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"period": "2024-01-01T00:00:00",
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},
"Tag551": {
"value": "\n
\n\n1. General information
\nThe Group Financial Statements of LSL and its subsidiaries for the year ended 31 December 2024 were authorised for issue by the Board of
\nDirectors on 25 March 2025. LSL is a company which is listed on the London Stock Exchange, incorporated and domiciled in England and Wales and
\nthe Group operates Financial Services, Surveying & Valuation and Estate Agency Franchising businesses.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag554": {
"value": "\n1. General information
\nThe Group Financial Statements of LSL and its subsidiaries for the year ended 31 December 2024 were authorised for issue by the Board of
\nDirectors on 25 March 2025. LSL is a company which is listed on the London Stock Exchange, incorporated and domiciled in England and Wales and
\nthe Group operates Financial Services, Surveying & Valuation and Estate Agency Franchising businesses.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag552": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag553": {
"value": "England",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag555": {
"value": "the Group operates Financial Services, Surveying & Valuation and Estate Agency Franchising businesses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag556": {
"value": "\n
\n
\n
\n2. Accounting policies, judgements and estimates
\n\n
\n2.1 Basis of preparation
\nThe accounting policies which follow set out material information about the accounting policies which apply in preparing the Financial Statements
\nfor the year ended 31 December 2024. The policies have been applied consistently to all years presented.
\n\nThe Group\u2019s Financial Statements are
\npresented in pound sterling and all values are rounded to the nearest thousand pounds (\u00a3\u2019000) except when otherwise indicated.
\n\n\n\n\n
\n\nThese Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards. The Group Financial
\nStatements have been prepared on a going concern basis under the historical cost convention and on a historical cost basis, except for certain debt
\nand equity financial assets that have been measured at fair value.
\n
\n\n\n\n\nIn preparing the Financial Statements management has considered the impact of climate change, which is described in detail in our TCFD and CFD
\nStatement. The Group has assessed climate-related risks, covering both physical risks and transition risks. In the short (0-3 years) to medium term
\n(4-9 years). Climate-related matters have a relatively low impact on LSL\u2019s strategy and business model, and therefore there is a high degree of
\nresilience. However, there are number of risks that may result in increased costs and have an impact on operations that, whilst unlikely to have a
\nsignificant impact, are factored into our business and financial planning. Over the long term (beyond 10 years), there could be physical risks, such
\nas severe weather, flooding events, increase in temperature and rising sea levels, as well as transition risks such as policy and regulation changes.
\nThe risk to the Group\u2019s own premises as a result of climate change is considered low, the majority of our property portfolio is leased, and we would
\nnot expect significant climate-related costs during the remainder of our current lease terms. The impact of climate change in the medium to long
\nterm is likely to be localised and have varying degrees of impact on the areas where we work and our revenue profile. This could have an impact on
\nthe carrying value of goodwill and investments.
\n
\n\n\n\n\n\n
\n
\n2.2 Basis of consolidation
\nThe consolidated Financial Statements comprise the Financial Statements of the Company and its subsidiaries as at 31 December 2024. The
\nfinancial year represents the year from 1 January 2024 to 31 December 2024.
\n\nSubsidiaries
\nSubsidiaries are consolidated from the date that control commences until the date control ceases. A change in the ownership interest of a
\nsubsidiary, without a loss of control, is accounted for as an equity transaction.
\n
\n\n\n\n\n\n
\n\nInterest in joint venture
\nThe Group\u2019s share of the results of joint venture is included in the Group Income Statement using the equity method of accounting. Investment
\nin joint ventures are carried in the Group Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity,
\nless any impairment in value. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for
\nimpairment individually. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the
\nextent of the interest in the joint venture.
\nIn addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes,
\nwhen applicable, in the statement of changes in equity.
\nThe Financial Statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to
\nbring the accounting policies in line with those of the Group.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n2.3 Going concern
\nThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the
\nFinancial and Divisional Reviews section (page 14) of the Strategic Report. The financial position of the Group, its cash flows, liquidity position and
\npolicy for treasury and risk management are described in the Financial Review section of the Strategic Report (page 14). Details of the Group\u2019s
\nborrowing facilities are set out in note 31. The Group\u2019s objectives, policies and processes for managing its capital, its financial risk management
\nobjectives, details of its financial instruments, and its exposures to credit risk and liquidity risk are also set out in note 31. A description of the
\nGroup\u2019s principal risks and uncertainties and arrangements to manage these risks can be found in the Risk Management section of the Strategic
\nReport on page 34.
\nThe UK Corporate Governance Code requires the Board to assess and report on the prospects of the Group and whether the business is a going
\nconcern. In considering this requirement, the Directors have taken into account the Group\u2019s forecast cash flows, liquidity, borrowing facilities and
\nrelated covenant requirements and the expected operational activities of the Group.
\nThe Group expects to continue to meet its day-to-day working capital requirements through cashflows generated by its trading activities and
\navailable cash resources (31 December 2024: \u00a332.4m). The Group\u2019s banking facility, a \u00a360.0m committed revolving credit facility has a maturity
\ndate of January 2030. The Group has not currently utilised the facility leaving \u00a360.0m of available undrawn committed borrowing facilities in
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\nrespect of which all conditions precedent had been met. The facility agreement contains financial covenants, including minimum net debt to
\nEBITDA ratio, which mean that, under downside scenarios, the full facility would not be available in the going concern period. In January 2025, LSL
\namended and restated the previous RCF facility that had a maturity date of May 2026. The renewed facility now matures in January 2030 with the
\nsame limit of \u00a360.0m on materially the same basis, including covenants.
\nThe Directors have continued to run a variety of scenario models throughout the year to help the ongoing assessment of risks and opportunities
\ncovering the period to 30 June 2026 (\u201cthe going concern period\u201d). In the scenarios, the Directors considered both current trading and external
\nindustry data. In developing a base case forecast the Directors have assumed inflation and interest rates of 2.4% and 4.25%, respectively, by the
\nend of 2025 and 2.0% and 3.5%, respectively, for 2026.
\nThe Directors have performed a reverse stress test to determine the events and circumstances which would need to arise in order to threaten the
\nGroup\u2019s ability to continue as a going concern. Such scenarios would require a significant reduction in market transaction volumes below the low
\npoint experienced during the Global Financial Crisis and in turn reduce Group revenue by c.25% compared to current performance. Under such a
\nscenario, all available cash balances would be utilised and the facility would be unavailable due to financial covenants. If severe downside scenarios
\narose, there are cost mitigations that could be applied, as well as cash conservation action such as pausing dividend payments and planned
\ninvestments. The Directors have concluded that the likelihood of such a severe scenario arising is remote and have concluded that there are no
\nplausible threats to the Group\u2019s ability to continue through the going concern period. Therefore, the financial information has been prepared
\nunder the going concern basis of preparation.
\nIn reaching its conclusion on the going concern assessment, the Board considered the findings of the work performed to support the Group\u2019s
\nlong-term viability statement. As noted in the Viability Statement, on page 39, this included assessing forecasts of severe but plausible downside
\nscenarios related to our principal risks, notably the extent to which a severe downturn in the UK lending and housing markets, close to levels seen
\nduring the financial crisis in 2008, would affect the Group\u2019s base forecasts.
\nHaving due regard to the scenarios above and after making appropriate enquiries, the Directors have a reasonable expectation that the Group and
\nthe Company have adequate resources to remain in operation to 30 June 2026. The Board have therefore continued to adopt the going concern
\nbasis in preparing this Report.
\n
\n\n\n\n\n\n
\n2.4 Revenue recognition
\nRevenue is recognised under IFRS 15. The standard is based on a single model that distinguishes between promises to a customer that are satisfied
\nat a point in time and those that are satisfied over time. Revenue is recognised when performance obligations are fulfilled.
\nFinancial Services Division
\nRevenue is earned on mortgage procuration fees and insurance commissions from brokering of protection and general insurance policies. Revenue
\nfrom mortgage procuration fees is recognised by reference to the completion date of the mortgage/remortgage on the housing transaction and
\nrevenue from insurance commissions is recognised by reference to the date that the policy goes on risk. The commission refund liability associated
\nwith insurance commissions is recognised as a reduction in revenue which is calculated with reference to historical refunds which have occurred,
\ncommission refund liabilities are recorded within trade and other payables.
\nThe Group acts as both a principal and agent depending on its arrangements with the lenders and broker firms. In scenarios where the Group
\ndetermines that it has control of the service before it is provided to a client, the Group recognises revenue as the gross amount of consideration
\nexpected to be received following satisfaction of the performance obligation. In scenarios where the Group concludes that it does not control the
\nservice before it is provided to a client, the Group recognises revenue on a net basis, being gross consideration less any fee or commission due to a
\ncounterparty.
\nEstate Agency Franchising Division
\nIn 2023, the Group transitioned to a fully franchised business model for its principal estate agent businesses and the revenue from the formerly
\nowned operations has been presented as discontinued, see note 2.7 for further details. The accounting policies for both franchise and residential
\nservices which includes lettings, new build residential sales and conveyancing services, are set out below.
\n\n
\n\nFranchise services:
\nRevenue represents the value of commissions, charges for services and fixed fees due to the Group under franchise agreements. The Group earns
\na percentage of all sales and lettings income generated by the franchisees. Revenue in respect of commissions due on house sales is recognised
\nat the point of the relevant property sale where the contracts are exchanged, in which the franchisee acts as estate agent. Revenue in respect
\nof commissions due on lettings, property management and ancillary products is recognised at the point at which the underlying performance
\nobligation has been delivered by the franchisee. Revenue for services provided by the Group to franchisees is recognised at a point in time when
\nthe service has been performed, reflecting the completion of the Group\u2019s performance obligation. The franchise agreements include fixed fees
\nwhich are charged per branch on a monthly basis for the term of the franchise agreement and are recognised over time.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n\n
\nResidential services:
\nNew build residential sales:
\nRevenue earned by the Group\u2019s new build residential sales business is recognised by reference to the legal exchange date of the housing
\ntransaction.
\nConveyancing services:
\nWhere the Group provides conveyancing packaging services, the revenue is recognised by reference to the legal exchange date of the housing
\ntransaction.
\nSurveying & Valuation Division
\nSurveying & Valuation:
\nRevenue from the supply of surveying and valuation services is recognised upon the completion of the professional survey or valuation by the
\nsurveyor, and therefore at a point in time.
\nAsset management:
\nRevenue earned from the repossessions asset management business is recognised by reference to the legal exchange date of the housing
\ntransaction.
\n\n
\n\nInterest income from client monies balances
\nRevenue is recognised at a point in time as interest accrues (using the effective interest method \u2013 that is the rate that discounts estimated future
\ncash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset).
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n2.5 Segment reporting
\nAn operating segment is a distinguishable segment of an entity that engages in business activities from which it may earn revenues and incur
\nexpenses and whose operating results are reviewed regularly by the Board. The Board reviews the Group\u2019s operations and financial position as
\nFinancial Services, Surveying & Valuation and Estate Agency Franchising, and therefore considers that it has three operating segments. During
\n2023, the Group made the strategic decision to convert the entire owned estate agency branch network into franchises, in doing so the Estate
\nAgency Franchising operating segment became mainly a provider of franchise services.
\nWithin the Estate Agency Franchising operating segment, the only remaining owned operations relate to the Group\u2019s new build residential sales
\nand conveyancing packaging businesses which are LSL Land & New Homes Ltd and Homefast Property Services Limited, representing less than 10%
\nof the Group\u2019s total revenue.
\nThe Group\u2019s asset management business was transferred from Estate Agency Franchising to Surveying & Valuation following changes in
\nmanagement responsibilities from 1 January 2024. Management deemed the Group\u2019s asset management operations, including the class of
\ncustomer for its services, are more closely aligned to the Surveying & Valuation Division after the Estate Agency Division\u2019s transformation into
\na franchise model. Internally, the Chief Operating Decision Maker (\u201cCODM\u201d) has began monitoring the performance of the asset management
\nbusinesses as part of the Surveying & Valuation segment from 1 January 2024. As a result, the Group\u2019s operating segment disclosure in note 4 for
\nthe year ended 31 December 2023 has been restated to reflect this change.
\nThe information presented to the Directors directly reflects the Group Underlying Operating Profit as defined in the alternate performance
\nmeasures (APM) in note 5 to these Financial Statements and they review the performance of the Group by reference to the results of the
\noperating segments against budget.
\n
\n\n\n\n\n\n2.6 Alternative Performance Measures (APMs)
\nIn reporting financial information, the Group presents a number of APMs that are designed to assist with the understanding of underlying Group
\nperformance. The Group believes that the presentation of APMs provides stakeholders with additional helpful information on the performance of
\nthe business. APMs are also used to help enhance comparability of information between reporting periods. The Group does not consider APMs to
\nbe a substitute for or superior to IFRS measures and the Group\u2019s APMs are defined, explained and reconciled to the nearest statutory measure in
\nnotes 5, 12 and 34.
\n
\n\n\n\n\n\n
\n\n2.7 Discontinued operations
\nThe Group has classified its previously owned network of estate agency branches as a discontinued operation for the reporting periods ending
\n31 December 2023 and 31 December 2024. The Group operated a network of both owned and franchised branches prior to disposing of its entire
\nowned network in 2023. The owned network was determined to be a separate major line of business because it made up the majority of the
\nbranch network. Its revenue, costs and risk profile was significantly different to that of franchise and its cash flows could be clearly distinguished.
\nDiscontinued operations are presented in the Group Income Statement as a single line, which comprises the post-tax profit or loss of the
\ndiscontinued operation along with the post-tax gain or loss recognised on the re-measurement to fair value less costs to sell on disposal of the
\nassets or disposal groups constituting discontinued operations.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n\n2.8 Exceptional items
\nExceptional items are those which are material by size and are both non-recurring and unusual in nature. These items are presented within their
\nrelevant income statement category but highlighted separately on the face of the income statement. Items that management considers fall into
\nthis category are also disclosed within the notes to the Financial Statements. See notes 6 and 9.
\nDue to the nature and expected infrequency of these items, separate presentation helps provide a better indication of the Group\u2019s underlying
\nbusiness performance. This allows shareholders to better understand the elements of financial performance in the year, so as to facilitate
\ncomparison with prior periods and to better assess trends in financial performance.
\n
\n\n\n\n\n\n
\n2.9 Income taxes
\nCurrent tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax
\nrates and laws that are enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in the
\ntax returns with respect to the situations in which applicable tax regulations are subject to interpretation and establishes provisions where
\nappropriate.
\n\nDeferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in
\nthe Financial Statements, with the following exceptions:
\n\u2022 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business
\ncombination that at the time of the transaction affects either accounting nor taxable profit or loss;
\n\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary
\ndifferences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and
\n\u2022 deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available, against which the deductible
\ntemporary differences, carried forward tax credits or tax losses can be utilised.
\nDeferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset
\nis realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
\nthat sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are
\nreassessed at each reporting period and are recognised to the extent that it has become probable that future taxable profits will allow the deferred
\ntax asset to be recovered.
\nDeferred income tax assets and liabilities are offset, only if a legally enforceable right exists to offset current tax assets against current tax liabilities,
\nthe deferred income taxes relate to the same taxation authority and that authority permits the Group to make a single net payment. Income tax
\nis charged or credited directly to other comprehensive income (OCI) or equity, if it relates to items that are charged or credited in the current or
\nprior periods to OCI or equity respectively. Otherwise, income tax is recognised in the income statement.
\n
\n\n\n\n\n
\n\n\n\n\n\n2.10 Share-based payment transactions
\nThe equity share option programme allows Group employees to acquire LSL shares. The fair value of the options granted is recognised as an
\nemployee expense with a corresponding increase in equity in the case of equity-settled schemes. The fair value is measured at grant date and
\nspread over the period during which the employees become unconditionally entitled to the options. The fair value of employee share option
\nplans, which are all equity-settled, is calculated at the grant date using the Black Scholes model. The resulting cost is charged to the Group Income
\nStatement over the vesting period. The value of the charge is adjusted to reflect expected and actual levels of vesting.
\nNo expense is recognised for awards that do not ultimately vest, except for equity-settled transactions where vesting is conditional upon a market
\nor non-vesting condition, which are treated as vesting irrespective of whether or not the market or non-market vested condition is satisfied,
\nprovided that all other performance and/or service conditions are satisfied.
\nThe dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. Further details
\nare given in note 12.
\n
\n\n\n\n\n\n
\n\n
\n\n2.11 Business combinations and goodwill
\nThe Group accounts for business combinations using the acquisition method of accounting when control is transferred to the Group. On
\nacquisition, the assets, liabilities, and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of
\nthe cost of acquisition over the fair values of the net assets acquired is recognised as goodwill.
\nDeferred and contingent consideration payable, resulting from business combinations is valued at fair value at the acquisition date, and is
\nsubsequently reassessed at each reporting date. The determination of the fair value for deferred and contingent consideration payable is based on
\ndiscounted cash flows and is included within financial liabilities on the balance sheet.
\nAfter the initial recognition, goodwill is measured at cost less accumulated impairment losses, for the purposes of impairment testing, goodwill
\nacquired in a business combination is allocated to each of the Group\u2019s cash generating units (CGU) that are expected to benefit from the
\ncombination. Where goodwill has been allocated to a CGU and part of the operations within that unit are disposed of, the goodwill associated with
\nthe disposed operation is included in the carrying amount when determining the gain or loss on disposal. Goodwill disposed in these circumstances
\nis measured based on the relative values of the disposed operation and the portion of the CGU retained.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n\n
\n\n2.12 Intangible assets
\nIntangible assets such as brand names, franchise agreements, customer relationships, appointed representative relationships, and in-house
\nsoftware are measured at cost less accumulated amortisation and impairment losses. Internally generated intangibles, excluding capitalised
\ndevelopment costs, are not capitalised and the related expenditure is reflected in the profit or loss in the period in which the expenditure is
\nincurred.
\nIntangible assets acquired in a business combination are deemed to have a cost to the Group of the asset\u2019s fair value at the acquisition date. The
\nfair value of an intangible asset reflects market expectations about the profitability that the future economic benefits embodied in the asset will
\nflow up to the Group.
\nGains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the
\ncarrying amount of the asset and are recognised in the income statement when the asset is derecognised.
\nThe useful lives of intangible assets are assessed as either finite or indefinite.
\nBrand names are not amortised as the Directors are of the opinion that they each have an indefinite useful life based on the expectation that there
\nis no foreseeable limit to the period over which each of the assets are expected to generate net cash inflows to the businesses. The Directors are
\nconfident that trademark registration renewals will be filed at the appropriate time and sufficient investment will be made in terms of marketing
\nand communication to maintain the value inherent in the brands, without incurring significant cost. All brands recognised have been in existence
\nfor a number of years and are not considered to be at risk of obsolescence from technical, technological nor commercial change. Whilst operating
\nin competitive markets they have demonstrated that they can continue to operate in the face of such competition and that there is expected to
\nremain an underlying market demand for the services offered. The lives of these brands are not dependent on the useful lives of other assets of
\nthe entity.
\nFranchise agreements entered into by the Group (as franchisor) as part of contractual arrangements concerning the disposal of previously owned
\nbranches are recognised as intangible assets. Franchise intangible assets are initially recognised at fair value and subsequently amortised on a
\nstraight-line basis over their useful economic lives, being the term of the agreement. The franchise intangible assets are being written off over a
\nremaining life of 15 years as based on the agreements, this is the most likely minimum term. The life of the relationship is assessed annually.
\nAll other intangible assets are amortised on a straight-line basis over their useful economic lives of two years for customer contacts, twelve years
\nfor appointed representative relationships and between three and five years for in-house software.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n2.13 Property, plant and equipment
\nProperty, plant and equipment is stated at cost less accumulated depreciation and impairment losses.
\n\nProperty, plant and equipment is
\ndepreciated on a straight-line basis to its residual value over its anticipated useful economic life:
\n\n\n\n\n
\n\nOffice equipment, fixtures and fittings \u2013 over three to seven years
\nComputer equipment \u2013 over three to four years
\nMotor vehicles \u2013 over three to four years
\nLeasehold improvements \u2013 over the shorter of the lease term or ten years
\nFreehold and long leasehold property \u2013 over fifty years or the lease term whichever is shorter
\n
\n\n\n\n\nAn item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on derecognition of the asset (calculated as
\nthe difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset
\nis derecognised. These assets\u2019 residual values, useful lives and methods of depreciation are reviewed at each financial year end, and adjusted
\nprospectively, if appropriate.
\n
\n\n\n\n\n\n
\n\n
\n\n2.14 Financial instruments
\nFinancial assets and financial liabilities are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions
\nof the instrument. When financial assets are recognised initially, they are measured at fair value, being the transaction price plus, in the case of
\nfinancial assets not at fair value through the income statement, directly attributable transaction costs.
\n\nFinancial assets are derecognised when
\nthe Group no longer has the rights to cash flows, the risks and rewards of ownership or control of the asset. Financial liabilities are derecognised
\nwhen the obligation under the liability is discharged, cancelled or expired.
\n\n\n\n\n The subsequent measurement of financial assets depends on their
\nclassification.
\nThe Group\u2019s accounting policy for each category of financial instruments is as follows:
\nFinancial assets designated at fair value through OCI (equity instruments)
\nUpon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through
\nOCI when they meet the definition of equity under IFRS 9 Financial Instruments and are not held for trading. The classification is determined on an
\ninstrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other
\nincome in the Group income statement when the right of payment has been established, except when the Group benefits from such proceeds as a
\nrecovery of part of the cost of the financial asset, in which case such gains are recorded in OCI. Equity instruments designated at fair value through
\nOCI are not subject to impairment assessment.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n\nFinancial assets designated at fair value through the income statement
\nGains and losses arising from the changes in the fair value of equity investments are recorded in the income statement.
\n
\n\n\n\n\n
\n\n\n\n\n\nCash and cash equivalents
\nCash and cash equivalents include cash in hand and on demand deposits and fixed-term deposits with original maturities of three months or less
\nwith the Group\u2019s relationship banks. Bank overdrafts which are repayable on demand are included in cash and cash equivalents only when there
\nis a legal right to offset and an intention to settle net, otherwise these amounts are classified separately as liabilities on the balance sheet. For the
\npurposes of the statement of cash flow, bank overdrafts are a component of cash and cash equivalents as they are repayable on demand and form
\nan integral part of the Group\u2019s cash management.
\n
\n\n\n\n\n\nTrade receivables
\nTrade receivables do not carry any interest and are stated at their original invoiced value as reduced by appropriate allowances for estimated
\nirrecoverable amounts. The expected credit loss model under IFRS 9 is applied to trade and other receivables. The chosen method of recognising
\nthe expected credit loss across the Group is the simplified approach allowing a provision matrix to be used, which is based on the expected life of
\ntrade receivables and historic default rates, default being defined as when impaired debts are assessed as uncollectable. The carrying amount of
\nthe receivables is reduced through use of an allowance account and impaired debts are derecognised when they are assessed as uncollectable.
\n
\n\n\n\n\n\nTrade payables
\nTrade payables are stated on the balance sheet at their original invoice value.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n2.15 Impairment of non-financial assets
\nThe Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when
\nannual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. For the purposes of
\nimpairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are
\nlargely independent of the cash inflows of other assets or cash generating units (CGUs). An assets or CGU\u2019s recoverable amount is the higher of
\nits fair value less costs to sell (FVLCTS) and value-in-use (VIU). Where the carrying amount of an asset exceeds its recoverable amount, the asset
\nis considered impaired and is written down to its recoverable amount. In assessing an asset\u2019s VIU, the estimated future cash flows are discounted
\nto their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
\nthe asset. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent with the
\nfunction of the impaired asset.
\nFor assets excluding goodwill and brand, an assessment is made at each reporting date as to whether there is any indication that previously
\nrecognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the assets or CGU\u2019s
\nrecoverable amount.
\n
\n\n\n\n\n
\n\n\n\n\n\n2.16 Loans to franchisees and appointed representatives
\nThe Group issues loans to its franchisees and appointed representatives, the Group\u2019s objective is to hold these loans to collect contractual cash
\nflows and the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs
\nthat are directly attributable to their issue and are subsequently carried at amortised cost, less provision for impairment.
\nLoans to appointed representatives are made in the normal course of business and on standard terms, the duration is typically three years and the
\nloans are offered on an interest-free basis. The Group calculates the difference between the par value and fair value on recognition using a market
\nrate of interest and charges this amount to finance costs in the Group Income Statement, the residual loan amount is recorded as a financial asset
\nat amortised cost.
\nImpairment provisions against loans to franchisees and appointed representatives are recognised based on an expected credit loss model.
\nThe methodology used to determine the amount of provision is based on whether there has been a significant increase in credit risk since
\ninitial recognition of these financial assets and is calculated by considering the cash shortfalls that would be incurred and probability of these
\ncash shortfalls using the Group\u2019s model. Where a significant increase in credit risk is identified, lifetime expected credit losses are recognised;
\nalternatively, if there has not been a significant increase in credit risk, a 12-month expected credit loss is recognised. Such provisions are recorded
\nin a separate allowance account with the loss being recognised within operating expenses in the Group Income Statement. On confirmation that a
\nloan will not be collectable, the gross carrying value of the asset is written off against the associated provision.
\n
\n\n\n\n\n\n2.17 Loans to joint venture
\nThe Group issued loan notes to its joint venture in 2024. The Group\u2019s objective is to hold these loans to collect contractual cash flows and the
\ncontractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are
\ndirectly attributable to their issue and are subsequently carried at amortised cost, less provision for impairment. The loan notes are redeemable in
\nJune 2025.
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n
\n
\n\n2.18 Provisions
\nA provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is
\nprobable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by
\ndiscounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where
\nappropriate, the risks specific to the liability.
\n
\n\n\n\n\n\n2.19 Leases
\nLeases are defined as a contract which gives the right to use an asset for a period of time in exchange for consideration. As a lessee, the Group
\nrecognises three classes of leases on this basis:
\n\u2022 Property leases
\n\u2022 Motor vehicle leases
\n\u2022 Other leases
\nProperty leases and motor vehicle leases have been recognised on the Group Balance Sheet, in financial liabilities, by recognising the future cash
\nflows of the lease obligation, discounted using the incremental borrowing rate of the Group, adjusted for factors such as swap rates available and
\nthe credit risk of the entity entering into the lease.
\nCorresponding right-of-use assets have been recognised on the Group Balance Sheet under property, plant and equipment and have been
\nmeasured as being equal to the discounted lease liability plus any lease payments made at or before the inception of the lease and initial direct
\ncosts, less any lease incentives received. Cash flows from these leases have been recognised by including the principal portion of the lease
\npayments in cash flows from financing activities and the interest portion of the lease payment recognised through operating activities.
\nOther leases are leases for low value items or leases whose contract term is less than 12 months. The practical expedient not to recognise right-of-
\nuse assets and lease liabilities for these leases has been utilised by the Group. A charge for these leases has been recognised through the income
\nstatement as an operating expense. The cash flows relating to low value and short-term leases have been recognised in net cash flows from
\noperating activities. No leases where the Group is a lessee, or a lessor contain variable lease payments.
\nIn scenarios where the Group is an intermediate lessor, the sublease is classified as a finance lease if substantially all of the risk and rewards
\nincidental to the ownership of the leased asset have transferred to the sublessee, otherwise the sublease is classified as an operating lease. The
\nGroup accounts for finance subleases by derecognising the existing right-of-use asset at the effective date of the sublease and recognising a
\nreceivable for the Group\u2019s net investment in the sublease, with any resultant gain/(loss) recognised in the income statement. The net investment
\nin the leases equals remaining fixed payments, discounted at the interest rate implicit in the lease. After initial recognition, the Group recognises
\nfinance income over the remaining lease using the amortised cost method. The net investment in sublease is subsequently reviewed for
\nimpairment under IFRS 9 (further details are given in note 26 to these Financial Statements).
\nRental income including the effect of lease incentives from sublet properties and vehicles are recognised over time on a straight-line basis,
\nthroughout the lease term for operating leases or by recognising in the balance sheet a lease receivable equal to the investment in the lease for
\nfinance leases. Subleases are assessed as finance leases or operating leases in reference to the right-of-use asset the lease generates.
\n
\n\n\n\n\n\n2.20 Shares held by employee benefit trust (EBT) and share incentive plan (SIP)
\nThe Group has an employee share scheme (ESOT) for the granting of LSL shares to Executive Directors and selected senior employees; and an
\nemployee share incentive plan. Shares in LSL held by the ESOT and the trusts are treated as treasury shares and presented in the balance sheet
\nas a deduction from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own
\nequity instruments. The finance costs and administration costs relating to the ESOT and the trusts are charged to the income statement. Dividends
\nearned on shares held in the ESOT and the trusts have been waived. The ESOT and trust shares are ignored for the purposes of calculating the
\nGroup\u2019s earnings per share (EPS).
\n
\n\n\n\n\n\n2.21 Treasury shares
\nWhere the Group repurchases shares from existing shareholders, they are held as treasury shares and are presented as a deduction from equity.
\nNo gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Treasury
\nshares are ignored for the purposes of calculating the Group\u2019s EPS and adjusted EPS.
\n
\n\n\n\n\n\n2.22 Dividends
\nEquity dividends are recognised when they become legally payable. In the case of interim dividends to shareholders, this is when paid. In the case
\nof final dividends, this is when approved by shareholders at each AGM.
\n
\n\n\n\n\n\n2.23 Pensions
\nThe Group operates a defined contribution pension scheme for employees of all Group companies. The assets of the scheme are invested and
\nmanaged independently of the finances of the Group. The pension cost charge represents contributions payable in the year.
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\n2.24 Critical accounting judgements and estimates
\nThe preparation of the Group\u2019s Financial Statements requires the use of estimates and assumptions that affect the reported amounts of assets
\nand liabilities at the date of the Financial Statements and the reported amounts of revenue and expenses during the year. These estimates and
\njudgements are based on Management\u2019s best knowledge of the amount, event or actions and actual results ultimately may differ from those
\nestimates. Group Management believe that the estimates and assumptions listed below have a significant risk of resulting in a material adjustment
\nto the carrying amounts of assets and liabilities.
\nCarrying value of goodwill and intangible assets (estimate)
\nThe Group carries out impairment reviews of intangible assets when there is an indication that the carrying value may not be recoverable and tests
\nthe carrying value of goodwill and indefinite life intangibles at least annually, each of the Group\u2019s three segments hold goodwill or indefinite life
\nintangible assets and therefore an annual impairment review is required.
\nThe Group\u2019s goodwill of \u00a316.9m includes Surveying & Valuation (\u00a39.6m), Estate Agency Franchising (\u00a30.3m) and Financial Services (\u00a37.0m). At
\n31 December 2024, the Group held \u00a329.9m of intangible assets on the balance sheet (2023: \u00a321.4m), of which \u00a36.9m are indefinite life intangible
\nassets relating to brand (2023: \u00a36.9m), the remaining balance of \u00a323.0m is split between relationship asset \u00a38.5m (2023: \u00a3nil), franchise
\nintangibles \u00a310.9m (2023: \u00a311.7m) and software \u00a33.6m (2023: \u00a32.8m).
\nIn 2023, the Estate Agency segment disposed of \u00a338.1m of goodwill associated with the owned network, and a franchise asset of \u00a311.7m was
\nrecognised in the new franchise operation (Estate Agency Franchising), the value of brand was transferred from Estate Agency to Estate Agency
\nFranchising. Surveying & Valuation and Financial Services have always previously had high levels of headroom and have therefore typically not
\nbeen sensitive.
\nThe impairment tests are carried out by CGU and reflect the latest Group budgets and forecasts approved by the Board. The budgets and forecasts
\nare based on various assumptions relating to the Group\u2019s business including assumptions relating to market outlook, observable trends, and
\nprofitability. A pre-tax discount rate has been used to discount the CGU cash flows:
\n\u2022 Financial Services Division \u2013 16.3%
\n\u2022 Surveying & Valuation Division \u2013 17.3%
\n\u2022 Estate Agency Franchising Division \u2013 15.9%
\nA terminal value is also applied using a long-term growth rate of 2.0%. A sensitivity analysis has been performed allowing for possible changes to
\nthe assumptions in the impairment model, see note 17 for details.
\nCommission refund liability (estimate)
\nCertain subsidiaries sell life assurance products which are cancellable without a notice period, and if cancelled within a set period require that a
\nportion of the commission earned must be repaid. This also includes commission refund liabilities for sales by leaver firms which would ordinarily
\nhave been recoverable from them when they had previously been part of the Network. The commission refund liability is recognised as a reduction
\nin revenue which is calculated with reference to historic refunds which have occurred. Details of the assumptions applied to commission refund
\nliability and the impact of changes in average lapse rates are shown in note 23.
\nProfessional Indemnity (PI) claims (estimate)
\nA provision is made for PI claims and potential claims that arise during the normal course of business in the Financial Services Division and in
\nrelation to valuations performed by the Surveying & Valuation Division. This includes an estimate for the settlement of claims already received as
\nwell as claims incurred but not yet reported (IBNR). Details of the assumptions applied to PI claims areas are disclosed in note 25 to these Financial
\nStatements. A sensitivity analysis which illustrates the impact of different assumptions on the required PI costs provision is also included in note 25.
\n
\n\n\n\n\n\n
\n
\n2.25 New standards and interpretations not applied
\nIFRS 18 \u201c\u2018Presentation and Disclosure in Financial Statements\u201d was issued by the International Accounting Standards Board (IASB) on 09 April 2024.
\nSubjected to UK endorsement, the new standard is effective for the Group\u2019s accounting periods beginning on or after 1 January 2027.
\nNew requirements under IFRS 18 are expected to have an impact on the Group Financial Statements, key changes include:
\n\u2022 Mandatory subtotals and categories of income and expense in the income statement, as well as new requirements for the disclosure of
\noperating expenses.
\n\u2022 Disclosures about management-defined performance measures in the financial statements.
\n\u2022 Enhanced requirements for the aggregation and location of information presented in the primary financial statements and disclosed in the
\nnotes as well as guidance on providing informative labels.
\nManagement are continuing to assess the impact of the accounting changes that will arise under IFRS 18.
\nThere have been no other new relevant standards that have been published and are mandatory for the Group\u2019s accounting periods beginning on
\nor after 1 January 2024. Amendments to existing standards do not have a material impact on the Financial Statements.
\n
\n\n\n\n\n
\n\n\n\n",
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\n2.1 Basis of preparation
\nThe accounting policies which follow set out material information about the accounting policies which apply in preparing the Financial Statements
\nfor the year ended 31 December 2024. The policies have been applied consistently to all years presented.
\n\nThe Group\u2019s Financial Statements are
\npresented in pound sterling and all values are rounded to the nearest thousand pounds (\u00a3\u2019000) except when otherwise indicated.
\n\n\n\n\n
\n\nThese Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards. The Group Financial
\nStatements have been prepared on a going concern basis under the historical cost convention and on a historical cost basis, except for certain debt
\nand equity financial assets that have been measured at fair value.
\n
\n\n\n\n\nIn preparing the Financial Statements management has considered the impact of climate change, which is described in detail in our TCFD and CFD
\nStatement. The Group has assessed climate-related risks, covering both physical risks and transition risks. In the short (0-3 years) to medium term
\n(4-9 years). Climate-related matters have a relatively low impact on LSL\u2019s strategy and business model, and therefore there is a high degree of
\nresilience. However, there are number of risks that may result in increased costs and have an impact on operations that, whilst unlikely to have a
\nsignificant impact, are factored into our business and financial planning. Over the long term (beyond 10 years), there could be physical risks, such
\nas severe weather, flooding events, increase in temperature and rising sea levels, as well as transition risks such as policy and regulation changes.
\nThe risk to the Group\u2019s own premises as a result of climate change is considered low, the majority of our property portfolio is leased, and we would
\nnot expect significant climate-related costs during the remainder of our current lease terms. The impact of climate change in the medium to long
\nterm is likely to be localised and have varying degrees of impact on the areas where we work and our revenue profile. This could have an impact on
\nthe carrying value of goodwill and investments.
\n
\n\n\n\n",
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"value": "\nThe Group\u2019s Financial Statements are
\npresented in pound sterling and all values are rounded to the nearest thousand pounds (\u00a3\u2019000) except when otherwise indicated.
\n\n\n\n",
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"value": "\nThese Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards. The Group Financial
\nStatements have been prepared on a going concern basis under the historical cost convention and on a historical cost basis, except for certain debt
\nand equity financial assets that have been measured at fair value.
\n
\n\n\n\n",
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"value": "\n
\n
\n2.2 Basis of consolidation
\nThe consolidated Financial Statements comprise the Financial Statements of the Company and its subsidiaries as at 31 December 2024. The
\nfinancial year represents the year from 1 January 2024 to 31 December 2024.
\n\nSubsidiaries
\nSubsidiaries are consolidated from the date that control commences until the date control ceases. A change in the ownership interest of a
\nsubsidiary, without a loss of control, is accounted for as an equity transaction.
\n
\n\n\n\n\n\n
\n\nInterest in joint venture
\nThe Group\u2019s share of the results of joint venture is included in the Group Income Statement using the equity method of accounting. Investment
\nin joint ventures are carried in the Group Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity,
\nless any impairment in value. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for
\nimpairment individually. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the
\nextent of the interest in the joint venture.
\nIn addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes,
\nwhen applicable, in the statement of changes in equity.
\nThe Financial Statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to
\nbring the accounting policies in line with those of the Group.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
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"Tag568": {
"value": "\nSubsidiaries
\nSubsidiaries are consolidated from the date that control commences until the date control ceases. A change in the ownership interest of a
\nsubsidiary, without a loss of control, is accounted for as an equity transaction.
\n
\n\n\n\n",
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"value": "\n
\n\nInterest in joint venture
\nThe Group\u2019s share of the results of joint venture is included in the Group Income Statement using the equity method of accounting. Investment
\nin joint ventures are carried in the Group Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity,
\nless any impairment in value. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for
\nimpairment individually. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the
\nextent of the interest in the joint venture.
\nIn addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes,
\nwhen applicable, in the statement of changes in equity.
\nThe Financial Statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to
\nbring the accounting policies in line with those of the Group.
\n
\n\n\n\n\n
\n\n\n\n",
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"Tag570": {
"value": "\nInterest in joint venture
\nThe Group\u2019s share of the results of joint venture is included in the Group Income Statement using the equity method of accounting. Investment
\nin joint ventures are carried in the Group Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity,
\nless any impairment in value. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for
\nimpairment individually. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the
\nextent of the interest in the joint venture.
\nIn addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes,
\nwhen applicable, in the statement of changes in equity.
\nThe Financial Statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to
\nbring the accounting policies in line with those of the Group.
\n
\n\n\n\n",
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"Tag571": {
"value": "\n2.3 Going concern
\nThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the
\nFinancial and Divisional Reviews section (page 14) of the Strategic Report. The financial position of the Group, its cash flows, liquidity position and
\npolicy for treasury and risk management are described in the Financial Review section of the Strategic Report (page 14). Details of the Group\u2019s
\nborrowing facilities are set out in note 31. The Group\u2019s objectives, policies and processes for managing its capital, its financial risk management
\nobjectives, details of its financial instruments, and its exposures to credit risk and liquidity risk are also set out in note 31. A description of the
\nGroup\u2019s principal risks and uncertainties and arrangements to manage these risks can be found in the Risk Management section of the Strategic
\nReport on page 34.
\nThe UK Corporate Governance Code requires the Board to assess and report on the prospects of the Group and whether the business is a going
\nconcern. In considering this requirement, the Directors have taken into account the Group\u2019s forecast cash flows, liquidity, borrowing facilities and
\nrelated covenant requirements and the expected operational activities of the Group.
\nThe Group expects to continue to meet its day-to-day working capital requirements through cashflows generated by its trading activities and
\navailable cash resources (31 December 2024: \u00a332.4m). The Group\u2019s banking facility, a \u00a360.0m committed revolving credit facility has a maturity
\ndate of January 2030. The Group has not currently utilised the facility leaving \u00a360.0m of available undrawn committed borrowing facilities in
\n
\n\n\n\n\nrespect of which all conditions precedent had been met. The facility agreement contains financial covenants, including minimum net debt to
\nEBITDA ratio, which mean that, under downside scenarios, the full facility would not be available in the going concern period. In January 2025, LSL
\namended and restated the previous RCF facility that had a maturity date of May 2026. The renewed facility now matures in January 2030 with the
\nsame limit of \u00a360.0m on materially the same basis, including covenants.
\nThe Directors have continued to run a variety of scenario models throughout the year to help the ongoing assessment of risks and opportunities
\ncovering the period to 30 June 2026 (\u201cthe going concern period\u201d). In the scenarios, the Directors considered both current trading and external
\nindustry data. In developing a base case forecast the Directors have assumed inflation and interest rates of 2.4% and 4.25%, respectively, by the
\nend of 2025 and 2.0% and 3.5%, respectively, for 2026.
\nThe Directors have performed a reverse stress test to determine the events and circumstances which would need to arise in order to threaten the
\nGroup\u2019s ability to continue as a going concern. Such scenarios would require a significant reduction in market transaction volumes below the low
\npoint experienced during the Global Financial Crisis and in turn reduce Group revenue by c.25% compared to current performance. Under such a
\nscenario, all available cash balances would be utilised and the facility would be unavailable due to financial covenants. If severe downside scenarios
\narose, there are cost mitigations that could be applied, as well as cash conservation action such as pausing dividend payments and planned
\ninvestments. The Directors have concluded that the likelihood of such a severe scenario arising is remote and have concluded that there are no
\nplausible threats to the Group\u2019s ability to continue through the going concern period. Therefore, the financial information has been prepared
\nunder the going concern basis of preparation.
\nIn reaching its conclusion on the going concern assessment, the Board considered the findings of the work performed to support the Group\u2019s
\nlong-term viability statement. As noted in the Viability Statement, on page 39, this included assessing forecasts of severe but plausible downside
\nscenarios related to our principal risks, notably the extent to which a severe downturn in the UK lending and housing markets, close to levels seen
\nduring the financial crisis in 2008, would affect the Group\u2019s base forecasts.
\nHaving due regard to the scenarios above and after making appropriate enquiries, the Directors have a reasonable expectation that the Group and
\nthe Company have adequate resources to remain in operation to 30 June 2026. The Board have therefore continued to adopt the going concern
\nbasis in preparing this Report.
\n
\n\n\n\n",
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"value": "\n
\n2.4 Revenue recognition
\nRevenue is recognised under IFRS 15. The standard is based on a single model that distinguishes between promises to a customer that are satisfied
\nat a point in time and those that are satisfied over time. Revenue is recognised when performance obligations are fulfilled.
\nFinancial Services Division
\nRevenue is earned on mortgage procuration fees and insurance commissions from brokering of protection and general insurance policies. Revenue
\nfrom mortgage procuration fees is recognised by reference to the completion date of the mortgage/remortgage on the housing transaction and
\nrevenue from insurance commissions is recognised by reference to the date that the policy goes on risk. The commission refund liability associated
\nwith insurance commissions is recognised as a reduction in revenue which is calculated with reference to historical refunds which have occurred,
\ncommission refund liabilities are recorded within trade and other payables.
\nThe Group acts as both a principal and agent depending on its arrangements with the lenders and broker firms. In scenarios where the Group
\ndetermines that it has control of the service before it is provided to a client, the Group recognises revenue as the gross amount of consideration
\nexpected to be received following satisfaction of the performance obligation. In scenarios where the Group concludes that it does not control the
\nservice before it is provided to a client, the Group recognises revenue on a net basis, being gross consideration less any fee or commission due to a
\ncounterparty.
\nEstate Agency Franchising Division
\nIn 2023, the Group transitioned to a fully franchised business model for its principal estate agent businesses and the revenue from the formerly
\nowned operations has been presented as discontinued, see note 2.7 for further details. The accounting policies for both franchise and residential
\nservices which includes lettings, new build residential sales and conveyancing services, are set out below.
\n\n
\n\nFranchise services:
\nRevenue represents the value of commissions, charges for services and fixed fees due to the Group under franchise agreements. The Group earns
\na percentage of all sales and lettings income generated by the franchisees. Revenue in respect of commissions due on house sales is recognised
\nat the point of the relevant property sale where the contracts are exchanged, in which the franchisee acts as estate agent. Revenue in respect
\nof commissions due on lettings, property management and ancillary products is recognised at the point at which the underlying performance
\nobligation has been delivered by the franchisee. Revenue for services provided by the Group to franchisees is recognised at a point in time when
\nthe service has been performed, reflecting the completion of the Group\u2019s performance obligation. The franchise agreements include fixed fees
\nwhich are charged per branch on a monthly basis for the term of the franchise agreement and are recognised over time.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\nResidential services:
\nNew build residential sales:
\nRevenue earned by the Group\u2019s new build residential sales business is recognised by reference to the legal exchange date of the housing
\ntransaction.
\nConveyancing services:
\nWhere the Group provides conveyancing packaging services, the revenue is recognised by reference to the legal exchange date of the housing
\ntransaction.
\nSurveying & Valuation Division
\nSurveying & Valuation:
\nRevenue from the supply of surveying and valuation services is recognised upon the completion of the professional survey or valuation by the
\nsurveyor, and therefore at a point in time.
\nAsset management:
\nRevenue earned from the repossessions asset management business is recognised by reference to the legal exchange date of the housing
\ntransaction.
\n\n
\n\nInterest income from client monies balances
\nRevenue is recognised at a point in time as interest accrues (using the effective interest method \u2013 that is the rate that discounts estimated future
\ncash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset).
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag574": {
"value": "\n
\n\nFranchise services:
\nRevenue represents the value of commissions, charges for services and fixed fees due to the Group under franchise agreements. The Group earns
\na percentage of all sales and lettings income generated by the franchisees. Revenue in respect of commissions due on house sales is recognised
\nat the point of the relevant property sale where the contracts are exchanged, in which the franchisee acts as estate agent. Revenue in respect
\nof commissions due on lettings, property management and ancillary products is recognised at the point at which the underlying performance
\nobligation has been delivered by the franchisee. Revenue for services provided by the Group to franchisees is recognised at a point in time when
\nthe service has been performed, reflecting the completion of the Group\u2019s performance obligation. The franchise agreements include fixed fees
\nwhich are charged per branch on a monthly basis for the term of the franchise agreement and are recognised over time.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFranchiseFeesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag575": {
"value": "\nFranchise services:
\nRevenue represents the value of commissions, charges for services and fixed fees due to the Group under franchise agreements. The Group earns
\na percentage of all sales and lettings income generated by the franchisees. Revenue in respect of commissions due on house sales is recognised
\nat the point of the relevant property sale where the contracts are exchanged, in which the franchisee acts as estate agent. Revenue in respect
\nof commissions due on lettings, property management and ancillary products is recognised at the point at which the underlying performance
\nobligation has been delivered by the franchisee. Revenue for services provided by the Group to franchisees is recognised at a point in time when
\nthe service has been performed, reflecting the completion of the Group\u2019s performance obligation. The franchise agreements include fixed fees
\nwhich are charged per branch on a monthly basis for the term of the franchise agreement and are recognised over time.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag577": {
"value": "\n
\n\nInterest income from client monies balances
\nRevenue is recognised at a point in time as interest accrues (using the effective interest method \u2013 that is the rate that discounts estimated future
\ncash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset).
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag578": {
"value": "\nInterest income from client monies balances
\nRevenue is recognised at a point in time as interest accrues (using the effective interest method \u2013 that is the rate that discounts estimated future
\ncash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset).
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag579": {
"value": "\n2.5 Segment reporting
\nAn operating segment is a distinguishable segment of an entity that engages in business activities from which it may earn revenues and incur
\nexpenses and whose operating results are reviewed regularly by the Board. The Board reviews the Group\u2019s operations and financial position as
\nFinancial Services, Surveying & Valuation and Estate Agency Franchising, and therefore considers that it has three operating segments. During
\n2023, the Group made the strategic decision to convert the entire owned estate agency branch network into franchises, in doing so the Estate
\nAgency Franchising operating segment became mainly a provider of franchise services.
\nWithin the Estate Agency Franchising operating segment, the only remaining owned operations relate to the Group\u2019s new build residential sales
\nand conveyancing packaging businesses which are LSL Land & New Homes Ltd and Homefast Property Services Limited, representing less than 10%
\nof the Group\u2019s total revenue.
\nThe Group\u2019s asset management business was transferred from Estate Agency Franchising to Surveying & Valuation following changes in
\nmanagement responsibilities from 1 January 2024. Management deemed the Group\u2019s asset management operations, including the class of
\ncustomer for its services, are more closely aligned to the Surveying & Valuation Division after the Estate Agency Division\u2019s transformation into
\na franchise model. Internally, the Chief Operating Decision Maker (\u201cCODM\u201d) has began monitoring the performance of the asset management
\nbusinesses as part of the Surveying & Valuation segment from 1 January 2024. As a result, the Group\u2019s operating segment disclosure in note 4 for
\nthe year ended 31 December 2023 has been restated to reflect this change.
\nThe information presented to the Directors directly reflects the Group Underlying Operating Profit as defined in the alternate performance
\nmeasures (APM) in note 5 to these Financial Statements and they review the performance of the Group by reference to the results of the
\noperating segments against budget.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag619": {
"value": "\n2.6 Alternative Performance Measures (APMs)
\nIn reporting financial information, the Group presents a number of APMs that are designed to assist with the understanding of underlying Group
\nperformance. The Group believes that the presentation of APMs provides stakeholders with additional helpful information on the performance of
\nthe business. APMs are also used to help enhance comparability of information between reporting periods. The Group does not consider APMs to
\nbe a substitute for or superior to IFRS measures and the Group\u2019s APMs are defined, explained and reconciled to the nearest statutory measure in
\nnotes 5, 12 and 34.
\n
\n\n\n\n",
"dimensions": {
"concept": "lsl:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMs",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag580": {
"value": "\n
\n\n2.7 Discontinued operations
\nThe Group has classified its previously owned network of estate agency branches as a discontinued operation for the reporting periods ending
\n31 December 2023 and 31 December 2024. The Group operated a network of both owned and franchised branches prior to disposing of its entire
\nowned network in 2023. The owned network was determined to be a separate major line of business because it made up the majority of the
\nbranch network. Its revenue, costs and risk profile was significantly different to that of franchise and its cash flows could be clearly distinguished.
\nDiscontinued operations are presented in the Group Income Statement as a single line, which comprises the post-tax profit or loss of the
\ndiscontinued operation along with the post-tax gain or loss recognised on the re-measurement to fair value less costs to sell on disposal of the
\nassets or disposal groups constituting discontinued operations.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag581": {
"value": "\n2.7 Discontinued operations
\nThe Group has classified its previously owned network of estate agency branches as a discontinued operation for the reporting periods ending
\n31 December 2023 and 31 December 2024. The Group operated a network of both owned and franchised branches prior to disposing of its entire
\nowned network in 2023. The owned network was determined to be a separate major line of business because it made up the majority of the
\nbranch network. Its revenue, costs and risk profile was significantly different to that of franchise and its cash flows could be clearly distinguished.
\nDiscontinued operations are presented in the Group Income Statement as a single line, which comprises the post-tax profit or loss of the
\ndiscontinued operation along with the post-tax gain or loss recognised on the re-measurement to fair value less costs to sell on disposal of the
\nassets or disposal groups constituting discontinued operations.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag582": {
"value": "\n2.8 Exceptional items
\nExceptional items are those which are material by size and are both non-recurring and unusual in nature. These items are presented within their
\nrelevant income statement category but highlighted separately on the face of the income statement. Items that management considers fall into
\nthis category are also disclosed within the notes to the Financial Statements. See notes 6 and 9.
\nDue to the nature and expected infrequency of these items, separate presentation helps provide a better indication of the Group\u2019s underlying
\nbusiness performance. This allows shareholders to better understand the elements of financial performance in the year, so as to facilitate
\ncomparison with prior periods and to better assess trends in financial performance.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag583": {
"value": "\n
\n2.9 Income taxes
\nCurrent tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax
\nrates and laws that are enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in the
\ntax returns with respect to the situations in which applicable tax regulations are subject to interpretation and establishes provisions where
\nappropriate.
\n\nDeferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in
\nthe Financial Statements, with the following exceptions:
\n\u2022 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business
\ncombination that at the time of the transaction affects either accounting nor taxable profit or loss;
\n\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary
\ndifferences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and
\n\u2022 deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available, against which the deductible
\ntemporary differences, carried forward tax credits or tax losses can be utilised.
\nDeferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset
\nis realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
\nthat sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are
\nreassessed at each reporting period and are recognised to the extent that it has become probable that future taxable profits will allow the deferred
\ntax asset to be recovered.
\nDeferred income tax assets and liabilities are offset, only if a legally enforceable right exists to offset current tax assets against current tax liabilities,
\nthe deferred income taxes relate to the same taxation authority and that authority permits the Group to make a single net payment. Income tax
\nis charged or credited directly to other comprehensive income (OCI) or equity, if it relates to items that are charged or credited in the current or
\nprior periods to OCI or equity respectively. Otherwise, income tax is recognised in the income statement.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag584": {
"value": "\nDeferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in
\nthe Financial Statements, with the following exceptions:
\n\u2022 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business
\ncombination that at the time of the transaction affects either accounting nor taxable profit or loss;
\n\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary
\ndifferences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and
\n\u2022 deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available, against which the deductible
\ntemporary differences, carried forward tax credits or tax losses can be utilised.
\nDeferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset
\nis realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
\nthat sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are
\nreassessed at each reporting period and are recognised to the extent that it has become probable that future taxable profits will allow the deferred
\ntax asset to be recovered.
\nDeferred income tax assets and liabilities are offset, only if a legally enforceable right exists to offset current tax assets against current tax liabilities,
\nthe deferred income taxes relate to the same taxation authority and that authority permits the Group to make a single net payment. Income tax
\nis charged or credited directly to other comprehensive income (OCI) or equity, if it relates to items that are charged or credited in the current or
\nprior periods to OCI or equity respectively. Otherwise, income tax is recognised in the income statement.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag585": {
"value": "\n2.10 Share-based payment transactions
\nThe equity share option programme allows Group employees to acquire LSL shares. The fair value of the options granted is recognised as an
\nemployee expense with a corresponding increase in equity in the case of equity-settled schemes. The fair value is measured at grant date and
\nspread over the period during which the employees become unconditionally entitled to the options. The fair value of employee share option
\nplans, which are all equity-settled, is calculated at the grant date using the Black Scholes model. The resulting cost is charged to the Group Income
\nStatement over the vesting period. The value of the charge is adjusted to reflect expected and actual levels of vesting.
\nNo expense is recognised for awards that do not ultimately vest, except for equity-settled transactions where vesting is conditional upon a market
\nor non-vesting condition, which are treated as vesting irrespective of whether or not the market or non-market vested condition is satisfied,
\nprovided that all other performance and/or service conditions are satisfied.
\nThe dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. Further details
\nare given in note 12.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag586": {
"value": "\n
\n\n
\n\n2.11 Business combinations and goodwill
\nThe Group accounts for business combinations using the acquisition method of accounting when control is transferred to the Group. On
\nacquisition, the assets, liabilities, and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of
\nthe cost of acquisition over the fair values of the net assets acquired is recognised as goodwill.
\nDeferred and contingent consideration payable, resulting from business combinations is valued at fair value at the acquisition date, and is
\nsubsequently reassessed at each reporting date. The determination of the fair value for deferred and contingent consideration payable is based on
\ndiscounted cash flows and is included within financial liabilities on the balance sheet.
\nAfter the initial recognition, goodwill is measured at cost less accumulated impairment losses, for the purposes of impairment testing, goodwill
\nacquired in a business combination is allocated to each of the Group\u2019s cash generating units (CGU) that are expected to benefit from the
\ncombination. Where goodwill has been allocated to a CGU and part of the operations within that unit are disposed of, the goodwill associated with
\nthe disposed operation is included in the carrying amount when determining the gain or loss on disposal. Goodwill disposed in these circumstances
\nis measured based on the relative values of the disposed operation and the portion of the CGU retained.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag587": {
"value": "\n
\n\n2.11 Business combinations and goodwill
\nThe Group accounts for business combinations using the acquisition method of accounting when control is transferred to the Group. On
\nacquisition, the assets, liabilities, and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of
\nthe cost of acquisition over the fair values of the net assets acquired is recognised as goodwill.
\nDeferred and contingent consideration payable, resulting from business combinations is valued at fair value at the acquisition date, and is
\nsubsequently reassessed at each reporting date. The determination of the fair value for deferred and contingent consideration payable is based on
\ndiscounted cash flows and is included within financial liabilities on the balance sheet.
\nAfter the initial recognition, goodwill is measured at cost less accumulated impairment losses, for the purposes of impairment testing, goodwill
\nacquired in a business combination is allocated to each of the Group\u2019s cash generating units (CGU) that are expected to benefit from the
\ncombination. Where goodwill has been allocated to a CGU and part of the operations within that unit are disposed of, the goodwill associated with
\nthe disposed operation is included in the carrying amount when determining the gain or loss on disposal. Goodwill disposed in these circumstances
\nis measured based on the relative values of the disposed operation and the portion of the CGU retained.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag588": {
"value": "\n2.11 Business combinations and goodwill
\nThe Group accounts for business combinations using the acquisition method of accounting when control is transferred to the Group. On
\nacquisition, the assets, liabilities, and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of
\nthe cost of acquisition over the fair values of the net assets acquired is recognised as goodwill.
\nDeferred and contingent consideration payable, resulting from business combinations is valued at fair value at the acquisition date, and is
\nsubsequently reassessed at each reporting date. The determination of the fair value for deferred and contingent consideration payable is based on
\ndiscounted cash flows and is included within financial liabilities on the balance sheet.
\nAfter the initial recognition, goodwill is measured at cost less accumulated impairment losses, for the purposes of impairment testing, goodwill
\nacquired in a business combination is allocated to each of the Group\u2019s cash generating units (CGU) that are expected to benefit from the
\ncombination. Where goodwill has been allocated to a CGU and part of the operations within that unit are disposed of, the goodwill associated with
\nthe disposed operation is included in the carrying amount when determining the gain or loss on disposal. Goodwill disposed in these circumstances
\nis measured based on the relative values of the disposed operation and the portion of the CGU retained.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag589": {
"value": "\n
\n\n2.12 Intangible assets
\nIntangible assets such as brand names, franchise agreements, customer relationships, appointed representative relationships, and in-house
\nsoftware are measured at cost less accumulated amortisation and impairment losses. Internally generated intangibles, excluding capitalised
\ndevelopment costs, are not capitalised and the related expenditure is reflected in the profit or loss in the period in which the expenditure is
\nincurred.
\nIntangible assets acquired in a business combination are deemed to have a cost to the Group of the asset\u2019s fair value at the acquisition date. The
\nfair value of an intangible asset reflects market expectations about the profitability that the future economic benefits embodied in the asset will
\nflow up to the Group.
\nGains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the
\ncarrying amount of the asset and are recognised in the income statement when the asset is derecognised.
\nThe useful lives of intangible assets are assessed as either finite or indefinite.
\nBrand names are not amortised as the Directors are of the opinion that they each have an indefinite useful life based on the expectation that there
\nis no foreseeable limit to the period over which each of the assets are expected to generate net cash inflows to the businesses. The Directors are
\nconfident that trademark registration renewals will be filed at the appropriate time and sufficient investment will be made in terms of marketing
\nand communication to maintain the value inherent in the brands, without incurring significant cost. All brands recognised have been in existence
\nfor a number of years and are not considered to be at risk of obsolescence from technical, technological nor commercial change. Whilst operating
\nin competitive markets they have demonstrated that they can continue to operate in the face of such competition and that there is expected to
\nremain an underlying market demand for the services offered. The lives of these brands are not dependent on the useful lives of other assets of
\nthe entity.
\nFranchise agreements entered into by the Group (as franchisor) as part of contractual arrangements concerning the disposal of previously owned
\nbranches are recognised as intangible assets. Franchise intangible assets are initially recognised at fair value and subsequently amortised on a
\nstraight-line basis over their useful economic lives, being the term of the agreement. The franchise intangible assets are being written off over a
\nremaining life of 15 years as based on the agreements, this is the most likely minimum term. The life of the relationship is assessed annually.
\nAll other intangible assets are amortised on a straight-line basis over their useful economic lives of two years for customer contacts, twelve years
\nfor appointed representative relationships and between three and five years for in-house software.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag590": {
"value": "\n2.12 Intangible assets
\nIntangible assets such as brand names, franchise agreements, customer relationships, appointed representative relationships, and in-house
\nsoftware are measured at cost less accumulated amortisation and impairment losses. Internally generated intangibles, excluding capitalised
\ndevelopment costs, are not capitalised and the related expenditure is reflected in the profit or loss in the period in which the expenditure is
\nincurred.
\nIntangible assets acquired in a business combination are deemed to have a cost to the Group of the asset\u2019s fair value at the acquisition date. The
\nfair value of an intangible asset reflects market expectations about the profitability that the future economic benefits embodied in the asset will
\nflow up to the Group.
\nGains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the
\ncarrying amount of the asset and are recognised in the income statement when the asset is derecognised.
\nThe useful lives of intangible assets are assessed as either finite or indefinite.
\nBrand names are not amortised as the Directors are of the opinion that they each have an indefinite useful life based on the expectation that there
\nis no foreseeable limit to the period over which each of the assets are expected to generate net cash inflows to the businesses. The Directors are
\nconfident that trademark registration renewals will be filed at the appropriate time and sufficient investment will be made in terms of marketing
\nand communication to maintain the value inherent in the brands, without incurring significant cost. All brands recognised have been in existence
\nfor a number of years and are not considered to be at risk of obsolescence from technical, technological nor commercial change. Whilst operating
\nin competitive markets they have demonstrated that they can continue to operate in the face of such competition and that there is expected to
\nremain an underlying market demand for the services offered. The lives of these brands are not dependent on the useful lives of other assets of
\nthe entity.
\nFranchise agreements entered into by the Group (as franchisor) as part of contractual arrangements concerning the disposal of previously owned
\nbranches are recognised as intangible assets. Franchise intangible assets are initially recognised at fair value and subsequently amortised on a
\nstraight-line basis over their useful economic lives, being the term of the agreement. The franchise intangible assets are being written off over a
\nremaining life of 15 years as based on the agreements, this is the most likely minimum term. The life of the relationship is assessed annually.
\nAll other intangible assets are amortised on a straight-line basis over their useful economic lives of two years for customer contacts, twelve years
\nfor appointed representative relationships and between three and five years for in-house software.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag591": {
"value": "\n
\n2.13 Property, plant and equipment
\nProperty, plant and equipment is stated at cost less accumulated depreciation and impairment losses.
\n\nProperty, plant and equipment is
\ndepreciated on a straight-line basis to its residual value over its anticipated useful economic life:
\n\n\n\n\n
\n\nOffice equipment, fixtures and fittings \u2013 over three to seven years
\nComputer equipment \u2013 over three to four years
\nMotor vehicles \u2013 over three to four years
\nLeasehold improvements \u2013 over the shorter of the lease term or ten years
\nFreehold and long leasehold property \u2013 over fifty years or the lease term whichever is shorter
\n
\n\n\n\n\nAn item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on derecognition of the asset (calculated as
\nthe difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset
\nis derecognised. These assets\u2019 residual values, useful lives and methods of depreciation are reviewed at each financial year end, and adjusted
\nprospectively, if appropriate.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag592": {
"value": "\nProperty, plant and equipment is
\ndepreciated on a straight-line basis to its residual value over its anticipated useful economic life:
\n\n\n\n\nOffice equipment, fixtures and fittings \u2013 over three to seven years
\nComputer equipment \u2013 over three to four years
\nMotor vehicles \u2013 over three to four years
\nLeasehold improvements \u2013 over the shorter of the lease term or ten years
\nFreehold and long leasehold property \u2013 over fifty years or the lease term whichever is shorter
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag594": {
"value": "\n
\n\n
\n\n2.14 Financial instruments
\nFinancial assets and financial liabilities are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions
\nof the instrument. When financial assets are recognised initially, they are measured at fair value, being the transaction price plus, in the case of
\nfinancial assets not at fair value through the income statement, directly attributable transaction costs.
\n\nFinancial assets are derecognised when
\nthe Group no longer has the rights to cash flows, the risks and rewards of ownership or control of the asset. Financial liabilities are derecognised
\nwhen the obligation under the liability is discharged, cancelled or expired.
\n\n\n\n\n The subsequent measurement of financial assets depends on their
\nclassification.
\nThe Group\u2019s accounting policy for each category of financial instruments is as follows:
\nFinancial assets designated at fair value through OCI (equity instruments)
\nUpon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through
\nOCI when they meet the definition of equity under IFRS 9 Financial Instruments and are not held for trading. The classification is determined on an
\ninstrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other
\nincome in the Group income statement when the right of payment has been established, except when the Group benefits from such proceeds as a
\nrecovery of part of the cost of the financial asset, in which case such gains are recorded in OCI. Equity instruments designated at fair value through
\nOCI are not subject to impairment assessment.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n\nFinancial assets designated at fair value through the income statement
\nGains and losses arising from the changes in the fair value of equity investments are recorded in the income statement.
\n
\n\n\n\n\n
\n\n\n\n\n\nCash and cash equivalents
\nCash and cash equivalents include cash in hand and on demand deposits and fixed-term deposits with original maturities of three months or less
\nwith the Group\u2019s relationship banks. Bank overdrafts which are repayable on demand are included in cash and cash equivalents only when there
\nis a legal right to offset and an intention to settle net, otherwise these amounts are classified separately as liabilities on the balance sheet. For the
\npurposes of the statement of cash flow, bank overdrafts are a component of cash and cash equivalents as they are repayable on demand and form
\nan integral part of the Group\u2019s cash management.
\n
\n\n\n\n\n\nTrade receivables
\nTrade receivables do not carry any interest and are stated at their original invoiced value as reduced by appropriate allowances for estimated
\nirrecoverable amounts. The expected credit loss model under IFRS 9 is applied to trade and other receivables. The chosen method of recognising
\nthe expected credit loss across the Group is the simplified approach allowing a provision matrix to be used, which is based on the expected life of
\ntrade receivables and historic default rates, default being defined as when impaired debts are assessed as uncollectable. The carrying amount of
\nthe receivables is reduced through use of an allowance account and impaired debts are derecognised when they are assessed as uncollectable.
\n
\n\n\n\n\n\nTrade payables
\nTrade payables are stated on the balance sheet at their original invoice value.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag595": {
"value": "\n
\n\n2.14 Financial instruments
\nFinancial assets and financial liabilities are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions
\nof the instrument. When financial assets are recognised initially, they are measured at fair value, being the transaction price plus, in the case of
\nfinancial assets not at fair value through the income statement, directly attributable transaction costs.
\n\nFinancial assets are derecognised when
\nthe Group no longer has the rights to cash flows, the risks and rewards of ownership or control of the asset. Financial liabilities are derecognised
\nwhen the obligation under the liability is discharged, cancelled or expired.
\n\n\n\n\n The subsequent measurement of financial assets depends on their
\nclassification.
\nThe Group\u2019s accounting policy for each category of financial instruments is as follows:
\nFinancial assets designated at fair value through OCI (equity instruments)
\nUpon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through
\nOCI when they meet the definition of equity under IFRS 9 Financial Instruments and are not held for trading. The classification is determined on an
\ninstrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other
\nincome in the Group income statement when the right of payment has been established, except when the Group benefits from such proceeds as a
\nrecovery of part of the cost of the financial asset, in which case such gains are recorded in OCI. Equity instruments designated at fair value through
\nOCI are not subject to impairment assessment.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n\n
\n\nFinancial assets designated at fair value through the income statement
\nGains and losses arising from the changes in the fair value of equity investments are recorded in the income statement.
\n
\n\n\n\n\n
\n\n\n\n\n\nCash and cash equivalents
\nCash and cash equivalents include cash in hand and on demand deposits and fixed-term deposits with original maturities of three months or less
\nwith the Group\u2019s relationship banks. Bank overdrafts which are repayable on demand are included in cash and cash equivalents only when there
\nis a legal right to offset and an intention to settle net, otherwise these amounts are classified separately as liabilities on the balance sheet. For the
\npurposes of the statement of cash flow, bank overdrafts are a component of cash and cash equivalents as they are repayable on demand and form
\nan integral part of the Group\u2019s cash management.
\n
\n\n\n\n\n\nTrade receivables
\nTrade receivables do not carry any interest and are stated at their original invoiced value as reduced by appropriate allowances for estimated
\nirrecoverable amounts. The expected credit loss model under IFRS 9 is applied to trade and other receivables. The chosen method of recognising
\nthe expected credit loss across the Group is the simplified approach allowing a provision matrix to be used, which is based on the expected life of
\ntrade receivables and historic default rates, default being defined as when impaired debts are assessed as uncollectable. The carrying amount of
\nthe receivables is reduced through use of an allowance account and impaired debts are derecognised when they are assessed as uncollectable.
\n
\n\n\n\n\n\nTrade payables
\nTrade payables are stated on the balance sheet at their original invoice value.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag596": {
"value": "\n2.14 Financial instruments
\nFinancial assets and financial liabilities are recognised in the Group\u2019s Balance Sheet when the Group becomes a party to the contractual provisions
\nof the instrument. When financial assets are recognised initially, they are measured at fair value, being the transaction price plus, in the case of
\nfinancial assets not at fair value through the income statement, directly attributable transaction costs.
\n\nFinancial assets are derecognised when
\nthe Group no longer has the rights to cash flows, the risks and rewards of ownership or control of the asset. Financial liabilities are derecognised
\nwhen the obligation under the liability is discharged, cancelled or expired.
\n\n\n\n\n The subsequent measurement of financial assets depends on their
\nclassification.
\nThe Group\u2019s accounting policy for each category of financial instruments is as follows:
\nFinancial assets designated at fair value through OCI (equity instruments)
\nUpon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through
\nOCI when they meet the definition of equity under IFRS 9 Financial Instruments and are not held for trading. The classification is determined on an
\ninstrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other
\nincome in the Group income statement when the right of payment has been established, except when the Group benefits from such proceeds as a
\nrecovery of part of the cost of the financial asset, in which case such gains are recorded in OCI. Equity instruments designated at fair value through
\nOCI are not subject to impairment assessment.
\n
\n\n\n\n\n
\n
\n
\n
\n\n
\n\nFinancial assets designated at fair value through the income statement
\nGains and losses arising from the changes in the fair value of equity investments are recorded in the income statement.
\n
\n\n\n\n\n
\n\n\n\n\n\nCash and cash equivalents
\nCash and cash equivalents include cash in hand and on demand deposits and fixed-term deposits with original maturities of three months or less
\nwith the Group\u2019s relationship banks. Bank overdrafts which are repayable on demand are included in cash and cash equivalents only when there
\nis a legal right to offset and an intention to settle net, otherwise these amounts are classified separately as liabilities on the balance sheet. For the
\npurposes of the statement of cash flow, bank overdrafts are a component of cash and cash equivalents as they are repayable on demand and form
\nan integral part of the Group\u2019s cash management.
\n
\n\n\n\n\n\nTrade receivables
\nTrade receivables do not carry any interest and are stated at their original invoiced value as reduced by appropriate allowances for estimated
\nirrecoverable amounts. The expected credit loss model under IFRS 9 is applied to trade and other receivables. The chosen method of recognising
\nthe expected credit loss across the Group is the simplified approach allowing a provision matrix to be used, which is based on the expected life of
\ntrade receivables and historic default rates, default being defined as when impaired debts are assessed as uncollectable. The carrying amount of
\nthe receivables is reduced through use of an allowance account and impaired debts are derecognised when they are assessed as uncollectable.
\n
\n\n\n\n\n\nTrade payables
\nTrade payables are stated on the balance sheet at their original invoice value.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag600": {
"value": "\nFinancial assets are derecognised when
\nthe Group no longer has the rights to cash flows, the risks and rewards of ownership or control of the asset. Financial liabilities are derecognised
\nwhen the obligation under the liability is discharged, cancelled or expired.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag601": {
"value": "\n
\n\nFinancial assets designated at fair value through the income statement
\nGains and losses arising from the changes in the fair value of equity investments are recorded in the income statement.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag602": {
"value": "\nFinancial assets designated at fair value through the income statement
\nGains and losses arising from the changes in the fair value of equity investments are recorded in the income statement.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag603": {
"value": "\nCash and cash equivalents
\nCash and cash equivalents include cash in hand and on demand deposits and fixed-term deposits with original maturities of three months or less
\nwith the Group\u2019s relationship banks. Bank overdrafts which are repayable on demand are included in cash and cash equivalents only when there
\nis a legal right to offset and an intention to settle net, otherwise these amounts are classified separately as liabilities on the balance sheet. For the
\npurposes of the statement of cash flow, bank overdrafts are a component of cash and cash equivalents as they are repayable on demand and form
\nan integral part of the Group\u2019s cash management.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag604": {
"value": "\nTrade receivables
\nTrade receivables do not carry any interest and are stated at their original invoiced value as reduced by appropriate allowances for estimated
\nirrecoverable amounts. The expected credit loss model under IFRS 9 is applied to trade and other receivables. The chosen method of recognising
\nthe expected credit loss across the Group is the simplified approach allowing a provision matrix to be used, which is based on the expected life of
\ntrade receivables and historic default rates, default being defined as when impaired debts are assessed as uncollectable. The carrying amount of
\nthe receivables is reduced through use of an allowance account and impaired debts are derecognised when they are assessed as uncollectable.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag605": {
"value": "\nTrade payables
\nTrade payables are stated on the balance sheet at their original invoice value.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag606": {
"value": "\n
\n\n2.15 Impairment of non-financial assets
\nThe Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when
\nannual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. For the purposes of
\nimpairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are
\nlargely independent of the cash inflows of other assets or cash generating units (CGUs). An assets or CGU\u2019s recoverable amount is the higher of
\nits fair value less costs to sell (FVLCTS) and value-in-use (VIU). Where the carrying amount of an asset exceeds its recoverable amount, the asset
\nis considered impaired and is written down to its recoverable amount. In assessing an asset\u2019s VIU, the estimated future cash flows are discounted
\nto their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
\nthe asset. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent with the
\nfunction of the impaired asset.
\nFor assets excluding goodwill and brand, an assessment is made at each reporting date as to whether there is any indication that previously
\nrecognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the assets or CGU\u2019s
\nrecoverable amount.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag607": {
"value": "\n2.15 Impairment of non-financial assets
\nThe Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when
\nannual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. For the purposes of
\nimpairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are
\nlargely independent of the cash inflows of other assets or cash generating units (CGUs). An assets or CGU\u2019s recoverable amount is the higher of
\nits fair value less costs to sell (FVLCTS) and value-in-use (VIU). Where the carrying amount of an asset exceeds its recoverable amount, the asset
\nis considered impaired and is written down to its recoverable amount. In assessing an asset\u2019s VIU, the estimated future cash flows are discounted
\nto their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
\nthe asset. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent with the
\nfunction of the impaired asset.
\nFor assets excluding goodwill and brand, an assessment is made at each reporting date as to whether there is any indication that previously
\nrecognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the assets or CGU\u2019s
\nrecoverable amount.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag620": {
"value": "\n2.16 Loans to franchisees and appointed representatives
\nThe Group issues loans to its franchisees and appointed representatives, the Group\u2019s objective is to hold these loans to collect contractual cash
\nflows and the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs
\nthat are directly attributable to their issue and are subsequently carried at amortised cost, less provision for impairment.
\nLoans to appointed representatives are made in the normal course of business and on standard terms, the duration is typically three years and the
\nloans are offered on an interest-free basis. The Group calculates the difference between the par value and fair value on recognition using a market
\nrate of interest and charges this amount to finance costs in the Group Income Statement, the residual loan amount is recorded as a financial asset
\nat amortised cost.
\nImpairment provisions against loans to franchisees and appointed representatives are recognised based on an expected credit loss model.
\nThe methodology used to determine the amount of provision is based on whether there has been a significant increase in credit risk since
\ninitial recognition of these financial assets and is calculated by considering the cash shortfalls that would be incurred and probability of these
\ncash shortfalls using the Group\u2019s model. Where a significant increase in credit risk is identified, lifetime expected credit losses are recognised;
\nalternatively, if there has not been a significant increase in credit risk, a 12-month expected credit loss is recognised. Such provisions are recorded
\nin a separate allowance account with the loss being recognised within operating expenses in the Group Income Statement. On confirmation that a
\nloan will not be collectable, the gross carrying value of the asset is written off against the associated provision.
\n
\n\n\n\n",
"dimensions": {
"concept": "lsl:DescriptionOfAccountingPolicyForLoansToFranchiseesAndAppointedRepresentativesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag622": {
"value": "\n2.17 Loans to joint venture
\nThe Group issued loan notes to its joint venture in 2024. The Group\u2019s objective is to hold these loans to collect contractual cash flows and the
\ncontractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are
\ndirectly attributable to their issue and are subsequently carried at amortised cost, less provision for impairment. The loan notes are redeemable in
\nJune 2025.
\n
\n\n\n\n",
"dimensions": {
"concept": "lsl:DescriptionOfAccountingPolicyForLoansToJointVentureExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag608": {
"value": "\n2.18 Provisions
\nA provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is
\nprobable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by
\ndiscounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where
\nappropriate, the risks specific to the liability.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag609": {
"value": "\n2.19 Leases
\nLeases are defined as a contract which gives the right to use an asset for a period of time in exchange for consideration. As a lessee, the Group
\nrecognises three classes of leases on this basis:
\n\u2022 Property leases
\n\u2022 Motor vehicle leases
\n\u2022 Other leases
\nProperty leases and motor vehicle leases have been recognised on the Group Balance Sheet, in financial liabilities, by recognising the future cash
\nflows of the lease obligation, discounted using the incremental borrowing rate of the Group, adjusted for factors such as swap rates available and
\nthe credit risk of the entity entering into the lease.
\nCorresponding right-of-use assets have been recognised on the Group Balance Sheet under property, plant and equipment and have been
\nmeasured as being equal to the discounted lease liability plus any lease payments made at or before the inception of the lease and initial direct
\ncosts, less any lease incentives received. Cash flows from these leases have been recognised by including the principal portion of the lease
\npayments in cash flows from financing activities and the interest portion of the lease payment recognised through operating activities.
\nOther leases are leases for low value items or leases whose contract term is less than 12 months. The practical expedient not to recognise right-of-
\nuse assets and lease liabilities for these leases has been utilised by the Group. A charge for these leases has been recognised through the income
\nstatement as an operating expense. The cash flows relating to low value and short-term leases have been recognised in net cash flows from
\noperating activities. No leases where the Group is a lessee, or a lessor contain variable lease payments.
\nIn scenarios where the Group is an intermediate lessor, the sublease is classified as a finance lease if substantially all of the risk and rewards
\nincidental to the ownership of the leased asset have transferred to the sublessee, otherwise the sublease is classified as an operating lease. The
\nGroup accounts for finance subleases by derecognising the existing right-of-use asset at the effective date of the sublease and recognising a
\nreceivable for the Group\u2019s net investment in the sublease, with any resultant gain/(loss) recognised in the income statement. The net investment
\nin the leases equals remaining fixed payments, discounted at the interest rate implicit in the lease. After initial recognition, the Group recognises
\nfinance income over the remaining lease using the amortised cost method. The net investment in sublease is subsequently reviewed for
\nimpairment under IFRS 9 (further details are given in note 26 to these Financial Statements).
\nRental income including the effect of lease incentives from sublet properties and vehicles are recognised over time on a straight-line basis,
\nthroughout the lease term for operating leases or by recognising in the balance sheet a lease receivable equal to the investment in the lease for
\nfinance leases. Subleases are assessed as finance leases or operating leases in reference to the right-of-use asset the lease generates.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag621": {
"value": "\n2.20 Shares held by employee benefit trust (EBT) and share incentive plan (SIP)
\nThe Group has an employee share scheme (ESOT) for the granting of LSL shares to Executive Directors and selected senior employees; and an
\nemployee share incentive plan. Shares in LSL held by the ESOT and the trusts are treated as treasury shares and presented in the balance sheet
\nas a deduction from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own
\nequity instruments. The finance costs and administration costs relating to the ESOT and the trusts are charged to the income statement. Dividends
\nearned on shares held in the ESOT and the trusts have been waived. The ESOT and trust shares are ignored for the purposes of calculating the
\nGroup\u2019s earnings per share (EPS).
\n
\n\n\n\n",
"dimensions": {
"concept": "lsl:DescriptionOfAccountingPolicyForSharesHeldByEmployeeBenefitTrustEBTExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag610": {
"value": "\n2.21 Treasury shares
\nWhere the Group repurchases shares from existing shareholders, they are held as treasury shares and are presented as a deduction from equity.
\nNo gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Treasury
\nshares are ignored for the purposes of calculating the Group\u2019s EPS and adjusted EPS.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag611": {
"value": "\n2.22 Dividends
\nEquity dividends are recognised when they become legally payable. In the case of interim dividends to shareholders, this is when paid. In the case
\nof final dividends, this is when approved by shareholders at each AGM.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag612": {
"value": "\n2.23 Pensions
\nThe Group operates a defined contribution pension scheme for employees of all Group companies. The assets of the scheme are invested and
\nmanaged independently of the finances of the Group. The pension cost charge represents contributions payable in the year.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag613": {
"value": "\n2.24 Critical accounting judgements and estimates
\nThe preparation of the Group\u2019s Financial Statements requires the use of estimates and assumptions that affect the reported amounts of assets
\nand liabilities at the date of the Financial Statements and the reported amounts of revenue and expenses during the year. These estimates and
\njudgements are based on Management\u2019s best knowledge of the amount, event or actions and actual results ultimately may differ from those
\nestimates. Group Management believe that the estimates and assumptions listed below have a significant risk of resulting in a material adjustment
\nto the carrying amounts of assets and liabilities.
\nCarrying value of goodwill and intangible assets (estimate)
\nThe Group carries out impairment reviews of intangible assets when there is an indication that the carrying value may not be recoverable and tests
\nthe carrying value of goodwill and indefinite life intangibles at least annually, each of the Group\u2019s three segments hold goodwill or indefinite life
\nintangible assets and therefore an annual impairment review is required.
\nThe Group\u2019s goodwill of \u00a316.9m includes Surveying & Valuation (\u00a39.6m), Estate Agency Franchising (\u00a30.3m) and Financial Services (\u00a37.0m). At
\n31 December 2024, the Group held \u00a329.9m of intangible assets on the balance sheet (2023: \u00a321.4m), of which \u00a36.9m are indefinite life intangible
\nassets relating to brand (2023: \u00a36.9m), the remaining balance of \u00a323.0m is split between relationship asset \u00a38.5m (2023: \u00a3nil), franchise
\nintangibles \u00a310.9m (2023: \u00a311.7m) and software \u00a33.6m (2023: \u00a32.8m).
\nIn 2023, the Estate Agency segment disposed of \u00a338.1m of goodwill associated with the owned network, and a franchise asset of \u00a311.7m was
\nrecognised in the new franchise operation (Estate Agency Franchising), the value of brand was transferred from Estate Agency to Estate Agency
\nFranchising. Surveying & Valuation and Financial Services have always previously had high levels of headroom and have therefore typically not
\nbeen sensitive.
\nThe impairment tests are carried out by CGU and reflect the latest Group budgets and forecasts approved by the Board. The budgets and forecasts
\nare based on various assumptions relating to the Group\u2019s business including assumptions relating to market outlook, observable trends, and
\nprofitability. A pre-tax discount rate has been used to discount the CGU cash flows:
\n\u2022 Financial Services Division \u2013 16.3%
\n\u2022 Surveying & Valuation Division \u2013 17.3%
\n\u2022 Estate Agency Franchising Division \u2013 15.9%
\nA terminal value is also applied using a long-term growth rate of 2.0%. A sensitivity analysis has been performed allowing for possible changes to
\nthe assumptions in the impairment model, see note 17 for details.
\nCommission refund liability (estimate)
\nCertain subsidiaries sell life assurance products which are cancellable without a notice period, and if cancelled within a set period require that a
\nportion of the commission earned must be repaid. This also includes commission refund liabilities for sales by leaver firms which would ordinarily
\nhave been recoverable from them when they had previously been part of the Network. The commission refund liability is recognised as a reduction
\nin revenue which is calculated with reference to historic refunds which have occurred. Details of the assumptions applied to commission refund
\nliability and the impact of changes in average lapse rates are shown in note 23.
\nProfessional Indemnity (PI) claims (estimate)
\nA provision is made for PI claims and potential claims that arise during the normal course of business in the Financial Services Division and in
\nrelation to valuations performed by the Surveying & Valuation Division. This includes an estimate for the settlement of claims already received as
\nwell as claims incurred but not yet reported (IBNR). Details of the assumptions applied to PI claims areas are disclosed in note 25 to these Financial
\nStatements. A sensitivity analysis which illustrates the impact of different assumptions on the required PI costs provision is also included in note 25.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag614": {
"value": "\n
\n
\n2.25 New standards and interpretations not applied
\nIFRS 18 \u201c\u2018Presentation and Disclosure in Financial Statements\u201d was issued by the International Accounting Standards Board (IASB) on 09 April 2024.
\nSubjected to UK endorsement, the new standard is effective for the Group\u2019s accounting periods beginning on or after 1 January 2027.
\nNew requirements under IFRS 18 are expected to have an impact on the Group Financial Statements, key changes include:
\n\u2022 Mandatory subtotals and categories of income and expense in the income statement, as well as new requirements for the disclosure of
\noperating expenses.
\n\u2022 Disclosures about management-defined performance measures in the financial statements.
\n\u2022 Enhanced requirements for the aggregation and location of information presented in the primary financial statements and disclosed in the
\nnotes as well as guidance on providing informative labels.
\nManagement are continuing to assess the impact of the accounting changes that will arise under IFRS 18.
\nThere have been no other new relevant standards that have been published and are mandatory for the Group\u2019s accounting periods beginning on
\nor after 1 January 2024. Amendments to existing standards do not have a material impact on the Financial Statements.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag615": {
"value": "\n
\n\n3. Disaggregation of revenue
\nSet out below is the disaggregation of the Group\u2019s revenue from contracts with customers:
\nYear ended 31 December 2024
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying &
\nValuation
\n\u00a3\u2019000
\nResidential
\nsales
\nexchange
\n\u00a3\u2019000
\nLettings
\n\u00a3\u2019000
\nEstate
\nAgency
\nFranchising
\nincome
\n\u00a3,000
\nAsset
\nmanagement
\n\u00a3\u2019000
\nOther
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nTiming of revenue recognition
\nServices transferred at a point in time 48,395 92,547 4,027 367 20,081 5,275 997 171,689
\nServices transferred over time \u2013 \u2013 \u2013 \u2013 1,486 \u2013 \u2013 1,486
\nTotal revenue from contracts with
\ncustomers 48,395 92,547 4,027 367 21,567 5,275 997 173,175
\nDuring the year 19% (2023: 14%) of the Group\u2019s revenue was generated from a single large customer within the Surveying & Valuation Division.
\nThe revenue recorded within continuing operations in relation to this customer during the year was \u00a333.1m (2023: \u00a319.9m).
\nYear ended 31 December 2023
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying &
\nValuation
\n\u00a3\u2019000
\nResidential
\nsales
\nexchange
\n\u00a3\u2019000
\nLettings
\n\u00a3\u2019000
\nEstate
\nAgency
\nFranchising
\nincome
\n\u00a3,000
\nAsset
\nmanagement
\n\u00a3\u2019000
\nOther
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nTiming of revenue recognition
\nServices transferred at a point in time 51,692 67,834 4,115 950 13,529 3,907 1,156 143,183
\nServices transferred over time \u2013 \u2013 \u2013 170 952 113 \u2013 1,235
\nTotal revenue from contracts with
\ncustomers 51,692 67,834 4,115 1,120 14,481 4,020 1,156 144,418
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nRevenue from services 173,175 144,418
\nOperating revenue 173,175 144,418
\nGain/(loss) on fair value (Note 19) 482 (279)
\nOther gains 50 68
\nOther operating income/(loss) 532 (211)
\nTotal revenue and operating income 173,707 144,207
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag616": {
"value": "\n3. Disaggregation of revenue
\nSet out below is the disaggregation of the Group\u2019s revenue from contracts with customers:
\nYear ended 31 December 2024
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying &
\nValuation
\n\u00a3\u2019000
\nResidential
\nsales
\nexchange
\n\u00a3\u2019000
\nLettings
\n\u00a3\u2019000
\nEstate
\nAgency
\nFranchising
\nincome
\n\u00a3,000
\nAsset
\nmanagement
\n\u00a3\u2019000
\nOther
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nTiming of revenue recognition
\nServices transferred at a point in time 48,395 92,547 4,027 367 20,081 5,275 997 171,689
\nServices transferred over time \u2013 \u2013 \u2013 \u2013 1,486 \u2013 \u2013 1,486
\nTotal revenue from contracts with
\ncustomers 48,395 92,547 4,027 367 21,567 5,275 997 173,175
\nDuring the year 19% (2023: 14%) of the Group\u2019s revenue was generated from a single large customer within the Surveying & Valuation Division.
\nThe revenue recorded within continuing operations in relation to this customer during the year was \u00a333.1m (2023: \u00a319.9m).
\nYear ended 31 December 2023
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying &
\nValuation
\n\u00a3\u2019000
\nResidential
\nsales
\nexchange
\n\u00a3\u2019000
\nLettings
\n\u00a3\u2019000
\nEstate
\nAgency
\nFranchising
\nincome
\n\u00a3,000
\nAsset
\nmanagement
\n\u00a3\u2019000
\nOther
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nTiming of revenue recognition
\nServices transferred at a point in time 51,692 67,834 4,115 950 13,529 3,907 1,156 143,183
\nServices transferred over time \u2013 \u2013 \u2013 170 952 113 \u2013 1,235
\nTotal revenue from contracts with
\ncustomers 51,692 67,834 4,115 1,120 14,481 4,020 1,156 144,418
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nRevenue from services 173,175 144,418
\nOperating revenue 173,175 144,418
\nGain/(loss) on fair value (Note 19) 482 (279)
\nOther gains 50 68
\nOther operating income/(loss) 532 (211)
\nTotal revenue and operating income 173,707 144,207
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag617": {
"value": "\n4. Segment analysis
\nFor the year ended 31 December 2024 LSL has reported three operating segments: Financial Services, Surveying & Valuation, and Estate Agency
\nFranchising.
\nThe Estate Agency segment previously included the Group\u2019s owned network, pre-existing franchise network, residential sales exchange,
\nconveyancing services, lettings and asset management businesses. The Estate Agency segment was replaced by Estate Agency Franchising on
\n4 May 2023 which includes the Group\u2019s franchise operations, residential sales exchange, and conveyancing services.
\nFrom 1 January 2024, the Group\u2019s asset management business was transferred from Estate Agency Franchising to Surveying & Valuation following
\nchanges in management responsibilities, see note 2.5 for further detail.
\nOperating segments
\nThe Chief Operating Decision Maker (\u201cCODM\u201d) monitors the operating results of its segments separately for the purpose of making decisions about
\nresource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects,
\nas explained in the table on the next page, is measured differently from operating profit or loss in the Group Financial Statements. Registered
\noffice costs, Group financing (including finance costs and finance income) and income taxes are managed on a Group basis and are not allocated to
\noperating segments.
\nReportable segments
\nThe following table presents revenue and profit information regarding the Group\u2019s reportable segments for the financial year ended 31 December
\n2024 and financial year ended 31 December 2023 respectively.
\n
\n\n\n\n\nYear ended 31 December 2024
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying
\n& Valuation
\n\u00a3\u2019000
\nEstate Agency
\nFranchising
\n\u00a3\u2019000
\nCentral
\n1
\n
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nIncome statement information
\nRevenue from external customers 48,395 97,822 26,958 \u2013 173,175
\nSegmental result:
\n\u2013 Group Underlying Operating profit/(loss) 8,653 22,501 7,626 (11,048) 27,732
\n\u2013 Operating profit/(loss) 4,670 22,083 6,468 (11,335) 21,886
\nFinance income 2,868
\nFinance costs (1,741)
\nProfit before tax 23,013
\nLoss before tax from discontinued operations (518)
\nProfit before tax 22,495
\nTaxation (5,106)
\nProfit for the year 17,389
\nBalance sheet information
\nSegment assets \u2013 intangible 17,521 12,771 16,424 \u2013 46,716
\nSegment assets \u2013 other 33,977 15,486 4,699 66,963 121,125
\nTotal segment assets 51,498 28,257 21,123 66,963 167,841
\nTotal segment liabilities (23,697) (18,450) (12,749) (31,061) (85,957)
\nNet assets 27,801 9,807 8,374 35,902 81,884
\nOther segment items
\nCapital expenditure including intangible assets 1,259 1,439 333 \u2013 3,031
\nDepreciation (540) (1,925) (695) \u2013 (3,160)
\nAmortisation of intangible assets (1,806) (230) (916) (36) (2,988)
\nExceptional gains 1,705 40 \u2013 \u2013 1,745
\nExceptional costs (4,109) \u2013 \u2013 \u2013 (4,109)
\nShare of results in joint venture (6) \u2013 \u2013 \u2013 (6)
\nPI Costs provision (440) (1,899) \u2013 \u2013 (2,339)
\nDilapidation provision \u2013 \u2013 (5,110) \u2013 (5,110)
\nRestructuring provision \u2013 \u2013 (918) \u2013 (918)
\nAppointed representative provision (1,247) \u2013 \u2013 \u2013 (1,247)
\nOther provision \u2013 \u2013 \u2013 (571) (571)
\nShare-based payment (199) (228) (242) (251) (920)
\nEmployee Costs (25,919) (59,346) (10,479) (9,456) (105,200)
\n1 Formerly named \"Unallocated\"
\nCentral net assets comprise intangible assets and plant and equipment \u00a30.7m, other assets \u00a35.6m, cash \u00a360.7m, accruals and other payables
\n\u00a31.2m, deferred tax liabilities \u00a31.6m, overdraft of \u00a328.3m. Central result comprises costs relating to the Parent Company.
\n
\n\n\n\n\nYear ended 31 December 2023 (restated)
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying
\n& Valuation
\n\u00a3\u2019000
\nEstate Agency
\nFranchising
\n\u00a3\u2019000
\nCentral
\n1
\n
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nIncome statement information
\nGross income from external customers from continuing
\noperations 53,284 71,854 20,872 \u2013 146,010
\nIntroducer\u2019s fee (1,592) \u2013 \u2013 \u2013 (1,592)
\nRevenue from continuing operations 51,692 71,854 20,872 \u2013 144,418
\nRevenue from external customers from discontinued
\noperations \u2013 \u2013 30,750 \u2013 30,750
\nIntroducer\u2019s fee \u2013 \u2013 1,592 \u2013 1,592
\nTotal revenue from continuing and discontinued
\noperations 51,692 71,854 53,214 \u2013 176,760
\nSegmental result:
\n\u2013 Group Underlying Operating profit/(loss) from continuing
\noperations 7,022 6,730 4,305 (7,738) 10,319
\n\u2013 Operating profit/(loss) 5,049 3,396 2,968 (7,666) 3,747
\nFinance income 2,817
\nFinance costs (1,701)
\nProfit before tax 4,863
\nLoss before tax from discontinued operations (45,425)
\nLoss before tax (40,562)
\nTaxation 2,502
\nLoss for the year (38,060)
\nBalance sheet information
\nSegment assets \u2013 intangible 8,893 11,962 17,425 36 38,316
\nSegment assets \u2013 other 23,439 14,175 10,418 63,176 111,208
\nTotal segment assets 32,332 26,137 27,843 63,212 149,524
\nTotal segment liabilities (14,476) (15,383) (17,855) (25,865) (73,579)
\nNet assets 17,856 10,754 9,988 37,347 75,945
\nOther segment items
\nCapital expenditure including intangible assets (2,065) (623) (168) \u2013 (2,856)
\nDepreciation (590) (1,796) (976) \u2013 (3,362)
\nAmortisation of intangible assets (1,733) (46) (443) (36) (2,258)
\nExceptional gains 8,981 339 \u2013 \u2013 9,320
\nExceptional costs (9,275) (3,661) (831) \u2013 (13,767)
\nShare of results in joint venture (390) \u2013 \u2013 \u2013 (390)
\nPI Costs provision (905) (2,313) \u2013 \u2013 (3,218)
\nDilapidation provision \u2013 \u2013 (5,691) \u2013 (5,691)
\nRestructuring provision \u2013 \u2013 (2,069) \u2013 (2,069)
\nOther provision \u2013 \u2013 (571) \u2013 (571)
\nOnerous leases provision \u2013 \u2013 (1) \u2013 (1)
\nShare-based payment 54 (37) 8 139 164
\nEmployee Costs (28,132) (51,910) (9,971) (9,077) (99,090)
\n1 Formerly named \"Unallocated\"
\nCentral net assets comprise intangible assets and plant and equipment \u00a31.0m, other assets \u00a34.2m, cash \u00a358.0m, accruals and other payables
\n\u00a32.8m, overdraft of \u00a323.1m. Central result comprises costs relating to the Parent Company.
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag624": {
"value": "\n\n\n5. Group and Divisional Underlying Operating Profit
\nGroup and Divisional Underlying Operating Profit are alternative performance measures (APMs) used by the Directors and Group Management to
\nmonitor performance of operating segments against budget. It is calculated as profit/(loss) before tax adjusted for the items set out below. The
\nGroup\u2019s APMs are defined, explained, and reconciled to their closest statutory measures in note 34.
\nYear ended 31 December 2024
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying
\n& Valuation
\n\u00a3\u2019000
\nEstate Agency
\n\u00a3\u2019000
\nCentral
\n1
\n
\n\u00a3\u2019000
\nIFRS reported
\ntotal from
\ncontinued
\noperations
\n\u00a3\u2019000
\nProfit/(loss) before tax 6,759 22,805 5,990 (12,541) 23,013
\nNet finance (cost)/income (2,089) (722) 478 1,206 (1,127)
\nOperating profit/(loss) per income statement 4,670 22,083 6,468 (11,335) 21,886
\nOperating margin 9.6% 22.6% 24.0% \u2013 12.6%
\nAdjustments:
\nShare-based payments 199 228 242 251 920
\nAmortisation of intangible assets 1,806 230 916 36 2,988
\nExceptional gains (1,705) (40) \u2013 \u2013 (1,745)
\nExceptional costs 4,109 \u2013 \u2013 \u2013 4,109
\nContingent consideration (426) \u2013 \u2013 \u2013 (426)
\nUnderlying operating profit/(loss) 8,653 22,501 7,626 (11,048) 27,732
\nUnderlying operating margin 17.9% 23.0% 28.3% \u2013 16.0%
\n1 Formerly named \u201cUnallocated\u201d
\nYear ended 31 December 2023 (restated)
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying
\n& Valuation
\n\u00a3\u2019000
\nEstate Agency
\nFranchising
\n\u00a3\u2019000
\nCentral
\n1
\n
\n\u00a3\u2019000
\nIFRS reported
\ntotal from
\ncontinuing
\noperations
\n\u00a3\u2019000
\nDiscontinued
\noperations
\n\u00a3\u2019000
\nTotal including
\ndiscontinued
\noperations
\n\u00a3\u2019000
\nProfit/(loss) before tax 5,848 3,960 3,733 (8,678) 4,863 (45,425) (40,562)
\nNet finance income/(cost) (799) (564) (765) 1,012 (1,116) 110 (1,006)
\nOperating (loss)/profit per
\nincome statement 5,049 3,396 2,968 (7,666) 3,747 (45,315) (41,568)
\nOperating margin 9.8% 4.7% 14.2% \u2013 2.6% (140.1%) (23.5%)
\nAdjustments:
\nShare-based payments (54) (34) 6 3 (139) (164) 55 (109)
\nAmortisation of intangible
\nassets 1,733 46 443 36 2,258 402 2,660
\nExceptional gains (8,981) (339) \u2013 \u2013 (9,320) \u2013 (9,320)
\nExceptional costs 9,275 3,661 831 \u2013 13,767 43,883 57,650
\nContingent consideration
\npayable \u2013 \u2013 \u2013 31 31 \u2013 31
\nUnderlying operating profit/
\n(loss) 7,022 6,730 4,305 (7,738) 10,319 (975) 9,344
\nUnderlying operating margin 13.6% 9.4% 20.6% \u2013 7.1% (3.0%) 5.3%
\n1 Formerly named \"Unallocated\"
\n\n\n
\n\n\n\n\n\n\n\n\n10. Profit before tax
\nProfit before tax is stated after charging:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nAuditor\u2019s remuneration (Note 11) 1,525 1,533
\nShort-term leases 1,796 1,960
\nLow value leases 196 334
\nDepreciation \u2013 owned assets 1,179 1,482
\nDepreciation \u2013 right-of-use assets 1,981 1,880
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag654": {
"value": "\n5. Group and Divisional Underlying Operating Profit
\nGroup and Divisional Underlying Operating Profit are alternative performance measures (APMs) used by the Directors and Group Management to
\nmonitor performance of operating segments against budget. It is calculated as profit/(loss) before tax adjusted for the items set out below. The
\nGroup\u2019s APMs are defined, explained, and reconciled to their closest statutory measures in note 34.
\nYear ended 31 December 2024
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying
\n& Valuation
\n\u00a3\u2019000
\nEstate Agency
\n\u00a3\u2019000
\nCentral
\n1
\n
\n\u00a3\u2019000
\nIFRS reported
\ntotal from
\ncontinued
\noperations
\n\u00a3\u2019000
\nProfit/(loss) before tax 6,759 22,805 5,990 (12,541) 23,013
\nNet finance (cost)/income (2,089) (722) 478 1,206 (1,127)
\nOperating profit/(loss) per income statement 4,670 22,083 6,468 (11,335) 21,886
\nOperating margin 9.6% 22.6% 24.0% \u2013 12.6%
\nAdjustments:
\nShare-based payments 199 228 242 251 920
\nAmortisation of intangible assets 1,806 230 916 36 2,988
\nExceptional gains (1,705) (40) \u2013 \u2013 (1,745)
\nExceptional costs 4,109 \u2013 \u2013 \u2013 4,109
\nContingent consideration (426) \u2013 \u2013 \u2013 (426)
\nUnderlying operating profit/(loss) 8,653 22,501 7,626 (11,048) 27,732
\nUnderlying operating margin 17.9% 23.0% 28.3% \u2013 16.0%
\n1 Formerly named \u201cUnallocated\u201d
\nYear ended 31 December 2023 (restated)
\n
\nFinancial
\nServices
\n\u00a3\u2019000
\nSurveying
\n& Valuation
\n\u00a3\u2019000
\nEstate Agency
\nFranchising
\n\u00a3\u2019000
\nCentral
\n1
\n
\n\u00a3\u2019000
\nIFRS reported
\ntotal from
\ncontinuing
\noperations
\n\u00a3\u2019000
\nDiscontinued
\noperations
\n\u00a3\u2019000
\nTotal including
\ndiscontinued
\noperations
\n\u00a3\u2019000
\nProfit/(loss) before tax 5,848 3,960 3,733 (8,678) 4,863 (45,425) (40,562)
\nNet finance income/(cost) (799) (564) (765) 1,012 (1,116) 110 (1,006)
\nOperating (loss)/profit per
\nincome statement 5,049 3,396 2,968 (7,666) 3,747 (45,315) (41,568)
\nOperating margin 9.8% 4.7% 14.2% \u2013 2.6% (140.1%) (23.5%)
\nAdjustments:
\nShare-based payments (54) (34) 6 3 (139) (164) 55 (109)
\nAmortisation of intangible
\nassets 1,733 46 443 36 2,258 402 2,660
\nExceptional gains (8,981) (339) \u2013 \u2013 (9,320) \u2013 (9,320)
\nExceptional costs 9,275 3,661 831 \u2013 13,767 43,883 57,650
\nContingent consideration
\npayable \u2013 \u2013 \u2013 31 31 \u2013 31
\nUnderlying operating profit/
\n(loss) 7,022 6,730 4,305 (7,738) 10,319 (975) 9,344
\nUnderlying operating margin 13.6% 9.4% 20.6% \u2013 7.1% (3.0%) 5.3%
\n1 Formerly named \"Unallocated\"
\n\n\n34. Alternative performance measures
\nIn reporting financial information, the Group presents APMs which are not defined or specified under the requirements of IFRS. The Group
\nbelieves that the presentation of APMs provides stakeholders with additional helpful information on the performance of the business but does not
\nconsider them to be a substitute for or superior to IFRS measures. Definitions and reconciliations of the financial APMs used to IFRS measures, are
\nincluded below.
\nThe Group reports the following APMs:
\na) Group and Divisional Underlying Operating Profit
\nUnderlying Operating Profit represents the profit/(loss) before tax for the period before net finance cost, share-based payments, amortisation
\nof intangible assets, exceptional items and contingent consideration. This is the measure reported to the Directors as it considered to give a
\nconsistent indication of both Group and Divisional underlying performance.
\nThe closest equivalent IFRS measure to Underlying Operating Profit is operating profit/(loss). Refer to note 5 for a reconciliation between profit/
\n(loss) before tax and Group and Divisional Underlying Operating Profit.
\n
\n\n\nb) Group and Divisional Underlying Operating Margin
\nUnderlying Operating Margin is defined as Underlying Operating Profit divided by revenue. Refer to note 5 for the calculation of both Group and
\nDivisional Underlying Operating Margin. The closest equivalent IFRS measure to Underlying Operating Margin is operating margin, refer to note 5
\nfor a reconciliation between operating margin and Group Underlying Operating Margin.
\nc) Adjusted basic earnings per share, adjusted diluted earnings per share and adjusted profit after tax
\nAdjusted basic earnings per share is defined as Group Underlying Operating Profit adjusted for profit/(loss) attributed to non-controlling interests,
\nnet finance cost (excluding exceptional and contingent consideration items and discounting on leases) less normalised tax (to arrive at adjusted
\nprofit after tax), divided by the weighted average number of shares in issue during the financial period. The effect of potentially dilutive ordinary
\nshares is incorporated into the diluted measure.
\nThe closest equivalent IFRS measures are basic and diluted earnings per share. Refer to note 12 for a reconciliation between earnings/(loss) per
\nshare and adjusted earnings per share.
\nd) Adjusted operating expenditure
\nAdjusted operating expenditure is defined as the total of employee costs, depreciation on property, plant and equipment and other operating
\ncosts and is considered to give a consistent indication of the Group\u2019s underlying operating expenditure.
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nTotal operating expenditure (151,289) (140,671)
\nAdd back:
\nOther (losses)/gains (532) 211
\nShare of post-tax loss from joint venture 6 390
\nShare-based payments 920 (164)
\nAmortisation of intangible assets 2,988 2,258
\nExceptional gains (1,745) (9,320)
\nExceptional costs 4,109 13,767
\nContingent consideration (426) 31
\nAdjusted operating expenditure (145,969) (133,498)
\ne) Net cash/debt
\nNet cash/debt is defined as cash and short-term deposits less current and non-current borrowings, add IFRS 16 financial liabilities, deferred and
\ncontingent consideration and where applicable cash held for sale.
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCash and short term deposits 60,663 58,110
\nLess: Interest-bearing loans and borrowings (including loan notes, overdraft, IFRS 16 Leases, contingent and
\ndeferred consideration)
\nCurrent (33,861) (26,459)
\nNon-current (3,491) (5,085)
\n 23,311 26,566
\nAdd: IFRS 16 lease financial liabilities 5,782 8,340
\nAdd: deferred and contingent consideration 3,306 65
\nNet cash 32,399 34,971
\n
\n\n\nf) Adjusted cash flow from operations
\nAdjusted cash flow from operations is defined as cash generated from operations, less the repayment of lease liabilities, plus the utilisation of PI
\nprovisions.
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCash generated from operations 33,017 3,915
\nPayment of principal portion of lease liabilities (2,895) (4,529)
\nPI provision utilisation 950 406
\nAdjusted cash flow from operations 31,072 (207)
\ng) Cash flow conversion rate
\nCash flow conversion rate is defined as cash generated from operations (pre-PI costs and post-lease liabilities, divided by Group Underlying
\nOperating Profit.
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nAdjusted cash flow from operations 31,072 (207)
\nGroup Underlying Operating Profit 27,292 9,344
\nCash flow conversion rate 114% (2.2%)
\n
\n\n",
"dimensions": {
"concept": "lsl:DisclosureOfAlternativePerformanceMeasuresExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag625": {
"value": "\n
\n\n6. Discontinued operations
\nIn 2023, the Group franchised its entire owned Estate Agency Network of 183 branches, with the operations of the previously owned network
\ndisposed to a combination of new and existing franchisees between 3 May and 31 May 2023. The operations of the branches were sold to the
\nfranchisees through either asset or share sales. The operations of the owned branch network were classified as a discontinued operation and
\npresented as such in the Group Financial Statements for the year ended 31 December 2024 and 31 December 2023.
\nDuring 2024 the Group recognised post tax loss from discontinued operations of \u00a30.4m (2023: loss of \u00a346.1m) due to follow on administrative
\ncosts from the restructuring, and increase in dilapidation and restructuring provisions recognised as part of the original asset and share sales, as
\nper note 25.
\nFinancial performance and cash flow information
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nRevenue \u2013 32,342
\nOperating Expenses:
\nEmployee and subcontractor costs \u2013 (20,660)
\nDepreciation on property, plant and equipment \u2013 (1,150)
\nOther operating costs (440) (11,509)
\nGain on sale of property, plant and equipment \u2013 2
\nShare-based payments \u2013 (55)
\nAmortisation of intangible assets \u2013 (402)
\nExceptional gains \u2013 \u2013
\nExceptional costs (78) (9,049)
\nGroup operating loss (518) (10,481)
\nFinance costs \u2013 (110)
\nNet finance costs \u2013 (110)
\nLoss before tax (518) (10,591)
\nTaxation credit/(charge) 141 (668)
\nLoss for the year (377) (11,259)
\nLoss on sale of discontinued operation \u2013 (34,834)
\nLoss after tax for the period from discontinued operation (377) (46,093)
\nThe net cash flows incurred by discontinued operations are, as follows:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nOperating (1,622) (3,524)
\nInvesting \u2013 (671)
\nFinancing \u2013 (935)
\nNet cash outflow (1,622) (5,130)
\nExceptional costs
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nEstate Agency restructuring costs \u2013 (9,049)
\nIncrease in dilapidation and restructuring provisions (78) \u2013
\n (78) (9,049)
\nIncrease in dilapidation and restructuring provisions
\nDuring the year, the Group recognised exceptional costs from discontinued operations of \u00a30.1m (2023: \u00a39.0m exceptional cost) due to increases in
\ndilapidation and restructuring provisions recognised as part of the original asset and share sales, as per note 25 of the Group Financial Statements.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag626": {
"value": "\n6. Discontinued operations
\nIn 2023, the Group franchised its entire owned Estate Agency Network of 183 branches, with the operations of the previously owned network
\ndisposed to a combination of new and existing franchisees between 3 May and 31 May 2023. The operations of the branches were sold to the
\nfranchisees through either asset or share sales. The operations of the owned branch network were classified as a discontinued operation and
\npresented as such in the Group Financial Statements for the year ended 31 December 2024 and 31 December 2023.
\nDuring 2024 the Group recognised post tax loss from discontinued operations of \u00a30.4m (2023: loss of \u00a346.1m) due to follow on administrative
\ncosts from the restructuring, and increase in dilapidation and restructuring provisions recognised as part of the original asset and share sales, as
\nper note 25.
\nFinancial performance and cash flow information
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nRevenue \u2013 32,342
\nOperating Expenses:
\nEmployee and subcontractor costs \u2013 (20,660)
\nDepreciation on property, plant and equipment \u2013 (1,150)
\nOther operating costs (440) (11,509)
\nGain on sale of property, plant and equipment \u2013 2
\nShare-based payments \u2013 (55)
\nAmortisation of intangible assets \u2013 (402)
\nExceptional gains \u2013 \u2013
\nExceptional costs (78) (9,049)
\nGroup operating loss (518) (10,481)
\nFinance costs \u2013 (110)
\nNet finance costs \u2013 (110)
\nLoss before tax (518) (10,591)
\nTaxation credit/(charge) 141 (668)
\nLoss for the year (377) (11,259)
\nLoss on sale of discontinued operation \u2013 (34,834)
\nLoss after tax for the period from discontinued operation (377) (46,093)
\nThe net cash flows incurred by discontinued operations are, as follows:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nOperating (1,622) (3,524)
\nInvesting \u2013 (671)
\nFinancing \u2013 (935)
\nNet cash outflow (1,622) (5,130)
\nExceptional costs
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nEstate Agency restructuring costs \u2013 (9,049)
\nIncrease in dilapidation and restructuring provisions (78) \u2013
\n (78) (9,049)
\nIncrease in dilapidation and restructuring provisions
\nDuring the year, the Group recognised exceptional costs from discontinued operations of \u00a30.1m (2023: \u00a39.0m exceptional cost) due to increases in
\ndilapidation and restructuring provisions recognised as part of the original asset and share sales, as per note 25 of the Group Financial Statements.
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag627": {
"value": "\n
\n\n
\n
\n\n
\n\n7. Finance income
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nFinance income on subleased assets 96 140
\nUnwinding of discount on contingent consideration receivable 738 986
\nInterest from loans to franchisees and appointed representatives 225 148
\nBank interest 1,752 1,536
\nOther interest receivable 57 7
\n 2,868 2,817
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n8. Finance costs
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCommitment and non-utilisation fees on RCF 632 728
\nUnwinding of discount on lease liabilities 455 499
\nUnwinding of discount on contingent consideration payable 132 3
\nUnwinding of discount on dilapidations provision 192 119
\nFinance cost on loans to franchisees and appointed representatives 321 332
\nOther interest payable 9 20
\n 1,741 1,701
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag628": {
"value": "\n
\n
\n\n
\n\n7. Finance income
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nFinance income on subleased assets 96 140
\nUnwinding of discount on contingent consideration receivable 738 986
\nInterest from loans to franchisees and appointed representatives 225 148
\nBank interest 1,752 1,536
\nOther interest receivable 57 7
\n 2,868 2,817
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n8. Finance costs
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCommitment and non-utilisation fees on RCF 632 728
\nUnwinding of discount on lease liabilities 455 499
\nUnwinding of discount on contingent consideration payable 132 3
\nUnwinding of discount on dilapidations provision 192 119
\nFinance cost on loans to franchisees and appointed representatives 321 332
\nOther interest payable 9 20
\n 1,741 1,701
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag630": {
"value": "\n
\n\n7. Finance income
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nFinance income on subleased assets 96 140
\nUnwinding of discount on contingent consideration receivable 738 986
\nInterest from loans to franchisees and appointed representatives 225 148
\nBank interest 1,752 1,536
\nOther interest receivable 57 7
\n 2,868 2,817
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag629": {
"value": "\n7. Finance income
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nFinance income on subleased assets 96 140
\nUnwinding of discount on contingent consideration receivable 738 986
\nInterest from loans to franchisees and appointed representatives 225 148
\nBank interest 1,752 1,536
\nOther interest receivable 57 7
\n 2,868 2,817
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag631": {
"value": "\n
\n\n8. Finance costs
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCommitment and non-utilisation fees on RCF 632 728
\nUnwinding of discount on lease liabilities 455 499
\nUnwinding of discount on contingent consideration payable 132 3
\nUnwinding of discount on dilapidations provision 192 119
\nFinance cost on loans to franchisees and appointed representatives 321 332
\nOther interest payable 9 20
\n 1,741 1,701
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag632": {
"value": "\n8. Finance costs
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCommitment and non-utilisation fees on RCF 632 728
\nUnwinding of discount on lease liabilities 455 499
\nUnwinding of discount on contingent consideration payable 132 3
\nUnwinding of discount on dilapidations provision 192 119
\nFinance cost on loans to franchisees and appointed representatives 321 332
\nOther interest payable 9 20
\n 1,741 1,701
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag652": {
"value": "\n9. Exceptional items
\nExceptional items are those which are material by size and are both non-recurring and unusual in nature, see note 2.8 for the Group\u2019s accounting
\npolicy for exceptional items.
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nExceptional costs:
\nFinancial Services appointed representative costs 1,880 \u2013
\nFinancial Services post-acquisition support costs 543 \u2013
\nReduction in contingent consideration receivable 1,542 4,093
\nFinancial Services acquisition costs 144 2,164
\nSurveying & Valuation restructuring costs \u2013 3,661
\nLoss on sale of disposal groups \u2013 1,697
\nIntangible assets write down \u2013 2,152
\n 4,109 13,767
\nExceptional gains:
\nSurveying & Valuation restructuring gains 40 \u2013
\nIncrease in contingent consideration receivable 1,705 \u2013
\nGain on sale of disposal groups \u2013 8,981
\nExceptional gain in relation to historic PI costs \u2013 339
\n 1,745 9,320
\n
\n\n\n\n\n\n\n\nExceptional costs
\nFinancial Services appointed representative costs
\nDuring the year, the Group\u2019s PRIMIS Network served notice to one of its protection only appointed representative (AR) firms, made up of two
\ntrading entities. The Group is responsible for the future reimbursements of commissions received from product providers in the event that policies
\nare cancelled during an indemnity period, which is a maximum of 4 years. The Group has agreements in place with its AR firms and certain advisers
\nto recover their contractual liability in respect of these amounts.
\nGiven the trading position of these AR firm following the notice, the PRIMIS Board has determined that not all future commission reimbursements
\nare likely to be recovered. Consequently, a specific provision of \u00a31.2m has been recognised in the Group\u2019s balance sheet to reflect this potential
\nexposure. The Group\u2019s exposure will reduce significantly over time as active policies move beyond the indemnity period and due to the substantial
\ndecline in trading activity during the final months of the AR firms\u2019 operations. The remaining exceptional costs in this category relates to bad debt
\nwrite off and consultancy costs.
\nFinancial Services post-acquisition support costs
\nOn 2 February 2024, the Group acquired the entire issued share capital of TenetLime Limited (\u201cTenetLime\u201d), a subsidiary of Tenet Group Limited
\n(\u201cTenet Group\u201d). As part of the purchase agreement, Tenet Group agreed to provide a number of services to LSL after the transaction. Subsequent
\nto the purchase, LSL was notified that Tenet Group Limited entered administration on 5 June 2024, see note 24 for further detail. Additional costs
\nto the Group as a consequence of the administration of \u00a30.5m are recognised as exceptional costs.
\nReduction in contingent consideration receivable
\nThe reduction in contingent consideration receivable relates to contingent consideration assets recognised on the disposal of Group First and
\nEFS. The charge included in exceptionals is the result of a downward revision of future forecasts at the reporting date in comparison to original
\nrecognition. The Group has included movements in the deferred consideration for these disposals in exceptional items, because the original gain/
\nloss on disposal was taken to exceptional items. The Group recognises finance income on the unwinding of the receivables in finance income in the
\nincome statement.
\nFinancial Services acquisition costs
\nFinancial Services restructuring costs relate to corporate activity, including costs related to the acquisition of TenetLime Limited of \u00a30.1m (refer to
\nnote 24).
\nExceptional gains
\nIncrease in contingent consideration receivable
\nThe increase in contingent consideration receivable relates to contingent consideration assets recognised on the disposal of RSC. The gain included
\nin exceptionals is the result of a upward revision of future forecasts at the reporting date in comparison to original recognition. The Group has
\nincluded movements in the deferred consideration for these disposals in exceptional items, because the original gain/loss on disposal was taken to
\nexceptional items. The Group recognises finance income on the unwinding of the receivables in finance income in the income statement.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "lsl:DisclosureOfExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag634": {
"value": "\n11. Auditor\u2019s remuneration
\nThe remuneration of the auditors is further analysed as follows:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nAudit of the Financial Statements 584 490
\nAudit of subsidiaries 701 588
\nTotal audit 1,285 1,078
\nAudit-related assurance services (including interim results review) 240 455
\n 1,525 1,533
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag635": {
"value": "\n12. Earnings per Share (EPS)
\nBasic EPS amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent by the weighted average
\nnumber of ordinary shares outstanding during the year.
\nDiluted EPS amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent by the weighted average number
\nof ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all
\nthe dilutive potential ordinary shares into ordinary shares.
\nAs the Group reported a profit from continuing operations in 2024 (2023: profit from continuing operations), the effect of dilutive share options
\nhas been included in the calculation of diluted earnings per share for continuing operations, discontinued operations and the overall result:
\nTotal EPS:
\n 2024 2023
\n
\nProfit after
\n tax
\n\u00a3\u2019000
\nWeighted
\naverage number
\nof shares
\nPer share
\namount
\npence
\nLoss after
\ntax
\n\u00a3\u2019000
\nWeighted
\naverage number
\nof shares
\nPer share
\namount
\npence
\nBasic EPS 17,363 102,645,789 16.9 (38,001) 103,066,026 (36.9)
\nEffect of dilutive share options \u2013 957,578 \u2013 \u2013 817,786 \u2013
\nDiluted EPS 17,363 103,603,367 16.8 (38,001) 103,883,812 (36.6)
\nEPS from continuing operations:
\n 2024 2023
\n
\nProfit after
\ntax
\n\u00a3\u2019000
\nWeighted
\naverage number
\nof shares
\nPer share
\namount
\npence
\nProfit after
\ntax
\n\u00a3\u2019000
\nWeighted
\naverage number
\nof shares
\nPer share
\namount
\npence
\nBasic EPS 17,740 102,645,789 17.3 8,092 103,066,026 7.9
\nEffect of dilutive share options \u2013 957,578 \u2013 \u2013 817,786 \u2013
\nDiluted EPS 17,740 103,603,367 17.1 8,092 103,883,812 7.8
\nEPS from discontinued operations:
\n 2024 2023
\n
\nLoss after
\ntax
\n\u00a3\u2019000
\nWeighted
\naverage number
\nof shares
\nPer share
\namount
\npence
\nLoss after
\ntax
\n\u00a3\u2019000
\nWeighted
\naverage number
\nof shares
\nPer share
\namount
\npence
\nBasic EPS (377) 102,645,789 (0.4) (46,093) 103,066,026 (44.7)
\nEffect of dilutive share options \u2013 957,578 \u2013 \u2013 817,786 \u2013
\nDiluted EPS (377) 103,603,367 (0.4) (46,093) 103,883,812 (44.4)
\nThere have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of
\ncompletion of these Financial Statements.
\n
\n\n\n\n\n\n\n\nAdjusted basic and diluted EPS
\nThe Directors (who were members of the Board at 31 December 2024) consider that the adjusted earnings shown below give a consistent
\nindication of the Group\u2019s underlying performance:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nGroup Underlying Operating Profit (See note 5 for the reconciliation from Group Operating Profit) 27,732 9,344
\n(Profit)/loss attributable to non-controlling interest (26) 59
\nFinance income (excluding exceptional and contingent consideration items, fair value adjustment to loans
\nreceivables and discounting on lease liabilities) 1,169 795
\nNormalised taxation (tax rate 25.0%, 2023:23.5%)
\n1
\n(7,219) (2,396)
\nAdjusted profit after tax attributable to owners of the parent 21,656 7,802
\n1 The headline UK rate of corporation tax for the period is 25.0% (2023: 23.5%).
\nAdjusted basic and diluted EPS
\n 2024 2023
\n
\nProfit after
\ntax
\n\u00a3\u2019000
\nWeighted
\naverage number
\nof shares
\nPer share
\namount
\npence
\nProfit after
\ntax
\n\u00a3\u2019000
\nWeighted
\naverage number
\nof shares
\nper share
\namount
\npence
\nAdjusted basic EPS 21,656 102,645,789 21.1 7,802 103,066,026 7.6
\nEffect of dilutive share options \u2013 957,578 \u2013 \u2013 817,786 \u2013
\nAdjusted diluted EPS 21,656 103,603,367 20.9 7,802 103,883,812 7.5
\nThis represents adjusted profit after tax attributable to equity holders of the parent. Tax has been adjusted to exclude the prior year tax
\nadjustments, and the tax impact of exceptional items, amortisation, and share-based payments. The effective tax rate used is 25.0% (31 December
\n2023: 23.5%).
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag637": {
"value": "\n13. Dividends paid and proposed
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nDeclared and paid during the year:
\n2024 Interim: 4.0 pence per share (2023 Interim: 4.0 pence) 4,069 4,098
\nDividends on shares proposed (not recognised as a liability as at 31 December):
\nEquity dividends on shares:
\nFinal Dividend: 7.4 pence per share (2023: 7.4 pence) 7,596 7,714
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag638": {
"value": "7.4",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"Tag639": {
"value": "7.4",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"Tag651": {
"value": "7596000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"Tag650": {
"value": "7714000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"Tag640": {
"value": "\n14. Cash flow from financing activities
\nSet out below are the movements in the Group\u2019s lease liabilities and long-term debt during the year.
\n
\nAt 1 January
\n2024
\n\u00a3\u2019000
\nCash flow
\n\u00a3\u2019000
\nAdditions
\n\u00a3\u2019000
\nDisposals
\n\u00a3\u2019000
\nAt 31 December
\n2024
\n\u00a3\u2019000
\nLease liabilities 8,340 (2,895) 1,855 (1,518) 5,782
\n 8,340 (2,895) 1,855 (1,518) 5,782
\n
\nAt 1 January 2023
\n\u00a3\u2019000
\nCash flow
\n\u00a3\u2019000
\nAdditions
\n\u00a3\u2019000
\nDisposals
\n\u00a3\u2019000
\nAt 31 December
\n2023
\n\u00a3\u2019000
\nLease liabilities 10,915 (4,529) 4,350 (2,396) 8,340
\n 10,915 (4,529) 4,350 (2,396) 8,340
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nNon-current liabilities 3,491 5,085
\nCurrent liabilities 2,291 3,255
\n 5,782 8,340
\nLease liability movements comprise new leases entered into during the year, cancellation of leases and movements between current and
\nnon-current liabilities, this also includes interest paid during the year of \u00a30.5m (2023: \u00a30.6m). The Group holds no other long-term debt at
\n31 December 2024.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag641": {
"value": "\n
\n\n
\n
\n
\n15. Directors and employees
\n\nRemuneration of Directors
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nDirectors\u2019 remuneration (short-term benefits)
\n1
\n1,504 1,367
\nContributions to money purchase pensions schemes (post-employment benefits) 1 2
\nAggregate gains on exercise of share based payment awards 155 479
\n 1,660 1,848
\n1
\nDirectors\u2019 remuneration (short term benefits) excludes the value of share awards (including the value of matching shares, dividend shares and free share awards) that
\nvested in the year amounting to \u00a3nil (2023: \u00a30.2m). Included within this amount are accrued bonuses of \u00a30.6m (2023: \u00a3nil).
\nThe number of Directors who were members of Group money purchase pension schemes during the year totalled 2 (2023: 2).
\nRemuneration of Key Management Personnel
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nKey management personnel remuneration (short-term benefits)
\n1
\n3,618 2,641
\nContributions to money purchase pensions schemes (post-employment benefits) 57 63
\nTermination benefits 178 142
\nShare-based payments charge on current incentive schemes 59 377
\n 3,912 3,223
\n1 Included within this amount are accrued bonuses of \u00a31.4m (2023:\u00a30.1m).
\nRemuneration of Key Management Personnel represents the charge to the income statement in respect of the remuneration of the Group Board
\nand Group Executive Committee members.
\n
\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\nEmployee numbers and costs
\nThe Group employs staff in divisional offices and head office. Aggregate payroll costs of these employees, including Directors were:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nWages and salaries 87,914 83,401
\nSocial security costs 12,437 10,862
\nPension costs 4,406 4,536
\nSubcontractor costs 443 291
\nTotal employee costs 105,200 99,090
\nShare-based payment charge/(credit) (see below) 920 (164)
\nThe average monthly FTE staff numbers (including Directors) during the year were:
\n 2024 2023
\nFinancial Services 413 490
\nSurveying & Valuation 900 879
\nEstate Agency Franchising 307 1,006
\n 1,620 2,375
\n\nShare-based payments
\nThe Group operates the following equity-settled share-based remuneration schemes:
\nLong-term incentive plan (LTIP)
\nThe Group operates a LTIP (an equity-settled share-based remuneration scheme) for certain employees. Under the LTIP, the options vest if the
\nindividual remains an employee of the Group after a three-year period, unless the individual has left under certain \u2018good leaver\u2019 terms in which
\ncase the options may vest earlier and providing the performance conditions are met.
\nVesting conditions:
\nFor all LTIP options granted between 2021 and 2024, 50% of the options vest based on the total shareholder return (TSR) of LSL as compared to a
\ncomparator group of FTSE Small Cap, excluding investment trusts, over the three-year performance period (for LTIP 2024 this is 1 January 2024 to
\n31 December 2026):
\n\u2022 if the Group is in the top 25% percentile, all of these options will vest;
\n\u2022 if the Group is at the median, 25% will vest;
\n\u2022 straight-line vesting between median and top 25% percentile; and
\n\u2022 below the median, no options vest.
\nThe remaining 50% of the options are based on LSL\u2019s Adjusted Basic EPS performance in the financial year which they become exercisable:
\n
\nLTIP 2024
\nEPS (pence)
\nLTIP 2023
\nEPS (pence)
\nLTIP 2022
\nEPS (pence)
\nLTIP 2021
\nEPS (pence)
\n100% vest (more than or equal to) 32.5 24.0 52.8 31.5
\n25% vest (equal to) 26.5 16.0 46.9 25.6
\nStraight-line vesting (between) 26.5-32.5 16.0 \u2013 24.0 46.9 \u2013 52.8 25.6 \u2013 31.5
\nNo options vest (less than) 26.5 16.0 46.9 25.6
\nCompany stock option plan (CSOP)
\nThe Group operates a CSOP (an equity-settled share-based remuneration scheme) for certain employees. Under the CSOP the options vest if the
\nindividual remains an employee of the Group after a three-year period, unless the individual has left under certain \u2018good leaver\u2019 terms in which
\ncase the options may vest earlier.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\nSAYE (save-as-you-earn) scheme
\nThe Group has offered options under the SAYE scheme in each of 2011 to 2014, 2016 to 2019, 2021, 2023 and 2024 years. All these offers were
\nopen to all qualifying employees and provide for an exercise price equal to the daily average market price on the date of grant. The options will
\nvest if the employee remains in service for the full duration of the option scheme (three years). There are no cash settlement alternatives.
\nAll employee share award
\nThe Group launched its second free share award under its SIP Plan in 2022. The award was \u00a3500 worth of shares per full-time employee and a
\npro-rated award for all part-time employees. This award offer was made to LSL employees who had joined the Group on or before 28 February
\n2022 and remain employed and not serving notice at the date the shares are awarded in April 2022. The awards will normally become available for
\nemployees once they have been held in the SIP for three years or more.
\nThe Group\u2019s first free share scheme awarded \u00a3500 worth of shares per full-time employee and a pro-rated award for all part-time employees who
\nhad joined the Group on or before 31 March 2020 and were still employed and not serving notice at the time the grant was made on 1 October
\n2020. The awards will normally become available for employees once they have been held in the SIP plan for three years or more.
\nMovements during the year
\nThe following table illustrates the number and weighted average exercise prices of, and movements in, share options during the year:
\n 2024 2023
\n
\nWeighted
\naverage exercise
\nprice Number
\nWeighted
\naverage exercise
\nprice Number
\nOutstanding at 1 January 0.87 4,065,279 0.71 4,808,256
\nGranted during the year 0.77 1,283,552 0.98 1,639,999
\nExercised during the year
\n1
\n0.37 (383,216) 0.00 (567,665)
\nLapsed during the year 1.04 (961,847) 0.81 (1,815,311)
\nOutstanding at 31 December 0.85 4,003,768 0.87 4,065,279
\n1 The weighted average share price at the date of exercise of these options was \u00a32.73 in 2024 (2023: \u00a32.35)
\n\u2022 There were no cancellations or modifications to the awards in 2024 or 2023.
\n\u2022 The weighted average remaining contractual life for the share options outstanding as at 31 December 2024 was 0.74 years (2023: 1.46 years).
\n\u2022 The weighted average fair value of options granted during the year was \u00a32.39 (2023: \u00a31.76).
\n\u2022 The range of exercise prices for options outstanding at the end of the year was \u00a3nil to \u00a33.64 (2023: \u00a3nil to \u00a33.64).
\n\u2022 492,891 share options were exercisable as at 31 December 2024.
\nThe following tables list the inputs to the models used for the new plans for the years ended 31 December 2024 and 2023, respectively:
\n
\nLTIP
\n2024
\nSAYE
\n2024
\nLTIP
\n2023
\nSAYE
\n2023
\nOption pricing model used Black Scholes Black Scholes Black Scholes Black Scholes
\nWeighted average share price at grant date (\u00a3) 2.98 2.82 2.44 2.50
\nExercise price (\u00a3) \u2013 2.46 \u2013 1.99
\nExpected life of options (years) 3 3 3 3
\nExpected volatility (%) 100 100 100 100
\nExpected dividend yield (%) 3.69 1.06 3.96 6.03
\nRisk free interest rate (%) 4.54 4.36 3.99 3.83
\nThe volatility assumption, measured at the standard deviation of expected share price returns, is based on statistical analysis of historical share
\nprice. The dividend yield assumption is based on the fact that the shares awarded are not eligible to receive dividends until the end of the vesting
\nperiod.
\nThe total cost recognised for equity-settled transactions is as follows:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nShare-based payment charge/(credit) during the year 920 (164)
\nA charge of \u00a30.9m (2023: credit of \u00a30.2m) relates to employees of the Company.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag642": {
"value": "\n
\n
\n
\n15. Directors and employees
\n\nRemuneration of Directors
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nDirectors\u2019 remuneration (short-term benefits)
\n1
\n1,504 1,367
\nContributions to money purchase pensions schemes (post-employment benefits) 1 2
\nAggregate gains on exercise of share based payment awards 155 479
\n 1,660 1,848
\n1
\nDirectors\u2019 remuneration (short term benefits) excludes the value of share awards (including the value of matching shares, dividend shares and free share awards) that
\nvested in the year amounting to \u00a3nil (2023: \u00a30.2m). Included within this amount are accrued bonuses of \u00a30.6m (2023: \u00a3nil).
\nThe number of Directors who were members of Group money purchase pension schemes during the year totalled 2 (2023: 2).
\nRemuneration of Key Management Personnel
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nKey management personnel remuneration (short-term benefits)
\n1
\n3,618 2,641
\nContributions to money purchase pensions schemes (post-employment benefits) 57 63
\nTermination benefits 178 142
\nShare-based payments charge on current incentive schemes 59 377
\n 3,912 3,223
\n1 Included within this amount are accrued bonuses of \u00a31.4m (2023:\u00a30.1m).
\nRemuneration of Key Management Personnel represents the charge to the income statement in respect of the remuneration of the Group Board
\nand Group Executive Committee members.
\n
\n\n\n\n
\n\n\n\n\n\n\n
\nEmployee numbers and costs
\nThe Group employs staff in divisional offices and head office. Aggregate payroll costs of these employees, including Directors were:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nWages and salaries 87,914 83,401
\nSocial security costs 12,437 10,862
\nPension costs 4,406 4,536
\nSubcontractor costs 443 291
\nTotal employee costs 105,200 99,090
\nShare-based payment charge/(credit) (see below) 920 (164)
\nThe average monthly FTE staff numbers (including Directors) during the year were:
\n 2024 2023
\nFinancial Services 413 490
\nSurveying & Valuation 900 879
\nEstate Agency Franchising 307 1,006
\n 1,620 2,375
\n\nShare-based payments
\nThe Group operates the following equity-settled share-based remuneration schemes:
\nLong-term incentive plan (LTIP)
\nThe Group operates a LTIP (an equity-settled share-based remuneration scheme) for certain employees. Under the LTIP, the options vest if the
\nindividual remains an employee of the Group after a three-year period, unless the individual has left under certain \u2018good leaver\u2019 terms in which
\ncase the options may vest earlier and providing the performance conditions are met.
\nVesting conditions:
\nFor all LTIP options granted between 2021 and 2024, 50% of the options vest based on the total shareholder return (TSR) of LSL as compared to a
\ncomparator group of FTSE Small Cap, excluding investment trusts, over the three-year performance period (for LTIP 2024 this is 1 January 2024 to
\n31 December 2026):
\n\u2022 if the Group is in the top 25% percentile, all of these options will vest;
\n\u2022 if the Group is at the median, 25% will vest;
\n\u2022 straight-line vesting between median and top 25% percentile; and
\n\u2022 below the median, no options vest.
\nThe remaining 50% of the options are based on LSL\u2019s Adjusted Basic EPS performance in the financial year which they become exercisable:
\n
\nLTIP 2024
\nEPS (pence)
\nLTIP 2023
\nEPS (pence)
\nLTIP 2022
\nEPS (pence)
\nLTIP 2021
\nEPS (pence)
\n100% vest (more than or equal to) 32.5 24.0 52.8 31.5
\n25% vest (equal to) 26.5 16.0 46.9 25.6
\nStraight-line vesting (between) 26.5-32.5 16.0 \u2013 24.0 46.9 \u2013 52.8 25.6 \u2013 31.5
\nNo options vest (less than) 26.5 16.0 46.9 25.6
\nCompany stock option plan (CSOP)
\nThe Group operates a CSOP (an equity-settled share-based remuneration scheme) for certain employees. Under the CSOP the options vest if the
\nindividual remains an employee of the Group after a three-year period, unless the individual has left under certain \u2018good leaver\u2019 terms in which
\ncase the options may vest earlier.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\nSAYE (save-as-you-earn) scheme
\nThe Group has offered options under the SAYE scheme in each of 2011 to 2014, 2016 to 2019, 2021, 2023 and 2024 years. All these offers were
\nopen to all qualifying employees and provide for an exercise price equal to the daily average market price on the date of grant. The options will
\nvest if the employee remains in service for the full duration of the option scheme (three years). There are no cash settlement alternatives.
\nAll employee share award
\nThe Group launched its second free share award under its SIP Plan in 2022. The award was \u00a3500 worth of shares per full-time employee and a
\npro-rated award for all part-time employees. This award offer was made to LSL employees who had joined the Group on or before 28 February
\n2022 and remain employed and not serving notice at the date the shares are awarded in April 2022. The awards will normally become available for
\nemployees once they have been held in the SIP for three years or more.
\nThe Group\u2019s first free share scheme awarded \u00a3500 worth of shares per full-time employee and a pro-rated award for all part-time employees who
\nhad joined the Group on or before 31 March 2020 and were still employed and not serving notice at the time the grant was made on 1 October
\n2020. The awards will normally become available for employees once they have been held in the SIP plan for three years or more.
\nMovements during the year
\nThe following table illustrates the number and weighted average exercise prices of, and movements in, share options during the year:
\n 2024 2023
\n
\nWeighted
\naverage exercise
\nprice Number
\nWeighted
\naverage exercise
\nprice Number
\nOutstanding at 1 January 0.87 4,065,279 0.71 4,808,256
\nGranted during the year 0.77 1,283,552 0.98 1,639,999
\nExercised during the year
\n1
\n0.37 (383,216) 0.00 (567,665)
\nLapsed during the year 1.04 (961,847) 0.81 (1,815,311)
\nOutstanding at 31 December 0.85 4,003,768 0.87 4,065,279
\n1 The weighted average share price at the date of exercise of these options was \u00a32.73 in 2024 (2023: \u00a32.35)
\n\u2022 There were no cancellations or modifications to the awards in 2024 or 2023.
\n\u2022 The weighted average remaining contractual life for the share options outstanding as at 31 December 2024 was 0.74 years (2023: 1.46 years).
\n\u2022 The weighted average fair value of options granted during the year was \u00a32.39 (2023: \u00a31.76).
\n\u2022 The range of exercise prices for options outstanding at the end of the year was \u00a3nil to \u00a33.64 (2023: \u00a3nil to \u00a33.64).
\n\u2022 492,891 share options were exercisable as at 31 December 2024.
\nThe following tables list the inputs to the models used for the new plans for the years ended 31 December 2024 and 2023, respectively:
\n
\nLTIP
\n2024
\nSAYE
\n2024
\nLTIP
\n2023
\nSAYE
\n2023
\nOption pricing model used Black Scholes Black Scholes Black Scholes Black Scholes
\nWeighted average share price at grant date (\u00a3) 2.98 2.82 2.44 2.50
\nExercise price (\u00a3) \u2013 2.46 \u2013 1.99
\nExpected life of options (years) 3 3 3 3
\nExpected volatility (%) 100 100 100 100
\nExpected dividend yield (%) 3.69 1.06 3.96 6.03
\nRisk free interest rate (%) 4.54 4.36 3.99 3.83
\nThe volatility assumption, measured at the standard deviation of expected share price returns, is based on statistical analysis of historical share
\nprice. The dividend yield assumption is based on the fact that the shares awarded are not eligible to receive dividends until the end of the vesting
\nperiod.
\nThe total cost recognised for equity-settled transactions is as follows:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nShare-based payment charge/(credit) during the year 920 (164)
\nA charge of \u00a30.9m (2023: credit of \u00a30.2m) relates to employees of the Company.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n29. Pension costs and commitments
\nThe Group operates defined contribution pension schemes for certain Executive Directors and certain employees. The assets of the schemes are
\nheld separately from those of the Group in independently administered funds. The total contributions to the defined contribution schemes in the
\nyear were \u00a34.4m (2023: \u00a34.5m). At 31 December 2024, there were outstanding pension contributions of \u00a30.6m (2023: \u00a30.5m) included in trade
\nand other payables.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag643": {
"value": "\nRemuneration of Directors
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nDirectors\u2019 remuneration (short-term benefits)
\n1
\n1,504 1,367
\nContributions to money purchase pensions schemes (post-employment benefits) 1 2
\nAggregate gains on exercise of share based payment awards 155 479
\n 1,660 1,848
\n1
\nDirectors\u2019 remuneration (short term benefits) excludes the value of share awards (including the value of matching shares, dividend shares and free share awards) that
\nvested in the year amounting to \u00a3nil (2023: \u00a30.2m). Included within this amount are accrued bonuses of \u00a30.6m (2023: \u00a3nil).
\nThe number of Directors who were members of Group money purchase pension schemes during the year totalled 2 (2023: 2).
\nRemuneration of Key Management Personnel
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nKey management personnel remuneration (short-term benefits)
\n1
\n3,618 2,641
\nContributions to money purchase pensions schemes (post-employment benefits) 57 63
\nTermination benefits 178 142
\nShare-based payments charge on current incentive schemes 59 377
\n 3,912 3,223
\n1 Included within this amount are accrued bonuses of \u00a31.4m (2023:\u00a30.1m).
\nRemuneration of Key Management Personnel represents the charge to the income statement in respect of the remuneration of the Group Board
\nand Group Executive Committee members.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag646": {
"value": "\nShare-based payments
\nThe Group operates the following equity-settled share-based remuneration schemes:
\nLong-term incentive plan (LTIP)
\nThe Group operates a LTIP (an equity-settled share-based remuneration scheme) for certain employees. Under the LTIP, the options vest if the
\nindividual remains an employee of the Group after a three-year period, unless the individual has left under certain \u2018good leaver\u2019 terms in which
\ncase the options may vest earlier and providing the performance conditions are met.
\nVesting conditions:
\nFor all LTIP options granted between 2021 and 2024, 50% of the options vest based on the total shareholder return (TSR) of LSL as compared to a
\ncomparator group of FTSE Small Cap, excluding investment trusts, over the three-year performance period (for LTIP 2024 this is 1 January 2024 to
\n31 December 2026):
\n\u2022 if the Group is in the top 25% percentile, all of these options will vest;
\n\u2022 if the Group is at the median, 25% will vest;
\n\u2022 straight-line vesting between median and top 25% percentile; and
\n\u2022 below the median, no options vest.
\nThe remaining 50% of the options are based on LSL\u2019s Adjusted Basic EPS performance in the financial year which they become exercisable:
\n
\nLTIP 2024
\nEPS (pence)
\nLTIP 2023
\nEPS (pence)
\nLTIP 2022
\nEPS (pence)
\nLTIP 2021
\nEPS (pence)
\n100% vest (more than or equal to) 32.5 24.0 52.8 31.5
\n25% vest (equal to) 26.5 16.0 46.9 25.6
\nStraight-line vesting (between) 26.5-32.5 16.0 \u2013 24.0 46.9 \u2013 52.8 25.6 \u2013 31.5
\nNo options vest (less than) 26.5 16.0 46.9 25.6
\nCompany stock option plan (CSOP)
\nThe Group operates a CSOP (an equity-settled share-based remuneration scheme) for certain employees. Under the CSOP the options vest if the
\nindividual remains an employee of the Group after a three-year period, unless the individual has left under certain \u2018good leaver\u2019 terms in which
\ncase the options may vest earlier.
\n
\n\n\n\n\n\n\nSAYE (save-as-you-earn) scheme
\nThe Group has offered options under the SAYE scheme in each of 2011 to 2014, 2016 to 2019, 2021, 2023 and 2024 years. All these offers were
\nopen to all qualifying employees and provide for an exercise price equal to the daily average market price on the date of grant. The options will
\nvest if the employee remains in service for the full duration of the option scheme (three years). There are no cash settlement alternatives.
\nAll employee share award
\nThe Group launched its second free share award under its SIP Plan in 2022. The award was \u00a3500 worth of shares per full-time employee and a
\npro-rated award for all part-time employees. This award offer was made to LSL employees who had joined the Group on or before 28 February
\n2022 and remain employed and not serving notice at the date the shares are awarded in April 2022. The awards will normally become available for
\nemployees once they have been held in the SIP for three years or more.
\nThe Group\u2019s first free share scheme awarded \u00a3500 worth of shares per full-time employee and a pro-rated award for all part-time employees who
\nhad joined the Group on or before 31 March 2020 and were still employed and not serving notice at the time the grant was made on 1 October
\n2020. The awards will normally become available for employees once they have been held in the SIP plan for three years or more.
\nMovements during the year
\nThe following table illustrates the number and weighted average exercise prices of, and movements in, share options during the year:
\n 2024 2023
\n
\nWeighted
\naverage exercise
\nprice Number
\nWeighted
\naverage exercise
\nprice Number
\nOutstanding at 1 January 0.87 4,065,279 0.71 4,808,256
\nGranted during the year 0.77 1,283,552 0.98 1,639,999
\nExercised during the year
\n1
\n0.37 (383,216) 0.00 (567,665)
\nLapsed during the year 1.04 (961,847) 0.81 (1,815,311)
\nOutstanding at 31 December 0.85 4,003,768 0.87 4,065,279
\n1 The weighted average share price at the date of exercise of these options was \u00a32.73 in 2024 (2023: \u00a32.35)
\n\u2022 There were no cancellations or modifications to the awards in 2024 or 2023.
\n\u2022 The weighted average remaining contractual life for the share options outstanding as at 31 December 2024 was 0.74 years (2023: 1.46 years).
\n\u2022 The weighted average fair value of options granted during the year was \u00a32.39 (2023: \u00a31.76).
\n\u2022 The range of exercise prices for options outstanding at the end of the year was \u00a3nil to \u00a33.64 (2023: \u00a3nil to \u00a33.64).
\n\u2022 492,891 share options were exercisable as at 31 December 2024.
\nThe following tables list the inputs to the models used for the new plans for the years ended 31 December 2024 and 2023, respectively:
\n
\nLTIP
\n2024
\nSAYE
\n2024
\nLTIP
\n2023
\nSAYE
\n2023
\nOption pricing model used Black Scholes Black Scholes Black Scholes Black Scholes
\nWeighted average share price at grant date (\u00a3) 2.98 2.82 2.44 2.50
\nExercise price (\u00a3) \u2013 2.46 \u2013 1.99
\nExpected life of options (years) 3 3 3 3
\nExpected volatility (%) 100 100 100 100
\nExpected dividend yield (%) 3.69 1.06 3.96 6.03
\nRisk free interest rate (%) 4.54 4.36 3.99 3.83
\nThe volatility assumption, measured at the standard deviation of expected share price returns, is based on statistical analysis of historical share
\nprice. The dividend yield assumption is based on the fact that the shares awarded are not eligible to receive dividends until the end of the vesting
\nperiod.
\nThe total cost recognised for equity-settled transactions is as follows:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nShare-based payment charge/(credit) during the year 920 (164)
\nA charge of \u00a30.9m (2023: credit of \u00a30.2m) relates to employees of the Company.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1": {
"value": "\n16. Taxation
\n(a) Taxation charge
\nThe major components of income tax charge in the Group Income Statement are:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nUK corporation tax \u2013 current year 3,417 \u2013
\n\u2013 adjustment in respect of prior years (208) 153
\n 3,209 153
\nDeferred tax:
\nOrigination and reversal of temporary differences 2,446 246
\nRate differential \u2013 16
\nAdjustment in respect of prior year (549) (416)
\nDeferred tax balances written back on disposal of subsidiaries \u2013 (2,501)
\nTotal deferred tax charge/(credit) 1,897 (2,655)
\nTotal tax charge/(credit) in the income statement 5,106 (2,502)
\nContinuing and discontinued operations:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nTotal tax charge/(credit) from continuing operations 5,247 (3,170)
\nTotal tax (credit)/charge from discontinued operations (141) 668
\n 5,106 (2,502)
\nCorporation tax is recognised at the headline UK corporation tax rate of 25.0% (2023: 23.5%).
\nThe opening and closing deferred tax balances in the Financial Statements were measured at 25%. This is in accordance with rates included in the
\nFinance Act 2021 which was enacted on 10 June 2021 and came into effect from 1 April 2023.
\nThe effective rate of tax for the year was 22.7% (2023: 6.2%). The effective tax rate for 2024 is lower than the headline UK tax rate of 25.0% largely
\nas a result of the calculated adjustments arising in respect of prior periods.
\nIncome tax credited directly to the share-based payment reserve is \u00a30.1m (2023: debit of \u00a30.1m).
\n
\n\n\n\n\n(b) Factors affecting tax charge for the year
\nThe tax assessed in the profit and loss account is lower than (2023: higher than) the standard UK corporation tax (CT) rate, because of the following
\nfactors:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nProfit before tax from continuing operations 23,013 4,863
\nLoss before tax from discontinued operations (518) (45,425)
\nProfit/(loss) before tax 22,495 (40,562)
\nTax calculated at UK standard CT rate of 25% (2023: 23.5%) 5,624 (9,532)
\nNon-deductible expenditure from joint venture 1 91
\nOther disallowable expenses 592 9,934
\nNet non-taxable gains on disposal of investments \u2013 (834)
\nImpact of movement in contingent consideration credited to the income statement 119 817
\nShare-based payment relief (60) (229)
\nMovement in deferred tax previously not recognised on tax losses (413) (1)
\nImpact of rate change on deferred tax \u2013 16
\nPrior period adjustments \u2013 current tax (208) 153
\nPrior period adjustment \u2013 deferred tax (549) (416)
\nDeferred tax balances written back on disposal of subsidiary undertakings \u2013 (2,501)
\nTotal taxation charge/(credit) 5,106 (2,502)
\nTotal tax charge/(credit) from continuing operations 5,247 (3,170)
\nTotal tax (credit)/charge from discontinued operations (141) 668
\nTotal taxation charge/(credit) 5,106 (2,502)
\nOther disallowable expenses of \u00a30.6m (2023: \u00a39.9m) includes the tax impact of exceptional costs of \u00a30.1m (2023: \u00a39.7m), which are not taxable/
\ndeductible for tax purposes. This item also includes other permanent items which are not eligible for tax relief.
\nThere is a credit to the income statement of \u00a30.2m in relation to a corporation tax prior year adjustment. This balance refines the estimate
\npreviously reported and its main contributing component is the submission of an overpayment relief claim upon finalising the restatements
\nreflected in two Group subsidiaries' standalone statutory accounts.
\nThere is a credit to the income statement in relation to a deferred tax prior year adjustment of \u00a30.5m. This predominately relates to the
\nrefinement of the qualifying tax base of the Group\u2019s intangible fixed assets and losses available to carry forward in the Group.
\n(c) Factors that may affect future tax charges (unrecognised)
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nUnrecognised deferred tax asset relating to:
\nLosses 2,108 3,020
\n 2,108 3,020
\nNo deferred tax asset is recognised in respect of trading losses of \u00a36.7m (2023: \u00a39.5m). The losses may be recoverable in the future, and this
\nis dependent on subsidiary companies generating taxable profits sufficient to allow the utilisation of these amounts. These deferred tax assets
\ncannot be offset against profits elsewhere in the Group as they relate to losses brought forward which can only be offset against taxable profits
\narising from the same trade in which the losses arose. There is no time limit for utilisation of these tax losses.
\nNo deferred tax asset is recognised in respect of capital losses of \u00a31.8m (2023: \u00a32.6m) as there are no capital profits forecast against which these
\nlosses can be utilised. There is no time limit for utilisation of these tax losses.
\n
\n\n\n\n\n\n(d) Deferred tax
\nAn analysis of the balance sheet movements in deferred tax is as follows:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nNet deferred tax liability at 1 January (166) 2,392
\nResearch and development tax credits \u2013 (14)
\nDeferred tax liability recognised directly in other comprehensive income (88) 108
\nDeferred tax charge/(credit) in income statement for the year from continuing operations 1,896 (5,898)
\nDeferred tax charge in income statement for the year from discontinued operations \u2013 3,246
\nNet deferred tax liability/(asset) at 31 December 1,642 (166)
\nNet deferred tax (asset)/liability analysed as:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nAccelerated capital allowances (1,433) (1,583)
\nDeferred tax liability on separately identifiable intangible assets on business combinations 4,410 5,200
\nDeferred tax on financial assets 184 93
\nDeferred tax on share options (616) (487)
\nOther short-term temporary differences (221) (166)
\nTotal losses recognised (682) (3,223)
\n 1,642 (166)
\nAt 31 December 2024, the Group has unused trading tax losses of \u00a32.7m available for offset against future profits. See note 16c for commentary
\non those balances for which no deferred tax asset is recognised.
\nAt the end of either year there was no unrecognised deferred tax liability for taxes that would be payable on the unremitted earnings of the
\nGroup\u2019s subsidiaries.
\nDeferred tax (charge)/credit in income statement relates to the following:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nIntangible assets recognised on business combinations 790 (2)
\nAccelerated capital allowance (149) 267
\nDeferred tax on share options 40 (119)
\nOther temporary differences (30) (213)
\nTrading losses recognised (2,548) 2,722
\nTotal deferred tax (charged)/credited in income statement (1,897) 2,655
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nDeferred tax (charge)/credit in income statement for the year from continuing operations (1,897) 5,901
\nDeferred tax charge in income statement for the year from discontinued operations \u2013 (3,246)
\nTotal deferred tax (charged)/credited in income statement (1,897) 2,655
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag4": {
"value": "\n(d) Deferred tax
\nAn analysis of the balance sheet movements in deferred tax is as follows:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nNet deferred tax liability at 1 January (166) 2,392
\nResearch and development tax credits \u2013 (14)
\nDeferred tax liability recognised directly in other comprehensive income (88) 108
\nDeferred tax charge/(credit) in income statement for the year from continuing operations 1,896 (5,898)
\nDeferred tax charge in income statement for the year from discontinued operations \u2013 3,246
\nNet deferred tax liability/(asset) at 31 December 1,642 (166)
\nNet deferred tax (asset)/liability analysed as:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nAccelerated capital allowances (1,433) (1,583)
\nDeferred tax liability on separately identifiable intangible assets on business combinations 4,410 5,200
\nDeferred tax on financial assets 184 93
\nDeferred tax on share options (616) (487)
\nOther short-term temporary differences (221) (166)
\nTotal losses recognised (682) (3,223)
\n 1,642 (166)
\nAt 31 December 2024, the Group has unused trading tax losses of \u00a32.7m available for offset against future profits. See note 16c for commentary
\non those balances for which no deferred tax asset is recognised.
\nAt the end of either year there was no unrecognised deferred tax liability for taxes that would be payable on the unremitted earnings of the
\nGroup\u2019s subsidiaries.
\nDeferred tax (charge)/credit in income statement relates to the following:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nIntangible assets recognised on business combinations 790 (2)
\nAccelerated capital allowance (149) 267
\nDeferred tax on share options 40 (119)
\nOther temporary differences (30) (213)
\nTrading losses recognised (2,548) 2,722
\nTotal deferred tax (charged)/credited in income statement (1,897) 2,655
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nDeferred tax (charge)/credit in income statement for the year from continuing operations (1,897) 5,901
\nDeferred tax charge in income statement for the year from discontinued operations \u2013 (3,246)
\nTotal deferred tax (charged)/credited in income statement (1,897) 2,655
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag5": {
"value": "\n
\n\n
\n\n
\n17. Intangible assets
\nGoodwill and brand
\n
\nGoodwill
\n\u00a3\u2019000
\nBrand
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nCost
\nAt 31 December 2022 54,997 6,911 61,908
\nDisposed (38,142) \u2013 (38,142)
\nAt 31 December 2023 16,855 6,911 23,766
\nAt 31 December 2024 16,855 6,911 23,766
\nNet book value
\nAt 31 December 2024 16,855 6,911 23,766
\nAt 31 December 2023 16,855 6,911 23,766
\nFollowing the reorganisation of internal reporting structure, including the implementation of a new governance framework within the Financial
\nServices Division, entities within the PRIMIS Network: First Complete Limited, Advance Mortgage Funding Limited, Personal Touch Financial
\nServices Limited, and TenetLime Limited; have been aggregated into a single cash-generating unit (CGU) from 2024. This aligns with how
\nManagement monitors the Financial Services Network\u2019s performance and reflects the Group\u2019s internal resource allocation.
\nThe carrying amount of goodwill and brand by CGU is summarised below:
\n
\nGoodwill
\n2024
\n\u00a3\u2019000
\nBrand
\n2024
\n\u00a3\u2019000
\nGoodwill
\n2023
\n\u00a3\u2019000
\nBrand
\n2023
\n\u00a3\u2019000
\nCGUs
\nPRIMIS Network 6,950 180 6,950 180
\n\u2003Financial Services segment total 6,950 180 6,950 180
\ne.surv 9,569 1,305 9,569 1,305
\nTempleton LPA 336 \u2013 336 \u2013
\n\u2003Surveying & Valuation segment total 9,905 1,305 9,905 1,305
\nYour Move and Reeds Rains \u2013 3,751 \u2013 3,751
\nLSLi \u2013 1,675 \u2013 1,675
\n\u2003Estate Agency Franchising segment total \u2013 5,426 \u2013 5,426
\nTotal 16,855 6,911 16,855 6,911
\n\nImpairment of goodwill and other intangibles with indefinite useful lives
\nThe Group tests goodwill and the indefinite life intangible assets annually for impairment, or more frequently if there are indicators of impairment.
\nGoodwill and brands acquired through business combinations have been allocated for impairment testing purposes to statutory companies or
\ngroups of statutory companies which are managed as individual CGUs as disclosed in the table above.
\nRecoverable amount of CGUs
\nThe recoverable amounts of the Financial Services, Surveying & Valuation and Estate Agency Franchising companies have been determined based
\non a value-in-use (VIU) calculation using cash flow projections based on financial budgets and forecasts approved by the Board and in the three-
\nyear plan.
\nThe calculation of value-in-use for each of the Financial Services, Surveying & Valuation and Estate Agency companies is most sensitive to the
\nfollowing assumptions:
\n\u2022 Discount rates
\n\u2022 Performance in the market
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n\nDiscount rates
\nThe pre-tax discount rate applied to cash flow projections used in the VIU models is as follows:
\n 2024 2023
\nFinancial Services 16.3% 15.6%
\nSurveying & Valuation 17.3% 15.6%
\nEstate Agency Franchising 15.9% 15.7%
\nCash flows beyond the three-year plan are extrapolated using a 2.0% growth rate (2023: 2.0%).
\nPerformance in the market
\nReflects how management believes the CGU will perform over the three-year period and is used to calculate the value-in-use of the CGUs.
\nCGU specific operating assumptions are applicable to the forecasted cash flows for the years 2025 to 2027 and relate to revenue forecasts and
\nunderlying profit margins in each of the operating CGUs. The value ascribed to each assumption will vary between CGUs as the forecasts are built
\nup from the underlying business units within each CGU group. These assumptions are based upon a combination of past experience of observable
\ntrends and expectations of future changes in the market.
\nSensitivity to changes in assumptions
\nSensitivity analysis has been performed to assess whether changes to key assumptions would lead to impairments across the Group. Management
\ndeemed that there are no reasonably possible changes in key assumptions that would cause any of the Group\u2019s CGUs carrying amounts to exceed
\nits recoverable amounts.
\n
\n\n\n\n\n
\n\n\n\n\nOther intangible assets
\n
\nCustomer
\ncontracts
\n\u00a3\u2019000
\nLettings
\ncontracts
\n\u00a3\u2019000
\nFranchise
\nagreements
\n\u00a3\u2019000
\nSoftware
\n\u00a3\u2019000
\nRelationship
\nAsset
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nCost
\nAt 1 January 2023 625 21,770 2,059 21,200 \u2013 45,654
\nAdditions \u2013 \u2013 10,707 2,137 \u2013 12,844
\nDisposals \u2013 (21,770) \u2013 \u2013 \u2013 (21,770)
\nImpairment \u2013 \u2013 \u2013 (3,940) \u2013 (3,940)
\nAt 31 December 2023 625 \u2013 12,766 19,397 \u2013 32,788
\nAdditions \u2013 \u2013 \u2013 2,093 9,295 11,388
\nAt 31 December 2024 625 \u2013 12,766 21,490 9,295 44,176
\nAmortisation and impairment
\nAt 1 January 2023 599 20,200 526 16,542 \u2013 37,867
\nAmortisation 26 291 494 1,849 \u2013 2,660
\nDisposals \u2013 (20,491) \u2013 (10) \u2013 (20,501)
\nImpairment \u2013 \u2013 \u2013 (1,788) \u2013 (1,788)
\nAt 31 December 2023 625 \u2013 1,020 16,593 \u2013 18,238
\nAmortisation \u2013 \u2013 879 1,335 774 2,988
\nAt 31 December 2024 625 \u2013 1,899 17,928 774 21,226
\nNet book value
\nAt 31 December 2024 \u2013 \u2013 10,867 3,562 8,521 22,950
\nAt 31 December 2023 \u2013 \u2013 11,746 2,804 \u2013 14,550
\n
\n\n\n\n\n
\n\n\n\n\n
\n\nRelationship Asset
\nOn 2 February 2024, the Group acquired the entire issued share capital of TenetLime Limited (TenetLime), a subsidiary of Tenet Group Limited
\n(Tenet Group).
\nThe Group\u2019s purchase of TenetLime expanded its existing Financial Services Network by increasing the number of appointed representatives (ARs)
\nusing LSL\u2019s PRIMIS Network. The Group acquired contracts with 153 AR firms through the acquisition of TenetLime and immediately transferred
\nthose firms onto the PRIMIS Network.
\nManagement performed a concentration test (IFRS 3) to determine whether substantially all the fair value of the gross assets acquired was
\nconcentrated in a single identifiable asset. The test indicated that substantially all the value acquired was attributable to TenetLime\u2019s contractual
\nrelationships with the AR firms. Based on the assessment performed, management concluded that the Group did not acquire a business as part of
\nthe transaction and therefore the acquisition is not a business combination.
\nHowever, the Group did acquire an intangible asset, being the acquired contracts with each of the respective AR firms which have been assigned a
\nvalue based on the transaction price excluding the cash acquired. The cost paid for the relationship intangible asset represents initial consideration
\nof \u00a35.7m and contingent consideration of \u00a33.6m.
\nThe contingent consideration is calculated by reference to each AR firm\u2019s turnover in 2022 and AR firm retention at 2 February 2025. The Group
\nhas assumed an AR firm attrition rate of 7.6% which has been calculated using actual attrition rates experienced in the PRIMIS Network over a five-
\nyear period. The contingent consideration has been discounted at a rate of 4.3%, in line with the Group\u2019s cost of debt. The AR relationship asset
\nhas a useful life of 12 years, which is also based on PRIMIS Network attrition and amortisation of \u00a30.8m has been recognised in the year.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag6": {
"value": "\n
\n\n
\n17. Intangible assets
\nGoodwill and brand
\n
\nGoodwill
\n\u00a3\u2019000
\nBrand
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nCost
\nAt 31 December 2022 54,997 6,911 61,908
\nDisposed (38,142) \u2013 (38,142)
\nAt 31 December 2023 16,855 6,911 23,766
\nAt 31 December 2024 16,855 6,911 23,766
\nNet book value
\nAt 31 December 2024 16,855 6,911 23,766
\nAt 31 December 2023 16,855 6,911 23,766
\nFollowing the reorganisation of internal reporting structure, including the implementation of a new governance framework within the Financial
\nServices Division, entities within the PRIMIS Network: First Complete Limited, Advance Mortgage Funding Limited, Personal Touch Financial
\nServices Limited, and TenetLime Limited; have been aggregated into a single cash-generating unit (CGU) from 2024. This aligns with how
\nManagement monitors the Financial Services Network\u2019s performance and reflects the Group\u2019s internal resource allocation.
\nThe carrying amount of goodwill and brand by CGU is summarised below:
\n
\nGoodwill
\n2024
\n\u00a3\u2019000
\nBrand
\n2024
\n\u00a3\u2019000
\nGoodwill
\n2023
\n\u00a3\u2019000
\nBrand
\n2023
\n\u00a3\u2019000
\nCGUs
\nPRIMIS Network 6,950 180 6,950 180
\n\u2003Financial Services segment total 6,950 180 6,950 180
\ne.surv 9,569 1,305 9,569 1,305
\nTempleton LPA 336 \u2013 336 \u2013
\n\u2003Surveying & Valuation segment total 9,905 1,305 9,905 1,305
\nYour Move and Reeds Rains \u2013 3,751 \u2013 3,751
\nLSLi \u2013 1,675 \u2013 1,675
\n\u2003Estate Agency Franchising segment total \u2013 5,426 \u2013 5,426
\nTotal 16,855 6,911 16,855 6,911
\n\nImpairment of goodwill and other intangibles with indefinite useful lives
\nThe Group tests goodwill and the indefinite life intangible assets annually for impairment, or more frequently if there are indicators of impairment.
\nGoodwill and brands acquired through business combinations have been allocated for impairment testing purposes to statutory companies or
\ngroups of statutory companies which are managed as individual CGUs as disclosed in the table above.
\nRecoverable amount of CGUs
\nThe recoverable amounts of the Financial Services, Surveying & Valuation and Estate Agency Franchising companies have been determined based
\non a value-in-use (VIU) calculation using cash flow projections based on financial budgets and forecasts approved by the Board and in the three-
\nyear plan.
\nThe calculation of value-in-use for each of the Financial Services, Surveying & Valuation and Estate Agency companies is most sensitive to the
\nfollowing assumptions:
\n\u2022 Discount rates
\n\u2022 Performance in the market
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\nDiscount rates
\nThe pre-tax discount rate applied to cash flow projections used in the VIU models is as follows:
\n 2024 2023
\nFinancial Services 16.3% 15.6%
\nSurveying & Valuation 17.3% 15.6%
\nEstate Agency Franchising 15.9% 15.7%
\nCash flows beyond the three-year plan are extrapolated using a 2.0% growth rate (2023: 2.0%).
\nPerformance in the market
\nReflects how management believes the CGU will perform over the three-year period and is used to calculate the value-in-use of the CGUs.
\nCGU specific operating assumptions are applicable to the forecasted cash flows for the years 2025 to 2027 and relate to revenue forecasts and
\nunderlying profit margins in each of the operating CGUs. The value ascribed to each assumption will vary between CGUs as the forecasts are built
\nup from the underlying business units within each CGU group. These assumptions are based upon a combination of past experience of observable
\ntrends and expectations of future changes in the market.
\nSensitivity to changes in assumptions
\nSensitivity analysis has been performed to assess whether changes to key assumptions would lead to impairments across the Group. Management
\ndeemed that there are no reasonably possible changes in key assumptions that would cause any of the Group\u2019s CGUs carrying amounts to exceed
\nits recoverable amounts.
\n
\n\n\n\n\n
\n\n\n\n\nOther intangible assets
\n
\nCustomer
\ncontracts
\n\u00a3\u2019000
\nLettings
\ncontracts
\n\u00a3\u2019000
\nFranchise
\nagreements
\n\u00a3\u2019000
\nSoftware
\n\u00a3\u2019000
\nRelationship
\nAsset
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nCost
\nAt 1 January 2023 625 21,770 2,059 21,200 \u2013 45,654
\nAdditions \u2013 \u2013 10,707 2,137 \u2013 12,844
\nDisposals \u2013 (21,770) \u2013 \u2013 \u2013 (21,770)
\nImpairment \u2013 \u2013 \u2013 (3,940) \u2013 (3,940)
\nAt 31 December 2023 625 \u2013 12,766 19,397 \u2013 32,788
\nAdditions \u2013 \u2013 \u2013 2,093 9,295 11,388
\nAt 31 December 2024 625 \u2013 12,766 21,490 9,295 44,176
\nAmortisation and impairment
\nAt 1 January 2023 599 20,200 526 16,542 \u2013 37,867
\nAmortisation 26 291 494 1,849 \u2013 2,660
\nDisposals \u2013 (20,491) \u2013 (10) \u2013 (20,501)
\nImpairment \u2013 \u2013 \u2013 (1,788) \u2013 (1,788)
\nAt 31 December 2023 625 \u2013 1,020 16,593 \u2013 18,238
\nAmortisation \u2013 \u2013 879 1,335 774 2,988
\nAt 31 December 2024 625 \u2013 1,899 17,928 774 21,226
\nNet book value
\nAt 31 December 2024 \u2013 \u2013 10,867 3,562 8,521 22,950
\nAt 31 December 2023 \u2013 \u2013 11,746 2,804 \u2013 14,550
\n
\n\n\n\n\nRelationship Asset
\nOn 2 February 2024, the Group acquired the entire issued share capital of TenetLime Limited (TenetLime), a subsidiary of Tenet Group Limited
\n(Tenet Group).
\nThe Group\u2019s purchase of TenetLime expanded its existing Financial Services Network by increasing the number of appointed representatives (ARs)
\nusing LSL\u2019s PRIMIS Network. The Group acquired contracts with 153 AR firms through the acquisition of TenetLime and immediately transferred
\nthose firms onto the PRIMIS Network.
\nManagement performed a concentration test (IFRS 3) to determine whether substantially all the fair value of the gross assets acquired was
\nconcentrated in a single identifiable asset. The test indicated that substantially all the value acquired was attributable to TenetLime\u2019s contractual
\nrelationships with the AR firms. Based on the assessment performed, management concluded that the Group did not acquire a business as part of
\nthe transaction and therefore the acquisition is not a business combination.
\nHowever, the Group did acquire an intangible asset, being the acquired contracts with each of the respective AR firms which have been assigned a
\nvalue based on the transaction price excluding the cash acquired. The cost paid for the relationship intangible asset represents initial consideration
\nof \u00a35.7m and contingent consideration of \u00a33.6m.
\nThe contingent consideration is calculated by reference to each AR firm\u2019s turnover in 2022 and AR firm retention at 2 February 2025. The Group
\nhas assumed an AR firm attrition rate of 7.6% which has been calculated using actual attrition rates experienced in the PRIMIS Network over a five-
\nyear period. The contingent consideration has been discounted at a rate of 4.3%, in line with the Group\u2019s cost of debt. The AR relationship asset
\nhas a useful life of 12 years, which is also based on PRIMIS Network attrition and amortisation of \u00a30.8m has been recognised in the year.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag7": {
"value": "\n
\n17. Intangible assets
\nGoodwill and brand
\n
\nGoodwill
\n\u00a3\u2019000
\nBrand
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nCost
\nAt 31 December 2022 54,997 6,911 61,908
\nDisposed (38,142) \u2013 (38,142)
\nAt 31 December 2023 16,855 6,911 23,766
\nAt 31 December 2024 16,855 6,911 23,766
\nNet book value
\nAt 31 December 2024 16,855 6,911 23,766
\nAt 31 December 2023 16,855 6,911 23,766
\nFollowing the reorganisation of internal reporting structure, including the implementation of a new governance framework within the Financial
\nServices Division, entities within the PRIMIS Network: First Complete Limited, Advance Mortgage Funding Limited, Personal Touch Financial
\nServices Limited, and TenetLime Limited; have been aggregated into a single cash-generating unit (CGU) from 2024. This aligns with how
\nManagement monitors the Financial Services Network\u2019s performance and reflects the Group\u2019s internal resource allocation.
\nThe carrying amount of goodwill and brand by CGU is summarised below:
\n
\nGoodwill
\n2024
\n\u00a3\u2019000
\nBrand
\n2024
\n\u00a3\u2019000
\nGoodwill
\n2023
\n\u00a3\u2019000
\nBrand
\n2023
\n\u00a3\u2019000
\nCGUs
\nPRIMIS Network 6,950 180 6,950 180
\n\u2003Financial Services segment total 6,950 180 6,950 180
\ne.surv 9,569 1,305 9,569 1,305
\nTempleton LPA 336 \u2013 336 \u2013
\n\u2003Surveying & Valuation segment total 9,905 1,305 9,905 1,305
\nYour Move and Reeds Rains \u2013 3,751 \u2013 3,751
\nLSLi \u2013 1,675 \u2013 1,675
\n\u2003Estate Agency Franchising segment total \u2013 5,426 \u2013 5,426
\nTotal 16,855 6,911 16,855 6,911
\n\nImpairment of goodwill and other intangibles with indefinite useful lives
\nThe Group tests goodwill and the indefinite life intangible assets annually for impairment, or more frequently if there are indicators of impairment.
\nGoodwill and brands acquired through business combinations have been allocated for impairment testing purposes to statutory companies or
\ngroups of statutory companies which are managed as individual CGUs as disclosed in the table above.
\nRecoverable amount of CGUs
\nThe recoverable amounts of the Financial Services, Surveying & Valuation and Estate Agency Franchising companies have been determined based
\non a value-in-use (VIU) calculation using cash flow projections based on financial budgets and forecasts approved by the Board and in the three-
\nyear plan.
\nThe calculation of value-in-use for each of the Financial Services, Surveying & Valuation and Estate Agency companies is most sensitive to the
\nfollowing assumptions:
\n\u2022 Discount rates
\n\u2022 Performance in the market
\n
\n\n\n\n\n
\n\n\n\n\n
\n\nDiscount rates
\nThe pre-tax discount rate applied to cash flow projections used in the VIU models is as follows:
\n 2024 2023
\nFinancial Services 16.3% 15.6%
\nSurveying & Valuation 17.3% 15.6%
\nEstate Agency Franchising 15.9% 15.7%
\nCash flows beyond the three-year plan are extrapolated using a 2.0% growth rate (2023: 2.0%).
\nPerformance in the market
\nReflects how management believes the CGU will perform over the three-year period and is used to calculate the value-in-use of the CGUs.
\nCGU specific operating assumptions are applicable to the forecasted cash flows for the years 2025 to 2027 and relate to revenue forecasts and
\nunderlying profit margins in each of the operating CGUs. The value ascribed to each assumption will vary between CGUs as the forecasts are built
\nup from the underlying business units within each CGU group. These assumptions are based upon a combination of past experience of observable
\ntrends and expectations of future changes in the market.
\nSensitivity to changes in assumptions
\nSensitivity analysis has been performed to assess whether changes to key assumptions would lead to impairments across the Group. Management
\ndeemed that there are no reasonably possible changes in key assumptions that would cause any of the Group\u2019s CGUs carrying amounts to exceed
\nits recoverable amounts.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag11": {
"value": "\nImpairment of goodwill and other intangibles with indefinite useful lives
\nThe Group tests goodwill and the indefinite life intangible assets annually for impairment, or more frequently if there are indicators of impairment.
\nGoodwill and brands acquired through business combinations have been allocated for impairment testing purposes to statutory companies or
\ngroups of statutory companies which are managed as individual CGUs as disclosed in the table above.
\nRecoverable amount of CGUs
\nThe recoverable amounts of the Financial Services, Surveying & Valuation and Estate Agency Franchising companies have been determined based
\non a value-in-use (VIU) calculation using cash flow projections based on financial budgets and forecasts approved by the Board and in the three-
\nyear plan.
\nThe calculation of value-in-use for each of the Financial Services, Surveying & Valuation and Estate Agency companies is most sensitive to the
\nfollowing assumptions:
\n\u2022 Discount rates
\n\u2022 Performance in the market
\n
\n\n\n\n\nDiscount rates
\nThe pre-tax discount rate applied to cash flow projections used in the VIU models is as follows:
\n 2024 2023
\nFinancial Services 16.3% 15.6%
\nSurveying & Valuation 17.3% 15.6%
\nEstate Agency Franchising 15.9% 15.7%
\nCash flows beyond the three-year plan are extrapolated using a 2.0% growth rate (2023: 2.0%).
\nPerformance in the market
\nReflects how management believes the CGU will perform over the three-year period and is used to calculate the value-in-use of the CGUs.
\nCGU specific operating assumptions are applicable to the forecasted cash flows for the years 2025 to 2027 and relate to revenue forecasts and
\nunderlying profit margins in each of the operating CGUs. The value ascribed to each assumption will vary between CGUs as the forecasts are built
\nup from the underlying business units within each CGU group. These assumptions are based upon a combination of past experience of observable
\ntrends and expectations of future changes in the market.
\nSensitivity to changes in assumptions
\nSensitivity analysis has been performed to assess whether changes to key assumptions would lead to impairments across the Group. Management
\ndeemed that there are no reasonably possible changes in key assumptions that would cause any of the Group\u2019s CGUs carrying amounts to exceed
\nits recoverable amounts.
\n
\n\n\n\n\nTrade receivables are non-interest-bearing and are generally on 4 to 30 day terms depending on the services to which they relate. As at
\n31 December 2024, trade receivables with a nominal value of \u00a34.5m (2023: \u00a33.6m) were impaired and provided for. Set out below is the
\nmovement in the allowance for expected credit losses of trade receivables:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nAt 1 January 3,622 2,988
\nProvision for expected credit losses 2,061 1,588
\nAmounts written off (1,146) (954)
\nAt 31 December 4,537 3,622
\nThe chosen method of recognising the expected credit loss across the Group is the simplified approach allowing a provision matrix to be used,
\nwhich is based on the expected life of trade receivables, historic default rates and forward-looking information.
\nAs at 31 December, an analysis of gross trade receivables by credit risk rating grades is as follows:
\n
\nTotal
\n\u00a3\u2019000
\nNeither past due
\nnor impaired
\n\u00a3\u2019000
\n<30
\ndays
\n\u00a3\u2019000
\n30-60
\ndays
\n\u00a3\u2019000
\n60 \u2013 90
\ndays
\n\u00a3\u2019000
\n90 \u2013 120
\ndays
\n\u00a3\u2019000
\n>120
\ndays
\n\u00a3\u2019000
\n2024 20,817 10,220 3,588 706 414 223 5,666
\n2023 18,889 7,215 5,568 863 362 515 4,366
\nThe expected credit loss rate applied by ageing bracket has been disclosed below:
\n
\nNeither past due
\nnor impaired
\n<30
\ndays
\n30-60
\ndays
\n60 \u2013 90
\ndays
\n90 \u2013 120
\ndays
\n>120
\ndays
\n2024 0.02% 13.11% 17.51% 34.21% 37.14% 69.75%
\n2023 0.24% 6.29% 14.03% 28.60% 33.81% 64.71%
\nDuring 2024 the expected credit loss rate applied to >120 days ageing bracket has increased due to a higher expectation of credit risk. This has
\nbeen driven by increased bad debt write offs in the year.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag15": {
"value": "\n18. Property, plant and equipment and right-of-use assets
\n
\nLand and
\nbuildings
\n\u00a3\u2019000
\nLeasehold
\nimprovements
\n\u00a3\u2019000
\nMotor
\nvehicles
\n\u00a3\u2019000
\nFixtures, fittings
\nand computer
\nequipment
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nCost
\nAt 1 January 2023 21,914 1,446 7,444 15,920 46,724
\nAdditions 1,614 100 2,710 620 5,044
\nDisposals (4,861) (580) (2,190) (5,758) (13,389)
\nTransfer to investment in sublease (9,649) \u2013 (738) \u2013 (10,387)
\nAt 31 December 2023 9,018 966 7,226 10,782 27,992
\nAdditions 424 \u2013 1,431 939 2,794
\nDisposals (5,935) \u2013 (2,445) (271) (8,651)
\nAt 31 December 2024 3,507 966 6,212 11,450 22,135
\nDepreciation and impairment
\nAt 1 January 2023 14,857 1,094 4,473 10,730 31,154
\nCharge for the year 1,356 57 1,425 1,674 4,512
\nDisposals (3,021) (185) (1,728) (3,576) (8,510)
\nTransfer to investment in sublease (5,858) \u2013 (223) \u2013 (6,081)
\nAt 31 December 2023 7,334 966 3,947 8,828 21,075
\nCharge for the year 539 \u2013 1,442 1,179 3,160
\nDisposals (5,902) \u2013 (2,378) (221) (8,501)
\nAt 31 December 2024 1,971 966 3,011 9,786 15,734
\nNet book value
\nAt 31 December 2024 1,536 \u2013 3,201 1,664 6,401
\nAt 31 December 2023 1,684 \u2013 3,279 1,954 6,917
\nProperty, plant and equipment \u2013 \u2013 \u2013 1,664 1,664
\nRight-of-use assets 1,536 \u2013 3,201 \u2013 4,737
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag16": {
"value": "\n
\n\n
\n\n
\n\n19. Financial assets
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\n(a) Financial assets at fair value through other comprehensive income (FVOCI)
\nUnquoted shares at fair value \u2013 \u2013
\n(b) Financial assets at fair value through income statement (FVPL)
\nUnquoted shares at fair value (Openwork units and Twenty7Tec) 762 399
\nContingent consideration receivable 5,772 5,062
\n(c) Financial assets at amortised cost
\nInvestment in sublease 832 3,338
\nLoan to joint venture 7,607 \u2013
\nLoans to franchisees and appointed representatives 1,846 2,099
\n 16,819 10,898
\nNon-current assets 2,188 8,818
\nCurrent assets 14,631 2,080
\n 16,819 10,898
\n(a) Financial assets at fair value through other comprehensive income
\nFinancial assets at fair value through other comprehensive income (FVOCI) include unlisted equity instruments which are carried at fair value and
\nmeasured using level 3 valuation techniques. During 2023, the Group revalued its investment in Global Property Ventures to \u00a3nil and there has
\nbeen no further change. The Group also holds an equity instrument in NBC Property Master Limited which is carried at \u00a3nil value.
\n(b) Financial assets at fair value through income statement
\nFinancial assets through profit or loss (FVPL) include unquoted units in Twenty7Tec Group Limited and Openwork Partnership LLP, and contingent
\nconsideration receivable which are carried at fair value and measured using level 2 valuation technique. During the period, the following gains/
\n(losses) were recognised in the income statement:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nFair value gains/(losses) on equity investments at FVPL recognised in other operating costs 482 (279)
\nFair value gains/(losses) on contingent consideration recognised as exceptional 163 (4,093)
\nFinance income recognised on contingent consideration receivable 738 986
\nOpenwork Units
\nDuring the period the fair value of units held in The Openwork Partnership LLP was unchanged (31 December 2023: \u00a30.4m). Our valuation is based
\non the actual strike price in the most trading window, adjusted for volume of units traded during the window.
\nTwenty7Tec
\nThe Group holds an equity instrument in Twenty7Tec Group Limited which was historically valued at \u00a3nil. In 2024 the value of the Group\u2019s
\nshareholding was increased to \u00a30.4m, this is based on a recent external valuation of the business and is therefore indicative of a fair value.
\nContingent Consideration Receivable
\nContingent consideration of \u00a35.7m relates to EFS, Group First and RSC which were sold in H1 2023. The consideration receivable will be 7x the
\ncombined EBITDA in calendar year 2024 subject to final working capital adjustments, and is due in H1 2025. The fair value of the contingent
\nconsideration receivable as at 31 December 2024 has been calculated for each of the three disposals noted above based on the actual
\nperformance in calendar year 2024, adjusted for working capital using information that was available to the Group at the balance sheet date. The
\nconsideration receivable in H1 2025 is subject to final working capital adjustments under the share purchase agreement which may result in a
\nchange to the final consideration received in H1 2025.
\nThe remaining \u00a30.1m of contingent consideration relates to amounts due from disposed lettings books, amounts are receivable in November 2025.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n(c) Financial assets measured at amortised cost
\nFinancial assets measured at amortised cost include investment in subleases and loans to franchisees and appointed representatives.
\nInvestment in subleases
\nThe Group recognises an investment in sublease in scenarios where it is an intermediate lessor, and the sublease is classified as finance lease. On
\nrecognition, the investment in sublease is valued as the remaining fixed payments due from the sublessor, discounted at the discount rate implicit
\nin the headlease. The Group recognises finance income over the remaining life of the leases. An expected credit loss has been provided against the
\ninvestment in sublease of \u00a30.1m (2023: \u00a30.1m), applying a 12-month expected credit loss model.
\nLoans to franchisees and appointed representatives
\nThe loans to franchisees and appointed representatives balance includes loans to franchisees in the Estate Agency Franchising segment and loans
\nto appointed representatives in Financial Services.
\nThe franchisee loans reflect drawdowns on agreed facilities which have availability over a range of periods from 31 December 2024 to
\n31 December 2025, are repayable in full within 24 months from the respective period end and bear fixed rate interest at 8.5%. The Group has
\nissued franchisee loans of \u00a31.1m during the period, received principal repayments of \u00a30.4m and recognised finance income of \u00a30.1m. An expected
\ncredit loss has been provided against the facility of \u00a30.1m applying a 12-month expected credit loss model.
\nThe Group issues loans to appointed representatives in the normal course of business and on standard terms, the duration is typically three years
\nand the loans are offered on an interest-free basis. The Group has issued loans to appointed representatives of \u00a30.4m during the year, which
\nwere subsequently written down by \u00a30.1m, and received principal repayments of \u00a31.3m. An expected credit loss has been provided against the
\nremaining facility of \u00a30.1m, applying a 12-month expected credit loss model.
\nLoans notes receivables
\nIn December 2024, the Group provided funding of \u00a37.6m to its joint venture Mottram TopCo Limited in the form of 10% unsecured loan notes. The
\nloan notes are redeemable in H1 2025 and no repayments were made in 2024.
\n
\n\n\n\n
\n\n\n\n24. Financial liabilities
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCurrent
\nIFRS 16 lessee financial liabilities 2,291 3,255
\nContingent consideration 3,306 65
\n 5,597 3,320
\nNon-current
\nIFRS 16 lessee financial liabilities 3,491 5,085
\n 3,491 5,085
\nBank loans \u2013 RCF and overdraft
\nIn accordance with the terms at 31 December 2024, the utilisation of the RCF may vary each month as long as this does not exceed the maximum
\n\u00a360.0m facility (2023: \u00a360.0m). The Group\u2019s overdraft is also secured on the same facility, and the combined overdraft and RCF cannot exceed
\n\u00a360.0m (2023: \u00a360.0m).
\nIn January 2025, LSL amended and restated the RCF facility, the renewed facility now runs to January 2030 with the same limit of \u00a360.0m.
\nThe Group\u2019s revolving credit facility (RCF) was undrawn as at the year end (2023: undrawn). Any amounts drawn under the RCF are secured via
\ncross guarantees issued from the following businesses: LSL Property Services plc, Your-Move.co.uk Limited, Reeds Rains Limited, e.surv Limited,
\nLending Solutions Holdings Limited, First Complete Limited, New Daffodil Limited, St Trinity Limited, LSL Corporate Client Services Limited, Advance
\nMortgage Funding Limited, Personal Touch Financial Services Limited, Personal Touch Administration Services Limited, LSLi Limited and Vitalhandy
\nEnterprises Limited.
\nFees payable on the RCF amounted to \u00a30.6m during the year (2023: \u00a30.7m) including amortisation of arrangement fees and non-utilisation fees.
\n
\n\n\nContingent consideration
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nTenetLime 3,306 \u2013
\nDLPS \u2013 65
\n 3,306 65
\nCurrent contingent consideration 3,306 65
\nTotal contingent consideration 3,306 65
\nOpening balance 65 2,311
\nAcquisition 3,600 \u2013
\nCash paid (65) (2,280)
\nAmounts recorded through income statement (294) 34
\nClosing balance 3,306 65
\nTenetLime Limited
\nOn 2 February 2024, the Group acquired the entire issued share capital of TenetLime Limited (\u201cTenetLime\u201d), a subsidiary of Tenet Group Limited
\n(\u201cTenet Group\u201d). The value of the company was concentrated in the contracts with the appointed representative firms. Consequently, the
\ntransaction has been accounted for as an asset acquisition. A relationship intangible asset of \u00a39.3m has been recognised, please refer to note 17.
\nThe cost paid for the relationship intangible asset represents initial consideration of \u00a35.7m and contingent consideration of \u00a33.6m. The contingent
\nconsideration is based on the retention rate of firms within LSL\u2019s PRIMIS network 12 months after the transaction completed.
\nAs part of the purchase agreement, Tenet Group agreed to provide a number of services to LSL after the transaction. Subsequent to the purchase,
\nLSL was notified that Tenet Group Limited entered administration on 5 June 2024. As at the 31 December 2024, there are no additional liabilities
\nrecognised as a result of the administration, though \u00a30.5m of exceptional costs were incurred during the year (see note 9). Management have
\nassessed the potential future costs that may arise for LSL due to Tenet Group Limited\u2019s administration and is currently in discussions with the
\nadministrators regarding these costs. As at the reporting date, the Group had no legal or constructive obligation for any future costs that may
\narise. Additionally, discussions are ongoing with the administrators to offset these amounts against the contingent consideration payable, which
\nwas originally due in H1 2025 but has been delayed due to an extension of the administration process to 4 June 2026.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag18": {
"value": "\n
\n\n
\n\n19. Financial assets
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\n(a) Financial assets at fair value through other comprehensive income (FVOCI)
\nUnquoted shares at fair value \u2013 \u2013
\n(b) Financial assets at fair value through income statement (FVPL)
\nUnquoted shares at fair value (Openwork units and Twenty7Tec) 762 399
\nContingent consideration receivable 5,772 5,062
\n(c) Financial assets at amortised cost
\nInvestment in sublease 832 3,338
\nLoan to joint venture 7,607 \u2013
\nLoans to franchisees and appointed representatives 1,846 2,099
\n 16,819 10,898
\nNon-current assets 2,188 8,818
\nCurrent assets 14,631 2,080
\n 16,819 10,898
\n(a) Financial assets at fair value through other comprehensive income
\nFinancial assets at fair value through other comprehensive income (FVOCI) include unlisted equity instruments which are carried at fair value and
\nmeasured using level 3 valuation techniques. During 2023, the Group revalued its investment in Global Property Ventures to \u00a3nil and there has
\nbeen no further change. The Group also holds an equity instrument in NBC Property Master Limited which is carried at \u00a3nil value.
\n(b) Financial assets at fair value through income statement
\nFinancial assets through profit or loss (FVPL) include unquoted units in Twenty7Tec Group Limited and Openwork Partnership LLP, and contingent
\nconsideration receivable which are carried at fair value and measured using level 2 valuation technique. During the period, the following gains/
\n(losses) were recognised in the income statement:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nFair value gains/(losses) on equity investments at FVPL recognised in other operating costs 482 (279)
\nFair value gains/(losses) on contingent consideration recognised as exceptional 163 (4,093)
\nFinance income recognised on contingent consideration receivable 738 986
\nOpenwork Units
\nDuring the period the fair value of units held in The Openwork Partnership LLP was unchanged (31 December 2023: \u00a30.4m). Our valuation is based
\non the actual strike price in the most trading window, adjusted for volume of units traded during the window.
\nTwenty7Tec
\nThe Group holds an equity instrument in Twenty7Tec Group Limited which was historically valued at \u00a3nil. In 2024 the value of the Group\u2019s
\nshareholding was increased to \u00a30.4m, this is based on a recent external valuation of the business and is therefore indicative of a fair value.
\nContingent Consideration Receivable
\nContingent consideration of \u00a35.7m relates to EFS, Group First and RSC which were sold in H1 2023. The consideration receivable will be 7x the
\ncombined EBITDA in calendar year 2024 subject to final working capital adjustments, and is due in H1 2025. The fair value of the contingent
\nconsideration receivable as at 31 December 2024 has been calculated for each of the three disposals noted above based on the actual
\nperformance in calendar year 2024, adjusted for working capital using information that was available to the Group at the balance sheet date. The
\nconsideration receivable in H1 2025 is subject to final working capital adjustments under the share purchase agreement which may result in a
\nchange to the final consideration received in H1 2025.
\nThe remaining \u00a30.1m of contingent consideration relates to amounts due from disposed lettings books, amounts are receivable in November 2025.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n(c) Financial assets measured at amortised cost
\nFinancial assets measured at amortised cost include investment in subleases and loans to franchisees and appointed representatives.
\nInvestment in subleases
\nThe Group recognises an investment in sublease in scenarios where it is an intermediate lessor, and the sublease is classified as finance lease. On
\nrecognition, the investment in sublease is valued as the remaining fixed payments due from the sublessor, discounted at the discount rate implicit
\nin the headlease. The Group recognises finance income over the remaining life of the leases. An expected credit loss has been provided against the
\ninvestment in sublease of \u00a30.1m (2023: \u00a30.1m), applying a 12-month expected credit loss model.
\nLoans to franchisees and appointed representatives
\nThe loans to franchisees and appointed representatives balance includes loans to franchisees in the Estate Agency Franchising segment and loans
\nto appointed representatives in Financial Services.
\nThe franchisee loans reflect drawdowns on agreed facilities which have availability over a range of periods from 31 December 2024 to
\n31 December 2025, are repayable in full within 24 months from the respective period end and bear fixed rate interest at 8.5%. The Group has
\nissued franchisee loans of \u00a31.1m during the period, received principal repayments of \u00a30.4m and recognised finance income of \u00a30.1m. An expected
\ncredit loss has been provided against the facility of \u00a30.1m applying a 12-month expected credit loss model.
\nThe Group issues loans to appointed representatives in the normal course of business and on standard terms, the duration is typically three years
\nand the loans are offered on an interest-free basis. The Group has issued loans to appointed representatives of \u00a30.4m during the year, which
\nwere subsequently written down by \u00a30.1m, and received principal repayments of \u00a31.3m. An expected credit loss has been provided against the
\nremaining facility of \u00a30.1m, applying a 12-month expected credit loss model.
\nLoans notes receivables
\nIn December 2024, the Group provided funding of \u00a37.6m to its joint venture Mottram TopCo Limited in the form of 10% unsecured loan notes. The
\nloan notes are redeemable in H1 2025 and no repayments were made in 2024.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag20": {
"value": "\n
\n\n19. Financial assets
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\n(a) Financial assets at fair value through other comprehensive income (FVOCI)
\nUnquoted shares at fair value \u2013 \u2013
\n(b) Financial assets at fair value through income statement (FVPL)
\nUnquoted shares at fair value (Openwork units and Twenty7Tec) 762 399
\nContingent consideration receivable 5,772 5,062
\n(c) Financial assets at amortised cost
\nInvestment in sublease 832 3,338
\nLoan to joint venture 7,607 \u2013
\nLoans to franchisees and appointed representatives 1,846 2,099
\n 16,819 10,898
\nNon-current assets 2,188 8,818
\nCurrent assets 14,631 2,080
\n 16,819 10,898
\n(a) Financial assets at fair value through other comprehensive income
\nFinancial assets at fair value through other comprehensive income (FVOCI) include unlisted equity instruments which are carried at fair value and
\nmeasured using level 3 valuation techniques. During 2023, the Group revalued its investment in Global Property Ventures to \u00a3nil and there has
\nbeen no further change. The Group also holds an equity instrument in NBC Property Master Limited which is carried at \u00a3nil value.
\n(b) Financial assets at fair value through income statement
\nFinancial assets through profit or loss (FVPL) include unquoted units in Twenty7Tec Group Limited and Openwork Partnership LLP, and contingent
\nconsideration receivable which are carried at fair value and measured using level 2 valuation technique. During the period, the following gains/
\n(losses) were recognised in the income statement:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nFair value gains/(losses) on equity investments at FVPL recognised in other operating costs 482 (279)
\nFair value gains/(losses) on contingent consideration recognised as exceptional 163 (4,093)
\nFinance income recognised on contingent consideration receivable 738 986
\nOpenwork Units
\nDuring the period the fair value of units held in The Openwork Partnership LLP was unchanged (31 December 2023: \u00a30.4m). Our valuation is based
\non the actual strike price in the most trading window, adjusted for volume of units traded during the window.
\nTwenty7Tec
\nThe Group holds an equity instrument in Twenty7Tec Group Limited which was historically valued at \u00a3nil. In 2024 the value of the Group\u2019s
\nshareholding was increased to \u00a30.4m, this is based on a recent external valuation of the business and is therefore indicative of a fair value.
\nContingent Consideration Receivable
\nContingent consideration of \u00a35.7m relates to EFS, Group First and RSC which were sold in H1 2023. The consideration receivable will be 7x the
\ncombined EBITDA in calendar year 2024 subject to final working capital adjustments, and is due in H1 2025. The fair value of the contingent
\nconsideration receivable as at 31 December 2024 has been calculated for each of the three disposals noted above based on the actual
\nperformance in calendar year 2024, adjusted for working capital using information that was available to the Group at the balance sheet date. The
\nconsideration receivable in H1 2025 is subject to final working capital adjustments under the share purchase agreement which may result in a
\nchange to the final consideration received in H1 2025.
\nThe remaining \u00a30.1m of contingent consideration relates to amounts due from disposed lettings books, amounts are receivable in November 2025.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag21": {
"value": "\n19. Financial assets
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\n(a) Financial assets at fair value through other comprehensive income (FVOCI)
\nUnquoted shares at fair value \u2013 \u2013
\n(b) Financial assets at fair value through income statement (FVPL)
\nUnquoted shares at fair value (Openwork units and Twenty7Tec) 762 399
\nContingent consideration receivable 5,772 5,062
\n(c) Financial assets at amortised cost
\nInvestment in sublease 832 3,338
\nLoan to joint venture 7,607 \u2013
\nLoans to franchisees and appointed representatives 1,846 2,099
\n 16,819 10,898
\nNon-current assets 2,188 8,818
\nCurrent assets 14,631 2,080
\n 16,819 10,898
\n(a) Financial assets at fair value through other comprehensive income
\nFinancial assets at fair value through other comprehensive income (FVOCI) include unlisted equity instruments which are carried at fair value and
\nmeasured using level 3 valuation techniques. During 2023, the Group revalued its investment in Global Property Ventures to \u00a3nil and there has
\nbeen no further change. The Group also holds an equity instrument in NBC Property Master Limited which is carried at \u00a3nil value.
\n(b) Financial assets at fair value through income statement
\nFinancial assets through profit or loss (FVPL) include unquoted units in Twenty7Tec Group Limited and Openwork Partnership LLP, and contingent
\nconsideration receivable which are carried at fair value and measured using level 2 valuation technique. During the period, the following gains/
\n(losses) were recognised in the income statement:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nFair value gains/(losses) on equity investments at FVPL recognised in other operating costs 482 (279)
\nFair value gains/(losses) on contingent consideration recognised as exceptional 163 (4,093)
\nFinance income recognised on contingent consideration receivable 738 986
\nOpenwork Units
\nDuring the period the fair value of units held in The Openwork Partnership LLP was unchanged (31 December 2023: \u00a30.4m). Our valuation is based
\non the actual strike price in the most trading window, adjusted for volume of units traded during the window.
\nTwenty7Tec
\nThe Group holds an equity instrument in Twenty7Tec Group Limited which was historically valued at \u00a3nil. In 2024 the value of the Group\u2019s
\nshareholding was increased to \u00a30.4m, this is based on a recent external valuation of the business and is therefore indicative of a fair value.
\nContingent Consideration Receivable
\nContingent consideration of \u00a35.7m relates to EFS, Group First and RSC which were sold in H1 2023. The consideration receivable will be 7x the
\ncombined EBITDA in calendar year 2024 subject to final working capital adjustments, and is due in H1 2025. The fair value of the contingent
\nconsideration receivable as at 31 December 2024 has been calculated for each of the three disposals noted above based on the actual
\nperformance in calendar year 2024, adjusted for working capital using information that was available to the Group at the balance sheet date. The
\nconsideration receivable in H1 2025 is subject to final working capital adjustments under the share purchase agreement which may result in a
\nchange to the final consideration received in H1 2025.
\nThe remaining \u00a30.1m of contingent consideration relates to amounts due from disposed lettings books, amounts are receivable in November 2025.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag22": {
"value": "\n
\n\n20. Investment in joint venture
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nOpening balance 9,359 5,068
\nEquity investment in Pivotal Growth 2,232 4,681
\nEquity accounted profit/(loss) 107 (549)
\nAdjustment for non-controlling interests (113) 159
\nClosing balance 11,585 9,359
\nPivotal Growth
\nThe Group is party to one joint venture, Mottram TopCo Limited. As at the 31 December 2024, the Group holds a 46.5% (2023: 47.8%)
\nshareholding in Mottram TopCo Limited and has joint control by virtue of its holding of 50% of the voting shares in Mottram TopCo Limited and
\nthrough rights granted to it under a joint venture agreement.
\nMottram TopCo Limited holds a 100% shareholding in Mottram MidCo Limited which in turn holds a 85.1% shareholding in Pivotal Growth Limited
\n(Pivotal) (2023: 89.6%). Mottram TopCo and Mottram MidCo are both holding companies. Pivotal invests in direct-to-consumer (D2C) financial
\nservices advice (mortgage and protection) brokerages to help them build long-term sustainable value. Pivotal\u2019s principal place of business is the
\nUnited Kingdom.
\nAs at 31 December 2024, the Group did not have any commitments or contingent liabilities relating to Pivotal.
\nA further \u00a32.2m equity investment was made by the Group during the year (2023: \u00a34.7m). In December 2024, the Group also provided \u00a37.6m
\nfunding by means of loan notes, which are repayable in June 2025 (refer to note\u202f19\u202ffor further details).
\n
\n\n\n\n
\n\n\n\n
\n\nThe summarised financial information of Pivotal, which is accounted for using the equity method, is presented below:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nMottram TopCo balance sheet
\n1
\n:
\nNon-current assets 55,002 28,981
\nCurrent assets (excluding cash and cash equivalents) 4,757 2,273
\nCash and cash equivalents 7,641 8,896
\nCurrent liabilities (26,513) (7,874)
\nNon-current liabilities (10,647) (12,574)
\nNet assets 30,240 19,702
\nLess: Net assets attributable to non-controlling interests 8 4 241
\nNet assets attributable to Pivotal 30,324 19,943
\nLSL share of Pivotal\u2019s net assets 11,585 9,359
\n1 Mottram TopCo Limited prepares its financial statements in accordance with FRS102. In accordance with IAS 28, LSL\u2019s share of the joint venture\u2019s assets is adjusted
\nto reflect LSL\u2019s accounting policies. The adjustments primarily relate to the changes in accounting policy regarding goodwill and share-based payments.
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nPivotal results:
\nRevenue 60,290 37,308
\nOperating expenses (60,024) (37,886)
\nOperating profit/(loss) 266 (578)
\nFinance income 16 34
\nProfit/(loss) before tax 282 (544)
\nTaxation (52) (606)
\nProfit/(loss) after tax 230 (1,150)
\nLSL share of total profit/(loss) after tax 107 (549)
\nAdjustment for non-controlling interests (113) 159
\nLSL share of post-tax loss from joint venture (6) (390)
\nThe above Pivotal results for the period ended 31 December 2024 includes the following:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nDepreciation (297) (170)
\nAmortisation (434) (51)
\nThere was no other comprehensive income recognised in Pivotal during the year.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag23": {
"value": "\n20. Investment in joint venture
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nOpening balance 9,359 5,068
\nEquity investment in Pivotal Growth 2,232 4,681
\nEquity accounted profit/(loss) 107 (549)
\nAdjustment for non-controlling interests (113) 159
\nClosing balance 11,585 9,359
\nPivotal Growth
\nThe Group is party to one joint venture, Mottram TopCo Limited. As at the 31 December 2024, the Group holds a 46.5% (2023: 47.8%)
\nshareholding in Mottram TopCo Limited and has joint control by virtue of its holding of 50% of the voting shares in Mottram TopCo Limited and
\nthrough rights granted to it under a joint venture agreement.
\nMottram TopCo Limited holds a 100% shareholding in Mottram MidCo Limited which in turn holds a 85.1% shareholding in Pivotal Growth Limited
\n(Pivotal) (2023: 89.6%). Mottram TopCo and Mottram MidCo are both holding companies. Pivotal invests in direct-to-consumer (D2C) financial
\nservices advice (mortgage and protection) brokerages to help them build long-term sustainable value. Pivotal\u2019s principal place of business is the
\nUnited Kingdom.
\nAs at 31 December 2024, the Group did not have any commitments or contingent liabilities relating to Pivotal.
\nA further \u00a32.2m equity investment was made by the Group during the year (2023: \u00a34.7m). In December 2024, the Group also provided \u00a37.6m
\nfunding by means of loan notes, which are repayable in June 2025 (refer to note\u202f19\u202ffor further details).
\n
\n\n\n\nThe summarised financial information of Pivotal, which is accounted for using the equity method, is presented below:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nMottram TopCo balance sheet
\n1
\n:
\nNon-current assets 55,002 28,981
\nCurrent assets (excluding cash and cash equivalents) 4,757 2,273
\nCash and cash equivalents 7,641 8,896
\nCurrent liabilities (26,513) (7,874)
\nNon-current liabilities (10,647) (12,574)
\nNet assets 30,240 19,702
\nLess: Net assets attributable to non-controlling interests 8 4 241
\nNet assets attributable to Pivotal 30,324 19,943
\nLSL share of Pivotal\u2019s net assets 11,585 9,359
\n1 Mottram TopCo Limited prepares its financial statements in accordance with FRS102. In accordance with IAS 28, LSL\u2019s share of the joint venture\u2019s assets is adjusted
\nto reflect LSL\u2019s accounting policies. The adjustments primarily relate to the changes in accounting policy regarding goodwill and share-based payments.
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nPivotal results:
\nRevenue 60,290 37,308
\nOperating expenses (60,024) (37,886)
\nOperating profit/(loss) 266 (578)
\nFinance income 16 34
\nProfit/(loss) before tax 282 (544)
\nTaxation (52) (606)
\nProfit/(loss) after tax 230 (1,150)
\nLSL share of total profit/(loss) after tax 107 (549)
\nAdjustment for non-controlling interests (113) 159
\nLSL share of post-tax loss from joint venture (6) (390)
\nThe above Pivotal results for the period ended 31 December 2024 includes the following:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nDepreciation (297) (170)
\nAmortisation (434) (51)
\nThere was no other comprehensive income recognised in Pivotal during the year.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag26": {
"value": "\n21. Trade and other receivables
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCurrent
\nTrade receivables 5,087 5,611
\nPrepayments 6,413 6,377
\nAccrued income 11,193 9,656
\nOther debtors 2,118 1,562
\n 24,811 23,206
\nThe accrued income balance is expected to be settled within three months of the year-end date. The accrued income balance as at 1 January 2023
\nof \u00a38.0m was settled in 2023.
\n
\n\n\n\n\n
\n\nTrade receivables are non-interest-bearing and are generally on 4 to 30 day terms depending on the services to which they relate. As at
\n31 December 2024, trade receivables with a nominal value of \u00a34.5m (2023: \u00a33.6m) were impaired and provided for. Set out below is the
\nmovement in the allowance for expected credit losses of trade receivables:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nAt 1 January 3,622 2,988
\nProvision for expected credit losses 2,061 1,588
\nAmounts written off (1,146) (954)
\nAt 31 December 4,537 3,622
\nThe chosen method of recognising the expected credit loss across the Group is the simplified approach allowing a provision matrix to be used,
\nwhich is based on the expected life of trade receivables, historic default rates and forward-looking information.
\nAs at 31 December, an analysis of gross trade receivables by credit risk rating grades is as follows:
\n
\nTotal
\n\u00a3\u2019000
\nNeither past due
\nnor impaired
\n\u00a3\u2019000
\n<30
\ndays
\n\u00a3\u2019000
\n30-60
\ndays
\n\u00a3\u2019000
\n60 \u2013 90
\ndays
\n\u00a3\u2019000
\n90 \u2013 120
\ndays
\n\u00a3\u2019000
\n>120
\ndays
\n\u00a3\u2019000
\n2024 20,817 10,220 3,588 706 414 223 5,666
\n2023 18,889 7,215 5,568 863 362 515 4,366
\nThe expected credit loss rate applied by ageing bracket has been disclosed below:
\n
\nNeither past due
\nnor impaired
\n<30
\ndays
\n30-60
\ndays
\n60 \u2013 90
\ndays
\n90 \u2013 120
\ndays
\n>120
\ndays
\n2024 0.02% 13.11% 17.51% 34.21% 37.14% 69.75%
\n2023 0.24% 6.29% 14.03% 28.60% 33.81% 64.71%
\nDuring 2024 the expected credit loss rate applied to >120 days ageing bracket has increased due to a higher expectation of credit risk. This has
\nbeen driven by increased bad debt write offs in the year.
\n
\n\n\n\n
\n\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag28": {
"value": "\n
\n\nTrade receivables are non-interest-bearing and are generally on 4 to 30 day terms depending on the services to which they relate. As at
\n31 December 2024, trade receivables with a nominal value of \u00a34.5m (2023: \u00a33.6m) were impaired and provided for. Set out below is the
\nmovement in the allowance for expected credit losses of trade receivables:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nAt 1 January 3,622 2,988
\nProvision for expected credit losses 2,061 1,588
\nAmounts written off (1,146) (954)
\nAt 31 December 4,537 3,622
\nThe chosen method of recognising the expected credit loss across the Group is the simplified approach allowing a provision matrix to be used,
\nwhich is based on the expected life of trade receivables, historic default rates and forward-looking information.
\nAs at 31 December, an analysis of gross trade receivables by credit risk rating grades is as follows:
\n
\nTotal
\n\u00a3\u2019000
\nNeither past due
\nnor impaired
\n\u00a3\u2019000
\n<30
\ndays
\n\u00a3\u2019000
\n30-60
\ndays
\n\u00a3\u2019000
\n60 \u2013 90
\ndays
\n\u00a3\u2019000
\n90 \u2013 120
\ndays
\n\u00a3\u2019000
\n>120
\ndays
\n\u00a3\u2019000
\n2024 20,817 10,220 3,588 706 414 223 5,666
\n2023 18,889 7,215 5,568 863 362 515 4,366
\nThe expected credit loss rate applied by ageing bracket has been disclosed below:
\n
\nNeither past due
\nnor impaired
\n<30
\ndays
\n30-60
\ndays
\n60 \u2013 90
\ndays
\n90 \u2013 120
\ndays
\n>120
\ndays
\n2024 0.02% 13.11% 17.51% 34.21% 37.14% 69.75%
\n2023 0.24% 6.29% 14.03% 28.60% 33.81% 64.71%
\nDuring 2024 the expected credit loss rate applied to >120 days ageing bracket has increased due to a higher expectation of credit risk. This has
\nbeen driven by increased bad debt write offs in the year.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag30": {
"value": "\n
\n\n22. Cash and cash equivalents
\nBank overdrafts reflect the aggregate overdrawn balances of Group companies (even if those companies have other positive cash balances). The
\noverdrafts are held with the Group\u2019s relationship banks.
\nFor the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 31 December:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCash and cash equivalents 60,663 58,110
\nBank overdrafts (28,264) (23,139)
\nCash and cash equivalents 32,399 34,971
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag31": {
"value": "\n22. Cash and cash equivalents
\nBank overdrafts reflect the aggregate overdrawn balances of Group companies (even if those companies have other positive cash balances). The
\noverdrafts are held with the Group\u2019s relationship banks.
\nFor the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 31 December:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCash and cash equivalents 60,663 58,110
\nBank overdrafts (28,264) (23,139)
\nCash and cash equivalents 32,399 34,971
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag32": {
"value": "\n23. Trade and other payables
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCurrent
\nTrade payables 9,790 6,423
\nOther taxes and social security payable 6,119 4,755
\nOther payables 2,950 6,683
\nAccruals 14,505 9,769
\nCommission refund liability 3,414 2,855
\n 36,778 30,485
\nCommission refund liability
\nCertain subsidiaries earn commissions on the sale of life assurance and general insurance products with terms from one to four years which are
\ncancellable without a notice period, and if cancelled within a set period, require that a portion of the commission earned must be repaid. The
\nsubsidiaries do not hold insurance risk on the life assurance and general insurance products sold.
\nThe commission refund liability is recognised as a reduction in revenue. The liability represents management\u2019s best estimate of commissions that
\nwill be clawed back for insurance products sold that may be cancelled in future periods and is calculated based on historic cancellation experience.
\nIf average lapse rates across all products sold were to increase by 1.0%, the total liability would increase by \u00a30.3m.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag33": {
"value": "\n
\n\n24. Financial liabilities
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nCurrent
\nIFRS 16 lessee financial liabilities 2,291 3,255
\nContingent consideration 3,306 65
\n 5,597 3,320
\nNon-current
\nIFRS 16 lessee financial liabilities 3,491 5,085
\n 3,491 5,085
\nBank loans \u2013 RCF and overdraft
\nIn accordance with the terms at 31 December 2024, the utilisation of the RCF may vary each month as long as this does not exceed the maximum
\n\u00a360.0m facility (2023: \u00a360.0m). The Group\u2019s overdraft is also secured on the same facility, and the combined overdraft and RCF cannot exceed
\n\u00a360.0m (2023: \u00a360.0m).
\nIn January 2025, LSL amended and restated the RCF facility, the renewed facility now runs to January 2030 with the same limit of \u00a360.0m.
\nThe Group\u2019s revolving credit facility (RCF) was undrawn as at the year end (2023: undrawn). Any amounts drawn under the RCF are secured via
\ncross guarantees issued from the following businesses: LSL Property Services plc, Your-Move.co.uk Limited, Reeds Rains Limited, e.surv Limited,
\nLending Solutions Holdings Limited, First Complete Limited, New Daffodil Limited, St Trinity Limited, LSL Corporate Client Services Limited, Advance
\nMortgage Funding Limited, Personal Touch Financial Services Limited, Personal Touch Administration Services Limited, LSLi Limited and Vitalhandy
\nEnterprises Limited.
\nFees payable on the RCF amounted to \u00a30.6m during the year (2023: \u00a30.7m) including amortisation of arrangement fees and non-utilisation fees.
\n
\n\n\n
\n\n\n
\n\nContingent consideration
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nTenetLime 3,306 \u2013
\nDLPS \u2013 65
\n 3,306 65
\nCurrent contingent consideration 3,306 65
\nTotal contingent consideration 3,306 65
\nOpening balance 65 2,311
\nAcquisition 3,600 \u2013
\nCash paid (65) (2,280)
\nAmounts recorded through income statement (294) 34
\nClosing balance 3,306 65
\nTenetLime Limited
\nOn 2 February 2024, the Group acquired the entire issued share capital of TenetLime Limited (\u201cTenetLime\u201d), a subsidiary of Tenet Group Limited
\n(\u201cTenet Group\u201d). The value of the company was concentrated in the contracts with the appointed representative firms. Consequently, the
\ntransaction has been accounted for as an asset acquisition. A relationship intangible asset of \u00a39.3m has been recognised, please refer to note 17.
\nThe cost paid for the relationship intangible asset represents initial consideration of \u00a35.7m and contingent consideration of \u00a33.6m. The contingent
\nconsideration is based on the retention rate of firms within LSL\u2019s PRIMIS network 12 months after the transaction completed.
\nAs part of the purchase agreement, Tenet Group agreed to provide a number of services to LSL after the transaction. Subsequent to the purchase,
\nLSL was notified that Tenet Group Limited entered administration on 5 June 2024. As at the 31 December 2024, there are no additional liabilities
\nrecognised as a result of the administration, though \u00a30.5m of exceptional costs were incurred during the year (see note 9). Management have
\nassessed the potential future costs that may arise for LSL due to Tenet Group Limited\u2019s administration and is currently in discussions with the
\nadministrators regarding these costs. As at the reporting date, the Group had no legal or constructive obligation for any future costs that may
\narise. Additionally, discussions are ongoing with the administrators to offset these amounts against the contingent consideration payable, which
\nwas originally due in H1 2025 but has been delayed due to an extension of the administration process to 4 June 2026.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag37": {
"value": "\n25. Provisions for liabilities
\n 2024
\n
\nPI claim
\nprovisions
\n\u00a3\u2019000
\nOnerous leases
\n\u00a3\u2019000
\nDilapidation
\nprovision
\n\u00a3\u2019000
\nRestructuring
\nprovision
\n\u00a3\u2019000
\nAppointed
\nrepresentative
\nprovision
\n\u00a3\u2019000
\nOther
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nBalance at 1 January 3,218 1 5,691 2,069 \u2013 571 11,550
\nProvided in financial year 209 \u2013 460 432 1,247 \u2013 2,348
\nAmount utilised (950) \u2013 (391) (917) \u2013 \u2013 (2,258)
\nAmount released (138) (1) (842) (666) \u2013 \u2013 (1,647)
\nUnwinding of discount \u2013 \u2013 192 \u2013 \u2013 \u2013 192
\nBalance at 31 December 2,339 \u2013 5,110 918 1,247 571 10,185
\nCurrent liabilities 1,122 \u2013 2,458 918 1,247 571 6,316
\nNon-current liabilities 1,217 \u2013 2,652 \u2013 \u2013 \u2013 3,869
\n 2,339 \u2013 5,110 918 1,247 571 10,185
\nPI claims provision
\nPI claim provisions of \u00a32.3m relate to the Surveying & Valuation division (\u00a31.9m) and Financial Services division (\u00a30.4m).
\nPI claim provision \u2013 Surveying & Valuation
\nThe PI claim provision is to cover the costs of claims that arise during the normal course of business. The PI claim provision includes both valuation
\nand defect claims and provides for claims already received from clients and claims yet to be received. The provision is management\u2019s best estimate
\nof the likely outcome of such claims, taking account of the incidence of such claims and the size of the loss that may be borne by the claimant,
\nafter taking account of actions that can be taken to mitigate losses.
\n
\n\n\nThe PI claim provision will be utilised as individual claims are settled, and the settlement amount may vary from the amount provided depending
\non the outcome of each claim. The timing of payment for all claims remains uncertain. Based on past experience, a significant proportion of the
\nprovision has historically been settled after more than 12 months. As a result, a substantial portion of the provision has been classified as non-
\ncurrent. As of 31 December 2024, the total provision for PI claim was \u00a31.9m. The Directors have considered the sensitivity analysis on the key risks
\nand uncertainties discussed above.
\nValuation claims:
\n\u2022 Cost per claim
\nA substantial element of the PI claim provision relates to specific claims where disputes are ongoing. These specific claims have been separately
\nassessed and specific provisions have been made. The average cost per claim has been used to calculate the claims incurred but not yet reported
\n(IBNR). Should the costs to settle and resolve these specific claims and future claims increase by 10%, an additional \u00a30.1m would be required.
\n\u2022 Rate of claim
\nThe IBNR assumes that the rate of claim for the high-risk lending period reduces over time. Should the rate of reduction be lower than anticipated
\nand the duration extended, further costs may arise. An increase of 30% in notifications more than that assumed in the IBNR calculations would
\nincrease the required provision by \u00a30.3m. Claims are settled, on average, 4.1 years after initial notification.
\nDefect claims:
\nThe Group also provides for defect claims, whereby it is found that a property has a defect which was not identified when the survey was
\nperformed. The value provided for each received claim is the expected value of that claim. To assess the value of future claims incurred but not yet
\nreceived (IBNR), analysis is performed on the number of surveys that lead to future claims and the average cost per claim.
\nPI claim provision \u2013 Financial Services
\nThe PI claim provision is to cover the costs of claims that arise during the normal course of business. The PI provision provides for both claims
\nwhich have been received from customers and claims yet to be received (IBNR). The Group calculates a provision for claims expected to be
\nreceived based on the historical rate of claims, average cost per claim and the time which elapses between the advice being provided and the
\nclaim being raised. In addition, an asset is recognised for the estimated recoveries from professional indemnity insurance. The provision is
\npresented gross of amounts due from insurers which form part of other debtors included in note 21.
\nAs at 31 December 2024, the total provision for Financial Services PI was \u00a30.4m (2023: \u00a30.9m), including a provision for received claims of \u00a30.2m
\n(2023: \u00a30.7m) and IBNR of \u00a30.2m (2023: \u00a30.2m). The Group has recognised an asset of \u00a30.3m (2023: \u00a30.6m) against received claims in other
\ndebtors at 31 December 2024.
\nDilapidation provision
\nThe Group recognises its obligation to make good its leased properties when it becomes probable that there will be an economic outflow and a
\nreliable estimate can be made, this is typically where notice has been served to the landlord and there is an agreed exit date.
\nDuring 2023, the Group has entered into a number of \u2018right to occupy\u2019 agreements with its estate agency franchisees. The right to occupy
\nagreements relate to leases held by the Group that are due to be novated to the franchisees. They set out the Group\u2019s obligations to the
\nfranchisees, regarding the making good of existing modifications to the leased properties incurred during the Group\u2019s tenancy, which will be
\npayable to the franchisees at the point of novation. The calculation of the Group\u2019s dilapidation settlement provision is based on an average cost
\nrate per square foot, for damages already incurred during the Group\u2019s occupancy. The average cost rate per square foot applied in 2024 was
\n\u00a318.50 (2023: \u00a319.34).
\nThe provision is discounted using a risk-free discount rate based on expected date of novation of the lease. The discount rate applied in 2024 was
\n4.2% (2023: 3.8%).
\nIf the average rates applied were to increase by 10% this would result in an increase in the overall provision of \u00a30.5m, if they were to decrease
\nby 10% this would result in a reduction of the same amount. If the discount rate was to increase by 1.0% this would result in a decrease in the
\nprovision of \u00a30.1m, if the discount rate was to decrease by 1.0% this would result in an increase in the provision of the same amount. Management
\nhas concluded the provision to be the best estimate of the expenditure required to settle present obligations at the end of the reporting period.
\nAppointed representative provision
\nDuring the year, the Group\u2019s PRIMIS Network served notice to one of its protection only appointed representative (AR) firms. The Group is
\nresponsible for the future reimbursements of commissions received from product providers in the event that policies are cancelled during an
\nindemnity period. Consequently, a specific provision of \u00a31.2m has been recognised in the Group\u2019s statement of financial position to reflect this
\npotential exposure. The Group\u2019s gross maximum exposure will continue to reduce over time as active policies move beyond the indemnity period
\nand due to the substantial decline in trading activity during the final months of the AR firms\u2019 operations.
\nRestructuring provision
\nThe restructuring provision recognised relates to costs associated with the disposal of the owned branch network (\u00a30.6m), including committed
\nbranch works (\u00a30.6m) and legal costs for the novation of leases to franchisees (\u00a30.3m).
\n
\n\n\nOther \u2013 Claims indemnity provision and contingency
\nIncluded in the sale agreement of LMS was a claims indemnity of \u00a32.0m, for which the Group has provided \u00a30.6m for certain claims, which it
\nconsiders to be the most likely outcome, the Group disposed of LMS in 2021. Further cases exist and are considered possible, not probable,
\ntherefore no further provision has been made for these cases in the Financial Statements. Should these claims succeed the estimated further costs
\nwould be \u00a31.4m.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag40": {
"value": "\n26. Leases
\nGroup as a lessee
\nAt the year ended 31 December 2024, the Group has the following in regards to leases in the Group Balance Sheet.
\n 2024 2023
\nRight-of-use assets
\nProperty
\n\u00a3\u2019000
\nMotor vehicles
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nProperty
\n\u00a3\u2019000
\nMotor vehicles
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\n1 January 1,684 3,279 4,963 6,813 2,971 9,784
\nAdditions 424 1,431 1,855 1,615 2,710 4,325
\nDisposals (33) (67) (100) (1,597) (462) (2,059)
\nDepreciation (539) (1,442) (1,981) (1,356) (1,425) (2,781)
\nTransfer to investment in sublease \u2013 \u2013 \u2013 (3,791) (515) (4,306)
\n31 December 1,536 3,201 4,737 1,684 3,279 4,963
\nThese are included in the carrying amounts of property, plant and equipment on the face of the Group Balance Sheet and have been included in
\nnote 18.
\nLease liabilities
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\n1 January 8,340 10,915
\nAdditions 1,855 4,350
\nInterest expense 455 580
\nDisposals (1,518) (2,396)
\nRepayment of lease liabilities (3,350) (5,109)
\n31 December 5,782 8,340
\nThe Group added \u00a31.9m (2023: \u00a34.4m) of new lease liabilities in the year. The weighted average discount rate applied across the Group for these
\nadditions was 10.6% (2023: 7.40%)
\nMaturity of these lease liabilities undiscounted is analysed as follows:
\n
\n\u00a3\u2019000
\nProperty
\n\u00a3\u2019000
\nVehicles
\n\u00a3\u2019000
\nTotal
\nCurrent lease liabilities 1,043 1,646 2,689
\nNon-current lease liabilities 1,655 2,131 3,786
\n31 December 2024 2,698 3,777 6,475
\nThese are included in non-current and current financial liabilities on the face of the Group Balance Sheet and have been included in note 24.
\nMaturity analysis of the future cash flows of lease liabilities has been included in note 31.
\nGroup as a lessor
\nFollowing the transition of the Group\u2019s entire owned estate agency network to franchises in 2023, the Group has become an intermediate
\nlessor on premises it leased whilst owning the Estate Agency Network, that are now operated by franchisees. In such situations, the Group has
\nmaintained the head lease with the original lessor and has entered a sublease with the franchisee until the head lease transfers or expires.
\nThe Group, in its capacity as lessor, has determined that the subleases with franchisees are finance leases and on the commencement date of
\nthe sublease, the Group has derecognised the right-of-use assets previously associated with these leases and recognised a net investment in
\nthe sublease on its balance sheet. The Group in 2024 has received \u00a31.0m (2023: \u00a31.1m) of repayments from the franchisees in relation to the
\nsubleases, with finance income of \u00a30.1m (2023: \u00a30.1m) being recognised.
\n
\n\n\nThese leases have a term of up to five years. Although the risks associated with rights that the Group retains in underlying assets are not
\nconsidered to be significant, the Group employs strategies to further minimise these risks. For example, including clauses to enable periodic
\nupward revision of the rental charge in line with the head lease.
\nThe maturity analysis of lease receivables, including the undiscounted lease payments to be received are as follows:
\n
\n2024
\n\u00a3000
\n2023
\n\u00a3000
\nLess than 1 year 527 1,540
\n1-2 years 306 965
\n2-3 years 82 570
\n3-4 years 41 239
\n4-5 years 9 102
\nMore than 5 years \u2013 74
\n 965 3,490
\nUnearned finance income (133) (152)
\nNet investment in sublease 832 3,338
\nThe following shows how lease income and expenses have been included in the income statement and cash flow statement, broken down
\nbetween amounts charged to operating profit and amounts charged to finance costs:
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nDepreciation of right-of-use assets
\nProperty (539) (1,356)
\nVehicles (1,442) (1,425)
\nShort-term and low value lease expense (Note 10) (1,992) (2,294)
\nSublease income 1,992 2,294
\nCharge to operating profit (1,981) (2,781)
\nInterest expense related to lease liabilities (455) (580)
\nInterest income related to investment in sublease 96 140
\nCharge to profit before taxation (359) (440)
\nCash outflow relating to operating activities (359) (440)
\nCash inflow relating to investing activities 1,046 1,134
\nCash outflow relating to financing activities (2,895) (4,529)
\nTotal net cash outflow relating to leases (2,208) (3,835)
\nAt 31 December 2024, the Group had not entered into any leases to which it was committed but had not yet commenced.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag42": {
"value": "\n
\n\n27. Share capital
\n 2024 2023
\n Shares \u00a3\u2019000 Shares \u00a3\u2019000
\nAuthorised:
\nOrdinary shares of 0.2 pence each 500,000,000 1,000 500,000,000 1,000
\nIssued and fully paid:
\nAt 1 January 105,158,950 210 105,158,950 210
\nAt 31 December 105,158,950 210 105,158,950 210
\nEach issued, called-up and fully paid ordinary share of 0.2p is a voting share in the capital of the Company, is entitled to participate in the profits of
\nthe Company.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag43": {
"value": "\n27. Share capital
\n 2024 2023
\n Shares \u00a3\u2019000 Shares \u00a3\u2019000
\nAuthorised:
\nOrdinary shares of 0.2 pence each 500,000,000 1,000 500,000,000 1,000
\nIssued and fully paid:
\nAt 1 January 105,158,950 210 105,158,950 210
\nAt 31 December 105,158,950 210 105,158,950 210
\nEach issued, called-up and fully paid ordinary share of 0.2p is a voting share in the capital of the Company, is entitled to participate in the profits of
\nthe Company.
\n
\n\n\n
\n28. Reserves
\nShare premium
\nThe amount subscribed for share capital in excess of nominal value less any costs attributable to the issue of new shares.
\nShare-based payment reserve
\nThe share-based payment reserve is used to record the value of equity-settled share-based payment provided to the employees, as part of their
\nremuneration. Note 15 gives further details of these plans.
\nShares held by employee benefit trust (EBT) and share incentive plan (SIP)
\nShares held by the EBT represent the cost of LSL shares purchased in the market and held by the EBT and the SIP to satisfy future exercise of
\noptions under the Group\u2019s employee share options schemes.
\nAt 31 December 2024, the Trust held 174,248 (2023: 517,949) LSL shares at an average cost of \u00a33.86 (2023: \u00a33.86), and the SIP held 951,904
\n(2023: 991,419) LSL shares at an average cost of \u00a30.88 (2023: \u00a30.88). The market value of the LSL shares at 31 December 2024 was \u00a33.4m
\n(2023: \u00a33.9m). The nominal value of each share is 0.2 pence.
\n\nTreasury shares
\nTreasury shares represent the cost of LSL shares purchased in the market as a result of a share buy-back scheme in 2022 and another announced
\nin April 2024. The 2024 buyback was extended to the date of 2025 AGM. At 31 December 2024, LSL had repurchased 1,458,933 (2023: 1,179,439)
\nLSL shares at an average cost of \u00a33.31 (2023: \u00a33.38). The market value of the LSL shares at 31 December 2024 was \u00a34.4m (2023: \u00a33.0m). The
\nnominal value of each share is 0.2 pence.
\n
\n\n\nFair value reserve
\nThe fair value reserve is used to record the changes in fair value of equity financial assets that the Group has elected to recognise through OCI.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag44": {
"value": "\n
\n\n
\n28. Reserves
\nShare premium
\nThe amount subscribed for share capital in excess of nominal value less any costs attributable to the issue of new shares.
\nShare-based payment reserve
\nThe share-based payment reserve is used to record the value of equity-settled share-based payment provided to the employees, as part of their
\nremuneration. Note 15 gives further details of these plans.
\nShares held by employee benefit trust (EBT) and share incentive plan (SIP)
\nShares held by the EBT represent the cost of LSL shares purchased in the market and held by the EBT and the SIP to satisfy future exercise of
\noptions under the Group\u2019s employee share options schemes.
\nAt 31 December 2024, the Trust held 174,248 (2023: 517,949) LSL shares at an average cost of \u00a33.86 (2023: \u00a33.86), and the SIP held 951,904
\n(2023: 991,419) LSL shares at an average cost of \u00a30.88 (2023: \u00a30.88). The market value of the LSL shares at 31 December 2024 was \u00a33.4m
\n(2023: \u00a33.9m). The nominal value of each share is 0.2 pence.
\n\nTreasury shares
\nTreasury shares represent the cost of LSL shares purchased in the market as a result of a share buy-back scheme in 2022 and another announced
\nin April 2024. The 2024 buyback was extended to the date of 2025 AGM. At 31 December 2024, LSL had repurchased 1,458,933 (2023: 1,179,439)
\nLSL shares at an average cost of \u00a33.31 (2023: \u00a33.38). The market value of the LSL shares at 31 December 2024 was \u00a34.4m (2023: \u00a33.0m). The
\nnominal value of each share is 0.2 pence.
\n
\n\n\nFair value reserve
\nThe fair value reserve is used to record the changes in fair value of equity financial assets that the Group has elected to recognise through OCI.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag46": {
"value": "\nTreasury shares
\nTreasury shares represent the cost of LSL shares purchased in the market as a result of a share buy-back scheme in 2022 and another announced
\nin April 2024. The 2024 buyback was extended to the date of 2025 AGM. At 31 December 2024, LSL had repurchased 1,458,933 (2023: 1,179,439)
\nLSL shares at an average cost of \u00a33.31 (2023: \u00a33.38). The market value of the LSL shares at 31 December 2024 was \u00a34.4m (2023: \u00a33.0m). The
\nnominal value of each share is 0.2 pence.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag48": {
"value": "\n30. Client monies
\nAs at 31 December 2024, monies held by the Group on behalf of franchisees in separate bank accounts in relation to client monies amounted to
\n\u00a368.4m (2023: \u00a368.4m). Neither this amount, nor the matching liabilities to the clients concerned are included in the Group Balance Sheet.
\nClient funds are protected by the Financial Services Compensation Scheme (FSCS) under which the Government guarantees amounts up to
\n\u00a385,000. This guarantee applies to each individual client, not the total of deposits held by LSL.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag49": {
"value": "\n
\n31. Financial instruments \u2013 risk management
\nThe Group\u2019s principal financial instruments comprise of cash and cash equivalents with access to a further \u00a360m revolving credit facility which is
\nundrawn at the balance sheet date, and in January 2025, it was extended to January 2030. The main purpose of these financial instruments is to
\nraise finance for the Group\u2019s operations and support its capital allocation policy. The Group has various financial assets and liabilities such as trade
\nreceivables, cash and short term deposits and trade payables, which arise directly from its operations.
\nThe Group is exposed through its operations to the following financial risks:
\n\u2022 interest rate risk;
\n\u2022 liquidity risk; and
\n\u2022 credit risk.
\nPolicy for managing these risks is set by the Board following recommendations from the Group Chief Financial Officer. Certain risks are managed
\ncentrally, while others are managed locally following communications from the centre. The policy for each of the above risks is described in more
\ndetail below.
\n\nInterest rate risk
\nThe Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the use of the Group\u2019s RCF. The RCF incurs interest on
\ndrawings at a variable rate, based on the Bank of England base rate plus a margin and this policy is managed centrally by the Group treasury
\nfunction. The subsidiaries are not permitted to borrow from external sources directly without approval from the Group treasury function. The
\nGroup does not currently have any derivatives in place for interest rate hedging and continues to monitor the market for any opportunities to do
\nso that would be beneficial to the Group to put in place.
\nThe Group has not drawn down on its RCF during the year to 31 December 2024 and therefore has incurred no interest, the amount shown in
\nfinance costs relates to the amortisation of facility fees and non-utilisation fees.
\n
\n\n\n
\n\n\n
\n
\n\nLiquidity risk
\nThe Group aims to mitigate liquidity risk by managing cash generation by its operations and capital allocation policy. An Investment Committee is
\nin place to review investment proposals and the performance of previous investments against the original business cases and Group hurdle rate,
\nand to identify any learnings for future capital allocation decisions. The work of the Investment Committee allows the Board to assess the Group's
\nprojected near and medium-term capital requirements. This facilitates an appropriate capital structure and capital allocation policy, taking into
\naccount economic conditions, the Group's improved resilience to market cycles and organic and inorganic opportunities. In this way the Group
\naims to maintain a good credit rating to facilitate fundraising. The Group has net current assets in the current year. The requirement to pay
\ncreditors is managed through future cash generation and, if required, from the RCF.
\nThe Group manages liquidity risk by maintaining adequate reserves, via ongoing assessment of projected cash flows from operations and actual
\ncash flows. This includes consideration of the maturity of both its financial investments and financial assets (e.g. accounts receivable, and other
\nfinancial assets). The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility for its capital allocation policy.
\nCash at bank earns interest at floating rates based on daily bank overnight deposit rates. Short term deposits are made for varying periods of time
\ndepending on the immediate cash requirements of the Group and earn varying interest rates. The fair value of net cash and cash equivalents is
\n\u00a332.4m (2023: \u00a335.0m). At 31 December 2024, the Group had available \u00a360.0m of undrawn committed borrowing facilities, of which the Group
\ncould have drawn \u00a360.0m under the terms of the facility (2023: the Group had available \u00a360.0m of undrawn committed borrowing facilities, of
\nwhich the Group could have drawn \u00a333.0m). Our banking facility contains covenants relating to the ratio of Net Debt: adjusted EBITDA (2.75x with
\na ratio of 3.00x allowable for two consecutive periods), and interest cover (4.00x), which are tested at each June and December.
\nThe table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on contractual undiscounted
\npayments:
\nYear ended 31 December 2024
\n
\nOn demand
\n\u00a3\u2019000
\nLess than
\n3 months
\n\u00a3\u2019000
\n3 to 12 months
\n\u00a3\u2019000
\n1 to 5 years
\n\u00a3\u2019000
\n> 5 years
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nTrade payables \u2013 9,790 \u2013 \u2013 \u2013 9,790
\nOther payables \u2013 23,574 \u2013 \u2013 \u2013 23,574
\nOverdraft 28,264 \u2013 \u2013 \u2013 \u2013 28,264
\nContingent consideration \u2013 3,306 \u2013 \u2013 \u2013 3,306
\nLease liabilities \u2013 573 1,718 3,406 85 5,782
\n 28,264 37,243 1,718 3,406 85 70,716
\nYear ended 31 December 2023
\n
\nOn demand
\n\u00a3\u2019000
\nLess than
\n3 months
\n\u00a3\u2019000
\n3 to 12 months
\n\u00a3\u2019000
\n1 to 5 years
\n\u00a3\u2019000
\n> 5 years
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nTrade payables \u2013 6,423 \u2013 \u2013 \u2013 6,423
\nOther payables \u2013 21,207 \u2013 \u2013 \u2013 21,207
\nOverdraft 23,139 \u2013 \u2013 \u2013 \u2013 23,139
\nContingent consideration \u2013 65 \u2013 \u2013 \u2013 65
\nLease liabilities \u2013 963 2,890 5,385 79 9,317
\n 23,139 28,658 2,890 5,385 79 60,151
\nThe liquidity risk of each Group entity is managed centrally by the Group Treasury function. The Group\u2019s cash requirement is monitored closely. All
\nsurplus cash is held centrally to achieve higher interest income. The type of cash instrument used and its maturity date will depend on the Group\u2019s
\nforecast cash requirements. The Group has a RCF with a syndicate of major banking corporations to manage longer term borrowing requirements.
\n
\n\n\n\nCapital management
\nThe primary objective of the Group\u2019s capital management is to ensure that it maintains appropriate capital structure to support its business
\nobjectives, including any capital adequacy requirements, and maximise shareholder value. The capital structure of the Group consists of cash
\nand cash equivalents and equity attributable to the shareholders comprising issued capital, reserves and retained earnings as disclosed in the
\nStatement of Changes in Equity.
\nThe Group does not have a current ratio of Net Bank Debt to EBITDA (2023: nil) due to a net cash position of \u00a332.4m (2023: net cash \u00a335.0m) and
\noperating profit before exceptional costs, amortisation and share-based payment charge of \u00a327.7m (2023: \u00a39.3m). The business is cash generative
\nwith a low capital expenditure requirement. The Group remains committed to its stated dividend policy of 30% of Group Underlying Operating
\nProfit after interest and tax. The Board has reviewed the policy in line with the risks and capital management decisions facing the Group.
\n
\n\n\n
\n\n\n
\n
\n\nCredit risk
\nThe Group is exposed to credit risk in respect of revenue transactions. It is Group policy, implemented locally, to obtain appropriate details of new
\ncustomers before entering into contracts.
\nEstate Agency Franchising and Financial Services' highest risk exposure is in relation to loans to franchisees and appointed representatives and
\ntheir ability to service their debt. The Directors have established a credit policy under which each new franchisee and appointed representative are
\nanalysed individually for creditworthiness before a loan is offered. The Company\u2019s review includes external ratings, when available, and in some
\ncases bank references.
\nRisk of exposure to non-return of cash on deposit is managed by placing funds with lenders who form part of the Group\u2019s agreed banking facility
\nsyndicate, which comprises several leading UK banks.
\nThe majority of the Surveying & Valuation customers and those of the asset management business are large financial institutions and as such, the
\ncredit risk is not expected to be significant. The maximum credit risk exposure relating to financial assets is represented by the carrying value as at
\nthe balance sheet date.
\nFinancial instruments are grouped on a subsidiary basis to apply the expected credit loss model. The chosen method of recognising the expected
\ncredit loss across the Group is the simplified approach allowing a provision matrix to be used, which is based on the expected credit life of trade
\nreceivables, historic default rates and forward-looking information. Trade receivable balances are written off when the probability of recovery is
\nassessed as being remote.
\n
\n\n\n\n
\nFair values of financial assets and financial liabilities
\nThere are no differences between the carrying amounts and fair values of all of the Group\u2019s financial instruments that are carried in the Financial
\nStatements.
\n\nFair value hierarchy
\nThe Group uses the following hierarchy for determining and disclosing the fair value of the financial instruments by valuation technique:
\n\u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\n\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
\nindirectly; and
\n\u2022 Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
\nThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:
\n2024
\nTotal
\n\u00a3\u2019000
\nLevel 1
\n\u00a3\u2019000
\nLevel 2
\n\u00a3\u2019000
\nLevel 3
\n\u00a3\u2019000
\nAssets measured at fair value
\nFinancial assets 6,534 \u2013 762 5,772
\nLiabilities measured at fair value
\nContingent consideration 3,306 \u2013 \u2013 3,306
\n2023
\nTotal
\n\u00a3\u2019000
\nLevel 1
\n\u00a3\u2019000
\nLevel 2
\n\u00a3\u2019000
\nLevel 3
\n\u00a3\u2019000
\nAssets measured at fair value
\nFinancial assets 5,461 \u2013 \u2013 5,461
\nLiabilities measured at fair value
\nContingent consideration 65 \u2013 \u2013 65
\nContingent consideration receivable of \u00a35.7m relates to EFS, Group First and RSC which were sold in 2023, these are valued using level 3 technique
\nin accordance with the fair value hierarchy. The consideration payable will be 7x the combined EBITDA in calendar year 2024, subject to working
\ncapital adjustments and is payable in H1 2025. The fair value of the contingent consideration receivable has been calculated for each of the three
\ndisposals noted above based on profitability in calendar year 2024. The remaining \u00a30.1m contingent consideration receivable relates to the
\nGroup\u2019s disposal of lettings books in 2023. Amounts are receivable in November 2025.
\n
\n\n\n
\n\n\n
\n\n\n\n
\n\nThe reconciliation of the opening and closing balance for financial assets measured using level 3 technique is as follows:
\n \u00a3\u2019000
\nOpening balance as at 1 January 2024 5,461
\nTransferred out of level 3
\n1
\n(399)
\nUnrealised gains recognised in the income statement 163
\nReceipts (155)
\nFinance income 738
\nExcepted credit loss recognised (36)
\nClosing balance as at 31 December 2024 5,772
\n1
\nTransfers out of Level 3 relate to the Group\u2019s investment in Twenty7Tec and Openwork units (see Note 19). These investments were transferred from Level 3 to Level
\n2 during the year due to transactions occurring with quoted prices for the assets within an inactive market. The transfers out of Level 3 took place on the dates of
\nthese transactions.
\nThe fair value of financial assets that are not traded in the open market is \u00a30.8m (2023: \u00a30.4m), these are valued using the Level 2 technique in
\naccordance with the fair value hierarchy and management use all relevant and up to date information to arrive at their judgement.
\nThe contingent consideration payable relates to amounts payable in the future on the assets acquired from TenetLime in February 2024. The
\nconsideration calculated is based on the retention rate of firms within LSL\u2019s PRIMIS network 12 months after the transaction completed. Further
\ndetails of the contingent consideration payable are disclosed in note 24.
\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag53": {
"value": "\nInterest rate risk
\nThe Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the use of the Group\u2019s RCF. The RCF incurs interest on
\ndrawings at a variable rate, based on the Bank of England base rate plus a margin and this policy is managed centrally by the Group treasury
\nfunction. The subsidiaries are not permitted to borrow from external sources directly without approval from the Group treasury function. The
\nGroup does not currently have any derivatives in place for interest rate hedging and continues to monitor the market for any opportunities to do
\nso that would be beneficial to the Group to put in place.
\nThe Group has not drawn down on its RCF during the year to 31 December 2024 and therefore has incurred no interest, the amount shown in
\nfinance costs relates to the amortisation of facility fees and non-utilisation fees.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag54": {
"value": "\nLiquidity risk
\nThe Group aims to mitigate liquidity risk by managing cash generation by its operations and capital allocation policy. An Investment Committee is
\nin place to review investment proposals and the performance of previous investments against the original business cases and Group hurdle rate,
\nand to identify any learnings for future capital allocation decisions. The work of the Investment Committee allows the Board to assess the Group's
\nprojected near and medium-term capital requirements. This facilitates an appropriate capital structure and capital allocation policy, taking into
\naccount economic conditions, the Group's improved resilience to market cycles and organic and inorganic opportunities. In this way the Group
\naims to maintain a good credit rating to facilitate fundraising. The Group has net current assets in the current year. The requirement to pay
\ncreditors is managed through future cash generation and, if required, from the RCF.
\nThe Group manages liquidity risk by maintaining adequate reserves, via ongoing assessment of projected cash flows from operations and actual
\ncash flows. This includes consideration of the maturity of both its financial investments and financial assets (e.g. accounts receivable, and other
\nfinancial assets). The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility for its capital allocation policy.
\nCash at bank earns interest at floating rates based on daily bank overnight deposit rates. Short term deposits are made for varying periods of time
\ndepending on the immediate cash requirements of the Group and earn varying interest rates. The fair value of net cash and cash equivalents is
\n\u00a332.4m (2023: \u00a335.0m). At 31 December 2024, the Group had available \u00a360.0m of undrawn committed borrowing facilities, of which the Group
\ncould have drawn \u00a360.0m under the terms of the facility (2023: the Group had available \u00a360.0m of undrawn committed borrowing facilities, of
\nwhich the Group could have drawn \u00a333.0m). Our banking facility contains covenants relating to the ratio of Net Debt: adjusted EBITDA (2.75x with
\na ratio of 3.00x allowable for two consecutive periods), and interest cover (4.00x), which are tested at each June and December.
\nThe table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on contractual undiscounted
\npayments:
\nYear ended 31 December 2024
\n
\nOn demand
\n\u00a3\u2019000
\nLess than
\n3 months
\n\u00a3\u2019000
\n3 to 12 months
\n\u00a3\u2019000
\n1 to 5 years
\n\u00a3\u2019000
\n> 5 years
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nTrade payables \u2013 9,790 \u2013 \u2013 \u2013 9,790
\nOther payables \u2013 23,574 \u2013 \u2013 \u2013 23,574
\nOverdraft 28,264 \u2013 \u2013 \u2013 \u2013 28,264
\nContingent consideration \u2013 3,306 \u2013 \u2013 \u2013 3,306
\nLease liabilities \u2013 573 1,718 3,406 85 5,782
\n 28,264 37,243 1,718 3,406 85 70,716
\nYear ended 31 December 2023
\n
\nOn demand
\n\u00a3\u2019000
\nLess than
\n3 months
\n\u00a3\u2019000
\n3 to 12 months
\n\u00a3\u2019000
\n1 to 5 years
\n\u00a3\u2019000
\n> 5 years
\n\u00a3\u2019000
\nTotal
\n\u00a3\u2019000
\nTrade payables \u2013 6,423 \u2013 \u2013 \u2013 6,423
\nOther payables \u2013 21,207 \u2013 \u2013 \u2013 21,207
\nOverdraft 23,139 \u2013 \u2013 \u2013 \u2013 23,139
\nContingent consideration \u2013 65 \u2013 \u2013 \u2013 65
\nLease liabilities \u2013 963 2,890 5,385 79 9,317
\n 23,139 28,658 2,890 5,385 79 60,151
\nThe liquidity risk of each Group entity is managed centrally by the Group Treasury function. The Group\u2019s cash requirement is monitored closely. All
\nsurplus cash is held centrally to achieve higher interest income. The type of cash instrument used and its maturity date will depend on the Group\u2019s
\nforecast cash requirements. The Group has a RCF with a syndicate of major banking corporations to manage longer term borrowing requirements.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag55": {
"value": "\nCapital management
\nThe primary objective of the Group\u2019s capital management is to ensure that it maintains appropriate capital structure to support its business
\nobjectives, including any capital adequacy requirements, and maximise shareholder value. The capital structure of the Group consists of cash
\nand cash equivalents and equity attributable to the shareholders comprising issued capital, reserves and retained earnings as disclosed in the
\nStatement of Changes in Equity.
\nThe Group does not have a current ratio of Net Bank Debt to EBITDA (2023: nil) due to a net cash position of \u00a332.4m (2023: net cash \u00a335.0m) and
\noperating profit before exceptional costs, amortisation and share-based payment charge of \u00a327.7m (2023: \u00a39.3m). The business is cash generative
\nwith a low capital expenditure requirement. The Group remains committed to its stated dividend policy of 30% of Group Underlying Operating
\nProfit after interest and tax. The Board has reviewed the policy in line with the risks and capital management decisions facing the Group.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag56": {
"value": "\nCredit risk
\nThe Group is exposed to credit risk in respect of revenue transactions. It is Group policy, implemented locally, to obtain appropriate details of new
\ncustomers before entering into contracts.
\nEstate Agency Franchising and Financial Services' highest risk exposure is in relation to loans to franchisees and appointed representatives and
\ntheir ability to service their debt. The Directors have established a credit policy under which each new franchisee and appointed representative are
\nanalysed individually for creditworthiness before a loan is offered. The Company\u2019s review includes external ratings, when available, and in some
\ncases bank references.
\nRisk of exposure to non-return of cash on deposit is managed by placing funds with lenders who form part of the Group\u2019s agreed banking facility
\nsyndicate, which comprises several leading UK banks.
\nThe majority of the Surveying & Valuation customers and those of the asset management business are large financial institutions and as such, the
\ncredit risk is not expected to be significant. The maximum credit risk exposure relating to financial assets is represented by the carrying value as at
\nthe balance sheet date.
\nFinancial instruments are grouped on a subsidiary basis to apply the expected credit loss model. The chosen method of recognising the expected
\ncredit loss across the Group is the simplified approach allowing a provision matrix to be used, which is based on the expected credit life of trade
\nreceivables, historic default rates and forward-looking information. Trade receivable balances are written off when the probability of recovery is
\nassessed as being remote.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag57": {
"value": "\n
\nFair values of financial assets and financial liabilities
\nThere are no differences between the carrying amounts and fair values of all of the Group\u2019s financial instruments that are carried in the Financial
\nStatements.
\n\nFair value hierarchy
\nThe Group uses the following hierarchy for determining and disclosing the fair value of the financial instruments by valuation technique:
\n\u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\n\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
\nindirectly; and
\n\u2022 Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
\nThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:
\n2024
\nTotal
\n\u00a3\u2019000
\nLevel 1
\n\u00a3\u2019000
\nLevel 2
\n\u00a3\u2019000
\nLevel 3
\n\u00a3\u2019000
\nAssets measured at fair value
\nFinancial assets 6,534 \u2013 762 5,772
\nLiabilities measured at fair value
\nContingent consideration 3,306 \u2013 \u2013 3,306
\n2023
\nTotal
\n\u00a3\u2019000
\nLevel 1
\n\u00a3\u2019000
\nLevel 2
\n\u00a3\u2019000
\nLevel 3
\n\u00a3\u2019000
\nAssets measured at fair value
\nFinancial assets 5,461 \u2013 \u2013 5,461
\nLiabilities measured at fair value
\nContingent consideration 65 \u2013 \u2013 65
\nContingent consideration receivable of \u00a35.7m relates to EFS, Group First and RSC which were sold in 2023, these are valued using level 3 technique
\nin accordance with the fair value hierarchy. The consideration payable will be 7x the combined EBITDA in calendar year 2024, subject to working
\ncapital adjustments and is payable in H1 2025. The fair value of the contingent consideration receivable has been calculated for each of the three
\ndisposals noted above based on profitability in calendar year 2024. The remaining \u00a30.1m contingent consideration receivable relates to the
\nGroup\u2019s disposal of lettings books in 2023. Amounts are receivable in November 2025.
\n
\n\n\n
\n\n\n
\n\nThe reconciliation of the opening and closing balance for financial assets measured using level 3 technique is as follows:
\n \u00a3\u2019000
\nOpening balance as at 1 January 2024 5,461
\nTransferred out of level 3
\n1
\n(399)
\nUnrealised gains recognised in the income statement 163
\nReceipts (155)
\nFinance income 738
\nExcepted credit loss recognised (36)
\nClosing balance as at 31 December 2024 5,772
\n1
\nTransfers out of Level 3 relate to the Group\u2019s investment in Twenty7Tec and Openwork units (see Note 19). These investments were transferred from Level 3 to Level
\n2 during the year due to transactions occurring with quoted prices for the assets within an inactive market. The transfers out of Level 3 took place on the dates of
\nthese transactions.
\nThe fair value of financial assets that are not traded in the open market is \u00a30.8m (2023: \u00a30.4m), these are valued using the Level 2 technique in
\naccordance with the fair value hierarchy and management use all relevant and up to date information to arrive at their judgement.
\nThe contingent consideration payable relates to amounts payable in the future on the assets acquired from TenetLime in February 2024. The
\nconsideration calculated is based on the retention rate of firms within LSL\u2019s PRIMIS network 12 months after the transaction completed. Further
\ndetails of the contingent consideration payable are disclosed in note 24.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag59": {
"value": "\nFair value hierarchy
\nThe Group uses the following hierarchy for determining and disclosing the fair value of the financial instruments by valuation technique:
\n\u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
\n\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
\nindirectly; and
\n\u2022 Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
\nThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:
\n2024
\nTotal
\n\u00a3\u2019000
\nLevel 1
\n\u00a3\u2019000
\nLevel 2
\n\u00a3\u2019000
\nLevel 3
\n\u00a3\u2019000
\nAssets measured at fair value
\nFinancial assets 6,534 \u2013 762 5,772
\nLiabilities measured at fair value
\nContingent consideration 3,306 \u2013 \u2013 3,306
\n2023
\nTotal
\n\u00a3\u2019000
\nLevel 1
\n\u00a3\u2019000
\nLevel 2
\n\u00a3\u2019000
\nLevel 3
\n\u00a3\u2019000
\nAssets measured at fair value
\nFinancial assets 5,461 \u2013 \u2013 5,461
\nLiabilities measured at fair value
\nContingent consideration 65 \u2013 \u2013 65
\nContingent consideration receivable of \u00a35.7m relates to EFS, Group First and RSC which were sold in 2023, these are valued using level 3 technique
\nin accordance with the fair value hierarchy. The consideration payable will be 7x the combined EBITDA in calendar year 2024, subject to working
\ncapital adjustments and is payable in H1 2025. The fair value of the contingent consideration receivable has been calculated for each of the three
\ndisposals noted above based on profitability in calendar year 2024. The remaining \u00a30.1m contingent consideration receivable relates to the
\nGroup\u2019s disposal of lettings books in 2023. Amounts are receivable in November 2025.
\n
\n\n\nThe reconciliation of the opening and closing balance for financial assets measured using level 3 technique is as follows:
\n \u00a3\u2019000
\nOpening balance as at 1 January 2024 5,461
\nTransferred out of level 3
\n1
\n(399)
\nUnrealised gains recognised in the income statement 163
\nReceipts (155)
\nFinance income 738
\nExcepted credit loss recognised (36)
\nClosing balance as at 31 December 2024 5,772
\n1
\nTransfers out of Level 3 relate to the Group\u2019s investment in Twenty7Tec and Openwork units (see Note 19). These investments were transferred from Level 3 to Level
\n2 during the year due to transactions occurring with quoted prices for the assets within an inactive market. The transfers out of Level 3 took place on the dates of
\nthese transactions.
\nThe fair value of financial assets that are not traded in the open market is \u00a30.8m (2023: \u00a30.4m), these are valued using the Level 2 technique in
\naccordance with the fair value hierarchy and management use all relevant and up to date information to arrive at their judgement.
\nThe contingent consideration payable relates to amounts payable in the future on the assets acquired from TenetLime in February 2024. The
\nconsideration calculated is based on the retention rate of firms within LSL\u2019s PRIMIS network 12 months after the transaction completed. Further
\ndetails of the contingent consideration payable are disclosed in note 24.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag61": {
"value": "\n32. Related party transactions
\nAs disclosed in note 20 LSL have one joint venture partner, Mottram Topco Limited.
\nTransactions with Mottram Topco Limited (Pivotal Growth) and its subsidiaries
\n
\n2024
\n\u00a3\u2019000
\n2023
\n\u00a3\u2019000
\nRevenue recognised 3,551 3,688
\nTrade receivables at 31 December 676 682
\nLoan notes receivable at 31 December 7,607 \u2013
\nDuring the year, the Group recognised net recharges of \u00a30.2m (2023: \u00a30.8m) for services provided to Mottram Topco (Pivotal Growth) and its
\nsubsidiaries.
\nThere are no transactions with Key Management Personnel other than those disclosed in note 15.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag62": {
"value": "\n33. Events after the reporting period
\nIn January 2025, the Group amended and restated its banking facility which runs to January 2030 with an unchanged limit of \u00a360m; this replaced
\nthe previous RCF which had a maturity date of May 2026.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag63": {
"value": "\n35. Subsidiary companies
\nAs at 31 December 2024, the Group controls directly or indirectly the following issued and fully paid ordinary and preference share capital of its
\nsubsidiary undertakings, all of which are incorporated in Great Britain, with the exception of Albany Insurance Company (Guernsey) Limited, which
\nis incorporated in Guernsey, and whose operations are conducted mainly in the UK. The results for all of the subsidiaries have been consolidated
\nwithin these Financial Statements:
\nName of subsidiary company
\nRegistered
\noffice
\naddress LSL holding LSL Shareholder
\nProportion of
\nnominal value
\nof shares held Nature of business
\nLending Solutions Holdings Limited 1 Direct LSL Property Services plc 100% Holding Company
\nLending Solutions Limited 1 Indirect Lending Solutions Holdings Limited 100% Non Trading
\nFinancial Services
\nAdvance Mortgage Funding Limited 1 Direct LSL Property Services plc 100% Financial Services
\nDirect Life and Pensions Services
\nLimited
\n2 Indirect Direct Life Quote Holdings Ltd 100% Financial Services
\nDirect Life Limited 2 Indirect Direct Life and Pensions Services
\nLimited
\n100% Non Trading
\nFirst Complete Limited
\n
\n1
\n
\nIndirect
\n
\nLending Solutions Holdings Limited
\n
\n100%
\n
\nFinancial Services
\nand Holding
\nCompany
\nLifeQuote Limited 2 Indirect Direct Life and Pensions Services
\nLimited
\n100% Non Trading
\nLinear Wealth Management Limited 2 Indirect Linear Financial Services Holdings
\nLimited
\n100% Non Trading
\nLinear Financial Services Holdings
\nLimited
\n2 Indirect First Complete Limited 100% Holding Company
\nLinear Mortgage Network Holdings
\nLimited
\n2 Indirect First Complete Limited 100% Holding Company
\nLinear Mortgage Network Limited 2 Indirect Linear Mortgage Network Holdings
\nLimited
\n100% Financial Services
\nMortgage Gym Solutions Ltd. 2 Direct LSL Property Services plc 100% Non Trading
\n
\n\n\nName of subsidiary company
\nRegistered
\noffice
\naddress LSL holding LSL Shareholder
\nProportion of
\nnominal value
\nof shares held Nature of business
\nPersonal Touch Administration Services
\nLimited
\n2 Indirect Personal Touch Financial Services
\nLimited
\n100% Financial Services
\nPersonal Touch Financial Services
\nLimited
\n2
\n
\nDirect
\n
\nLSL Property Services plc
\n
\n100%
\n
\nFinancial Services
\nand Holding
\nCompany
\nQualis Wealth Limited 2 Direct LSL Property Services plc 100% Non Trading
\nReeds Rains Financial Services Limited 2 Indirect Reeds Rains Limited 100% Financial Services
\nTenetLime Limited 2 Direct LSL Property Services plc 100% Financial Services
\nSurveying & Valuation
\nAlbany Insurance Company
\n(Guernsey) Limited
\n6 Direct LSL Property Services plc 100% Captive Insurer
\ne.surv Limited 5 Direct LSL Property Services plc 100% Chartered
\nSurveyors
\nSurveying & Valuation \u2013 asset management
\nLSL Corporate Client Services Limited 1 Direct LSL Property Services plc 100% Asset
\nManagement
\nSt Trinity Limited 1 Direct LSL Property Services plc 100% Non Trading
\nTempleton LPA Limited 1 Indirect First Complete Limited 100% Asset
\nManagement
\nEstate Agency Franchise \u2013 Residential
\nSales and Lettings
\nAirport Lettings Stansted Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nBawtry Lettings and Sales Limited 2 Indirect your-move.co.uk Limited 100% Non Trading
\nBrown North East Lettings Ltd 2 Indirect your-move.co.uk Limited 100% Non Trading
\nCharterhouse Management (UK)
\nLimited
\n2 Indirect your-move.co.uk Limited 100% Non Trading
\nDavid Frost Estate Agents Limited 2 Indirect Vitalhandy Enterprises Limited 100% Non Trading
\nDavis Tate Ltd 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nEA Student Lettings Ltd 2 Indirect your-move.co.uk Limited 100% Non Trading
\nEastside Property Developments Ltd 2 Indirect your-move.co.uk Limited 100% Non Trading
\nFourlet (York) Limited 2 Indirect Reeds Rains Limited 100% Non Trading
\nGFEA Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nGuardian Property Lettings Limited 2 Indirect Reeds Rains Limited 100% Non Trading
\nHawes & Co Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nHeadway Property Management
\nLimited
\n2 Indirect Reeds Rains Limited 100% Non Trading
\nHolloways Residential Ltd 2 Indirect your-move.co.uk Limited 100% Non Trading
\nHome and Student Link Limited 2 Indirect your-move.co.uk Limited 100% Non Trading
\nHomefast Property Services Limited 2 Indirect Lending Solutions Holdings Limited 77.5% Conveyancing
\nPackaging
\nHydegate Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nICIEA Limited 2 Indirect LSLi Limited 100% Non-Trading
\nInter County Lettings Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nIQ Property (Hull) Limited 2 Indirect Reeds Rains Limited 100% Non Trading
\n\n\nName of subsidiary company
\nRegistered
\noffice
\naddress LSL holding LSL Shareholder
\nProportion of
\nnominal value
\nof shares held Nature of business
\nJNP Estate Agents Limited 2 Indirect LSLi Limited 100% Non Trading
\nJNP Estate Agents (Princes Risborough)
\nLimited
\n2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nJNP (Residential Lettings) Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nJNP (Surveyors) Limited 2 Indirect LSLi Limited 100% Non Trading and
\nHolding Company
\nKent Property Solutions Limited 2 Indirect your-move.co.uk Limited 100% Non Trading
\nLSL Land & New Homes Ltd 2 Indirect your-move.co.uk Limited 100% Residential Sales
\nLauristons Estate Agents Limited 2 Indirect JNP (Surveyors) Limited 100% Non-Trading
\nLawlors Property Services Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nLetCo Group Limited 2 Indirect your-move.co.uk Limited 100% Holding Company
\nLetCo Limited 2 Indirect LetCo Group Limited 100% Non Trading
\nLets Move Property Limited 2 Indirect your-move.co.uk Limited 100% Non Trading
\nLongshoot Properties Limited 2 Indirect your-move.co.uk Limited 100% Non Trading
\nLSLi Limited
\n
\n1
\n
\nDirect
\n
\nLSL Property Services plc
\n
\n100%
\n
\nEstate Agency
\nFranchising and
\nHolding Company
\nNew Daffodil Limited 2 Direct LSL Property Services plc 100% Non Trading
\nNew Let Limited 2 Indirect your-move.co.uk Limited 100% Non Trading
\nOakley Lettings Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nPaul Graham Lettings &
\nManagement Ltd
\n2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nPhilip Green Lettings Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nPHP Lettings Scotland Limited 4 Indirect your-move.co.uk Limited 100% Non Trading
\nPrestons Lettings Ltd 2 Indirect Reeds Rains Limited 100% Non Trading
\nPygott & Crone Lincoln Lettings Limited 2 Indirect your-move.co.uk Limited 100% Non Trading
\nReeds Rains Limited
\n
\n2
\n
\nDirect
\n
\nLSL Property Services plc
\n
\n100%
\n
\nEstate Agency
\nFranchising and
\nHolding Company
\nReeds Rains Cleckheaton Limited 2 Indirect Reeds Rains Limited 100% Non Trading
\nSimply Let Ltd. 4 Indirect your-move.co.uk Limited 100% Non Trading
\nThomas Morris Limited 1 Indirect LSLi Limited 100% Non Trading
\nTop-Let Limited 2 Indirect LetCo Group Limited 100% Non Trading
\nVitalhandy Enterprises Limited 2 Indirect LSLi Limited 100% Holding Company
\nWarners Letting Agency Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nYates Lettings Limited 2 Indirect JNP (Surveyors) Limited 100% Non Trading
\nyour-move.co.uk Limited
\n
\n1
\n
\nIndirect
\n
\nLending Solutions Holdings Limited
\n
\n100%
\n
\nEstate Agency
\nFranchising and
\nHolding Company
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag411": {
"value": "LSL PROPERTY SERVICES PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag410": {
"value": "PLC",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag409": {
"value": "\nNewcastle House\nAlbany Court\nNewcastle Business Park\nNewcastle upon Tyne\nNE4 7YB\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800T4VM5VR3C7S706",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}