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"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-130": {
"value": "174000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-131": {
"value": "351300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-132": {
"value": "326800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-133": {
"value": "10000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-134": {
"value": "9900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-135": {
"value": "46300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherPayables",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-136": {
"value": "37000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherPayables",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-137": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-138": {
"value": "400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-139": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-140": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-141": {
"value": "58400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-142": {
"value": "48200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-143": {
"value": "133500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-144": {
"value": "125800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-145": {
"value": "37200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-146": {
"value": "40000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-147": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-148": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-149": {
"value": "1700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-150": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-151": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-152": {
"value": "1600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-153": {
"value": "41500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-154": {
"value": "43500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-155": {
"value": "251400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-156": {
"value": "235100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-157": {
"value": "1600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-158": {
"value": "1600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-159": {
"value": "21600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-160": {
"value": "18900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-161": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-162": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-163": {
"value": "227400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-164": {
"value": "213200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-165": {
"value": "251400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2024-06-03T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-166": {
"value": "235100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-310": {
"value": "The financial statements on pages 59 to 84 were approved by the board of directors on 29 July 2024 and were signed on its behalf by:
53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
\u00a3m
\u00a3m
- UK corporation tax on profits for the period
Adjustments to tax charge in respect of prior periods
Current overseas taxation:
- Overseas corporation tax on profits for the period
Adjustments to tax charge in respect of prior periods
Origination and reversal of timing differences
Adjustments to tax charge in respect of prior periods
Tax expense recognised in the income statement
Current tax credit relating to sharesave scheme
Deferred tax (credit)/debit relating to sharesave scheme
Credit taken directly to equity
The tax on the Group\u2019s profit before taxation differs in both periods presented from the standard rate of corporation tax in the UK as follows:
53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
\u00a3m
\u00a3m
Profit before taxation multiplied by the rate of corporation tax in the UK of 25% (2023: blended 20%)
Items not deductible/(assessable) for tax purposes
Different tax rates on overseas earnings
Adjustments to tax charge in respect of prior periods
Total tax charge for the period
The UK corporation tax rate increased from 19% to 25% from 1 April 2023. Items not assessable for tax purposes in the prior period include the UK\u2019s super
deduction for fixed asset additions as well as tax relief for other taxes paid.
Basic earnings per share is calculated by dividing the profit attributable to owners of the parent by the weighted average number of ordinary shares in issue
53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
Profit attributable to owners of the parent (\u00a3m)
Weighted average number of ordinary shares in issue (thousands)
Basic earnings per share (pence per share)
Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit attributable to owners of the parent and the weighted average number of shares
in issue throughout the period, adjusted for the dilutive effect of share options outstanding at the period end.
53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
Profit attributable to owners of the parent (\u00a3m)
Weighted average number of ordinary shares in issue (thousands)
Adjustment for share options (thousands)
Weighted average number of ordinary shares for diluted earnings per share (thousands)
Diluted earnings per share (pence per share)
Dividends of \u00a347.7m (145 pence per share), \u00a316.5m (50 pence per share), \u00a339.5m (120 pence per share), and \u00a334.6m (105 pence per share) were declared
and paid during the current period.
Dividends of \u00a329.6m (90 pence per share), \u00a39.8m (30 pence per share), \u00a314.8m (45 pence per share), \u00a342.8m (130 pence per share) and \u00a339.5m (120 pence
per share) were declared and paid during the prior period.
For the purpose of demonstrating that there were sufficient distributable reserves for dividend payments, interim financial statements for the Company
were prepared and filed at Companies House in August 2023, October 2023, January 2024, and April 2024.
71 Games Workshop Group PLC
NOTES TO THE FINANCIAL STATEMENTS continued
2024
2023
Group
\u00a3m
\u00a3m
Cost at beginning and end of period
Accumulated amortisation at beginning and end of period
Net book value at beginning and end of period
The Company had no goodwill at either period end.
Impairment tests for goodwill
In accordance with the requirements of IAS 36 \u2018Impairment of Assets\u2019 the Group completed a review of the carrying value of goodwill as at each period end.
The impairment review was performed to ensure that the carrying value of the Group\u2019s assets are stated at no more than their recoverable amount, being
the higher of fair value less costs of disposal and value in use. The key assumptions for the recoverable amount of the goodwill are the long-term growth
rate and the discount rate. The long-term growth rate used is purely for the impairment testing of goodwill under IAS 36 \u2018Impairment of Assets\u2019 and does not
reflect the long term planning assumptions used by the Group for any other assessments. In determining the value in use, the calculations use cash flow
projections for a period no greater than three years based on plans approved by management and, for the Group\u2019s cash-generating unit concerned, assumes
a long-term growth rate no higher than 2% (2023: 2%). The estimated future cash flows expected to arise from the continuing use of the assets were
calculated using discount rates ranging from 1.2% to 2.7% (2023: 2.2% to 4.9%).
Management reviewed the planned sales growth and gross margin on the investment in future product releases and initiatives currently being undertaken,
to deliver the expected future performance. Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) for impairment testing. All of the current
goodwill arises in the product and supply segment. Sensitivity analysis has not been disclosed in these financial statements since management consider that
there is no reasonably possible change in the key assumptions that would cause the carrying value of goodwill to fall below its recoverable amount.
14. Other intangible assets
Computer
Development
Other intangible
software
costs
assets
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 29 May 2022 and 30 May 2022
At 28 May 2023 and 29 May 2023
At 29 May 2022 and 30 May 2022
At 28 May 2023 and 29 May 2023
Amortisation of \u00a311.3m (2023: \u00a312.1m) has been charged in cost of sales and \u00a31.4m (2023: \u00a31.8m) in operating expenses.
The net book amount of internally generated intangible assets is \u00a317.1m (2023: \u00a317.4m) and acquired intangible assets is \u00a35.7m (2023: \u00a33.8m). The net
book amount of internally generated development costs is \u00a317.1m (2023: \u00a314.7m). \u00a316.6m (2023: \u00a314.2m) is capitalised salary costs.
Salary costs of \u00a39.4m (2023: \u00a38.1m) were capitalised as part of development costs during the period.
Assets in the course of development, and not amortised, amount to \u00a30.6m (2023: \u00a30.1m) with current and prior period amounts both being included within
An impairment loss of \u00a30.9m (2023: \u00a32.9m) has been recognised in relation to animation development costs. This has been charged to cost of sales.
An impairment loss of \u00a31.7m (2023: \u00a30.7m) has been recognised in relation to alterations required to previously capitalised elements of software. This has
been charged to operating expenses.
Other intangible assets of \u00a31.2m were capitalised during the period in respect of intellectual property licenses from third parties.
The Company had no other intangible assets at either period end.
72 Games Workshop Group PLC
15. Property, plant and equipment
Freehold
Plant and
Fixtures
land and
equipment
and
Moulding
buildings
and vehicles
fittings
tools
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 29 May 2022 and 30 May 2022
At 28 May 2023 and 29 May 2023
At 29 May 2022 and 30 May 2022
At 28 May 2023 and 29 May 2023
Depreciation expense of \u00a311.2m (2023: \u00a310.8m) has been charged in cost of sales, \u00a31.8m (2023: \u00a31.5m) in selling costs and \u00a31.4m (2023: \u00a31.4m) in
administrative expenses. Freehold land amounting to \u00a38.3m (2023: \u00a38.3m) has not been depreciated.
Assets in the course of construction, and not depreciated, amount to \u00a38.1m (2023: \u00a36.1m). \u00a33.2m (2023: \u00a34.0m) of these are included in moulding tools,
\u00a33.9m (2023: \u00a31.1m) is included in plant and equipment and vehicles and \u00a31.0m (2023: \u00a31.0m) is included in fixtures and fittings above.
The Company held no property, plant and equipment at either period end.
2024
2023
Group
\u00a3m
\u00a3m
Net book value at beginning of period
The net book value at end of the period can be analysed as follows:
2024
2023
Group
\u00a3m
\u00a3m
Plant and equipment and vehicles
The Company held no right-of-use assets at either period end.
Depreciation charged on right-of-use assets during the period was as follows:
53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
\u00a3m
\u00a3m
Plant and equipment and vehicles
73 Games Workshop Group PLC
18. Deferred tax assets and liabilities
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the
deferred taxes relate to the same fiscal authority.
Analysis of the movement in deferred tax assets is as follows:
Assets on
Liability on
Profit
Accelerated
lease
right-of-use
in stock
depreciation
liabilities
assets
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 29 May 2022 and 30 May 2022
(Charged)/credited to the income statement
At 28 May 2023 and 29 May 2023
Credited/(charged) to the income statement
Analysis of the movement in deferred tax liabilities is as follows:
Assets on
Liability on
Profit
Accelerated
lease
right-of-use
in stock
depreciation
liabilities
assets
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 29 May 2022 and 30 May 2022
(Charged)/credited to the income statement
Charged directly to equity
At 28 May 2023 and 29 May 2023
(Charged)/credited to the income statement
Credited directly to equity
Included within the amount charged to the income statement for the prior period are adjustments in respect of right-of-use assets and associated lease
liabilities following the application of amendments to IAS 12, \u2018Income taxes\u2019.
The profit in stock deferred tax asset arises on temporary differences between the recognition of profits on intra group sales within the consolidated group
financial statements and the financial statements of subsidiary undertakings. Other deferred tax assets and liabilities include adjustments for inventory
provisions of \u00a31.4m (2023: \u00a30.9m), exercise of share options of \u00a30.5m (2023: \u00a30.3m), long service incentive scheme of \u00a30.5m (2023: \u00a30.4m) and losses
available for offset of \u00a30.1m (2023: \u00a30.1m).
Deferred tax assets are recognised in respect of tax losses and temporary differences to the extent that the realisation of the related tax benefit through
future taxable profits is probable. This is based on a review of the track record of profitability in the country concerned. There was no unrecognised deferred
tax at 2 June 2024 or 28 May 2023 in either the Group or the Company. The Group did not obtain a current tax benefit from previously unrecognised tax
losses in either of the periods presented.
Deferred tax assets of the Company in respect of accelerated depreciation and other temporary differences were less than \u00a30.1m throughout the periods
from 29 May 2022 to 2 June 2024.
Finished goods and goods for resale
The Group holds no inventories at fair value less costs to sell. During the period, the Group utilised an inventory provision of \u00a33.6m (2023: \u00a310.8m) and
\u00a35.8m (2023: \u00a38.0m) has been charged to the income statement.
The Company held no inventories at either period end.
20. Non-current receivables
Restated
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total non-current receivables
Prior period licensing and other receivables of \u00a313.6m have been disaggregated to \u00a312.6m licensing receivables and \u00a31.0m other receivables to provide
more information on the nature of the amounts.
Licensing receivables have been assessed for impairment and are recognised less allowance for expected credit losses of \u00a31.7m (2023: \u00a3nil, see note 21 for
details of provision recognised against current licensing receivables).
75 Games Workshop Group PLC
NOTES TO THE FINANCIAL STATEMENTS continued
31. Analysis of net funds continued
Lease liabilities
Cash at bank
Group
\u00a3m
\u00a3m
Net funds as at 29 May 2022 and 30 May 2022
Foreign exchange movement
Net funds as at 28 May 2023 and 29 May 2023
Foreign exchange movement
Cash flows in respect of lease liabilities reflect repayments of principal amounts.
Capital expenditure contracted for at the balance sheet date but not yet incurred is as follows:
2024
2023
Group
\u00a3m
\u00a3m
Property, plant and equipment
The Group leases various retail stores, offices, warehouses and equipment under non-cancellable lease arrangements. The liabilities for these leases are
recorded on the Group\u2019s balance sheet when the Group obtains control of the underlying asset. The Group has additional commitments relating to leases
where the Group has entered into an obligation but does not yet have control of the underlying asset. The Group currently has a commitment of \u00a32.5m,
\u00a32.4m of which is relating to the Australian warehouse lease (2023: less than \u00a30.1m).
The Company had no capital commitments or commitments to leases at either period end.
Inventory purchase commitments
2024
2023
Group
\u00a3m
\u00a3m
The Company had no inventory purchase commitments at either period end.
The Group and Company operate defined contribution schemes. Commitments in respect of pensions are included within prepayments and accruals.
82 Games Workshop Group PLC
NOTES TO THE FINANCIAL STATEMENTS continued
Options to acquire share capital of the Group have been granted to eligible employees who enter into a sharesave contract. Participation in the sharesave
scheme is offered to all employees of the Group who have been employed for a continuous period determined by the board. Under the sharesave contract,
participating employees are granted a share option, giving the future right to purchase shares in the Company at a 15%-20% discount on the share price at
the time of the invitation. Employees save a regular sum each month up to a maximum of \u00a3500 per month for three years, or for two years for the US. At the
end of this period, on completion of the contract, employees immediately have six months to exercise their options. For the US, options are exercised
automatically on the maturity date.
Share options outstanding at the period end date have the following expiry date and exercise prices:
Share options outstanding
2024
2023
Scheme
Grant date
Expiry date
Exercise price
No.
No.
2020 Scheme - Rest of world
2021 Scheme - Rest of world
2022 Scheme - Rest of world
2023 Scheme - Rest of world
The following table summarises the movements in sharesave options during the period:
Weighted
Weighted
average exercise
average exercise
price
price
Outstanding at beginning of the period
Outstanding at end of the period
There were no exercisable shares at the end of either period.
All options granted will be equity settled.
The weighted average market price of Games Workshop Group PLC shares at the date of exercise of sharesave scheme options during the period was
\u00a3100.41 (2023: \u00a367.11).
The expense or credit in respect of the share-based payments are recharged from the parent company to the subsidiary company in which the relevant
Options granted during the year
The fair value at grant date is independently determined using an adjusted form of the Black-Scholes model that takes into account the exercise price, the
term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, and the risk-free interest
rate for the term of the option. The key inputs used to derive the fair value of the options granted in the year were as follows:
Share price at grant date
Games Workshop Group PLC (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) designs and manufactures miniature figures and games and
distributes these through its own network of retail stores, independent retailers and online via the global web stores. The Group has manufacturing activities
in the UK and sells mainly in the UK, Continental Europe, North America, Australia, New Zealand and Asia . The Group also grants licences to third parties for
the development of video games and other products utilising the Group\u2019s intellectual property.
The Company is a public listed company, incorporated and domiciled in the United Kingdom. The address of its registered office is Willow Road, Lenton,
Nottingham, NG7 2WS, United Kingdom.
The Company\u2019s ordinary share capital is listed on the London Stock Exchange.
The financial statements of Games Workshop Group PLC have been prepared 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.
Goodwill arising on acquisition of subsidiaries represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net
identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is tested annually for impairment, or when an indicator of impairment
arises, and is carried at cost less accumulated impairment losses. Provision is made for any impairment by comparing the value in use to the net carrying
value. Goodwill is allocated to cash generating units for the purpose of impairment testing.
Costs incurred in respect of product design and development activities are recognised as intangible assets when they meet the criteria of IAS 38 \u2018Intangible
Assets\u2019 and are wholly attributable to specific projects. Product development costs recognised as intangible assets are either amortised on a reducing
balance basis, with rates ranging from 65% to 80%, or are fully amortised in the month of the relevant product release. The selected amortisation method is
chosen to match the expenditure incurred to the expected revenue generated from the subsequent product release.
Acquired computer software licences and related development expenditure are capitalised on the basis of the costs incurred to acquire and bring into use
the specific software. Where software is acquired under a cloud computing arrangement, only those costs incurred in developing a separate identifiable
asset owned and controlled by the Group, such as an interface between the Group\u2019s systems, are capitalised. Computer software licences are held at cost
and amortised on a straight line basis over the expected useful lives of the assets. Costs associated with maintaining computer software programmes are
recognised as an expense as incurred. Software development costs that are directly attributable to the design and testing of identifiable and unique
products controlled by the Group are recognised as intangible assets when they meet the criteria of IAS 38 \u2018Intangible Assets\u2019. Other development
expenditure that does not meet these criteria is recognised as an expense as incurred.
The principal annual amortisation rates are:
Core business systems computer software
Web store computer software
Intellectual property licences are capitalised on the basis of the costs incurred to acquire. Licences are amortised on a straight line basis over the licence
Depreciation is calculated over the expected useful economic lives of the assets concerned to write down to the assets\u2019 residual value and commences from
the date the asset is available for use. The principal annual depreciation rates are:
Straight line %
Reducing balance %
of cost
of net book value
Plant and equipment and vehicles
Moulding tools - product specific
Moulding tools - non-product specific
Leasehold improvements are depreciated over the shorter of the useful economic life of the asset or the period of the lease. These assets are included
within fixtures and fittings. Freehold land is not depreciated.
Foreign currency translation
The consolidated financial statements are presented in sterling, which is the Company\u2019s functional and presentation currency. Items included in the financial
statements of each of the group entities are measured using the currency of the primary economic environment in which the entity operates (the functional
currency). Monetary assets and liabilities expressed in currencies that are not the functional currency are translated into the functional currency at rates of
exchange ruling at the balance sheet date. The financial statements of overseas subsidiary companies prepared in functional currencies other than sterling
are translated into sterling as follows:
- Assets and liabilities are translated at the closing rate at the date of the balance sheet;
- Income and expenses are translated at the average rate for the period;
- All resulting exchange differences are recognised as a separate component of equity.
Deferred taxation is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying
amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. In principle, deferred
tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits
will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference
arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither
the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at
the rates that are expected to apply when the asset or liability is settled. Deferred tax is charged or credited in the income statement, except where it relates
to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
As Games Workshop is a vertically integrated business, management assesses the performance of sales channels and manufacturing and distribution
channels separately. Share-based payment charges and Group Profit Share Scheme charges to employees have all been included in core operating expenses.
As at 2 June 2024, Games Workshop has two segments, core and licensing:
- Core: the core segment includes all revenue and expenditure relating to the design, manufacture and sales of our fantasy miniatures and related
products. It also includes the revenue and expenditure related to Warhammer+.
- Licensing: the licensing segment includes all revenue and expenditure relating to licences granted to external partners.
We provide further information on revenue within the core segment below. The core segment has been divided into channels as follows:
- Trade: this sales channel sells globally to independent retailers, agents and distributors. It also includes the Group\u2019s magazine newsstand business and
the distributor sales by the Group\u2019s publishing business (Black Library).
- Retail: this includes sales through the Group\u2019s retail stores, the Group\u2019s visitor centre in Nottingham and global events.
- Online: this includes sales through the Group\u2019s global web stores, our online subscription service (Warhammer+) and digital sales through external
- Design, manufacturing, logistics and operations, which includes costs for:
- the Warhammer Studio (that creates all of the IP and the associated miniatures, artwork, games and publications);
- the production facilities;
- the warehouses and logistics costs;
- charges for inventory provisions. This includes adjustments for the profit in stock arising from inter-segment sales; and
- support services (marketing, IT, accounting, payroll, personnel, procurement, legal, health and safety, customer services and credit control)
provided to activities across the Group;
- Group: this includes the Company\u2019s overheads.
The chief operating decision-maker, identified as the executive directors, assesses the performance of each segment based on segmental operating profit.
This has been reconciled to the Group\u2019s total profit before taxation below.
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Design, manufacturing, logistics and operations
Share-based payment charge
Group Profit Share Scheme
Segment revenue and segment profit include transactions between business segments; these transactions are eliminated on consolidation. Sales between
segments are carried out at arm\u2019s length. The revenue from external parties reported to the executive directors is measured in a manner consistent with
that in the income statement. Sales regions analysed within the segments reported to the executive directors differ from the analysis of sales by customer
geography, due to the categorisation of some European and Asian customers. For information, core external revenue is analysed further below:
53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
\u00a3m
\u00a3m
UK and Continental Europe
Australia and New Zealand
Australia and New Zealand
Australia and New Zealand
Total Online (excluding digital)
Total external core revenue
External core revenue analysed by customer geographical location is as follows:
53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
\u00a3m
\u00a3m
Australia and New Zealand
The Group is not reliant on any one individual customer.
53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
\u00a3m
\u00a3m
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00/2024-06-03T00:00:00"
}
},
"fact-32": {
"value": "5. Operating expenses 53 weeks ended 52 weeks ended 2 June 2024 28 May 2023 \u00a3m \u00a3m Selling costs 86.2 77.3 Administrative expenses 86.5 74.1 172.7 151.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00/2024-06-03T00:00:00"
}
},
"fact-337": {
"value": "Administrative expenses 86.5 74.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00/2024-06-03T00:00:00"
}
},
"fact-33": {
"value": "6. Directors and employees Group Company 53 weeks ended 52 weeks ended 53 weeks ended 52 weeks ended 2 June 2024 28 May 2023 2 June 2024 28 May 2023 \u00a3m \u00a3m \u00a3m \u00a3m Total directors\u2019 and employees\u2019 costs: Wages and salaries 121.3 102.7 3.7 3.1 Social security costs 11.4 9.9 0.2 0.2 Other pension costs 4.9 4.3 - - Share-based payment 1.1 1.0 - - 138.7 117.9 3.9 3.3 Details of capitalised salary costs, included in the above, are provided in note 14. Redundancy costs and compensation for loss of office, not included in the above, are provided in note 9. This includes performance related elements of salary costs and payments under the Group Profit Share Scheme to employees of \u00a323.2m (2023: \u00a314.6m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00/2024-06-03T00:00:00"
}
},
"fact-34": {
"value": "Key management compensation The directors of the Group are considered to be the key management personnel of the Group. The remuneration of the directors of the Group is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019. 53 weeks ended 52 weeks ended 2 June 2024 28 May 2023 \u00a3m \u00a3m Short-term employee benefits 3.4 2.6 Share-based payments - - 3.4 2.6 In the period, there were two directors (2023: two) to whom retirement benefits were accruing in respect of money purchase schemes. Further information relating to directors\u2019 emoluments, shareholdings and share options is disclosed in the remuneration report on pages 40 to 50. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00/2024-06-03T00:00:00"
}
},
"fact-35": {
"value": "Employee numbers 53 weeks ended 52 weeks ended 2 June 2024 28 May 2023 Group No. No. Monthly average full time equivalent number of employees (including directors) by activity: Design and development 315 295 Production and warehousing 792 714 Selling: - Full time 993 970 - Part time 77 80 Services 629 586 2,806 2,645 The monthly average number of employees for the Company was three (2023: six) and there were four non-executive directors (2023: four). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00/2024-06-03T00:00:00"
}
},
"fact-323": {
"value": "53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
\u00a3m
\u00a3m
- On cash and cash equivalents
53 weeks ended
52 weeks ended
2 June 2024
28 May 2023
\u00a3m
\u00a3m
- Interest expense on lease liabilities
- - Owned property, plant and equipment
- - Owned computer software
- - Other intangible assets
17. Investments in subsidiaries
2024
2023
Company
\u00a3m
\u00a3m
Shares in group undertakings - cost
Beginning of period and end of period
Investments in group undertakings are stated at cost less any provision for impairment.
A list of subsidiary undertakings is given below.
Interests in group undertakings
Proportion of nominal
value of issued shares
held by:
Description of
Subsidiary
Name of undertaking
Registered address of undertaking
shares held
Company
company
Principal business activity
Willow Road, Lenton, Nottingham,
\u00a31 ordinary
100%
Manufacturer, distributor and
NG7 2WS, UK
retailer of games and miniatures
Games Workshop Retail Inc.
6211 East Holmes Road, Memphis,
$1 common
Distributor and retailer of games
Tennessee, 38141, USA
stock
and miniatures
Games Workshop (Queen
3251 Yonge Street, Toronto, Ontario,
Retailer of games and miniatures
Street) Limited
M4N 2L5, Canada
10, Rue Joseph Serlin, Lyon, 69001, France
Retailer of games and miniatures
Arag\u00f3n 208-210, Planta 4 Puerta 1 08011
Retailer of games and miniatures
Barcelona, Spain
Games Workshop Oz Pty
23 Liverpool Street, Ingleburn,
Distributor and retailer of games
Limited
New South Wales 2565, Australia
and miniatures
Games Workshop Deutschland
Am Wehrhahn 32, 40211 D\u00fcsseldorf,
Retailer of games and miniatures
GmbH
Germany
80 Queen Street, Auckland, 1010,
Retailer of games and miniatures
New Zealand
Games Workshop Italia SRL
Viale Castro Pretorio 122, 00185 Rome,
Retailer of games and miniatures
Italy
Games Workshop International
Willow Road, Lenton, Nottingham,
Holding company for overseas
Limited
NG7 2WS, UK
subsidiary companies
Games Workshop US Limited
Willow Road, Lenton, Nottingham,
Holding company for US subsidiary
NG7 2WS, UK
companies
Games Workshop US (Holdings)
Willow Road, Lenton, Nottingham,
\u00a31 ordinary
Intermediary holding company for
Limited
NG7 2WS, UK
US subsidiary companies
Games Workshop Good Hobby
153-155 Xujiahui Road, Huangpu Area,
Distributor and retailer of games
(Shanghai) Commercial Co. Ltd
Shanghai, 200021, China
and miniatures
Games Workshop Trustee
Willow Road, Lenton, Nottingham,
Limited
NG7 2WS, UK
Games Workshop Stockholm AB
Master Samuelsgatan 67, Stockholm 11121,
Retailer of games and miniatures
Sweden
Games Workshop Hong Kong
3806 Central Plaza, 18 Harbour Road,
Distributor and retailer of games
Limited
Wanchai, Hong Kong
and miniatures
Games Workshop Hobby Pte.
Red House, #01-04, 63 East Coast Road,
Distributor and retailer of games
Limited
428776, Singapore
and miniatures
Games Workshop Malaysia Sdn.
Unit A-3-6, TTDI Plaza, 3 Jalan Wan Kadir,
Distributor and retailer of games
Bhd.
Taman Tun Dr Ismail, 60000 Kuala Lumpur,
and miniatures
Malaysia
Games Workshop Interactive
Willow Road, Lenton, Nottingham,
Limited
NG7 2WS, UK
Willow Road, Lenton, Nottingham,
NG7 2WS, UK
Citadel Miniatures Limited
Willow Road, Lenton, Nottingham,
NG7 2WS, UK
Games Workshop Step One
Willow Road, Lenton, Nottingham,
Production of motion picture,
Limited
NG7 2WS, UK
video and television programmes
Games Workshop EU Espana,
Calle Aragon 208 210, Planta 4, Puerta 6,
Distributor of games and
SLU
08011, Barcelona, Spain
miniatures
All of the above entities are included in the consolidated financial statements for the Group and 100% of the voting rights of all entities is held.
All of the above companies operate principally in their country of incorporation or registration.
The directors consider the value of the investments is supported by the underlying assets of the relevant subsidiary.
Prepayments and accrued income
The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign currency risk and interest rate risk), liquidity risk, capital risk and
credit risk. The Group\u2019s financial risk management objective is to understand the nature and impact of the financial risks and exposures facing the business.
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions as well as credit exposures to independent retailers.
The Group controls credit risk from a treasury perspective by only entering into transactions involving financial instruments with authorised counter-parties
with approved credit ratings, and by ensuring that such positions are monitored regularly. Credit risk on cash and short term deposits is mitigated as the
counter-parties are banks with high credit ratings assigned by international credit rating agencies. Trade receivables are all considered to be the same risk
level excepting those trade receivables aged over 3 months past due which are fully provided for.
There is no significant concentration of credit risk with respect to trade receivables, as the Group has a large number of customers that are internationally
dispersed. Policies are also in place to ensure the wholesale sales of products are made to customers with an appropriate credit history and credit limits are
periodically reviewed. Amounts recoverable from customers are reviewed on an ongoing basis and appropriate provision made for bad and doubtful debts
(note 21). Provision requirements are determined with reference to ageing of invoices, credit history and other available information. Trade receivables are
written off when there is no reasonable expectation of recovery, such as when the customer has been declared insolvent.
Sales made through our own retail stores or our global web stores are made in cash or with major credit cards.
Liquidity is managed by maintaining sufficient cash balances to meet working capital needs. Cash flow requirements are monitored by short and long term
rolling forecasts both within the local operating units and for the overall group. In addition, the Group\u2019s liquidity management policy involves projecting cash
flows in the major currencies and considers the level of liquid assets necessary to meet these, monitoring working capital levels and liquidity ratios.
The undiscounted contractual cash flows of the Group\u2019s financial liabilities, including interest charges where applicable, are shown below. All trade payables
are contractually due within 12 months and therefore the fair values do not differ from their carrying values.
Between
Between
More
Between
Between
More
Within
1 and 2
2 and 5
than
Within
1 and 2
2 and 5
than
1 year
years
years
5 years
1 year
years
years
5 years
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within
Within
1 year
1 year
2024
2023
Company
\u00a3m
\u00a3m
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800RP9QJQYGWHNT41",
"period": "2023-05-29T00:00:00/2024-06-03T00:00:00"
}
},
"fact-329": {
"value": "Financial instruments by category
Group
Company
Financial assets at
Financial assets at
amortised cost
amortised cost
Restated
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets as per balance sheet
Receivables from group companies
Cash and cash equivalents
Prior period licensing and other receivables of \u00a326.1m have been disaggregated to \u00a321.5m licensing receivables and \u00a34.6m other receivables to provide more
information on the nature of the amounts.
The increase in the loans to group companies is due to a \u00a345m loan made by the Company in the period as part of our day-to-day treasury management.
Group
Company
Financial liabilities at
Financial liabilities at
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities as per balance sheet
Payables to group companies
Loans from group companies
Prepayments, deferred income balances and other taxes and social security payables have been excluded from the above as they are not financial assets or
Total called up
share capital
Called up
Share
and share
share capital
premium
premium
\u00a3m
\u00a3m
\u00a3m
Shares issued under employee sharesave scheme
Shares issued under employee sharesave scheme
During the period 37,902 ordinary shares were issued (2023: 74,162). The total authorised number of shares is 42,000,000 shares (2023: 42,000,000 shares)
with a par value of 5p per share (2023: 5p per share). All issued shares are fully paid.
Capital
Capital
redemption
Translation
Other
redemption
Translation
Other
reserve
reserve
reserve
Total
reserve
reserve
reserve
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Exchange differences on translation of foreign operations
The other reserve relates to a bonus issue to the previous holders of the Company\u2019s ordinary shares created on flotation.
As at 2 June 2024, the Company\u2019s capital redemption reserve was \u00a30.1m (2023: \u00a30.1m).
34. Related party transactions
During the period the Company provided management and similar services to Games Workshop Limited, a subsidiary undertaking.
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation for the Group.
Transactions between the Company and its subsidiaries are shown below:
2024
2023
Nature of transaction
\u00a3m
\u00a3m
Interest on loan received
Games Workshop International Limited
Games Workshop Retail Inc.
Receivables/(payables) outstanding between the Company and its subsidiaries are shown below:
Amount owed by subsidiaries
Amount owed to subsidiaries
2024
2023
2024
2023
Subsidiary
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Games Workshop (Queen Street) Limited
Games Workshop Retail Inc.
Games Workshop Good Hobby (Shanghai) Commercial Co. Ltd
Loans outstanding between the Company and its subsidiaries are shown below:
Amount owed by subsidiaries
Amount owed to subsidiaries
2024
2023
2024
2023
Subsidiary
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Games Workshop Limited
49.1
3.9
(20.0)
(20.7)
Games Workshop Retail Inc.
20.0
20.7
-
-
Games Workshop Interactive Limited
Less provision for impairment
The increase in the amounts owed by Games Workshop Limited is due to a \u00a345m loan made by the Company in the period as part of our day-to-day treasury