liabilities of the Group was:
Represented
1
2024 2023
\u00a3m \u00a3m
Sterling bank borrowings, loan notes and long-term creditors
Financial liabilities carrying interest
85.0
100.0
Financial liabilities carrying no interest
326.7
391.6
411.7
491.6
1 See note 29 for an explanation of the prior year representation. For financial liabilities that have no interest payable but for which imputed interest is charged, consisting of land payables and lease liabilities, the weighted average period to maturity is 14 months (2023: 26 months).
Represented
1
2024 2023
\u00a3m \u00a3m
The maturity of the financial liabilities is:
Repayable within one year
297.6
335.6
Repayable between one and two years
34.5
60.3
Repayable between two and five years
77.0
78.9
Repayable after five years
2.6
16.8
411.7
491.6
1 See note 29 for an explanation of the prior year representation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-463": { "value": "Fair values Financial assets The Group\u2019s financial assets are detailed in the table below. The carrying value of cash and cash equivalents and trade and other receivables is a reasonable approximation of fair value which would be measured under a level 3 hierarchy. Financial assets at fair value through profit and loss are carried at fair value and categorised as level 3 (inputs not based on observable market data) within the hierarchical classification of IFRS 13: Revised. Financial liabilities The Group\u2019s financial liabilities are detailed in a table below, the carrying amounts of which are deemed to be a reasonable approximation to their fair value. The fair values of the RCF, other loans and loan notes are calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the consolidated statement of financial position date. The fair values of the facilities determined on this basis are:
Nominal Face Carrying
interest value value
2024 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.32%
20.0
20.0
2025
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2026\u20132029
Total interest-bearing loans
85.0
85.0
Nominal Face Carrying
interest value value
2023 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.15%
15.0
15.0
2024
Non-current
Senior loan notes
3.32%\u20133.87%
85.0
85.0
2025\u20132029
Total interest-bearing loans
100.0
100.0
Financial assets and liabilities by category
2024 2023
\u00a3m \u00a3m
Financial assets
Sterling cash deposits
73.8
162.6
Trade receivables
62.2
60.9
Amounts due from joint ventures
22.6
29.5
Other receivables
12.5
22.7
Total financial assets at amortised cost
171.1
275.7
Financial assets at fair value through profit and loss
3.3
3.7
Total financial assets
174.4
279.4
2024 2023
\u00a3m \u00a3m
Financial liabilities
Senior loan notes
85.0
100.0
Land payables on contractual terms carrying no interest
131.6
205.5
Amounts due to joint ventures
0.1
0.7
Lease liabilities
12.0
6.4
Other trade payables
67.8
61.8
Other payables
2.8
3.1
Accruals (represented\u00b9)
112.4
114.1
Total financial liabilities at amortised cost (represented\u00b9)
411.7
491.6
1 See note 29 for an explanation of the prior year representation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-456": { "value": "Fair values Financial assets The Group\u2019s financial assets are detailed in the table below. The carrying value of cash and cash equivalents and trade and other receivables is a reasonable approximation of fair value which would be measured under a level 3 hierarchy. Financial assets at fair value through profit and loss are carried at fair value and categorised as level 3 (inputs not based on observable market data) within the hierarchical classification of IFRS 13: Revised. Financial liabilities The Group\u2019s financial liabilities are detailed in a table below, the carrying amounts of which are deemed to be a reasonable approximation to their fair value. The fair values of the RCF, other loans and loan notes are calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the consolidated statement of financial position date. The fair values of the facilities determined on this basis are:
Nominal Face Carrying
interest value value
2024 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.32%
20.0
20.0
2025
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2026\u20132029
Total interest-bearing loans
85.0
85.0
Nominal Face Carrying
interest value value
2023 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.15%
15.0
15.0
2024
Non-current
Senior loan notes
3.32%\u20133.87%
85.0
85.0
2025\u20132029
Total interest-bearing loans
100.0
100.0
Financial assets and liabilities by category
2024 2023
\u00a3m \u00a3m
Financial assets
Sterling cash deposits
73.8
162.6
Trade receivables
62.2
60.9
Amounts due from joint ventures
22.6
29.5
Other receivables
12.5
22.7
Total financial assets at amortised cost
171.1
275.7
Financial assets at fair value through profit and loss
3.3
3.7
Total financial assets
174.4
279.4
2024 2023
\u00a3m \u00a3m
Financial liabilities
Senior loan notes
85.0
100.0
Land payables on contractual terms carrying no interest
131.6
205.5
Amounts due to joint ventures
0.1
0.7
Lease liabilities
12.0
6.4
Other trade payables
67.8
61.8
Other payables
2.8
3.1
Accruals (represented\u00b9)
112.4
114.1
Total financial liabilities at amortised cost (represented\u00b9)
411.7
491.6
1 See note 29 for an explanation of the prior year representation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-448": { "value": "Financial assets The Group\u2019s financial assets are detailed in the table below. The carrying value of cash and cash equivalents and trade and other receivables is a reasonable approximation of fair value which would be measured under a level 3 hierarchy. Financial assets at fair value through profit and loss are carried at fair value and categorised as level 3 (inputs not based on observable market data) within the hierarchical classification of IFRS 13: Revised. Financial assets and liabilities by category
2024 2023
\u00a3m \u00a3m
Financial assets
Sterling cash deposits
73.8
162.6
Trade receivables
62.2
60.9
Amounts due from joint ventures
22.6
29.5
Other receivables
12.5
22.7
Total financial assets at amortised cost
171.1
275.7
Financial assets at fair value through profit and loss
3.3
3.7
Total financial assets
174.4
279.4
2024 2023
\u00a3m \u00a3m
Financial liabilities
Senior loan notes
85.0
100.0
Land payables on contractual terms carrying no interest
131.6
205.5
Amounts due to joint ventures
0.1
0.7
Lease liabilities
12.0
6.4
Other trade payables
67.8
61.8
Other payables
2.8
3.1
Accruals (represented\u00b9)
112.4
114.1
Total financial liabilities at amortised cost (represented\u00b9)
411.7
491.6
1 See note 29 for an explanation of the prior year representation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-468": { "value": "Financial liabilities The Group\u2019s financial liabilities are detailed in a table below, the carrying amounts of which are deemed to be a reasonable approximation to their fair value. The fair values of the RCF, other loans and loan notes are calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the consolidated statement of financial position date. The fair values of the facilities determined on this basis are:
Nominal Face Carrying
interest value value
2024 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.32%
20.0
20.0
2025
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2026\u20132029
Total interest-bearing loans
85.0
85.0
Nominal Face Carrying
interest value value
2023 rate \u00a3m
\u00a3m
Maturity
Current
Senior loan notes
3.15%
15.0
15.0
2024
Non-current
Senior loan notes
3.32%\u20133.87%
85.0
85.0
2025\u20132029
Total interest-bearing loans
100.0
100.0
Financial assets and liabilities by category
2024 2023
\u00a3m \u00a3m
Financial assets
Sterling cash deposits
73.8
162.6
Trade receivables
62.2
60.9
Amounts due from joint ventures
22.6
29.5
Other receivables
12.5
22.7
Total financial assets at amortised cost
171.1
275.7
Financial assets at fair value through profit and loss
3.3
3.7
Total financial assets
174.4
279.4
2024 2023
\u00a3m \u00a3m
Financial liabilities
Senior loan notes
85.0
100.0
Land payables on contractual terms carrying no interest
131.6
205.5
Amounts due to joint ventures
0.1
0.7
Lease liabilities
12.0
6.4
Other trade payables
67.8
61.8
Other payables
2.8
3.1
Accruals (represented\u00b9)
112.4
114.1
Total financial liabilities at amortised cost (represented\u00b9)
411.7
491.6
1 See note 29 for an explanation of the prior year representation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-383": { "value": "
25 CONTINGENCIES AND COMMITMENTS
There are performance bonds and other engagements, including those in respect of joint venture
partners, undertaken in the ordinary course of business. It is impractical to quantify the financial effect
of performance bonds and other arrangements. The Directors consider the possibility of a cash
outflow in settlement of performance bonds and other arrangements to be remote and therefore this
does not represent a contingent liability for the Group.
In the ordinary course of business, the Group enters into certain land purchase contracts with vendors
on a conditional exchange basis. The conditions must be satisfied for the Group to recognise the land
asset and corresponding liabilities within the consolidated statement of financial position. No land
payable in respect of conditional land acquisitions has been recognised.
The Group provides for all known material legal actions, where having taken appropriate legal advice
as to the likelihood of success of the actions, it is considered probable that an outflow of economic
resource will be required, and the amount can be reliably measured. No material contingent liability in
respect of such claims has been recognised since there are no known claims of this nature.
As discussed in note 16 as a result of the Virgin Media case the Group considers that the amount
of any potential impact on the defined benefit obligation cannot be confirmed and/or measured
with sufficient reliability at the 2024 year end. We are therefore disclosing this issue as a potential
contingent liability at 31 October 2024 and will review again in 2025 based on the findings of the
detailed investigation.
As a consequence of signing the Developer Remediation Contract on 13 March 2023, the Group has
entered into contractual commitments with the government to identify and remediate those buildings it
has developed with possible life-critical fire safety defects. Accordingly, while the Group believes that
most significant liabilities will have been identified through the process of building owners assessing
buildings and applying for BSF funding and through the Group commissioning assessments to date,
contingent liabilities exist where additional buildings have not yet been identified which require
remediation. Due to the challenges of developing a reliable estimate of these possible costs, it is
not practicable to disclose an expected range. As discussed in note 22, in 2024 the Group has now
provided for the estimated cost relating to identified non-surveyed buildings.
The Group is reviewing the recoverability of costs incurred from third parties where it has a contractual
right of recourse. As reflected in these financial results, the Group has a track record of successfully
obtaining such recoveries, however no contingent assets have been recognised in these consolidated
financial statements for such items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-457": { "value": "25 CONTINGENCIES AND COMMITMENTS There are performance bonds and other engagements, including those in respect of joint venture partners, undertaken in the ordinary course of business. It is impractical to quantify the financial effect of performance bonds and other arrangements. The Directors consider the possibility of a cash outflow in settlement of performance bonds and other arrangements to be remote and therefore this does not represent a contingent liability for the Group. In the ordinary course of business, the Group enters into certain land purchase contracts with vendors on a conditional exchange basis. The conditions must be satisfied for the Group to recognise the land asset and corresponding liabilities within the consolidated statement of financial position. No land payable in respect of conditional land acquisitions has been recognised. The Group provides for all known material legal actions, where having taken appropriate legal advice as to the likelihood of success of the actions, it is considered probable that an outflow of economic resource will be required, and the amount can be reliably measured. No material contingent liability in respect of such claims has been recognised since there are no known claims of this nature. As discussed in note 16 as a result of the Virgin Media case the Group considers that the amount of any potential impact on the defined benefit obligation cannot be confirmed and/or measured with sufficient reliability at the 2024 year end. We are therefore disclosing this issue as a potential contingent liability at 31 October 2024 and will review again in 2025 based on the findings of the detailed investigation. As a consequence of signing the Developer Remediation Contract on 13 March 2023, the Group has entered into contractual commitments with the government to identify and remediate those buildings it has developed with possible life-critical fire safety defects. Accordingly, while the Group believes that most significant liabilities will have been identified through the process of building owners assessing buildings and applying for BSF funding and through the Group commissioning assessments to date, contingent liabilities exist where additional buildings have not yet been identified which require remediation. Due to the challenges of developing a reliable estimate of these possible costs, it is not practicable to disclose an expected range. As discussed in note 22, in 2024 the Group has now provided for the estimated cost relating to identified non-surveyed buildings. The Group is reviewing the recoverability of costs incurred from third parties where it has a contractual right of recourse. As reflected in these financial results, the Group has a track record of successfully obtaining such recoveries, however no contingent assets have been recognised in these consolidated financial statements for such items.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-449": { "value": "25 CONTINGENCIES AND COMMITMENTS There are performance bonds and other engagements, including those in respect of joint venture partners, undertaken in the ordinary course of business. It is impractical to quantify the financial effect of performance bonds and other arrangements. The Directors consider the possibility of a cash outflow in settlement of performance bonds and other arrangements to be remote and therefore this does not represent a contingent liability for the Group. In the ordinary course of business, the Group enters into certain land purchase contracts with vendors on a conditional exchange basis. The conditions must be satisfied for the Group to recognise the land asset and corresponding liabilities within the consolidated statement of financial position. No land payable in respect of conditional land acquisitions has been recognised. The Group provides for all known material legal actions, where having taken appropriate legal advice as to the likelihood of success of the actions, it is considered probable that an outflow of economic resource will be required, and the amount can be reliably measured. No material contingent liability in respect of such claims has been recognised since there are no known claims of this nature. As discussed in note 16 as a result of the Virgin Media case the Group considers that the amount of any potential impact on the defined benefit obligation cannot be confirmed and/or measured with sufficient reliability at the 2024 year end. We are therefore disclosing this issue as a potential contingent liability at 31 October 2024 and will review again in 2025 based on the findings of the detailed investigation. As a consequence of signing the Developer Remediation Contract on 13 March 2023, the Group has entered into contractual commitments with the government to identify and remediate those buildings it has developed with possible life-critical fire safety defects. Accordingly, while the Group believes that most significant liabilities will have been identified through the process of building owners assessing buildings and applying for BSF funding and through the Group commissioning assessments to date, contingent liabilities exist where additional buildings have not yet been identified which require remediation. Due to the challenges of developing a reliable estimate of these possible costs, it is not practicable to disclose an expected range. As discussed in note 22, in 2024 the Group has now provided for the estimated cost relating to identified non-surveyed buildings. The Group is reviewing the recoverability of costs incurred from third parties where it has a contractual right of recourse. As reflected in these financial results, the Group has a track record of successfully obtaining such recoveries, however no contingent assets have been recognised in these consolidated financial statements for such items.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-430": { "value": "27 RELATED PARTY TRANSACTIONS Transactions between subsidiaries, which are related parties, are eliminated on consolidation, as well as transactions between the Company and its subsidiaries during the current and prior year. Transactions between the Group and key management personnel mainly comprise remuneration which is given in note 6. Detailed disclosure for Board members is given within the Directors\u2019 Remuneration Report on pages 74\u201391. There were no other transactions between the Group and key management personnel in the year. Transactions between the Group and the Crest Nicholson Group Pension and Life Assurance Scheme is given in note 16. The Company\u2019s Directors have associations other than with the Company. From time to time the Group may trade with organisations with which a Director has an association. Where this occurs, it is on normal commercial terms and without the direct involvement of the Director. The Group had the following transactions/balances with its joint ventures in the year/at year end:
2024 2023
\u00a3m \u00a3m
Interest income on joint venture funding
0.7
1.2
Project management fees recognised
1.9
1.9
Amounts due from joint ventures, net of expected credit losses
22.6
29.5
Amounts due to joint ventures
0.1
0.7
Funding to joint ventures
(13.1)
(13.0)
Repayment of funding from joint ventures
36.4
11.7
Dividends received from joint ventures
2.5
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-458": { "value": "28 GROUP UNDERTAKINGS In accordance with Section 409 Companies Act 2006, the following is a list of all the Group\u2019s undertakings at 31 October 2024. Subsidiary undertakings At 31 October 2024 the Group had an interest in the below subsidiary undertakings, which are included in the consolidated financial statements. All subsidiaries were incorporated in England and Wales.
Voting
rights and
share-
holding
Registered Active/ Year end (direct or
Entity name
office
1
dormant date indirect)
Bath Riverside Estate Management Company Limited
2
Dormant
31 October
100%
Bath Riverside Liberty Management Company Limited
2
Dormant
31 October
100%
Castle Bidco Home Loans Limited
1
Dormant
31 October
100%
Brightwells Residential 1 Company Limited
1
Dormant
31 October
100%
Bristol Parkway North Limited
1
Dormant
31 October
100%
Building 7 Harbourside Management Company Limited
2
Active 31 December
58.33%
Buildings 3A, 3B and 4 Harbourside Management
Company Limited
2
Active 31 December
83.33%
Clevedon Developments Limited
1
Dormant
31 October
100%
Clevedon Investment Limited
1
Active
31 October
100%
CN Assets Limited
1
Dormant
31 October
100%
CN Finance plc
2
1
Active
31 October
100%
CN Nominees Limited
1
Dormant
31 October
100%
CN Properties Limited
1
Dormant
31 October
100%
CN Secretarial Limited
1
Dormant
31 October
100%
CN Shelf 2 LLP
1
Dormant
31 October
100%
CN Shelf 3 LLP
1
Dormant
31 October
100%
Crest (Claybury) Limited
1
Dormant
31 October
100%
Crest Developments Limited
1
Dormant
31 October
100%
Crest Estates Limited
1
Dormant
31 October
100%
Crest Homes (Eastern) Limited
1
Dormant
31 October
100%
Voting
rights and
share-
holding
Registered Active/ Year end (direct or
Entity name
office
1
dormant date indirect)
Crest Homes (Midlands) Limited
1
Dormant
31 October
100%
Crest Homes (Nominees) Limited
1
Active
31 October
100%
Crest Homes (Nominees No. 2) Limited
1
Active
31 October
100%
Crest Homes (Northern) Limited
1
Dormant
31 October
100%
Crest Homes (South East) Limited
1
Dormant
31 October
100%
Crest Homes (South West) Limited
1
Dormant
31 October
100%
Crest Homes (South) Limited
1
Dormant
31 October
100%
Crest Homes (Wessex) Limited
1
Dormant
31 October
100%
Crest Homes (Westerham) Limited
1
Dormant
31 October
100%
Crest Homes Limited
1
Dormant
31 October
100%
Crest Manhattan Limited
1
Dormant
31 October
100%
Crest Nicholson (Bath) Holdings Limited
1
Active
31 October
100%
Crest Nicholson (Chiltern) Limited
1
Dormant
31 October
100%
Crest Nicholson (Eastern) Limited
1
Dormant
31 October
100%
Crest Nicholson (Epsom) Limited
1
Dormant
31 October
100%
Crest Nicholson (Henley-on-Thames) Limited
1
Active
31 October
100%
Crest Nicholson (Highlands Farm) Limited
1
Dormant
31 October
100%
Crest Nicholson (Londinium) Limited
1
Dormant
31 October
100%
Crest Nicholson (Midlands) Limited
1
Dormant
31 October
100%
Crest Nicholson (Peckham) Limited
1
Active
31 October
100%
Crest Nicholson (South East) Limited
1
Dormant
31 October
100%
Crest Nicholson (South West) Limited
1
Dormant
31 October
100%
Crest Nicholson (South) Limited
1
Dormant
31 October
100%
Crest Nicholson (Stotfold) Limited
1
Active
31 October
100%
1 1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ. 2: Units 1,2, and 3 Beech Court Wokingham Road, Hurst, Reading, England, RG10 0RU. 2 CN Finance plc is the only direct holding of Crest Nicholson Holdings plc.
Voting
rights and
share-
holding
Registered Active/ (direct or
Entity name
office
1
dormant Year end date indirect)
Crest Nicholson Developments (Chertsey) Limited
1
Active
31 October
100%
Crest Nicholson Operations Limited
1
Active
31 October
100%
Crest Nicholson Pension Trustee Limited
1
Dormant
31 January
100%
Crest Nicholson plc
1
Active
31 October
100%
Crest Nicholson Projects Limited
1
Dormant
31 October
100%
Crest Nicholson Properties Limited
1
Dormant
31 October
100%
Crest Nicholson Regeneration Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (London) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (Midlands) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (South East) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential (South) Limited
1
Dormant
31 October
100%
Crest Nicholson Residential Limited
1
Active
31 October
100%
Crest Nicholson (Wheatley) LLP
1
Active
31 October
100%
Crest Partnership Homes Limited
1
Dormant
31 October
100%
Crest Strategic Projects Limited
1
Dormant
31 October
100%
Eastern Perspective Management Company Limited
1
Dormant
31 October
100%
Essex Brewery (Walthamstow) LLP
1
Dormant
31 October
100%
Harbourside Leisure Management Company Limited
1
Active
30 December
71.43%
Landscape Estates Limited
1
Dormant
31 October
100%
Mertonplace Limited
1
Dormant
31 October
100%
Nicholson Estates (Century House) Limited
1
Dormant
31 October
100%
Park Central Management (Central Plaza) Limited
1
Dormant
31 October
100%
Ellis Mews (Park Central) Management Limited
1
Active
31 October
100%
Park Central Management (Zone 11) Limited
1
Dormant
31 October
100%
Voting
rights and
share-
holding
Registered Active/ (direct or
Entity name
office
1
dormant Year end date indirect)
Park Central Management (Zone 12) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 1A North) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 1A South) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 1B) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/1) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/2) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/3) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 3/4) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 4/41 and 42) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 4/43/44) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 5/53) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 5/54) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 5/55) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 6/61-64) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 7/9) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 8) Limited
1
Dormant
31 October
100%
Park Central Management (Zone 9/91) Limited
1
Dormant
31 January
100%
Park West Management Services Limited
1
Active
29 March
62.00%
1 1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ. Subsidiary audit exemption The following subsidiaries have taken advantage of an exemption from audit under section 479A of the Companies Act 2006. The parent of the subsidiaries, Crest Nicholson plc, has provided a statutory guarantee for any outstanding liabilities of these subsidiaries. All subsidiary undertakings have been included in the consolidated financial statements of Crest Nicholson Holdings plc as at 31 October 2024. Clevedon Investment Limited (00454327) Crest Homes (Nominees No. 2) Limited (02213319) Crest Nicholson (Henley-on-Thames) Limited (03828831) Crest Nicholson (Peckham) Limited (07296143) Crest Nicholson (Stotfold) Limited (08774274) Crest Nicholson (Bath) Holdings Limited (05235961) Crest Nicholson Developments (Chertsey) Limited (04707982) Crest Homes (Nominees) Limited (01715768) Crest Nicholson Residential Limited (00714425) Joint venture undertakings At 31 October 2024 the Group had an interest in the following joint venture undertakings which are equity accounted within the consolidated financial statements. The principal activity of all undertakings is that of residential development. All joint ventures were incorporated in England and Wales.
Voting
rights and
share-
holding
Registered Active/ Year end (direct or
Entity name
office
1
dormant date indirect)
Material joint ventures
Crest A2D (Walton Court) LLP
1
Active
31 March
50%
Elmsbrook (Crest A2D) LLP
4
Active
31 March
50%
Crest Sovereign (Brooklands) LLP
3
Active
31 October
50%
Crest Peabody (Turweston) LLP
1
Active
31 March
50%
Other joint ventures not material to the Group
Crest/Vistry (Epsom) LLP
1
Active
31 October
50%
Crest Nicholson Bioregional Quintain LLP
1
Active
31 October
50%
English Land Banking Company Limited
1
Active
31 October
50%
Haydon Development Company Limited
2
Active
30 April
21.36%
North Swindon Development Company Limited
2
Active 31 December
32.64%
1 1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ. 2: 6 Drakes Meadow, Penny Lane, Swindon, Wiltshire SN3 3LL. 3: Sovereign House, Basing View, Basingstoke RG21 4FA. 4: 113 Uxbridge Road, London W5 5TL . Joint operations The Group is party to a joint unincorporated arrangement with Linden Homes Limited, the purpose of which was to acquire, and develop, a site in Hemel Hempstead, Hertfordshire. The two parties are jointly responsible for the control and management of the site\u2019s development, with each party funding 50% of the cost of the land acquisition and development of the site, in return for 50% of the returns. As such this arrangement was designated as a joint operation. The Group is party to a joint unincorporated arrangement with CGNU Life Assurance Limited, the purpose of which is to acquire, and develop, a site in Chertsey, Surrey. The two parties are jointly responsible for the control and management of the site\u2019s development, with each party funding 50% of the cost of the land acquisition and development of the site, in return for 50% of the returns. As such this arrangement has been designated as a joint operation. The Group is party to a joint arrangement with Passion Property Group Limited, the purpose of which was to develop a site in London. The development was completed in 2014 and there are no material balances in the Group financial statements relating to this joint arrangement as at 31 October 2024. The two parties were jointly responsible for the control and management of the site\u2019s development, with each party having prescribed funding obligations and returns. As such this arrangement has been designated as a joint operation. In line with the Group\u2019s accounting policies, the Group has recognised its share of the jointly controlled assets and liabilities, and income and expenditure, in relation to these joint arrangements on a line- by-line basis in the consolidated statement of financial position and consolidated income statement as there is no legal entity in place and the arrangements as structured such that the Group has a direct interest in the underlying assets and liabilities of each arrangement. Crest Nicholson Employee Share Ownership Trust The Group operates the Crest Nicholson ESOT, which is used to satisfy awards granted under the Group\u2019s share incentive schemes, shares are allotted to the Trust or the Trust is funded to acquire shares in the open market. The ESOT falls within the scope of IFRS 10: Consolidated Financial Statements, and is consolidated within the Group financial statements, as the Group is considered to have control over the ESOT ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-450": { "value": "Joint operations The Group is party to a joint unincorporated arrangement with Linden Homes Limited, the purpose of which was to acquire, and develop, a site in Hemel Hempstead, Hertfordshire. The two parties are jointly responsible for the control and management of the site\u2019s development, with each party funding 50% of the cost of the land acquisition and development of the site, in return for 50% of the returns. As such this arrangement was designated as a joint operation. The Group is party to a joint unincorporated arrangement with CGNU Life Assurance Limited, the purpose of which is to acquire, and develop, a site in Chertsey, Surrey. The two parties are jointly responsible for the control and management of the site\u2019s development, with each party funding 50% of the cost of the land acquisition and development of the site, in return for 50% of the returns. As such this arrangement has been designated as a joint operation. The Group is party to a joint arrangement with Passion Property Group Limited, the purpose of which was to develop a site in London. The development was completed in 2014 and there are no material balances in the Group financial statements relating to this joint arrangement as at 31 October 2024. The two parties were jointly responsible for the control and management of the site\u2019s development, with each party having prescribed funding obligations and returns. As such this arrangement has been designated as a joint operation. In line with the Group\u2019s accounting policies, the Group has recognised its share of the jointly controlled assets and liabilities, and income and expenditure, in relation to these joint arrangements on a line- by-line basis in the consolidated statement of financial position and consolidated income statement as there is no legal entity in place and the arrangements as structured such that the Group has a direct interest in the underlying assets and liabilities of each arrangement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-384": { "value": "
29 PRIOR YEAR REPRESENTATION
The 2023 comparatives have been represented for completed site costs, other operating income, other
operating expenses, administrative expenses and exceptional items as detailed below. Where relevant to
these changes, other disclosures in the notes to the financial statements have also been represented.
Completed sites costs
In previous years, all costs yet to be incurred on sites where all sales have been recognised were
included within accruals and deferred income. These costs predominantly relate to the finalisation
of infrastructure and amenities works, which often occur towards the end of the site\u2019s life. In certain
instances, accruals have also been made to cover remedial works to remedy defects and other
remediation works identified post completion. This approach is consistent with industry practice.
The Group reviewed all completed site accruals in the year after the Group became aware of build
defects initially identified on four sites. In relation to these sites, the Group has a present legal or
constructive obligation as a result of a past event and it is probable that an outflow of economic
benefits will be required to settle the obligation, and the amount can be reliably estimated. Completed
site costs for these sites are now presented as a provision rather than an accrual.
Accordingly, the 31 October 2023 completed site accruals were reviewed with \u00a39.8m of balances
forecast to cover remedial works (completed site provisions, which are subject to higher estimation
uncertainty) rather than normal site finalisation costs (completed site accruals). A third balance sheet,
as required under IAS 1, has not been presented given the relative significance of these changes
to the financial statements. If restated, accruals of \u00a39.8m would be represented as provisions. This
change in presentation resulted in the representation of \u00a38.4m current accruals to current provisions
and \u00a31.4m of non-current accruals to non-current provisions.
As discussed within note 4 the Group has presented \u00a325.0m of the current year completed sites charge
as exceptional. This is a change in the accounting policy for exceptional items. The previous year\u2019s
completed sites charge has been reviewed on a site by site basis to align with the revised policy, with
\u00a36.6m of that charge now being classified as an exceptional item. Accordingly, the prior year pre-
exceptional cost of sales has been reduced by \u00a36.6m, with this now disclosed as an exceptional item.
Other operating income, other operating expenses and administrative expenses
In the current year the Group has presented other operating income and other operating expenses
which includes rental income, joint venture and other management fee income and the income and
expenses associated with part exchange sales. In the current year these balances are material and
therefore the prior year comparatives have been represented to present consistent information.
Previously these balances were not material.
In previous years rental income has been included within cost of sales, being directly related to current
and past residential developments and being immaterial in value. The Group now includes this income
within other operating income and has represented the comparative by moving \u00a31.6m income from
cost of sales to other operating income.
In previous years joint venture and other management fee income has been included within
administrative expenses, being related to the employee costs incurred by the Group in project
managing its joint venture businesses. The Group now includes joint venture management fee
income within other operating income and has represented the comparative by moving \u00a33.0m from
administrative expenses to other operating income.
In previous years part exchange income and related expenses have been included within net
administrative expenses and separately presented in the notes to the accounts as other operating
income and other operating expenses respectively, with the net result on these sales being immaterial.
In the current year due to other income statement representations the Group has separately disclosed
these within the primary statements.
Represented financial information
The below tables disclose the represented prior year financial information.
As
previously Represented As
reported 2023 presented
\u00a3m \u00a3m \u00a3m
Consolidated income statement
Pre-exceptional
Cost of sales
(556.9)
5.0
(551.9)
Gross profit
100.6
5.0
105.6
Other operating income
\u2013
44.7
44.7
Other operating expenses
\u2013
(40.9)
(40.9)
Administrative expenses
(55.8)
(2.2)
(58.0)
Operating profit
44.2
6.6
50.8
Profit before tax
41.4
6.6
48.0
Income tax expense
(10.0)
(1.7)
(11.7)
Profit for the year attributable to equity shareholders
31.4
4.9
36.3
Basic earnings per share (pence)
12.3
1.9
14.2
Diluted earnings per share (pence)
12.2
1.9
14.1
Exceptional items
Cost of sales
(14.3)
(6.6)
(20.9)
Gross loss
(14.3)
(6.6)
(20.9)
Operating loss
(14.3)
(6.6)
(20.9)
Loss before tax
(18.3)
(6.6)
(24.9)
Income tax credit
4.8
1.7
6.5
Loss for the year attributable to equity shareholders
(13.5)
(4.9)
(18.4)
As
previously Represented As
reported 2023 presented
\u00a3m \u00a3m \u00a3m
Total
Cost of sales
(571.2)
(1.6)
(572.8)
Gross profit/(loss)
86.3
(1.6)
84.7
Other operating income
\u2013
44.7
44.7
Other operating expenses
\u2013
(40.9)
(40.9)
Administrative expenses
(55.8)
(2.2)
(58.0)
Consolidated statement of financial position
2023 current trade and other payables
(337.0)
8.4
(328.6)
2023 current provisions
(85.5)
(8.4)
(93.9)
2023 non-current trade and other payables
(71.1)
1.4
(69.7)
2023 non-current provisions
(73.8)
(1.4)
(75.2)
2022 current trade and other payables
(407.1)
8.2
(398.9)
2022 current provisions
(72.2)
(8.2)
(80.4)
2022 non-current trade and other payables
(41.8)
1.6
(40.2)
2022 non-current provisions
(70.8)
(1.6)
(72.4)
As
previously Represented As
reported 2023 presented
\u00a3m \u00a3m \u00a3m
Notes to the accounts
Exceptional completed site costs
\u2013
(6.6)
(6.6)
Total exceptional cost of sales charge
(14.3)
(6.6)
(20.9)
Total exceptional charge
(18.3)
(6.6)
(24.9)
Tax credit on exceptional charge
4.8
1.7
6.5
Total exceptional charge after tax credit
(13.5)
(4.9)
(18.4)
Current accruals and deferred income
125.2
(8.4)
116.8
Non-current accruals and deferred income
4.1
(1.4)
2.7
Financial liability accruals
123.9
(9.8)
114.1
Carrying value of financial liabilities carrying no interest
401.4
(9.8)
391.6
Total carrying value of financial liabilities carrying no interest
501.4
(9.8)
491.6
Contractual cashflows of financial liabilities carrying no interest
408.8
(9.8)
399.0
Total contractual cashflows of financial liabilities carrying no interest
521.3
(9.8)
511.5
Financial liabilities carrying no interest due within 1 year
333.5
(8.4)
325.1
Total financial liabilities carrying no interest due within 1 year
352.0
(8.4)
343.6
Financial liabilities carrying no interest \u2013 repayable 1-2 years
44.1
(1.4)
42.7
Total financial liabilities carrying no interest \u2013 repayable 1-2 years
67.2
(1.4)
65.8
As
previously As
reported Represented presented
Alternative performance measures (unaudited) \u00a3m/% \u00a3m/% \u00a3m/%
Adjusted operating profit
44.2
6.6
50.8
Return on capital employed
6.3%
1.0%
7.3%
Pre-exceptional
Gross profit
100.6
5.0
105.6
Gross profit margin
15.3%
0.8%
16.1%
Operating profit
44.2
6.6
50.8
Operating profit margin
6.7%
1.0%
7.7%
Profit before tax
41.4
6.6
48.0
Income tax expense
(10.0)
(1.7)
(11.7)
Profit after tax
31.4
4.9
36.3
Basic earnings per share (pence)
12.3
1.9
14.2
Diluted earnings per share (pence)
12.2
1.9
14.1
Exceptional items
Gross loss
(14.3)
(6.6)
(20.9)
Gross loss margin
(2.2)%
(1.0)%
(3.2)%
Operating loss
(14.3)
(6.6)
(20.9)
Operating loss margin
(2.2)%
(1.0)%
(3.2)%
Loss before tax
(18.3)
(6.6)
(24.9)
Income tax credit
4.8
1.7
6.5
Loss after tax
(13.5)
(4.9)
(18.4)
Basic loss per share (pence)
(5.3)
(1.9)
(7.2)
Diluted loss per share (pence)
(5.2)
(1.9)
(7.1)
As
previously As
reported Represented presented
Alternative performance measures (unaudited) \u00a3m/% \u00a3m/% \u00a3m/%
Total
Gross profit/(loss)
86.3
(1.6)
84.7
Gross profit/(loss) margin
13.1%
(0.2)%
12.9%
Historical summary (unaudited)
Gross profit
100.6
5.0
105.6
Gross profit margin
15.3%
0.8%
16.1%
Other operating income
\u2013
44.7
44.7
Other operating expenses
\u2013
(40.9)
(40.9)
Administrative expenses
(55.8)
(2.2)
(58.0)
Operating profit before joint ventures
44.2
6.6
50.8
Operating profit before joint ventures margin
6.7%
1.0%
7.7%
Operating profit after joint ventures
46.9
6.6
53.5
Operating profit after joint ventures margin
7.1%
1.0%
8.1%
Profit before taxation
41.4
6.6
48.0
Income tax expense
(10.0)
(1.7)
(11.7)
Profit after taxation attributable to equity shareholders
31.4
4.9
36.3
Basic earnings per share (pence)
12.3
1.9
14.2
Return on average capital employed
6.3%
1.0%
7.3%
Return on average equity
3.6%
0.6%
4.2%
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