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The information in this Report is audited where indicated, and otherwise unaudited.
2025 Remuneration payable to Executive Directors (audited)
\n \n
Retire-
Total
ment
Total \ufb01xed
variable
Salary
1
Bene\ufb01ts
2
Bonus
LTIP
bene\ufb01ts
3
Other
4
Total pay
pay
pay
Director
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Martyn Clark
2025
600
29
\u2013
\u2013
36
290
955
665
290
20245
250
12
\u2013
\u2013
15
325
602
277
325
Bill Floydd
2025
407
26
\u2013
\u2013
24
\u2013
457
457
\u2013
2024
388
23
100
\u2013
23
\u2013
534
434
100
1
Where salaries are adjusted for bene\ufb01ts which are provided via salary exchange, such salaries are quoted as the gross \ufb01gure disregarding
the e\ufb00ect of salary exchange.
2
The \ufb01gure shown includes the value of car bene\ufb01t, private medical insurance, group income protection, personal accident, life assurance and
an annual health check.
3
Salary supplement of 6% (employee majority rate). No Director has a prospective interest in a de\ufb01ned bene\ufb01t scheme.
4
Payments related to the buy-out awards to Martyn Clark. Full details can be found on page 97.
5
Martyn Clark was appointed to the Board as Chief Executive O\ufb03cer on 3 June 2024. Remuneration is shown from this date.
2025 Non-Executive Directors\u2019 fees (audited)
\n \n
2025
2024
Director
\u00a3000
\u00a3000
Iain Ferguson
216
212
David Arnold
65
64
Louise Hardy
61
60
Octavia Morley
74
73
Maggie Semple
1
56
45
1
Maggie Semple joined the Board on 1 January 2024. The fee for 2024 shown is pro rata for the period of service during the year.
Pay for performance 2025 (audited)
Annual bonus targets and outcomes
The 2025 annual bonus scheme followed a similar format to previous years, albeit with an increased
weighting towards non-\ufb01nancial targets. The \ufb01nancial targets for 2025 were APBT and net debt (60%)
as well as non-\ufb01nancial measures (40%) focusing on customer service, build quality and employee
engagement. The maximum target for each element was set to stretch and challenge the Executive
Directors with achievement calculated on a straight-line basis between threshold and target, and
target and maximum/stretch. The maximum bonus potential was 150% of salary.
While appropriately stretching targets had been set based on forecasts relating to the \ufb01nancial and
market outlook at the end of 2024, the APBT target was not met this year.
Therefore, the formulaic bonus outcome for 2025 was 63.83% of maximum. However, taking into
account that the threshold level of APBT was not met to enable payment of the other metrics, the \ufb01nal
bonus payout will be zero against the maximum bonus potential of 150%.
The results for each element of the annual bonus targets and actual performance outcome for each are set out below:
\n\n \n
Target
Performance
Stretch and
% of salary
Threshold
On target
maximum
Actual
after APBT
(25% of
(50% of
(100% of
performance
threshold
Measure (weighting)
Description and link to strategy
maximum)
maximum)
maximum)
outcome
% achieved
applied
Financial targets
Adjusted pro\ufb01t before tax (30%)
Adjusted pro\ufb01t before tax as shown on page 167.
\u00a330m
\u00a334m
\u00a338m
\u00a326.5m
0
0
1
Net (debt)/cash (30%)
Cash and cash equivalent plus non-current and current interest-bearing loans and
\u00a3(90)m
\u00a3(65)m
\u00a3(40)m
\u00a3(38.2)m
25.2
0
borrowings as at 31 October 2025.
1
3
Non-\ufb01nancial targets
Customer service (20%)
The HBF satisfaction score as at 31 October 2025.
4.05
4.15
4.20
4.20
20
0
1
3
4
Build quality (10%)
Average NHBC reportable items and Premier Guarantee Quality Score. Two measures
0.35/4.1
0.30/4.2
0.25/4.3
0.26/4.46
8.63
0
are shown to re\ufb02ect that two service providers are used.
1
2
Employee engagement (10%)
Improvement of employee engagement performance score from two employee surveys.
1%
2%
5%
6%
10
0
3
Total bonus
63.83
0
\n
Links to strategic priorities
\n
1
Building exceptional quality homes e\ufb03ciently
\n
2
Delivering outstanding customer experience
\n
3
Underpinned by operational and commercial excellence
\n
4
Optimising value of the land portfolio
2025 bonus payments and deferral
\n
One-third of the annual bonus would normally be delivered in shares (post tax, national insurance and
\n
other statutory deductions) and subject to a holding period of three years. The Deferred Shares are
\n
subject to withholding and recovery conditions and continue to be subject to the holding period after
\n
cessation of employment. However, no award was made in respect of 2025.
\n
2023 LTIP
\n
The current Executive Directors did not participate in the 2023 LTIP. Awards were granted to former
\n
Executive Directors. The LTIP award was subject 50% to Total Shareholder Return (TSR), 35% to ROCE
\n
and 15% to scope 1 and scope 2 carbon emissions performance measures.
\n
Under the scope 1 and 2 carbon emissions reduction measure performance between threshold
\n
and maximum was achieved, while all other measures performance was below threshold. Overall,
\n
this would have resulted in 15% of maximum vesting. However, taking into account overall company
\n
performance and the stakeholder experience, the Committee exercised discretion to reduce the
\n
LTIP\u00a0vesting level to zero. This award will lapse in full.
\n
Scheme interests awarded during the \ufb01nancial year (audited)
\n
2025 LTIP awards
\n
Awards were granted to Executive Directors under the LTIP for the performance period 1 November
\n
2024 to 31 October 2027.
\n\n \n
Face value
% of award
Number of
of award
1
receivable at
Director
Award
Date of grant
1
shares
\u00a3000
% of salary
threshold
Martyn Clark
Performance-based
15 February 2025
524,903
900
150
25
nil-cost option
Bill Floydd
Performance-based
15 February 2025
356,934
612
150
25
nil-cost option
\n
1
Face value was calculated based on 171.46 pence, the average of the closing middle market share price for the \ufb01ve dealing days preceding
\n
the date of grant.
\n\n \n
2025 LTIP performance conditions
Weighting
Threshold (25%)
Maximum (100%)
TSR in 2027
22.5%
Median
Upper quartile
ROCE in 2027
40%
9.5%
12%
Share price in 2027
22.5%
250p
300p
Reduction in scope 1 and scope 2 carbon emissions
15%
1.81 tCO
2
e
1.56 tCO
2
e
\n
Malus and clawback applies to all LTIP awards should an event occur within three years of an
\n
award vesting or, in the case of an option, when it \ufb01rst becomes exercisable. Repayments may
\n
be made through a reduction in future bonus or share awards on vesting, or by direct repayment.
\n
Circumstances in which malus or clawback may be applied are set out in full in the 2026 Policy on
\n
page 89.
\n
A two-year post-vesting holding period applies to all vested LTIP awards with those shares held by the
\n
Company until the end of the period.
Buy-out arrangements \u2013 Martyn Clark, Chief Executive O\ufb03cer (audited)
\n
The buy-out arrangements agreed as part of Martyn Clark\u2019s recruitment were set out in the 2024 Directors\u2019 remuneration report which can be found at corporate.crestnicholson.com/results. The majority of the
\n
awards were paid in the 2024 \ufb01nancial year.
\n
The table below sets out the awards granted in 2024 that vested or were paid in 2025.
\n\n \n
Number of
Cash payment
Amounts
shares
(including any
included in
awarded by
Face value
dividend
2025 single
End of
Buy-out
Crest
of share
equivalent
\ufb01gure table
performance
Buy-out award
arrangement
Date of grant
Nicholson
award
1
payment)
(actual)
period
Vesting date
Operation
Persimmon plc
Option over
17 June 2024
27,607
\u00a347,291
\u00a314,593
\u00a361,884
31 December
8 March 2025
The number of shares granted re\ufb02ects the extent to which the applicable Persimmon plc
2022 LTIP Award
shares
2024
performance conditions were achieved, which was 20% of maximum as reported in the 2024
Persimmon plc annual report on remuneration. Persimmon dividend equivalents were paid
as cash on the date of grant. No service conditions apply to this award. A two-year holding
period applies to these shares.
Persimmon plc
Cash and shares
25 April 2025
17,048
\u00a329,203
\u00a332,143
\u00a361,645
N/A
N/A
This buy-out award was payable 50% in cash and 50% in shares.
2023 Deferred Bonus
Crest Nicholson shares equivalent to 2,348 Persimmon plc shares were granted on 25 April
Plan
2025 and were determined based on the average Persimmon and average Crest Nicholson
share price over the 10 dealing days prior to 31 March 2025. Persimmon dividend equivalents
were paid as cash on the date of grant.
Persimmon plc
Cash
N/A
\u2013
\u2013
\u00a3166,333
\u00a3166,333
N/A
N/A
The total bonus re\ufb02ects the extent to which the applicable Persimmon plc performance
2024 Bonus
conditions were achieved, which was 133.12% of salary, as reported in the 2024 Persimmon
Scheme
plc annual report on remuneration and was paid in cash.
\n
1
The face value for the shares awarded is based on the Crest Nicholson Holdings plc share price at the time of grant (being 171.3 pence per share on 25 April 2025).
Directors\u2019 shareholdings at the end of the \ufb01nancial year (audited)
\n\n \n
Outstanding share
Outstanding share
Shareholding
3
as a
Shares held,
awards
2
at
awards
2
at
percentage of salary
including connected
31 October 2025
31 October 2025
Total share
and share price of
persons, at
with performance
without performance
interests at
pence at 165.5
Director
31 October 2025
1
conditions
conditions
31 October 2025
31 October 2025
Iain Ferguson
150,000
N/A
N/A
150,000
N/A
Martyn Clark
28,509
1,248,440
108,391
1,385,340
25.1%
Bill Floydd
11,607
644,235
10,847
666,689
9.1%
David Arnold
15,250
N/A
N/A
15,250
N/A
Louise Hardy
\u2013
N/A
N/A
\u2013
N/A
Gillian Kent
\u2013
N/A
N/A
\u2013
N/A
Octavia Morley
5,600
N/A
N/A
5,600
N/A
Maggie Semple
\u2013
N/A
N/A
\u2013
N/A
\n
1
Figure includes partnership and matching shares held in the Crest Nicholson Share Incentive Plan (SIP). Since the year-end and up to the
\n
date of this report, the following transactions have taken place under the SIP: Martyn Clark and Bill Floydd each purchased 310 shares and
\n
received 102 matching shares.
\n
2
Share awards take the form of nil-cost options other than Sharesave awards which are \ufb01xed price options. There are no conditional or
\n
Restricted Share Awards. There were no vested but unexercised share awards at 31 October 2025.
\n
3
Shareholding includes shares held by connected persons, outstanding share awards without performance conditions (e.g. buy-out Deferred
\n
Bonus Plan (DBP), net of notional tax and employee NIC, or Sharesave) and excludes outstanding share awards with performance conditions
\n
(e.g. LTIP).
\n
Directors\u2019 shareholdings and share interests
\n
Share ownership plays a key role in aligning Executive Directors\u2019 interests with the interests of
\n
shareholders over the long term. The 2026 Policy requires Executive Directors to build up and
\n
maintain a signi\ufb01cant shareholding of 200% of salary or 250% from the approval of the 2026 Policy.
\n
On cessation of employment, they are required to continue to hold the lower of 200% of salary or their
\n
shareholding at the date of leaving for a period of two years. Under the Policy, shares owned outright
\n
and Deferred Shares (without performance conditions) count towards the shareholding requirement.
\n
The chart below shows the Executive Directors\u2019 shareholdings and share interests. It includes
\n
unvested buy-out Deferred Bonus Plan (DBP) and Sharesave awards and the illustrative e\ufb00ect if 50%
\n
of outstanding LTIP awards vested in the future. LTIP shares are shown net of tax (i.e. excluding that
\n
proportion of those shares expected to be sold on vesting to settle the associated tax liability).
\n
0%
\n
Share owned outright
\n
50%
100%
\n
Bill Floydd
\n
Martyn Clark
\n
150%
200%
250%
\n
E\ufb00ect of 50% of LTIPs vesting
\n
Unvested share awards without performance conditions
\n
Shareholding requirements
\n
Executive Directors\u2019 alignment to share price
\n
The table below contains the value of shares held by the Executive Directors, including those awarded
\n
under Sharesave. It illustrates the Executive Directors\u2019 alignment to share price movement through
\n
their ordinary shareholdings.
\n\n \n
Indicative value
1
Consequence of a
Unvested
Unvested
on 31 October
+/- 50% share
Shares owned
DBP shares
Sharesave
2025
price change
Director
outright
(post tax)
shares
Total shares
(\u00a3)
(\u00a3)
Martyn Clark
28,509
97,544
10,847
136,900
226,570
113,285
Bill Floydd
11,607
\u2013
10,847
22,454
37,161
18,581
\n
1
Value calculated using the share price of 165.5 pence as at 31 October 2025.
Executive Directors\u2019 scheme interests at the end of the \ufb01nancial year (audited)
\n
The LTIP awards have performance criteria attached to them in accordance with the Policy. The Sharesave awards do not have any performance criteria attached to them.
\n\n \n
Outstanding
Outstanding
share options/
share options/
Market price
awards at
awards at
Market price
Exercise
at exercise/
Gain
31 October
31 October
on award
price
vesting
receivable
Date exercisable or
2024
Date of grant
Granted
Exercised
Lapsed
2025
\u00a3
\u00a3
\u00a3
\u00a3
capable of vesting
Expiry date
Martyn Clark
LTIP
2024
498,628
17 June 2024
\u2013
\u2013
\u2013
498,628
2.407
Nil
\u2013
\u2013
16 June 2027
17 June 2034
2025
\u2013
15 February 2025
524,903
\u2013
\u2013
524,903
1.715
Nil
\u2013
\u2013
14 February 2028
15 February 2035
BUY-OUT
2024
224,909
17 June 2024
\u2013
\u2013
\u2013
224,909
2.407
Nil
\u2013
\u2013
2 May 2026
2 May 2029
2024
138,037
17 June 2024
\u2013
27,607
110,430
0
2.407
Nil
1.716
47,291
8 March 2025
8 March 2028
2024
97,544
17 June 2024
\u2013
\u2013
\u2013
97,544
2.407
Nil
\u2013
\u2013
1 March 2026
17 June 2034
SHARESAVE
2024
10,847
13 September 2024
\u2013
\u2013
\u2013
10,847
2.136
1.710
\u2013
\u2013
1 October 2027
31 March 2028
Bill Floydd
LTIP
2024
287,301
5 February 2024
\u2013
\u2013
\u2013
287,301
2.088
Nil
\u2013
\u2013
4 February 2027
5 February 2034
2025
\u2013
15 February 2025
356,934
\u2013
\u2013
356,934
1.715
Nil
\u2013
\u2013
14 February 2028
15 February 2035
SHARESAVE
2024
10,847
13 September 2024
\u2013
\u2013
\u2013
10,847
2.136
1.710
\u2013
\u2013
1 October 2027
31 March 2028
Loss of o\ufb03ce payments and payments to past Directors (audited)
\n
There were no payments for loss of o\ufb03ce or payments to past Directors made during the year.
\n
Directors\u2019 service contracts and letters of appointment
\n
Executive Directors have contracts of employment providing for a maximum of nine months\u2019 notice
\n
from either party.
\n
Non-Executive Directors have letters of appointment for an initial three-year term and generally serve
\n
two to three terms. The required notice is three months from either party.
\n\n \n
Initial date of
Director
appointment
Notice period
Unexpired term remaining 31 October 2025
Martyn Clark
3 June 2024
Nine months
Terminable on nine months\u2019 notice
Bill Floydd
13 November 2023
Nine months
Terminable on nine months\u2019 notice
Iain Ferguson
16 September 2019
Three months
Terminable on three months\u2019 notice
David Arnold
1 September 2021
Three months
Terminable on three months\u2019 notice
Louise Hardy
24 January 2018
Three months
Terminable on three months\u2019 notice
Gillian Kent
1 November 2025
Three months
Terminable on three months\u2019 notice
Octavia Morley
1 May 2017
Three months
Terminable on three months\u2019 notice
Maggie Semple
1 January 2024
Three months
Terminable on three months\u2019 notice
\n
The Group has the right to terminate the contracts of Executive Directors by making a payment in lieu
\n
of notice. Any such payment will typically re\ufb02ect the individual\u2019s salary, bene\ufb01ts in kind and pension
\n
entitlements. Further information is found on page 91 of the 2026 Policy.
\n
Relative importance of spend on pay
\n
The table below shows how employee remuneration costs compare with distributions made to
\n
shareholders in 2024 and 2025. This includes data for all employees, including those who were
\n
promoted, had salary changes, were new starters or received incentive-based remuneration, as
\n
well as pay in respect of individuals who left during the year but had some service. Distributions to
\n
shareholders for 2024 and 2025 are made up of cash paid to shareholders in each respective year.
\n
The change in total spend on pay is re\ufb02ective of the 2025 pay increase applied following
\n
consideration of Group performance in 2024 and wider economic considerations such as in\ufb02ation,
\n
bonus payments made where performance targets were met in 2024 and Martyn Clark\u2019s buy-out
\n
arrangements. The level of distributions to shareholders re\ufb02ects the reduced dividend payment in
\n
comparison with 2024.
\n
The measures shown below are those speci\ufb01ed by the applicable disclosure requirements and total
\n
spend on pay re\ufb02ects actual expenditure in the year.
\n
Total spend on pay
\n
2025
\u00a352.4m
Change \u00a32.1m
\n
2024
\u00a350.3m
\n
Distributions to shareholders by way of dividend
\n
2025
\u00a36.4m
Change -\u00a325.6m
\n
2024
\u00a332.0m
-80%
\n
4%
\n
Total spend on pay is calculated using cash amounts paid to employees in the respective \ufb01nal year. This is di\ufb00erent
\n
to the disclosure in note
6 of the \ufb01nancial statements that uses accrued amounts which will be paid in future period.
Performance graph and table
\n
The graph below illustrates the Group\u2019s total shareholder return performance relative to the
\n
constituents of the FTSE 250 Index (excluding investment trusts) from 31 October 2015. As the Group
\n
has been a member of the FTSE 250 for the majority of this period, the Committee considers this to
\n
be an appropriate comparator.
\n
Total shareholder return
\n
Source: Datastream (Re\ufb01nitiv)
\n
0
\n
20
\n
40
\n
60
\n
80
\n
100
\n
120
\n
140
\n
160
\n
180
\n
Value (\u00a3) (restated)
\n
Crest Nicholson
\n
October
\n
2015
\n
October
\n
2016
\n
October
\n
2017
\n
October
\n
2018
\n
October
\n
2019
\n
October
\n
2020
\n
October
\n
2021
\n
October
\n
2022
\n
October
\n
2023
\n
October
\n
2024
\n
October
\n
2025
\n
FTSE 250 (excl. investment trusts)
\n
Historical Chief Executive Officer remuneration
\n
The table below sets out total Chief Executive O\ufb03cer remuneration for 2025 and prior years, together
\n
with the percentage of maximum annual bonus outcome and the percentage of maximum LTIP vested
\n
in that year.
\n\n \n
\u00a3000
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Chief Executive O\ufb03cer
total remuneration
2,345
2,150
714
1
1,495
2
739
1,422
1,768
769
1,082
3
955\u2074
Annual bonus % of maximum
82
84
0
3.5
0
84
80
0
0
0
LTIP award % of maximum
100
100
25
0
0
0
54
0
0
N/A
\n
1
Based pro rata, on salaries and total remuneration of Stephen Stone to 21 March 2018 and Patrick Bergin from 22 March 2018 to 31 October
\n
2018.
\n
2
Based pro rata, on salaries and total remuneration of Patrick Bergin to 26 March 2019, Chris Tinker from 26 March 2019 to 8 September 2019
\n
and Peter Truscott from 9 September 2019. It includes the cost of buy-out arrangements for Peter Truscott.
\n
3
Based pro rata, on salaries and total remuneration of Peter Truscott to 14 June 2024 and Martyn Clark from 3 June 2024. It includes the cost
\n
of buy-out arrangements for Martyn Clark.
\n
4
Includes the cost of buy-out arrangements that vested during the year.
Our approach
to fair pay
We monitor the remuneration framework to ensure it is
transparent and fair across the wider workforce and covers pay
and alignment across the business, Chief Executive O\ufb03cer pay
ratios and gender pay gap reporting.
The Committee reviews the remuneration framework applicable to all employees annually, ensuring
that the Policy framework applies in a similar way across the Group in terms of types of bene\ufb01ts and
variable pay relative to role grades and disciplines. This ensures alignment across the Group and
encourages shared goals and objectives.
When making remuneration decisions for Executive Directors, the Committee considers the wider
economic environment and conditions within the Group. In particular, the Committee is sensitive to
pay and employment conditions across the employee workforce and carefully considers the broader
employee salary increase budget when making reward decisions for Executive Directors.
Our fair pay objectives
Become an
employer of
choice for all in
construction and
housebuilding
Foster a culture of
work-life balance
that respects
responsibilities
outside of work
Remove any
barriers to career
progression for all
employees
Continue to
ensure salaries
and bonuses
are inclusive
regardless
of role
Cascade of remuneration across the Group
The table below summarises the information the Committee received as part of its annual review
process and shows how remuneration compares across the Group in a transparent and fair way.
\n \n
Base salary
Base salary is set with reference to the speci\ufb01c nature of the role and responsibility, individual
experience and performance, relative to other Group employees and market practice among
other UK housebuilders. This is normally reviewed and increased with reference to cost of living,
in\ufb02ation, role benchmarking and Group performance. All employees are paid at or above the
voluntary Real Living Wage.
Matters considered during the year
After consideration of Group performance and wider economic factors such as in\ufb02ation and
role benchmarking, the average annual salary increase across the Group for 2026 was 3%.
The\u00a0Group\u2019s HR team regularly reviews base pay across the Group and compares this with
market analysis and will continue to do so in 2026.
Bene\ufb01ts
The Group\u2019s bene\ufb01t programme applies to all employees in a similar way, including access to life
assurance. Certain bene\ufb01ts have a service requirement or have enhanced cover for management
roles and above. Employees have access to a real-time total reward statement via our MyReward
platform which also allows them to access and manage their bene\ufb01ts.
Matters considered during the year
The Committee considered the Group\u2019s bene\ufb01ts programme, noting that it continued to be in
alignment across the Group.
Pension
All employees are initially auto-enrolled into the Group pension plan with a 6% employer
contribution or have the ability to opt in. Employees can opt to increase or decrease their
contribution amounts. The maximum employer contribution is 10% depending on employee
contribution level and service. The majority of employees receive an employer contribution
of 6%. More than 97% of our employees are members of the Group pension plan.
Matters considered during the year
The Committee reviewed the Group\u2019s pension contribution framework and no changes were
recommended.
Annual bonus
All employees are eligible for participation in a bonus scheme relevant to their role.
Matters considered during the year
Where performance targets have been met, payments under employee schemes will be made.
These are consistent with the performance of the Executive Directors\u2019 scheme.
Share schemes
All employees are invited to participate in the annual Sharesave scheme. A proportion of
management and senior management participate in long-term incentives by annual invitation.
Matters considered during the year
Performance against the targets for the 2023 LTIP were assessed and discretion was applied to
reduce vesting to zero. The Committee approved the launch of the 2025 Sharesave scheme to
all employees which had 16% participation this year. Following shareholder approval at the 2025
AGM, the Group launched a Share Incentive Plan to all employees who had completed their
probation with an initial take-up of\u00a018.5%.
Employee engagement
\n
We launched a Share Incentive Plan (SIP) alongside our annual Sharesave invitation this year.
\n
Employee engagement with our all-employee share schemes remained high, with 43% of those
\n
eligible participating in either Sharesave or SIP, or both. The Committee considers Sharesave and SIP
\n
to be valuable mechanisms that provide employees with a path to share ownership. The Committee
\n
will continue to review employee pay structures and levels during 2026 and engage with employees.
\n
Chief Executive O\ufb03cer to employees pay ratio for 2025
\n
The table below reports the pay ratio for 2025 and has been calculated using the method known as
\n
Option B. Option B is considered to provide an appropriate and representative calculation based on
\n
the information available at this time. Previous years are shown below for comparison and will continue
\n
to build to show a rolling 10-year period.
\n\n \n
25th
75th
percentile
Median
percentile
Year
Method
pay ratio
pay ratio
pay ratio
31 October 2020
Option A
Ratio
25:1
17:1
11:1
31 October 2021
Option A
Ratio
46:1
32:1
21:1
31 October 2022
Option A
Ratio
55:1
37:1
25:1
31 October 2023
Option B
Ratio
16:1
12:1
10:1
31 October 2024
Option B
Ratio
31:1
16:1
13:1
31 October 2025
Option B
Ratio
23:1
17:1
9:1
Employees\u2019 total pay
\u00a341,688
\u00a356,968
\u00a3100,535
Employees\u2019 salary
\u00a337,617
\u00a347,250
\u00a379,841
\n
To calculate Option B, the latest available gender pay gap data (April 2025) was used to identify three
\n
Group employees whose hourly rates of pay were at the 25th, 50th and 75th percentiles of all Group
\n
employees. The total remuneration for the three employees at each percentile was calculated as at
\n
31 October 2025 on the same basis as the Chief Executive O\ufb03cer single total \ufb01gure of remuneration.
\n
The remuneration of employees above and below the selected employees was also reviewed to
\n
ensure that they were the best equivalents for each percentile.
\n
Employee pay includes such items as overtime, commission, bonus and any long-term incentives.
\n
Bene\ufb01ts include company car or car allowance, private medical insurance and employer pension
\n
contributions. Other than any bonus elements, all other payments are included on a cash basis.
\n
The bonus elements are for the bonus earned during 2025.
\n
The Policy is designed taking into account the remuneration arrangements, policies and practices
\n
throughout the Group and, when reviewing the implementation of the Policy, the Committee ensures
\n
that outcomes throughout the Group are fair and appropriate. On this basis, the Committee considers
\n
that the median pay ratio is consistent with the Group\u2019s wider policies on employee pay, reward and
\n
progression. The changes to the ratio this year are due to the lower total remuneration for the Chief
\n
Executive O\ufb03cer in comparison to 2024.
\n
Gender pay gap
\n
We are continuing to work towards increasing diversity and gender balance within all roles and at
\n
all levels. More details can be found on page 30. The Committee continues to take into account
\n
the gender pay gap when making pay decisions, and works in conjunction with the Nomination
\n
Committee to improve the diversity of employees.
Advisors to the Committee
The Committee received external remuneration advice in the year from Korn Ferry (total fees \u00a373,593).
Korn Ferry was appointed by the Committee following a competitive selection process in 2018.
Korn Ferry is a founder member of the Remuneration Consultants\u2019 Group, which operates a code of
conduct. Fees paid to external remuneration advisors are typically charged on an hourly basis with
costs for work agreed in advance where possible.
During the year, Korn Ferry provided professional search services to the Company. These services
were carried out by a division separate to the remuneration advisory team.
The Committee manages con\ufb02icts of interest by ensuring the relevant member of management or
the Committee is not present when their own remuneration is determined or discussed. Taking into
account their work in the year and their relationship with the Group, the Committee is satis\ufb01ed that
the advice received by Korn Ferry in relation to executive remuneration matters was objective
and independent.
Statement of voting at Annual General Meeting
The tables below set out the votes received for the 2024 Directors\u2019 remuneration report at the 2025
AGM and the Directors\u2019 remuneration policy at the 2023 AGM.
\n \n
Directors\u2019 remuneration report (2025 AGM)
1
Shares voted in favour
175,160,823
97.94%
Shares voted against
3,688,246
2.06%
Directors\u2019 remuneration policy (2023 AGM)
2
Shares voted in favour
185,680,904
97.28%
Shares voted against
5,199,216
2.72%
1
Votes withheld 23,476 (0.01% of share capital)
2
Votes withheld 21,988 (0.01% of share capital)
The Committee welcomes feedback and encourages shareholders to contact the Remuneration
Committee Chair via the Group Company Secretary (see page 168) to provide their views
and feedback.
Approval
This Directors\u2019 remuneration report was approved by the Board of Directors on 28 January 2026
and signed on its behalf by
Octavia Morley
Remuneration Committee Chair6 Employee numbers and costs
(a) Average monthly number of persons employed by the Group
\n \n
2025
2024
Number
Number
Development
685
704
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)
\n \n
2025
2024
\u00a3m
\u00a3m
Wages and salaries
49.8
52.3
Social security costs
6.4
6.0
Other pension costs
2.8
2.9
Share-based payments
2.1
1.8
61.1
63.0
(c) Key management remuneration
\n \n
2025
2024
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
5.0
4.8
Share-based payments
1.2
0.8
6.2
5.6
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.
(d) Directors\u2019 remuneration
\n \n
2025
2024
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
2.0
2.4
Share-based payments
0.6
0.4
2.6
2.8
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 82-104.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00165": { "value": "Annual report on remuneration
The information in this Report is audited where indicated, and otherwise unaudited.
2025 Remuneration payable to Executive Directors (audited)
\n \n
Retire-
Total
ment
Total \ufb01xed
variable
Salary
1
Bene\ufb01ts
2
Bonus
LTIP
bene\ufb01ts
3
Other
4
Total pay
pay
pay
Director
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Martyn Clark
2025
600
29
\u2013
\u2013
36
290
955
665
290
20245
250
12
\u2013
\u2013
15
325
602
277
325
Bill Floydd
2025
407
26
\u2013
\u2013
24
\u2013
457
457
\u2013
2024
388
23
100
\u2013
23
\u2013
534
434
100
1
Where salaries are adjusted for bene\ufb01ts which are provided via salary exchange, such salaries are quoted as the gross \ufb01gure disregarding
the e\ufb00ect of salary exchange.
2
The \ufb01gure shown includes the value of car bene\ufb01t, private medical insurance, group income protection, personal accident, life assurance and
an annual health check.
3
Salary supplement of 6% (employee majority rate). No Director has a prospective interest in a de\ufb01ned bene\ufb01t scheme.
4
Payments related to the buy-out awards to Martyn Clark. Full details can be found on page 97.
5
Martyn Clark was appointed to the Board as Chief Executive O\ufb03cer on 3 June 2024. Remuneration is shown from this date.
2025 Non-Executive Directors\u2019 fees (audited)
\n \n
2025
2024
Director
\u00a3000
\u00a3000
Iain Ferguson
216
212
David Arnold
65
64
Louise Hardy
61
60
Octavia Morley
74
73
Maggie Semple
1
56
45
1
Maggie Semple joined the Board on 1 January 2024. The fee for 2024 shown is pro rata for the period of service during the year.
Pay for performance 2025 (audited)
Annual bonus targets and outcomes
The 2025 annual bonus scheme followed a similar format to previous years, albeit with an increased
weighting towards non-\ufb01nancial targets. The \ufb01nancial targets for 2025 were APBT and net debt (60%)
as well as non-\ufb01nancial measures (40%) focusing on customer service, build quality and employee
engagement. The maximum target for each element was set to stretch and challenge the Executive
Directors with achievement calculated on a straight-line basis between threshold and target, and
target and maximum/stretch. The maximum bonus potential was 150% of salary.
While appropriately stretching targets had been set based on forecasts relating to the \ufb01nancial and
market outlook at the end of 2024, the APBT target was not met this year.
Therefore, the formulaic bonus outcome for 2025 was 63.83% of maximum. However, taking into
account that the threshold level of APBT was not met to enable payment of the other metrics, the \ufb01nal
bonus payout will be zero against the maximum bonus potential of 150%.
The results for each element of the annual bonus targets and actual performance outcome for each are set out below:
\n\n \n
Target
Performance
Stretch and
% of salary
Threshold
On target
maximum
Actual
after APBT
(25% of
(50% of
(100% of
performance
threshold
Measure (weighting)
Description and link to strategy
maximum)
maximum)
maximum)
outcome
% achieved
applied
Financial targets
Adjusted pro\ufb01t before tax (30%)
Adjusted pro\ufb01t before tax as shown on page 167.
\u00a330m
\u00a334m
\u00a338m
\u00a326.5m
0
0
1
Net (debt)/cash (30%)
Cash and cash equivalent plus non-current and current interest-bearing loans and
\u00a3(90)m
\u00a3(65)m
\u00a3(40)m
\u00a3(38.2)m
25.2
0
borrowings as at 31 October 2025.
1
3
Non-\ufb01nancial targets
Customer service (20%)
The HBF satisfaction score as at 31 October 2025.
4.05
4.15
4.20
4.20
20
0
1
3
4
Build quality (10%)
Average NHBC reportable items and Premier Guarantee Quality Score. Two measures
0.35/4.1
0.30/4.2
0.25/4.3
0.26/4.46
8.63
0
are shown to re\ufb02ect that two service providers are used.
1
2
Employee engagement (10%)
Improvement of employee engagement performance score from two employee surveys.
1%
2%
5%
6%
10
0
3
Total bonus
63.83
0
\n
Links to strategic priorities
\n
1
Building exceptional quality homes e\ufb03ciently
\n
2
Delivering outstanding customer experience
\n
3
Underpinned by operational and commercial excellence
\n
4
Optimising value of the land portfolio
2025 bonus payments and deferral
\n
One-third of the annual bonus would normally be delivered in shares (post tax, national insurance and
\n
other statutory deductions) and subject to a holding period of three years. The Deferred Shares are
\n
subject to withholding and recovery conditions and continue to be subject to the holding period after
\n
cessation of employment. However, no award was made in respect of 2025.
\n
2023 LTIP
\n
The current Executive Directors did not participate in the 2023 LTIP. Awards were granted to former
\n
Executive Directors. The LTIP award was subject 50% to Total Shareholder Return (TSR), 35% to ROCE
\n
and 15% to scope 1 and scope 2 carbon emissions performance measures.
\n
Under the scope 1 and 2 carbon emissions reduction measure performance between threshold
\n
and maximum was achieved, while all other measures performance was below threshold. Overall,
\n
this would have resulted in 15% of maximum vesting. However, taking into account overall company
\n
performance and the stakeholder experience, the Committee exercised discretion to reduce the
\n
LTIP\u00a0vesting level to zero. This award will lapse in full.
\n
Scheme interests awarded during the \ufb01nancial year (audited)
\n
2025 LTIP awards
\n
Awards were granted to Executive Directors under the LTIP for the performance period 1 November
\n
2024 to 31 October 2027.
\n\n \n
Face value
% of award
Number of
of award
1
receivable at
Director
Award
Date of grant
1
shares
\u00a3000
% of salary
threshold
Martyn Clark
Performance-based
15 February 2025
524,903
900
150
25
nil-cost option
Bill Floydd
Performance-based
15 February 2025
356,934
612
150
25
nil-cost option
\n
1
Face value was calculated based on 171.46 pence, the average of the closing middle market share price for the \ufb01ve dealing days preceding
\n
the date of grant.
\n\n \n
2025 LTIP performance conditions
Weighting
Threshold (25%)
Maximum (100%)
TSR in 2027
22.5%
Median
Upper quartile
ROCE in 2027
40%
9.5%
12%
Share price in 2027
22.5%
250p
300p
Reduction in scope 1 and scope 2 carbon emissions
15%
1.81 tCO
2
e
1.56 tCO
2
e
\n
Malus and clawback applies to all LTIP awards should an event occur within three years of an
\n
award vesting or, in the case of an option, when it \ufb01rst becomes exercisable. Repayments may
\n
be made through a reduction in future bonus or share awards on vesting, or by direct repayment.
\n
Circumstances in which malus or clawback may be applied are set out in full in the 2026 Policy on
\n
page 89.
\n
A two-year post-vesting holding period applies to all vested LTIP awards with those shares held by the
\n
Company until the end of the period.
Buy-out arrangements \u2013 Martyn Clark, Chief Executive O\ufb03cer (audited)
\n
The buy-out arrangements agreed as part of Martyn Clark\u2019s recruitment were set out in the 2024 Directors\u2019 remuneration report which can be found at corporate.crestnicholson.com/results. The majority of the
\n
awards were paid in the 2024 \ufb01nancial year.
\n
The table below sets out the awards granted in 2024 that vested or were paid in 2025.
\n\n \n
Number of
Cash payment
Amounts
shares
(including any
included in
awarded by
Face value
dividend
2025 single
End of
Buy-out
Crest
of share
equivalent
\ufb01gure table
performance
Buy-out award
arrangement
Date of grant
Nicholson
award
1
payment)
(actual)
period
Vesting date
Operation
Persimmon plc
Option over
17 June 2024
27,607
\u00a347,291
\u00a314,593
\u00a361,884
31 December
8 March 2025
The number of shares granted re\ufb02ects the extent to which the applicable Persimmon plc
2022 LTIP Award
shares
2024
performance conditions were achieved, which was 20% of maximum as reported in the 2024
Persimmon plc annual report on remuneration. Persimmon dividend equivalents were paid
as cash on the date of grant. No service conditions apply to this award. A two-year holding
period applies to these shares.
Persimmon plc
Cash and shares
25 April 2025
17,048
\u00a329,203
\u00a332,143
\u00a361,645
N/A
N/A
This buy-out award was payable 50% in cash and 50% in shares.
2023 Deferred Bonus
Crest Nicholson shares equivalent to 2,348 Persimmon plc shares were granted on 25 April
Plan
2025 and were determined based on the average Persimmon and average Crest Nicholson
share price over the 10 dealing days prior to 31 March 2025. Persimmon dividend equivalents
were paid as cash on the date of grant.
Persimmon plc
Cash
N/A
\u2013
\u2013
\u00a3166,333
\u00a3166,333
N/A
N/A
The total bonus re\ufb02ects the extent to which the applicable Persimmon plc performance
2024 Bonus
conditions were achieved, which was 133.12% of salary, as reported in the 2024 Persimmon
Scheme
plc annual report on remuneration and was paid in cash.
\n
1
The face value for the shares awarded is based on the Crest Nicholson Holdings plc share price at the time of grant (being 171.3 pence per share on 25 April 2025).
Directors\u2019 shareholdings at the end of the \ufb01nancial year (audited)
\n\n \n
Outstanding share
Outstanding share
Shareholding
3
as a
Shares held,
awards
2
at
awards
2
at
percentage of salary
including connected
31 October 2025
31 October 2025
Total share
and share price of
persons, at
with performance
without performance
interests at
pence at 165.5
Director
31 October 2025
1
conditions
conditions
31 October 2025
31 October 2025
Iain Ferguson
150,000
N/A
N/A
150,000
N/A
Martyn Clark
28,509
1,248,440
108,391
1,385,340
25.1%
Bill Floydd
11,607
644,235
10,847
666,689
9.1%
David Arnold
15,250
N/A
N/A
15,250
N/A
Louise Hardy
\u2013
N/A
N/A
\u2013
N/A
Gillian Kent
\u2013
N/A
N/A
\u2013
N/A
Octavia Morley
5,600
N/A
N/A
5,600
N/A
Maggie Semple
\u2013
N/A
N/A
\u2013
N/A
\n
1
Figure includes partnership and matching shares held in the Crest Nicholson Share Incentive Plan (SIP). Since the year-end and up to the
\n
date of this report, the following transactions have taken place under the SIP: Martyn Clark and Bill Floydd each purchased 310 shares and
\n
received 102 matching shares.
\n
2
Share awards take the form of nil-cost options other than Sharesave awards which are \ufb01xed price options. There are no conditional or
\n
Restricted Share Awards. There were no vested but unexercised share awards at 31 October 2025.
\n
3
Shareholding includes shares held by connected persons, outstanding share awards without performance conditions (e.g. buy-out Deferred
\n
Bonus Plan (DBP), net of notional tax and employee NIC, or Sharesave) and excludes outstanding share awards with performance conditions
\n
(e.g. LTIP).
\n
Directors\u2019 shareholdings and share interests
\n
Share ownership plays a key role in aligning Executive Directors\u2019 interests with the interests of
\n
shareholders over the long term. The 2026 Policy requires Executive Directors to build up and
\n
maintain a signi\ufb01cant shareholding of 200% of salary or 250% from the approval of the 2026 Policy.
\n
On cessation of employment, they are required to continue to hold the lower of 200% of salary or their
\n
shareholding at the date of leaving for a period of two years. Under the Policy, shares owned outright
\n
and Deferred Shares (without performance conditions) count towards the shareholding requirement.
\n
The chart below shows the Executive Directors\u2019 shareholdings and share interests. It includes
\n
unvested buy-out Deferred Bonus Plan (DBP) and Sharesave awards and the illustrative e\ufb00ect if 50%
\n
of outstanding LTIP awards vested in the future. LTIP shares are shown net of tax (i.e. excluding that
\n
proportion of those shares expected to be sold on vesting to settle the associated tax liability).
\n
0%
\n
Share owned outright
\n
50%
100%
\n
Bill Floydd
\n
Martyn Clark
\n
150%
200%
250%
\n
E\ufb00ect of 50% of LTIPs vesting
\n
Unvested share awards without performance conditions
\n
Shareholding requirements
\n
Executive Directors\u2019 alignment to share price
\n
The table below contains the value of shares held by the Executive Directors, including those awarded
\n
under Sharesave. It illustrates the Executive Directors\u2019 alignment to share price movement through
\n
their ordinary shareholdings.
\n\n \n
Indicative value
1
Consequence of a
Unvested
Unvested
on 31 October
+/- 50% share
Shares owned
DBP shares
Sharesave
2025
price change
Director
outright
(post tax)
shares
Total shares
(\u00a3)
(\u00a3)
Martyn Clark
28,509
97,544
10,847
136,900
226,570
113,285
Bill Floydd
11,607
\u2013
10,847
22,454
37,161
18,581
\n
1
Value calculated using the share price of 165.5 pence as at 31 October 2025.
Executive Directors\u2019 scheme interests at the end of the \ufb01nancial year (audited)
\n
The LTIP awards have performance criteria attached to them in accordance with the Policy. The Sharesave awards do not have any performance criteria attached to them.
\n\n \n
Outstanding
Outstanding
share options/
share options/
Market price
awards at
awards at
Market price
Exercise
at exercise/
Gain
31 October
31 October
on award
price
vesting
receivable
Date exercisable or
2024
Date of grant
Granted
Exercised
Lapsed
2025
\u00a3
\u00a3
\u00a3
\u00a3
capable of vesting
Expiry date
Martyn Clark
LTIP
2024
498,628
17 June 2024
\u2013
\u2013
\u2013
498,628
2.407
Nil
\u2013
\u2013
16 June 2027
17 June 2034
2025
\u2013
15 February 2025
524,903
\u2013
\u2013
524,903
1.715
Nil
\u2013
\u2013
14 February 2028
15 February 2035
BUY-OUT
2024
224,909
17 June 2024
\u2013
\u2013
\u2013
224,909
2.407
Nil
\u2013
\u2013
2 May 2026
2 May 2029
2024
138,037
17 June 2024
\u2013
27,607
110,430
0
2.407
Nil
1.716
47,291
8 March 2025
8 March 2028
2024
97,544
17 June 2024
\u2013
\u2013
\u2013
97,544
2.407
Nil
\u2013
\u2013
1 March 2026
17 June 2034
SHARESAVE
2024
10,847
13 September 2024
\u2013
\u2013
\u2013
10,847
2.136
1.710
\u2013
\u2013
1 October 2027
31 March 2028
Bill Floydd
LTIP
2024
287,301
5 February 2024
\u2013
\u2013
\u2013
287,301
2.088
Nil
\u2013
\u2013
4 February 2027
5 February 2034
2025
\u2013
15 February 2025
356,934
\u2013
\u2013
356,934
1.715
Nil
\u2013
\u2013
14 February 2028
15 February 2035
SHARESAVE
2024
10,847
13 September 2024
\u2013
\u2013
\u2013
10,847
2.136
1.710
\u2013
\u2013
1 October 2027
31 March 2028
Loss of o\ufb03ce payments and payments to past Directors (audited)
\n
There were no payments for loss of o\ufb03ce or payments to past Directors made during the year.
\n
Directors\u2019 service contracts and letters of appointment
\n
Executive Directors have contracts of employment providing for a maximum of nine months\u2019 notice
\n
from either party.
\n
Non-Executive Directors have letters of appointment for an initial three-year term and generally serve
\n
two to three terms. The required notice is three months from either party.
\n\n \n
Initial date of
Director
appointment
Notice period
Unexpired term remaining 31 October 2025
Martyn Clark
3 June 2024
Nine months
Terminable on nine months\u2019 notice
Bill Floydd
13 November 2023
Nine months
Terminable on nine months\u2019 notice
Iain Ferguson
16 September 2019
Three months
Terminable on three months\u2019 notice
David Arnold
1 September 2021
Three months
Terminable on three months\u2019 notice
Louise Hardy
24 January 2018
Three months
Terminable on three months\u2019 notice
Gillian Kent
1 November 2025
Three months
Terminable on three months\u2019 notice
Octavia Morley
1 May 2017
Three months
Terminable on three months\u2019 notice
Maggie Semple
1 January 2024
Three months
Terminable on three months\u2019 notice
\n
The Group has the right to terminate the contracts of Executive Directors by making a payment in lieu
\n
of notice. Any such payment will typically re\ufb02ect the individual\u2019s salary, bene\ufb01ts in kind and pension
\n
entitlements. Further information is found on page 91 of the 2026 Policy.
\n
Relative importance of spend on pay
\n
The table below shows how employee remuneration costs compare with distributions made to
\n
shareholders in 2024 and 2025. This includes data for all employees, including those who were
\n
promoted, had salary changes, were new starters or received incentive-based remuneration, as
\n
well as pay in respect of individuals who left during the year but had some service. Distributions to
\n
shareholders for 2024 and 2025 are made up of cash paid to shareholders in each respective year.
\n
The change in total spend on pay is re\ufb02ective of the 2025 pay increase applied following
\n
consideration of Group performance in 2024 and wider economic considerations such as in\ufb02ation,
\n
bonus payments made where performance targets were met in 2024 and Martyn Clark\u2019s buy-out
\n
arrangements. The level of distributions to shareholders re\ufb02ects the reduced dividend payment in
\n
comparison with 2024.
\n
The measures shown below are those speci\ufb01ed by the applicable disclosure requirements and total
\n
spend on pay re\ufb02ects actual expenditure in the year.
\n
Total spend on pay
\n
2025
\u00a352.4m
Change \u00a32.1m
\n
2024
\u00a350.3m
\n
Distributions to shareholders by way of dividend
\n
2025
\u00a36.4m
Change -\u00a325.6m
\n
2024
\u00a332.0m
-80%
\n
4%
\n
Total spend on pay is calculated using cash amounts paid to employees in the respective \ufb01nal year. This is di\ufb00erent
\n
to the disclosure in note
6 of the \ufb01nancial statements that uses accrued amounts which will be paid in future period.
Performance graph and table
\n
The graph below illustrates the Group\u2019s total shareholder return performance relative to the
\n
constituents of the FTSE 250 Index (excluding investment trusts) from 31 October 2015. As the Group
\n
has been a member of the FTSE 250 for the majority of this period, the Committee considers this to
\n
be an appropriate comparator.
\n
Total shareholder return
\n
Source: Datastream (Re\ufb01nitiv)
\n
0
\n
20
\n
40
\n
60
\n
80
\n
100
\n
120
\n
140
\n
160
\n
180
\n
Value (\u00a3) (restated)
\n
Crest Nicholson
\n
October
\n
2015
\n
October
\n
2016
\n
October
\n
2017
\n
October
\n
2018
\n
October
\n
2019
\n
October
\n
2020
\n
October
\n
2021
\n
October
\n
2022
\n
October
\n
2023
\n
October
\n
2024
\n
October
\n
2025
\n
FTSE 250 (excl. investment trusts)
\n
Historical Chief Executive Officer remuneration
\n
The table below sets out total Chief Executive O\ufb03cer remuneration for 2025 and prior years, together
\n
with the percentage of maximum annual bonus outcome and the percentage of maximum LTIP vested
\n
in that year.
\n\n \n
\u00a3000
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Chief Executive O\ufb03cer
total remuneration
2,345
2,150
714
1
1,495
2
739
1,422
1,768
769
1,082
3
955\u2074
Annual bonus % of maximum
82
84
0
3.5
0
84
80
0
0
0
LTIP award % of maximum
100
100
25
0
0
0
54
0
0
N/A
\n
1
Based pro rata, on salaries and total remuneration of Stephen Stone to 21 March 2018 and Patrick Bergin from 22 March 2018 to 31 October
\n
2018.
\n
2
Based pro rata, on salaries and total remuneration of Patrick Bergin to 26 March 2019, Chris Tinker from 26 March 2019 to 8 September 2019
\n
and Peter Truscott from 9 September 2019. It includes the cost of buy-out arrangements for Peter Truscott.
\n
3
Based pro rata, on salaries and total remuneration of Peter Truscott to 14 June 2024 and Martyn Clark from 3 June 2024. It includes the cost
\n
of buy-out arrangements for Martyn Clark.
\n
4
Includes the cost of buy-out arrangements that vested during the year.
Our approach
to fair pay
We monitor the remuneration framework to ensure it is
transparent and fair across the wider workforce and covers pay
and alignment across the business, Chief Executive O\ufb03cer pay
ratios and gender pay gap reporting.
The Committee reviews the remuneration framework applicable to all employees annually, ensuring
that the Policy framework applies in a similar way across the Group in terms of types of bene\ufb01ts and
variable pay relative to role grades and disciplines. This ensures alignment across the Group and
encourages shared goals and objectives.
When making remuneration decisions for Executive Directors, the Committee considers the wider
economic environment and conditions within the Group. In particular, the Committee is sensitive to
pay and employment conditions across the employee workforce and carefully considers the broader
employee salary increase budget when making reward decisions for Executive Directors.
Our fair pay objectives
Become an
employer of
choice for all in
construction and
housebuilding
Foster a culture of
work-life balance
that respects
responsibilities
outside of work
Remove any
barriers to career
progression for all
employees
Continue to
ensure salaries
and bonuses
are inclusive
regardless
of role
Cascade of remuneration across the Group
The table below summarises the information the Committee received as part of its annual review
process and shows how remuneration compares across the Group in a transparent and fair way.
\n \n
Base salary
Base salary is set with reference to the speci\ufb01c nature of the role and responsibility, individual
experience and performance, relative to other Group employees and market practice among
other UK housebuilders. This is normally reviewed and increased with reference to cost of living,
in\ufb02ation, role benchmarking and Group performance. All employees are paid at or above the
voluntary Real Living Wage.
Matters considered during the year
After consideration of Group performance and wider economic factors such as in\ufb02ation and
role benchmarking, the average annual salary increase across the Group for 2026 was 3%.
The\u00a0Group\u2019s HR team regularly reviews base pay across the Group and compares this with
market analysis and will continue to do so in 2026.
Bene\ufb01ts
The Group\u2019s bene\ufb01t programme applies to all employees in a similar way, including access to life
assurance. Certain bene\ufb01ts have a service requirement or have enhanced cover for management
roles and above. Employees have access to a real-time total reward statement via our MyReward
platform which also allows them to access and manage their bene\ufb01ts.
Matters considered during the year
The Committee considered the Group\u2019s bene\ufb01ts programme, noting that it continued to be in
alignment across the Group.
Pension
All employees are initially auto-enrolled into the Group pension plan with a 6% employer
contribution or have the ability to opt in. Employees can opt to increase or decrease their
contribution amounts. The maximum employer contribution is 10% depending on employee
contribution level and service. The majority of employees receive an employer contribution
of 6%. More than 97% of our employees are members of the Group pension plan.
Matters considered during the year
The Committee reviewed the Group\u2019s pension contribution framework and no changes were
recommended.
Annual bonus
All employees are eligible for participation in a bonus scheme relevant to their role.
Matters considered during the year
Where performance targets have been met, payments under employee schemes will be made.
These are consistent with the performance of the Executive Directors\u2019 scheme.
Share schemes
All employees are invited to participate in the annual Sharesave scheme. A proportion of
management and senior management participate in long-term incentives by annual invitation.
Matters considered during the year
Performance against the targets for the 2023 LTIP were assessed and discretion was applied to
reduce vesting to zero. The Committee approved the launch of the 2025 Sharesave scheme to
all employees which had 16% participation this year. Following shareholder approval at the 2025
AGM, the Group launched a Share Incentive Plan to all employees who had completed their
probation with an initial take-up of\u00a018.5%.
Employee engagement
\n
We launched a Share Incentive Plan (SIP) alongside our annual Sharesave invitation this year.
\n
Employee engagement with our all-employee share schemes remained high, with 43% of those
\n
eligible participating in either Sharesave or SIP, or both. The Committee considers Sharesave and SIP
\n
to be valuable mechanisms that provide employees with a path to share ownership. The Committee
\n
will continue to review employee pay structures and levels during 2026 and engage with employees.
\n
Chief Executive O\ufb03cer to employees pay ratio for 2025
\n
The table below reports the pay ratio for 2025 and has been calculated using the method known as
\n
Option B. Option B is considered to provide an appropriate and representative calculation based on
\n
the information available at this time. Previous years are shown below for comparison and will continue
\n
to build to show a rolling 10-year period.
\n\n \n
25th
75th
percentile
Median
percentile
Year
Method
pay ratio
pay ratio
pay ratio
31 October 2020
Option A
Ratio
25:1
17:1
11:1
31 October 2021
Option A
Ratio
46:1
32:1
21:1
31 October 2022
Option A
Ratio
55:1
37:1
25:1
31 October 2023
Option B
Ratio
16:1
12:1
10:1
31 October 2024
Option B
Ratio
31:1
16:1
13:1
31 October 2025
Option B
Ratio
23:1
17:1
9:1
Employees\u2019 total pay
\u00a341,688
\u00a356,968
\u00a3100,535
Employees\u2019 salary
\u00a337,617
\u00a347,250
\u00a379,841
\n
To calculate Option B, the latest available gender pay gap data (April 2025) was used to identify three
\n
Group employees whose hourly rates of pay were at the 25th, 50th and 75th percentiles of all Group
\n
employees. The total remuneration for the three employees at each percentile was calculated as at
\n
31 October 2025 on the same basis as the Chief Executive O\ufb03cer single total \ufb01gure of remuneration.
\n
The remuneration of employees above and below the selected employees was also reviewed to
\n
ensure that they were the best equivalents for each percentile.
\n
Employee pay includes such items as overtime, commission, bonus and any long-term incentives.
\n
Bene\ufb01ts include company car or car allowance, private medical insurance and employer pension
\n
contributions. Other than any bonus elements, all other payments are included on a cash basis.
\n
The bonus elements are for the bonus earned during 2025.
\n
The Policy is designed taking into account the remuneration arrangements, policies and practices
\n
throughout the Group and, when reviewing the implementation of the Policy, the Committee ensures
\n
that outcomes throughout the Group are fair and appropriate. On this basis, the Committee considers
\n
that the median pay ratio is consistent with the Group\u2019s wider policies on employee pay, reward and
\n
progression. The changes to the ratio this year are due to the lower total remuneration for the Chief
\n
Executive O\ufb03cer in comparison to 2024.
\n
Gender pay gap
\n
We are continuing to work towards increasing diversity and gender balance within all roles and at
\n
all levels. More details can be found on page 30. The Committee continues to take into account
\n
the gender pay gap when making pay decisions, and works in conjunction with the Nomination
\n
Committee to improve the diversity of employees.
Advisors to the Committee
The Committee received external remuneration advice in the year from Korn Ferry (total fees \u00a373,593).
Korn Ferry was appointed by the Committee following a competitive selection process in 2018.
Korn Ferry is a founder member of the Remuneration Consultants\u2019 Group, which operates a code of
conduct. Fees paid to external remuneration advisors are typically charged on an hourly basis with
costs for work agreed in advance where possible.
During the year, Korn Ferry provided professional search services to the Company. These services
were carried out by a division separate to the remuneration advisory team.
The Committee manages con\ufb02icts of interest by ensuring the relevant member of management or
the Committee is not present when their own remuneration is determined or discussed. Taking into
account their work in the year and their relationship with the Group, the Committee is satis\ufb01ed that
the advice received by Korn Ferry in relation to executive remuneration matters was objective
and independent.
Statement of voting at Annual General Meeting
The tables below set out the votes received for the 2024 Directors\u2019 remuneration report at the 2025
AGM and the Directors\u2019 remuneration policy at the 2023 AGM.
\n \n
Directors\u2019 remuneration report (2025 AGM)
1
Shares voted in favour
175,160,823
97.94%
Shares voted against
3,688,246
2.06%
Directors\u2019 remuneration policy (2023 AGM)
2
Shares voted in favour
185,680,904
97.28%
Shares voted against
5,199,216
2.72%
1
Votes withheld 23,476 (0.01% of share capital)
2
Votes withheld 21,988 (0.01% of share capital)
The Committee welcomes feedback and encourages shareholders to contact the Remuneration
Committee Chair via the Group Company Secretary (see page 168) to provide their views
and feedback.
Approval
This Directors\u2019 remuneration report was approved by the Board of Directors on 28 January 2026
and signed on its behalf by
Octavia Morley
Remuneration Committee Chair6 Employee numbers and costs
(a) Average monthly number of persons employed by the Group
\n \n
2025
2024
Number
Number
Development
685
704
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)
\n \n
2025
2024
\u00a3m
\u00a3m
Wages and salaries
49.8
52.3
Social security costs
6.4
6.0
Other pension costs
2.8
2.9
Share-based payments
2.1
1.8
61.1
63.0
(c) Key management remuneration
\n \n
2025
2024
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
5.0
4.8
Share-based payments
1.2
0.8
6.2
5.6
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.
(d) Directors\u2019 remuneration
\n \n
2025
2024
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
2.0
2.4
Share-based payments
0.6
0.4
2.6
2.8
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 82-104.15 Employee bene\ufb01ts
(a) Retirement benefit obligations
Defined contribution scheme
The Group operates a de\ufb01ned 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 \u00a32.8m (2024: \u00a32.6m). At the consolidated statement of \ufb01nancial position
date there were no outstanding or prepaid contributions (2024: \u00a3nil).
Defined benefit scheme
The Company sponsors the Crest Nicholson Group Pension and Life Assurance Scheme (Scheme), a
funded de\ufb01ned bene\ufb01t 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. Bene\ufb01ts also
increase either at a \ufb01xed rate or in line with in\ufb02ation 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 de\ufb01cit within the Scheme lies with the Company and this introduces a
number of risks for the Company. The major risks are: interest rate risk, in\ufb02ation 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 e\ufb00ective date of 31 January 2024. 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 results of the actuarial valuation as at 31 January 2024 have been projected to 31 October
\n
2025 by a quali\ufb01ed independent actuary and used to derive the present value of scheme liabilities.
\n
The \ufb01gures in the following disclosure were measured using the Projected Unit Method.
\n
The investment strategy in place for the Scheme is to invest in a mix of return-seeking, index-linked
\n
and \ufb01xed-interest investments. As at 31 October 2025, the allocation of the Scheme\u2019s invested assets
\n
was 21% in return-seeking investments, 71% in liability-driven investing, 5% in cash and 3% in insured
\n
annuities. Details of the investment strategy can be found in the Scheme\u2019s Statement of Investment
\n
Principles, which the Trustee updates as their policy evolves.
\n
It should also be noted that liabilities relating to insured members of the Scheme have been included
\n
as both an asset and a liability.
\n
During the year, a review of historical scheme documentation identi\ufb01ed inconsistencies in the basis
\n
of estimating obligations and underlying scheme documentation. A charge of \u00a32.2m has been
\n
recognised as an exceptional cost in the year. See note 4 for further details.
\n
Following the High Court judgement in the Lloyds Banking Group Pensions Trustees Limited v Lloyds
\n
Bank plc and others (2018) case, overall pension bene\ufb01ts now need to be equalised to eliminate
\n
inequalities between males and females in Guaranteed Minimum Pensions (GMP). The Company
\n
has allowed for this in its \ufb01nancial statements by adding a 1.0% (2024: 1.0%) reserve, re\ufb02ecting an
\n
approximate estimate of the additional liability.
\n
In June 2023, the High Court judged that amendments made to the Virgin Media scheme were invalid
\n
because the scheme\u2019s actuary did not provide the associated Section 37 certi\ufb01cate. The High Court\u2019s
\n
decision has wide-ranging implications, a\ufb00ecting other schemes that were contracted out on a salary-
\n
related basis, and which made amendments between April 1997 and April 2016.
\n
The Scheme was contracted out until 29 February 2016 and amendments were made during the
\n
relevant period. As such the ruling could have implications for the Group. Following the Court of
\n
Appeal upholding the 2023 High Court ruling on 25 July 2024, the Trustee initiated the process
\n
of investigating any potential impact for the Scheme. As part of this process the Trustee is also
\n
considering certain other historical amendments and the manner in which they were applied.
\n
As the detailed investigation is in progress, the Group considers that the amount of any potential
\n
impact on the de\ufb01ned bene\ufb01t obligation cannot be con\ufb01rmed and/or measured with su\ufb03cient
\n
reliability at the 2025 year end. We are therefore disclosing this issue as a potential contingent liability
\n
at 31 October 2025 and will review again in 2026 based on the \ufb01ndings of the detailed investigation.
\n\n \n
2025
2024
\u00a3m
\u00a3m
The amounts recognised in the consolidated statement of \ufb01nancial position are
as\u00a0follows:
Fair value of scheme assets
138.5
145.1
Present value of scheme liabilities
(124.8)
(125.6)
Net surplus amount recognised at year end
13.7
19.5
Deferred tax liability recognised at year end within non-current balances
(3.4)
(4.9)
\n
The retirement bene\ufb01t surplus recognised in the consolidated statement of \ufb01nancial position
\n
represents the surplus of the fair value of the Scheme\u2019s assets over the present value of the
\n
Scheme\u2019s liabilities.
\n
The rules of the Scheme provide the Group with an unconditional right to a refund of surplus assets
\n
on the gradual settlement of the Scheme\u2019s liabilities. In the ordinary course of business, the Scheme
\n
Trustee has no unilateral right to wind the Scheme up. Based on these rights and in accordance with
\n
International Financial Reporting Interpretations Committee 14, the Group has made the judgement that
\n
the net surplus in the Scheme is recognised in full.
\n
At the consolidated statement of \ufb01nancial position date, the corporation tax rate is 25.0%.
\n
The deferred tax liability on the retirement bene\ufb01t surplus has been evaluated applying this rate.
\n
RPDT of 4.0% is applicable to residential property development trading income only.
Amounts recognised in comprehensive income:
\n
The current and past service costs, settlements and curtailments, together with the interest income for
\n
the year are included in the consolidated statement of comprehensive income. Remeasurements of
\n
the net de\ufb01ned bene\ufb01t asset are included in the consolidated statement of comprehensive income.
\n\n \n
2025
2024
\u00a3m
\u00a3m
Service cost
Administrative expenses
(0.7)
(0.7)
Exceptional past service cost
(2.2)
\u2013
Interest income
1.0
0.6
Recognised in the consolidated income statement
(1.9)
(0.1)
\n\n \n
2025
2024
\u00a3m
\u00a3m
Remeasurements of the net surplus
(Loss)/return on Scheme assets
(6.5)
3.2
Gains/(losses) arising from changes in \ufb01nancial assumptions
3.9
(4.6)
(Losses)/gains arising from changes in demographic assumptions
(0.2)
3.9
Experience (losses)/gains
(1.1)
6.0
Actuarial (losses)/gains recorded in the consolidated statement of
comprehensive\u00a0income
(3.9)
8.5
Total de\ufb01ned bene\ufb01t scheme (losses)/gains
(5.8)
8.4
\n\n \n
2025
2024
%
%
The principal actuarial assumptions used were:
Liability discount rate
5.4
5.3
In\ufb02ation assumption \u2013 Retail Price Index
2.8
3.2
In\ufb02ation assumption \u2013 Consumer Price Index
2.4
2.7
Revaluation of deferred pensions
2.4
2.7
I
ncreases for pensions in payment:
Bene\ufb01ts accrued in excess of GMP pre-1997
3.0
3.0
Bene\ufb01ts accrued after 5 April 1997 and before 1 September 1997
3.5
3.0
Bene\ufb01ts accrued post 1 September 1997
2.7
3.0
Proportion of employees opting for early retirement
\u2013
\u2013
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-retirement
Male/female pensioners:
Male/female pensioners:
103%/103% S3PA base
103%/103% S3PA base
tables. Male/female
tables. Male/female
dependants: 103%/100%
dependants: 103%/100%
S3DA base tables.
S3DA base tables.
Projected in line with CMI
Projected in line with CMI
2024 projections (H=1.0),
2023 core projections and
an initial additional of
core parameters (Sk = 7.0,
0.25% and a long-term
an initial addition of 0.25%,
improvement rate of 1.25%
w2020 = w2021 = 0%, and
w2022 = w2023 = 15%) and
a long-term improvement
rate of 1.25%
\n \n
2025
2024
Years
Years
Future expected lifetime of current pensioner at age 65
Male aged 65 at year end
21.8
21.4
Female aged 65 at year end
24.1
23.9
Future expected lifetime of future pensioner at age 65
Male aged 45 at year end
23.0
22.7
Female aged 45 at year end
25.5
25.3
\n\n \n
2025
2024
\u00a3m
\u00a3m
Changes in the present value of assets over the year
Fair value of assets at beginning of the year
145.1
141.3
Interest income
7.5
7.7
Return on assets (excluding amount included in net interest income)
(6.5)
3.2
Contributions from the employer
\u2013
1.1
Bene\ufb01ts paid
(6.9)
(7.5)
Administrative expenses
(0.7)
(0.7)
Fair value of assets at end of the year
138.5
145.1
Actual return on assets over the year
1.0
10.9
\n\n \n
2025
2024
\u00a3m
\u00a3m
Changes in the present value of liabilities over the year
Liabilities at beginning of the year
(125.6)
(131.3)
Interest cost
(6.5)
(7.1)
Remeasurement gains/(losses)
Gains/(losses) arising from changes in \ufb01nancial assumptions
3.9
(4.6)
(Losses)/gains arising from changes in demographic assumptions
(0.2)
3.9
Experience (losses)/gains
(3.3)
6.0
Bene\ufb01ts paid
6.9
7.5
Liabilities at end of the year
(124.8)
(125.6)
\n\n \n
2025
2024
\u00a3m
\u00a3m
Split of the Scheme\u2019s liabilities by category of membership
Deferred pensioners
(45.3)
(47.2)
Pensions in payment
(79.5)
(78.4)
(124.8)
(125.6)
\n\n \n
2025
2024
Years
Years
Average duration of the Scheme\u2019s liabilities at end of the year
11.0
11.0
This can be subdivided as follows:
Deferred pensioners
15.0
15.0
Pensions in payment
9.0
9.0
\n\n \n
2025
2024
\u00a3m
\u00a3m
Major categories of Scheme assets
Return seeking
Overseas equities
\u2013
8.6
Other (hedge funds, multi-asset strategy and absolute return funds)
28.6
40.1
28.6
48.7
\n\n \n
2025
2024
Debt instruments
\u00a3m
\u00a3m
Corporates
22.8
35.8
Liability-driven investing
76.4
38.4
99.2
74.2
Other
Cash (including liquidity fund)
6.9
18.3
Insured annuities
3.8
3.9
10.7
22.2
Total market value of assets
138.5
145.1
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 (2024: \u00a3nil) of Scheme assets have a quoted market price in active markets, \u00a3126.3m (2024:
\u00a3132.1m) of Scheme assets have valuation inputs other than quoted market prices, including
quoted market prices for similar assets in active markets, \u00a35.4m (2024: \u00a36.2m) of Scheme assets
are instruments that are valued based on quoted prices for similar instruments but for which
signi\ufb01cant unobservable adjustments or assumptions are required to re\ufb02ect the di\ufb00erences
between the instruments, and \u00a36.8m (2024: \u00a36.8m) 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 quali\ufb01ed actuary as at 31 January 2024 and showed a surplus of \u00a38.1m.
The Company ceased paying de\ufb01cit 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 \ufb01nancial position as at 31 October 2025 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 \u00a33.2m/
(increase by \u00a33.2m) if all the other assumptions remained unchanged.
If the in\ufb02ation assumption was 0.25% higher/(lower), the Scheme liabilities would increase by \u00a31.8m/
(decrease by \u00a31.8m) if all the other assumptions remained unchanged.
If life expectancies were to increase by one year, the Scheme liabilities would increase by \u00a34.7m if all
the other assumptions remained unchanged.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00119": { "value": "Annual report on remuneration
The information in this Report is audited where indicated, and otherwise unaudited.
2025 Remuneration payable to Executive Directors (audited)
\n \n
Retire-
Total
ment
Total \ufb01xed
variable
Salary
1
Bene\ufb01ts
2
Bonus
LTIP
bene\ufb01ts
3
Other
4
Total pay
pay
pay
Director
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Martyn Clark
2025
600
29
\u2013
\u2013
36
290
955
665
290
20245
250
12
\u2013
\u2013
15
325
602
277
325
Bill Floydd
2025
407
26
\u2013
\u2013
24
\u2013
457
457
\u2013
2024
388
23
100
\u2013
23
\u2013
534
434
100
1
Where salaries are adjusted for bene\ufb01ts which are provided via salary exchange, such salaries are quoted as the gross \ufb01gure disregarding
the e\ufb00ect of salary exchange.
2
The \ufb01gure shown includes the value of car bene\ufb01t, private medical insurance, group income protection, personal accident, life assurance and
an annual health check.
3
Salary supplement of 6% (employee majority rate). No Director has a prospective interest in a de\ufb01ned bene\ufb01t scheme.
4
Payments related to the buy-out awards to Martyn Clark. Full details can be found on page 97.
5
Martyn Clark was appointed to the Board as Chief Executive O\ufb03cer on 3 June 2024. Remuneration is shown from this date.
2025 Non-Executive Directors\u2019 fees (audited)
\n \n
2025
2024
Director
\u00a3000
\u00a3000
Iain Ferguson
216
212
David Arnold
65
64
Louise Hardy
61
60
Octavia Morley
74
73
Maggie Semple
1
56
45
1
Maggie Semple joined the Board on 1 January 2024. The fee for 2024 shown is pro rata for the period of service during the year.
Pay for performance 2025 (audited)
Annual bonus targets and outcomes
The 2025 annual bonus scheme followed a similar format to previous years, albeit with an increased
weighting towards non-\ufb01nancial targets. The \ufb01nancial targets for 2025 were APBT and net debt (60%)
as well as non-\ufb01nancial measures (40%) focusing on customer service, build quality and employee
engagement. The maximum target for each element was set to stretch and challenge the Executive
Directors with achievement calculated on a straight-line basis between threshold and target, and
target and maximum/stretch. The maximum bonus potential was 150% of salary.
While appropriately stretching targets had been set based on forecasts relating to the \ufb01nancial and
market outlook at the end of 2024, the APBT target was not met this year.
Therefore, the formulaic bonus outcome for 2025 was 63.83% of maximum. However, taking into
account that the threshold level of APBT was not met to enable payment of the other metrics, the \ufb01nal
bonus payout will be zero against the maximum bonus potential of 150%.
The results for each element of the annual bonus targets and actual performance outcome for each are set out below:
\n\n \n
Target
Performance
Stretch and
% of salary
Threshold
On target
maximum
Actual
after APBT
(25% of
(50% of
(100% of
performance
threshold
Measure (weighting)
Description and link to strategy
maximum)
maximum)
maximum)
outcome
% achieved
applied
Financial targets
Adjusted pro\ufb01t before tax (30%)
Adjusted pro\ufb01t before tax as shown on page 167.
\u00a330m
\u00a334m
\u00a338m
\u00a326.5m
0
0
1
Net (debt)/cash (30%)
Cash and cash equivalent plus non-current and current interest-bearing loans and
\u00a3(90)m
\u00a3(65)m
\u00a3(40)m
\u00a3(38.2)m
25.2
0
borrowings as at 31 October 2025.
1
3
Non-\ufb01nancial targets
Customer service (20%)
The HBF satisfaction score as at 31 October 2025.
4.05
4.15
4.20
4.20
20
0
1
3
4
Build quality (10%)
Average NHBC reportable items and Premier Guarantee Quality Score. Two measures
0.35/4.1
0.30/4.2
0.25/4.3
0.26/4.46
8.63
0
are shown to re\ufb02ect that two service providers are used.
1
2
Employee engagement (10%)
Improvement of employee engagement performance score from two employee surveys.
1%
2%
5%
6%
10
0
3
Total bonus
63.83
0
\n
Links to strategic priorities
\n
1
Building exceptional quality homes e\ufb03ciently
\n
2
Delivering outstanding customer experience
\n
3
Underpinned by operational and commercial excellence
\n
4
Optimising value of the land portfolio
2025 bonus payments and deferral
\n
One-third of the annual bonus would normally be delivered in shares (post tax, national insurance and
\n
other statutory deductions) and subject to a holding period of three years. The Deferred Shares are
\n
subject to withholding and recovery conditions and continue to be subject to the holding period after
\n
cessation of employment. However, no award was made in respect of 2025.
\n
2023 LTIP
\n
The current Executive Directors did not participate in the 2023 LTIP. Awards were granted to former
\n
Executive Directors. The LTIP award was subject 50% to Total Shareholder Return (TSR), 35% to ROCE
\n
and 15% to scope 1 and scope 2 carbon emissions performance measures.
\n
Under the scope 1 and 2 carbon emissions reduction measure performance between threshold
\n
and maximum was achieved, while all other measures performance was below threshold. Overall,
\n
this would have resulted in 15% of maximum vesting. However, taking into account overall company
\n
performance and the stakeholder experience, the Committee exercised discretion to reduce the
\n
LTIP\u00a0vesting level to zero. This award will lapse in full.
\n
Scheme interests awarded during the \ufb01nancial year (audited)
\n
2025 LTIP awards
\n
Awards were granted to Executive Directors under the LTIP for the performance period 1 November
\n
2024 to 31 October 2027.
\n\n \n
Face value
% of award
Number of
of award
1
receivable at
Director
Award
Date of grant
1
shares
\u00a3000
% of salary
threshold
Martyn Clark
Performance-based
15 February 2025
524,903
900
150
25
nil-cost option
Bill Floydd
Performance-based
15 February 2025
356,934
612
150
25
nil-cost option
\n
1
Face value was calculated based on 171.46 pence, the average of the closing middle market share price for the \ufb01ve dealing days preceding
\n
the date of grant.
\n\n \n
2025 LTIP performance conditions
Weighting
Threshold (25%)
Maximum (100%)
TSR in 2027
22.5%
Median
Upper quartile
ROCE in 2027
40%
9.5%
12%
Share price in 2027
22.5%
250p
300p
Reduction in scope 1 and scope 2 carbon emissions
15%
1.81 tCO
2
e
1.56 tCO
2
e
\n
Malus and clawback applies to all LTIP awards should an event occur within three years of an
\n
award vesting or, in the case of an option, when it \ufb01rst becomes exercisable. Repayments may
\n
be made through a reduction in future bonus or share awards on vesting, or by direct repayment.
\n
Circumstances in which malus or clawback may be applied are set out in full in the 2026 Policy on
\n
page 89.
\n
A two-year post-vesting holding period applies to all vested LTIP awards with those shares held by the
\n
Company until the end of the period.
Buy-out arrangements \u2013 Martyn Clark, Chief Executive O\ufb03cer (audited)
\n
The buy-out arrangements agreed as part of Martyn Clark\u2019s recruitment were set out in the 2024 Directors\u2019 remuneration report which can be found at corporate.crestnicholson.com/results. The majority of the
\n
awards were paid in the 2024 \ufb01nancial year.
\n
The table below sets out the awards granted in 2024 that vested or were paid in 2025.
\n\n \n
Number of
Cash payment
Amounts
shares
(including any
included in
awarded by
Face value
dividend
2025 single
End of
Buy-out
Crest
of share
equivalent
\ufb01gure table
performance
Buy-out award
arrangement
Date of grant
Nicholson
award
1
payment)
(actual)
period
Vesting date
Operation
Persimmon plc
Option over
17 June 2024
27,607
\u00a347,291
\u00a314,593
\u00a361,884
31 December
8 March 2025
The number of shares granted re\ufb02ects the extent to which the applicable Persimmon plc
2022 LTIP Award
shares
2024
performance conditions were achieved, which was 20% of maximum as reported in the 2024
Persimmon plc annual report on remuneration. Persimmon dividend equivalents were paid
as cash on the date of grant. No service conditions apply to this award. A two-year holding
period applies to these shares.
Persimmon plc
Cash and shares
25 April 2025
17,048
\u00a329,203
\u00a332,143
\u00a361,645
N/A
N/A
This buy-out award was payable 50% in cash and 50% in shares.
2023 Deferred Bonus
Crest Nicholson shares equivalent to 2,348 Persimmon plc shares were granted on 25 April
Plan
2025 and were determined based on the average Persimmon and average Crest Nicholson
share price over the 10 dealing days prior to 31 March 2025. Persimmon dividend equivalents
were paid as cash on the date of grant.
Persimmon plc
Cash
N/A
\u2013
\u2013
\u00a3166,333
\u00a3166,333
N/A
N/A
The total bonus re\ufb02ects the extent to which the applicable Persimmon plc performance
2024 Bonus
conditions were achieved, which was 133.12% of salary, as reported in the 2024 Persimmon
Scheme
plc annual report on remuneration and was paid in cash.
\n
1
The face value for the shares awarded is based on the Crest Nicholson Holdings plc share price at the time of grant (being 171.3 pence per share on 25 April 2025).
Directors\u2019 shareholdings at the end of the \ufb01nancial year (audited)
\n\n \n
Outstanding share
Outstanding share
Shareholding
3
as a
Shares held,
awards
2
at
awards
2
at
percentage of salary
including connected
31 October 2025
31 October 2025
Total share
and share price of
persons, at
with performance
without performance
interests at
pence at 165.5
Director
31 October 2025
1
conditions
conditions
31 October 2025
31 October 2025
Iain Ferguson
150,000
N/A
N/A
150,000
N/A
Martyn Clark
28,509
1,248,440
108,391
1,385,340
25.1%
Bill Floydd
11,607
644,235
10,847
666,689
9.1%
David Arnold
15,250
N/A
N/A
15,250
N/A
Louise Hardy
\u2013
N/A
N/A
\u2013
N/A
Gillian Kent
\u2013
N/A
N/A
\u2013
N/A
Octavia Morley
5,600
N/A
N/A
5,600
N/A
Maggie Semple
\u2013
N/A
N/A
\u2013
N/A
\n
1
Figure includes partnership and matching shares held in the Crest Nicholson Share Incentive Plan (SIP). Since the year-end and up to the
\n
date of this report, the following transactions have taken place under the SIP: Martyn Clark and Bill Floydd each purchased 310 shares and
\n
received 102 matching shares.
\n
2
Share awards take the form of nil-cost options other than Sharesave awards which are \ufb01xed price options. There are no conditional or
\n
Restricted Share Awards. There were no vested but unexercised share awards at 31 October 2025.
\n
3
Shareholding includes shares held by connected persons, outstanding share awards without performance conditions (e.g. buy-out Deferred
\n
Bonus Plan (DBP), net of notional tax and employee NIC, or Sharesave) and excludes outstanding share awards with performance conditions
\n
(e.g. LTIP).
\n
Directors\u2019 shareholdings and share interests
\n
Share ownership plays a key role in aligning Executive Directors\u2019 interests with the interests of
\n
shareholders over the long term. The 2026 Policy requires Executive Directors to build up and
\n
maintain a signi\ufb01cant shareholding of 200% of salary or 250% from the approval of the 2026 Policy.
\n
On cessation of employment, they are required to continue to hold the lower of 200% of salary or their
\n
shareholding at the date of leaving for a period of two years. Under the Policy, shares owned outright
\n
and Deferred Shares (without performance conditions) count towards the shareholding requirement.
\n
The chart below shows the Executive Directors\u2019 shareholdings and share interests. It includes
\n
unvested buy-out Deferred Bonus Plan (DBP) and Sharesave awards and the illustrative e\ufb00ect if 50%
\n
of outstanding LTIP awards vested in the future. LTIP shares are shown net of tax (i.e. excluding that
\n
proportion of those shares expected to be sold on vesting to settle the associated tax liability).
\n
0%
\n
Share owned outright
\n
50%
100%
\n
Bill Floydd
\n
Martyn Clark
\n
150%
200%
250%
\n
E\ufb00ect of 50% of LTIPs vesting
\n
Unvested share awards without performance conditions
\n
Shareholding requirements
\n
Executive Directors\u2019 alignment to share price
\n
The table below contains the value of shares held by the Executive Directors, including those awarded
\n
under Sharesave. It illustrates the Executive Directors\u2019 alignment to share price movement through
\n
their ordinary shareholdings.
\n\n \n
Indicative value
1
Consequence of a
Unvested
Unvested
on 31 October
+/- 50% share
Shares owned
DBP shares
Sharesave
2025
price change
Director
outright
(post tax)
shares
Total shares
(\u00a3)
(\u00a3)
Martyn Clark
28,509
97,544
10,847
136,900
226,570
113,285
Bill Floydd
11,607
\u2013
10,847
22,454
37,161
18,581
\n
1
Value calculated using the share price of 165.5 pence as at 31 October 2025.
Executive Directors\u2019 scheme interests at the end of the \ufb01nancial year (audited)
\n
The LTIP awards have performance criteria attached to them in accordance with the Policy. The Sharesave awards do not have any performance criteria attached to them.
\n\n \n
Outstanding
Outstanding
share options/
share options/
Market price
awards at
awards at
Market price
Exercise
at exercise/
Gain
31 October
31 October
on award
price
vesting
receivable
Date exercisable or
2024
Date of grant
Granted
Exercised
Lapsed
2025
\u00a3
\u00a3
\u00a3
\u00a3
capable of vesting
Expiry date
Martyn Clark
LTIP
2024
498,628
17 June 2024
\u2013
\u2013
\u2013
498,628
2.407
Nil
\u2013
\u2013
16 June 2027
17 June 2034
2025
\u2013
15 February 2025
524,903
\u2013
\u2013
524,903
1.715
Nil
\u2013
\u2013
14 February 2028
15 February 2035
BUY-OUT
2024
224,909
17 June 2024
\u2013
\u2013
\u2013
224,909
2.407
Nil
\u2013
\u2013
2 May 2026
2 May 2029
2024
138,037
17 June 2024
\u2013
27,607
110,430
0
2.407
Nil
1.716
47,291
8 March 2025
8 March 2028
2024
97,544
17 June 2024
\u2013
\u2013
\u2013
97,544
2.407
Nil
\u2013
\u2013
1 March 2026
17 June 2034
SHARESAVE
2024
10,847
13 September 2024
\u2013
\u2013
\u2013
10,847
2.136
1.710
\u2013
\u2013
1 October 2027
31 March 2028
Bill Floydd
LTIP
2024
287,301
5 February 2024
\u2013
\u2013
\u2013
287,301
2.088
Nil
\u2013
\u2013
4 February 2027
5 February 2034
2025
\u2013
15 February 2025
356,934
\u2013
\u2013
356,934
1.715
Nil
\u2013
\u2013
14 February 2028
15 February 2035
SHARESAVE
2024
10,847
13 September 2024
\u2013
\u2013
\u2013
10,847
2.136
1.710
\u2013
\u2013
1 October 2027
31 March 2028
Loss of o\ufb03ce payments and payments to past Directors (audited)
\n
There were no payments for loss of o\ufb03ce or payments to past Directors made during the year.
\n
Directors\u2019 service contracts and letters of appointment
\n
Executive Directors have contracts of employment providing for a maximum of nine months\u2019 notice
\n
from either party.
\n
Non-Executive Directors have letters of appointment for an initial three-year term and generally serve
\n
two to three terms. The required notice is three months from either party.
\n\n \n
Initial date of
Director
appointment
Notice period
Unexpired term remaining 31 October 2025
Martyn Clark
3 June 2024
Nine months
Terminable on nine months\u2019 notice
Bill Floydd
13 November 2023
Nine months
Terminable on nine months\u2019 notice
Iain Ferguson
16 September 2019
Three months
Terminable on three months\u2019 notice
David Arnold
1 September 2021
Three months
Terminable on three months\u2019 notice
Louise Hardy
24 January 2018
Three months
Terminable on three months\u2019 notice
Gillian Kent
1 November 2025
Three months
Terminable on three months\u2019 notice
Octavia Morley
1 May 2017
Three months
Terminable on three months\u2019 notice
Maggie Semple
1 January 2024
Three months
Terminable on three months\u2019 notice
\n
The Group has the right to terminate the contracts of Executive Directors by making a payment in lieu
\n
of notice. Any such payment will typically re\ufb02ect the individual\u2019s salary, bene\ufb01ts in kind and pension
\n
entitlements. Further information is found on page 91 of the 2026 Policy.
\n
Relative importance of spend on pay
\n
The table below shows how employee remuneration costs compare with distributions made to
\n
shareholders in 2024 and 2025. This includes data for all employees, including those who were
\n
promoted, had salary changes, were new starters or received incentive-based remuneration, as
\n
well as pay in respect of individuals who left during the year but had some service. Distributions to
\n
shareholders for 2024 and 2025 are made up of cash paid to shareholders in each respective year.
\n
The change in total spend on pay is re\ufb02ective of the 2025 pay increase applied following
\n
consideration of Group performance in 2024 and wider economic considerations such as in\ufb02ation,
\n
bonus payments made where performance targets were met in 2024 and Martyn Clark\u2019s buy-out
\n
arrangements. The level of distributions to shareholders re\ufb02ects the reduced dividend payment in
\n
comparison with 2024.
\n
The measures shown below are those speci\ufb01ed by the applicable disclosure requirements and total
\n
spend on pay re\ufb02ects actual expenditure in the year.
\n
Total spend on pay
\n
2025
\u00a352.4m
Change \u00a32.1m
\n
2024
\u00a350.3m
\n
Distributions to shareholders by way of dividend
\n
2025
\u00a36.4m
Change -\u00a325.6m
\n
2024
\u00a332.0m
-80%
\n
4%
\n
Total spend on pay is calculated using cash amounts paid to employees in the respective \ufb01nal year. This is di\ufb00erent
\n
to the disclosure in note
6 of the \ufb01nancial statements that uses accrued amounts which will be paid in future period.
Performance graph and table
\n
The graph below illustrates the Group\u2019s total shareholder return performance relative to the
\n
constituents of the FTSE 250 Index (excluding investment trusts) from 31 October 2015. As the Group
\n
has been a member of the FTSE 250 for the majority of this period, the Committee considers this to
\n
be an appropriate comparator.
\n
Total shareholder return
\n
Source: Datastream (Re\ufb01nitiv)
\n
0
\n
20
\n
40
\n
60
\n
80
\n
100
\n
120
\n
140
\n
160
\n
180
\n
Value (\u00a3) (restated)
\n
Crest Nicholson
\n
October
\n
2015
\n
October
\n
2016
\n
October
\n
2017
\n
October
\n
2018
\n
October
\n
2019
\n
October
\n
2020
\n
October
\n
2021
\n
October
\n
2022
\n
October
\n
2023
\n
October
\n
2024
\n
October
\n
2025
\n
FTSE 250 (excl. investment trusts)
\n
Historical Chief Executive Officer remuneration
\n
The table below sets out total Chief Executive O\ufb03cer remuneration for 2025 and prior years, together
\n
with the percentage of maximum annual bonus outcome and the percentage of maximum LTIP vested
\n
in that year.
\n\n \n
\u00a3000
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Chief Executive O\ufb03cer
total remuneration
2,345
2,150
714
1
1,495
2
739
1,422
1,768
769
1,082
3
955\u2074
Annual bonus % of maximum
82
84
0
3.5
0
84
80
0
0
0
LTIP award % of maximum
100
100
25
0
0
0
54
0
0
N/A
\n
1
Based pro rata, on salaries and total remuneration of Stephen Stone to 21 March 2018 and Patrick Bergin from 22 March 2018 to 31 October
\n
2018.
\n
2
Based pro rata, on salaries and total remuneration of Patrick Bergin to 26 March 2019, Chris Tinker from 26 March 2019 to 8 September 2019
\n
and Peter Truscott from 9 September 2019. It includes the cost of buy-out arrangements for Peter Truscott.
\n
3
Based pro rata, on salaries and total remuneration of Peter Truscott to 14 June 2024 and Martyn Clark from 3 June 2024. It includes the cost
\n
of buy-out arrangements for Martyn Clark.
\n
4
Includes the cost of buy-out arrangements that vested during the year.
Our approach
to fair pay
We monitor the remuneration framework to ensure it is
transparent and fair across the wider workforce and covers pay
and alignment across the business, Chief Executive O\ufb03cer pay
ratios and gender pay gap reporting.
The Committee reviews the remuneration framework applicable to all employees annually, ensuring
that the Policy framework applies in a similar way across the Group in terms of types of bene\ufb01ts and
variable pay relative to role grades and disciplines. This ensures alignment across the Group and
encourages shared goals and objectives.
When making remuneration decisions for Executive Directors, the Committee considers the wider
economic environment and conditions within the Group. In particular, the Committee is sensitive to
pay and employment conditions across the employee workforce and carefully considers the broader
employee salary increase budget when making reward decisions for Executive Directors.
Our fair pay objectives
Become an
employer of
choice for all in
construction and
housebuilding
Foster a culture of
work-life balance
that respects
responsibilities
outside of work
Remove any
barriers to career
progression for all
employees
Continue to
ensure salaries
and bonuses
are inclusive
regardless
of role
Cascade of remuneration across the Group
The table below summarises the information the Committee received as part of its annual review
process and shows how remuneration compares across the Group in a transparent and fair way.
\n \n
Base salary
Base salary is set with reference to the speci\ufb01c nature of the role and responsibility, individual
experience and performance, relative to other Group employees and market practice among
other UK housebuilders. This is normally reviewed and increased with reference to cost of living,
in\ufb02ation, role benchmarking and Group performance. All employees are paid at or above the
voluntary Real Living Wage.
Matters considered during the year
After consideration of Group performance and wider economic factors such as in\ufb02ation and
role benchmarking, the average annual salary increase across the Group for 2026 was 3%.
The\u00a0Group\u2019s HR team regularly reviews base pay across the Group and compares this with
market analysis and will continue to do so in 2026.
Bene\ufb01ts
The Group\u2019s bene\ufb01t programme applies to all employees in a similar way, including access to life
assurance. Certain bene\ufb01ts have a service requirement or have enhanced cover for management
roles and above. Employees have access to a real-time total reward statement via our MyReward
platform which also allows them to access and manage their bene\ufb01ts.
Matters considered during the year
The Committee considered the Group\u2019s bene\ufb01ts programme, noting that it continued to be in
alignment across the Group.
Pension
All employees are initially auto-enrolled into the Group pension plan with a 6% employer
contribution or have the ability to opt in. Employees can opt to increase or decrease their
contribution amounts. The maximum employer contribution is 10% depending on employee
contribution level and service. The majority of employees receive an employer contribution
of 6%. More than 97% of our employees are members of the Group pension plan.
Matters considered during the year
The Committee reviewed the Group\u2019s pension contribution framework and no changes were
recommended.
Annual bonus
All employees are eligible for participation in a bonus scheme relevant to their role.
Matters considered during the year
Where performance targets have been met, payments under employee schemes will be made.
These are consistent with the performance of the Executive Directors\u2019 scheme.
Share schemes
All employees are invited to participate in the annual Sharesave scheme. A proportion of
management and senior management participate in long-term incentives by annual invitation.
Matters considered during the year
Performance against the targets for the 2023 LTIP were assessed and discretion was applied to
reduce vesting to zero. The Committee approved the launch of the 2025 Sharesave scheme to
all employees which had 16% participation this year. Following shareholder approval at the 2025
AGM, the Group launched a Share Incentive Plan to all employees who had completed their
probation with an initial take-up of\u00a018.5%.
Employee engagement
\n
We launched a Share Incentive Plan (SIP) alongside our annual Sharesave invitation this year.
\n
Employee engagement with our all-employee share schemes remained high, with 43% of those
\n
eligible participating in either Sharesave or SIP, or both. The Committee considers Sharesave and SIP
\n
to be valuable mechanisms that provide employees with a path to share ownership. The Committee
\n
will continue to review employee pay structures and levels during 2026 and engage with employees.
\n
Chief Executive O\ufb03cer to employees pay ratio for 2025
\n
The table below reports the pay ratio for 2025 and has been calculated using the method known as
\n
Option B. Option B is considered to provide an appropriate and representative calculation based on
\n
the information available at this time. Previous years are shown below for comparison and will continue
\n
to build to show a rolling 10-year period.
\n\n \n
25th
75th
percentile
Median
percentile
Year
Method
pay ratio
pay ratio
pay ratio
31 October 2020
Option A
Ratio
25:1
17:1
11:1
31 October 2021
Option A
Ratio
46:1
32:1
21:1
31 October 2022
Option A
Ratio
55:1
37:1
25:1
31 October 2023
Option B
Ratio
16:1
12:1
10:1
31 October 2024
Option B
Ratio
31:1
16:1
13:1
31 October 2025
Option B
Ratio
23:1
17:1
9:1
Employees\u2019 total pay
\u00a341,688
\u00a356,968
\u00a3100,535
Employees\u2019 salary
\u00a337,617
\u00a347,250
\u00a379,841
\n
To calculate Option B, the latest available gender pay gap data (April 2025) was used to identify three
\n
Group employees whose hourly rates of pay were at the 25th, 50th and 75th percentiles of all Group
\n
employees. The total remuneration for the three employees at each percentile was calculated as at
\n
31 October 2025 on the same basis as the Chief Executive O\ufb03cer single total \ufb01gure of remuneration.
\n
The remuneration of employees above and below the selected employees was also reviewed to
\n
ensure that they were the best equivalents for each percentile.
\n
Employee pay includes such items as overtime, commission, bonus and any long-term incentives.
\n
Bene\ufb01ts include company car or car allowance, private medical insurance and employer pension
\n
contributions. Other than any bonus elements, all other payments are included on a cash basis.
\n
The bonus elements are for the bonus earned during 2025.
\n
The Policy is designed taking into account the remuneration arrangements, policies and practices
\n
throughout the Group and, when reviewing the implementation of the Policy, the Committee ensures
\n
that outcomes throughout the Group are fair and appropriate. On this basis, the Committee considers
\n
that the median pay ratio is consistent with the Group\u2019s wider policies on employee pay, reward and
\n
progression. The changes to the ratio this year are due to the lower total remuneration for the Chief
\n
Executive O\ufb03cer in comparison to 2024.
\n
Gender pay gap
\n
We are continuing to work towards increasing diversity and gender balance within all roles and at
\n
all levels. More details can be found on page 30. The Committee continues to take into account
\n
the gender pay gap when making pay decisions, and works in conjunction with the Nomination
\n
Committee to improve the diversity of employees.
Advisors to the Committee
The Committee received external remuneration advice in the year from Korn Ferry (total fees \u00a373,593).
Korn Ferry was appointed by the Committee following a competitive selection process in 2018.
Korn Ferry is a founder member of the Remuneration Consultants\u2019 Group, which operates a code of
conduct. Fees paid to external remuneration advisors are typically charged on an hourly basis with
costs for work agreed in advance where possible.
During the year, Korn Ferry provided professional search services to the Company. These services
were carried out by a division separate to the remuneration advisory team.
The Committee manages con\ufb02icts of interest by ensuring the relevant member of management or
the Committee is not present when their own remuneration is determined or discussed. Taking into
account their work in the year and their relationship with the Group, the Committee is satis\ufb01ed that
the advice received by Korn Ferry in relation to executive remuneration matters was objective
and independent.
Statement of voting at Annual General Meeting
The tables below set out the votes received for the 2024 Directors\u2019 remuneration report at the 2025
AGM and the Directors\u2019 remuneration policy at the 2023 AGM.
\n \n
Directors\u2019 remuneration report (2025 AGM)
1
Shares voted in favour
175,160,823
97.94%
Shares voted against
3,688,246
2.06%
Directors\u2019 remuneration policy (2023 AGM)
2
Shares voted in favour
185,680,904
97.28%
Shares voted against
5,199,216
2.72%
1
Votes withheld 23,476 (0.01% of share capital)
2
Votes withheld 21,988 (0.01% of share capital)
The Committee welcomes feedback and encourages shareholders to contact the Remuneration
Committee Chair via the Group Company Secretary (see page 168) to provide their views
and feedback.
Approval
This Directors\u2019 remuneration report was approved by the Board of Directors on 28 January 2026
and signed on its behalf by
Octavia Morley
Remuneration Committee Chair(b) Employee costs (including Directors and key management) \n \n
2025
2024
\u00a3m
\u00a3m
Wages and salaries
49.8
52.3
Social security costs
6.4
6.0
Other pension costs
2.8
2.9
Share-based payments
2.1
1.8
61.1
63.0
(c) Key management remuneration
\n \n
2025
2024
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
5.0
4.8
Share-based payments
1.2
0.8
6.2
5.6
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.
(d) Directors\u2019 remuneration
\n \n
2025
2024
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
2.0
2.4
Share-based payments
0.6
0.4
2.6
2.8
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 82-104.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "ConsolidatedIncomeStatement_Label_0027": { "value": "610800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:PreExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0026": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0025": { "value": "610800000.0", "decimals": -5, "dimensions": { "concept": 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"85300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:PreExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0042": { "value": "-4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0041": { "value": "81300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0040": { "value": "84700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:PreExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0039": { "value": "-158400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0038": { "value": "-73700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0051": { "value": "59900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingIncome", "entity": 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"scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:PreExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0047": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingIncome", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0046": { "value": "75800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingIncome", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0057": { "value": "55900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:PreExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0056": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0055": { "value": "55900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0054": { "value": "69900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:PreExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0053": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "crst:ConsolidatedIncomeStatementAxis": "crst:ExceptionalItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0052": { "value": "69900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0064": { "value": "55100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": 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"concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00383": { "value": "718100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00384": { "value": "722500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_009": { "value": "The notes on pages 123\u2013159 form part of these consolidated \ufb01nancial statements.
These consolidated \ufb01nancial statements on pages 118\u2013159 were approved by the Board of Directors
on 28 January 2026.
On behalf of the Board
Martyn Clark
Bill Floydd
Director
Director", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "ConsolidatedCashFlowStatement_Label_00385": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00386": { "value": "-105000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00387": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "crst:AdjustmentsForDepreciationOnPropertyPlantAndEquipment", "entity": 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"scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00401": { "value": "-500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossesReversalOfImpairmentLossesRecognisedInProfitOrLossFinancialAssets", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00402": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossesReversalOfImpairmentLossesRecognisedInProfitOrLossFinancialAssets", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00403": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00404": { "value": "-40800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00405": { "value": "25900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00406": { "value": "-122900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, 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"ifrs-full:ProceedsFromSalesOrMaturityOfFinancialAssetsMeasuredAtFairValueThroughProfitOrLossClassifiedAsInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00425": { "value": "14200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00426": { "value": "13100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00428": { "value": "6200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00427": { "value": "36400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00429": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00430": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00432": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00431": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00433": { "value": "-6500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00434": { "value": "25000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00435": { "value": "4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00436": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00437": { "value": "6400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00438": { "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" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00439": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00440": { "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" } }, "ConsolidatedCashFlowStatement_Label_00442": { "value": "150000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00441": { "value": "112000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00443": { "value": "70000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00444": { "value": "127000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00446": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "crst:SaleAndLeasebackProceedsClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00445": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "crst:SaleAndLeasebackProceedsClassifiedAsFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00447": { "value": "69600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00448": { "value": "-46000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00449": { "value": "51200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00450": { "value": "-88800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00451": { "value": "73800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00452": { "value": "162600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00453": { "value": "125000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00454": { "value": "73800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0011": { "value": "1 Accounting policies
Basis of preparation
Crest Nicholson Holdings plc (the Company) is a public limited company incorporated, listed and
domiciled in the UK. The address of the registered o\ufb03ce is 500 Dashwood Lang Road, Bourne
Business Park, Addlestone, Surrey, KT15 2HJ. The Group \ufb01nancial 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 \ufb01nancial statements present information about the
Company as a separate entity and not about its Group.
The \ufb01nancial statements are presented in pounds sterling and amounts are denominated in millions
(\u00a3m), unless otherwise stated.
The Group \ufb01nancial 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 \ufb01nancial assets at fair value through pro\ufb01t and loss, which are
as otherwise stated. The parent company \ufb01nancial statements are presented on pages 160-165.
The preparation of \ufb01nancial statements in conformity with UK-adopted international accounting
standards requires the Directors to make assumptions and judgements that a\ufb00ect the application
of policies and reported amounts within the \ufb01nancial statements. Assumptions and judgements
are based on experience and other factors that the Directors consider reasonable under the
circumstances. Actual results may di\ufb00er from these estimates.
Judgements made by the Directors, in the application of these accounting policies that have a
signi\ufb01cant e\ufb00ect on the \ufb01nancial statements and estimates with a signi\ufb01cant 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 \ufb01nancial covenants as required under its sustainability-linked
revolving credit facility (RCF) and senior loan notes as detailed in note 23. The Directors consider the
possibility of breaching one of the three \ufb01nancial covenants (gearing, tangible net worth and interest
cover) as being the \ufb01rst sign that the Group could be in distress, and is the basis of its going concern
assessment in this year\u2019s \ufb01nancial statements.
The Directors have assessed the Group\u2019s going concern position through to 30 April 2027 (the going
concern period), which aligns with its half-year reporting for the 2027 \ufb01nancial year. The going concern
model is made up of a Board-approved base case and a Severe But Plausible (SBP) downside case.
Within the base case, the Group has already secured a proportion of sales for 2026 by way of its
forward order book. The base case forecast is that the Group maintains su\ufb03cient 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 number of adverse factors that are deemed to be
plausible downside conditions as outlined below. These incorporate potential macroeconomic
scenarios that could be experienced by the UK, industry-wide dynamics, and Group-speci\ufb01c risks.
The SBP downside case combines the impacts of multiple risk factors which would interact with
each other in a downside scenario, rather than modelling the impact of individual assumptions.
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 e\ufb00ectiveness 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 \ufb01nancial stability.
Risk factors applied against future forecasts
The following risk factors have been applied in combination in reaching the SBP downside case.
Reduction in sales volumes (Principal risks: Market conditions, solvency and liquidity)
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 23% reduction in unreserved open market sales volumes for the 2026 \ufb01nancial
year and a 15% reduction for the remainder of the assessment period. Given the importance
of completions to achieving the Group\u2019s forecasts, this assumption has the most impact on the
downside case modelled.
Fall in sales price (Principal risks: Market conditions, solvency and liquidity)
A reduction in sales prices during an economic slowdown and/or lack of mortgage availability/
a\ufb00ordability for homebuyers. A 3% reduction in average unreserved open market house selling
prices and a 10% reduction in land sale revenues compared to the current base case.
Increase in build cost (Principal risks: Supply chain, build cost and margin, combustible materials
and legacy obligations)
Unexpected costs occurring cause a 5% increase in cash out\ufb02ows on build expenditure.
Mitigation options and considerations
The Directors have considered the mitigations that could be applied in a deteriorating trading
environment to either increase pro\ufb01t 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\u00a0to:
a reduction in the Group\u2019s headcount driving a reduction in overheads, site and sales and
marketing spend to re\ufb02ect the lower build and selling activity in a weaker trading environment
reducing build spend, including 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
removal of dividends after April 2026 to conserve cash.
Conclusion on going concern
While the Group forecasts to meet all its covenants in the base case scenario, the SBP downside
scenario indicates that the Group would not meet its interest cover covenant during the going concern
period, with the \ufb01rst measurement date in April 2026. 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 case. The Group maintains good relationships and a regular dialogue with all its
lenders, as shown by recently extending the revolving credit facility to October 2029, and is con\ufb01dent
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 con\ufb01dent 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 \ufb01nancial statements. Accordingly,
the consolidated \ufb01nancial 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, that may cast signi\ufb01cant doubt on the Group\u2019s ability to continue as a going
concern. The \ufb01nancial 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 \ufb01nancial statements under UK-adopted international accounting
standards requires the Directors to make estimates and assumptions that a\ufb00ect 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 signi\ufb01cant impact on the
\ufb01nancial statements are described below.
The judgement to present certain items as exceptional (see note 4).
The identi\ufb01cation of performance obligations where a revenue transaction involves the sale of
both land and residential units, and revenue on the units is 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 identi\ufb01cation of performance obligations in land sales, where Crest retains a portion of the
land and where infrastructure is incomplete at the transaction date.
The judgement of development phases to be combined for the purpose of determining cost of
sales with reference to equalised pro\ufb01tability across the development.
The recognition of the de\ufb01ned bene\ufb01t pension scheme net surplus (see note 15).
The current and non-current presentation of the combustible materials provision.
The presentation of completed site liabilities as either accruals or provisions.
The key estimates that have a signi\ufb01cant impact on the \ufb01nancial statements are described below.
Carrying value of inventories.
Estimation of development pro\ufb01tability and cost of sales recognised in the period.
Completed site costs.
Valuation of the pension scheme assets and liabilities.
Cost to remediate sites with combustible materials present.
Estimates and associated assumptions a\ufb00ecting the \ufb01nancial 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
\n
revision a\ufb00ects only that year, or in the year of revision and future years if the revision a\ufb00ects both
\n
current and future years.
\n
The Directors have made consistent estimates and assumptions in reviewing the going concern basis
\n
as those detailed above. The Directors consider the key sources of estimation uncertainty that have a
\n
risk of causing a material adjustment to the carrying value of assets and liabilities as described below.
\n
Carrying value of inventories
\n
Inventories of land, work-in-progress, completed buildings, including show homes and part exchange
\n
inventories, are stated in the consolidated statement of \ufb01nancial position at the lower of cost or net
\n
realisable value (NRV). On a regular basis, management updates estimates of future revenue and
\n
expenditure for each development. Future revenue and expenditure may di\ufb00er from estimates which
\n
could lead to an impairment of inventory if there are adverse changes. Where forecast revenues
\n
are lower than forecast total costs, an inventory provision is made. This provision may be reversed
\n
in subsequent periods if there is evidence of sustained improved revenue or reduced expenditure
\n
forecast on a development. If forecast revenue was 10.0% lower on sites within the short-term portfolio
\n
(total land portfolio excluding strategic land) as at 31 October 2025, the impact would have reduced
\n
pro\ufb01t before tax by \u00a314.7m (2024: the impact would have increased loss before tax by \u00a313.1m).
\n
Estimation of development profitability
\n
Due to the nature of development activity and, in particular, the length of the development cycle, the
\n
Group has to make estimates of the costs to complete developments, in particular those which are
\n
multi-phase and/or may have signi\ufb01cant infrastructure costs. These estimates are re\ufb02ected in the margin
\n
recognised on developments in relation to sales recognised in the current and future years. There is a
\n
degree of inherent uncertainty in making such estimates as well as the judgement is to determine the
\n
phases over which the costs are spread. The Group has established internal controls that are designed
\n
to ensure an e\ufb00ective assessment of estimates is made of the costs to complete developments and the
\n
judgement to determine the phases of a multi-phase site. The Group considers estimates of the costs to
\n
complete on longer-term sites, which typically have higher upfront shared infrastructure costs, to have
\n
greater estimation uncertainty than sites of shorter duration with fewer infrastructure requirements. A
\n
change in estimated margins on sites, for example due to changes in estimates of build cost in\ufb02ation or a
\n
reduction in house prices, could alter future pro\ufb01tability. If forecast costs were 10.0% higher on sites which
\n
contributed to the year ended 31 October 2025 and which are forecast to still be in production beyond
\n
the year ending 31 October 2027 (2024: beyond the year ending 31 October 2026), cost of sales in the
\n
current year would have been \u00a327.7m (2024: \u00a329.1m) higher.
\n
The Group has assessed the potential \ufb01nancial impacts of transitional and physical climate-related
\n
risks and opportunities. The primary known climate-related policy that will a\ufb00ect our product is the
\n
Future Homes Standard, due to be legislated in 2026, which will increase build costs for individual
\n
units. Anticipated additional build costs are incorporated into project acquisition appraisals. These
\n
costs are not expected to have a material impact on the carrying value of inventories or their
\n
associated project margins or the value of goodwill. Flood risk and broader planning requirements
\n
are also evaluated and accounted for during new project acquisitions. Longer-term climate-related
\n
costs are beyond the time horizon of the Group\u2019s contracted projects and therefore do not impact
\n
the carrying value of inventories or their associated project margins. Additional information on
\n
climate-related risks and opportunities is provided on pages 45\u201353. The impact of climate change
\n
is therefore considered an area of estimation rather than a critical accounting estimate.
\n
Completed site costs
\n
Completed site costs include completed site accruals, which is predominantly the cost to complete
\n
outstanding site infrastructure and amenities within developments where the last housing unit has
\n
been completed, and completed site provisions, which is the forecast cost to complete remedial works
\n
on buildings where faults have been identi\ufb01ed and the Group is responsible to remedy. Completed
\n
site provisions and accruals can require a number of estimates and assumptions in their calculation.
\n
The Group has to make estimates of the costs to complete outstanding site infrastructure and
\n
amenities within developments and the cost of remediation required where faults have been identi\ufb01ed
\n
post completion. The Group has internal controls that are designed to ensure an e\ufb00ective assessment
\n
of estimates is made of the costs to \ufb01nalise completed developments. If forecast completed site costs
\n
are 10.0% higher than provided, the charge in the consolidated income statement would be \u00a32.0m
\n
higher for completed site accruals and \u00a31.5m higher for completed site provisions.
\n
Valuation of the pension scheme assets and liabilities
\n
In determining the valuation of the pension scheme assets and liabilities, the Directors utilise the
\n
services of an actuary. The actuary uses key assumptions being in\ufb02ation rate, life expectancy, discount
\n
rate and Guaranteed Minimum Pensions, which are dependent on factors outside the control of the
\n
Group. To the extent that such assumptions di\ufb00er to that expected, the pension liability would change.
\n
See note 15 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 re\ufb02ect the
latest assessment of these costs.
The key assumptions used to determine the provision include, but are not limited to, identi\ufb01cation
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 a
combination of 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 di\ufb00er to the amounts noti\ufb01ed by
the BSF-costed projects, and \ufb01re safety reports in progress may require di\ufb00erent levels of remediation
and associated costs than those currently estimated. 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 \u00a320.3m higher/lower. See notes 4 and 21 for
additional details.
Adoption of new and revised standards
The Group adopted the following new standards and amendments to standards, which have had no
material impact on the Group\u2019s results or \ufb01nancial statement disclosures:
amendments to IAS 1 \u2018Non-current Liabilities with Covenants\u2019 and \u2018Classi\ufb01cation of Liabilities as
Current or Non-current\u2019
amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019
amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019.
Impact of standards and interpretations in issue but not yet effective
The following new accounting standards and amendments to existing standards have been issued but
are not yet e\ufb00ective or have not yet been endorsed by the UK:
amendments to IAS 21 \u2018Lack of exchangeability\u2019
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 9 and IFRS 7 \u2018Amendments to the Classi\ufb01cation and Measurement of Financial Instruments\u2019
amendments to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature dependent Electricity\u2019
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019.
E\ufb00ective dates will be subject to the UK endorsement process.
The Group is currently assessing the impact of the above standards, but they are not expected to
have a material impact other than potentially in respect of the IFRS 9 and IFRS 7 \u2018Amendments to the
Classi\ufb01cation and Measurement of Financial instruments\u2019 and IFRS 18.
The IFRS 7 and IFRS 9 measurements clarify when a \ufb01nancial liability is derecognised, speci\ufb01cally at
the settlement date. This has the potential to a\ufb00ect the classi\ufb01cation of \ufb01nancial liabilities and cash
around a balance sheet date depending on the nature and timing of year end transactions. The Group
is in the process of assessing the full impact of the amendments to existing policies and practices.
IFRS 18 replaces IAS 1 and requires that companies classify all income and expenses into \ufb01ve
categories in the statement of pro\ufb01t or loss, namely the operating, investing, \ufb01nancing, discontinued
operations and income tax categories. Management-de\ufb01ned performance measures are disclosed
in a single note and enhanced guidance is provided on the aggregation and disaggregation of
information presented in the \ufb01nancial statements. The Group is in the process of assessing the impact
of IFRS 18 and anticipates changes to certain presentational and disclosure-related matters in its
consolidated \ufb01nancial statements in future periods.
The Group has not adopted any other standard, amendment or interpretation that has been issued but
is not yet e\ufb00ective.
Other accounting policies
The accounting policies set out below have, unless otherwise stated, been applied consistently to all
periods presented in these Group \ufb01nancial statements.
Alternative performance measures (APMs)
The Group has adopted various APMs, as presented on pages 166-167. These measures are not
de\ufb01ned by International Financial Reporting Standards (IFRS) and therefore may not be directly
comparable with other companies\u2019 APMs, and should be considered in addition to, and are not
intended to be a substitute for, or superior to, IFRS measurements.
Consolidation
The consolidated \ufb01nancial statements include the \ufb01nancial 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 pro\ufb01ts
and losses of subsidiaries are included in the consolidated \ufb01nancial 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, identi\ufb01able assets and liabilities existing at the date of acquisition are recorded at their
fair values re\ufb02ecting 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 pro\ufb01ts 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 \ufb01nancial position and consolidated
income statement.
Goodwill
Goodwill represents the excess of what was paid to acquire CN Finance plc on 24 March 2009 over
the fair value of their net assets at the acquisition date, less subsequent impairments. We assess
whether goodwill is recoverable by performing an impairment review annually or more frequently if
events or changes in circumstances indicate a potential impairment on the acquisition. The goodwill is
allocated to the whole group of cash generating units within the Group; this is the lowest level within
the entity at which the goodwill is monitored for internal management purposes.
The recoverable amount is equal to the higher of value in use and fair value less costs of disposal.
The value in use is estimated as the present value of the forecast cash \ufb02ows of the Group. The
forecast considers the likelihood and scale of permitted development, forecast build costs, forecast
selling prices and site procurement in line with the Group\u2019s committed strategic model and in line
with current market conditions and projections covering a period of 5 years to 2030 before applying
a terminal value. Cash \ufb02ows related to uncommitted future restructurings and enhancement capital
expenditure are excluded from the projections.
Revenue and profit recognition
Revenue comprises the fair value of the consideration received or receivable, net of value added tax
and discounts.
Revenue is recognised on open market and apartment sales at legal completion. For a\ufb00ordable 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 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. Variable consideration
is recognised within revenue to the extent that it is highly probable that a signi\ufb01cant reversal will not
occur, and estimates are reassessed at each reporting date.
Revenue on speci\ufb01cation upgrades paid for by the customer or on the cost of speci\ufb01cation upgrades
o\ufb00ered to the customer as part of the purchase price is recognised as revenue when legal title of the
upgraded property passes to the customer.
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 with reference to the relative
standalone selling price of the performance obligations and recognised as the obligations are
performed. Where variable consideration exists, revenue is recognised to the extent that it is highly
probable that a signi\ufb01cant reversal will not occur, and estimates are reassessed at each reporting date.
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 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 progresses. 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.
Cost of sales
Cost of sales are recognised by reference to the gross margin forecast across the related
development site. Due to the development cycle often exceeding one \ufb01nancial year, 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. 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. Part exchange income is recognised when legal title is passed to the
customer. Rental income is recognised over the term of the rent agreement. Management fee income
is recognised over time, in line with when management services are provided.
Other operating expenses
Other operating expenses represent cost of sales of part exchange properties.
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 signi\ufb01cant costs and settlements associated with combustible materials,
signi\ufb01cant legal matters, changes in estimate of costs associated with completed sites which are
no longer part of the core strategy, signi\ufb01cant costs associated with corporate bid approaches,
restructuring, clari\ufb01cation of historical pension scheme terms 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 \ufb01nancial 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 classi\ufb01ed as
exceptional items in prior years will be classi\ufb01ed as exceptional in the current year, unless immaterial
to the \ufb01nancial statements. As these exceptional items can vary signi\ufb01cantly year on year, they may
introduce volatility into the reported earnings. The income tax impacts of exceptional items are
re\ufb02ected 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 e\ufb00ective interest rate. Interest costs associated with \ufb01nancing facilities are recognised in the
consolidated income statement on an accruals basis using the e\ufb00ective interest method. Imputed
interest expense on deferred land creditors and combustible materials is recognised over the life of
associated cash \ufb02ows, with reference to the e\ufb00ective interest rate.
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 pro\ufb01t for the year and any adjustment to tax payable in respect of previous years.
Taxable pro\ufb01t is pro\ufb01t 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 \ufb01nancial 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 di\ufb00erences between the carrying amounts of assets
and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation
of taxable pro\ufb01ts.
Deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available
against which deductible temporary di\ufb00erences can be utilised. Deferred tax liabilities are recognised
for all temporary di\ufb00erences. Deferred tax is calculated using tax rates that have been substantively
enacted by the consolidated statement of \ufb01nancial position date.
Dividends
Final and interim dividend distributions to the Company\u2019s shareholders are recorded in the Group\u2019s
\ufb01nancial 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 de\ufb01ned bene\ufb01t (DB) scheme (closed to new employees since October 2001
and to future service accrual since 30 April 2010) and also makes payments into a de\ufb01ned contribution
scheme for employees.
In respect of the DB scheme, the retirement bene\ufb01t de\ufb01cit or surplus is calculated by estimating the
amount of future bene\ufb01t that employees have earned in return for their service in the current and
prior periods, such bene\ufb01ts measured at discounted present value, less the fair value of the scheme
assets. The rate used to discount the bene\ufb01ts accrued is the yield at the consolidated statement of
\ufb01nancial 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 quali\ufb01ed actuary using the projected
unit method. The operating and \ufb01nancing costs of such plans are recognised separately in the
consolidated income statement; past service costs and \ufb01nancing 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 bene\ufb01t de\ufb01cit or surplus recognised in the consolidated statement of \ufb01nancial position
represents the de\ufb01cit 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
bene\ufb01t as set out in the requirements of International Financial Reporting Interpretations Committee 14.
Payments to the de\ufb01ned 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 re\ufb02ect the actual
number of options that vest. At the consolidated statement of \ufb01nancial position date, if it is expected
that non-market conditions will not be satis\ufb01ed, 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 \ufb01nancial statements
and the Company\u2019s own \ufb01nancial 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 con\ufb01gure or customise a cloud provider\u2019s application
software, where the Group determines that there is no control over the asset in development, are
recognised as administrative expenses when the services are received.
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 o\ufb00 the cost of the
assets on a straight-line basis to their estimated residual value over its expected useful life as follows:
\n \n
Fixtures and \ufb01ttings
10 years
Computer equipment and non-SaaS software
3\u20135 years
The asset residual values, carrying values and useful lives are reviewed on an annual basis and
adjusted if appropriate at each consolidated statement of \ufb01nancial 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, discounted at the
rate implicit in the lease or the Group\u2019s incremental borrowing rate as determined with reference to the
most recently issued \ufb01nancial liabilities carrying interest. The discount is subsequently unwound and
recorded in the consolidated income statement over the lease term as a \ufb01nance 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 net realisable value (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 resale.
Land inventories and the associated land payables are recognised in the consolidated statement of
\ufb01nancial 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 estimated net 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 classi\ufb01ed into one of the
following measurement categories:
at amortised cost
subsequently at fair value through pro\ufb01t or loss (FVTPL)
subsequently at fair value through other comprehensive income (FVOCI).
The classi\ufb01cation of \ufb01nancial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash \ufb02ows. Assets that are held for the collection of contractual cash
\ufb02ows 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 e\ufb00ective interest
rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classi\ufb01ed by the
Group as measured at FVTPL. Fair value gains and losses on \ufb01nancial assets measured at FVTPL
are recognised in the consolidated income statement and presented within administrative expenses.
The Group currently has no \ufb01nancial assets measured at FVOCI.
Financial assets at fair value through profit and loss
Financial assets at fair value through pro\ufb01t and loss (FVTPL) (which comprise shared equity
receivables) are classi\ufb01ed 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 \ufb01nance 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 e\ufb00ective 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 simpli\ufb01ed 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 a\ufb00ordable 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 e\ufb00ective 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 \ufb01nancial 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 e\ufb00ective 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 are included within interest accruals.
Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
at amortised cost
subsequently at FVTPL.
Non-derivative \ufb01nancial 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 \ufb01nancial liabilities
measured at FVTPL.
Land payables
Land payables are recognised in the consolidated statement of \ufb01nancial 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 e\ufb00ective interest method
in accordance with IFRS 9. The di\ufb00erence between the fair value and the nominal value is amortised
over the deferment period, with the \ufb01nancing 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 e\ufb00ective 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 a\ufb00ordable and other sales in bulk on contracts. Contract liabilities are
recognised initially at their fair value and subsequently measured at amortised cost using the
e\ufb00ective interest method.
Provisions
A provision is recognised in the consolidated statement of \ufb01nancial position when the Group has a
present legal or constructive obligation as a result of a past event and it is probable that an out\ufb02ow of
economic bene\ufb01ts will be required to settle the obligation, and the amount can be reliably estimated.
Provisions are discounted to present value on a discounted cash \ufb02ow basis using an interest rate
appropriate to the class of the provision, where the e\ufb00ect 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0012": { "value": "Basis of preparation
Crest Nicholson Holdings plc (the Company) is a public limited company incorporated, listed and
domiciled in the UK. The address of the registered o\ufb03ce is 500 Dashwood Lang Road, Bourne
Business Park, Addlestone, Surrey, KT15 2HJ. The Group \ufb01nancial 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 \ufb01nancial statements present information about the
Company as a separate entity and not about its Group.
The \ufb01nancial statements are presented in pounds sterling and amounts are denominated in millions
(\u00a3m), unless otherwise stated.
The Group \ufb01nancial 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 \ufb01nancial assets at fair value through pro\ufb01t and loss, which are
as otherwise stated. The parent company \ufb01nancial statements are presented on pages 160-165.
The preparation of \ufb01nancial statements in conformity with UK-adopted international accounting
standards requires the Directors to make assumptions and judgements that a\ufb00ect the application
of policies and reported amounts within the \ufb01nancial statements. Assumptions and judgements
are based on experience and other factors that the Directors consider reasonable under the
circumstances. Actual results may di\ufb00er from these estimates.
Judgements made by the Directors, in the application of these accounting policies that have a
signi\ufb01cant e\ufb00ect on the \ufb01nancial statements and estimates with a signi\ufb01cant risk of material adjustment
in the next year are discussed below.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0010": { "value": "Crest Nicholson Holdings plc (the Company) is a public limited company incorporated, listed and
domiciled in the UK. The address of the registered o\ufb03ce is 500 Dashwood Lang Road, Bourne
Business Park, Addlestone, Surrey, KT15 2HJ. The Group \ufb01nancial 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 \ufb01nancial statements present information about the
Company as a separate entity and not about its Group.
The \ufb01nancial statements are presented in pounds sterling and amounts are denominated in millions
(\u00a3m), unless otherwise stated.
The Group \ufb01nancial 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 \ufb01nancial assets at fair value through pro\ufb01t and loss, which are
as otherwise stated. The parent company \ufb01nancial statements are presented on pages 160-165.
The preparation of \ufb01nancial statements in conformity with UK-adopted international accounting
standards requires the Directors to make assumptions and judgements that a\ufb00ect the application
of policies and reported amounts within the \ufb01nancial statements. Assumptions and judgements
are based on experience and other factors that the Directors consider reasonable under the
circumstances. Actual results may di\ufb00er from these estimates.
Judgements made by the Directors, in the application of these accounting policies that have a
signi\ufb01cant e\ufb00ect on the \ufb01nancial statements and estimates with a signi\ufb01cant risk of material adjustment
in the next year are discussed below.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_001": { "value": "Crest Nicholson Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_003": { "value": "Crest Nicholson Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_006": { "value": "Crest Nicholson Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_008": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_004": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_007": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_002": { "value": "500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey, KT15 2HJ.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "The \ufb01nancial 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0013": { "value": "The Group \ufb01nancial 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 \ufb01nancial assets at fair value through pro\ufb01t and loss, which are
as otherwise stated. The parent company \ufb01nancial statements are presented on pages 160-165.
The preparation of \ufb01nancial statements in conformity with UK-adopted international accounting
standards requires the Directors to make assumptions and judgements that a\ufb00ect the application
of policies and reported amounts within the \ufb01nancial statements. Assumptions and judgements
are based on experience and other factors that the Directors consider reasonable under the
circumstances. Actual results may di\ufb00er from these estimates.
Judgements made by the Directors, in the application of these accounting policies that have a
signi\ufb01cant e\ufb00ect on the \ufb01nancial statements and estimates with a signi\ufb01cant risk of material adjustment
in the next year are discussed below.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0016": { "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 \ufb01nancial covenants as required under its sustainability-linked
revolving credit facility (RCF) and senior loan notes as detailed in note 23. The Directors consider the
possibility of breaching one of the three \ufb01nancial covenants (gearing, tangible net worth and interest
cover) as being the \ufb01rst sign that the Group could be in distress, and is the basis of its going concern
assessment in this year\u2019s \ufb01nancial statements.
The Directors have assessed the Group\u2019s going concern position through to 30 April 2027 (the going
concern period), which aligns with its half-year reporting for the 2027 \ufb01nancial year. The going concern
model is made up of a Board-approved base case and a Severe But Plausible (SBP) downside case.
Within the base case, the Group has already secured a proportion of sales for 2026 by way of its
forward order book. The base case forecast is that the Group maintains su\ufb03cient 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 number of adverse factors that are deemed to be
plausible downside conditions as outlined below. These incorporate potential macroeconomic
scenarios that could be experienced by the UK, industry-wide dynamics, and Group-speci\ufb01c risks.
The SBP downside case combines the impacts of multiple risk factors which would interact with
each other in a downside scenario, rather than modelling the impact of individual assumptions.
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 e\ufb00ectiveness 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 \ufb01nancial stability.
Risk factors applied against future forecasts
The following risk factors have been applied in combination in reaching the SBP downside case.
Reduction in sales volumes (Principal risks: Market conditions, solvency and liquidity)
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 23% reduction in unreserved open market sales volumes for the 2026 \ufb01nancial
year and a 15% reduction for the remainder of the assessment period. Given the importance
of completions to achieving the Group\u2019s forecasts, this assumption has the most impact on the
downside case modelled.
Fall in sales price (Principal risks: Market conditions, solvency and liquidity)
A reduction in sales prices during an economic slowdown and/or lack of mortgage availability/
a\ufb00ordability for homebuyers. A 3% reduction in average unreserved open market house selling
prices and a 10% reduction in land sale revenues compared to the current base case.
Increase in build cost (Principal risks: Supply chain, build cost and margin, combustible materials
and legacy obligations)
Unexpected costs occurring cause a 5% increase in cash out\ufb02ows on build expenditure.
Mitigation options and considerations
The Directors have considered the mitigations that could be applied in a deteriorating trading
environment to either increase pro\ufb01t 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\u00a0to:
a reduction in the Group\u2019s headcount driving a reduction in overheads, site and sales and
marketing spend to re\ufb02ect the lower build and selling activity in a weaker trading environment
reducing build spend, including 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
removal of dividends after April 2026 to conserve cash.
Conclusion on going concern
While the Group forecasts to meet all its covenants in the base case scenario, the SBP downside
scenario indicates that the Group would not meet its interest cover covenant during the going concern
period, with the \ufb01rst measurement date in April 2026. 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 case. The Group maintains good relationships and a regular dialogue with all its
lenders, as shown by recently extending the revolving credit facility to October 2029, and is con\ufb01dent
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 con\ufb01dent 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 \ufb01nancial statements. Accordingly,
the consolidated \ufb01nancial 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, that may cast signi\ufb01cant doubt on the Group\u2019s ability to continue as a going
concern. The \ufb01nancial 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0015": { "value": "Critical accounting estimates and judgements
The preparation of the consolidated \ufb01nancial statements under UK-adopted international accounting
standards requires the Directors to make estimates and assumptions that a\ufb00ect 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 signi\ufb01cant impact on the
\ufb01nancial statements are described below.
The judgement to present certain items as exceptional (see note 4).
The identi\ufb01cation of performance obligations where a revenue transaction involves the sale of
both land and residential units, and revenue on the units is 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 identi\ufb01cation of performance obligations in land sales, where Crest retains a portion of the
land and where infrastructure is incomplete at the transaction date.
The judgement of development phases to be combined for the purpose of determining cost of
sales with reference to equalised pro\ufb01tability across the development.
The recognition of the de\ufb01ned bene\ufb01t pension scheme net surplus (see note 15).
The current and non-current presentation of the combustible materials provision.
The presentation of completed site liabilities as either accruals or provisions.
The key estimates that have a signi\ufb01cant impact on the \ufb01nancial statements are described below.
Carrying value of inventories.
Estimation of development pro\ufb01tability and cost of sales recognised in the period.
Completed site costs.
Valuation of the pension scheme assets and liabilities.
Cost to remediate sites with combustible materials present.
Estimates and associated assumptions a\ufb00ecting the \ufb01nancial 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.
\n\n
Revisions to accounting estimates are recognised in the year in which the estimate is revised if the
\n
revision a\ufb00ects only that year, or in the year of revision and future years if the revision a\ufb00ects both
\n
current and future years.
\n
The Directors have made consistent estimates and assumptions in reviewing the going concern basis
\n
as those detailed above. The Directors consider the key sources of estimation uncertainty that have a
\n
risk of causing a material adjustment to the carrying value of assets and liabilities as described below.
\n
Carrying value of inventories
\n
Inventories of land, work-in-progress, completed buildings, including show homes and part exchange
\n
inventories, are stated in the consolidated statement of \ufb01nancial position at the lower of cost or net
\n
realisable value (NRV). On a regular basis, management updates estimates of future revenue and
\n
expenditure for each development. Future revenue and expenditure may di\ufb00er from estimates which
\n
could lead to an impairment of inventory if there are adverse changes. Where forecast revenues
\n
are lower than forecast total costs, an inventory provision is made. This provision may be reversed
\n
in subsequent periods if there is evidence of sustained improved revenue or reduced expenditure
\n
forecast on a development. If forecast revenue was 10.0% lower on sites within the short-term portfolio
\n
(total land portfolio excluding strategic land) as at 31 October 2025, the impact would have reduced
\n
pro\ufb01t before tax by \u00a314.7m (2024: the impact would have increased loss before tax by \u00a313.1m).
\n
Estimation of development profitability
\n
Due to the nature of development activity and, in particular, the length of the development cycle, the
\n
Group has to make estimates of the costs to complete developments, in particular those which are
\n
multi-phase and/or may have signi\ufb01cant infrastructure costs. These estimates are re\ufb02ected in the margin
\n
recognised on developments in relation to sales recognised in the current and future years. There is a
\n
degree of inherent uncertainty in making such estimates as well as the judgement is to determine the
\n
phases over which the costs are spread. The Group has established internal controls that are designed
\n
to ensure an e\ufb00ective assessment of estimates is made of the costs to complete developments and the
\n
judgement to determine the phases of a multi-phase site. The Group considers estimates of the costs to
\n
complete on longer-term sites, which typically have higher upfront shared infrastructure costs, to have
\n
greater estimation uncertainty than sites of shorter duration with fewer infrastructure requirements. A
\n
change in estimated margins on sites, for example due to changes in estimates of build cost in\ufb02ation or a
\n
reduction in house prices, could alter future pro\ufb01tability. If forecast costs were 10.0% higher on sites which
\n
contributed to the year ended 31 October 2025 and which are forecast to still be in production beyond
\n
the year ending 31 October 2027 (2024: beyond the year ending 31 October 2026), cost of sales in the
\n
current year would have been \u00a327.7m (2024: \u00a329.1m) higher.
\n
The Group has assessed the potential \ufb01nancial impacts of transitional and physical climate-related
\n
risks and opportunities. The primary known climate-related policy that will a\ufb00ect our product is the
\n
Future Homes Standard, due to be legislated in 2026, which will increase build costs for individual
\n
units. Anticipated additional build costs are incorporated into project acquisition appraisals. These
\n
costs are not expected to have a material impact on the carrying value of inventories or their
\n
associated project margins or the value of goodwill. Flood risk and broader planning requirements
\n
are also evaluated and accounted for during new project acquisitions. Longer-term climate-related
\n
costs are beyond the time horizon of the Group\u2019s contracted projects and therefore do not impact
\n
the carrying value of inventories or their associated project margins. Additional information on
\n
climate-related risks and opportunities is provided on pages 45\u201353. The impact of climate change
\n
is therefore considered an area of estimation rather than a critical accounting estimate.
\n
Completed site costs
\n
Completed site costs include completed site accruals, which is predominantly the cost to complete
\n
outstanding site infrastructure and amenities within developments where the last housing unit has
\n
been completed, and completed site provisions, which is the forecast cost to complete remedial works
\n
on buildings where faults have been identi\ufb01ed and the Group is responsible to remedy. Completed
\n
site provisions and accruals can require a number of estimates and assumptions in their calculation.
\n
The Group has to make estimates of the costs to complete outstanding site infrastructure and
\n
amenities within developments and the cost of remediation required where faults have been identi\ufb01ed
\n
post completion. The Group has internal controls that are designed to ensure an e\ufb00ective assessment
\n
of estimates is made of the costs to \ufb01nalise completed developments. If forecast completed site costs
\n
are 10.0% higher than provided, the charge in the consolidated income statement would be \u00a32.0m
\n
higher for completed site accruals and \u00a31.5m higher for completed site provisions.
\n
Valuation of the pension scheme assets and liabilities
\n
In determining the valuation of the pension scheme assets and liabilities, the Directors utilise the
\n
services of an actuary. The actuary uses key assumptions being in\ufb02ation rate, life expectancy, discount
\n
rate and Guaranteed Minimum Pensions, which are dependent on factors outside the control of the
\n
Group. To the extent that such assumptions di\ufb00er to that expected, the pension liability would change.
\n
See note 15 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 re\ufb02ect the
latest assessment of these costs.
The key assumptions used to determine the provision include, but are not limited to, identi\ufb01cation
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 a
combination of 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 di\ufb00er to the amounts noti\ufb01ed by
the BSF-costed projects, and \ufb01re safety reports in progress may require di\ufb00erent levels of remediation
and associated costs than those currently estimated. 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 \u00a320.3m higher/lower. See notes 4 and 21 for
additional details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0014": { "value": "Critical accounting estimates and judgements The preparation of the consolidated \ufb01nancial statements under UK-adopted international accounting standards requires the Directors to make estimates and assumptions that a\ufb00ect 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 signi\ufb01cant impact on the \ufb01nancial statements are described below. The judgement to present certain items as exceptional (see note 4). The identi\ufb01cation of performance obligations where a revenue transaction involves the sale of both land and residential units, and revenue on the units is 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 identi\ufb01cation of performance obligations in land sales, where Crest retains a portion of the land and where infrastructure is incomplete at the transaction date. The judgement of development phases to be combined for the purpose of determining cost of sales with reference to equalised pro\ufb01tability across the development. The recognition of the de\ufb01ned bene\ufb01t pension scheme net surplus (see note 15). The current and non-current presentation of the combustible materials provision. The presentation of completed site liabilities as either accruals or provisions. The key estimates that have a signi\ufb01cant impact on the \ufb01nancial statements are described below. Carrying value of inventories. Estimation of development pro\ufb01tability and cost of sales recognised in the period. Completed site costs. Valuation of the pension scheme assets and liabilities. Cost to remediate sites with combustible materials present. Estimates and associated assumptions a\ufb00ecting the \ufb01nancial 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. \n\nRevisions to accounting estimates are recognised in the year in which the estimate is revised if the \nrevision a\ufb00ects only that year, or in the year of revision and future years if the revision a\ufb00ects both \ncurrent and future years. \nThe Directors have made consistent estimates and assumptions in reviewing the going concern basis \nas those detailed above. The Directors consider the key sources of estimation uncertainty that have a \nrisk of causing a material adjustment to the carrying value of assets and liabilities as described below. \nCarrying value of inventories \nInventories of land, work-in-progress, completed buildings, including show homes and part exchange \ninventories, are stated in the consolidated statement of \ufb01nancial position at the lower of cost or net \nrealisable value (NRV). On a regular basis, management updates estimates of future revenue and \nexpenditure for each development. Future revenue and expenditure may di\ufb00er from estimates which \ncould lead to an impairment of inventory if there are adverse changes. Where forecast revenues \nare lower than forecast total costs, an inventory provision is made. This provision may be reversed \nin subsequent periods if there is evidence of sustained improved revenue or reduced expenditure \nforecast on a development. If forecast revenue was 10.0% lower on sites within the short-term portfolio \n(total land portfolio excluding strategic land) as at 31 October 2025, the impact would have reduced \npro\ufb01t before tax by \u00a314.7m (2024: the impact would have increased loss before tax by \u00a313.1m). \nEstimation of development profitability \nDue to the nature of development activity and, in particular, the length of the development cycle, the \nGroup has to make estimates of the costs to complete developments, in particular those which are \nmulti-phase and/or may have signi\ufb01cant infrastructure costs. These estimates are re\ufb02ected in the margin \nrecognised on developments in relation to sales recognised in the current and future years. There is a \ndegree of inherent uncertainty in making such estimates as well as the judgement is to determine the \nphases over which the costs are spread. The Group has established internal controls that are designed \nto ensure an e\ufb00ective assessment of estimates is made of the costs to complete developments and the \njudgement to determine the phases of a multi-phase site. The Group considers estimates of the costs to \ncomplete on longer-term sites, which typically have higher upfront shared infrastructure costs, to have \ngreater estimation uncertainty than sites of shorter duration with fewer infrastructure requirements. A \nchange in estimated margins on sites, for example due to changes in estimates of build cost in\ufb02ation or a \nreduction in house prices, could alter future pro\ufb01tability. If forecast costs were 10.0% higher on sites which \ncontributed to the year ended 31 October 2025 and which are forecast to still be in production beyond \nthe year ending 31 October 2027 (2024: beyond the year ending 31 October 2026), cost of sales in the \ncurrent year would have been \u00a327.7m (2024: \u00a329.1m) higher. \nThe Group has assessed the potential \ufb01nancial impacts of transitional and physical climate-related \nrisks and opportunities. The primary known climate-related policy that will a\ufb00ect our product is the \nFuture Homes Standard, due to be legislated in 2026, which will increase build costs for individual \nunits. Anticipated additional build costs are incorporated into project acquisition appraisals. These \ncosts are not expected to have a material impact on the carrying value of inventories or their \nassociated project margins or the value of goodwill. Flood risk and broader planning requirements \nare also evaluated and accounted for during new project acquisitions. Longer-term climate-related \ncosts are beyond the time horizon of the Group\u2019s contracted projects and therefore do not impact \nthe carrying value of inventories or their associated project margins. Additional information on \nclimate-related risks and opportunities is provided on pages 45\u201353. The impact of climate change \nis therefore considered an area of estimation rather than a critical accounting estimate. \nCompleted site costs \nCompleted site costs include completed site accruals, which is predominantly the cost to complete \noutstanding site infrastructure and amenities within developments where the last housing unit has \nbeen completed, and completed site provisions, which is the forecast cost to complete remedial works \non buildings where faults have been identi\ufb01ed and the Group is responsible to remedy. Completed \nsite provisions and accruals can require a number of estimates and assumptions in their calculation. \nThe Group has to make estimates of the costs to complete outstanding site infrastructure and \namenities within developments and the cost of remediation required where faults have been identi\ufb01ed \npost completion. The Group has internal controls that are designed to ensure an e\ufb00ective assessment \nof estimates is made of the costs to \ufb01nalise completed developments. If forecast completed site costs \nare 10.0% higher than provided, the charge in the consolidated income statement would be \u00a32.0m \nhigher for completed site accruals and \u00a31.5m higher for completed site provisions. \nValuation of the pension scheme assets and liabilities \nIn determining the valuation of the pension scheme assets and liabilities, the Directors utilise the \nservices of an actuary. The actuary uses key assumptions being in\ufb02ation rate, life expectancy, discount \nrate and Guaranteed Minimum Pensions, which are dependent on factors outside the control of the \nGroup. To the extent that such assumptions di\ufb00er to that expected, the pension liability would change. \nSee note 15 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 re\ufb02ect the latest assessment of these costs. The key assumptions used to determine the provision include, but are not limited to, identi\ufb01cation 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 a combination of 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 di\ufb00er to the amounts noti\ufb01ed by the BSF-costed projects, and \ufb01re safety reports in progress may require di\ufb00erent levels of remediation and associated costs than those currently estimated. 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 \u00a320.3m higher/lower. See notes 4 and 21 for additional details. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0017": { "value": "Adoption of new and revised standards
The Group adopted the following new standards and amendments to standards, which have had no
material impact on the Group\u2019s results or \ufb01nancial statement disclosures:
amendments to IAS 1 \u2018Non-current Liabilities with Covenants\u2019 and \u2018Classi\ufb01cation of Liabilities as
Current or Non-current\u2019
amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019
amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019.
Impact of standards and interpretations in issue but not yet effective
The following new accounting standards and amendments to existing standards have been issued but
are not yet e\ufb00ective or have not yet been endorsed by the UK:
amendments to IAS 21 \u2018Lack of exchangeability\u2019
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 9 and IFRS 7 \u2018Amendments to the Classi\ufb01cation and Measurement of Financial Instruments\u2019
amendments to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature dependent Electricity\u2019
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019.
E\ufb00ective dates will be subject to the UK endorsement process.
The Group is currently assessing the impact of the above standards, but they are not expected to
have a material impact other than potentially in respect of the IFRS 9 and IFRS 7 \u2018Amendments to the
Classi\ufb01cation and Measurement of Financial instruments\u2019 and IFRS 18.
The IFRS 7 and IFRS 9 measurements clarify when a \ufb01nancial liability is derecognised, speci\ufb01cally at
the settlement date. This has the potential to a\ufb00ect the classi\ufb01cation of \ufb01nancial liabilities and cash
around a balance sheet date depending on the nature and timing of year end transactions. The Group
is in the process of assessing the full impact of the amendments to existing policies and practices.
IFRS 18 replaces IAS 1 and requires that companies classify all income and expenses into \ufb01ve
categories in the statement of pro\ufb01t or loss, namely the operating, investing, \ufb01nancing, discontinued
operations and income tax categories. Management-de\ufb01ned performance measures are disclosed
in a single note and enhanced guidance is provided on the aggregation and disaggregation of
information presented in the \ufb01nancial statements. The Group is in the process of assessing the impact
of IFRS 18 and anticipates changes to certain presentational and disclosure-related matters in its
consolidated \ufb01nancial statements in future periods.
The Group has not adopted any other standard, amendment or interpretation that has been issued but
is not yet e\ufb00ective. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0018": { "value": "Adoption of new and revised standards
The Group adopted the following new standards and amendments to standards, which have had no
material impact on the Group\u2019s results or \ufb01nancial statement disclosures:
amendments to IAS 1 \u2018Non-current Liabilities with Covenants\u2019 and \u2018Classi\ufb01cation of Liabilities as
Current or Non-current\u2019
amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019
amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0019": { "value": "Adoption of new and revised standards
The Group adopted the following new standards and amendments to standards, which have had no
material impact on the Group\u2019s results or \ufb01nancial statement disclosures:
amendments to IAS 1 \u2018Non-current Liabilities with Covenants\u2019 and \u2018Classi\ufb01cation of Liabilities as
Current or Non-current\u2019
amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019
amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019.
Impact of standards and interpretations in issue but not yet effective
The following new accounting standards and amendments to existing standards have been issued but
are not yet e\ufb00ective or have not yet been endorsed by the UK:
amendments to IAS 21 \u2018Lack of exchangeability\u2019
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 9 and IFRS 7 \u2018Amendments to the Classi\ufb01cation and Measurement of Financial Instruments\u2019
amendments to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature dependent Electricity\u2019
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019.
E\ufb00ective dates will be subject to the UK endorsement process.
The Group is currently assessing the impact of the above standards, but they are not expected to
have a material impact other than potentially in respect of the IFRS 9 and IFRS 7 \u2018Amendments to the
Classi\ufb01cation and Measurement of Financial instruments\u2019 and IFRS 18.
The IFRS 7 and IFRS 9 measurements clarify when a \ufb01nancial liability is derecognised, speci\ufb01cally at
the settlement date. This has the potential to a\ufb00ect the classi\ufb01cation of \ufb01nancial liabilities and cash
around a balance sheet date depending on the nature and timing of year end transactions. The Group
is in the process of assessing the full impact of the amendments to existing policies and practices.
IFRS 18 replaces IAS 1 and requires that companies classify all income and expenses into \ufb01ve
categories in the statement of pro\ufb01t or loss, namely the operating, investing, \ufb01nancing, discontinued
operations and income tax categories. Management-de\ufb01ned performance measures are disclosed
in a single note and enhanced guidance is provided on the aggregation and disaggregation of
information presented in the \ufb01nancial statements. The Group is in the process of assessing the impact
of IFRS 18 and anticipates changes to certain presentational and disclosure-related matters in its
consolidated \ufb01nancial statements in future periods.
The Group has not adopted any other standard, amendment or interpretation that has been issued but
is not yet e\ufb00ective. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0020": { "value": "Impact of standards and interpretations in issue but not yet effective
The following new accounting standards and amendments to existing standards have been issued but
are not yet e\ufb00ective or have not yet been endorsed by the UK:
amendments to IAS 21 \u2018Lack of exchangeability\u2019
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 9 and IFRS 7 \u2018Amendments to the Classi\ufb01cation and Measurement of Financial Instruments\u2019
amendments to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature dependent Electricity\u2019
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019.
E\ufb00ective dates will be subject to the UK endorsement process.
The Group is currently assessing the impact of the above standards, but they are not expected to
have a material impact other than potentially in respect of the IFRS 9 and IFRS 7 \u2018Amendments to the
Classi\ufb01cation and Measurement of Financial instruments\u2019 and IFRS 18.
The IFRS 7 and IFRS 9 measurements clarify when a \ufb01nancial liability is derecognised, speci\ufb01cally at
the settlement date. This has the potential to a\ufb00ect the classi\ufb01cation of \ufb01nancial liabilities and cash
around a balance sheet date depending on the nature and timing of year end transactions. The Group
is in the process of assessing the full impact of the amendments to existing policies and practices.
IFRS 18 replaces IAS 1 and requires that companies classify all income and expenses into \ufb01ve
categories in the statement of pro\ufb01t or loss, namely the operating, investing, \ufb01nancing, discontinued
operations and income tax categories. Management-de\ufb01ned performance measures are disclosed
in a single note and enhanced guidance is provided on the aggregation and disaggregation of
information presented in the \ufb01nancial statements. The Group is in the process of assessing the impact
of IFRS 18 and anticipates changes to certain presentational and disclosure-related matters in its
consolidated \ufb01nancial statements in future periods.
The Group has not adopted any other standard, amendment or interpretation that has been issued but
is not yet e\ufb00ective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "Alternative performance measures (APMs)
The Group has adopted various APMs, as presented on pages 166-167. These measures are not
de\ufb01ned by International Financial Reporting Standards (IFRS) and therefore may not be directly
comparable with other companies\u2019 APMs, and should be considered in addition to, and are not
intended to be a substitute for, or superior to, IFRS measurements. ", "dimensions": { "concept": "crst:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresTextBlock", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0021": { "value": "Consolidation
The consolidated \ufb01nancial statements include the \ufb01nancial 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 pro\ufb01ts
and losses of subsidiaries are included in the consolidated \ufb01nancial 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, identi\ufb01able assets and liabilities existing at the date of acquisition are recorded at their
fair values re\ufb02ecting 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 pro\ufb01ts 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 \ufb01nancial position and consolidated
income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "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 pro\ufb01ts
and losses of subsidiaries are included in the consolidated \ufb01nancial 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, identi\ufb01able assets and liabilities existing at the date of acquisition are recorded at their
fair values re\ufb02ecting 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "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 pro\ufb01ts 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 \ufb01nancial position and consolidated
income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "Goodwill
Goodwill represents the excess of what was paid to acquire CN Finance plc on 24 March 2009 over
the fair value of their net assets at the acquisition date, less subsequent impairments. We assess
whether goodwill is recoverable by performing an impairment review annually or more frequently if
events or changes in circumstances indicate a potential impairment on the acquisition. The goodwill is
allocated to the whole group of cash generating units within the Group; this is the lowest level within
the entity at which the goodwill is monitored for internal management purposes.
The recoverable amount is equal to the higher of value in use and fair value less costs of disposal.
The value in use is estimated as the present value of the forecast cash \ufb02ows of the Group. The
forecast considers the likelihood and scale of permitted development, forecast build costs, forecast
selling prices and site procurement in line with the Group\u2019s committed strategic model and in line
with current market conditions and projections covering a period of 5 years to 2030 before applying
a terminal value. Cash \ufb02ows related to uncommitted future restructurings and enhancement capital
expenditure are excluded from the projections. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "Goodwill
Goodwill represents the excess of what was paid to acquire CN Finance plc on 24 March 2009 over
the fair value of their net assets at the acquisition date, less subsequent impairments. We assess
whether goodwill is recoverable by performing an impairment review annually or more frequently if
events or changes in circumstances indicate a potential impairment on the acquisition. The goodwill is
allocated to the whole group of cash generating units within the Group; this is the lowest level within
the entity at which the goodwill is monitored for internal management purposes.
The recoverable amount is equal to the higher of value in use and fair value less costs of disposal.
The value in use is estimated as the present value of the forecast cash \ufb02ows of the Group. The
forecast considers the likelihood and scale of permitted development, forecast build costs, forecast
selling prices and site procurement in line with the Group\u2019s committed strategic model and in line
with current market conditions and projections covering a period of 5 years to 2030 before applying
a terminal value. Cash \ufb02ows related to uncommitted future restructurings and enhancement capital
expenditure are excluded from the projections. Software as a Service (SaaS) arrangements
Implementation costs, including costs to con\ufb01gure or customise a cloud provider\u2019s application
software, where the Group determines that there is no control over the asset in development, are
recognised as administrative expenses when the services are received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "Goodwill
Goodwill represents the excess of what was paid to acquire CN Finance plc on 24 March 2009 over
the fair value of their net assets at the acquisition date, less subsequent impairments. We assess
whether goodwill is recoverable by performing an impairment review annually or more frequently if
events or changes in circumstances indicate a potential impairment on the acquisition. The goodwill is
allocated to the whole group of cash generating units within the Group; this is the lowest level within
the entity at which the goodwill is monitored for internal management purposes.
The recoverable amount is equal to the higher of value in use and fair value less costs of disposal.
The value in use is estimated as the present value of the forecast cash \ufb02ows of the Group. The
forecast considers the likelihood and scale of permitted development, forecast build costs, forecast
selling prices and site procurement in line with the Group\u2019s committed strategic model and in line
with current market conditions and projections covering a period of 5 years to 2030 before applying
a terminal value. Cash \ufb02ows related to uncommitted future restructurings and enhancement capital
expenditure are excluded from the projections. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "Revenue and profit recognition
Revenue comprises the fair value of the consideration received or receivable, net of value added tax
and discounts.
Revenue is recognised on open market and apartment sales at legal completion. For a\ufb00ordable 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 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. Variable consideration
is recognised within revenue to the extent that it is highly probable that a signi\ufb01cant reversal will not
occur, and estimates are reassessed at each reporting date.
Revenue on speci\ufb01cation upgrades paid for by the customer or on the cost of speci\ufb01cation upgrades
o\ufb00ered to the customer as part of the purchase price is recognised as revenue when legal title of the
upgraded property passes to the customer.
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 with reference to the relative
standalone selling price of the performance obligations and recognised as the obligations are
performed. Where variable consideration exists, revenue is recognised to the extent that it is highly
probable that a signi\ufb01cant reversal will not occur, and estimates are reassessed at each reporting date.
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 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 progresses. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "Cost of sales
Cost of sales are recognised by reference to the gross margin forecast across the related
development site. Due to the development cycle often exceeding one \ufb01nancial year, 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": "crst:DescriptionOfAccountingPolicyForCostOfSalesExplanatoryTextBlock", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "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. 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. Part exchange income is recognised when legal title is passed to the
customer. Rental income is recognised over the term of the rent agreement. Management fee income
is recognised over time, in line with when management services are provided.", "dimensions": { "concept": "crst:DescriptionOfAccountingPolicyForOtherOperatingIncomeTextBlock", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "Other operating expenses Other operating expenses represent cost of sales of part exchange properties.", "dimensions": { "concept": "crst:DescriptionOfAccountingPolicyForOtherOperatingExpensesTextBlock", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "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 signi\ufb01cant costs and settlements associated with combustible materials,
signi\ufb01cant legal matters, changes in estimate of costs associated with completed sites which are
no longer part of the core strategy, signi\ufb01cant costs associated with corporate bid approaches,
restructuring, clari\ufb01cation of historical pension scheme terms 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 \ufb01nancial 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 classi\ufb01ed as
exceptional items in prior years will be classi\ufb01ed as exceptional in the current year, unless immaterial
to the \ufb01nancial statements. As these exceptional items can vary signi\ufb01cantly year on year, they may
introduce volatility into the reported earnings. The income tax impacts of exceptional items are
re\ufb02ected at the actual tax rate related to these items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "Net finance expense
Interest income is recognised on a time-apportioned basis by reference to the principal outstanding
and the e\ufb00ective interest rate. Interest costs associated with \ufb01nancing facilities are recognised in the
consolidated income statement on an accruals basis using the e\ufb00ective interest method. Imputed
interest expense on deferred land creditors and combustible materials is recognised over the life of
associated cash \ufb02ows, with reference to the e\ufb00ective interest rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "Net finance expense
Interest income is recognised on a time-apportioned basis by reference to the principal outstanding
and the e\ufb00ective interest rate. Interest costs associated with \ufb01nancing facilities are recognised in the
consolidated income statement on an accruals basis using the e\ufb00ective interest method. Imputed
interest expense on deferred land creditors and combustible materials is recognised over the life of
associated cash \ufb02ows, with reference to the e\ufb00ective interest rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "Net finance expense
Interest income is recognised on a time-apportioned basis by reference to the principal outstanding
and the e\ufb00ective interest rate. Interest costs associated with \ufb01nancing facilities are recognised in the
consolidated income statement on an accruals basis using the e\ufb00ective interest method. Imputed
interest expense on deferred land creditors and combustible materials is recognised over the life of
associated cash \ufb02ows, with reference to the e\ufb00ective interest rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "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 pro\ufb01t for the year and any adjustment to tax payable in respect of previous years.
Taxable pro\ufb01t is pro\ufb01t 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 \ufb01nancial 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 di\ufb00erences between the carrying amounts of assets
and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation
of taxable pro\ufb01ts.
Deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available
against which deductible temporary di\ufb00erences can be utilised. Deferred tax liabilities are recognised
for all temporary di\ufb00erences. Deferred tax is calculated using tax rates that have been substantively
enacted by the consolidated statement of \ufb01nancial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "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 pro\ufb01t for the year and any adjustment to tax payable in respect of previous years.
Taxable pro\ufb01t is pro\ufb01t 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 \ufb01nancial 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 di\ufb00erences between the carrying amounts of assets
and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation
of taxable pro\ufb01ts.
Deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available
against which deductible temporary di\ufb00erences can be utilised. Deferred tax liabilities are recognised
for all temporary di\ufb00erences. Deferred tax is calculated using tax rates that have been substantively
enacted by the consolidated statement of \ufb01nancial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "Dividends
Final and interim dividend distributions to the Company\u2019s shareholders are recorded in the Group\u2019s
\ufb01nancial 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "Employee benefits
(a) Pensions
The Group operates a de\ufb01ned bene\ufb01t (DB) scheme (closed to new employees since October 2001
and to future service accrual since 30 April 2010) and also makes payments into a de\ufb01ned contribution
scheme for employees.
In respect of the DB scheme, the retirement bene\ufb01t de\ufb01cit or surplus is calculated by estimating the
amount of future bene\ufb01t that employees have earned in return for their service in the current and
prior periods, such bene\ufb01ts measured at discounted present value, less the fair value of the scheme
assets. The rate used to discount the bene\ufb01ts accrued is the yield at the consolidated statement of
\ufb01nancial 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 quali\ufb01ed actuary using the projected
unit method. The operating and \ufb01nancing costs of such plans are recognised separately in the
consolidated income statement; past service costs and \ufb01nancing 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 bene\ufb01t de\ufb01cit or surplus recognised in the consolidated statement of \ufb01nancial position
represents the de\ufb01cit 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
bene\ufb01t as set out in the requirements of International Financial Reporting Interpretations Committee 14.
Payments to the de\ufb01ned 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 re\ufb02ect the actual
number of options that vest. At the consolidated statement of \ufb01nancial position date, if it is expected
that non-market conditions will not be satis\ufb01ed, 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "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 re\ufb02ect the actual
number of options that vest. At the consolidated statement of \ufb01nancial position date, if it is expected
that non-market conditions will not be satis\ufb01ed, 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "Own shares held by Employee Share Ownership Trust (ESOT)
Transactions of the Company-sponsored ESOT are included in both the Group \ufb01nancial statements
and the Company\u2019s own \ufb01nancial 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "Software as a Service (SaaS) arrangements
Implementation costs, including costs to con\ufb01gure or customise a cloud provider\u2019s application
software, where the Group determines that there is no control over the asset in development, are
recognised as administrative expenses when the services are received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "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 o\ufb00 the cost of the
assets on a straight-line basis to their estimated residual value over its expected useful life as follows:
\n \n
Fixtures and \ufb01ttings
10 years
Computer equipment and non-SaaS software
3\u20135 years
The asset residual values, carrying values and useful lives are reviewed on an annual basis and
adjusted if appropriate at each consolidated statement of \ufb01nancial position date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "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 o\ufb00 the cost of the
assets on a straight-line basis to their estimated residual value over its expected useful life as follows:
\n \n
Fixtures and \ufb01ttings
10 years
Computer equipment and non-SaaS software
3\u20135 years
The asset residual values, carrying values and useful lives are reviewed on an annual basis and
adjusted if appropriate at each consolidated statement of \ufb01nancial position date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "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, discounted at the
rate implicit in the lease or the Group\u2019s incremental borrowing rate as determined with reference to the
most recently issued \ufb01nancial liabilities carrying interest. The discount is subsequently unwound and
recorded in the consolidated income statement over the lease term as a \ufb01nance 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "Inventories
Inventories are stated at the lower of cost and net realisable value (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 resale.
Land inventories and the associated land payables are recognised in the consolidated statement of
\ufb01nancial 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 estimated net 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "Financial assets
Financial assets are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
at amortised cost
subsequently at fair value through pro\ufb01t or loss (FVTPL)
subsequently at fair value through other comprehensive income (FVOCI).
The classi\ufb01cation of \ufb01nancial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash \ufb02ows. Assets that are held for the collection of contractual cash
\ufb02ows 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 e\ufb00ective interest
rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classi\ufb01ed by the
Group as measured at FVTPL. Fair value gains and losses on \ufb01nancial assets measured at FVTPL
are recognised in the consolidated income statement and presented within administrative expenses.
The Group currently has no \ufb01nancial assets measured at FVOCI.
Financial assets at fair value through profit and loss
Financial assets at fair value through pro\ufb01t and loss (FVTPL) (which comprise shared equity
receivables) are classi\ufb01ed 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 \ufb01nance 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 e\ufb00ective 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 simpli\ufb01ed 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.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 \ufb01nancial 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 e\ufb00ective 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 are included within interest accruals.
Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
at amortised cost
subsequently at FVTPL.
Non-derivative \ufb01nancial 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 \ufb01nancial liabilities
measured at FVTPL.
Land payables
Land payables are recognised in the consolidated statement of \ufb01nancial 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 e\ufb00ective interest method
in accordance with IFRS 9. The di\ufb00erence between the fair value and the nominal value is amortised
over the deferment period, with the \ufb01nancing 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 e\ufb00ective 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "Financial assets
Financial assets are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
at amortised cost
subsequently at fair value through pro\ufb01t or loss (FVTPL)
subsequently at fair value through other comprehensive income (FVOCI).
The classi\ufb01cation of \ufb01nancial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash \ufb02ows. Assets that are held for the collection of contractual cash
\ufb02ows 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 e\ufb00ective interest
rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classi\ufb01ed by the
Group as measured at FVTPL. Fair value gains and losses on \ufb01nancial assets measured at FVTPL
are recognised in the consolidated income statement and presented within administrative expenses.
The Group currently has no \ufb01nancial assets measured at FVOCI.
Financial assets at fair value through profit and loss
Financial assets at fair value through pro\ufb01t and loss (FVTPL) (which comprise shared equity
receivables) are classi\ufb01ed 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 \ufb01nance income or expense. These assets are held as current or non-current based
on their contractual repayment dates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "Financial assets at fair value through profit and loss
Financial assets at fair value through pro\ufb01t and loss (FVTPL) (which comprise shared equity
receivables) are classi\ufb01ed 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 \ufb01nance 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "Financial assets at fair value through profit and loss
Financial assets at fair value through pro\ufb01t and loss (FVTPL) (which comprise shared equity
receivables) are classi\ufb01ed 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 \ufb01nance 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "Trade and other receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at
amortised cost, using the e\ufb00ective 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 simpli\ufb01ed 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "Contract assets
Contract assets represent unbilled work-in-progress on a\ufb00ordable 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 e\ufb00ective 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": "crst:DescriptionOfAccountingPolicyForContractAssetsTextBlock", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "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 \ufb01nancial position at nominal value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "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 e\ufb00ective 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 are included within interest accruals.
Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
at amortised cost
subsequently at FVTPL.
Non-derivative \ufb01nancial 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 \ufb01nancial liabilities
measured at FVTPL.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "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 e\ufb00ective 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 are included within interest accruals.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "Land payables
Land payables are recognised in the consolidated statement of \ufb01nancial 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 e\ufb00ective interest method
in accordance with IFRS 9. The di\ufb00erence between the fair value and the nominal value is amortised
over the deferment period, with the \ufb01nancing element being charged as an interest expense through
the consolidated income statement.", "dimensions": { "concept": "crst:DescriptionOfAccountingPolicyForLandPayablesTextBlock", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "Trade and other payables
Trade and other payables are recognised initially at their fair value and subsequently measured at
amortised cost using the e\ufb00ective 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "Contract liabilities
Contract liabilities represent payments on account, received from customers, in excess of billable
work-in-progress on a\ufb00ordable and other sales in bulk on contracts. Contract liabilities are
recognised initially at their fair value and subsequently measured at amortised cost using the
e\ufb00ective interest method. ", "dimensions": { "concept": "crst:DescriptionOfAccountingPolicyForContractLiabilitiesTextBlock", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "Provisions
A provision is recognised in the consolidated statement of \ufb01nancial position when the Group has a
present legal or constructive obligation as a result of a past event and it is probable that an out\ufb02ow of
economic bene\ufb01ts will be required to settle the obligation, and the amount can be reliably estimated.
Provisions are discounted to present value on a discounted cash \ufb02ow basis using an interest rate
appropriate to the class of the provision, where the e\ufb00ect is material. Included within provisions are
completed site provisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "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": "crst:DescriptionOfAccountingPolicyForSeasonalityTextBlock", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0028": { "value": "2 Segmental reporting
The Board has been identi\ufb01ed as the chief operating decision maker as de\ufb01ned under IFRS 8
Operating Segments. Financial information is reported to the Board for the UK housebuilding business
as a whole and the Board makes decisions regarding resource allocation on that basis. Accordingly,
the Group has a single UK housebuilding operating segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0030": { "value": "3 Revenue \n \n
2025
2024
Revenue type
\u00a3m
\u00a3m
Open market housing including speci\ufb01cation upgrades
459.3
493.5
A\ufb00ordable housing
70.1
79.0
Total housing
529.4
572.5
Land and commercial sales
81.4
45.7
Total revenue
610.8
618.2
Timing of revenue recognition
Revenue recognised at a point in time
521.7
525.0
Revenue recognised over time
89.1
93.2
Total revenue
610.8
618.2
Assets and liabilities related to contracts with customers
Contract assets (note 16)
-
7.6
Contract liabilities (note 20)
(10.2)
(6.9)
Contract assets have decreased to \u00a3nil from \u00a37.6m in 2024, re\ufb02ecting less unbilled work-in-progress
on a\ufb00ordable 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 \u00a310.2m
from \u00a36.9m in 2024.
Based on historical trends, the Directors expect a signi\ufb01cant proportion of the contract liabilities total to
be recognised as revenue in the next reporting period.
Included in revenue during the year was \u00a33.5m (2024: \u00a32.9m) that was included in contract liabilities at
the beginning of the year.
During the year \u00a3nil (2024: \u00a3nil) of revenue was recognised from performance obligations satis\ufb01ed or
partially satis\ufb01ed in previous years.
As at 31 October 2025 there was \u00a395.0m (2024: \u00a3151.9m) of transaction price allocated to performance
obligations that are unsatis\ufb01ed or partially unsatis\ufb01ed on contracts exchanged with customers. Based
on forecasts, the Group expects to recognise \u00a350.9m (2024: \u00a3111.3m) of transaction prices allocated to
performance obligations that are unsatis\ufb01ed on contracts exchanged with customers within one year,
\u00a342.6m (2024: \u00a340.6m) within two to \ufb01ve years, and \u00a31.5m (2024: \u00a3nil) over \ufb01ve years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0029": { "value": "3 Revenue \n \n
2025
2024
Revenue type
\u00a3m
\u00a3m
Open market housing including speci\ufb01cation upgrades
459.3
493.5
A\ufb00ordable housing
70.1
79.0
Total housing
529.4
572.5
Land and commercial sales
81.4
45.7
Total revenue
610.8
618.2
Timing of revenue recognition
Revenue recognised at a point in time
521.7
525.0
Revenue recognised over time
89.1
93.2
Total revenue
610.8
618.2
Assets and liabilities related to contracts with customers
Contract assets (note 16)
-
7.6
Contract liabilities (note 20)
(10.2)
(6.9)
Contract assets have decreased to \u00a3nil from \u00a37.6m in 2024, re\ufb02ecting less unbilled work-in-progress
on a\ufb00ordable 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 \u00a310.2m
from \u00a36.9m in 2024.
Based on historical trends, the Directors expect a signi\ufb01cant proportion of the contract liabilities total to
be recognised as revenue in the next reporting period.
Included in revenue during the year was \u00a33.5m (2024: \u00a32.9m) that was included in contract liabilities at
the beginning of the year.
During the year \u00a3nil (2024: \u00a3nil) of revenue was recognised from performance obligations satis\ufb01ed or
partially satis\ufb01ed in previous years.
As at 31 October 2025 there was \u00a395.0m (2024: \u00a3151.9m) of transaction price allocated to performance
obligations that are unsatis\ufb01ed or partially unsatis\ufb01ed on contracts exchanged with customers. Based
on forecasts, the Group expects to recognise \u00a350.9m (2024: \u00a3111.3m) of transaction prices allocated to
performance obligations that are unsatis\ufb01ed on contracts exchanged with customers within one year,
\u00a342.6m (2024: \u00a340.6m) within two to \ufb01ve years, and \u00a31.5m (2024: \u00a3nil) over \ufb01ve years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0037": { "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 signi\ufb01cant costs and settlements associated with combustible materials,
signi\ufb01cant legal matters, changes in estimate of costs associated with completed sites which are
no longer part of the core strategy, signi\ufb01cant costs associated with corporate bid approaches,
restructuring, clari\ufb01cation of historical pension scheme terms 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 \ufb01nancial 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 classi\ufb01ed as
exceptional items in prior years will be classi\ufb01ed as exceptional in the current year, unless immaterial
to the \ufb01nancial statements. As these exceptional items can vary signi\ufb01cantly year on year, they may
introduce volatility into the reported earnings. The income tax impacts of exceptional items are
re\ufb02ected at the marginal tax rate related to these items.
\n \n
2025
2024
Cost of sales
\u00a3m
\u00a3m
Combustible materials net charge
(12.8)
(131.7)
Combustible materials recoveries
12.4
4.4
Net combustible materials charge
(0.4)
(127.3)
Legal provision and professional fees
(1.9)
(0.4)
Completed site costs
(1.7)
(25.0)
Freehold inventories write o\ufb00
\u2013
(5.7)
Total cost of sales charge
(4.0)
(158.4)
Administrative expenses
Aborted transaction costs
\u2013
(1.6)
Restructuring related expenses
(4.3)
\u2013
Pension costs
(2.2)
\u2013
Net \ufb01nance expense
Combustible materials imputed interest
(9.4)
(6.1)
Share of post-tax pro\ufb01ts/(losses) of joint ventures
Combustible materials charge of joint ventures
(3.7)
\u2013
Total exceptional charge
(23.6)
(166.1)
Tax credit on exceptional charge
5.9
48.2
Total exceptional charge after tax credit
(17.7)
(117.9)
Net combustible materials charge
Following the Group\u2019s signing of the Developer Remediation Contract on 13 March 2023, the Group
assumed contractual obligations with the government to identify and remediate all buildings it has
developed that may contain life-critical \ufb01re safety defects. The combustible materials net charge of
\u00a312.8m represents forecast changes in build costs, costs of remediating buildings surveyed in the year
and changes in the provision discount, and includes a \u00a32.2m professional fees charge incurred by the
Group in pursuing third parties where it has a contractual right of recourse.
During the year, the Group
recovered \u00a312.4m (2024: \u00a34.4m) from third parties in respect of defective design and workmanship.
See note 21 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 \ufb01re in 2021. The Group has incurred professional fees in the year in relation to
the claim. In 2023 the Group recognised its estimate of the potential liability, which has been updated
at 31 October 2025 to represent the Group\u2019s latest estimate. See note 21 for further information.
Following the year end a settlement was reached with the claimant in respect of the building
damaged by the \ufb01re in 2021 and a remedial works agreement was agreed with respect to other
buildings identi\ufb01ed with defects through this case. The \ufb01nal terms of the settlement and remedial
works agreement are consistent with the amounts provided for at the balance sheet date, although
the \ufb01nal cost of remedial works will continue to be subject to estimation uncertainty.
Completed site costs
During the \ufb01rst half of the prior \ufb01nancial year, the Group became aware of certain build defects initially
identi\ufb01ed on four sites that were completed prior to 2019 which are no longer part of the core strategy.
Following a thorough review of all completed sites in association with third-party consultants, an
exceptional charge of \u00a325.0m was recognised in the prior year. During the year, a net exceptional
charge of \u00a31.7m has been recognised which represents an update to the estimate of costs required
to remediate these build defects.
Freehold inventories write off
During the prior year, the Group provided \u00a35.7m to write o\ufb00 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 remains
uncertain given proposed legislative changes in this area and the impact of some freehold buildings
requiring \ufb01re remediation works. The cost was recognised as exceptional due to its size.
Aborted transaction costs
During the prior year the Group received an unsolicited bid from Bellway plc. On 13 August 2024
Bellway plc withdrew from the proposed acquisition. Costs related to this aborted transaction are
classi\ufb01ed as exceptional due to their non-recurring nature, with \u00a3nil recognised during the year
(2024: \u00a31.6m).
Restructuring related expenses
The Group has commenced a business transformation programme to deliver the bene\ufb01ts of its new
strategy as set out in its Capital Markets Day on 20 March 2025. The programme is expected to
conclude by 31 October 2026, as such the costs are considered to be one-o\ufb00 in nature, material,
and not part of the day-to-day operations of the Group. These costs include redundancy costs and
third-party advisory fees.
The Chiltern division\u2019s closure was announced in November 2025 as part of the transformation
programme. This represents a non-adjusting post balance sheet event and the associated costs will
be recognised in 2026 as exceptional items.
Pension costs
A review of historical scheme documentation identi\ufb01ed inconsistencies in the basis of estimating
obligations and underlying scheme documentation. Obligations have been estimated with reference
to the clari\ufb01ed terms of the pension scheme. Changes to the obligations have been recognised as
exceptional costs in the year as they are one-o\ufb00 in nature and are outside of the ordinary course of
the Group\u2019s activities.
Net finance expense
The combustible materials imputed interest re\ufb02ects the unwind of the imputed interest on the
provision to re\ufb02ect the time value of the liability.
Share of post-tax loss of joint ventures
The combustible materials charge in respect of joint ventures represents the Company\u2019s share of
an exceptional combustible materials provision recognised by one of the Group\u2019s joint ventures.
The provision was recognised in the year following an independent \ufb01re engineer\u2019s report that
recommended remedial works.
Taxation
An exceptional income tax credit of \u00a35.9m (2024: \u00a348.2m) has been recognised in relation to the
above exceptional items using the marginal tax rate applicable to these items. ", "dimensions": { "concept": "crst:DisclosureOfExceptionalItemsTextBlock", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0044": { "value": "5 Operating pro\ufb01t/(loss)
(a) Operating profit of \u00a324.2m (2024: operating loss of \u00a3130.8m
1
) from continuing activities is
stated after (charging)/crediting:
\n \n
Restated
1
2025
2024
Note
\u00a3m
\u00a3m
Inventories expensed in the year
(507.9)
(499.7)
Inventories impairment movement in the year
17
6.6
(2.1)
Employee costs
6
(61.1)
(63.0)
Depreciation on property, plant and equipment
(0.4)
(0.4)
Depreciation on right-of-use assets
12
(3.4)
(2.3)
1.
See note 28 for explanation of prior year restatement
(b) Other operating income
\n \n
2025
2024
Note
\u00a3m
\u00a3m
Proceeds on disposal of part exchange properties
55.6
68.8
Rental income
1.6
3.4
Joint venture project management fees
26
2.0
1.9
Other management fee income
0.7
1.7
59.9
75.8
(c) Other operating expenses
\n \n
2025
2024
\u00a3m
\u00a3m
Costs associated with disposal of part exchange properties
55.9
69.9
(d) Auditors\u2019 remuneration
\n \n
2025
2024
\u00a3000
\u00a3000
Audit of these consolidated \ufb01nancial statements
200
191
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1,008
1,529
Other non-audit services
140
130
The audit fees payable in 2025 included \u00a3100,000 (2024: \u00a3220,000) in relation to additional costs for
the 2024 audit.
Fees payable to the Group\u2019s auditors for non-audit services included \u00a3140,000 (2024: \u00a3130,000) in
respect of an independent review of the half-year results.
In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson
Group Pension and Life Assurance Scheme. The fees associated with the services to the Crest
Nicholson Group Pension and Life Assurance Scheme are \u00a336,080 (2024: \u00a335,505).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0045": { "value": "5 Operating pro\ufb01t/(loss)
(a) Operating profit of \u00a324.2m (2024: operating loss of \u00a3130.8m
1
) from continuing activities is
stated after (charging)/crediting:
\n \n
Restated
1
2025
2024
Note
\u00a3m
\u00a3m
Inventories expensed in the year
(507.9)
(499.7)
Inventories impairment movement in the year
17
6.6
(2.1)
Employee costs
6
(61.1)
(63.0)
Depreciation on property, plant and equipment
(0.4)
(0.4)
Depreciation on right-of-use assets
12
(3.4)
(2.3)
1.
See note 28 for explanation of prior year restatement
(b) Other operating income
\n \n
2025
2024
Note
\u00a3m
\u00a3m
Proceeds on disposal of part exchange properties
55.6
68.8
Rental income
1.6
3.4
Joint venture project management fees
26
2.0
1.9
Other management fee income
0.7
1.7
59.9
75.8
(c) Other operating expenses
\n \n
2025
2024
\u00a3m
\u00a3m
Costs associated with disposal of part exchange properties
55.9
69.9
(d) Auditors\u2019 remuneration
\n \n
2025
2024
\u00a3000
\u00a3000
Audit of these consolidated \ufb01nancial statements
200
191
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1,008
1,529
Other non-audit services
140
130
The audit fees payable in 2025 included \u00a3100,000 (2024: \u00a3220,000) in relation to additional costs for
the 2024 audit.
Fees payable to the Group\u2019s auditors for non-audit services included \u00a3140,000 (2024: \u00a3130,000) in
respect of an independent review of the half-year results.
In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson
Group Pension and Life Assurance Scheme. The fees associated with the services to the Crest
Nicholson Group Pension and Life Assurance Scheme are \u00a336,080 (2024: \u00a335,505).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0058": { "value": "5 Operating pro\ufb01t/(loss)
(a) Operating profit of \u00a324.2m (2024: operating loss of \u00a3130.8m
1
) from continuing activities is
stated after (charging)/crediting:
\n \n
Restated
1
2025
2024
Note
\u00a3m
\u00a3m
Inventories expensed in the year
(507.9)
(499.7)
Inventories impairment movement in the year
17
6.6
(2.1)
Employee costs
6
(61.1)
(63.0)
Depreciation on property, plant and equipment
(0.4)
(0.4)
Depreciation on right-of-use assets
12
(3.4)
(2.3)
1.
See note 28 for explanation of prior year restatement
(b) Other operating income
\n \n
2025
2024
Note
\u00a3m
\u00a3m
Proceeds on disposal of part exchange properties
55.6
68.8
Rental income
1.6
3.4
Joint venture project management fees
26
2.0
1.9
Other management fee income
0.7
1.7
59.9
75.8
(c) Other operating expenses
\n \n
2025
2024
\u00a3m
\u00a3m
Costs associated with disposal of part exchange properties
55.9
69.9
(d) Auditors\u2019 remuneration
\n \n
2025
2024
\u00a3000
\u00a3000
Audit of these consolidated \ufb01nancial statements
200
191
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1,008
1,529
Other non-audit services
140
130
The audit fees payable in 2025 included \u00a3100,000 (2024: \u00a3220,000) in relation to additional costs for
the 2024 audit.
Fees payable to the Group\u2019s auditors for non-audit services included \u00a3140,000 (2024: \u00a3130,000) in
respect of an independent review of the half-year results.
In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson
Group Pension and Life Assurance Scheme. The fees associated with the services to the Crest
Nicholson Group Pension and Life Assurance Scheme are \u00a336,080 (2024: \u00a335,505).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0071": { "value": "5 Operating pro\ufb01t/(loss)
(a) Operating profit of \u00a324.2m (2024: operating loss of \u00a3130.8m
1
) from continuing activities is
stated after (charging)/crediting:
\n \n
Restated
1
2025
2024
Note
\u00a3m
\u00a3m
Inventories expensed in the year
(507.9)
(499.7)
Inventories impairment movement in the year
17
6.6
(2.1)
Employee costs
6
(61.1)
(63.0)
Depreciation on property, plant and equipment
(0.4)
(0.4)
Depreciation on right-of-use assets
12
(3.4)
(2.3)
1.
See note 28 for explanation of prior year restatement
(b) Other operating income
\n \n
2025
2024
Note
\u00a3m
\u00a3m
Proceeds on disposal of part exchange properties
55.6
68.8
Rental income
1.6
3.4
Joint venture project management fees
26
2.0
1.9
Other management fee income
0.7
1.7
59.9
75.8
(c) Other operating expenses
\n \n
2025
2024
\u00a3m
\u00a3m
Costs associated with disposal of part exchange properties
55.9
69.9
(d) Auditors\u2019 remuneration
\n \n
2025
2024
\u00a3000
\u00a3000
Audit of these consolidated \ufb01nancial statements
200
191
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1,008
1,529
Other non-audit services
140
130
The audit fees payable in 2025 included \u00a3100,000 (2024: \u00a3220,000) in relation to additional costs for
the 2024 audit.
Fees payable to the Group\u2019s auditors for non-audit services included \u00a3140,000 (2024: \u00a3130,000) in
respect of an independent review of the half-year results.
In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson
Group Pension and Life Assurance Scheme. The fees associated with the services to the Crest
Nicholson Group Pension and Life Assurance Scheme are \u00a336,080 (2024: \u00a335,505).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0078": { "value": "5 Operating pro\ufb01t/(loss)
(a) Operating profit of \u00a324.2m (2024: operating loss of \u00a3130.8m
1
) from continuing activities is
stated after (charging)/crediting:
\n \n
Restated
1
2025
2024
Note
\u00a3m
\u00a3m
Inventories expensed in the year
(507.9)
(499.7)
Inventories impairment movement in the year
17
6.6
(2.1)
Employee costs
6
(61.1)
(63.0)
Depreciation on property, plant and equipment
(0.4)
(0.4)
Depreciation on right-of-use assets
12
(3.4)
(2.3)
1.
See note 28 for explanation of prior year restatement
(b) Other operating income
\n \n
2025
2024
Note
\u00a3m
\u00a3m
Proceeds on disposal of part exchange properties
55.6
68.8
Rental income
1.6
3.4
Joint venture project management fees
26
2.0
1.9
Other management fee income
0.7
1.7
59.9
75.8
(c) Other operating expenses
\n \n
2025
2024
\u00a3m
\u00a3m
Costs associated with disposal of part exchange properties
55.9
69.9
(d) Auditors\u2019 remuneration
\n \n
2025
2024
\u00a3000
\u00a3000
Audit of these consolidated \ufb01nancial statements
200
191
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1,008
1,529
Other non-audit services
140
130
The audit fees payable in 2025 included \u00a3100,000 (2024: \u00a3220,000) in relation to additional costs for
the 2024 audit.
Fees payable to the Group\u2019s auditors for non-audit services included \u00a3140,000 (2024: \u00a3130,000) in
respect of an independent review of the half-year results.
In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson
Group Pension and Life Assurance Scheme. The fees associated with the services to the Crest
Nicholson Group Pension and Life Assurance Scheme are \u00a336,080 (2024: \u00a335,505).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0091": { "value": "(a) Operating profit of \u00a324.2m (2024: operating loss of \u00a3130.8m
1
) from continuing activities is
stated after (charging)/crediting:
\n \n
Restated
1
2025
2024
Note
\u00a3m
\u00a3m
Inventories expensed in the year
(507.9)
(499.7)
Inventories impairment movement in the year
17
6.6
(2.1)
Employee costs
6
(61.1)
(63.0)
Depreciation on property, plant and equipment
(0.4)
(0.4)
Depreciation on right-of-use assets
12
(3.4)
(2.3)
1.
See note 28 for explanation of prior year restatement 12 Right-of-use assets and lease liabilities \n \n
O\ufb03ce buildings
Other leases
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 November 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
Additions
1.3
1.1
2.4
Disposals
\u2013
(0.5)
(0.5)
At 31 October 2025
9.1
8.3
17.4
Accumulated depreciation
At 1 November 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
Charge for the year
0.9
2.5
3.4
Disposals
\u2013
(0.4)
(0.4)
At 31 October 2025
3.6
4.0
7.6
Net book value
At 31 October 2025
5.5
4.3
9.8
At 31 October 2024
5.1
5.8
10.9
At 31 October 2023
3.5
2.6
6.1
Other leases comprise motor vehicles and show home leases.
Lease liabilities included in the consolidated statement of financial position
\n \n
2025
2024
\u00a3m
\u00a3m
Non-current
7.0
8.8
Current
3.2
3.2
Total lease liabilities
10.2
12.0
Amounts recognised in the consolidated income statement
\n \n
2025
2024
\u00a3m
\u00a3m
Depreciation on right-of-use assets
3.4
2.3
Interest on lease liabilities
0.6
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0092": { "value": "(d) Auditors\u2019 remuneration \n \n
2025
2024
\u00a3000
\u00a3000
Audit of these consolidated \ufb01nancial statements
200
191
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
1,008
1,529
Other non-audit services
140
130
The audit fees payable in 2025 included \u00a3100,000 (2024: \u00a3220,000) in relation to additional costs for
the 2024 audit.
Fees payable to the Group\u2019s auditors for non-audit services included \u00a3140,000 (2024: \u00a3130,000) in
respect of an independent review of the half-year results.
In addition to the above, PricewaterhouseCoopers LLP provide audit services to the Crest Nicholson
Group Pension and Life Assurance Scheme. The fees associated with the services to the Crest
Nicholson Group Pension and Life Assurance Scheme are \u00a336,080 (2024: \u00a335,505).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00100": { "value": "(b) Employee costs (including Directors and key management) \n \n
2025
2024
\u00a3m
\u00a3m
Wages and salaries
49.8
52.3
Social security costs
6.4
6.0
Other pension costs
2.8
2.9
Share-based payments
2.1
1.8
61.1
63.0
(c) Key management remuneration
\n \n
2025
2024
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
5.0
4.8
Share-based payments
1.2
0.8
6.2
5.6
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.
(d) Directors\u2019 remuneration
\n \n
2025
2024
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
2.0
2.4
Share-based payments
0.6
0.4
2.6
2.8
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 82-104. 26 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 82-104. 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 15.
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:
\n \n
2025
2024
\u00a3m
\u00a3m
Interest income on joint venture funding
0.4
0.7
Project management fees recognised
2.0
1.9
Amounts due from joint ventures, net of expected credit losses
12.3
22.6
Amounts due to joint ventures
\u2013
0.1
Funding to joint ventures
(14.2)
(13.1)
Repayment of funding from joint ventures
6.2
36.4
Dividends received from joint ventures
\u2013
2.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00120": { "value": "7 Finance income and expense \n \n
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Interest income
3.0
2.7
Interest on amounts due from joint ventures
26
0.4
0.7
Net interest on de\ufb01ned bene\ufb01t pension scheme
15
1.0
0.6
4.4
4.0
Finance expense
Interest on bank loans
(10.1)
(6.7)
Revolving credit facility issue costs
(0.9)
(0.7)
Imputed interest on deferred land payables
(2.4)
(5.0)
Interest on lease liabilities
12
(0.6)
(0.4)
Imputed interest on combustible materials provision \u2013 exceptional
4
(9.4)
(6.1)
(23.4)
(18.9)
Net \ufb01nance expense
(19.0)
(14.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00121": { "value": "7 Finance income and expense \n \n
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Interest income
3.0
2.7
Interest on amounts due from joint ventures
26
0.4
0.7
Net interest on de\ufb01ned bene\ufb01t pension scheme
15
1.0
0.6
4.4
4.0
Finance expense
Interest on bank loans
(10.1)
(6.7)
Revolving credit facility issue costs
(0.9)
(0.7)
Imputed interest on deferred land payables
(2.4)
(5.0)
Interest on lease liabilities
12
(0.6)
(0.4)
Imputed interest on combustible materials provision \u2013 exceptional
4
(9.4)
(6.1)
(23.4)
(18.9)
Net \ufb01nance expense
(19.0)
(14.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00122": { "value": "7 Finance income and expense \n \n
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Interest income
3.0
2.7
Interest on amounts due from joint ventures
26
0.4
0.7
Net interest on de\ufb01ned bene\ufb01t pension scheme
15
1.0
0.6
4.4
4.0
Finance expense
Interest on bank loans
(10.1)
(6.7)
Revolving credit facility issue costs
(0.9)
(0.7)
Imputed interest on deferred land payables
(2.4)
(5.0)
Interest on lease liabilities
12
(0.6)
(0.4)
Imputed interest on combustible materials provision \u2013 exceptional
4
(9.4)
(6.1)
(23.4)
(18.9)
Net \ufb01nance expense
(19.0)
(14.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00123": { "value": "7 Finance income and expense \n \n
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Interest income
3.0
2.7
Interest on amounts due from joint ventures
26
0.4
0.7
Net interest on de\ufb01ned bene\ufb01t pension scheme
15
1.0
0.6
4.4
4.0
Finance expense
Interest on bank loans
(10.1)
(6.7)
Revolving credit facility issue costs
(0.9)
(0.7)
Imputed interest on deferred land payables
(2.4)
(5.0)
Interest on lease liabilities
12
(0.6)
(0.4)
Imputed interest on combustible materials provision \u2013 exceptional
4
(9.4)
(6.1)
(23.4)
(18.9)
Net \ufb01nance expense
(19.0)
(14.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00130": { "value": "7 Finance income and expense \n \n
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Interest income
3.0
2.7
Interest on amounts due from joint ventures
26
0.4
0.7
Net interest on de\ufb01ned bene\ufb01t pension scheme
15
1.0
0.6
4.4
4.0
Finance expense
Interest on bank loans
(10.1)
(6.7)
Revolving credit facility issue costs
(0.9)
(0.7)
Imputed interest on deferred land payables
(2.4)
(5.0)
Interest on lease liabilities
12
(0.6)
(0.4)
Imputed interest on combustible materials provision \u2013 exceptional
4
(9.4)
(6.1)
(23.4)
(18.9)
Net \ufb01nance expense
(19.0)
(14.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00131": { "value": "7 Finance income and expense \n \n
2025
2024
Note
\u00a3m
\u00a3m
Finance income
Interest income
3.0
2.7
Interest on amounts due from joint ventures
26
0.4
0.7
Net interest on de\ufb01ned bene\ufb01t pension scheme
15
1.0
0.6
4.4
4.0
Finance expense
Interest on bank loans
(10.1)
(6.7)
Revolving credit facility issue costs
(0.9)
(0.7)
Imputed interest on deferred land payables
(2.4)
(5.0)
Interest on lease liabilities
12
(0.6)
(0.4)
Imputed interest on combustible materials provision \u2013 exceptional
4
(9.4)
(6.1)
(23.4)
(18.9)
Net \ufb01nance expense
(19.0)
(14.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00136": { "value": "8 Income tax (expense)/credit \n \n
Restated
1
2025
2024
Note
\u00a3m
\u00a3m
Current tax
UK corporation tax (expense)/credit on pro\ufb01t/(loss) for the year
(0.1)
3.7
Adjustment in respect of prior periods
(0.4)
0.5
Total current tax (expense)/credit
(0.5)
4.2
Deferred tax
Origination and reversal of temporary di\ufb00erences in the year
(1.7)
36.6
Adjustment in respect of prior periods
1.2
\u2013
Recognised on trading losses
0.3
\u2013
Total deferred tax (charge)/credit
14
(0.2)
36.6
Total income tax (expense)/credit in consolidated income statement
(0.7)
40.8
1
See note 28 for an explanation of the prior year restatement.
Income tax is calculated at 25.0% (2024: 29.0%), based on corporation tax of 25.0%. Due to the pro\ufb01ts
falling below threshold for Residential Property Developer Tax (RPDT) in both 2025 and 2024, the 25%
corporation tax rate has been used and not 29% as in previous years, 29% being the corporate tax
rate of 25% and RPDT of 4.0%. The e\ufb00ective tax rate for the year is 24.1% (2024: 28.0%), which is lower
than (2024: lower than) the standard rate of UK corporation tax, predominantly due to the availability
of reliefs deductible for tax purposes which reduces the tax charge on the pro\ufb01t. The Group expects
the e\ufb00ective tax rate to be more aligned to the standard rate of corporation tax in future years due
to the reducing impact of reliefs against higher pro\ufb01ts, and the additional charge to RPDT when
breaching threshold.
\n \n
Restated
1
2025
2024
\u00a3m
\u00a3m
Reconciliation of tax (expense)/credit in the year
Pro\ufb01t/(loss) before tax
2.9
(145.8)
Tax (charge)/credit on pro\ufb01t/(loss) at 25.0% (2024: 29.0%)
(0.7)
42.3
E\ufb00ects of:
Expenses not deductible for tax purposes
(1.4)
(1.9)
Enhanced tax deductions
0.3
0.3
Adjustment in respect of prior periods
0.8
0.5
Impact of tax rate change on losses carried back
\u2013
(0.4)
Impact of RPDT annual allowance and adjustments
0.3
\u2013
Total income tax (expense)/credit in consolidated income statement
(0.7)
40.8
1
See note 28 for an explanation of the prior year restatement.
RPDT is an additional tax on pro\ufb01ts 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 charge for RPDT in 2025 or 2024, since the Group has not generated the minimum level
of pro\ufb01t required before RPDT is incurred, however the RPDT impact of available losses has been
recognised in the reconciliation.
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 re\ufb02ects the di\ufb00erence 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 apply to the Group from the accounting year ended
31\u00a0October 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. The 2025 e\ufb00ective tax rate of 24.1% is lower
than previous years largely due to the availability of reliefs available for deduction against a lower
pro\ufb01t base. Given that the Group\u2019s tax rate is expected to be closer to the statutory tax rate of 29%
(being 25% UK corporation tax plus 4% RPDT) in future years, 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. 14 Deferred tax \n \n
Other
Inventories
Pension
Share-based
temporary
fair value
surplus
payments
Tax losses
di\ufb00erences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2023 (restated\u00b9)
1.1
(2.5)
0.2
0.7
2.0
1.5
Consolidated income statement
movements (restated
1
)
(0.2)
(0.3)
\u2013
36.6
0.5
36.6
Equity movements
\u2013
(2.1)
0.1
\u2013
\u2013
(2.0)
At 31 October 2024 (restated\u00b9)
0.9
(4.9)
0.3
37.3
2.5
36.1
Consolidated income statement
movements
(0.1)
-
0.1
0.3
(0.5)
(0.2)
Equity movements
\u2013
1.5
\u2013
\u2013
\u2013
1.5
At 31 October 2025
0.8
(3.4)
0.4
37.6
2.0
37.4
1
See note 28 for an explanation of the prior year restatement.
Total deferred tax credited to equity in the year is \u00a31.5m (2024: \u00a32.0m). Deferred tax assets expected
to be recovered in less than 12 months is \u00a37.6m (2024: \u00a39.4m), and in more than 12 months is \u00a333.2m
(2024: \u00a331.6m\u00b9). Deferred tax losses have been recognised based on current trading forecasts for the
next six years. Deferred tax liabilities are expected to be settled in more than 12 months.
At the consolidated statement of \ufb01nancial position date the substantively enacted future corporation
tax rate is 25.0%. RPDT became e\ufb00ective from 1 April 2022 and is an additional tax at 4.0% of pro\ufb01ts
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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00141": { "value": "9 Dividends
Dividends recognised as distributions to equity shareholders in the year:
\n \n
2025
2024
\u00a3m
\u00a3m
Current year interim dividend of 1.3 pence per share (2024: 1.0 pence per share)
3.3
2.6
Prior year \ufb01nal dividend per share of 1.2 pence per share (2024: 11.5 pence per share)
3.1
29.5
6.4
32.1
Dividends proposed as distributions to equity shareholders in the year:
\n \n
2025
2024
\u00a3m
\u00a3m
Final dividend for the year ended 31 October 2025 of 1.8 pence per share
(2024: 1.2 pence per share)
4.6
3.1
The proposed \ufb01nal dividend was approved by the Board on 28 January 2026 and, in accordance
with IAS 10: Events after the Reporting Period, has not been included as a liability in this \ufb01nancial
year. The \ufb01nal dividend will be paid on 24 April 2026 to all ordinary shareholders on the Register
of Members on 27 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00142": { "value": "0.018", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00143": { "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" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00144": { "value": "4600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00145": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00146": { "value": "10 Earnings/(loss) per ordinary share
Basic earnings/(loss) per share is calculated by dividing pro\ufb01t/(loss) 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 re\ufb02ects the number of ordinary shares which
would be purchased using the di\ufb00erence 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.
\n \n
Weighted average
number of
Per share
Earnings/(loss)
ordinary shares
amount
\u00a3m
Number
Pence
Year ended 31 October 2025
Basic earnings per share
2.2
256,532,825
0.9
Dilutive e\ufb00ect of share options
1,244,914
\u2013
Diluted earnings per share
2.2
257,777,739
0.9
Year ended 31 October 2025 \u2013 pre-exceptional items
Adjusted basic earnings per share
19.9
256,532,825
7.8
Dilutive e\ufb00ect of share options
1,244,914
(0.1)
Adjusted diluted earnings per share
19.9
257,777,739
7.7
Year ended 31 October 2024 (restated
1
)
Basic loss per share
(105.0)
256,367,618
(41.0)
Dilutive e\ufb00ect of share options
\u2013
\u2013
Diluted loss per share
(105.0)
256,367,618
(41.0)
Year ended 31 October 2024 \u2013 pre-exceptional items (restated
1
)
Adjusted basic earnings per share
12.9
256,367,618
5.0
Dilutive e\ufb00ect of share options
1,608,047
\u2013
Adjusted diluted earnings per share
12.9
257,975,665
5.0
1
See note 28 for an explanation of the prior year restatement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00147": { "value": "11 Intangible assets \n \n
2025
2024
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 represents the excess of what was paid to acquire of CN Finance plc on 24 March 2009
over the fair value of their net assets at the acquisition date, less subsequent impairments. We assess
whether goodwill is recoverable by performing an impairment review annually or more frequently if
events or changes in circumstances indicate a potential impairment on the acquisition. The goodwill is
allocated to the whole group of cash generating units within the Group. This is the lowest level within
the entity at which the goodwill is monitored for internal management purposes.
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 \ufb02ows
of the Group. These cash \ufb02ows are the key estimates in the value in use assessment. The forecast
considers the likelihood and scale of permitted development, forecast build costs, forecast selling
prices and site procurement in line with the Group\u2019s committed strategic model and in line with current
market conditions and projections covering a period of 5 years to 2030 before applying a terminal
value. Cash \ufb02ows related to uncommitted future restructurings and enhancement capital expenditure
are excluded from the projections. A pre-tax real discount rate of 11.5% (2024: 12.4%) is applied to pre-
tax cash\ufb02ows, the discount rate is based on an externally produced weighted average cost of capital
range estimate. A real terminal growth rate of 2.0% is applied based on the long-term UK economic
growth rate. Forecast gross margin over the assessment period is based on past performance and
latest forecasts likely to be achievable in the short to medium term.
The recoverable value of the Group of cash-generating units is substantially in excess of the carrying
value of goodwill. Sensitivity analysis has been undertaken by increasing the discount rates by
1.0%, reducing the forecast pro\ufb01t margins across all sites within the Group of cash-generating unit
by 1.0% and reducing the terminal growth rate by 1.0%. Given the signi\ufb01cant headroom, none of the
sensitivities, either individually or in aggregate, result in the fair value of the goodwill being reduced
to below its current book value amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00148": { "value": "11 Intangible assets \n \n
2025
2024
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 represents the excess of what was paid to acquire of CN Finance plc on 24 March 2009
over the fair value of their net assets at the acquisition date, less subsequent impairments. We assess
whether goodwill is recoverable by performing an impairment review annually or more frequently if
events or changes in circumstances indicate a potential impairment on the acquisition. The goodwill is
allocated to the whole group of cash generating units within the Group. This is the lowest level within
the entity at which the goodwill is monitored for internal management purposes.
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 \ufb02ows
of the Group. These cash \ufb02ows are the key estimates in the value in use assessment. The forecast
considers the likelihood and scale of permitted development, forecast build costs, forecast selling
prices and site procurement in line with the Group\u2019s committed strategic model and in line with current
market conditions and projections covering a period of 5 years to 2030 before applying a terminal
value. Cash \ufb02ows related to uncommitted future restructurings and enhancement capital expenditure
are excluded from the projections. A pre-tax real discount rate of 11.5% (2024: 12.4%) is applied to pre-
tax cash\ufb02ows, the discount rate is based on an externally produced weighted average cost of capital
range estimate. A real terminal growth rate of 2.0% is applied based on the long-term UK economic
growth rate. Forecast gross margin over the assessment period is based on past performance and
latest forecasts likely to be achievable in the short to medium term.
The recoverable value of the Group of cash-generating units is substantially in excess of the carrying
value of goodwill. Sensitivity analysis has been undertaken by increasing the discount rates by
1.0%, reducing the forecast pro\ufb01t margins across all sites within the Group of cash-generating unit
by 1.0% and reducing the terminal growth rate by 1.0%. Given the signi\ufb01cant headroom, none of the
sensitivities, either individually or in aggregate, result in the fair value of the goodwill being reduced
to below its current book value amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00150": { "value": "11 Intangible assets \n \n
2025
2024
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 represents the excess of what was paid to acquire of CN Finance plc on 24 March 2009
over the fair value of their net assets at the acquisition date, less subsequent impairments. We assess
whether goodwill is recoverable by performing an impairment review annually or more frequently if
events or changes in circumstances indicate a potential impairment on the acquisition. The goodwill is
allocated to the whole group of cash generating units within the Group. This is the lowest level within
the entity at which the goodwill is monitored for internal management purposes.
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 \ufb02ows
of the Group. These cash \ufb02ows are the key estimates in the value in use assessment. The forecast
considers the likelihood and scale of permitted development, forecast build costs, forecast selling
prices and site procurement in line with the Group\u2019s committed strategic model and in line with current
market conditions and projections covering a period of 5 years to 2030 before applying a terminal
value. Cash \ufb02ows related to uncommitted future restructurings and enhancement capital expenditure
are excluded from the projections. A pre-tax real discount rate of 11.5% (2024: 12.4%) is applied to pre-
tax cash\ufb02ows, the discount rate is based on an externally produced weighted average cost of capital
range estimate. A real terminal growth rate of 2.0% is applied based on the long-term UK economic
growth rate. Forecast gross margin over the assessment period is based on past performance and
latest forecasts likely to be achievable in the short to medium term.
The recoverable value of the Group of cash-generating units is substantially in excess of the carrying
value of goodwill. Sensitivity analysis has been undertaken by increasing the discount rates by
1.0%, reducing the forecast pro\ufb01t margins across all sites within the Group of cash-generating unit
by 1.0% and reducing the terminal growth rate by 1.0%. Given the signi\ufb01cant headroom, none of the
sensitivities, either individually or in aggregate, result in the fair value of the goodwill being reduced
to below its current book value amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00149": { "value": "\n \n
2025
2024
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 represents the excess of what was paid to acquire of CN Finance plc on 24 March 2009
over the fair value of their net assets at the acquisition date, less subsequent impairments. We assess
whether goodwill is recoverable by performing an impairment review annually or more frequently if
events or changes in circumstances indicate a potential impairment on the acquisition. The goodwill is
allocated to the whole group of cash generating units within the Group. This is the lowest level within
the entity at which the goodwill is monitored for internal management purposes.
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 \ufb02ows
of the Group. These cash \ufb02ows are the key estimates in the value in use assessment. The forecast
considers the likelihood and scale of permitted development, forecast build costs, forecast selling
prices and site procurement in line with the Group\u2019s committed strategic model and in line with current
market conditions and projections covering a period of 5 years to 2030 before applying a terminal
value. Cash \ufb02ows related to uncommitted future restructurings and enhancement capital expenditure
are excluded from the projections. A pre-tax real discount rate of 11.5% (2024: 12.4%) is applied to pre-
tax cash\ufb02ows, the discount rate is based on an externally produced weighted average cost of capital
range estimate. A real terminal growth rate of 2.0% is applied based on the long-term UK economic
growth rate. Forecast gross margin over the assessment period is based on past performance and
latest forecasts likely to be achievable in the short to medium term.
The recoverable value of the Group of cash-generating units is substantially in excess of the carrying
value of goodwill. Sensitivity analysis has been undertaken by increasing the discount rates by
1.0%, reducing the forecast pro\ufb01t margins across all sites within the Group of cash-generating unit
by 1.0% and reducing the terminal growth rate by 1.0%. Given the signi\ufb01cant headroom, none of the
sensitivities, either individually or in aggregate, result in the fair value of the goodwill being reduced
to below its current book value amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00151": { "value": "12 Right-of-use assets and lease liabilities \n \n
O\ufb03ce buildings
Other leases
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 November 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
Additions
1.3
1.1
2.4
Disposals
\u2013
(0.5)
(0.5)
At 31 October 2025
9.1
8.3
17.4
Accumulated depreciation
At 1 November 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
Charge for the year
0.9
2.5
3.4
Disposals
\u2013
(0.4)
(0.4)
At 31 October 2025
3.6
4.0
7.6
Net book value
At 31 October 2025
5.5
4.3
9.8
At 31 October 2024
5.1
5.8
10.9
At 31 October 2023
3.5
2.6
6.1
Other leases comprise motor vehicles and show home leases.
Lease liabilities included in the consolidated statement of financial position
\n \n
2025
2024
\u00a3m
\u00a3m
Non-current
7.0
8.8
Current
3.2
3.2
Total lease liabilities
10.2
12.0
Amounts recognised in the consolidated income statement
\n \n
2025
2024
\u00a3m
\u00a3m
Depreciation on right-of-use assets
3.4
2.3
Interest on lease liabilities
0.6
0.4
Amounts recognised in the consolidated cash flow statement
\n \n
2025
2024
\u00a3m
\u00a3m
Principal element of lease payments
4.0
1.9
Maturity of undiscounted contracted lease cash flows
\n \n
2025
2024
\u00a3m
\u00a3m
Less than one year
3.6
3.8
One to \ufb01ve years
6.0
8.2
More than \ufb01ve years
1.7
2.5
Total
11.3
14.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00154": { "value": "12 Right-of-use assets and lease liabilities \n \n
O\ufb03ce buildings
Other leases
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 November 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
Additions
1.3
1.1
2.4
Disposals
\u2013
(0.5)
(0.5)
At 31 October 2025
9.1
8.3
17.4
Accumulated depreciation
At 1 November 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
Charge for the year
0.9
2.5
3.4
Disposals
\u2013
(0.4)
(0.4)
At 31 October 2025
3.6
4.0
7.6
Net book value
At 31 October 2025
5.5
4.3
9.8
At 31 October 2024
5.1
5.8
10.9
At 31 October 2023
3.5
2.6
6.1
Other leases comprise motor vehicles and show home leases.
Lease liabilities included in the consolidated statement of financial position
\n \n
2025
2024
\u00a3m
\u00a3m
Non-current
7.0
8.8
Current
3.2
3.2
Total lease liabilities
10.2
12.0
Amounts recognised in the consolidated income statement
\n \n
2025
2024
\u00a3m
\u00a3m
Depreciation on right-of-use assets
3.4
2.3
Interest on lease liabilities
0.6
0.4
Amounts recognised in the consolidated cash flow statement
\n \n
2025
2024
\u00a3m
\u00a3m
Principal element of lease payments
4.0
1.9
Maturity of undiscounted contracted lease cash flows
\n \n
2025
2024
\u00a3m
\u00a3m
Less than one year
3.6
3.8
One to \ufb01ve years
6.0
8.2
More than \ufb01ve years
1.7
2.5
Total
11.3
14.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00155": { "value": "13 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 2026. The development
is 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 is 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 2026, with sales completion forecast for 2032. The development
is 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.
\n \n
2025
2024
\u00a3m
\u00a3m
Total investments in joint ventures
Crest A2D (Walton Court) LLP
\u2013
1.3
Crest Sovereign (Brooklands) LLP
8.4
5.9
Crest Peabody (Turweston) LLP
0.2
0.2
Other non-material joint ventures
0.9
1.2
Total investments in joint ventures
9.5
8.6
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 27 for further details.
Summarised financial information for joint ventures
\n
The tables below provide \ufb01nancial information for joint ventures that are material to the Group.
\n
The information disclosed re\ufb02ects the amounts presented in the \ufb01nancial statements of the relevant
\n
joint ventures where the Group retains an interest, and not the Group\u2019s share of those amounts.
\n\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court) LLP
(Brooklands) LLP
(Turweston) LLP
2025
\u00a3m
\u00a3m
\u00a3m
Summarised statement of \ufb01nancial position
Current assets:
Cash and cash equivalents
0.7
0.5
0.1
Inventories
4.4
21.5
24.2
Other current assets
0.7
5.1
\u2013
Current liabilities:
Financial liabilities
(4.6)
(6.2)
(4.5)
Other current liabilities
(0.1)
(4.1)
\u2013
Non-current liabilities:
Financial liabilities
(5.9)
\u2013
(19.4)
Net (liabilities)/assets
(4.8)
16.8
0.4
Reconciliation to carrying amounts
Opening net assets at 1 November 2024
2.6
11.8
0.4
(Loss)/pro\ufb01t for the year
(7.7)
5.0
(0.4)
Capital contribution reserve
0.3
\u2013
0.4
Closing net (liabilities)/assets at 31 October 2025
(4.8)
16.8
0.4
\n\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court) LLP
(Brooklands) LLP
(Turweston) LLP
2025
\u00a3m
\u00a3m
\u00a3m
Group\u2019s share of closing net (liabilities)/assets at 31 October 2025
(2.4)
8.4
0.2
Losses recognised against provision/receivable from joint venture
(note 16)
2.4
\u2013
\u2013
Group\u2019s share in joint venture
\u2013
8.4
0.2
Amount due to the Group (note 16)
2.1
1.0
10.6
Summarised income statement for the 12 months ended
31\u00a0October 2025
Revenue
14.5
32.9
\u2013
Expenditure
(22.0)
(27.4)
\u2013
Operating (loss)/pro\ufb01t before \ufb01nance expense
(7.5)
5.5
\u2013
Finance expense
(0.2)
(0.5)
(0.4)
Pre-tax and post-tax (loss)/pro\ufb01t for the year
(7.7)
5.0
(0.4)
Group\u2019s share in joint venture (loss)/pro\ufb01t for the year
(3.9)
2.5
(0.2)
\n
The Group is committed to provide such funding to joint ventures as may be required by the joint
\n
venture in order to carry out the project if called. Funding of this nature is currently expected to
\n
be \u00a31.3m (2024: \u00a30.9m). The Group has recognised its share of the accumulated losses of its joint
\n
ventures against the carrying value of investments or loans in the joint venture where appropriate,
\n
in line with IAS 28.
\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court)
LLP
(Brooklands) LLP
(Turweston) LLP
2024
\u00a3m
\u00a3m
\u00a3m
Summarised statement of \ufb01nancial position
Current assets:
Cash and cash equivalents
0.3
0.3
0.1
Inventories
19.6
19.5
1.1
Other current assets
8.1
4.2
5.1
Current liabilities:
Financial liabilities
(21.8)
(7.4)
(5.9)
Other current liabilities
(3.6)
(4.8)
\u2013
Net assets
2.6
11.8
0.4
Reconciliation to carrying amounts
Opening net assets at 1 November 2023
4.5
9.8
\u2013
(Loss)/pro\ufb01t for the year
(2.4)
2.0
(0.2)
Capital contribution reserve
0.5
\u2013
0.6
Closing net assets at 31 October 2024
2.6
11.8
0.4
\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court)
LLP
(Brooklands) LLP
(Turweston) LLP
2024
\u00a3m
\u00a3m
\u00a3m
Group\u2019s share of closing net assets at 31 October 2024
1.3
5.9
0.2
Group\u2019s share in joint venture
1.3
5.9
0.2
Amount due to the Group (note 16)
11.1
3.7
6.0
Summarised income statement for the 12 months ended
31\u00a0October 2024
Revenue
56.1
15.4
\u2013
Expenditure
(57.5)
(13.1)
\u2013
Operating (loss)/pro\ufb01t before \ufb01nance expense
(1.4)
2.3
\u2013
Finance expense
(1.0)
(0.3)
(0.2)
Pre-tax and post-tax (loss)/pro\ufb01t for the year
(2.4)
2.0
(0.2)
Group\u2019s share in joint venture (loss)/pro\ufb01t for the year
(1.2)
1.0
(0.1)
The aggregate information of joint ventures that are not individually material is as follows:
\n \n
2025
2024
\u00a3m
\u00a3m
Share of post-tax results for the year
(0.7)
0.2
Share of total comprehensive (expense)/income
(0.7)
0.2
Subsidiary undertakings
The subsidiary undertakings that are signi\ufb01cant 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
\ufb01nancial statements.
\n \n
Subsidiary
Nature of business
CN Finance plc
Holding company (including Group \ufb01nancing)
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 27. 27 Group undertakings
In accordance with Section 409 Companies Act 2006, the following is a list of all the Group\u2019s
undertakings at 31 October 2025.
Subsidiary undertakings
At 31 October 2025 the Group had an interest in the below subsidiary undertakings, which are
included in the consolidated \ufb01nancial statements. All subsidiaries were incorporated in England
and\u00a0Wales.
\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or 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
Active
30 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 & 4 Harbourside Management
Company Limited
2
Dormant
31 December
83.33%
Clevedon Developments Limited
1
Dormant
31 October
100%
Clevedon Investment Limited
1
Active
31 October
100%
CN Assets Limited
1
Active
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%
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%
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.
\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
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%
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%
\n\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
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%
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%
\n
1
1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ.
\n
2: Units 1, 2, and 3 Beech Court Wokingham Road, Hurst, Reading, England, RG10 0RU.
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 \ufb01nancial statements of Crest Nicholson Holdings plc as at
31 October 2025.
Castle Bidco Home Loans Limited (13687515)
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 2025 the Group had an interest in the following joint venture undertakings which are
equity accounted within the consolidated \ufb01nancial statements. The principal activity of all undertakings
is that of residential development. All joint ventures were incorporated in England and Wales.
\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
Material joint ventures
Crest A2D (Walton Court) LLP
1
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%
Elmsbrook (Crest A2D) LLP
4
Active
31 March
50%
English Land Banking Company Limited
1
Dormant
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 Aviva Life & Pensions UK Ltd, 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 unincorporated arrangement with Persimmon plc, the purpose of which is
to develop a site in Ringwood, Hampshire. The two parties are jointly responsible for the development
of the site, the speci\ufb01cation and delivery of critical shared infrastructure is agreed by both parties
under an initial collaboration agreement and any deviations to that agreement must be agreed
unanimously. The costs of shared infrastructure at the site are split 60% to Persimmon plc and 40%
to Crest Nicholson which is consistent with the split of plots on the development for which each party
have taken responsibility for the direct build costs and revenues of speci\ufb01c plots on the development
and recognise revenues and costs consistent with their rights and obligations to costs revenue and
costs under the terms of the arrangement.
The Group is party to a joint unincorporated arrangement with Persimmon plc and Taylor Wimpey
plc, the purpose of which is to develop 80 apartments at a site in Horley, Surrey. The three parties
are jointly responsible for the control and management of the site\u2019s development, with the parties
responsible for funding the development of the site per to following proportions: Crest Nicholson:
53%, Persimmon plc: 26% and Taylor Wimpey plc: 21%, in return for the same proportion of the 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 \ufb01nancial position and consolidated income statement as
there is no legal entity in place and the arrangements are structured such that the Group has a direct
interest in the underlying assets and liabilities of each arrangement.
Crest Nicholson employee share ownership trust (ESOT)
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 \ufb01nancial statements, as the Group is considered
to have control over the ESOT.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00156": { "value": "13 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 2026. The development
is 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 is 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 2026, with sales completion forecast for 2032. The development
is 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.
\n \n
2025
2024
\u00a3m
\u00a3m
Total investments in joint ventures
Crest A2D (Walton Court) LLP
\u2013
1.3
Crest Sovereign (Brooklands) LLP
8.4
5.9
Crest Peabody (Turweston) LLP
0.2
0.2
Other non-material joint ventures
0.9
1.2
Total investments in joint ventures
9.5
8.6
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 27 for further details.
\n\n
Summarised financial information for joint ventures
\n
The tables below provide \ufb01nancial information for joint ventures that are material to the Group.
\n
The information disclosed re\ufb02ects the amounts presented in the \ufb01nancial statements of the relevant
\n
joint ventures where the Group retains an interest, and not the Group\u2019s share of those amounts.
\n\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court) LLP
(Brooklands) LLP
(Turweston) LLP
2025
\u00a3m
\u00a3m
\u00a3m
Summarised statement of \ufb01nancial position
Current assets:
Cash and cash equivalents
0.7
0.5
0.1
Inventories
4.4
21.5
24.2
Other current assets
0.7
5.1
\u2013
Current liabilities:
Financial liabilities
(4.6)
(6.2)
(4.5)
Other current liabilities
(0.1)
(4.1)
\u2013
Non-current liabilities:
Financial liabilities
(5.9)
\u2013
(19.4)
Net (liabilities)/assets
(4.8)
16.8
0.4
Reconciliation to carrying amounts
Opening net assets at 1 November 2024
2.6
11.8
0.4
(Loss)/pro\ufb01t for the year
(7.7)
5.0
(0.4)
Capital contribution reserve
0.3
\u2013
0.4
Closing net (liabilities)/assets at 31 October 2025
(4.8)
16.8
0.4
\n\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court) LLP
(Brooklands) LLP
(Turweston) LLP
2025
\u00a3m
\u00a3m
\u00a3m
Group\u2019s share of closing net (liabilities)/assets at 31 October 2025
(2.4)
8.4
0.2
Losses recognised against provision/receivable from joint venture
(note 16)
2.4
\u2013
\u2013
Group\u2019s share in joint venture
\u2013
8.4
0.2
Amount due to the Group (note 16)
2.1
1.0
10.6
Summarised income statement for the 12 months ended
31\u00a0October 2025
Revenue
14.5
32.9
\u2013
Expenditure
(22.0)
(27.4)
\u2013
Operating (loss)/pro\ufb01t before \ufb01nance expense
(7.5)
5.5
\u2013
Finance expense
(0.2)
(0.5)
(0.4)
Pre-tax and post-tax (loss)/pro\ufb01t for the year
(7.7)
5.0
(0.4)
Group\u2019s share in joint venture (loss)/pro\ufb01t for the year
(3.9)
2.5
(0.2)
\n
The Group is committed to provide such funding to joint ventures as may be required by the joint
\n
venture in order to carry out the project if called. Funding of this nature is currently expected to
\n
be \u00a31.3m (2024: \u00a30.9m). The Group has recognised its share of the accumulated losses of its joint
\n
ventures against the carrying value of investments or loans in the joint venture where appropriate,
\n
in line with IAS 28.
\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court)
LLP
(Brooklands) LLP
(Turweston) LLP
2024
\u00a3m
\u00a3m
\u00a3m
Summarised statement of \ufb01nancial position
Current assets:
Cash and cash equivalents
0.3
0.3
0.1
Inventories
19.6
19.5
1.1
Other current assets
8.1
4.2
5.1
Current liabilities:
Financial liabilities
(21.8)
(7.4)
(5.9)
Other current liabilities
(3.6)
(4.8)
\u2013
Net assets
2.6
11.8
0.4
Reconciliation to carrying amounts
Opening net assets at 1 November 2023
4.5
9.8
\u2013
(Loss)/pro\ufb01t for the year
(2.4)
2.0
(0.2)
Capital contribution reserve
0.5
\u2013
0.6
Closing net assets at 31 October 2024
2.6
11.8
0.4
\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court)
LLP
(Brooklands) LLP
(Turweston) LLP
2024
\u00a3m
\u00a3m
\u00a3m
Group\u2019s share of closing net assets at 31 October 2024
1.3
5.9
0.2
Group\u2019s share in joint venture
1.3
5.9
0.2
Amount due to the Group (note 16)
11.1
3.7
6.0
Summarised income statement for the 12 months ended
31\u00a0October 2024
Revenue
56.1
15.4
\u2013
Expenditure
(57.5)
(13.1)
\u2013
Operating (loss)/pro\ufb01t before \ufb01nance expense
(1.4)
2.3
\u2013
Finance expense
(1.0)
(0.3)
(0.2)
Pre-tax and post-tax (loss)/pro\ufb01t for the year
(2.4)
2.0
(0.2)
Group\u2019s share in joint venture (loss)/pro\ufb01t for the year
(1.2)
1.0
(0.1)
The aggregate information of joint ventures that are not individually material is as follows:
\n \n
2025
2024
\u00a3m
\u00a3m
Share of post-tax results for the year
(0.7)
0.2
Share of total comprehensive (expense)/income
(0.7)
0.2
Joint venture undertakings
At 31 October 2025 the Group had an interest in the following joint venture undertakings which are
equity accounted within the consolidated \ufb01nancial statements. The principal activity of all undertakings
is that of residential development. All joint ventures were incorporated in England and Wales.
\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
Material joint ventures
Crest A2D (Walton Court) LLP
1
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%
Elmsbrook (Crest A2D) LLP
4
Active
31 March
50%
English Land Banking Company Limited
1
Dormant
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00157": { "value": "13 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 2026. The development
is 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 is 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 2026, with sales completion forecast for 2032. The development
is 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.
\n \n
2025
2024
\u00a3m
\u00a3m
Total investments in joint ventures
Crest A2D (Walton Court) LLP
\u2013
1.3
Crest Sovereign (Brooklands) LLP
8.4
5.9
Crest Peabody (Turweston) LLP
0.2
0.2
Other non-material joint ventures
0.9
1.2
Total investments in joint ventures
9.5
8.6
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 27 for further details.
\n\n
Summarised financial information for joint ventures
\n
The tables below provide \ufb01nancial information for joint ventures that are material to the Group.
\n
The information disclosed re\ufb02ects the amounts presented in the \ufb01nancial statements of the relevant
\n
joint ventures where the Group retains an interest, and not the Group\u2019s share of those amounts.
\n\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court) LLP
(Brooklands) LLP
(Turweston) LLP
2025
\u00a3m
\u00a3m
\u00a3m
Summarised statement of \ufb01nancial position
Current assets:
Cash and cash equivalents
0.7
0.5
0.1
Inventories
4.4
21.5
24.2
Other current assets
0.7
5.1
\u2013
Current liabilities:
Financial liabilities
(4.6)
(6.2)
(4.5)
Other current liabilities
(0.1)
(4.1)
\u2013
Non-current liabilities:
Financial liabilities
(5.9)
\u2013
(19.4)
Net (liabilities)/assets
(4.8)
16.8
0.4
Reconciliation to carrying amounts
Opening net assets at 1 November 2024
2.6
11.8
0.4
(Loss)/pro\ufb01t for the year
(7.7)
5.0
(0.4)
Capital contribution reserve
0.3
\u2013
0.4
Closing net (liabilities)/assets at 31 October 2025
(4.8)
16.8
0.4
\n\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court) LLP
(Brooklands) LLP
(Turweston) LLP
2025
\u00a3m
\u00a3m
\u00a3m
Group\u2019s share of closing net (liabilities)/assets at 31 October 2025
(2.4)
8.4
0.2
Losses recognised against provision/receivable from joint venture
(note 16)
2.4
\u2013
\u2013
Group\u2019s share in joint venture
\u2013
8.4
0.2
Amount due to the Group (note 16)
2.1
1.0
10.6
Summarised income statement for the 12 months ended
31\u00a0October 2025
Revenue
14.5
32.9
\u2013
Expenditure
(22.0)
(27.4)
\u2013
Operating (loss)/pro\ufb01t before \ufb01nance expense
(7.5)
5.5
\u2013
Finance expense
(0.2)
(0.5)
(0.4)
Pre-tax and post-tax (loss)/pro\ufb01t for the year
(7.7)
5.0
(0.4)
Group\u2019s share in joint venture (loss)/pro\ufb01t for the year
(3.9)
2.5
(0.2)
\n
The Group is committed to provide such funding to joint ventures as may be required by the joint
\n
venture in order to carry out the project if called. Funding of this nature is currently expected to
\n
be \u00a31.3m (2024: \u00a30.9m). The Group has recognised its share of the accumulated losses of its joint
\n
ventures against the carrying value of investments or loans in the joint venture where appropriate,
\n
in line with IAS 28.
\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court)
LLP
(Brooklands) LLP
(Turweston) LLP
2024
\u00a3m
\u00a3m
\u00a3m
Summarised statement of \ufb01nancial position
Current assets:
Cash and cash equivalents
0.3
0.3
0.1
Inventories
19.6
19.5
1.1
Other current assets
8.1
4.2
5.1
Current liabilities:
Financial liabilities
(21.8)
(7.4)
(5.9)
Other current liabilities
(3.6)
(4.8)
\u2013
Net assets
2.6
11.8
0.4
Reconciliation to carrying amounts
Opening net assets at 1 November 2023
4.5
9.8
\u2013
(Loss)/pro\ufb01t for the year
(2.4)
2.0
(0.2)
Capital contribution reserve
0.5
\u2013
0.6
Closing net assets at 31 October 2024
2.6
11.8
0.4
\n \n
Crest A2D
Crest Sovereign
Crest Peabody
(Walton Court)
LLP
(Brooklands) LLP
(Turweston) LLP
2024
\u00a3m
\u00a3m
\u00a3m
Group\u2019s share of closing net assets at 31 October 2024
1.3
5.9
0.2
Group\u2019s share in joint venture
1.3
5.9
0.2
Amount due to the Group (note 16)
11.1
3.7
6.0
Summarised income statement for the 12 months ended
31\u00a0October 2024
Revenue
56.1
15.4
\u2013
Expenditure
(57.5)
(13.1)
\u2013
Operating (loss)/pro\ufb01t before \ufb01nance expense
(1.4)
2.3
\u2013
Finance expense
(1.0)
(0.3)
(0.2)
Pre-tax and post-tax (loss)/pro\ufb01t for the year
(2.4)
2.0
(0.2)
Group\u2019s share in joint venture (loss)/pro\ufb01t for the year
(1.2)
1.0
(0.1)
The aggregate information of joint ventures that are not individually material is as follows:
\n \n
2025
2024
\u00a3m
\u00a3m
Share of post-tax results for the year
(0.7)
0.2
Share of total comprehensive (expense)/income
(0.7)
0.2
Joint venture undertakings
At 31 October 2025 the Group had an interest in the following joint venture undertakings which are
equity accounted within the consolidated \ufb01nancial statements. The principal activity of all undertakings
is that of residential development. All joint ventures were incorporated in England and Wales.
\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
Material joint ventures
Crest A2D (Walton Court) LLP
1
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%
Elmsbrook (Crest A2D) LLP
4
Active
31 March
50%
English Land Banking Company Limited
1
Dormant
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00160": { "value": "Subsidiary undertakings
The subsidiary undertakings that are signi\ufb01cant 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
\ufb01nancial statements.
\n \n
Subsidiary
Nature of business
CN Finance plc
Holding company (including Group \ufb01nancing)
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 27. 27 Group undertakings
In accordance with Section 409 Companies Act 2006, the following is a list of all the Group\u2019s
undertakings at 31 October 2025.
Subsidiary undertakings
At 31 October 2025 the Group had an interest in the below subsidiary undertakings, which are
included in the consolidated \ufb01nancial statements. All subsidiaries were incorporated in England
and\u00a0Wales.
\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or 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
Active
30 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 & 4 Harbourside Management
Company Limited
2
Dormant
31 December
83.33%
Clevedon Developments Limited
1
Dormant
31 October
100%
Clevedon Investment Limited
1
Active
31 October
100%
CN Assets Limited
1
Active
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%
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%
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.
\n\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
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%
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%
\n\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
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%
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%
\n
1
1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ.
\n
2: Units 1, 2, and 3 Beech Court Wokingham Road, Hurst, Reading, England, RG10 0RU.
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 \ufb01nancial statements of Crest Nicholson Holdings plc as at
31 October 2025.
Castle Bidco Home Loans Limited (13687515)
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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00161": { "value": "14 Deferred tax \n \n
Other
Inventories
Pension
Share-based
temporary
fair value
surplus
payments
Tax losses
di\ufb00erences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2023 (restated\u00b9)
1.1
(2.5)
0.2
0.7
2.0
1.5
Consolidated income statement
movements (restated
1
)
(0.2)
(0.3)
\u2013
36.6
0.5
36.6
Equity movements
\u2013
(2.1)
0.1
\u2013
\u2013
(2.0)
At 31 October 2024 (restated\u00b9)
0.9
(4.9)
0.3
37.3
2.5
36.1
Consolidated income statement
movements
(0.1)
-
0.1
0.3
(0.5)
(0.2)
Equity movements
\u2013
1.5
\u2013
\u2013
\u2013
1.5
At 31 October 2025
0.8
(3.4)
0.4
37.6
2.0
37.4
1
See note 28 for an explanation of the prior year restatement.
Total deferred tax credited to equity in the year is \u00a31.5m (2024: \u00a32.0m). Deferred tax assets expected
to be recovered in less than 12 months is \u00a37.6m (2024: \u00a39.4m), and in more than 12 months is \u00a333.2m
(2024: \u00a331.6m\u00b9). Deferred tax losses have been recognised based on current trading forecasts for the
next six years. Deferred tax liabilities are expected to be settled in more than 12 months.
At the consolidated statement of \ufb01nancial position date the substantively enacted future corporation
tax rate is 25.0%. RPDT became e\ufb00ective from 1 April 2022 and is an additional tax at 4.0% of pro\ufb01ts
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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00164": { "value": "14 Deferred tax \n \n
Other
Inventories
Pension
Share-based
temporary
fair value
surplus
payments
Tax losses
di\ufb00erences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2023 (restated\u00b9)
1.1
(2.5)
0.2
0.7
2.0
1.5
Consolidated income statement
movements (restated
1
)
(0.2)
(0.3)
\u2013
36.6
0.5
36.6
Equity movements
\u2013
(2.1)
0.1
\u2013
\u2013
(2.0)
At 31 October 2024 (restated\u00b9)
0.9
(4.9)
0.3
37.3
2.5
36.1
Consolidated income statement
movements
(0.1)
-
0.1
0.3
(0.5)
(0.2)
Equity movements
\u2013
1.5
\u2013
\u2013
\u2013
1.5
At 31 October 2025
0.8
(3.4)
0.4
37.6
2.0
37.4
1
See note 28 for an explanation of the prior year restatement.
Total deferred tax credited to equity in the year is \u00a31.5m (2024: \u00a32.0m). Deferred tax assets expected
to be recovered in less than 12 months is \u00a37.6m (2024: \u00a39.4m), and in more than 12 months is \u00a333.2m
(2024: \u00a331.6m\u00b9). Deferred tax losses have been recognised based on current trading forecasts for the
next six years. Deferred tax liabilities are expected to be settled in more than 12 months.
At the consolidated statement of \ufb01nancial position date the substantively enacted future corporation
tax rate is 25.0%. RPDT became e\ufb00ective from 1 April 2022 and is an additional tax at 4.0% of pro\ufb01ts
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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00168": { "value": "Defined contribution scheme
The Group operates a de\ufb01ned 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 \u00a32.8m (2024: \u00a32.6m). At the consolidated statement of \ufb01nancial position
date there were no outstanding or prepaid contributions (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00169": { "value": "Defined benefit scheme
The Company sponsors the Crest Nicholson Group Pension and Life Assurance Scheme (Scheme), a
funded de\ufb01ned bene\ufb01t 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. Bene\ufb01ts also
increase either at a \ufb01xed rate or in line with in\ufb02ation 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 de\ufb01cit within the Scheme lies with the Company and this introduces a
number of risks for the Company. The major risks are: interest rate risk, in\ufb02ation 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 e\ufb00ective date of 31 January 2024. 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.
\n\n
The results of the actuarial valuation as at 31 January 2024 have been projected to 31 October
\n
2025 by a quali\ufb01ed independent actuary and used to derive the present value of scheme liabilities.
\n
The \ufb01gures in the following disclosure were measured using the Projected Unit Method.
\n
The investment strategy in place for the Scheme is to invest in a mix of return-seeking, index-linked
\n
and \ufb01xed-interest investments. As at 31 October 2025, the allocation of the Scheme\u2019s invested assets
\n
was 21% in return-seeking investments, 71% in liability-driven investing, 5% in cash and 3% in insured
\n
annuities. Details of the investment strategy can be found in the Scheme\u2019s Statement of Investment
\n
Principles, which the Trustee updates as their policy evolves.
\n
It should also be noted that liabilities relating to insured members of the Scheme have been included
\n
as both an asset and a liability.
\n
During the year, a review of historical scheme documentation identi\ufb01ed inconsistencies in the basis
\n
of estimating obligations and underlying scheme documentation. A charge of \u00a32.2m has been
\n
recognised as an exceptional cost in the year. See note 4 for further details.
\n
Following the High Court judgement in the Lloyds Banking Group Pensions Trustees Limited v Lloyds
\n
Bank plc and others (2018) case, overall pension bene\ufb01ts now need to be equalised to eliminate
\n
inequalities between males and females in Guaranteed Minimum Pensions (GMP). The Company
\n
has allowed for this in its \ufb01nancial statements by adding a 1.0% (2024: 1.0%) reserve, re\ufb02ecting an
\n
approximate estimate of the additional liability.
\n
In June 2023, the High Court judged that amendments made to the Virgin Media scheme were invalid
\n
because the scheme\u2019s actuary did not provide the associated Section 37 certi\ufb01cate. The High Court\u2019s
\n
decision has wide-ranging implications, a\ufb00ecting other schemes that were contracted out on a salary-
\n
related basis, and which made amendments between April 1997 and April 2016.
\n
The Scheme was contracted out until 29 February 2016 and amendments were made during the
\n
relevant period. As such the ruling could have implications for the Group. Following the Court of
\n
Appeal upholding the 2023 High Court ruling on 25 July 2024, the Trustee initiated the process
\n
of investigating any potential impact for the Scheme. As part of this process the Trustee is also
\n
considering certain other historical amendments and the manner in which they were applied.
\n
As the detailed investigation is in progress, the Group considers that the amount of any potential
\n
impact on the de\ufb01ned bene\ufb01t obligation cannot be con\ufb01rmed and/or measured with su\ufb03cient
\n
reliability at the 2025 year end. We are therefore disclosing this issue as a potential contingent liability
\n
at 31 October 2025 and will review again in 2026 based on the \ufb01ndings of the detailed investigation.
\n\n \n
2025
2024
\u00a3m
\u00a3m
The amounts recognised in the consolidated statement of \ufb01nancial position are
as\u00a0follows:
Fair value of scheme assets
138.5
145.1
Present value of scheme liabilities
(124.8)
(125.6)
Net surplus amount recognised at year end
13.7
19.5
Deferred tax liability recognised at year end within non-current balances
(3.4)
(4.9)
\n
The retirement bene\ufb01t surplus recognised in the consolidated statement of \ufb01nancial position
\n
represents the surplus of the fair value of the Scheme\u2019s assets over the present value of the
\n
Scheme\u2019s liabilities.
\n
The rules of the Scheme provide the Group with an unconditional right to a refund of surplus assets
\n
on the gradual settlement of the Scheme\u2019s liabilities. In the ordinary course of business, the Scheme
\n
Trustee has no unilateral right to wind the Scheme up. Based on these rights and in accordance with
\n
International Financial Reporting Interpretations Committee 14, the Group has made the judgement that
\n
the net surplus in the Scheme is recognised in full.
\n
At the consolidated statement of \ufb01nancial position date, the corporation tax rate is 25.0%.
\n
The deferred tax liability on the retirement bene\ufb01t surplus has been evaluated applying this rate.
\n
RPDT of 4.0% is applicable to residential property development trading income only.
\n\n
Amounts recognised in comprehensive income:
\n
The current and past service costs, settlements and curtailments, together with the interest income for
\n
the year are included in the consolidated statement of comprehensive income. Remeasurements of
\n
the net de\ufb01ned bene\ufb01t asset are included in the consolidated statement of comprehensive income.
\n\n \n
2025
2024
\u00a3m
\u00a3m
Service cost
Administrative expenses
(0.7)
(0.7)
Exceptional past service cost
(2.2)
\u2013
Interest income
1.0
0.6
Recognised in the consolidated income statement
(1.9)
(0.1)
\n\n \n
2025
2024
\u00a3m
\u00a3m
Remeasurements of the net surplus
(Loss)/return on Scheme assets
(6.5)
3.2
Gains/(losses) arising from changes in \ufb01nancial assumptions
3.9
(4.6)
(Losses)/gains arising from changes in demographic assumptions
(0.2)
3.9
Experience (losses)/gains
(1.1)
6.0
Actuarial (losses)/gains recorded in the consolidated statement of
comprehensive\u00a0income
(3.9)
8.5
Total de\ufb01ned bene\ufb01t scheme (losses)/gains
(5.8)
8.4
\n\n \n
2025
2024
%
%
The principal actuarial assumptions used were:
Liability discount rate
5.4
5.3
In\ufb02ation assumption \u2013 Retail Price Index
2.8
3.2
In\ufb02ation assumption \u2013 Consumer Price Index
2.4
2.7
Revaluation of deferred pensions
2.4
2.7
I
ncreases for pensions in payment:
Bene\ufb01ts accrued in excess of GMP pre-1997
3.0
3.0
Bene\ufb01ts accrued after 5 April 1997 and before 1 September 1997
3.5
3.0
Bene\ufb01ts accrued post 1 September 1997
2.7
3.0
Proportion of employees opting for early retirement
\u2013
\u2013
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-retirement
Male/female pensioners:
Male/female pensioners:
103%/103% S3PA base
103%/103% S3PA base
tables. Male/female
tables. Male/female
dependants: 103%/100%
dependants: 103%/100%
S3DA base tables.
S3DA base tables.
Projected in line with CMI
Projected in line with CMI
2024 projections (H=1.0),
2023 core projections and
an initial additional of
core parameters (Sk = 7.0,
0.25% and a long-term
an initial addition of 0.25%,
improvement rate of 1.25%
w2020 = w2021 = 0%, and
w2022 = w2023 = 15%) and
a long-term improvement
rate of 1.25%
\n\n\n \n
2025
2024
Years
Years
Future expected lifetime of current pensioner at age 65
Male aged 65 at year end
21.8
21.4
Female aged 65 at year end
24.1
23.9
Future expected lifetime of future pensioner at age 65
Male aged 45 at year end
23.0
22.7
Female aged 45 at year end
25.5
25.3
\n\n \n
2025
2024
\u00a3m
\u00a3m
Changes in the present value of assets over the year
Fair value of assets at beginning of the year
145.1
141.3
Interest income
7.5
7.7
Return on assets (excluding amount included in net interest income)
(6.5)
3.2
Contributions from the employer
\u2013
1.1
Bene\ufb01ts paid
(6.9)
(7.5)
Administrative expenses
(0.7)
(0.7)
Fair value of assets at end of the year
138.5
145.1
Actual return on assets over the year
1.0
10.9
\n\n \n
2025
2024
\u00a3m
\u00a3m
Changes in the present value of liabilities over the year
Liabilities at beginning of the year
(125.6)
(131.3)
Interest cost
(6.5)
(7.1)
Remeasurement gains/(losses)
Gains/(losses) arising from changes in \ufb01nancial assumptions
3.9
(4.6)
(Losses)/gains arising from changes in demographic assumptions
(0.2)
3.9
Experience (losses)/gains
(3.3)
6.0
Bene\ufb01ts paid
6.9
7.5
Liabilities at end of the year
(124.8)
(125.6)
\n\n \n
2025
2024
\u00a3m
\u00a3m
Split of the Scheme\u2019s liabilities by category of membership
Deferred pensioners
(45.3)
(47.2)
Pensions in payment
(79.5)
(78.4)
(124.8)
(125.6)
\n\n \n
2025
2024
Years
Years
Average duration of the Scheme\u2019s liabilities at end of the year
11.0
11.0
This can be subdivided as follows:
Deferred pensioners
15.0
15.0
Pensions in payment
9.0
9.0
\n\n \n
2025
2024
\u00a3m
\u00a3m
Major categories of Scheme assets
Return seeking
Overseas equities
\u2013
8.6
Other (hedge funds, multi-asset strategy and absolute return funds)
28.6
40.1
28.6
48.7
\n\n \n
2025
2024
Debt instruments
\u00a3m
\u00a3m
Corporates
22.8
35.8
Liability-driven investing
76.4
38.4
99.2
74.2
Other
Cash (including liquidity fund)
6.9
18.3
Insured annuities
3.8
3.9
10.7
22.2
Total market value of assets
138.5
145.1
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 (2024: \u00a3nil) of Scheme assets have a quoted market price in active markets, \u00a3126.3m (2024:
\u00a3132.1m) of Scheme assets have valuation inputs other than quoted market prices, including
quoted market prices for similar assets in active markets, \u00a35.4m (2024: \u00a36.2m) of Scheme assets
are instruments that are valued based on quoted prices for similar instruments but for which
signi\ufb01cant unobservable adjustments or assumptions are required to re\ufb02ect the di\ufb00erences
between the instruments, and \u00a36.8m (2024: \u00a36.8m) 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 quali\ufb01ed actuary as at 31 January 2024 and showed a surplus of \u00a38.1m.
The Company ceased paying de\ufb01cit 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 \ufb01nancial position as at 31 October 2025 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 \u00a33.2m/
(increase by \u00a33.2m) if all the other assumptions remained unchanged.
If the in\ufb02ation assumption was 0.25% higher/(lower), the Scheme liabilities would increase by \u00a31.8m/
(decrease by \u00a31.8m) if all the other assumptions remained unchanged.
If life expectancies were to increase by one year, the Scheme liabilities would increase by \u00a34.7m if all
the other assumptions remained unchanged. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00170": { "value": "16 Trade and other receivables \n \n
Trade and
Trade and
Trade and
Trade and
other receivables
other receivables
other receivables
other receivables
before expected
Expected
after expected
before expected
Expected
after expected
credit loss
credit loss
credit loss
credit loss
credit loss
credit loss
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current
Trade receivables
8.2
(0.1)
8.1
12.6
\u2013
12.6
Due from joint ventures
10.3
\u2013
10.3
\u2013
\u2013
\u2013
Other receivables
2.6
\u2013
2.6
2.0
\u2013
2.0
21.1
(0.1)
21.0
14.6
\u2013
14.6
Current
Trade receivables
89.2
(0.8)
88.4
51.0
(1.4)
49.6
Contract assets
-
\u2013
-
7.7
(0.1)
7.6
Due from joint ventures
2.1
(0.1)
2.0
22.7
(0.1)
22.6
Other receivables
18.9
(0.2)
18.7
15.9
(0.1)
15.8
Prepayments
2.2
\u2013
2.2
2.5
\u2013
2.5
112.4
(1.1)
111.3
99.8
(1.7)
98.1
Non-current and current
133.5
(1.2)
132.3
114.4
(1.7)
112.7
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 \u00a314.2m have been collected as of 1 January 2026
(2024: \u00a317.7m have been collected as of 1 January 2025). The remaining balance is due according to
contractual terms. At the consolidated statement of \ufb01nancial position date, the di\ufb00erence between
the fair value of amounts due from joint ventures and nominal value is \u00a30.2m (2024: \u00a30.2m).
Amounts due from joint ventures comprises funding provided on six (2024: 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 \u00a33.4m
(2024: \u00a30.9m). See note 13 for additional details on the Group\u2019s interests in joint ventures.
\n \n
2025
2024
\u00a3m
\u00a3m
Movements in total loss allowance for expected credit losses
At beginning of the year
1.7
1.1
Charged in the year
0.5
0.7
Released in the year
(1.0)
(0.1)
At end of the year
1.2
1.7
Maturity of non-current receivables:
Due between one and two years
10.7
14.6
Due between two and \ufb01ve years
10.3
\u2013
Due after \ufb01ve years
\u2013
\u2013
21.0
14.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00171": { "value": "16 Trade and other receivables \n \n
Trade and
Trade and
Trade and
Trade and
other receivables
other receivables
other receivables
other receivables
before expected
Expected
after expected
before expected
Expected
after expected
credit loss
credit loss
credit loss
credit loss
credit loss
credit loss
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current
Trade receivables
8.2
(0.1)
8.1
12.6
\u2013
12.6
Due from joint ventures
10.3
\u2013
10.3
\u2013
\u2013
\u2013
Other receivables
2.6
\u2013
2.6
2.0
\u2013
2.0
21.1
(0.1)
21.0
14.6
\u2013
14.6
Current
Trade receivables
89.2
(0.8)
88.4
51.0
(1.4)
49.6
Contract assets
-
\u2013
-
7.7
(0.1)
7.6
Due from joint ventures
2.1
(0.1)
2.0
22.7
(0.1)
22.6
Other receivables
18.9
(0.2)
18.7
15.9
(0.1)
15.8
Prepayments
2.2
\u2013
2.2
2.5
\u2013
2.5
112.4
(1.1)
111.3
99.8
(1.7)
98.1
Non-current and current
133.5
(1.2)
132.3
114.4
(1.7)
112.7
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 \u00a314.2m have been collected as of 1 January 2026
(2024: \u00a317.7m have been collected as of 1 January 2025). The remaining balance is due according to
contractual terms. At the consolidated statement of \ufb01nancial position date, the di\ufb00erence between
the fair value of amounts due from joint ventures and nominal value is \u00a30.2m (2024: \u00a30.2m).
Amounts due from joint ventures comprises funding provided on six (2024: 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 \u00a33.4m
(2024: \u00a30.9m). See note 13 for additional details on the Group\u2019s interests in joint ventures.
\n \n
2025
2024
\u00a3m
\u00a3m
Movements in total loss allowance for expected credit losses
At beginning of the year
1.7
1.1
Charged in the year
0.5
0.7
Released in the year
(1.0)
(0.1)
At end of the year
1.2
1.7
Maturity of non-current receivables:
Due between one and two years
10.7
14.6
Due between two and \ufb01ve years
10.3
\u2013
Due after \ufb01ve years
\u2013
\u2013
21.0
14.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00172": { "value": "16 Trade and other receivables \n \n
Trade and
Trade and
Trade and
Trade and
other receivables
other receivables
other receivables
other receivables
before expected
Expected
after expected
before expected
Expected
after expected
credit loss
credit loss
credit loss
credit loss
credit loss
credit loss
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current
Trade receivables
8.2
(0.1)
8.1
12.6
\u2013
12.6
Due from joint ventures
10.3
\u2013
10.3
\u2013
\u2013
\u2013
Other receivables
2.6
\u2013
2.6
2.0
\u2013
2.0
21.1
(0.1)
21.0
14.6
\u2013
14.6
Current
Trade receivables
89.2
(0.8)
88.4
51.0
(1.4)
49.6
Contract assets
-
\u2013
-
7.7
(0.1)
7.6
Due from joint ventures
2.1
(0.1)
2.0
22.7
(0.1)
22.6
Other receivables
18.9
(0.2)
18.7
15.9
(0.1)
15.8
Prepayments
2.2
\u2013
2.2
2.5
\u2013
2.5
112.4
(1.1)
111.3
99.8
(1.7)
98.1
Non-current and current
133.5
(1.2)
132.3
114.4
(1.7)
112.7
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 \u00a314.2m have been collected as of 1 January 2026
(2024: \u00a317.7m have been collected as of 1 January 2025). The remaining balance is due according to
contractual terms. At the consolidated statement of \ufb01nancial position date, the di\ufb00erence between
the fair value of amounts due from joint ventures and nominal value is \u00a30.2m (2024: \u00a30.2m).
Amounts due from joint ventures comprises funding provided on six (2024: 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 \u00a33.4m
(2024: \u00a30.9m). See note 13 for additional details on the Group\u2019s interests in joint ventures.
\n \n
2025
2024
\u00a3m
\u00a3m
Movements in total loss allowance for expected credit losses
At beginning of the year
1.7
1.1
Charged in the year
0.5
0.7
Released in the year
(1.0)
(0.1)
At end of the year
1.2
1.7
Maturity of non-current receivables:
Due between one and two years
10.7
14.6
Due between two and \ufb01ve years
10.3
\u2013
Due after \ufb01ve years
\u2013
\u2013
21.0
14.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": { "value": "16 Trade and other receivables \n \n
Trade and
Trade and
Trade and
Trade and
other receivables
other receivables
other receivables
other receivables
before expected
Expected
after expected
before expected
Expected
after expected
credit loss
credit loss
credit loss
credit loss
credit loss
credit loss
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current
Trade receivables
8.2
(0.1)
8.1
12.6
\u2013
12.6
Due from joint ventures
10.3
\u2013
10.3
\u2013
\u2013
\u2013
Other receivables
2.6
\u2013
2.6
2.0
\u2013
2.0
21.1
(0.1)
21.0
14.6
\u2013
14.6
Current
Trade receivables
89.2
(0.8)
88.4
51.0
(1.4)
49.6
Contract assets
-
\u2013
-
7.7
(0.1)
7.6
Due from joint ventures
2.1
(0.1)
2.0
22.7
(0.1)
22.6
Other receivables
18.9
(0.2)
18.7
15.9
(0.1)
15.8
Prepayments
2.2
\u2013
2.2
2.5
\u2013
2.5
112.4
(1.1)
111.3
99.8
(1.7)
98.1
Non-current and current
133.5
(1.2)
132.3
114.4
(1.7)
112.7
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 \u00a314.2m have been collected as of 1 January 2026
(2024: \u00a317.7m have been collected as of 1 January 2025). The remaining balance is due according to
contractual terms. At the consolidated statement of \ufb01nancial position date, the di\ufb00erence between
the fair value of amounts due from joint ventures and nominal value is \u00a30.2m (2024: \u00a30.2m).
Amounts due from joint ventures comprises funding provided on six (2024: 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 \u00a33.4m
(2024: \u00a30.9m). See note 13 for additional details on the Group\u2019s interests in joint ventures.
\n \n
2025
2024
\u00a3m
\u00a3m
Movements in total loss allowance for expected credit losses
At beginning of the year
1.7
1.1
Charged in the year
0.5
0.7
Released in the year
(1.0)
(0.1)
At end of the year
1.2
1.7
Maturity of non-current receivables:
Due between one and two years
10.7
14.6
Due between two and \ufb01ve years
10.3
\u2013
Due after \ufb01ve years
\u2013
\u2013
21.0
14.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": { "value": "16 Trade and other receivables \n \n
Trade and
Trade and
Trade and
Trade and
other receivables
other receivables
other receivables
other receivables
before expected
Expected
after expected
before expected
Expected
after expected
credit loss
credit loss
credit loss
credit loss
credit loss
credit loss
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current
Trade receivables
8.2
(0.1)
8.1
12.6
\u2013
12.6
Due from joint ventures
10.3
\u2013
10.3
\u2013
\u2013
\u2013
Other receivables
2.6
\u2013
2.6
2.0
\u2013
2.0
21.1
(0.1)
21.0
14.6
\u2013
14.6
Current
Trade receivables
89.2
(0.8)
88.4
51.0
(1.4)
49.6
Contract assets
-
\u2013
-
7.7
(0.1)
7.6
Due from joint ventures
2.1
(0.1)
2.0
22.7
(0.1)
22.6
Other receivables
18.9
(0.2)
18.7
15.9
(0.1)
15.8
Prepayments
2.2
\u2013
2.2
2.5
\u2013
2.5
112.4
(1.1)
111.3
99.8
(1.7)
98.1
Non-current and current
133.5
(1.2)
132.3
114.4
(1.7)
112.7
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 \u00a314.2m have been collected as of 1 January 2026
(2024: \u00a317.7m have been collected as of 1 January 2025). The remaining balance is due according to
contractual terms. At the consolidated statement of \ufb01nancial position date, the di\ufb00erence between
the fair value of amounts due from joint ventures and nominal value is \u00a30.2m (2024: \u00a30.2m).
Amounts due from joint ventures comprises funding provided on six (2024: 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 \u00a33.4m
(2024: \u00a30.9m). See note 13 for additional details on the Group\u2019s interests in joint ventures.
\n \n
2025
2024
\u00a3m
\u00a3m
Movements in total loss allowance for expected credit losses
At beginning of the year
1.7
1.1
Charged in the year
0.5
0.7
Released in the year
(1.0)
(0.1)
At end of the year
1.2
1.7
Maturity of non-current receivables:
Due between one and two years
10.7
14.6
Due between two and \ufb01ve years
10.3
\u2013
Due after \ufb01ve years
\u2013
\u2013
21.0
14.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": { "value": "\n \n
2025
2024
\u00a3m
\u00a3m
Movements in total loss allowance for expected credit losses
At beginning of the year
1.7
1.1
Charged in the year
0.5
0.7
Released in the year
(1.0)
(0.1)
At end of the year
1.2
1.7
Maturity of non-current receivables:
Due between one and two years
10.7
14.6
Due between two and \ufb01ve years
10.3
\u2013
Due after \ufb01ve years
\u2013
\u2013
21.0
14.6
18 Movement in net (debt)/cash \n \n
2025
Movement
2024
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
125.0
51.2
73.8
Bank loans and senior loan notes
(163.2)
(80.9)
(82.3)
Net (debt)/cash
(38.2)
(29.7)
(8.5)
19 Interest-bearing loans and borrowings
\n \n
2025
2024
\u00a3m
\u00a3m
Non-current
Senior loan notes
65.0
65.0
Senior loan notes issue costs
(0.9)
(1.8)
64.1
63.2
Current
Senior loan notes
\u2013
20.0
Revolving credit facility
100.0
\u2013
Revolving credit and senior loan notes issue costs
(0.9)
(0.9)
99.1
19.1
There were undrawn amounts of \u00a3150.0m (2024: \u00a3250.0m) under the RCF at the consolidated
statement of \ufb01nancial position date. During the year, the Group had average drawings of \u00a387.8m
(2024: \u00a321.3m) under the RCF. The RCF is categorised as current or non-current according to the
contractual repayment date of amounts drawn down at the balance sheet date, in accordance with
the terms of the RCF new drawings can be made up to the \u00a3250m facility limit until the facility expires.
See note 23 for additional disclosures. 23 Financial risk management
The Group\u2019s \ufb01nancial instruments comprise cash, trade and other receivables, \ufb01nancial assets at
fair value through pro\ufb01t and loss, bank loans, senior loan notes, and trade and other payables.
The main objective of the Group\u2019s policy towards \ufb01nancial instruments is to maximise returns on
the Group\u2019s cash balances, manage the Group\u2019s working capital requirements and \ufb01nance the
Group\u2019s ongoing operations.
Capital management
The Group\u2019s policies seek to match long-term assets with long-term \ufb01nance and ensure that there
is su\ufb03cient 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.
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 operated, and is forecasting
to operate, within these capital requirements.
There were undrawn amounts of \u00a3150.0m (2024: \u00a3250.0m) under the RCF at the consolidated
statement of \ufb01nancial 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 rede\ufb01ned margin from 1.85% to 2.15%.
Therefore, from 1 November 2024 the RCF carried interest at SONIA plus 2.15%. Subsequently,
on 21 November 2025, the Group entered into a further new amendment and extension to the RCF.
This extended the facility to October 2029 and increased the margin from 2.15% to 3.0%.
Both the senior loan notes and the RCF are subject to three covenants that are assessed through the
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, and consolidated tangible net worth being not
less than \u00a3500m, all based on measures as de\ufb01ned in the facilities agreements which are adjusted
from the equivalent IFRS amounts. As at the statement of \ufb01nancial position date, gearing was 16.1%,
interest cover was 4.1 times and consolidated tangible net worth was \u00a3689.1m. See the going concern
assessment in note 1 for forecast future covenant performance and sensitivity of covenants in a severe
but plausible downside scenario.
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 2025 results are
presented below:
Reduction in absolute scope 1 and 2 GHG emissions in line with our science-based targets.
In 2025 this target was met.
Increasing the number of our suppliers engaging with the Supply Chain Sustainability School.
In 2025 this target was met.
Reduction in GHG emissions associated with the use of our homes. In 2025 this target was met.
Increasing the number of our employees in trainee positions and on training programmes.
In 2025 this target was not met.
As a result of meeting 3 out of 4 of the metrics for 2025 the margin on the RCF will be amended down
by 0.025% (2024: 0.025% based on achieving 3 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 \ufb01nancial 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 \ufb01nancial loss to the Group if a customer or other counterparty to a \ufb01nancial
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 \u00a3125.0m (2024: \u00a373.8m) which are held by the providers of its banking
facilities. The Group has bank facilities of \u00a3250.0m expiring in October 2029; as at 31 October 2025
with \u00a3150.0m 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 \ufb01nancial institutions. The security and suitability of these banks is monitored by the treasury
function on a regular basis.
Financial assets at fair value through pro\ufb01t and loss of \u00a32.8m (2024: \u00a33.3m) 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 \u00a312.3m
(2024: \u00a322.6m) is funding provided on six (2024: 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
16. Within trade receivables the other largest single amount outstanding at 31 October 2025 is \u00a312.9m
(2024: \u00a37.6m) which is within agreed terms.
The Group considers the credit quality of \ufb01nancial 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 \ufb01nancial assets are past due, or are considered to be impaired as
at the consolidated statement of \ufb01nancial position date (2024: none).
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due.
Cash \ufb02ow forecasts are produced to monitor the expected cash \ufb02ow requirements of the Group
against the available facilities. The principal risks within these cash \ufb02ows relate to achieving the level
of sales volume and prices in line with current forecasts.
The following are the contractual maturities of the \ufb01nancial liabilities of the Group at 31 October 2025:
\n \n
Carrying
Contractual
Within
Within
Within
More than
value
cash \ufb02ows
1 year
1 to 2 years
2 to 3 years
3 years
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Senior loan notes
65.0
71.0
2.4
52.4
\u2013
16.2
Revolving credit facility
100.0
100.0
100.0
\u2013
\u2013
\u2013
Financial liabilities carrying no interest
276.5
277.6
246.2
26.3
1.5
3.6
At 31 October 2025
441.5
448.6
348.6
78.7
1.5
19.8
2024
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
Market interest rate risk
Market interest rate risk re\ufb02ects the Group\u2019s exposure to \ufb02uctuations to interest rates in the market.
The risk arises because the Group\u2019s RCF is subject to \ufb02oating 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 \u00a365.0m of senior loan notes which are at \ufb01xed interest rates. For the year ended
31 October 2025 it is estimated that an increase of 1.0% in interest rates applying for the full year
would decrease the Group\u2019s pro\ufb01t before tax and equity by \u00a30.9m (2024: \u00a30.2m).
The interest rate pro\ufb01le of the \ufb01nancial liabilities of the Group was:
2025
2024
\u00a3m
\u00a3m
Sterling bank borrowings, loan notes and long-term creditors
Financial liabilities carrying interest
165.0
85.0
Financial liabilities carrying no interest
276.5
326.7
441.5
411.7
For \ufb01nancial 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 13 months
(2024: 14 months).
2025
2024
\u00a3m
\u00a3m
The maturity of the \ufb01nancial liabilities is:
Repayable within one year
345.8
297.6
Repayable between one and two years
76.0
34.5
Repayable between two and \ufb01ve years
18.1
77.0
Repayable after \ufb01ve years
1.6
2.6
441.5
411.7
Fair values
Financial assets
The Group\u2019s \ufb01nancial 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 pro\ufb01t and loss are
carried at fair value and categorised as level 3 (inputs not based on observable market data) within
the hierarchical classi\ufb01cation of IFRS 13: Revised.
Financial liabilities
The Group\u2019s \ufb01nancial 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 \ufb02ows,
is counted at the market rate of interest at the consolidated statement of \ufb01nancial position date.
The fair values of the facilities determined on this basis are:
Nominal
Face value
Carrying value
2025
interest rate
\u00a3m
\u00a3m
Maturity
Current
Revolving credit facility
SONIA +3%
100.0
100.0
2026
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2027\u20132029
Total interest-bearing loans
165.0
165.0
Nominal
Face value
Carrying value
2024
interest 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
Financial assets and liabilities by category
\n \n
2025
2024
\u00a3m
\u00a3m
Financial assets
Sterling cash deposits
125.0
73.8
Trade receivables
96.5
62.2
Amounts due from joint ventures
12.3
22.6
Other receivables
21.3
12.5
Total \ufb01nancial assets at amortised cost
255.1
171.1
Financial assets at fair value through pro\ufb01t and loss
2.8
3.3
Total \ufb01nancial assets
257.9
174.4
\n \n
2025
2024
\u00a3m
\u00a3m
Financial liabilities
Senior loan notes
65.0
85.0
Revolving credit facility
100.0
\u2013
Land payables on contractual terms carrying no interest
73.2
131.6
Amounts due to joint ventures
\u2013
0.1
Lease liabilities
10.2
12.0
Other trade payables
82.5
67.8
Other payables
2.5
2.8
Accruals
108.1
112.4
Total \ufb01nancial liabilities at amortised cost
441.5
411.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00177": { "value": "\n \n
2025
2024
\u00a3m
\u00a3m
Movements in total loss allowance for expected credit losses
At beginning of the year
1.7
1.1
Charged in the year
0.5
0.7
Released in the year
(1.0)
(0.1)
At end of the year
1.2
1.7
Maturity of non-current receivables:
Due between one and two years
10.7
14.6
Due between two and \ufb01ve years
10.3
\u2013
Due after \ufb01ve years
\u2013
\u2013
21.0
14.6
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or other counterparty to a \ufb01nancial
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 \u00a3125.0m (2024: \u00a373.8m) which are held by the providers of its banking
facilities. The Group has bank facilities of \u00a3250.0m expiring in October 2029; as at 31 October 2025
with \u00a3150.0m 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 \ufb01nancial institutions. The security and suitability of these banks is monitored by the treasury
function on a regular basis.
Financial assets at fair value through pro\ufb01t and loss of \u00a32.8m (2024: \u00a33.3m) 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 \u00a312.3m
(2024: \u00a322.6m) is funding provided on six (2024: 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
16. Within trade receivables the other largest single amount outstanding at 31 October 2025 is \u00a312.9m
(2024: \u00a37.6m) which is within agreed terms.
The Group considers the credit quality of \ufb01nancial 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 \ufb01nancial assets are past due, or are considered to be impaired as
at the consolidated statement of \ufb01nancial position date (2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": { "value": "\n \n
2025
2024
\u00a3m
\u00a3m
Movements in total loss allowance for expected credit losses
At beginning of the year
1.7
1.1
Charged in the year
0.5
0.7
Released in the year
(1.0)
(0.1)
At end of the year
1.2
1.7
Maturity of non-current receivables:
Due between one and two years
10.7
14.6
Due between two and \ufb01ve years
10.3
\u2013
Due after \ufb01ve years
\u2013
\u2013
21.0
14.6
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or other counterparty to a \ufb01nancial
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 \u00a3125.0m (2024: \u00a373.8m) which are held by the providers of its banking
facilities. The Group has bank facilities of \u00a3250.0m expiring in October 2029; as at 31 October 2025
with \u00a3150.0m 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 \ufb01nancial institutions. The security and suitability of these banks is monitored by the treasury
function on a regular basis.
Financial assets at fair value through pro\ufb01t and loss of \u00a32.8m (2024: \u00a33.3m) 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 \u00a312.3m
(2024: \u00a322.6m) is funding provided on six (2024: 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
16. Within trade receivables the other largest single amount outstanding at 31 October 2025 is \u00a312.9m
(2024: \u00a37.6m) which is within agreed terms.
The Group considers the credit quality of \ufb01nancial 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 \ufb01nancial assets are past due, or are considered to be impaired as
at the consolidated statement of \ufb01nancial position date (2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": { "value": "17 Inventories \n \n
Restated
1
2025
2024
\u00a3m
\u00a3m
Land
2
618.5
681.6
Work-in-progress
2
335.2
314.4
Completed buildings including show homes
79.0
102.9
Part exchange inventories
23.4
30.2
1,056.1
1,129.1
1
See note 28 for an explanation of the prior year restatement.
2
The 2024 comparative amounts have been represented for land and work-in-progress. This resulted in a representation of \u00a311.4m from work-
in-progress to land.
Total inventories of \u00a3507.9m (2024: \u00a3499.7m) were recognised as cost of sales in the year.
Inventories are stated after a net realisable value (NRV) provision of \u00a315.7m (2024: \u00a322.3m), and it is
currently forecast nearly half will be used in the next \ufb01nancial year.
During the year \u00a33.7m (2024: \u00a314.2m) additional NRV was charged, mainly on legacy developments.
Movements in the NRV provision in the current and prior year are shown below:
\n \n
2025
2024
\u00a3m
\u00a3m
At beginning of the year
22.3
20.2
NRV charged in the year
3.7
14.2
NRV utilised in the year
(10.3)
(12.1)
Total movement in NRV provision in the year
(6.6)
2.1
At end of the year
15.7
22.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": { "value": "18 Movement in net (debt)/cash \n \n
2025
Movement
2024
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
125.0
51.2
73.8
Bank loans and senior loan notes
(163.2)
(80.9)
(82.3)
Net (debt)/cash
(38.2)
(29.7)
(8.5)
25 Net debt and land creditors \n \n
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
125.0
73.8
Non-current interest-bearing loans and borrowings
(64.1)
(63.2)
Current interest-bearing loans and borrowings
(99.1)
(19.1)
Net debt
(38.2)
(8.5)
Land payables on contractual terms carrying no interest
(73.2)
(131.6)
Net debt and land creditors
(111.4)
(140.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00179": { "value": "18 Movement in net (debt)/cash \n \n
2025
Movement
2024
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
125.0
51.2
73.8
Bank loans and senior loan notes
(163.2)
(80.9)
(82.3)
Net (debt)/cash
(38.2)
(29.7)
(8.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00181": { "value": "19 Interest-bearing loans and borrowings \n \n
2025
2024
\u00a3m
\u00a3m
Non-current
Senior loan notes
65.0
65.0
Senior loan notes issue costs
(0.9)
(1.8)
64.1
63.2
Current
Senior loan notes
\u2013
20.0
Revolving credit facility
100.0
\u2013
Revolving credit and senior loan notes issue costs
(0.9)
(0.9)
99.1
19.1
There were undrawn amounts of \u00a3150.0m (2024: \u00a3250.0m) under the RCF at the consolidated
statement of \ufb01nancial position date. During the year, the Group had average drawings of \u00a387.8m
(2024: \u00a321.3m) under the RCF. The RCF is categorised as current or non-current according to the
contractual repayment date of amounts drawn down at the balance sheet date, in accordance with
the terms of the RCF new drawings can be made up to the \u00a3250m facility limit until the facility expires.
See note 23 for additional disclosures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00182": { "value": "20 Trade and other payables \n \n
2025
2024
\u00a3m
\u00a3m
Non-current
Land payables on contractual terms
12.9
31.8
Other payables
1.5
1.7
Accruals and deferred income
9.4
8.8
23.8
42.3
Current
Land payables on contractual terms
60.3
99.8
Other trade payables
88.3
67.8
Contract liabilities
10.2
6.9
Amounts due to joint ventures
\u2013
0.1
Taxes and social security costs
7.7
1.7
Other payables
1.0
1.1
Accruals and deferred income
101.8
107.8
269.3
285.2
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 e\ufb00ective interest method in accordance with
IFRS 9. The di\ufb00erence between the fair value and the nominal value is amortised over the deferment
period, with the \ufb01nancing element being charged as an interest expense through the consolidated
income statement. As at 31 October 2025 the di\ufb00erence between the fair value and nominal value of
land payables is \u00a31.4m (2024: \u00a33.7m).
Contract liabilities represent payments on account, received from customers, in excess of billable
work-in-progress on a\ufb00ordable and other sales in bulk on contracts in which revenue is recognised
over time.
Amounts due to joint ventures are interest free and repayable on demand. See note 13 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
for payment once the retention condition has been satis\ufb01ed.
Accruals are mainly work-in-progress related where work has been performed but not yet invoiced
and completed site accruals. Completed site accruals are \u00a320.4m (2024: \u00a321.8m) and relate to
the cost to complete outstanding site infrastructure and amenities on completed developments.
Included within the completed site accruals is \u00a31.6m exceptional charge in the year.
See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "20 Trade and other payables \n \n
2025
2024
\u00a3m
\u00a3m
Non-current
Land payables on contractual terms
12.9
31.8
Other payables
1.5
1.7
Accruals and deferred income
9.4
8.8
23.8
42.3
Current
Land payables on contractual terms
60.3
99.8
Other trade payables
88.3
67.8
Contract liabilities
10.2
6.9
Amounts due to joint ventures
\u2013
0.1
Taxes and social security costs
7.7
1.7
Other payables
1.0
1.1
Accruals and deferred income
101.8
107.8
269.3
285.2
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 e\ufb00ective interest method in accordance with
IFRS 9. The di\ufb00erence between the fair value and the nominal value is amortised over the deferment
period, with the \ufb01nancing element being charged as an interest expense through the consolidated
income statement. As at 31 October 2025 the di\ufb00erence between the fair value and nominal value of
land payables is \u00a31.4m (2024: \u00a33.7m).
Contract liabilities represent payments on account, received from customers, in excess of billable
work-in-progress on a\ufb00ordable and other sales in bulk on contracts in which revenue is recognised
over time.
Amounts due to joint ventures are interest free and repayable on demand. See note 13 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
for payment once the retention condition has been satis\ufb01ed.
Accruals are mainly work-in-progress related where work has been performed but not yet invoiced
and completed site accruals. Completed site accruals are \u00a320.4m (2024: \u00a321.8m) and relate to
the cost to complete outstanding site infrastructure and amenities on completed developments.
Included within the completed site accruals is \u00a31.6m exceptional charge in the year.
See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "20 Trade and other payables \n \n
2025
2024
\u00a3m
\u00a3m
Non-current
Land payables on contractual terms
12.9
31.8
Other payables
1.5
1.7
Accruals and deferred income
9.4
8.8
23.8
42.3
Current
Land payables on contractual terms
60.3
99.8
Other trade payables
88.3
67.8
Contract liabilities
10.2
6.9
Amounts due to joint ventures
\u2013
0.1
Taxes and social security costs
7.7
1.7
Other payables
1.0
1.1
Accruals and deferred income
101.8
107.8
269.3
285.2
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 e\ufb00ective interest method in accordance with
IFRS 9. The di\ufb00erence between the fair value and the nominal value is amortised over the deferment
period, with the \ufb01nancing element being charged as an interest expense through the consolidated
income statement. As at 31 October 2025 the di\ufb00erence between the fair value and nominal value of
land payables is \u00a31.4m (2024: \u00a33.7m).
Contract liabilities represent payments on account, received from customers, in excess of billable
work-in-progress on a\ufb00ordable and other sales in bulk on contracts in which revenue is recognised
over time.
Amounts due to joint ventures are interest free and repayable on demand. See note 13 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
for payment once the retention condition has been satis\ufb01ed.
Accruals are mainly work-in-progress related where work has been performed but not yet invoiced
and completed site accruals. Completed site accruals are \u00a320.4m (2024: \u00a321.8m) and relate to
the cost to complete outstanding site infrastructure and amenities on completed developments.
Included within the completed site accruals is \u00a31.6m exceptional charge in the year.
See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "20 Trade and other payables \n \n
2025
2024
\u00a3m
\u00a3m
Non-current
Land payables on contractual terms
12.9
31.8
Other payables
1.5
1.7
Accruals and deferred income
9.4
8.8
23.8
42.3
Current
Land payables on contractual terms
60.3
99.8
Other trade payables
88.3
67.8
Contract liabilities
10.2
6.9
Amounts due to joint ventures
\u2013
0.1
Taxes and social security costs
7.7
1.7
Other payables
1.0
1.1
Accruals and deferred income
101.8
107.8
269.3
285.2
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 e\ufb00ective interest method in accordance with
IFRS 9. The di\ufb00erence between the fair value and the nominal value is amortised over the deferment
period, with the \ufb01nancing element being charged as an interest expense through the consolidated
income statement. As at 31 October 2025 the di\ufb00erence between the fair value and nominal value of
land payables is \u00a31.4m (2024: \u00a33.7m).
Contract liabilities represent payments on account, received from customers, in excess of billable
work-in-progress on a\ufb00ordable and other sales in bulk on contracts in which revenue is recognised
over time.
Amounts due to joint ventures are interest free and repayable on demand. See note 13 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
for payment once the retention condition has been satis\ufb01ed.
Accruals are mainly work-in-progress related where work has been performed but not yet invoiced
and completed site accruals. Completed site accruals are \u00a320.4m (2024: \u00a321.8m) and relate to
the cost to complete outstanding site infrastructure and amenities on completed developments.
Included within the completed site accruals is \u00a31.6m exceptional charge in the year.
See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "20 Trade and other payables \n \n
2025
2024
\u00a3m
\u00a3m
Non-current
Land payables on contractual terms
12.9
31.8
Other payables
1.5
1.7
Accruals and deferred income
9.4
8.8
23.8
42.3
Current
Land payables on contractual terms
60.3
99.8
Other trade payables
88.3
67.8
Contract liabilities
10.2
6.9
Amounts due to joint ventures
\u2013
0.1
Taxes and social security costs
7.7
1.7
Other payables
1.0
1.1
Accruals and deferred income
101.8
107.8
269.3
285.2
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 e\ufb00ective interest method in accordance with
IFRS 9. The di\ufb00erence between the fair value and the nominal value is amortised over the deferment
period, with the \ufb01nancing element being charged as an interest expense through the consolidated
income statement. As at 31 October 2025 the di\ufb00erence between the fair value and nominal value of
land payables is \u00a31.4m (2024: \u00a33.7m).
Contract liabilities represent payments on account, received from customers, in excess of billable
work-in-progress on a\ufb00ordable and other sales in bulk on contracts in which revenue is recognised
over time.
Amounts due to joint ventures are interest free and repayable on demand. See note 13 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
for payment once the retention condition has been satis\ufb01ed.
Accruals are mainly work-in-progress related where work has been performed but not yet invoiced
and completed site accruals. Completed site accruals are \u00a320.4m (2024: \u00a321.8m) and relate to
the cost to complete outstanding site infrastructure and amenities on completed developments.
Included within the completed site accruals is \u00a31.6m exceptional charge in the year.
See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "20 Trade and other payables \n \n
2025
2024
\u00a3m
\u00a3m
Non-current
Land payables on contractual terms
12.9
31.8
Other payables
1.5
1.7
Accruals and deferred income
9.4
8.8
23.8
42.3
Current
Land payables on contractual terms
60.3
99.8
Other trade payables
88.3
67.8
Contract liabilities
10.2
6.9
Amounts due to joint ventures
\u2013
0.1
Taxes and social security costs
7.7
1.7
Other payables
1.0
1.1
Accruals and deferred income
101.8
107.8
269.3
285.2
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 e\ufb00ective interest method in accordance with
IFRS 9. The di\ufb00erence between the fair value and the nominal value is amortised over the deferment
period, with the \ufb01nancing element being charged as an interest expense through the consolidated
income statement. As at 31 October 2025 the di\ufb00erence between the fair value and nominal value of
land payables is \u00a31.4m (2024: \u00a33.7m).
Contract liabilities represent payments on account, received from customers, in excess of billable
work-in-progress on a\ufb00ordable and other sales in bulk on contracts in which revenue is recognised
over time.
Amounts due to joint ventures are interest free and repayable on demand. See note 13 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
for payment once the retention condition has been satis\ufb01ed.
Accruals are mainly work-in-progress related where work has been performed but not yet invoiced
and completed site accruals. Completed site accruals are \u00a320.4m (2024: \u00a321.8m) and relate to
the cost to complete outstanding site infrastructure and amenities on completed developments.
Included within the completed site accruals is \u00a31.6m exceptional charge in the year.
See note 4 for additional disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "21 Provisions \n \n
Combustible
Legal
Completed
Joint
Other
materials
provision
site provisions
ventures
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2023
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
Provided in the year
39.9
0.9
2.7
0.3
0.9
44.7
Utilised in the year
(62.8)
\u2013
(6.5)
\u2013
(0.5)
(69.8)
Released in the year
(29.3)
\u2013
(5.4)
\u2013
\u2013
(34.7)
Transfers
(3.7)
3.7
\u2013
\u2013
\u2013
\u2013
Imputed interest
9.4
\u2013
\u2013
\u2013
\u2013
9.4
At 31 October 2025
202.8
17.6
14.4
0.3
1.1
236.2
At 31 October 2025
Non-current
106.9
\u2013
7.2
0.3
0.7
115.1
Current
95.9
17.6
7.2
\u2013
0.4
121.1
202.8
17.6
14.4
0.3
1.1
236.2
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
Combustible materials
\n
In March 2023 the Group signed the DLUHC (now MHCLG) Developer Remediation Contract in
\n
England, which converted the principles of the building safety pledge signed in 2022, in which the
\n
Group committed to resolve any historical \ufb01re remedial work on buildings completed since 5\u00a0April
\n
1992, into a binding agreement between the government and the Group. This provides clarity for
\n
future remediation, particularly with regards to the standards required for internal and external
\n
remedial works on legacy buildings.
\n
The combustible materials provision re\ufb02ects the estimated costs to complete the remediation of
\n
life-critical \ufb01re safety issues on identi\ufb01ed buildings. A combination of BSF costed information, other
\n
external information, and internal assessments, known at the balance sheet date, are considered
\n
when estimating the provision.
\n
The Group has now performed external wall and internal \ufb01re safety assessments for all of the
\n
identi\ufb01ed buildings within the scope of the Developer Remediation Contract other than two,
\n
where access has now been granted following Governmental support. The buildings identi\ufb01ed have
\n
been regularly updated during 2025 as surveys concluded that no further works were required on
\n
certain buildings, and a small number of additional buildings were identi\ufb01ed as further investigative
\n
exercises took place.
\n
In the previous year the Group recorded a combustible materials charge of \u00a3131.7m, mainly relating
\n
to the estimated costs of non-surveyed buildings at that time based on the increased level of
\n
information that the Group had gathered to reasonably estimate any provision required. During
\n
the year, as the number of surveyed buildings nears completion, this estimate has been updated
\n
re\ufb02ecting the outcome of surveys, along with changes in forecast build cost scope and price over
\n
the duration of remediation for previously surveyed buildings. This has resulted in a net charge in the
\n
year of \u00a310.6m, comprising a provision in the year of \u00a339.9m, and a release of \u00a329.3m. The release
\n
primarily relates to buildings where surveys performed in the year con\ufb01rmed no remedial works are
\n
required. While nearly all buildings have now been surveyed, detailed cost plans and work tenders
\n
need to be \ufb01nalised for approximately 30% of the buildings and the estimate for these buildings
\n
has been made in a similar manner to the prior year, updated for the latest cost experience of the
\n
Group. The combustible materials net charge of \u00a312.8m per note 4 includes a \u00a32.2m professional
\n
fees charge incurred by the Group in pursing third parties where it has a contractual right of recourse.
\n
The provision is measured on a nominal basis with an assumed level of in\ufb02ation over the period that
\n
the remediation will take place. A discount rate of 3.8% (2024: 4.4%) based on a UK gilts rates of
\n
equivalent cash\ufb02ow pro\ufb01les to that estimated of the provision has been applied, the reduction to
\n
the discount rate increased the discounted provision resulting in a charge to cost of sales of \u00a31.1m
\n
in the period.
\n
The discounting applied to the provision unwinds to the consolidated income statement as an
\n
exceptional \ufb01nance expense over the expected duration of the provision.
\n
The Group spent \u00a362.8m in the year on investigative costs and remediation works, including balcony
\n
and cladding-related works. The Group expects to have completed any required remediation within
\n
a \ufb01ve-year period, using \u00a395.9m of the remaining provision within one year, which includes \u00a319.1m
\n
repayable to the BSF. The timing of the expenditure is based on the Directors\u2019 best estimates of the
\n
timing of remediating buildings and repaying the BSF incurred costs. Actual timing may di\ufb00er due
\n
to delays in agreeing scope of works, obtaining licences, tendering works contracts and the BSF
\n
payment schedule di\ufb00ering to our forecast.
\n
The Group will continue to assess the magnitude and utilisation of this provision in future reporting
\n
periods and the Group recognises that required remediation works could be subject to further
\n
in\ufb02ationary pressures and cash out\ufb02ows. If forecast remediation costs on buildings currently provided
\n
for are 10.0% higher/lower than provided, the pre-tax exceptional items charge in the consolidated
\n
income statement would be \u00a320.3m higher/lower.
\n
During the year, \u00a33.7m contained within the opening combustible materials provision was transferred
\n
to legal provisions. This provision relates to a building which has previously been remediated by the
\n
freeholder who has lodged a claim against the Group to recover costs of the remediation.
\n
The Group is continuing to review the recoverability of costs incurred from third parties where
\n
it has a contractual right of recourse. In the year \u00a312.4m was recovered from third parties by the
\n
Group. Recoveries are not recognised until they are virtually certain to be received. See note 4 for
\n
consolidated income statement disclosure.
\n
Legal provision
\n
The Group is subject to a legal claim relating to a low-rise bespoke apartment block built by the
\n
Group which was damaged by \ufb01re in 2021. The \ufb01re caused extensive damage to the property which
\n
was subsequently demolished and is currently being rebuilt by the freeholder. In 2023 the Group
\n
received a letter of claim alleging \ufb01re safety defects and claiming compensation for the rebuild and
\n
other associated costs. The provision recorded represents the Directors\u2019 best estimate of the Group\u2019s
\n
potential exposure taking into account legal and professional advice. The claim and ultimate route
\n
to settlement is ongoing, but the two parties agreed a heads of terms in October 2025, the terms of
\n
which are re\ufb02ected in the provision as at 31 October 2025.
\n
Following the year end a settlement was reached with the claimant in respect of the building
\n
damaged by the \ufb01re in 2021 and a remedial works agreement was agreed with respect to other
\n
buildings identi\ufb01ed with defects through this case. The \ufb01nal terms of the settlement and remedial
\n
works agreement are consistent with the amounts provided for at the balance sheet date, although
\n
the \ufb01nal cost of remedial works will continue to be subject to estimation uncertainty.
During the year, \u00a33.7m contained within the opening combustible materials provision was transferred
to legal provisions. This provision relates to a building which has previously been remediated by the
freeholder who has lodged a claim against the Group to recover costs of the remediation.
Completed site provisions
During the \ufb01rst half of the prior \ufb01nancial year, the Group became aware of certain build defects initially
identi\ufb01ed on four sites that were completed prior to 2019 when the Group closed its Regeneration
and London divisions. 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 sites is \u00a314.4m (2024: \u00a323.6m). Discounting has
not been applied to the balance as the impact would not be material. Included within the \u00a314.4m
completed site provisions is a \u00a30.1m exceptional charge in the year. See note 4 for consolidated
income statement disclosure. 24 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 \ufb01nancial e\ufb00ect
of performance bonds and other arrangements. The Directors consider the possibility of a cash
out\ufb02ow 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 satis\ufb01ed for the Group to recognise the
land asset and corresponding liabilities within the consolidated statement of \ufb01nancial 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 out\ufb02ow 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 15, as a result of the Section 37 case the Group considers that the amount
of any potential impact on the de\ufb01ned bene\ufb01t obligation cannot be con\ufb01rmed and/or measured
with su\ufb03cient reliability at the 2025 year end. We are therefore disclosing this issue as a potential
contingent liability at 31 October 2025 and will review again in 2026 based on the \ufb01ndings of the
detailed investigation.
The Group is reviewing the recoverability of costs incurred from third parties where it has a contractual
right of recourse. As re\ufb02ected in these \ufb01nancial results, the Group has a track record of successfully
obtaining such recoveries, however no contingent assets have been recognised in these consolidated
\ufb01nancial statements for such items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "21 Provisions \n \n
Combustible
Legal
Completed
Joint
Other
materials
provision
site provisions
ventures
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 November 2023
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
Provided in the year
39.9
0.9
2.7
0.3
0.9
44.7
Utilised in the year
(62.8)
\u2013
(6.5)
\u2013
(0.5)
(69.8)
Released in the year
(29.3)
\u2013
(5.4)
\u2013
\u2013
(34.7)
Transfers
(3.7)
3.7
\u2013
\u2013
\u2013
\u2013
Imputed interest
9.4
\u2013
\u2013
\u2013
\u2013
9.4
At 31 October 2025
202.8
17.6
14.4
0.3
1.1
236.2
At 31 October 2025
Non-current
106.9
\u2013
7.2
0.3
0.7
115.1
Current
95.9
17.6
7.2
\u2013
0.4
121.1
202.8
17.6
14.4
0.3
1.1
236.2
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
\n\n
Combustible materials
\n
In March 2023 the Group signed the DLUHC (now MHCLG) Developer Remediation Contract in
\n
England, which converted the principles of the building safety pledge signed in 2022, in which the
\n
Group committed to resolve any historical \ufb01re remedial work on buildings completed since 5\u00a0April
\n
1992, into a binding agreement between the government and the Group. This provides clarity for
\n
future remediation, particularly with regards to the standards required for internal and external
\n
remedial works on legacy buildings.
\n
The combustible materials provision re\ufb02ects the estimated costs to complete the remediation of
\n
life-critical \ufb01re safety issues on identi\ufb01ed buildings. A combination of BSF costed information, other
\n
external information, and internal assessments, known at the balance sheet date, are considered
\n
when estimating the provision.
\n
The Group has now performed external wall and internal \ufb01re safety assessments for all of the
\n
identi\ufb01ed buildings within the scope of the Developer Remediation Contract other than two,
\n
where access has now been granted following Governmental support. The buildings identi\ufb01ed have
\n
been regularly updated during 2025 as surveys concluded that no further works were required on
\n
certain buildings, and a small number of additional buildings were identi\ufb01ed as further investigative
\n
exercises took place.
\n
In the previous year the Group recorded a combustible materials charge of \u00a3131.7m, mainly relating
\n
to the estimated costs of non-surveyed buildings at that time based on the increased level of
\n
information that the Group had gathered to reasonably estimate any provision required. During
\n
the year, as the number of surveyed buildings nears completion, this estimate has been updated
\n
re\ufb02ecting the outcome of surveys, along with changes in forecast build cost scope and price over
\n
the duration of remediation for previously surveyed buildings. This has resulted in a net charge in the
\n
year of \u00a310.6m, comprising a provision in the year of \u00a339.9m, and a release of \u00a329.3m. The release
\n
primarily relates to buildings where surveys performed in the year con\ufb01rmed no remedial works are
\n
required. While nearly all buildings have now been surveyed, detailed cost plans and work tenders
\n
need to be \ufb01nalised for approximately 30% of the buildings and the estimate for these buildings
\n
has been made in a similar manner to the prior year, updated for the latest cost experience of the
\n
Group. The combustible materials net charge of \u00a312.8m per note 4 includes a \u00a32.2m professional
\n
fees charge incurred by the Group in pursing third parties where it has a contractual right of recourse.
\n
The provision is measured on a nominal basis with an assumed level of in\ufb02ation over the period that
\n
the remediation will take place. A discount rate of 3.8% (2024: 4.4%) based on a UK gilts rates of
\n
equivalent cash\ufb02ow pro\ufb01les to that estimated of the provision has been applied, the reduction to
\n
the discount rate increased the discounted provision resulting in a charge to cost of sales of \u00a31.1m
\n
in the period.
\n
The discounting applied to the provision unwinds to the consolidated income statement as an
\n
exceptional \ufb01nance expense over the expected duration of the provision.
\n
The Group spent \u00a362.8m in the year on investigative costs and remediation works, including balcony
\n
and cladding-related works. The Group expects to have completed any required remediation within
\n
a \ufb01ve-year period, using \u00a395.9m of the remaining provision within one year, which includes \u00a319.1m
\n
repayable to the BSF. The timing of the expenditure is based on the Directors\u2019 best estimates of the
\n
timing of remediating buildings and repaying the BSF incurred costs. Actual timing may di\ufb00er due
\n
to delays in agreeing scope of works, obtaining licences, tendering works contracts and the BSF
\n
payment schedule di\ufb00ering to our forecast.
\n
The Group will continue to assess the magnitude and utilisation of this provision in future reporting
\n
periods and the Group recognises that required remediation works could be subject to further
\n
in\ufb02ationary pressures and cash out\ufb02ows. If forecast remediation costs on buildings currently provided
\n
for are 10.0% higher/lower than provided, the pre-tax exceptional items charge in the consolidated
\n
income statement would be \u00a320.3m higher/lower.
\n
During the year, \u00a33.7m contained within the opening combustible materials provision was transferred
\n
to legal provisions. This provision relates to a building which has previously been remediated by the
\n
freeholder who has lodged a claim against the Group to recover costs of the remediation.
\n
The Group is continuing to review the recoverability of costs incurred from third parties where
\n
it has a contractual right of recourse. In the year \u00a312.4m was recovered from third parties by the
\n
Group. Recoveries are not recognised until they are virtually certain to be received. See note 4 for
\n
consolidated income statement disclosure.
\n
Legal provision
\n
The Group is subject to a legal claim relating to a low-rise bespoke apartment block built by the
\n
Group which was damaged by \ufb01re in 2021. The \ufb01re caused extensive damage to the property which
\n
was subsequently demolished and is currently being rebuilt by the freeholder. In 2023 the Group
\n
received a letter of claim alleging \ufb01re safety defects and claiming compensation for the rebuild and
\n
other associated costs. The provision recorded represents the Directors\u2019 best estimate of the Group\u2019s
\n
potential exposure taking into account legal and professional advice. The claim and ultimate route
\n
to settlement is ongoing, but the two parties agreed a heads of terms in October 2025, the terms of
\n
which are re\ufb02ected in the provision as at 31 October 2025.
\n
Following the year end a settlement was reached with the claimant in respect of the building
\n
damaged by the \ufb01re in 2021 and a remedial works agreement was agreed with respect to other
\n
buildings identi\ufb01ed with defects through this case. The \ufb01nal terms of the settlement and remedial
\n
works agreement are consistent with the amounts provided for at the balance sheet date, although
\n
the \ufb01nal cost of remedial works will continue to be subject to estimation uncertainty.
During the year, \u00a33.7m contained within the opening combustible materials provision was transferred
to legal provisions. This provision relates to a building which has previously been remediated by the
freeholder who has lodged a claim against the Group to recover costs of the remediation.
Completed site provisions
During the \ufb01rst half of the prior \ufb01nancial year, the Group became aware of certain build defects initially
identi\ufb01ed on four sites that were completed prior to 2019 when the Group closed its Regeneration
and London divisions. 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 sites is \u00a314.4m (2024: \u00a323.6m). Discounting has
not been applied to the balance as the impact would not be material. Included within the \u00a314.4m
completed site provisions is a \u00a30.1m exceptional charge in the year. See note 4 for consolidated
income statement disclosure. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "22 Share capital \n \n
Share premium
Shares issued
Nominal value
Share capital
account
Number
Pence
\u00a3
\u00a3
Ordinary shares as at 1 November 2023 and
31 October 2024
256,920,539
5
12,846,027
74,227,216
Shares issued during the year
12,739
5
637
21,118
Ordinary shares as at 31 October 2025
256,933,278
5
12,846,664
74,248,334
Ordinary shares are issued and fully paid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "22 Share capital \n \n
Share premium
Shares issued
Nominal value
Share capital
account
Number
Pence
\u00a3
\u00a3
Ordinary shares as at 1 November 2023 and
31 October 2024
256,920,539
5
12,846,027
74,227,216
Shares issued during the year
12,739
5
637
21,118
Ordinary shares as at 31 October 2025
256,933,278
5
12,846,664
74,248,334
Ordinary shares are issued and fully paid.
Own shares held
The Group and Company holds shares within the employee share ownership trust (ESOT) for
participants of certain share-based payment schemes. These are held within retained earnings.
During the year no shares were purchased by the ESOT (2024: 250,000 shares were purchased
by the ESOT for \u00a30.5m) and the ESOT transferred 282,313 (2024: 248,124) shares to employees and
Directors to satisfy options. In 2024, 21,968 shares as part of Martyn Clark\u2019s share-based awards from
previous employment in Crest Nicholson Holdings plc were granted on joining at a cost of \u00a30.1m.
The number of shares held within the ESOT and on which dividends have been waived, at 31 October
2025 was 297,851 (2024: 580,164). These shares are held within the \ufb01nancial statements in equity
at a cost of \u00a30.9m (2024: \u00a31.4m). The market value of these shares at 31 October 2025 was \u00a30.5m
(2024: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "Own shares held
The Group and Company holds shares within the employee share ownership trust (ESOT) for
participants of certain share-based payment schemes. These are held within retained earnings.
During the year no shares were purchased by the ESOT (2024: 250,000 shares were purchased
by the ESOT for \u00a30.5m) and the ESOT transferred 282,313 (2024: 248,124) shares to employees and
Directors to satisfy options. In 2024, 21,968 shares as part of Martyn Clark\u2019s share-based awards from
previous employment in Crest Nicholson Holdings plc were granted on joining at a cost of \u00a30.1m.
The number of shares held within the ESOT and on which dividends have been waived, at 31 October
2025 was 297,851 (2024: 580,164). These shares are held within the \ufb01nancial statements in equity
at a cost of \u00a30.9m (2024: \u00a31.4m). The market value of these shares at 31 October 2025 was \u00a30.5m
(2024: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "23 Financial risk management
The Group\u2019s \ufb01nancial instruments comprise cash, trade and other receivables, \ufb01nancial assets at
fair value through pro\ufb01t and loss, bank loans, senior loan notes, and trade and other payables.
The main objective of the Group\u2019s policy towards \ufb01nancial instruments is to maximise returns on
the Group\u2019s cash balances, manage the Group\u2019s working capital requirements and \ufb01nance the
Group\u2019s ongoing operations.
Capital management
The Group\u2019s policies seek to match long-term assets with long-term \ufb01nance and ensure that there
is su\ufb03cient 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.
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 operated, and is forecasting
to operate, within these capital requirements.
There were undrawn amounts of \u00a3150.0m (2024: \u00a3250.0m) under the RCF at the consolidated
statement of \ufb01nancial 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 rede\ufb01ned margin from 1.85% to 2.15%.
Therefore, from 1 November 2024 the RCF carried interest at SONIA plus 2.15%. Subsequently,
on 21 November 2025, the Group entered into a further new amendment and extension to the RCF.
This extended the facility to October 2029 and increased the margin from 2.15% to 3.0%.
Both the senior loan notes and the RCF are subject to three covenants that are assessed through the
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, and consolidated tangible net worth being not
less than \u00a3500m, all based on measures as de\ufb01ned in the facilities agreements which are adjusted
from the equivalent IFRS amounts. As at the statement of \ufb01nancial position date, gearing was 16.1%,
interest cover was 4.1 times and consolidated tangible net worth was \u00a3689.1m. See the going concern
assessment in note 1 for forecast future covenant performance and sensitivity of covenants in a severe
but plausible downside scenario.
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 2025 results are
presented below:
Reduction in absolute scope 1 and 2 GHG emissions in line with our science-based targets.
In 2025 this target was met.
Increasing the number of our suppliers engaging with the Supply Chain Sustainability School.
In 2025 this target was met.
Reduction in GHG emissions associated with the use of our homes. In 2025 this target was met.
Increasing the number of our employees in trainee positions and on training programmes.
In 2025 this target was not met.
As a result of meeting 3 out of 4 of the metrics for 2025 the margin on the RCF will be amended down
by 0.025% (2024: 0.025% based on achieving 3 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 \ufb01nancial 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 \ufb01nancial loss to the Group if a customer or other counterparty to a \ufb01nancial
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 \u00a3125.0m (2024: \u00a373.8m) which are held by the providers of its banking
facilities. The Group has bank facilities of \u00a3250.0m expiring in October 2029; as at 31 October 2025
with \u00a3150.0m 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 \ufb01nancial institutions. The security and suitability of these banks is monitored by the treasury
function on a regular basis.
Financial assets at fair value through pro\ufb01t and loss of \u00a32.8m (2024: \u00a33.3m) 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 \u00a312.3m
(2024: \u00a322.6m) is funding provided on six (2024: 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
16. Within trade receivables the other largest single amount outstanding at 31 October 2025 is \u00a312.9m
(2024: \u00a37.6m) which is within agreed terms.
The Group considers the credit quality of \ufb01nancial 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 \ufb01nancial assets are past due, or are considered to be impaired as
at the consolidated statement of \ufb01nancial position date (2024: none).
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due.
Cash \ufb02ow forecasts are produced to monitor the expected cash \ufb02ow requirements of the Group
against the available facilities. The principal risks within these cash \ufb02ows relate to achieving the level
of sales volume and prices in line with current forecasts.
The following are the contractual maturities of the \ufb01nancial liabilities of the Group at 31 October 2025:
\n \n
Carrying
Contractual
Within
Within
Within
More than
value
cash \ufb02ows
1 year
1 to 2 years
2 to 3 years
3 years
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Senior loan notes
65.0
71.0
2.4
52.4
\u2013
16.2
Revolving credit facility
100.0
100.0
100.0
\u2013
\u2013
\u2013
Financial liabilities carrying no interest
276.5
277.6
246.2
26.3
1.5
3.6
At 31 October 2025
441.5
448.6
348.6
78.7
1.5
19.8
2024
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
Market interest rate risk
Market interest rate risk re\ufb02ects the Group\u2019s exposure to \ufb02uctuations to interest rates in the market.
The risk arises because the Group\u2019s RCF is subject to \ufb02oating 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 \u00a365.0m of senior loan notes which are at \ufb01xed interest rates. For the year ended
31 October 2025 it is estimated that an increase of 1.0% in interest rates applying for the full year
would decrease the Group\u2019s pro\ufb01t before tax and equity by \u00a30.9m (2024: \u00a30.2m).
The interest rate pro\ufb01le of the \ufb01nancial liabilities of the Group was:
2025
2024
\u00a3m
\u00a3m
Sterling bank borrowings, loan notes and long-term creditors
Financial liabilities carrying interest
165.0
85.0
Financial liabilities carrying no interest
276.5
326.7
441.5
411.7
For \ufb01nancial 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 13 months
(2024: 14 months).
2025
2024
\u00a3m
\u00a3m
The maturity of the \ufb01nancial liabilities is:
Repayable within one year
345.8
297.6
Repayable between one and two years
76.0
34.5
Repayable between two and \ufb01ve years
18.1
77.0
Repayable after \ufb01ve years
1.6
2.6
441.5
411.7
Fair values
Financial assets
The Group\u2019s \ufb01nancial 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 pro\ufb01t and loss are
carried at fair value and categorised as level 3 (inputs not based on observable market data) within
the hierarchical classi\ufb01cation of IFRS 13: Revised.
Financial liabilities
The Group\u2019s \ufb01nancial 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 \ufb02ows,
is counted at the market rate of interest at the consolidated statement of \ufb01nancial position date.
The fair values of the facilities determined on this basis are:
Nominal
Face value
Carrying value
2025
interest rate
\u00a3m
\u00a3m
Maturity
Current
Revolving credit facility
SONIA +3%
100.0
100.0
2026
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2027\u20132029
Total interest-bearing loans
165.0
165.0
Nominal
Face value
Carrying value
2024
interest 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
Financial assets and liabilities by category
\n \n
2025
2024
\u00a3m
\u00a3m
Financial assets
Sterling cash deposits
125.0
73.8
Trade receivables
96.5
62.2
Amounts due from joint ventures
12.3
22.6
Other receivables
21.3
12.5
Total \ufb01nancial assets at amortised cost
255.1
171.1
Financial assets at fair value through pro\ufb01t and loss
2.8
3.3
Total \ufb01nancial assets
257.9
174.4
\n \n
2025
2024
\u00a3m
\u00a3m
Financial liabilities
Senior loan notes
65.0
85.0
Revolving credit facility
100.0
\u2013
Land payables on contractual terms carrying no interest
73.2
131.6
Amounts due to joint ventures
\u2013
0.1
Lease liabilities
10.2
12.0
Other trade payables
82.5
67.8
Other payables
2.5
2.8
Accruals
108.1
112.4
Total \ufb01nancial liabilities at amortised cost
441.5
411.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "Capital management
The Group\u2019s policies seek to match long-term assets with long-term \ufb01nance and ensure that there
is su\ufb03cient 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.
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 operated, and is forecasting
to operate, within these capital requirements.
There were undrawn amounts of \u00a3150.0m (2024: \u00a3250.0m) under the RCF at the consolidated
statement of \ufb01nancial 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 rede\ufb01ned margin from 1.85% to 2.15%.
Therefore, from 1 November 2024 the RCF carried interest at SONIA plus 2.15%. Subsequently,
on 21 November 2025, the Group entered into a further new amendment and extension to the RCF.
This extended the facility to October 2029 and increased the margin from 2.15% to 3.0%.
Both the senior loan notes and the RCF are subject to three covenants that are assessed through the
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, and consolidated tangible net worth being not
less than \u00a3500m, all based on measures as de\ufb01ned in the facilities agreements which are adjusted
from the equivalent IFRS amounts. As at the statement of \ufb01nancial position date, gearing was 16.1%,
interest cover was 4.1 times and consolidated tangible net worth was \u00a3689.1m. See the going concern
assessment in note 1 for forecast future covenant performance and sensitivity of covenants in a severe
but plausible downside scenario.
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 2025 results are
presented below:
Reduction in absolute scope 1 and 2 GHG emissions in line with our science-based targets.
In 2025 this target was met.
Increasing the number of our suppliers engaging with the Supply Chain Sustainability School.
In 2025 this target was met.
Reduction in GHG emissions associated with the use of our homes. In 2025 this target was met.
Increasing the number of our employees in trainee positions and on training programmes.
In 2025 this target was not met.
As a result of meeting 3 out of 4 of the metrics for 2025 the margin on the RCF will be amended down
by 0.025% (2024: 0.025% based on achieving 3 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due.
Cash \ufb02ow forecasts are produced to monitor the expected cash \ufb02ow requirements of the Group
against the available facilities. The principal risks within these cash \ufb02ows relate to achieving the level
of sales volume and prices in line with current forecasts.
The following are the contractual maturities of the \ufb01nancial liabilities of the Group at 31 October 2025:
\n \n
Carrying
Contractual
Within
Within
Within
More than
value
cash \ufb02ows
1 year
1 to 2 years
2 to 3 years
3 years
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Senior loan notes
65.0
71.0
2.4
52.4
\u2013
16.2
Revolving credit facility
100.0
100.0
100.0
\u2013
\u2013
\u2013
Financial liabilities carrying no interest
276.5
277.6
246.2
26.3
1.5
3.6
At 31 October 2025
441.5
448.6
348.6
78.7
1.5
19.8
2024
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "Market interest rate risk
Market interest rate risk re\ufb02ects the Group\u2019s exposure to \ufb02uctuations to interest rates in the market.
The risk arises because the Group\u2019s RCF is subject to \ufb02oating 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 \u00a365.0m of senior loan notes which are at \ufb01xed interest rates. For the year ended
31 October 2025 it is estimated that an increase of 1.0% in interest rates applying for the full year
would decrease the Group\u2019s pro\ufb01t before tax and equity by \u00a30.9m (2024: \u00a30.2m).
The interest rate pro\ufb01le of the \ufb01nancial liabilities of the Group was:
2025
2024
\u00a3m
\u00a3m
Sterling bank borrowings, loan notes and long-term creditors
Financial liabilities carrying interest
165.0
85.0
Financial liabilities carrying no interest
276.5
326.7
441.5
411.7
For \ufb01nancial 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 13 months
(2024: 14 months).
2025
2024
\u00a3m
\u00a3m
The maturity of the \ufb01nancial liabilities is:
Repayable within one year
345.8
297.6
Repayable between one and two years
76.0
34.5
Repayable between two and \ufb01ve years
18.1
77.0
Repayable after \ufb01ve years
1.6
2.6
441.5
411.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "Fair values
Financial assets
The Group\u2019s \ufb01nancial 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 pro\ufb01t and loss are
carried at fair value and categorised as level 3 (inputs not based on observable market data) within
the hierarchical classi\ufb01cation of IFRS 13: Revised.
Financial liabilities
The Group\u2019s \ufb01nancial 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 \ufb02ows,
is counted at the market rate of interest at the consolidated statement of \ufb01nancial position date.
The fair values of the facilities determined on this basis are:
Nominal
Face value
Carrying value
2025
interest rate
\u00a3m
\u00a3m
Maturity
Current
Revolving credit facility
SONIA +3%
100.0
100.0
2026
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2027\u20132029
Total interest-bearing loans
165.0
165.0
Nominal
Face value
Carrying value
2024
interest 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
Financial assets and liabilities by category
\n \n
2025
2024
\u00a3m
\u00a3m
Financial assets
Sterling cash deposits
125.0
73.8
Trade receivables
96.5
62.2
Amounts due from joint ventures
12.3
22.6
Other receivables
21.3
12.5
Total \ufb01nancial assets at amortised cost
255.1
171.1
Financial assets at fair value through pro\ufb01t and loss
2.8
3.3
Total \ufb01nancial assets
257.9
174.4
\n \n
2025
2024
\u00a3m
\u00a3m
Financial liabilities
Senior loan notes
65.0
85.0
Revolving credit facility
100.0
\u2013
Land payables on contractual terms carrying no interest
73.2
131.6
Amounts due to joint ventures
\u2013
0.1
Lease liabilities
10.2
12.0
Other trade payables
82.5
67.8
Other payables
2.5
2.8
Accruals
108.1
112.4
Total \ufb01nancial liabilities at amortised cost
441.5
411.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "Fair values
Financial assets
The Group\u2019s \ufb01nancial 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 pro\ufb01t and loss are
carried at fair value and categorised as level 3 (inputs not based on observable market data) within
the hierarchical classi\ufb01cation of IFRS 13: Revised.
Financial liabilities
The Group\u2019s \ufb01nancial 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 \ufb02ows,
is counted at the market rate of interest at the consolidated statement of \ufb01nancial position date.
The fair values of the facilities determined on this basis are:
Nominal
Face value
Carrying value
2025
interest rate
\u00a3m
\u00a3m
Maturity
Current
Revolving credit facility
SONIA +3%
100.0
100.0
2026
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2027\u20132029
Total interest-bearing loans
165.0
165.0
Nominal
Face value
Carrying value
2024
interest 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
Financial assets and liabilities by category
\n \n
2025
2024
\u00a3m
\u00a3m
Financial assets
Sterling cash deposits
125.0
73.8
Trade receivables
96.5
62.2
Amounts due from joint ventures
12.3
22.6
Other receivables
21.3
12.5
Total \ufb01nancial assets at amortised cost
255.1
171.1
Financial assets at fair value through pro\ufb01t and loss
2.8
3.3
Total \ufb01nancial assets
257.9
174.4
\n \n
2025
2024
\u00a3m
\u00a3m
Financial liabilities
Senior loan notes
65.0
85.0
Revolving credit facility
100.0
\u2013
Land payables on contractual terms carrying no interest
73.2
131.6
Amounts due to joint ventures
\u2013
0.1
Lease liabilities
10.2
12.0
Other trade payables
82.5
67.8
Other payables
2.5
2.8
Accruals
108.1
112.4
Total \ufb01nancial liabilities at amortised cost
441.5
411.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "Financial assets
The Group\u2019s \ufb01nancial 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 pro\ufb01t and loss are
carried at fair value and categorised as level 3 (inputs not based on observable market data) within
the hierarchical classi\ufb01cation of IFRS 13: Revised.Financial assets and liabilities by category \n \n
2025
2024
\u00a3m
\u00a3m
Financial assets
Sterling cash deposits
125.0
73.8
Trade receivables
96.5
62.2
Amounts due from joint ventures
12.3
22.6
Other receivables
21.3
12.5
Total \ufb01nancial assets at amortised cost
255.1
171.1
Financial assets at fair value through pro\ufb01t and loss
2.8
3.3
Total \ufb01nancial assets
257.9
174.4
\n \n
2025
2024
\u00a3m
\u00a3m
Financial liabilities
Senior loan notes
65.0
85.0
Revolving credit facility
100.0
\u2013
Land payables on contractual terms carrying no interest
73.2
131.6
Amounts due to joint ventures
\u2013
0.1
Lease liabilities
10.2
12.0
Other trade payables
82.5
67.8
Other payables
2.5
2.8
Accruals
108.1
112.4
Total \ufb01nancial liabilities at amortised cost
441.5
411.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "Financial liabilities
The Group\u2019s \ufb01nancial 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 \ufb02ows,
is counted at the market rate of interest at the consolidated statement of \ufb01nancial position date.
The fair values of the facilities determined on this basis are:
Nominal
Face value
Carrying value
2025
interest rate
\u00a3m
\u00a3m
Maturity
Current
Revolving credit facility
SONIA +3%
100.0
100.0
2026
Non-current
Senior loan notes
3.62%\u20133.87%
65.0
65.0
2027\u20132029
Total interest-bearing loans
165.0
165.0
Nominal
Face value
Carrying value
2024
interest 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
Financial assets and liabilities by category
\n \n
2025
2024
\u00a3m
\u00a3m
Financial assets
Sterling cash deposits
125.0
73.8
Trade receivables
96.5
62.2
Amounts due from joint ventures
12.3
22.6
Other receivables
21.3
12.5
Total \ufb01nancial assets at amortised cost
255.1
171.1
Financial assets at fair value through pro\ufb01t and loss
2.8
3.3
Total \ufb01nancial assets
257.9
174.4
\n \n
2025
2024
\u00a3m
\u00a3m
Financial liabilities
Senior loan notes
65.0
85.0
Revolving credit facility
100.0
\u2013
Land payables on contractual terms carrying no interest
73.2
131.6
Amounts due to joint ventures
\u2013
0.1
Lease liabilities
10.2
12.0
Other trade payables
82.5
67.8
Other payables
2.5
2.8
Accruals
108.1
112.4
Total \ufb01nancial liabilities at amortised cost
441.5
411.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "24 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 \ufb01nancial e\ufb00ect
of performance bonds and other arrangements. The Directors consider the possibility of a cash
out\ufb02ow 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 satis\ufb01ed for the Group to recognise the
land asset and corresponding liabilities within the consolidated statement of \ufb01nancial 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 out\ufb02ow 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 15, as a result of the Section 37 case the Group considers that the amount
of any potential impact on the de\ufb01ned bene\ufb01t obligation cannot be con\ufb01rmed and/or measured
with su\ufb03cient reliability at the 2025 year end. We are therefore disclosing this issue as a potential
contingent liability at 31 October 2025 and will review again in 2026 based on the \ufb01ndings of the
detailed investigation.
The Group is reviewing the recoverability of costs incurred from third parties where it has a contractual
right of recourse. As re\ufb02ected in these \ufb01nancial results, the Group has a track record of successfully
obtaining such recoveries, however no contingent assets have been recognised in these consolidated
\ufb01nancial statements for such items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "24 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 \ufb01nancial e\ufb00ect
of performance bonds and other arrangements. The Directors consider the possibility of a cash
out\ufb02ow 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 satis\ufb01ed for the Group to recognise the
land asset and corresponding liabilities within the consolidated statement of \ufb01nancial 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 out\ufb02ow 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 15, as a result of the Section 37 case the Group considers that the amount
of any potential impact on the de\ufb01ned bene\ufb01t obligation cannot be con\ufb01rmed and/or measured
with su\ufb03cient reliability at the 2025 year end. We are therefore disclosing this issue as a potential
contingent liability at 31 October 2025 and will review again in 2026 based on the \ufb01ndings of the
detailed investigation.
The Group is reviewing the recoverability of costs incurred from third parties where it has a contractual
right of recourse. As re\ufb02ected in these \ufb01nancial results, the Group has a track record of successfully
obtaining such recoveries, however no contingent assets have been recognised in these consolidated
\ufb01nancial statements for such items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "24 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 \ufb01nancial e\ufb00ect
of performance bonds and other arrangements. The Directors consider the possibility of a cash
out\ufb02ow 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 satis\ufb01ed for the Group to recognise the
land asset and corresponding liabilities within the consolidated statement of \ufb01nancial 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 out\ufb02ow 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 15, as a result of the Section 37 case the Group considers that the amount
of any potential impact on the de\ufb01ned bene\ufb01t obligation cannot be con\ufb01rmed and/or measured
with su\ufb03cient reliability at the 2025 year end. We are therefore disclosing this issue as a potential
contingent liability at 31 October 2025 and will review again in 2026 based on the \ufb01ndings of the
detailed investigation.
The Group is reviewing the recoverability of costs incurred from third parties where it has a contractual
right of recourse. As re\ufb02ected in these \ufb01nancial results, the Group has a track record of successfully
obtaining such recoveries, however no contingent assets have been recognised in these consolidated
\ufb01nancial statements for such items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "26 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 82-104. 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 15.
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:
\n \n
2025
2024
\u00a3m
\u00a3m
Interest income on joint venture funding
0.4
0.7
Project management fees recognised
2.0
1.9
Amounts due from joint ventures, net of expected credit losses
12.3
22.6
Amounts due to joint ventures
\u2013
0.1
Funding to joint ventures
(14.2)
(13.1)
Repayment of funding from joint ventures
6.2
36.4
Dividends received from joint ventures
\u2013
2.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "27 Group undertakings
In accordance with Section 409 Companies Act 2006, the following is a list of all the Group\u2019s
undertakings at 31 October 2025.
Subsidiary undertakings
At 31 October 2025 the Group had an interest in the below subsidiary undertakings, which are
included in the consolidated \ufb01nancial statements. All subsidiaries were incorporated in England
and\u00a0Wales.
\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or 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
Active
30 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 & 4 Harbourside Management
Company Limited
2
Dormant
31 December
83.33%
Clevedon Developments Limited
1
Dormant
31 October
100%
Clevedon Investment Limited
1
Active
31 October
100%
CN Assets Limited
1
Active
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%
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%
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.
\n\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
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%
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%
\n\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
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%
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%
\n
1
1: 500 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2HJ.
\n
2: Units 1, 2, and 3 Beech Court Wokingham Road, Hurst, Reading, England, RG10 0RU.
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 \ufb01nancial statements of Crest Nicholson Holdings plc as at
31 October 2025.
Castle Bidco Home Loans Limited (13687515)
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 2025 the Group had an interest in the following joint venture undertakings which are
equity accounted within the consolidated \ufb01nancial statements. The principal activity of all undertakings
is that of residential development. All joint ventures were incorporated in England and Wales.
\n \n
Voting rights
and share-
Registered
Active/
holding (direct
Entity name
o\ufb03ce
1
dormant
Year end date
or indirect)
Material joint ventures
Crest A2D (Walton Court) LLP
1
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%
Elmsbrook (Crest A2D) LLP
4
Active
31 March
50%
English Land Banking Company Limited
1
Dormant
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 Aviva Life & Pensions UK Ltd, 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 unincorporated arrangement with Persimmon plc, the purpose of which is
to develop a site in Ringwood, Hampshire. The two parties are jointly responsible for the development
of the site, the speci\ufb01cation and delivery of critical shared infrastructure is agreed by both parties
under an initial collaboration agreement and any deviations to that agreement must be agreed
unanimously. The costs of shared infrastructure at the site are split 60% to Persimmon plc and 40%
to Crest Nicholson which is consistent with the split of plots on the development for which each party
have taken responsibility for the direct build costs and revenues of speci\ufb01c plots on the development
and recognise revenues and costs consistent with their rights and obligations to costs revenue and
costs under the terms of the arrangement.
The Group is party to a joint unincorporated arrangement with Persimmon plc and Taylor Wimpey
plc, the purpose of which is to develop 80 apartments at a site in Horley, Surrey. The three parties
are jointly responsible for the control and management of the site\u2019s development, with the parties
responsible for funding the development of the site per to following proportions: Crest Nicholson:
53%, Persimmon plc: 26% and Taylor Wimpey plc: 21%, in return for the same proportion of the 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 \ufb01nancial position and consolidated income statement as
there is no legal entity in place and the arrangements are structured such that the Group has a direct
interest in the underlying assets and liabilities of each arrangement.
Crest Nicholson employee share ownership trust (ESOT)
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 \ufb01nancial statements, as the Group is considered
to have control over the ESOT.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "Joint operations
The Group is party to a joint unincorporated arrangement with Aviva Life & Pensions UK Ltd, 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 unincorporated arrangement with Persimmon plc, the purpose of which is
to develop a site in Ringwood, Hampshire. The two parties are jointly responsible for the development
of the site, the speci\ufb01cation and delivery of critical shared infrastructure is agreed by both parties
under an initial collaboration agreement and any deviations to that agreement must be agreed
unanimously. The costs of shared infrastructure at the site are split 60% to Persimmon plc and 40%
to Crest Nicholson which is consistent with the split of plots on the development for which each party
have taken responsibility for the direct build costs and revenues of speci\ufb01c plots on the development
and recognise revenues and costs consistent with their rights and obligations to costs revenue and
costs under the terms of the arrangement.
The Group is party to a joint unincorporated arrangement with Persimmon plc and Taylor Wimpey
plc, the purpose of which is to develop 80 apartments at a site in Horley, Surrey. The three parties
are jointly responsible for the control and management of the site\u2019s development, with the parties
responsible for funding the development of the site per to following proportions: Crest Nicholson:
53%, Persimmon plc: 26% and Taylor Wimpey plc: 21%, in return for the same proportion of the 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 \ufb01nancial position and consolidated income statement as
there is no legal entity in place and the arrangements are 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "28 Prior year restatement
In response to identi\ufb01ed control weaknesses, the Group investigated cost forecasting of sites in
its Eastern division through its strengthened Cost Value Recognition (CVR) process. A thorough
investigation identi\ufb01ed isolated issues in the cost forecasting of one Eastern site, where historical
non-compliance with the Group\u2019s CVR process was identi\ufb01ed as a result of insu\ufb03cient capability in
the division. In addition to strengthened controls in the previous year, Finance leadership in the
division has been replaced, and the new team led the investigation overseen directly by the CFO
and Group Commercial Director.
The investigation found signi\ufb01cant programme costs and changes to sales assumptions, that could
previously have reasonably been identi\ufb01ed, estimated, obtained and accounted for in previous
periods, from 2022 to 2024. In accordance with IAS 8 this is considered to be an accounting error
that requires adjustment of site margins recognised in prior periods. The adjustment does not re\ufb02ect
changes to estimates that could not have been reasonably estimated at the time without the bene\ufb01t
of hindsight. Such changes in estimates are accounted for in the period in which information becomes
reasonably available, and events occur to trigger an updated cost estimate that can be reasonably
and reliably estimated.
After considering a range of qualitative factors and the aggregate quantitative impact for the year
ended 31 October 2024, it was concluded that there was a material balance sheet error in the 2024
\ufb01nancial statements in the context of historical pro\ufb01ts recognised since 2022 and the equity position.
The additional forecast costs which should have been identi\ufb01ed in prior years would have reduced the
estimated full-life margin on the impacted site at that time. The full-life margin is used to determine the
amount of inventories to be expensed as cost of sales. To correct the error, the full-life margin at the
time has been recalculated to include the additional forecast costs, and the revised margin has been
used to recalculate the amount of inventories that should have been expensed.
The adjustment directly impacted cost of sales, income tax expense, inventories, current tax assets,
deferred tax assets and retained earnings. The impact on net income recognised in any one year is
not material. The tables below outline the impact on each line item. Where relevant to these changes,
other disclosures in the notes to the \ufb01nancial statements have also been restated.
Restated financial information
The below tables disclose the restated prior year \ufb01nancial information.
\n \n
As previously
Adjustment
reported
2024
As presented
\u00a3m
\u00a3m
\u00a3m
Consolidated income statement
Total
Cost of sales
(689.8)
(2.1)
(691.9)
Gross loss
(71.6)
(2.1)
(73.7)
Operating loss
(128.7)
(2.1)
(130.8)
Loss before tax
(143.7)
(2.1)
(145.8)
Income tax credit
40.2
0.6
40.8
Loss for the year attributable to equity shareholders
(103.5)
(1.5)
(105.0)
Total comprehensive expense attributable to equity shareholders
(97.1)
(1.5)
(98.6)
Basic loss per share (pence)
(40.4)
(0.6)
(41.0)
Adjusted basic loss per share (pence)
5.6
(0.6)
5.0
Consolidated statement of \ufb01nancial position
Deferred tax assets
39.7
1.3
41.0
Total non-current assets
127.8
1.3
129.1
Inventories
1,137.4
(8.3)
1,129.1
Current income tax receivable
4.1
0.6
4.7
Total current assets
1,314.4
(7.7)
1,306.7
Total assets
1,442.2
(6.4)
1,435.8
Net assets
728.9
(6.4)
722.5
Retained earnings
641.9
(6.4)
635.5
Total equity
728.9
(6.4)
722.5
Total equity at 1 November 2023
856.3
(4.9)
851.4
\n \n
As previously
Adjustment
reported
2024
As presented
\u00a3m
\u00a3m
\u00a3m
Changes in consolidated cash \ufb02ow statement
Loss for the year attributable to equity shareholders
(103.5)
(1.5)
(105.0)
Income tax credit
(40.2)
(0.6)
(40.8)
Operating loss before changes in working capital, provisions and
contributions to retirement bene\ufb01t obligations
(120.8)
(2.1)
(122.9)
Increase in inventories
22.2
2.1
24.3
Notes to the \ufb01nancial statements
Inventories expensed in the year
(497.6)
(2.1)
(499.7)
Alternative performance measures
Adjusted operating pro\ufb01t
31.3
(2.1)
29.2
Average of opening and closing capital employed
764.4
(5.6)
758.8
ROCE (%)
4.1
(0.3)
3.8
Land creditors as a percentage of net assets (%)
18.1
0.1
18.2
Inventory as a percentage of revenue (%)
184.0
(1.4)
182.6
The amount relating to years earlier than 2024 gave rise to an adjustment of \u00a34.9m (net of tax) to
opening retained earnings as at 1 November 2023, comprising a reduction of \u00a36.2m in inventories, an
increase in current income tax receivable of \u00a30.6m and an increase in the deferred tax asset of \u00a30.7m.
A third balance sheet has not been presented as is normally required by IAS 8 given the limited impact
outside of the items already disclosed.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800ROIFXRRRKVQD25", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } } } }