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"fact-297": {
"value": "1 Accounting policies General information Card Factory plc (\u2018the Company\u2019) is a public limited company incorporated in the United Kingdom . The Company is domiciled in the United Kingdom and its registered office is Century House, Brunel Road, Wakefield 41 Industrial Estate, Wakefield WF2 0XG. These consolidated financial statements consolidate the financial statements of the Company and its subsidiaries (together referred to as \u2018the Group\u2019). A full list of the Group\u2019s subsidiaries is provided in note 4 to the Parent Company accounts. Throughout these financial statements, references to \u2018FY23\u2019 refer to the financial year ending 31 January 2023, and references to \u2018FY22\u2019 refer to the financial year ending 31 January 2022. Basis of preparation These financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (\u2018UK IFRS\u2019) and applicable law. The financial statements have been prepared on a going concern basis under the historical cost convention, except for certain assets and liabilities that are measured at fair value (principally derivative financial instruments). Accounting judgements and estimates The preparation of financial statements in conformity with UK IFRS requires judgement to be applied in forming the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amount of assets, liabilities, income and expenses. Actual results may subsequently differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively in the period in which the estimate is revised. The Group does not consider there to be any judgements made in the current period that have had a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty The key sources of estimation uncertainty, being those estimates and assumptions that carry the most significant risk of a material adjustment to the carrying amounts of assets and liabilities in the next financial year, are set out below. 1 Accounting policies continued
Inventories
The Group holds significant volumes, and a broad range of inventory. The inventory provision
is calculated in accordance with a documented policy, that is based on historical experience
and the Group\u2019s stock management strategy, which determines the range of product that
will be available for sale in-store and online. The Group provides against the carrying value
of inventories where it is anticipated the amount realised may be below the cost recognised.
Provision is made in full where there are no current plans to trade prior season stock through
stores, and partial provision is made against seasonal stock from prior seasons or where certain
ranges do not perform as anticipated. The amounts provided for partial provisions are adjusted
annually to reflect experience.
The Group applied a consistent inventory provisioning policy with that applied in the prior
year, making only small amendments to partial provisioning percentages based on the Group\u2019s
experience of stock sell through rates for partially provided product lines. These changes are
not considered to have had a material impact on the overall value of the provision, although
reduced the value of the provision compared to the prior year.
At the end of FY23, the total inventory provision was \u00a316.1 million (FY22: \u00a320.7 million), comprised
of fully-provided stock lines of \u00a34.3 million and partially provided lines of \u00a311.8 million. The
reduction in the value of the provision year-on-year generally reflects the normalisation of
stock levels following the Covid-19 pandemic and supply chain challenges experienced in the
prior year (which have resulted in a reduction in the value of stock lines provided for in full), as
well as the reduction due to changes in provisioning percentages described above. As a result,
the overall proportion of gross inventory provided for reduced compared to the prior year.
The full range of reasonably possible outcomes in respect of the provision is difficult to calculate
at the balance sheet date as it is dependent on the accuracy of forecasts for sales volumes and
future decisions we may take on aged, discontinued and potentially excess stock in response
to market and supply developments. The Group believes it has taken a cautious approach
in determining the provision. It has considered the nature of the estimates involved and has
concluded that it is possible, on the basis of existing knowledge, that outcomes within the next
financial year may be different from the Group\u2019s assumptions applied as at 31 January 2023,
and could require a material adjustment to the carrying amount of the provision in the next
financial year.
The two elements of the provision which are most sensitive to judgement are:
\u2022 A \u00a38.5 million provision for aged and discontinued stock, the gross value of which is
\u00a310.1 million, which assumes limited sell-through and is consistent with the current
merchandising plan; and
\u2022 A further \u00a37.9 million provision, which represents 50% of a gross carrying amount of
\u00a315.7 million), reflecting our current estimates of future sell-through of stock lines with high
forecast sales cover, or which are carried forward from prior seasons, and our expectations of
product life.
Grant income
During the previous financial year, the Group received financial assistance under various
Government schemes intended to support businesses affected by local and national restrictions
during the Covid-19 pandemic, including CJRS payments, business rates relief and lockdown
grant payments. IAS 20 requires that the Group has reasonable assurance that the various
conditions attached to Government grants will be complied with before recognising the income
in its financial statements. Income received under the lockdown grant schemes is subject to
conditions applied by the UK\u2019s subsidy control regime, in addition to the rules and conditions
attached to each individual grant. The most material of these conditions relate to determining
the eligible period for grant receipts and the calculation of the Group\u2019s \u2018uncovered fixed costs\u2019
in the eligible period, upon which the value of permitted relief is based. The nature of the
grants received, and the unprecedented nature of the pandemic and the support mechanisms
available, means the conditions and rules attached to each payment are complex and open
to a degree of interpretation at the balance sheet date. Accordingly, the Group had to make
certain assumptions regarding which of the payments received it is reasonably certain to have
met all of the conditions, and thus that the grants are unlikely to be repaid in a future period.
After making a provision for amounts the Group does not believe meet the above criteria (see
note 22), the Group recognised \u00a38.0 million of other operating income in relation to such grants
received during FY22.
During FY23, the Group formally settled its CJRS position with HMRC utilising \u00a32.3 million and
releasing \u00a32.5 million from the provision. The Group has received no new substantive evidence
regarding its position in respect of other support received and accordingly has not changed
its position. A provision of \u00a37.4 million continues to be held in respect of potential repayment
of support received in excess of subsidy control thresholds, consistent with the provision held
in the prior year for the same purpose. The minimum provision requirement is expected to be
\u00a34.5 million. Subject to interpretation of the guidance relating to individual support schemes
and subsidy control thresholds, the Group believes a range of reasonably possible outcomes
remains and that the Group\u2019s provision reflects a cautious assessment of the amount that may
be repayable.
Other sources of estimation uncertainty
Impairment testing
An impairment review is conducted annually in respect of goodwill, and as required for other
assets and cash-generating units (\u2018CGUs\u2019) where an indicator of potential impairment exists.
The carrying amounts of the assets involved and the level of estimation uncertainty inherent
in determining appropriate assumptions for the calculation of the assets\u2019 recoverable amounts
means impairment reviews are an area of significant management focus. However, whether that
estimation uncertainty is significant to the financial statements is not known until the analysis is
concluded. The Group generally considers the estimation uncertainty in impairment reviews to
be significant if a reasonably possible change in the key assumptions would lead to a material
change in the accounting outcome. In FY23, the Group conducted an impairment review in
respect of goodwill. The carrying amount of goodwill in the consolidated balance sheet of
\u00a3313.8 million is allocated in its entirety to the group of CGUs, shared assets and functions that
comprise the Group\u2019s stores business.
1 Accounting policies continued In addition, the Group conducted a store-level impairment review specifically covering right-of- use assets and property, plant and equipment insofar as directly allocable to stores. The Group assesses indicators of impairment for the store portfolio on the basis of whether a material impairment charge (or reversal) could arise in respect of the store portfolio as a whole in the period. Due to the challenging macro-economic environment, existence of a material carried forward impairment charge, and an ongoing expectation that up to 1-2% of the store portfolio can be loss-making at any time, the Group concluded this condition was met for FY23. Due to the existence of intangible assets that are not yet ready for use, the Group also conducted an impairment test of each of the Card Factory Online and Getting Personal CGUs. The Group assessed the recoverable amount of all CGUs on a value in use basis, using consistent assumptions across all reviews where applicable, with estimates of future cash flows derived from forecasts included within the Group\u2019s approved budget adjusted to exclude cash flows from new stores and initiatives so as to assess the assets in their current state and condition. Where impairment reviews are prepared in respect of assets not yet ready for use, future development costs and revenues are not excluded so as to fairly reflect the value of the assets being developed and costs to complete. The assessment of future cash flows that underpin such impairment reviews inherently require the use of estimates, notably in respect of future revenues, operating costs including material, freight, wage and energy inflation, terminal growth rates, foreign currency exchange rates and discount rates. The results of the impairment tests are set out in note 10 (goodwill and intangible assets) and note 12 (stores). The impairment tests in respect of the stores business and Card Factory Online had significant headroom and accordingly, having undertaken scenario analysis on the key assumptions, the Group does not believe there are any reasonably possible changes in those key assumptions that would lead to an impairment. The Group booked a net impairment charge in respect of stores of \u00a31.3 million, which is comprised of \u00a33.7 million of impairment charges and \u00a32.4 million of impairment charge reversals. The reversals reflect those stores where an impairment charge made in a prior period has been reversed due to improved trading. Having considered scenarios consistent with those reviewed in respect of goodwill impairment testing, the Group is satisfied that reasonable changes in the key assumptions would not materially change the impairment charge for stores. The Group booked an impairment charge in respect of intangible assets in Getting Personal of \u00a31.5 million, reflecting costs incurred in developing a new Online Platform that will not form part of the final solution once deployed and will thus not be supported by future cash flows. The remaining carrying amount of the Getting Personal CGU is not material, and therefore no change in assumptions would result in a material additional impairment charge. Climate change The Group has reviewed the potential impact of climate change and ESG-related risks and uncertainties on the consolidated financial statements. Given the nature of the Group\u2019s business and operations, the exposure to both physical and transitional risks associated with climate change is considered to be low. In particular, the Group has considered climate change in respect of impairment testing (potential impact of climate and ESG risks on estimates of future cash flows, notes 10 and 11), going concern (note 1, below), and inventory provisions (impact of customer preferences and ESG considerations on potential stock obsolescence, note 14 and above) and concluded in each case that there is no material impact in each area at 31 January 2023. Going concern basis of accounting The Board continues to have a reasonable expectation that both the Group and the Parent Company have adequate resources to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate. The Group has delivered a strong financial performance in the current financial year, with encouraging sales momentum in the first full year of trading after two consecutive years that were materially affected by the Covid-19 pandemic. LFL sales have been positive and broadly in line when compared to pre-pandemic, and as a result the Group has delivered robust operating cash flows, cleared deferred VAT and rent payments, and reduced net debt and leverage year- on-year. Trading since the balance sheet date has remained in line with expectations and there have been no material events that have affected the Group\u2019s liquidity headroom. The Group renewed its financing facilities with its banking partners in April 2022, reducing the quantum of the Group\u2019s term loan facilities to \u00a3150 million and extending the tenure of the Group\u2019s debt to September 2025 (see note 17). The first scheduled repayments under these facilities were made in January 2023, with full repayment of the Coronavirus Large Business Interruption Loan Scheme (\u2018CLBILS\u2019) facilities by September 2023. Following the final repayment of the CLBILs facilities, the Group does not expect to utilise further government backed support going forward, other than those schemes that are generally available in the ordinary course of business (such as rates reliefs). The Board believes the renewed facilities provide adequate liquidity and headroom for the Group to execute its strategic plan. At 31 January 2023, net debt excluding lease liabilities was \u00a357.2 million. The UK Corporate Governance Code requires that an assessment is made of the Group\u2019s ability to continue as a going concern for a period of at least 12 months from the signing of these financial statements; however it is not specified how far beyond 12 months should be considered. 1 Accounting policies continued For the purpose of assessing the going concern assumption, the Group has prepared cash flow forecasts for the 12 month period following the date of approval of these accounts, which incorporate the updated debt facilities and related covenant measures. These forecasts are extracted from the Group\u2019s approved budget and strategic plan which covers a period of five years. Within the 12-month period, the Group has considered qualitative scenarios and the Group\u2019s ability to operate within its existing banking facilities and meet covenant requirements. Beyond the 12-month period, the Group has qualitatively considered whether any factors (for example the timing of debt repayments, or longer-term trading assumptions) indicate a longer period warrants consideration. The results of this analysis were: \u2022 The Group\u2019s base case forecasts indicate that the Group will continue to trade profitably, generate positive operating cash flows and make scheduled debt repayments whilst retaining substantial liquidity headroom against current facility limits and meet all covenant requirements on the relevant test dates (see note 17 for more information in respect of covenant requirements) in the 12 month period. \u2022 Whilst debt repayments continue in the period following the going concern assessment, they are much lower in the 12 months immediately following (c.\u00a39 million) than those occurring in the going concern period itself (c.\u00a327 million). \u2022 In the Board\u2019s view, there are no other factors arising in the period immediately following 12 months from the date of these accounts that warrant further consideration. \u2022 Scenario analysis, which considered a reduction in sales, profitability and cash flows on both a permanent basis of circa 10%, or a significant one-off event affecting the Christmas period and reducing sales by 20%, indicated that the Group would maintain liquidity headroom and covenant compliance throughout the 12 month period. The analysis did not consider any potential upside from mitigating actions that could be taken to reduce discretionary costs and provide further headroom. In addition, the Group conducted a reverse stress test analysis which considered the extent of sales loss or cost increase that would be required to result in either a complete loss of liquidity headroom, or a covenant breach during the period. Seasonality of the Group\u2019s cash flows, with higher purchases and cash outflows over the summer to build stock for Christmas, means liquidity headroom is at its lowest in September and October ahead of the Christmas season. Conversely, covenant compliance is most sensitive early in the year. The reverse stress test analysis demonstrated that the level of sales loss or cost increase required (either on a sustained basis or as a significant one-off downside event) to result in a breach would require circumstances akin to a pandemic lockdown for a period of several weeks, or other events with a similar quantum of effect that would be unprecedented in nature. Accordingly, such scenarios are not considered to be reasonably likely to occur. As with the scenario analysis above, the stress test was conducted before considering any potential benefit from available mitigating actions. Over the preceding two years, the business has demonstrated a significant degree of resilience and a proven ability to manage cash flows and liquidity during a period of unprecedented economic downturn. Accordingly the Board retains confidence that, were such a level of downturn to reoccur in the assessment period, the Group would be able to take action to mitigate its effects. Based on these factors, the Board has a reasonable expectation that the Group has adequate resources and sufficient loan facility headroom and accordingly the accounts are prepared on a going concern basis. Principal accounting policies The principal accounting policies, set out below, have been applied consistently to all periods presented in these consolidated financial statements. Changes in significant accounting policies The following new standards and amendments to IFRS were effective for the first time in the current financial year: \u2022 Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 \u2013 Annual Improvements to IFRS 2018-2020 \u2022 Amendments to IAS 37 \u2013 Onerous contracts \u2013 cost of fulfilling a contract \u2022 Amendments to IAS 16 \u2013 Property, plant & equipment \u2013 proceeds before intended use \u2022 Amendments to IFRS 3 \u2013 Reference to the conceptual framework \u2022 Amendment to IFRS 16 \u2013 Covid-19-related rent concessions beyond 30 June 2021 New standards and amendments to existing standards effective in the period have not had a material effect on the Group\u2019s financial statements. UK endorsed standards and amendments issued but not yet effective The following new standards and amendments to IFRS have been issued but are not yet effective. \u2022 IFRS 17 \u2013 Insurance Contracts 1 , \u2022 Amendments to IFRS 17 \u2013 Initial application of IFRS 17 and IFRS 9 \u2013 comparative information 1 , \u2022 Amendments to IFRS 4 \u2013 Extension to the temporary exemption from applying IFRS 9 1 \u2022 Amendments to IAS 1 \u2013 Disclosure of accounting policies 1 \u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction 1 , \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates 2 1 Effective for annual periods starting on or after 1 January 2023. 2 Effective for annual periods starting on or after 1 January 2024. The application of these standards and amendments in future periods is not currently expected to have a material impact on the Group\u2019s financial statements 1 Accounting policies continued Basis of consolidation These consolidated financial statements incorporate the financial results of the Company and all of its subsidiaries made up to 31 January each year. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to direct the activities that affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intercompany transactions and balances between Group companies are eliminated upon consolidation. Business combinations Subject to the transitional relief in IFRS 1, all business combinations have historically been accounted for by applying the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group, as set out in IFRS 3. The Group measures goodwill at the acquisition date as the fair value of the consideration transferred less the fair value of identifiable assets acquired and liabilities assumed. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition are expensed to the income statement as incurred. Acquisitions prior to 1 February 2011 (date of transition to IFRS) IFRS 1 grants certain exemptions from the full requirements of IFRS in the transition period. The Group and Company elected not to restate business combinations that took place prior to 1 February 2011. In respect of acquisitions prior to the transition date, goodwill is included at 1 February 2011 on the basis of its deemed cost at that date, which represents the amount recorded under UK GAAP. Revenue Group revenue is principally attributable to the retail sale of cards, dressings and gifts subject to a single performance obligation fulfilled by receipt of goods at the point of payment with minimal returns and refunds. Revenue is recognised at the point the customer is deemed to have taken delivery of the goods. Revenue attributable to retail partners and non-retail customers currently represents a small percentage of Group Revenue and is typically characterised by single performance obligations and standard Group products. Certain contracts with retail partners may be subject to a cost of entering into the contract along with a minimum order quantity and/or volume related rebate for an initial period of the contract. Revenue subject to potential rebate is deferred as a contract liability to the extent the volume related terms are yet to be satisfied. Costs of entering into a contract are treated as a contract asset and expensed to the income statement as performance obligations are fulfilled for goods subject to the minimum order quantity. These amounts are not material in the current year reflecting the small proportion of revenue arising under such contracts. Government grants Income associated with Government support initiatives is recognised where there is reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Grants are recognised in the income statement over the period necessary to match them with the related costs for which they are to compensate. If costs have already been incurred, the grant income is recognised immediately at the point the above criteria are met. Government support received by the Group in the previous year principally reflect amounts received under Covid-19 support initiatives, including the CJRS, business rates relief, and various other grants available to non-essential retailers that were forced to close during periods of local and national lockdown (collectively referred to in these financial statements as \u2018lockdown grants\u2019). When considering its entitlement to grant income, the Group has considered the extent to which the amount received is within the limits imposed by relevant state aid and subsidy control rules. Employee costs and business rates charges in the income statement are presented net of CJRS support and rates relief received respectively. Grant income received in relation to Covid-19 lockdown grants is presented separately as other operating income. Where the Group has received income in connection with government grants but does not believe it will comply with all of the attached conditions, a provision is made for the Group\u2019s best estimate of amounts that will be repaid. In addition, Group has accessed, and continues to benefit from, financing facilities under the CLBILS. The CLBILS facilities are backed by a government guarantee. As this guarantee cannot reasonably have a value placed upon it, the Group considers the guarantee a form of government assistance under IAS 20. The Group has accounted for its CLBILS facilities in accordance with its usual policy for bank borrowings, described below under \u2018non-derivative financial liabilities\u2019. The key terms of the CLBILS facilities are described in note 17. Finance expense Finance expense comprises interest charges, including interest on leases under IFRS 16, and losses on interest rate derivative financial instruments. Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Interest expense is recognised in the income statement as it accrues, using the effective interest method. The effective interest method takes into account fees, commissions or other incremental transaction costs integral to the yield. Accounting policies for leases are detailed separately. 1 Accounting policies continued Foreign currencies Functional and presentation currency The consolidated financial statements are presented in pound Sterling, which is the functional currency of the Company. Foreign operations The Group has one foreign subsidiary with a Euro functional currency. On consolidation, assets and liabilities of foreign operations are translated into Sterling at the prevailing market exchange rate on the balance sheet date. The results of foreign operations are translated into Sterling at average rates of exchange for the year. Transactions and balances The Group has currency transactions in respect of inventory purchases and certain sales to retail partners that are denominated in US Dollars. Transactions in foreign currencies are recorded at the exchange rate on the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement within cost of sales, except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign currency gains and losses are reported on a net basis. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or through other comprehensive income, in which case it is recognised in equity or other comprehensive income respectively. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Dividends Dividends are recognised as a liability in the period in which they are approved. Financial instruments Non-derivative financial assets Non-derivative financial assets comprise trade and other receivables and cash and cash equivalents. The Group classifies all its non-derivative financial assets as financial assets at amortised cost. Financial assets at amortised cost are initially measured at fair value plus directly attributable transaction costs, except for trade and other receivables without a significant financing component that are initially measured at transaction price. Subsequent to initial recognition non-derivative financial assets are carried at amortised cost less allowances for expected credit losses. Cash and cash equivalents comprise cash in hand, at bank and on short-term deposit for less than three months. Bank overdrafts, within borrowings, that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash flow statement. Non-derivative financial liabilities Non-derivative financial liabilities comprise bank borrowings and trade and other payables. Non-derivative financial liabilities are initially recognised at fair value, less any directly attributable transaction costs and subsequently stated at amortised cost using the effective interest method. Accounting policies for lease liabilities are detailed separately. Where bank borrowings are refinanced, the Group assesses whether the transaction results in new facilities or a modification of the previous facilities. Where the transaction results in a modification of the facilities, the Group assesses whether that modification is substantial by reference to whether the present value of the cash flows of the new facilities is more than 10% different to the present value of the cash flows of the previous facilities. Where a modification is substantial, the Group derecognises the original liability and recognises a new liability for the modified facilities with any transaction costs expensed to the income statement. Where the modification is non-substantial, the Group amends the carrying amount of the liability to reflect the updated cash flows and amends the effective interest rate from the modification date. The modification of the Group\u2019s borrowings as a result of the refinancing in April 2022 was assessed to be non-substantial. Derivative financial instruments Derivative financial instruments are mandatorily categorised as fair value through profit or loss (\u2018FVTPL\u2019) except to the extent they are part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative contracts and US Dollar denominated cash balances to manage the foreign exchange risk on US Dollar denominated purchases and interest rate derivative contracts to manage the risk on floating interest rate bank borrowings. 1 Accounting policies continued Derivative financial instruments not designated as an effective hedging relationship principally relate to structured foreign exchange options that form part of the foreign exchange risk management policy detailed in note 23 of the financial statements. Gains and losses in respect of foreign exchange and interest rate derivative financial instruments that are not part of an effective hedging relationship are recognised within cost of sales and net finance expense. Cash flow hedges The Group applies cash flow hedge accounting in respect of certain derivative financial instruments for the forward purchase of foreign currency, and interest rate swaps. The Group\u2019s hedging activities are described in further detail in note 23. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income (\u2018OCI\u2019) and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows, applying a hedge ratio of 1:1. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 changes in the timing of the hedged transactions; and \u2022 the effect of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivative contracts, which is not reflected in the change in the fair value of the hedged cash flows. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognised in a costs of hedging reserve within equity. When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition or, for interest cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged interest future cash flows affect profit or loss . If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Fair value estimation The techniques applied in determining the fair values of financial assets and liabilities are disclosed in note 24. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives as follows: \u2022 buildings 25\u201350 years \u2022 leasehold improvements shorter of 5 years and lease term \u2022 plant and equipment 3\u201310 years \u2022 fixtures and fittings 5 years \u2022 motor vehicles 4 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. Intangible assets and goodwill Goodwill Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to CGUs (as described in note 10) and is not amortised but is tested annually for impairment. Software Computer software is carried at cost less accumulated amortisation and any provision for impairment. Costs relating to development of computer software are capitalised if the recognition criteria of IAS 38 \u2018Intangible Assets\u2019 are met or expensed as incurred otherwise. Other intangible assets Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful life of software is three to five years. 1 Accounting policies continued Impairment of non-financial assets The carrying values of non-financial assets are reviewed for impairment where there is an indication of impairment. If an impairment loss arises, the asset value is adjusted to its estimated recoverable amount and the impairment loss is recognised in the income statement. Goodwill and intangible assets not yet ready for use or with an indefinite useful economic life are reviewed for impairment annually. Provisions A provision is recognised where the Group has a present legal or constructive obligation as a result of a past event, which will more likely than not result in the Group being required to make a payment (or other outflow of economic benefits) in order to settle the obligation. Provisions are valued at the Group\u2019s best estimate of the amount that will be required to settle the obligation. Specific information in respect of the provisions recorded in each financial year covered by these accounts is provided in the provisions note. Inventories Inventories are stated at the lower of cost and net realisable value. For inventories manufactured by the Group, cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories, production costs and other costs in bringing them to their existing location and condition. For manufactured inventories and work in progress, cost includes an appropriate share of overheads based on normal operating capacity. Given the significant volumes involved, for inventories held in and for retail stores the Group applies a standard costing methodology. Standard costs are based on agreed costs with suppliers (or the Group\u2019s internal cost of production) and are updated frequently. Where components of the standard are based on market prices, such as for freight, the Group reviews and updates the standard at least annually at the balance sheet date. Provisions are made for obsolete, slow-moving and discontinued inventories, based on experience and the Group\u2019s merchandising plans for current and future seasons. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. Merger reserve On 30 April 2014 Card Factory plc acquired 100% of the share capital of CF Topco Limited in a share for share exchange, thereby inserting Card Factory plc as the Parent Company of the Group. The shareholders of CF Topco Limited became 100% owners of the enlarged share capital of Card Factory plc. The premium arising on the issue of shares is recognised in the merger reserve. Share-based payments The Company issues equity-settled share-based payments to employees within the Group through the Card Factory Restricted Share Awards Scheme (\u2018RSA\u2019) (previously through the (\u2018LTIP\u2019)) and the Card Factory SAYE Scheme (\u2018SAYE\u2019), see note 25 for further details. The cost of equity-settled share awards is measured as the fair value of the award at the grant date using the Black-Scholes model. The cost of the awards is expensed to the income statement, together with a corresponding adjustment to equity, on a straight-line basis over the vesting period of the award. The total income statement charge is based on the Group\u2019s estimate of the number of share awards that will eventually vest in accordance with the vesting conditions. The awards do not include market-based vesting conditions. At each balance sheet date, the Group revises its estimate of the number of awards that are expected to vest. Any revision to estimates is recognised in the income statement, with a corresponding adjustment to equity. Leases Definition of a lease Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. Contracts that were not identified as leases under IAS 17 and IFRC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after 1 February 2019. The Group has assessed that its entire store lease portfolio, some warehousing locations, an office location and motor vehicles are lease contracts. Other contracts assessed, including distribution contracts and IT equipment, are deemed not to be a lease within the definition of IFRS 16 or are subject to the election not to apply the requirements of IFRS 16 to short-term or low value leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. For property leases containing a non-lease component (for instance a lease inclusive of rates and service charge), the Group has elected to apply the practical expedient not to separate the non-lease component from the lease component and treat the whole contract as a lease. A small proportion of the store lease portfolio are subject to an element of turnover linked variable rents that are excluded from the definition of a lease under IFRS 16. The Group does not have any significant lessor contracts. 1 Accounting policies continued
Accounting as a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement
date. The right-of-use asset is initially measured at cost, which comprises the initial amount of
the lease liability adjusted for any lease payments made at or before the commencement date,
plus any initial direct costs incurred, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term. The right-of-use asset is periodically reduced
by any impairment losses, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not
paid at the commencement date, discounted using the interest rate implicit in the lease or, if that
rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Typically, the Group
uses its incremental borrowing rate, at the date of lease commencement, as the discount rate.
The Group determines its incremental borrowing rate by reference to its own funding
arrangements, which are subject to leverage margin ratchets, variable three-month SONIA
interest rates and periodic refinancing, thereby ensuring they remain a reasonable reflection
of the Group\u2019s current borrowing costs. The Group\u2019s leases are predominantly in respect of its
store portfolio, which represent the majority of the Group\u2019s revenue and therefore the Group\u2019s
borrowing costs, as at the date of lease commencement, are deemed to be representative of the
incremental borrowing costs for additions to right-of-use assets. The Group does not believe there
are significant differences between the risk margins that would apply across its lease portfolio.
The term and payment profile are reflected in the discount rate applied to each individual lease
by virtue of the variable interest-curve component of the incremental borrowing rate.
The assessment of lease term may include the application of judgement, particularly in respect
of options to break often included in the Group\u2019s property leases. The Group assesses lease term
as the non-cancellable period of the lease plus an assessment of reasonably certain continued
tenancy in respect of tenant options to break or renew. This period usually equates to the full
term of the lease. The Group considers that lease renewal is reasonably certain when it has
determined whether the store meets its strategic requirements, and is confident the landlord is
supportive of lease renewal and on terms acceptable to the Group. This typically occurs in the
latter stages of an existing lease.
After initial recognition, the lease liability is measured at amortised cost using the effective
interest method. It is remeasured when there is a change in future lease payments arising from
a change in an index, rate or contractual market rent review or if there is a significant event or
change in circumstances as a result of which the Group changes its assessment of whether it
will exercise a break option. When the lease liability is remeasured in this way, a corresponding
adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or
loss if the carrying amount of the right-of-use asset has been reduced to zero.
From time to time, a lease may expire without a new lease being agreed. In such circumstances,
if the Group has not served or received notice under the terms of the lease, it may continue to
occupy the store whilst a new lease is agreed, referred to as a \u2018holdover arrangement\u2019. Most of
the store portfolio is protected by the Landlord and Tenant Act (1954), under which as tenant the
Group has an automatic right to a new lease subject to certain specific grounds under which the
landlord can cancel. Under a holdover arrangement, the lease typically continues on a rolling
basis on the same financial terms as the previous lease until new terms are formally agreed. The
Group accounts for holdover arrangements by assuming a new five-year lease with payments
equivalent to those previously agreed. Five years represents the average term of a lease
across the Group\u2019s store portfolio, inclusive of break periods considered reasonably likely not
to be exercised. In rare circumstances, the holdover lease may be calculated using alternative
assumptions that better reflect the Group\u2019s expectations regarding the likely cost and term of
the new lease being negotiated. When new terms are agreed, the holdover lease is modified
according to the Group\u2019s normal accounting policy for lease modifications, as described above.
Where a lease expires at the end of its contractual term, including where the store in question
enters a holdover arrangement, the right-of-use asset cost and accumulated depreciation
associated with that lease is treated as a disposal.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-296": {
"value": "1 Accounting policies General information Card Factory plc (\u2018the Company\u2019) is a public limited company incorporated in the United Kingdom . The Company is domiciled in the United Kingdom and its registered office is Century House, Brunel Road, Wakefield 41 Industrial Estate, Wakefield WF2 0XG. These consolidated financial statements consolidate the financial statements of the Company and its subsidiaries (together referred to as \u2018the Group\u2019). A full list of the Group\u2019s subsidiaries is provided in note 4 to the Parent Company accounts. Throughout these financial statements, references to \u2018FY23\u2019 refer to the financial year ending 31 January 2023, and references to \u2018FY22\u2019 refer to the financial year ending 31 January 2022. Basis of preparation These financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (\u2018UK IFRS\u2019) and applicable law. The financial statements have been prepared on a going concern basis under the historical cost convention, except for certain assets and liabilities that are measured at fair value (principally derivative financial instruments). Accounting judgements and estimates The preparation of financial statements in conformity with UK IFRS requires judgement to be applied in forming the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amount of assets, liabilities, income and expenses. Actual results may subsequently differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively in the period in which the estimate is revised. The Group does not consider there to be any judgements made in the current period that have had a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty The key sources of estimation uncertainty, being those estimates and assumptions that carry the most significant risk of a material adjustment to the carrying amounts of assets and liabilities in the next financial year, are set out below. NOTES TO THE FINANCIAL STATEMENTS 1 Accounting policies continued Inventories The Group holds significant volumes, and a broad range of inventory. The inventory provision is calculated in accordance with a documented policy, that is based on historical experience and the Group\u2019s stock management strategy, which determines the range of product that will be available for sale in-store and online. The Group provides against the carrying value of inventories where it is anticipated the amount realised may be below the cost recognised. Provision is made in full where there are no current plans to trade prior season stock through stores, and partial provision is made against seasonal stock from prior seasons or where certain ranges do not perform as anticipated. The amounts provided for partial provisions are adjusted annually to reflect experience. The Group applied a consistent inventory provisioning policy with that applied in the prior year, making only small amendments to partial provisioning percentages based on the Group\u2019s experience of stock sell through rates for partially provided product lines. These changes are not considered to have had a material impact on the overall value of the provision, although reduced the value of the provision compared to the prior year. At the end of FY23, the total inventory provision was \u00a316.1 million (FY22: \u00a320.7 million), comprised of fully-provided stock lines of \u00a34.3 million and partially provided lines of \u00a311.8 million. The reduction in the value of the provision year-on-year generally reflects the normalisation of stock levels following the Covid-19 pandemic and supply chain challenges experienced in the prior year (which have resulted in a reduction in the value of stock lines provided for in full), as well as the reduction due to changes in provisioning percentages described above. As a result, the overall proportion of gross inventory provided for reduced compared to the prior year. The full range of reasonably possible outcomes in respect of the provision is difficult to calculate at the balance sheet date as it is dependent on the accuracy of forecasts for sales volumes and future decisions we may take on aged, discontinued and potentially excess stock in response to market and supply developments. The Group believes it has taken a cautious approach in determining the provision. It has considered the nature of the estimates involved and has concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions applied as at 31 January 2023, and could require a material adjustment to the carrying amount of the provision in the next financial year. The two elements of the provision which are most sensitive to judgement are: \u2022 A \u00a38.5 million provision for aged and discontinued stock, the gross value of which is \u00a310.1 million, which assumes limited sell-through and is consistent with the current merchandising plan; and \u2022 A further \u00a37.9 million provision, which represents 50% of a gross carrying amount of \u00a315.7 million), reflecting our current estimates of future sell-through of stock lines with high forecast sales cover, or which are carried forward from prior seasons, and our expectations of product life. Grant income During the previous financial year, the Group received financial assistance under various Government schemes intended to support businesses affected by local and national restrictions during the Covid-19 pandemic, including CJRS payments, business rates relief and lockdown grant payments. IAS 20 requires that the Group has reasonable assurance that the various conditions attached to Government grants will be complied with before recognising the income in its financial statements. Income received under the lockdown grant schemes is subject to conditions applied by the UK\u2019s subsidy control regime, in addition to the rules and conditions attached to each individual grant. The most material of these conditions relate to determining the eligible period for grant receipts and the calculation of the Group\u2019s \u2018uncovered fixed costs\u2019 in the eligible period, upon which the value of permitted relief is based. The nature of the grants received, and the unprecedented nature of the pandemic and the support mechanisms available, means the conditions and rules attached to each payment are complex and open to a degree of interpretation at the balance sheet date. Accordingly, the Group had to make certain assumptions regarding which of the payments received it is reasonably certain to have met all of the conditions, and thus that the grants are unlikely to be repaid in a future period. After making a provision for amounts the Group does not believe meet the above criteria (see note 22), the Group recognised \u00a38.0 million of other operating income in relation to such grants received during FY22. During FY23, the Group formally settled its CJRS position with HMRC utilising \u00a32.3 million and releasing \u00a32.5 million from the provision. The Group has received no new substantive evidence regarding its position in respect of other support received and accordingly has not changed its position. A provision of \u00a37.4 million continues to be held in respect of potential repayment of support received in excess of subsidy control thresholds, consistent with the provision held in the prior year for the same purpose. The minimum provision requirement is expected to be \u00a34.5 million. Subject to interpretation of the guidance relating to individual support schemes and subsidy control thresholds, the Group believes a range of reasonably possible outcomes remains and that the Group\u2019s provision reflects a cautious assessment of the amount that may be repayable. Other sources of estimation uncertainty Impairment testing An impairment review is conducted annually in respect of goodwill, and as required for other assets and cash-generating units (\u2018CGUs\u2019) where an indicator of potential impairment exists. The carrying amounts of the assets involved and the level of estimation uncertainty inherent in determining appropriate assumptions for the calculation of the assets\u2019 recoverable amounts means impairment reviews are an area of significant management focus. However, whether that estimation uncertainty is significant to the financial statements is not known until the analysis is concluded. The Group generally considers the estimation uncertainty in impairment reviews to be significant if a reasonably possible change in the key assumptions would lead to a material change in the accounting outcome. In FY23, the Group conducted an impairment review in respect of goodwill. The carrying amount of goodwill in the consolidated balance sheet of \u00a3313.8 million is allocated in its entirety to the group of CGUs, shared assets and functions that comprise the Group\u2019s stores business. 1 Accounting policies continued In addition, the Group conducted a store-level impairment review specifically covering right-of- use assets and property, plant and equipment insofar as directly allocable to stores. The Group assesses indicators of impairment for the store portfolio on the basis of whether a material impairment charge (or reversal) could arise in respect of the store portfolio as a whole in the period. Due to the challenging macro-economic environment, existence of a material carried forward impairment charge, and an ongoing expectation that up to 1-2% of the store portfolio can be loss-making at any time, the Group concluded this condition was met for FY23. Due to the existence of intangible assets that are not yet ready for use, the Group also conducted an impairment test of each of the Card Factory Online and Getting Personal CGUs. The Group assessed the recoverable amount of all CGUs on a value in use basis, using consistent assumptions across all reviews where applicable, with estimates of future cash flows derived from forecasts included within the Group\u2019s approved budget adjusted to exclude cash flows from new stores and initiatives so as to assess the assets in their current state and condition. Where impairment reviews are prepared in respect of assets not yet ready for use, future development costs and revenues are not excluded so as to fairly reflect the value of the assets being developed and costs to complete. The assessment of future cash flows that underpin such impairment reviews inherently require the use of estimates, notably in respect of future revenues, operating costs including material, freight, wage and energy inflation, terminal growth rates, foreign currency exchange rates and discount rates. The results of the impairment tests are set out in note 10 (goodwill and intangible assets) and note 12 (stores). The impairment tests in respect of the stores business and Card Factory Online had significant headroom and accordingly, having undertaken scenario analysis on the key assumptions, the Group does not believe there are any reasonably possible changes in those key assumptions that would lead to an impairment. The Group booked a net impairment charge in respect of stores of \u00a31.3 million, which is comprised of \u00a33.7 million of impairment charges and \u00a32.4 million of impairment charge reversals. The reversals reflect those stores where an impairment charge made in a prior period has been reversed due to improved trading. Having considered scenarios consistent with those reviewed in respect of goodwill impairment testing, the Group is satisfied that reasonable changes in the key assumptions would not materially change the impairment charge for stores. The Group booked an impairment charge in respect of intangible assets in Getting Personal of \u00a31.5 million, reflecting costs incurred in developing a new Online Platform that will not form part of the final solution once deployed and will thus not be supported by future cash flows. The remaining carrying amount of the Getting Personal CGU is not material, and therefore no change in assumptions would result in a material additional impairment charge. Climate change The Group has reviewed the potential impact of climate change and ESG-related risks and uncertainties on the consolidated financial statements. Given the nature of the Group\u2019s business and operations, the exposure to both physical and transitional risks associated with climate change is considered to be low. In particular, the Group has considered climate change in respect of impairment testing (potential impact of climate and ESG risks on estimates of future cash flows, notes 10 and 11), going concern (note 1, below), and inventory provisions (impact of customer preferences and ESG considerations on potential stock obsolescence, note 14 and above) and concluded in each case that there is no material impact in each area at 31 January 2023. Going concern basis of accounting The Board continues to have a reasonable expectation that both the Group and the Parent Company have adequate resources to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate. The Group has delivered a strong financial performance in the current financial year, with encouraging sales momentum in the first full year of trading after two consecutive years that were materially affected by the Covid-19 pandemic. LFL sales have been positive and broadly in line when compared to pre-pandemic, and as a result the Group has delivered robust operating cash flows, cleared deferred VAT and rent payments, and reduced net debt and leverage year- on-year. Trading since the balance sheet date has remained in line with expectations and there have been no material events that have affected the Group\u2019s liquidity headroom. The Group renewed its financing facilities with its banking partners in April 2022, reducing the quantum of the Group\u2019s term loan facilities to \u00a3150 million and extending the tenure of the Group\u2019s debt to September 2025 (see note 17). The first scheduled repayments under these facilities were made in January 2023, with full repayment of the Coronavirus Large Business Interruption Loan Scheme (\u2018CLBILS\u2019) facilities by September 2023. Following the final repayment of the CLBILs facilities, the Group does not expect to utilise further government backed support going forward, other than those schemes that are generally available in the ordinary course of business (such as rates reliefs). The Board believes the renewed facilities provide adequate liquidity and headroom for the Group to execute its strategic plan. At 31 January 2023, net debt excluding lease liabilities was \u00a357.2 million. The UK Corporate Governance Code requires that an assessment is made of the Group\u2019s ability to continue as a going concern for a period of at least 12 months from the signing of these financial statements; however it is not specified how far beyond 12 months should be considered. 1 Accounting policies continued For the purpose of assessing the going concern assumption, the Group has prepared cash flow forecasts for the 12 month period following the date of approval of these accounts, which incorporate the updated debt facilities and related covenant measures. These forecasts are extracted from the Group\u2019s approved budget and strategic plan which covers a period of five years. Within the 12-month period, the Group has considered qualitative scenarios and the Group\u2019s ability to operate within its existing banking facilities and meet covenant requirements. Beyond the 12-month period, the Group has qualitatively considered whether any factors (for example the timing of debt repayments, or longer-term trading assumptions) indicate a longer period warrants consideration. The results of this analysis were: \u2022 The Group\u2019s base case forecasts indicate that the Group will continue to trade profitably, generate positive operating cash flows and make scheduled debt repayments whilst retaining substantial liquidity headroom against current facility limits and meet all covenant requirements on the relevant test dates (see note 17 for more information in respect of covenant requirements) in the 12 month period. \u2022 Whilst debt repayments continue in the period following the going concern assessment, they are much lower in the 12 months immediately following (c.\u00a39 million) than those occurring in the going concern period itself (c.\u00a327 million). \u2022 In the Board\u2019s view, there are no other factors arising in the period immediately following 12 months from the date of these accounts that warrant further consideration. \u2022 Scenario analysis, which considered a reduction in sales, profitability and cash flows on both a permanent basis of circa 10%, or a significant one-off event affecting the Christmas period and reducing sales by 20%, indicated that the Group would maintain liquidity headroom and covenant compliance throughout the 12 month period. The analysis did not consider any potential upside from mitigating actions that could be taken to reduce discretionary costs and provide further headroom. In addition, the Group conducted a reverse stress test analysis which considered the extent of sales loss or cost increase that would be required to result in either a complete loss of liquidity headroom, or a covenant breach during the period. Seasonality of the Group\u2019s cash flows, with higher purchases and cash outflows over the summer to build stock for Christmas, means liquidity headroom is at its lowest in September and October ahead of the Christmas season. Conversely, covenant compliance is most sensitive early in the year. The reverse stress test analysis demonstrated that the level of sales loss or cost increase required (either on a sustained basis or as a significant one-off downside event) to result in a breach would require circumstances akin to a pandemic lockdown for a period of several weeks, or other events with a similar quantum of effect that would be unprecedented in nature. Accordingly, such scenarios are not considered to be reasonably likely to occur. As with the scenario analysis above, the stress test was conducted before considering any potential benefit from available mitigating actions. Over the preceding two years, the business has demonstrated a significant degree of resilience and a proven ability to manage cash flows and liquidity during a period of unprecedented economic downturn. Accordingly the Board retains confidence that, were such a level of downturn to reoccur in the assessment period, the Group would be able to take action to mitigate its effects. Based on these factors, the Board has a reasonable expectation that the Group has adequate resources and sufficient loan facility headroom and accordingly the accounts are prepared on a going concern basis. Principal accounting policies The principal accounting policies, set out below, have been applied consistently to all periods presented in these consolidated financial statements. Changes in significant accounting policies The following new standards and amendments to IFRS were effective for the first time in the current financial year: \u2022 Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 \u2013 Annual Improvements to IFRS 2018-2020 \u2022 Amendments to IAS 37 \u2013 Onerous contracts \u2013 cost of fulfilling a contract \u2022 Amendments to IAS 16 \u2013 Property, plant & equipment \u2013 proceeds before intended use \u2022 Amendments to IFRS 3 \u2013 Reference to the conceptual framework \u2022 Amendment to IFRS 16 \u2013 Covid-19-related rent concessions beyond 30 June 2021 New standards and amendments to existing standards effective in the period have not had a material effect on the Group\u2019s financial statements. UK endorsed standards and amendments issued but not yet effective The following new standards and amendments to IFRS have been issued but are not yet effective. \u2022 IFRS 17 \u2013 Insurance Contracts 1 , \u2022 Amendments to IFRS 17 \u2013 Initial application of IFRS 17 and IFRS 9 \u2013 comparative information 1 , \u2022 Amendments to IFRS 4 \u2013 Extension to the temporary exemption from applying IFRS 9 1 \u2022 Amendments to IAS 1 \u2013 Disclosure of accounting policies 1 \u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction 1 , \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates 2 1 Effective for annual periods starting on or after 1 January 2023. 2 Effective for annual periods starting on or after 1 January 2024. The application of these standards and amendments in future periods is not currently expected to have a material impact on the Group\u2019s financial statements . 1 Accounting policies continued Basis of consolidation These consolidated financial statements incorporate the financial results of the Company and all of its subsidiaries made up to 31 January each year. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to direct the activities that affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intercompany transactions and balances between Group companies are eliminated upon consolidation. Business combinations Subject to the transitional relief in IFRS 1, all business combinations have historically been accounted for by applying the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group, as set out in IFRS 3. The Group measures goodwill at the acquisition date as the fair value of the consideration transferred less the fair value of identifiable assets acquired and liabilities assumed. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition are expensed to the income statement as incurred. Acquisitions prior to 1 February 2011 (date of transition to IFRS) IFRS 1 grants certain exemptions from the full requirements of IFRS in the transition period. The Group and Company elected not to restate business combinations that took place prior to 1 February 2011. In respect of acquisitions prior to the transition date, goodwill is included at 1 February 2011 on the basis of its deemed cost at that date, which represents the amount recorded under UK GAAP. Revenue Group revenue is principally attributable to the retail sale of cards, dressings and gifts subject to a single performance obligation fulfilled by receipt of goods at the point of payment with minimal returns and refunds. Revenue is recognised at the point the customer is deemed to have taken delivery of the goods. Revenue attributable to retail partners and non-retail customers currently represents a small percentage of Group Revenue and is typically characterised by single performance obligations and standard Group products. Certain contracts with retail partners may be subject to a cost of entering into the contract along with a minimum order quantity and/or volume related rebate for an initial period of the contract. Revenue subject to potential rebate is deferred as a contract liability to the extent the volume related terms are yet to be satisfied. Costs of entering into a contract are treated as a contract asset and expensed to the income statement as performance obligations are fulfilled for goods subject to the minimum order quantity. These amounts are not material in the current year reflecting the small proportion of revenue arising under such contracts. Government grants Income associated with Government support initiatives is recognised where there is reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Grants are recognised in the income statement over the period necessary to match them with the related costs for which they are to compensate. If costs have already been incurred, the grant income is recognised immediately at the point the above criteria are met. Government support received by the Group in the previous year principally reflect amounts received under Covid-19 support initiatives, including the CJRS, business rates relief, and various other grants available to non-essential retailers that were forced to close during periods of local and national lockdown (collectively referred to in these financial statements as \u2018lockdown grants\u2019). When considering its entitlement to grant income, the Group has considered the extent to which the amount received is within the limits imposed by relevant state aid and subsidy control rules. Employee costs and business rates charges in the income statement are presented net of CJRS support and rates relief received respectively. Grant income received in relation to Covid-19 lockdown grants is presented separately as other operating income. Where the Group has received income in connection with government grants but does not believe it will comply with all of the attached conditions, a provision is made for the Group\u2019s best estimate of amounts that will be repaid. In addition, Group has accessed, and continues to benefit from, financing facilities under the CLBILS. The CLBILS facilities are backed by a government guarantee. As this guarantee cannot reasonably have a value placed upon it, the Group considers the guarantee a form of government assistance under IAS 20. The Group has accounted for its CLBILS facilities in accordance with its usual policy for bank borrowings, described below under \u2018non-derivative financial liabilities\u2019. The key terms of the CLBILS facilities are described in note 17. Finance expense Finance expense comprises interest charges, including interest on leases under IFRS 16, and losses on interest rate derivative financial instruments. Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Interest expense is recognised in the income statement as it accrues, using the effective interest method. The effective interest method takes into account fees, commissions or other incremental transaction costs integral to the yield. Accounting policies for leases are detailed separately. 1 Accounting policies continued Foreign currencies Functional and presentation currency The consolidated financial statements are presented in pound Sterling, which is the functional currency of the Company. Foreign operations The Group has one foreign subsidiary with a Euro functional currency. On consolidation, assets and liabilities of foreign operations are translated into Sterling at the prevailing market exchange rate on the balance sheet date. The results of foreign operations are translated into Sterling at average rates of exchange for the year. Transactions and balances The Group has currency transactions in respect of inventory purchases and certain sales to retail partners that are denominated in US Dollars. Transactions in foreign currencies are recorded at the exchange rate on the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement within cost of sales, except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign currency gains and losses are reported on a net basis. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or through other comprehensive income, in which case it is recognised in equity or other comprehensive income respectively. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Dividends Dividends are recognised as a liability in the period in which they are approved. Financial instruments Non-derivative financial assets Non-derivative financial assets comprise trade and other receivables and cash and cash equivalents. The Group classifies all its non-derivative financial assets as financial assets at amortised cost. Financial assets at amortised cost are initially measured at fair value plus directly attributable transaction costs, except for trade and other receivables without a significant financing component that are initially measured at transaction price. Subsequent to initial recognition non-derivative financial assets are carried at amortised cost less allowances for expected credit losses. Cash and cash equivalents comprise cash in hand, at bank and on short-term deposit for less than three months. Bank overdrafts, within borrowings, that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash flow statement. Non-derivative financial liabilities Non-derivative financial liabilities comprise bank borrowings and trade and other payables. Non-derivative financial liabilities are initially recognised at fair value, less any directly attributable transaction costs and subsequently stated at amortised cost using the effective interest method. Accounting policies for lease liabilities are detailed separately. Where bank borrowings are refinanced, the Group assesses whether the transaction results in new facilities or a modification of the previous facilities. Where the transaction results in a modification of the facilities, the Group assesses whether that modification is substantial by reference to whether the present value of the cash flows of the new facilities is more than 10% different to the present value of the cash flows of the previous facilities. Where a modification is substantial, the Group derecognises the original liability and recognises a new liability for the modified facilities with any transaction costs expensed to the income statement. Where the modification is non-substantial, the Group amends the carrying amount of the liability to reflect the updated cash flows and amends the effective interest rate from the modification date. The modification of the Group\u2019s borrowings as a result of the refinancing in April 2022 was assessed to be non-substantial. Derivative financial instruments Derivative financial instruments are mandatorily categorised as fair value through profit or loss (\u2018FVTPL\u2019) except to the extent they are part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative contracts and US Dollar denominated cash balances to manage the foreign exchange risk on US Dollar denominated purchases and interest rate derivative contracts to manage the risk on floating interest rate bank borrowings. 1 Accounting policies continued Derivative financial instruments not designated as an effective hedging relationship principally relate to structured foreign exchange options that form part of the foreign exchange risk management policy detailed in note 23 of the financial statements. Gains and losses in respect of foreign exchange and interest rate derivative financial instruments that are not part of an effective hedging relationship are recognised within cost of sales and net finance expense. Cash flow hedges The Group applies cash flow hedge accounting in respect of certain derivative financial instruments for the forward purchase of foreign currency, and interest rate swaps. The Group\u2019s hedging activities are described in further detail in note 23. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income (\u2018OCI\u2019) and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows, applying a hedge ratio of 1:1. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 changes in the timing of the hedged transactions; and \u2022 the effect of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivative contracts, which is not reflected in the change in the fair value of the hedged cash flows. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognised in a costs of hedging reserve within equity. When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition or, for interest cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged interest future cash flows affect profit or loss . If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Fair value estimation The techniques applied in determining the fair values of financial assets and liabilities are disclosed in note 24. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives as follows: \u2022 buildings 25\u201350 years \u2022 leasehold improvements shorter of 5 years and lease term \u2022 plant and equipment 3\u201310 years \u2022 fixtures and fittings 5 years \u2022 motor vehicles 4 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. Intangible assets and goodwill Goodwill Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to CGUs (as described in note 10) and is not amortised but is tested annually for impairment. Software Computer software is carried at cost less accumulated amortisation and any provision for impairment. Costs relating to development of computer software are capitalised if the recognition criteria of IAS 38 \u2018Intangible Assets\u2019 are met or expensed as incurred otherwise. Other intangible assets Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful life of software is three to five years. 1 Accounting policies continued Impairment of non-financial assets The carrying values of non-financial assets are reviewed for impairment where there is an indication of impairment. If an impairment loss arises, the asset value is adjusted to its estimated recoverable amount and the impairment loss is recognised in the income statement. Goodwill and intangible assets not yet ready for use or with an indefinite useful economic life are reviewed for impairment annually. Provisions A provision is recognised where the Group has a present legal or constructive obligation as a result of a past event, which will more likely than not result in the Group being required to make a payment (or other outflow of economic benefits) in order to settle the obligation. Provisions are valued at the Group\u2019s best estimate of the amount that will be required to settle the obligation. Specific information in respect of the provisions recorded in each financial year covered by these accounts is provided in the provisions note. Inventories Inventories are stated at the lower of cost and net realisable value. For inventories manufactured by the Group, cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories, production costs and other costs in bringing them to their existing location and condition. For manufactured inventories and work in progress, cost includes an appropriate share of overheads based on normal operating capacity. Given the significant volumes involved, for inventories held in and for retail stores the Group applies a standard costing methodology. Standard costs are based on agreed costs with suppliers (or the Group\u2019s internal cost of production) and are updated frequently. Where components of the standard are based on market prices, such as for freight, the Group reviews and updates the standard at least annually at the balance sheet date. Provisions are made for obsolete, slow-moving and discontinued inventories, based on experience and the Group\u2019s merchandising plans for current and future seasons. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. Merger reserve On 30 April 2014 Card Factory plc acquired 100% of the share capital of CF Topco Limited in a share for share exchange, thereby inserting Card Factory plc as the Parent Company of the Group. The shareholders of CF Topco Limited became 100% owners of the enlarged share capital of Card Factory plc. The premium arising on the issue of shares is recognised in the merger reserve. Share-based payments The Company issues equity-settled share-based payments to employees within the Group through the Card Factory Restricted Share Awards Scheme (\u2018RSA\u2019) (previously through the (\u2018LTIP\u2019)) and the Card Factory SAYE Scheme (\u2018SAYE\u2019), see note 25 for further details. The cost of equity-settled share awards is measured as the fair value of the award at the grant date using the Black-Scholes model. The cost of the awards is expensed to the income statement, together with a corresponding adjustment to equity, on a straight-line basis over the vesting period of the award. The total income statement charge is based on the Group\u2019s estimate of the number of share awards that will eventually vest in accordance with the vesting conditions. The awards do not include market-based vesting conditions. At each balance sheet date, the Group revises its estimate of the number of awards that are expected to vest. Any revision to estimates is recognised in the income statement, with a corresponding adjustment to equity. Leases Definition of a lease Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. Contracts that were not identified as leases under IAS 17 and IFRC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after 1 February 2019. The Group has assessed that its entire store lease portfolio, some warehousing locations, an office location and motor vehicles are lease contracts. Other contracts assessed, including distribution contracts and IT equipment, are deemed not to be a lease within the definition of IFRS 16 or are subject to the election not to apply the requirements of IFRS 16 to short-term or low value leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. For property leases containing a non-lease component (for instance a lease inclusive of rates and service charge), the Group has elected to apply the practical expedient not to separate the non-lease component from the lease component and treat the whole contract as a lease. A small proportion of the store lease portfolio are subject to an element of turnover linked variable rents that are excluded from the definition of a lease under IFRS 16. The Group does not have any significant lessor contracts. 1 Accounting policies continued Accounting as a lessee The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The right-of-use asset is periodically reduced by any impairment losses, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Typically, the Group uses its incremental borrowing rate, at the date of lease commencement, as the discount rate. The Group determines its incremental borrowing rate by reference to its own funding arrangements, which are subject to leverage margin ratchets, variable three-month SONIA interest rates and periodic refinancing, thereby ensuring they remain a reasonable reflection of the Group\u2019s current borrowing costs. The Group\u2019s leases are predominantly in respect of its store portfolio, which represent the majority of the Group\u2019s revenue and therefore the Group\u2019s borrowing costs, as at the date of lease commencement, are deemed to be representative of the incremental borrowing costs for additions to right-of-use assets. The Group does not believe there are significant differences between the risk margins that would apply across its lease portfolio. The term and payment profile are reflected in the discount rate applied to each individual lease by virtue of the variable interest-curve component of the incremental borrowing rate. The assessment of lease term may include the application of judgement, particularly in respect of options to break often included in the Group\u2019s property leases. The Group assesses lease term as the non-cancellable period of the lease plus an assessment of reasonably certain continued tenancy in respect of tenant options to break or renew. This period usually equates to the full term of the lease. The Group considers that lease renewal is reasonably certain when it has determined whether the store meets its strategic requirements, and is confident the landlord is supportive of lease renewal and on terms acceptable to the Group. This typically occurs in the latter stages of an existing lease. After initial recognition, the lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index, rate or contractual market rent review or if there is a significant event or change in circumstances as a result of which the Group changes its assessment of whether it will exercise a break option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. From time to time, a lease may expire without a new lease being agreed. In such circumstances, if the Group has not served or received notice under the terms of the lease, it may continue to occupy the store whilst a new lease is agreed, referred to as a \u2018holdover arrangement\u2019. Most of the store portfolio is protected by the Landlord and Tenant Act (1954), under which as tenant the Group has an automatic right to a new lease subject to certain specific grounds under which the landlord can cancel. Under a holdover arrangement, the lease typically continues on a rolling basis on the same financial terms as the previous lease until new terms are formally agreed. The Group accounts for holdover arrangements by assuming a new five-year lease with payments equivalent to those previously agreed. Five years represents the average term of a lease across the Group\u2019s store portfolio, inclusive of break periods considered reasonably likely not to be exercised. In rare circumstances, the holdover lease may be calculated using alternative assumptions that better reflect the Group\u2019s expectations regarding the likely cost and term of the new lease being negotiated. When new terms are agreed, the holdover lease is modified according to the Group\u2019s normal accounting policy for lease modifications, as described above. Where a lease expires at the end of its contractual term, including where the store in question enters a holdover arrangement, the right-of-use asset cost and accumulated depreciation associated with that lease is treated as a disposal. 2 Segmental reporting Following investment in the Group\u2019s people, systems and infrastructure to support its strategy, the Group is organised into five main business areas which meet the definition of an Operating segment under IFRS, those being cardfactory stores, cardfactory Online, Getting Personal, Partnerships and Printcraft. Each of these business areas has a dedicated management team and reports discrete financial information to the Board for the purpose of decision making. \u2022 cardfactory stores retail greeting cards, celebration essentials, and gifts principally through an extensive UK store network, with a small number of stores in the Republic of Ireland. \u2022 cardfactory Online retails greeting cards, celebration essentials, and gifts via its online platform. \u2022 Getting Personal is an online retailer of personalised cards and gifts. \u2022 Partnerships sells greeting cards, celebration essentials, and gifts via a network of third party retail partners both in the UK and overseas. \u2022 Printcraft is a manufacturer of greeting cards and personalised gifts, and sells the majority of its output intra-group to the stores and online businesses. The accounting policies applied in preparing financial information for each of the Group\u2019s segments are consistent with those applied in the preparation of the consolidated financial statements. The Group\u2019s support centre and administrative functions are run by the cardfactory stores segment, with operating costs recharged to other segments where they are directly attributable to the operations of that segment. 2 Segmental reporting continued The Board reviews revenue and EBITDA by segment, with the exception of Printcraft by virtue of its operations being predominantly intra-group in nature. Whilst only cardfactory stores meets the quantitative thresholds in IFRS to require disclosure, the Group\u2019s other trading segments are reported below as the Group considers that this information is useful to stakeholders in the context of the Group\u2019s \u2018Opening Our New Future\u2019 strategy. Revenue and EBITDA for each segment, and a reconciliation to the consolidated operating profit per the financial statements, is provided in the table below: 2023 \u2013 \u00a3m cardfactory stores cardfactory Online Getting Personal Partnerships Other Group Segment Revenue 440.4 8.8 8.5 5.0 0.7 463.4 Segment EBITDA 116.1 (2.2) (1.5) 1.4 (1.8) 112.0 Depreciation, amortisation & impairment (48.2) Consolidated Operating Profit 63.8 2022 \u2013 \u00a3m cardfactory stores cardfactory Online Getting Personal Partnerships Other Group Segment Revenue 335.1 10.9 12.9 4.6 0.9 364.4 Segment EBITDA 82.0 0.6 1.0 2.3 (0.3) 85.6 Depreciation, amortisation & impairment (54.0) Consolidated Operating Profit 31.6 The \u2018Other\u2019 column principally reflects central overheads and Printcraft sales to third parties. In the prior year, the Group disclosed a \u2018Card Factory\u2019 segment which was effectively an aggregation of the cardfactory stores, cardfactory Online and Partnerships segments disclosed above. The disclosure has been updated this year to reflect changes in the Group\u2019s organisational structure and internal reporting. Group revenue is almost entirely derived from retail customers. Average transaction value is low and products are transferred at the point of sale. Group revenue is presented as a single category as, by segment, revenues are subject to substantially the same economic factors that impact the nature, amount, timing and uncertainty of revenue and cash flows. The table below sets out a geographical analysis of revenues for the current and prior year: 2023 \u00a3m 2022 \u00a3m Revenue derived from customers in the UK 451.6 357.5 Revenue derived from customers overseas 11.8 6.9 Consolidated revenue 463.4 364.4 Revenue from overseas reflects revenues earned from the Group\u2019s stores in the Republic of Ireland and from retail partners based outside of the UK. Of the Group\u2019s non-current assets, \u00a35.0 million (2022: \u00a32.1 million) relates to assets based outside of the UK, principally in relation to the Group\u2019s stores in the Republic of Ireland. The increase compared to the prior year reflects the impact of the increase in the store portfolio on the value of right-of-use assets. 3 Operating profit Operating profit is stated after charging/(crediting) the following items: 2023 \u00a3m 2022 \u00a3m Staff costs (note 5) 138.2 113.8 Government grant income \u2013 (8.0) Depreciation expense \u2013 owned fixed assets (note 11) 8.0 8.8 \u2013 right of use assets (note 12) 35.7 37.4 Amortisation expense (note 10) 2.3 2.9 Impairment of right-of-use assets (note 12) 1.3 5.0 Impairment of intangible assets (note 10) 1.5 \u2013 Profit on disposal of fixed assets (0.6) \u2013 Foreign exchange gain 1.5 2.6 3 Operating profit continued The total fees payable by the Group to KPMG LLP and their associates during the period was as follows: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Audit of the consolidated and Company financial statements 30 30 Amounts receivable by the Company\u2019s auditor and its associates in respect of: Audit of financial statements of subsidiaries of the Company 620 340 Audit-related assurance services 50 45 Other assurance services \u2013 288 Total fees 700 703 Other assurance services provided in the prior year were in respect of assurance services in connection with the Group\u2019s financial statements for transactions that did not proceed. The appointment of KPMG LLP to provide such services was made in accordance with the Group\u2019s policy on external auditors supplying non-audit services. 4 EBITDA EBITDA represents profit for the period before net finance expense, taxation, gains or losses on disposal, depreciation, amortisation and impairment charges. 2023 \u00a3m 2022 \u00a3m Operating profit 63.8 31.6 Depreciation, amortisation and impairment 48.2 54.0 EBITDA 112.0 85.6 5 Employee numbers and costs The average number of people employed by the Group (including Directors) during the year, analysed by category, was as follows: 2023 Number 2022 Number Management and administration 482 434 Operations 9,367 8,736 9,849 9,170 The aggregate payroll costs of all employees including Directors were as follows: 2023 \u00a3m 2022 \u00a3m Employee wages and salaries 120.5 99.8 Equity-settled share-based payment expense 1.7 0.8 Social security costs 8.2 6.5 Defined contribution pension costs 1.8 1.5 Total employee costs 132.2 108.6 Agency labour costs 6.0 5.2 Total staff costs 138.2 113.8 Total employee costs are presented net of \u00a3nil (2022: \u00a39.4 million) recovered through the CJRS. Key management personnel The key management personnel of the Group comprise the Card Factory plc Board of Directors, the Executive Board and the Operating Board. Key management personnel compensation is as follows: 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 6.1 4.4 Equity-settled share-based payment expense 1.4 0.6 Social security costs 0.8 0.6 Defined contribution pension costs 0.2 0.1 8.5 5.7 Remuneration of Directors 2023 \u00a3m 2022 \u00a3m Directors\u2019 remuneration 1.9 1.8 Amounts receivable under long-term incentive schemes 0.1 0.1 Company contributions to defined contribution pension plans \u2013 \u2013 2.0 1.9 The table above includes the remuneration of Directors in each year. Director\u2019s remuneration for the period includes \u00a340k in respect of compensation for loss of office for Kris Lee following his resignation on 31 January 2023. Amounts receivable under long-term incentive schemes reflects the value of options exercised during the year. Further details of the remuneration of the current Directors are disclosed in the Directors\u2019 Remuneration Report on pages 80 to 95. The basis of calculation for certain items described in the Directors\u2019 Remuneration Report may differ to that used in this note, reflecting differences in the relevant regulations. 6 Finance expense 2023 \u00a3m 2022 \u00a3m Finance expense Interest on bank loans and overdrafts 6.0 6.8 Amortisation of loan issue costs 0.9 10.4 Lease interest 4.5 3.3 11.4 20.5 7 Taxation The tax charge includes both current and deferred tax. The tax charge reflects the estimated effective tax on the profit before tax for the Group for the year ending 31 January 2023 and the movement in the deferred tax balance in the year, so far as it relates to items recognised in the income statement. Taxable profit or loss differs from profit or loss before tax as reported in the income statement, because it excludes items of income or expenditure that are either taxable or deductible in other years or never taxable or deductible. Recognised in the income statement 2023 \u00a3m 2022 \u00a3m Current tax charge/(credit) Current year 8.3 1.2 Adjustments in respect of prior periods (1.6) 0.8 Total current tax charge 6.7 2.0 Deferred tax charge/(credit) Origination and reversal of temporary differences 2.5 1.2 Adjustments in respect of prior periods (1.8) (0.7) Effect of change in tax rate 0.8 0.5 Total deferred tax charge 1.5 1.0 Total income tax charge 8.2 3.0 The effective tax rate of 15.6% (2022: 27.0%) on the profit before taxation for the year is lower than (2022: higher than) the average rate of mainstream corporation tax in the UK of 19% (2022: 19%). The lower effective tax rate is principally due to adjustments in respect of prior periods following the allocation of brought-forward losses and reliefs when the tax computations for that period were finalised subsequent to the publication of the consolidated financial statements for the FY22 financial year, partially offset by the effect of higher rates applicable to deferred tax balances (see note 13). The tax charge is reconciled to the standard rate of UK corporation tax as follows: 2023 \u00a3m 2022 \u00a3m Profit before tax 52.4 11.1 Tax at the standard UK corporation tax rate of 19% (2022: 19.0%) 10.0 2.1 Tax effects of: Expenses not deductible for tax purposes 0.7 0.3 Adjustments in respect of prior periods (3.3) 0.1 Effect of change in tax rate 0.8 0.5 Total income tax charge 8.2 3.0 Total taxation recognised through the income statement, other comprehensive income and through equity are as follows: 2023 2022 Current \u00a3m Deferred \u00a3m Total \u00a3m Current \u00a3m Deferred \u00a3m Total \u00a3m Income statement 6.7 1.5 8.2 2.0 1.0 3.0 Other comprehensive income \u2013 1.2 1.2 \u2013 0.6 0.6 Equity \u2013 (1.3) (1.3) \u2013 0.2 0.2 Total tax 6.7 1.4 8.1 2.0 1.8 3.8 8 Dividends There were no dividends paid in either the current or the previous year. The Board is not recommending a final dividend in respect of the financial year ended 31 January 2023 (2022: no final dividend). Whilst the Group\u2019s CLBILS and tranche A of the term loan facilities remain outstanding (see note 17), the Group is prohibited from making distributions under the terms of its financing arrangements. 9 Earnings per share Basic earnings per share is calculated by dividing the profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is based on the weighted average number of shares in issue for the period, adjusted for the dilutive effect of potential ordinary shares. Potential ordinary shares represent employee share incentive awards and save as you earn share options. 2023 (Number) 2022 (Number) Weighted average number of shares in issue 342,328,622 341,770,579 Weighted average number of dilutive share options 1,604,107 1,843,537 Weighted average number of shares for diluted earnings per share 343,932,729 343,614,116 \u00a3m \u00a3m Profit for the financial period 44.2 8.1 pence pence Basic earnings per share 12.9 2.4 Diluted earnings per share 12.8 2.4 10 Intangible assets Goodwill \u00a3m Software \u00a3m Total \u00a3m Cost At 1 February 2022 328.2 17.0 345.2 Additions \u2013 9.4 9.4 Disposals \u2013 (0.4) (0.4) At 31 January 2023 328.2 26.0 354.2 Amortisation/impairment At 1 February 2022 14.4 10.1 24.5 Amortisation in the period \u2013 2.3 2.3 Impairment in the period \u2013 1.5 1.5 Amortisation on disposals \u2013 (0.4) (0.4) At 31 January 2023 14.4 13.5 27.9 Net book value At 31 January 2023 313.8 12.5 326.3 At 31 January 2022 313.8 6.9 320.7 During the year, the Group recognised an impairment charge of \u00a31.5 million in respect of work performed in respect of a new online platform for Getting Personal. The charge reflects work on functionality which was ultimately not part of the platform when it went live in March 2023. Goodwill \u00a3m Software \u00a3m Total \u00a3m Cost At 1 February 2021 328.2 13.7 341.9 Additions \u2013 3.3 3.3 Disposals \u2013 \u2013 \u2013 At 31 January 2022 328.2 17.0 345.2 Amortisation/impairment At 1 February 2021 14.4 7.2 21.6 Amortisation in the period \u2013 2.9 2.9 Amortisation on disposals \u2013 \u2013 \u2013 At 31 January 2022 14.4 10.1 24.5 Net book value At 31 January 2022 313.8 6.9 320.7 At 31 January 2021 313.8 6.5 320.3 Impairment Testing: Goodwill Goodwill arising on the acquisition of Getting Personal in 2011 of \u00a314.4 million was allocated to the Getting Personal CGU, which corresponds to the Getting Personal operating segment (see note 2). Goodwill in respect of the Getting Personal CGU was fully written down in 2020. All remaining goodwill is in respect of the cardfactory stores business, which is comprised of all of the cardfactory stores (each an individual CGU for impairment testing purposes), associated central functions and shared assets. cardfactory stores is the lowest level at which the Group\u2019s management monitors goodwill internally. As described in note 2, the Group updated its view of operating segments in the period. The cardfactory stores business previously formed part of the \u2018Card Factory\u2019 operating segment, which has been divided into \u2018cardfactory stores\u2019, \u2018cardfactory Online\u2019 and \u2018Partnerships\u2019 segments in FY23. The cardfactory stores business is comparable to the \u2018cardfactory stores\u2019 operating segment. Within the previous, aggregated segment, the assets attributable to each of these lines of business was clearly identifiable given the different nature of the sales platforms and customers to each. Goodwill of \u00a3313.8 million was previously allocated to the cardfactory business within the \u2018Card Factory\u2019 segment. Accordingly, upon amending the segmental analysis, the allocation of assets to each CGU has not changed as the assets attributable to the cardfactory stores business were identifiable within the previous Card Factory segment. 10 Intangible assets continued The total carrying amount of the cardfactory stores group of CGUs for impairment testing purposes, inclusive of liabilities that are necessarily considered in determining the recoverable amount, at 31 January 2023 was \u00a3315.5 million (2022: \u00a3295.0 million). The recoverable amount has been determined based on a value-in-use calculation. This value- in-use calculation is based on the Group\u2019s most recent approved five-year strategic plan, to exclude any value from planned new stores or initiatives, so as to assess the valuation of the assets in their current state and condition. The key assumptions used in determining the recoverable amount are: \u2022 Future trading performance including sales growth, product mix, material and operating costs; \u2022 Foreign exchange rates applicable to the Group\u2019s purchases of goods for resale; \u2022 The terminal growth rate applied; and \u2022 The discount rate. The values assigned to the variables that underpin the Group\u2019s expectations of future trading performance were determined based on historical performance and the Group\u2019s expectations with regard to future trends. Where applicable, amounts take into account the Group\u2019s hedges and fixed contracts, changes in market prices and rates, and relevant industry and consumer data to inform expectations around future trends. The Group assumes a long-term GBPUSD exchange rate in line with published forward curves at the balance sheet date, adjusted to reflect the value of forward contracts in place. The fair value of these contracts is included in the carrying amount. A 0% (2022: 0%) terminal growth rate is applied beyond the five-year term of the plan, representing a sensitised view of the Group\u2019s estimate of the long-term growth rate of the sector. Whilst such long-term rates are inherently difficult to benchmark using independent data, the Group\u2019s reverse stress-testing of the goodwill impairment model indicated a significant negative terminal decline would be required in order to eliminate the headroom completely. The forecast cash flows are discounted at a pre-tax rate of 12.0% (2022: 12.0%). The discount rate is derived from a calculation using the capital asset pricing model to calculate cost of equity utilising available market data. The discount rate is compared to the published discount rates of comparable businesses and relevant industry data prior to being adopted. No impairment loss was identified. The valuation indicates sufficient headroom such that any reasonably possible change to the key assumptions would not result in an impairment of the related goodwill. Impairment Testing: Intangible assets not yet available for use Both the Getting Personal and cardfactory Online CGUs include intangible assets that are not yet available for use. Accordingly, an impairment test in respect of these CGUs was carried out at 31 January 2023. The total carrying amount of the Getting Personal and cardfactory Online CGUs for impairment testing purposes, inclusive of liabilities that are necessarily considered in determining the recoverable amount, at 31 January 2023 was not material either individually or in aggregate. The value of intangible assets not yet available for use included in the carrying amount was \u00a33.5 million. The key assumptions are consistent with those set out above in respect of the goodwill impairment review, with the exception of foreign exchange rates which are not significant to the analysis for these CGUs. To ensure the analysis fairly reflected the expected value in use of the assets within each CGU, the estimated future cash flows included all costs to complete the assets under development and sales associated with those assets once deployed into use. No impairment loss above that already recorded (above) in respect of either CGU was identified. The cardfactory Online valuation indicated sufficient headroom such that any reasonably possible change in assumptions would not result in an impairment charge. The Getting Personal valuation headroom was limited, reflecting the impairment charge recorded in respect of intangible assets; however given the immaterial remaining carrying amount, any change in assumptions would not materially change the impairment charge for the period. 11 Property, plant and equipment Freehold property \u00a3m Leasehold improvements \u00a3m Plant, equipment, fixtures & vehicles \u00a3m Total \u00a3m Cost At 1 February 2022 17.9 40.8 70.3 129.0 Additions 0.9 \u2013 7.9 8.8 Disposals (0.2) \u2013 \u2013 (0.2) At 31 January 2023 18.6 40.8 78.2 137.6 Depreciation At 1 February 2022 4.4 37.3 55.7 97.4 Depreciation in the period 0.5 1.7 5.8 8.0 Depreciation on disposals \u2013 \u2013 \u2013 \u2013 At 31 January 2023 4.9 39.0 61.5 105.4 Net book value At 31 January 2023 13.7 1.8 16.1 32.2 At 31 January 2022 13.5 3.5 14.6 31.6 11 Property, plant and equipment continued Freehold property \u00a3m Leasehold improvements \u00a3m Plant, equipment, fixtures & vehicles \u00a3m Total \u00a3m Cost At 1 February 2021 17.8 40.2 67.6 125.6 Additions 0.1 0.7 2.8 3.6 Disposals \u2013 (0.1) (0.1) (0.2) At 31 January 2022 17.9 40.8 70.3 129.0 Depreciation At 1 February 2021 3.9 34.8 50.1 88.8 Depreciation in the period 0.5 2.6 5.7 8.8 Depreciation on disposals \u2013 (0.1) (0.1) (0.2) At 31 January 2022 4.4 37.3 55.7 97.4 Net book value At 31 January 2022 13.5 3.5 14.6 31.6 At 31 January 2021 13.9 5.4 17.5 36.8 12 Leases The Group has lease contracts, within the definition of IFRS 16 Leases, in relation to its entire store lease portfolio, some warehousing office locations, an office location and motor vehicles. Other contracts, including distribution contracts and IT equipment, are deemed not to be a lease within the definition of IFRS 16 or are subject to the election not to apply the requirements of IFRS 16 to short-term or low value leases. Accounting policies for leases are detailed in note 1. Assets, liabilities and the income statement expense in relation to leases are detailed below. Right-of-use assets Buildings \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost At 1 February 2022 300.6 1.3 301.9 Additions 39.4 0.2 39.6 Disposals (60.7) (0.7) (61.4) Effect of foreign exchange rates \u2013 \u2013 \u2013 At 31 January 2023 279.3 0.8 280.1 Depreciation and impairment At 1 February 2022 202.5 0.9 203.4 Depreciation in the period 35.3 0.4 35.7 Impairment charges in the period 3.7 \u2013 3.7 Impairment reversed in the period (2.4) \u2013 (2.4) Depreciation on disposals (59.4) (0.7) (60.1) Impairment on disposals (0.7) \u2013 (0.7) Effect of foreign exchange rates \u2013 \u2013 \u2013 At 31 January 2023 179.0 0.6 179.6 Net book value At 31 January 2023 100.3 0.2 100.5 At 31 January 2022 98.1 0.4 98.5 12 Leases continued Buildings \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost At 1 February 2021 316.3 1.6 317.9 Additions 29.7 0.1 29.8 Disposals (45.2) (0.4) (45.6) Effect of foreign exchange rates (0.2) \u2013 (0.2) At 31 January 2022 300.6 1.3 301.9 Depreciation and impairment At 1 February 2021 205.7 0.8 206.5 Depreciation in the period 37.0 0.4 37.4 Impairment in the period 5.0 \u2013 5.0 Depreciation on disposals (44.3) (0.3) (44.6) Impairment on disposals (0.8) \u2013 (0.8) Effect of foreign exchange rates (0.1) \u2013 (0.1) At 31 January 2022 202.5 0.9 203.4 Net book value At 31 January 2022 98.1 0.4 98.5 At 31 January 2021 110.6 0.8 111.4 Disposals and depreciation/impairment on disposals includes fully depreciated right-of-use assets where the lease term has expired, including amounts in respect of leases that have expired but the asset remained in use whilst a new lease was negotiated. The Group\u2019s full accounting policy in respect of leases and right-of-use assets is set out in note 1. Impairment testing: Store assets Reflecting continued macro-economic uncertainty, cost inflation and the existence of loss making stores within the portfolio, the Group considers that an indicator of potential impairment exists in respect of the store portfolio and, accordingly, an impairment review of the Group\u2019s store assets was undertaken in the 2023 financial year. For this purpose, each of the Group\u2019s stores is considered to be a CGU, with each store\u2019s carrying amount determined by assessing the value of right-of-use assets and property, plant and equipment insofar as they are directly allocable to an individual store. The assessment of whether an indicator of impairment may exist in respect of store assets is considered across the store portfolio and not on a store-by-store basis. Accordingly, the store impairment review considers all stores in the portfolio. The recoverable amount of each store was determined based on the expected future cash flows applicable to each store, assessed using a basis consistent with the future cash flows used in the goodwill impairment test described in note 10, but limited to the term of the current lease as assessed under IFRS 16. As a result, the key assumptions are also considered to be consistent with those described in note 10, in addition to the allocation of central and shared costs to individual stores insofar as such an allocation can be made on a reasonable and consistent basis. Most such costs are allocated on the basis of the relative sales of each individual store. Application of these assumptions resulted in a net impairment charge of \u00a31.3 million (2022: \u00a35.0 million), comprised of impairment charges of \u00a33.7 million (2022: \u00a35.0 million) and the reversal of previous impairment charges of \u00a32.4 million (2022: \u00a3nil). Having conducted scenario analysis, the Group does not consider any reasonably possible change in the key assumptions would result in a material change to the impairment charge. Lease liabilities 2023 \u00a3m 2022 \u00a3m Current lease liabilities (27.3) (41.1) Non-current lease liabilities (78.1) (78.7) Total lease liabilities (note 21) (105.4) (119.8) Lease expense: Total lease-related expenses 2023 \u00a3m 2022 \u00a3m Depreciation expense on right-of-use assets 35.7 37.4 Impairment of right-of-use assets 1.3 5.0 Profit on disposal of fixed assets (0.5) \u2013 Lease interest 4.5 3.3 Expense relating to short-term and low value leases 1 \u2013 \u2013 Expense relating to variable lease payments 2 0.2 0.2 Total lease-related income statement expense 41.2 45.9 1 Contracts subject to the election not to apply the requirements of IFRS 16 to short-term or low value leases. 2 A small proportion of the store lease portfolio are subject to an element of turnover-linked variable rents that are excluded from the definition of a lease under IFRS 16. 13 Deferred tax assets and liabilities Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of an asset or liability in the financial statements and the corresponding tax bases used in the computation of taxable profit/loss. Movement in deferred tax during the year: Fixed assets \u00a3m Share\u2013 based payments \u00a3m Derivative financial instruments and hedge accounting \u00a3m IFRS 16 Leases \u00a3m Tax losses \u00a3m Other timing differences \u00a3m Total \u00a3m At 1 February 2021 0.3 0.1 0.6 1.4 1.7 1.2 5.3 Credit/(charge) to income statement 0.5 0.2 \u2013 (1.4) 0.5 (0.8) (1.0) Credit/(charge) to other comprehensive income \u2013 0.2 (0.8) \u2013 \u2013 \u2013 (0.6) Charge to equity \u2013 \u2013 (0.2) \u2013 \u2013 \u2013 (0.2) At 31 January 2022 0.8 0.5 (0.3) \u2013 2.2 0.4 3.6 Credit/(charge) to income statement (0.2) \u2013 \u2013 \u2013 (2.2) 0.8 (1.6) Credit/(charge) to other comprehensive income \u2013 0.9 (2.1) \u2013 \u2013 \u2013 (1.2) Charge to equity \u2013 \u2013 1.3 \u2013 \u2013 \u2013 1.3 At 31 January 2023 0.6 1.4 (1.1) \u2013 \u2013 1.2 2.1 Deferred tax assets and liabilities are offset to the extent they are levied by the same tax authority and the Group has a legally enforceable right to do so, otherwise they are shown separately in the balance sheet. Deferred tax assets and liabilities are offset as follows: 2023 \u00a3m 2022 \u00a3m Deferred tax assets 3.2 3.9 Deferred tax liabilities (1.1) (0.3) Net deferred tax asset 2.1 3.6 The Finance Act 2021 contained legislation to increase the mainstream corporation tax rate in the UK from 19% to 25%, which came into effect from 1 April 2023. The Group has therefore measured deferred tax assets and liabilities at this higher rate of tax. The impact of deferred tax items expected to unwind between the balance sheet date and 1 April 2023 at the lower rate of 19% is not material. 14 Inventories 2023 \u00a3m 2022 \u00a3m Finished goods 44.7 32.7 Work in progress 0.6 0.4 45.3 33.1 Inventories are stated net of provisions totalling \u00a316.1 million (2022: \u00a320.7 million). The value of inventories written down in the period was \u00a314.0 million (2022: \u00a311.6 million). The cost of inventories recognised as an expense and charged to cost of sales in the year, net of movements in provisions, was \u00a3145.3 million (2022: \u00a3121.6 million). 15 Trade and other receivables 2023 \u00a3m 2022 \u00a3m Current Trade receivables 2.0 3.0 Prepaid property costs 2.9 2.3 Other prepayments 8.4 2.8 13.3 8.1 The Group has net US Dollar denominated trade and other receivables of \u00a30.8 million (2022: \u00a31.0 million). Group revenue is principally attributable to the retail sale of cards, dressings and gifts. Revenue is subject to a single performance obligation fulfilled by receipt of goods at the point of payment with minimal returns and refunds. Trade receivables are attributable to retail partnerships and non-retail sales which generated revenue of \u00a35.6 million (2022: \u00a35.6 million) in the year. No significant impairment loss has been recorded against trade receivables. 16 Cash and cash equivalents 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand 11.7 38.3 Cash presented as current assets in the balance sheet 11.7 38.3 Unsecured bank overdraft (1.8) \u2013 Overdraft presented as current liabilities in the balance sheet (1.8) \u2013 Net cash and cash equivalents 9.9 38.3 The Group manages its liquidity requirements on a Group-wide basis and regularly sweeps and pools cash in order to optimise returns and/or ensure the most efficient deployment of borrowing facilities in order to minimise fees whilst maintaining sufficient short-term liquidity to meet its liabilities as they fall due. Cash in bank accounts and overdrafts are presented net where the Group has a legal right to offset amounts \u2013 such as those with the same banking provider or included in netting arrangements under its financing facilities. The Group\u2019s cash and cash equivalents are denominated in the following currencies: 2023 \u00a3m 2022 \u00a3m Sterling 0.2 21.5 Euro 4.8 1.4 US Dollar 4.9 15.4 9.9 38.3 17 Borrowings 2023 \u00a3m 2022 \u00a3m Current liabilities Bank loans and accrued interest 48.3 25.5 Bank overdraft 1.8 \u2013 Total current liabilities 50.1 25.5 Non-current liabilities Bank loans 17.4 85.5 Current liabilities includes bank loans where the liability is due to be settled in the next 12 months (such as scheduled repayments in respect of secured term loans and CLBILs) or where the Group does not have an unconditional right to defer repayment beyond 12 months (such as revolving facilities subject to covenant requirements). Bank loans Bank borrowings as at 31 January 2023 are summarised as follows: Liability \u00a3m Interest rate % Interest margin ratchet range % 31 January 2023 Secured term loans \u2013 Tranche \u2018A\u2019 9.0 5.00 + SONIA \u2013 Secured term loans \u2013 Tranche \u2018B\u2019 18.8 5.50 +SONIA \u2013 Secured CLBILs 16.1 See note \u2013 Secured revolving credit facility 23.0 Margin + SONIA 2.75\u20134.50 Total facility size = \u00a3100 million Accrued interest 0.2 Bank overdraft 1.8 Debt issue costs (1.4) 67.5 31 January 2022 Secured term loans 67.2 4.50 + SONIA \u2013 Interest rate increases 1.00% every six months Secured CLBILs 44.8 See note. \u2013 Secured revolving credit facility \u2013 Margin + SONIA 2.75\u20134.50 Total facility size = \u00a3100 million Accrued interest 0.5 Debt issue costs (1.5) 111.0 On 21 April 2022, the Group agreed an updated and amended financing package with its banking partners, which reduced the overall quantum and extended the term of the Group\u2019s facilities. The revised facilities comprised term loans of \u00a330 million, CLBILS of \u00a320 million and an RCF of \u00a3100 million. The CLBILS are subject to an amortising repayment profile with final maturity in September 2023. The Term Loans are set in two tranches, both with an amortising repayment profile. Tranche \u2018A\u2019 has a final maturity in January 2024 and Tranche \u2018B\u2019 is coterminous with the RCF in September 2025. 17 Borrowings continued The Term Loan \u2018A\u2019 interest rate margin was 5.0% over SONIA, and the Term Loan \u2018B\u2019 interest rate margin was 5.5% over SONIA. The CLBILS facilities attract interest rates of between 3.1% and 3.75% over SONIA or the Bank of England Base Rate. The RCF, when drawn, is subject to an interest rate ratchet of between 2.75% and 4.5% over SONIA based upon the Group\u2019s leverage position. The revised Term Loan and CLBILS facilities were drawn in full from the refinancing date, with the RCF drawn to replace the existing term loans and CLBILs that were paid down. The RCF was subsequently drawn during the period to support liquidity when needed and includes up to \u00a317.5 million that can be utilised as an overdraft facility on certain of the Group\u2019s bank accounts. The full RCF remains available to draw on if required, with \u00a375.2 million of undrawn committed facilities available to the Group at the balance sheet date. Total repayments in respect of the revised Term Loan and CLBILS facilities during FY23 were \u00a36.1 million. At the balance sheet date, the Group remained subject to two financial covenants, tested quarterly, in relation to leverage (ratio of net debt to EBITDA) and interest cover (ratio of interest and rent costs to EBITDA). Covenant thresholds are phased to return to 2.5x leverage and 1.75x interest cover by January 2024. In addition, the terms of the facilities prevent the Group from making any distributions to shareholders whilst the CLBILS and Term Loan \u2018A\u2019 remain outstanding and places a limit on the total value of capital expenditure the Group can make in each financial year to FY25. The Group expects to be able to operate and have sufficient headroom within these covenants to deliver its strategy. Debt issue costs in respect of the April 2022 refinancing totalled \u00a31.8 million and are being amortised to the income statement over the duration of the revised facilities. 18 Trade and other payables 2023 \u00a3m 2022 \u00a3m Current Trade payables 29.2 31.1 Other taxation and social security 20.6 4.6 Contract liabilities \u2013 2.4 Property accruals 7.8 4.9 Payroll accruals 13.9 15.8 Other accruals 13.2 12.9 84.7 71.7 The Group has net US Dollar denominated trade and other payables of \u00a310.1 million (2022: \u00a38.5 million). During FY23, the Group aligned its UK VAT quarters with its financial year, resulting in the final payment in respect of each year moving from January to February. As a result, payables in respect of other taxation and social security significantly increased in FY23, owing to inclusion of the full quarterly payment made in February 2023. 19 Share capital and share premium 2023 (Number) 2022 (Number) Share capital Allotted, called up and fully paid ordinary shares of one pence: At the start of the period 341,878,341 341,626,396 Issued in the period (note 25) 757,749 251,945 At the end of the period 342,636,090 341,878,341 \u00a3m \u00a3m Share capital At the start of the period 3.4 3.4 Issued in the period (note 25) \u2013 \u2013 At the end of the period 3.4 3.4 \u00a3m \u00a3m Share premium At the start of the period 202.2 202.2 Issued in the period (note 25) \u2013 \u2013 At the end of the period 202.2 202.2 Shares issued in the period relate entirely to those issued upon vesting of employee share schemes. See note 25. 20 Notes to the cash flow statement Reconciliation of operating profit to cash generated from operations: 2023 \u00a3m 2022 \u00a3m Profit before tax 52.4 11.1 Net finance expense 11.4 20.5 Operating profit 63.8 31.6 Adjusted for: Depreciation and amortisation 46.0 49.1 Impairment of right-of-use assets 1.3 5.0 Impairment of intangible assets 1.5 \u2013 Gain on disposal of fixed assets (0.5) \u2013 Cash flow hedging foreign currency movements 0.8 (1.4) Share-based payments charge 1.7 0.8 Operating cash flows before changes in working capital 114.6 85.1 (Increase)/decrease in receivables (5.2) 1.1 (Increase)/decrease in inventories (12.2) 3.3 Increase/(decrease) in payables 13.3 11.9 Movement in provisions (2.7) 12.2 Cash inflow from operating activities 107.8 113.6 21 Analysis of net debt At 1 February 2022 \u00a3m Cash flow \u00a3m Non-cash changes \u00a3m At 31 January 2023 \u00a3m Secured bank loans and accrued interest (note 17) (111.0) 51.4 (6.1) (65.7) Lease liabilities (119.8) 57.0 (42.6) (105.4) Total debt (230.8) 108.4 (48.7) (171.1) Add: debt costs capitalised (1.5) (1.8) 1.9 (1.4) Add: bank overdraft \u2013 (1.8) \u2013 (1.8) Less: cash and cash equivalents (note 16) 38.3 (26.6) \u2013 11.7 Net debt (194.0) 78.2 (46.8) (162.6) Lease liabilities 119.8 (57.0) 42.6 105.4 Net debt excluding lease liabilities (74.2) 21.2 (4.2) (57.2) At 1 February 2021 \u00a3m Cash flow \u00a3m Non-cash changes \u00a3m At 31 January 2022 \u00a3m Secured bank loans and accrued interest (note 17) (119.0) 8.0 \u2013 (111.0) Lease liabilities (144.9) 57.8 (32.7) (119.8) Total debt (263.9) 65.8 (32.7) (230.8) Add: debt costs capitalised (1.2) (8.7) 8.4 (1.5) Less: cash and cash equivalents (note 16) 12.5 25.8 \u2013 38.3 Net debt (252.6) 82.9 (24.3) (194.0) Lease liabilities 144.9 (57.8) 32.7 119.8 Net debt excluding lease liabilities (107.7) 25.1 8.4 (74.2) Non-cash changes in respect of lease liabilities reflect changes in the carrying amount of leases arising from additions, disposals and modifications. 22 Provisions Covid-19- related support \u00a3m Property provisions \u00a3m Total \u00a3m At 1 February 2021 \u2013 \u2013 \u2013 Provisions made during the year 12.2 \u2013 12.2 At 31 January 2022 12.2 \u2013 12.2 Transfer from contract liabilities \u2013 2.5 2.5 Provisions utilised during the year (2.3) (0.9) (3.2) Provisions released during the year (2.5) (0.9) (3.4) Provisions provided during the year \u2013 1.4 1.4 At 31 January 2023 7.4 2.1 9.5 Covid-19-related support provisions reflect amounts received under one-off schemes designed to provide support to businesses affected by Covid-19 restrictions, including lockdown grants and CJRS, in excess of the value the Group reasonably believes it is entitled to retain under the terms and conditions of those schemes. The provisions have been estimated based on the Group\u2019s interpretation of the terms and conditions of the respective schemes and, where applicable, independent professional advice. However, the actual amount that will be repaid is not certain. In July 2022, following an unprompted disclosure to HMRC and resulting investigation, the Group made a payment of \u00a32.3 million in final settlement of its CJRS position. As a result of this settlement, the Group released a further \u00a32.5 million from the provision that is no longer expected to be required, as the matter is now closed. This release has been recognised as a one-off benefit in the income statement in the period. 22 Provisions continued The remaining provision relates to covid-related lockdown grants and similar support schemes. The Group is taking steps to confirm amounts repayable and settle its positions. This exercise is expected to conclude within the next financial year. The Group maintains provisions in respect of its store portfolio to cover both the estimated cost of restoring properties to their original condition upon exit of the property and any non-lease components of lease contracts (such as service charges) that may be onerous. Despite the size of the Group\u2019s store portfolio, such provisions are generally small, which is consistent with the Group\u2019s experience of actual dilapidations and restoration costs. Such provisions are usually made where the Group has a reasonable expectation that the related property may be exited, or is at a higher risk of exiting, in the near future. Accordingly such provisions are generally expected to be utilised in the short-term. Amounts relating to property provisions, previously recognised and presented within contract liabilities, have been reclassified to provisions in the year. Comparative balances have not been reclassified as the amounts are not considered material. 23 Financial risk management The principal financial risks faced by the Group are liquidity, foreign currency, interest rate and counterparty credit risk. The Board have overall responsibility for managing risks and uncertainties across the Group. The principal financial risks and uncertainties and the actions taken to mitigate them are reviewed on an ongoing basis. Further details of the Group\u2019s approach to managing risk are included in the Principal Risks and Uncertainties section of the Strategic Report on pages 58 to 62 and in the Corporate Governance Report on pages 67 to 73. Liquidity risk The Group has continued to generate significant operating cash inflows. Cash flow forecasts are prepared to assist management in identifying future liquidity requirements. At the balance sheet date, the Group had net debt (note 21) of \u00a357.2 million (2022: \u00a374.2 million) and undrawn RCF facility of \u00a375.2 million (see note 17). On 21 April 2022, the Group agreed an updated and amended financing package with its banking partners, which reduced the overall quantum and extended the term of the Group\u2019s facilities. The revised facilities comprised term loans of \u00a330 million, CLBILS of \u00a320 million and an RCF of \u00a3100 million. The CLBILS are subject to an amortising repayment profile with final maturity in September 2023. The Term Loans are set in two tranches, both with an amortising repayment profile. Tranche \u2018A\u2019 has a final maturity in January 2024 and Tranche \u2018B\u2019 is coterminous with the RCF in September 2025. Until the business has no outstanding CLBILS or Term Loan \u2018A\u2019, there will be a prohibition of any payment to shareholders by way of dividend or share buy-back. The table below analyses the contractual cash flows of the Group\u2019s non-derivative financial liabilities as at the balance sheet date. The amounts disclosed in the tables are the contractual undiscounted cash flows, including contractual interest. Where amounts are not yet fixed, principally in respect of interest payments linked to SONIA in the Group\u2019s bank facilities, the values have been determined with reference to forward curves at the balance sheet date. Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m At 31 January 2023 Bank loans 52.4 18.8 \u2013 \u2013 71.2 Lease liabilities 32.7 31.3 47.9 7.8 119.7 Trade and other payables 84.7 \u2013 \u2013 \u2013 84.7 169.8 50.1 47.9 7.8 275.6 At 31 January 2022 Bank loans 31.7 88.9 \u2013 \u2013 120.6 Lease liabilities 46.8 32.0 44.7 6.7 130.2 Trade and other payables 71.7 \u2013 \u2013 \u2013 71.7 150.2 120.9 44.7 6.7 322.5 The table below analyses the contractual cash flows of the Group\u2019s derivative financial instruments as at the balance sheet date. The amounts disclosed represent the total contractual undiscounted cash flows at the balance sheet date exchange and interest rates. Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m At 31 January 2023 Foreign exchange contracts \u2013 Inflow 76.4 21.9 \u2013 \u2013 98.3 \u2013 Outflow (72.6) (21.2) \u2013 \u2013 (93.8) Interest rate contracts \u2013 Inflow 1.1 \u2013 \u2013 \u2013 1.1 \u2013 Outflow \u2013 (0.2) (0.2) \u2013 (0.4) At 31 January 2022 Foreign exchange contracts \u2013 Inflow 60.4 37.3 \u2013 \u2013 97.7 \u2013 Outflow (59.7) (36.4) \u2013 \u2013 (96.1) Interest rate contracts \u2013 Outflow 0.4 0.6 \u2013 \u2013 1.0 23 Financial risk management continued Foreign currency risk The Group has an exposure to foreign currency risk due to a significant proportion of the Group\u2019s retail products being procured from overseas suppliers with purchases denominated in US Dollars. The Group has an established currency hedging policy which aims to mitigate the risk of adverse currency movements whilst providing sufficient flexibility and available credit lines to act when markets are volatile. The Group\u2019s policy requires forward cover, using a combination of currency on hand, expected receipts and derivative contracts, of between 50% and 100% of the next 12 months\u2019 rolling forecast US Dollar requirements, between 20% and 80% forward cover for the period 12 to 24 months, and up to 40% for the period 24 to 36 months. The policy permits a proportion of each year\u2019s US Dollar requirement to be covered by structured options and similar instruments. The table below analyses the sensitivity of the Group\u2019s US Dollar denominated financial instruments to a 10 cent movement in the USD to GBP exchange rate at the balance sheet date, holding all other assumptions constant. 2023 2022 Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m 10 cent increase (2.9) (3.3) (1.2) (5.3) 10 cent decrease 2.1 4.0 1.6 6.3 The Group generates a small proportion of its total revenue in Euros as a result of its operations in the Republic of Ireland. Euro receipts are used to settle obligations denominated in Euros, or are converted to GBP using either spot or forward contracts to manage liquidity. Interest rate risk The Group\u2019s principal interest rate risk arises from its long-term borrowings. Bank borrowings are denominated in Sterling and are borrowed at floating interest rates (see note 17). The Group has an established policy that permits the use of interest rate derivative financial instruments to mitigate the interest rate risk on an element of these borrowing costs. Current Group policy requires between 25% and 75% of forecast floating interest rate borrowings to be hedged for the next 24 months, up to 50% for the period 24 to 36 months and up to 25% for periods greater than 36 months. The table below shows the impact on the reported results of a 50 basis point increase or decrease in the interest rate for the year. 2023 2022 Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m 50 basis point interest rate increase (0.2) 0.3 (0.3) 0.3 50 basis point interest rate decrease 0.2 (0.3) 0.3 (0.3) Counterparty credit risk The Group is exposed to counterparty credit risk on its holdings of cash and cash equivalents and derivative financial assets. To mitigate the risk, counterparties are limited to high credit-quality financial institutions and exposures are monitored on a monthly basis. Sterling cash balances have historically been maintained at near zero or overdrawn within the facility to minimise interest expense on the RCF, thereby reducing counterparty credit risk on cash balances. The Group is also exposed to counterparty credit risk in relation to certain payments in advance of goods to overseas suppliers. To limit this exposure, goods from overseas suppliers are not paid until after shipment, except for a limited number of deposit payments in prepayments. Credit risk in respect of trade receivables on revenues from retail partners and non-retail customers, and other receivables and prepayments, is not significant to the Group. Revenues from retail partners and non-retail customers represented \u00a35.6 million in the year (2022: \u00a34.6 million) and trade receivables at 31 January 2023 were \u00a32.4 million (2022: \u00a33.0 million). Total trade and other receivables at 31 January 2023 are \u00a313.3 million (FY22: \u00a38.1 million). The Group considers expected credit losses as not material and no impairment allowances have been recognised in respect of credit risk. Capital management The Group\u2019s capital management policy is to maintain a capital structure that is conservative yet efficient in terms of providing long-term returns to shareholders. The Board monitors the Group\u2019s capital structure principally through reviewing leverage \u2013 the ratio of net debt (excluding lease liabilities) to EBITDA. The Group\u2019s long-term target is to maintain leverage between 0.5 to 1.5 times. The Group defines capital as equity attributable to the equity holders of the Parent plus net debt. Net debt is shown in note 21. The Group has prioritised de-levering the business during and since the Covid-19 pandemic, protecting liquidity to ensure it can continue to meet the needs of all stakeholders in the longer term. Alongside the restrictions imposed by the Group\u2019s financing facilities (see note 17), this has resulted in no distributions to shareholders being made during FY22 and FY23. 23 Financial risk management continued Whilst the CLBILs and term loan tranche \u2018A\u2019 remain outstanding, the Group is prohibited from making distributions. Following the refinancing of the Group\u2019s facilities in April 2022, the remaining CLBILs facilities are due to be repaid over the period to September 2023 and term loan tranche \u2018A\u2019 over the period to January 2024. Therefore, the Board envisages the earliest point for dividend payments to be considered will be the end of FY24. Providing leverage remains within the range above, it is the Board\u2019s intention to pay annual ordinary dividends based on a targeted dividend cover of between 2.0 and 3.0 times the Group\u2019s consolidated post-tax profit. Details on Group borrowings are set out in notes 17 and 29 of the consolidated financial statements. The Group has a continued focus on free cash flow generation. The Board monitors a range of financial metrics together with banking covenant ratios, maintaining suitable headroom to ensure that the Group\u2019s financing requirements continue to be serviceable. Further detail regarding covenant restrictions and liquidity forecasts are provided on pages 119 to 120 and pages 134 to 135. 24 Financial instruments Fair value IFRS 13 requires categorisation of the Group\u2019s financial instruments, where measured at fair value, in accordance with the fair value hierarchy to illustrate the basis upon which the fair value has been determined: \u2022 Level 1: fair value measurements are derived from quoted prices in active markets for identical assets or liabilities; \u2022 Level 2: fair value measurements are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: fair value measurements derived from valuation techniques that use inputs that are not based on observable market data (unobservable inputs). The fair value of the Group\u2019s foreign currency and interest rate derivative financial instruments are largely determined by comparison between forward market prices and the contract price; therefore, these contracts are categorised as Level 2. Derivative financial instruments The balance sheet date fair value of derivative financial instruments is as follows: 2023 \u00a3m 2022 \u00a3m Derivative assets Non-current Interest rate contracts 0.2 0.3 Foreign exchange contracts 0.3 1.0 0.5 1.3 Current Interest rate contracts 1.1 0.2 Foreign exchange contracts 4.2 0.6 5.3 0.8 Derivative liabilities Current Interest rate contracts \u2013 \u2013 Foreign exchange contracts (1.4) (0.2) (1.4) (0.2) Non-current Interest rate contracts (0.2) \u2013 Foreign exchange contracts (0.3) \u2013 (0.5) \u2013 Net derivative financial instruments Interest rate contracts 1.1 0.5 Foreign exchange contracts 2.8 1.4 3.9 1.9 24 Financial instruments continued Interest rate contracts At 31 January 2023 the Group held fixed for floating SONIA interest rate swaps to hedge a portion of the variable interest rate risk on bank borrowings. Notional principal amounts for interest hedges totalled \u00a350.0 million for the period to October 2023 at an average fixed rate of 0.9%, then reducing to \u00a320.0 million for the period to October 2024 at an average fixed rate of 3.95%, then reducing to \u00a310 million for the period to October 2025 at an average fixed rate of 5.1% (2022: \u00a360.0 million for the period to October 2022, reducing to \u00a340.0 million for the period to October 2023). Unhedged fair value movements of \u00a3nil (2022: \u00a3nil) were expensed to the income statement within financial expense. Foreign exchange contracts At 31 January 2023 the Group held a portfolio of foreign currency derivative contracts with notional principal amounts in GBP totalling \u00a393.8 million (2022: \u00a397.7 million) to mitigate the exchange risk on future US Dollar denominated trade purchases. Foreign currency derivatives with a notional value of \u00a347.0 million were designated in cash flow hedging relationships at 31 January 2023 (2022: \u00a374.6 million). Of this amount, \u00a337.2 million is expected to unwind in the next 12 months with an average strike price of 1.34 and \u00a39.8 million is expected to unwind between 13 and 24 months at an average strike price of 1.23. The average strike prices reflect only those derivatives designated into hedging relationships, and not the Group\u2019s whole portfolio of currency purchase contracts. Foreign currency derivative contracts with a notional value of \u00a346.8 million representing a fair value liability of \u00a30.4 million (2022: \u00a323.1 million representing a fair value asset of \u00a30.1 million) were not designated as hedging relationships. Fair value movements in foreign currency derivatives are recognised in other comprehensive income to the extent the contract is part of an effective hedging relationship. The fair value movements of \u00a30.5 million that do not form part of an effective hedging relationship have been charged to the income statement (2022: \u00a31.3 million) within cost of sales. Classification of financial instruments The table below shows the classification of financial assets and liabilities at the balance sheet date. Fair value disclosures in respect of lease liabilities are not required. At 31 January 2023 Mandatorily at FVTPL \u00a3m Cash flow hedging instruments \u00a3m Financial assets at amortised cost \u00a3m Other financial liabilities \u00a3m Financial assets measured at fair value Derivative financial instruments 0.5 5.3 \u2013 \u2013 Financial assets not measured at fair value Trade and other receivables \u2013 \u2013 13.3 \u2013 Cash and cash equivalents \u2013 \u2013 11.7 \u2013 Financial liabilities measured at fair value Derivative financial instruments (0.9) (1.0) \u2013 \u2013 Financial liabilities not measured at fair value Secured bank loans \u2013 \u2013 \u2013 (65.7) Unsecured bank overdrafts \u2013 \u2013 \u2013 (1.8) Trade and other payables \u2013 \u2013 \u2013 (84.7) (0.4) 4.3 25.0 (152.2) At 31 January 2022 Mandatorily at FVTPL \u00a3m Cash flow hedging instruments \u00a3m Financial assets at amortised costs \u00a3m Other financial liabilities \u00a3m Financial assets measured at fair value Derivative financial instruments 0.1 2.0 \u2013 \u2013 Financial assets not measured at fair value Trade and other receivables \u2013 \u2013 8.1 \u2013 Cash and cash equivalents \u2013 \u2013 38.3 \u2013 Financial liabilities measured at fair value Derivative financial instruments \u2013 (0.2) \u2013 \u2013 Financial liabilities not measured at fair value Unsecured bank loans \u2013 \u2013 \u2013 (111.0) Trade and other payables \u2013 \u2013 \u2013 (71.7) 0.1 1.8 46.4 (182.7) The fair values of financial instruments have been assessed as approximating to their carrying values. Derivative financial instruments are utilised to mitigate foreign exchange risk on the requisition of inventory and interest rate risk on borrowings. Derivatives not designated as a hedging relationship are mandatorily classified at FVTPL. 25 Equity-settled share-based payment arrangements Card Factory Restricted Share Awards and Long Term Incentive Plan The Company grants restricted share awards (\u2018RSAs\u2019) to the Executive Directors, members of the senior management team and senior employees within the Group under the terms of the Group\u2019s LTIP. Grants are made annually under the scheme, subject to approval by the Board. The award comprises a right to receive free shares or nil cost options. The shares are to be issued within 30 days, or as soon as practicable, after the vesting date. Grants awarded in the year to Executive Directors and senior management vest in stages over three, four and five years and vested shares may not be sold (other than to pay taxes due on vesting) until the end of the five-year period. Grants awarded in the year to senior employees are subject to a three-year vesting period. All restricted share awards are subject to a performance underpin through which the Remuneration Committee can exercise discretion to reduce the number of awards that will vest based on certain defined criteria. Grants awarded prior to 31 January 2018 under the LTIP were subject to a three-year vesting period with performance conditions and a two-year holding period for awards in favour of senior management. Further details on Executive Director share awards are provided in the Remuneration Report on pages 86 to 95. Card Factory SAYE Scheme (\u2018SAYE\u2019) The SAYE scheme is open to all employees (in years prior to FY19 length of service eligibility applied). Grants are made annually under the scheme, subject to approval by the Board. Options may be exercised under the scheme within six months of the completion of the three- year savings contract. There is provision for early exercise in certain circumstances such as death, disability, redundancy and retirement. Reconciliation of outstanding awards RSA/LTIP SAYE Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at 1 February 2021 3,681,075 \u00a30.01 3,961,409 \u00a30.40 Granted during the year 1,911,815 \u00a30.01 1,499,150 \u00a30.29 Exercised during the year (239,943) \u00a30.01 (12,002) \u00a30.27 Forfeited during the year (903,945) \u00a30.01 (1,324,356) \u00a30.48 Outstanding at 31 January 2022 4,449,002 \u00a30.01 4,124,201 \u00a30.37 Granted during the year 3,799,855 \u00a30.01 2,267,990 \u00a30.49 Exercised during the year (736,764) \u00a30.01 (20,985) \u00a30.27 Forfeited during the year (664,953) \u00a30.01 (1,178,977) \u00a30.56 Outstanding at 31 January 2023 6,847,140 \u00a30.01 5,192,229 \u00a30.42 Fair value of awards The fair value of awards granted during the year has been measured using the Black-Scholes model assuming the inputs below. 2023 2022 RSA/LTIP (1) RSA/LTIP (2) SAYE RSA/LTIP (1) SAYE Granted during the year 3,417,583 382,272 2,267,990 1,911,815 1,499,150 Fair value at grant date \u00a30.62 \u00a30.64 \u00a30.34 \u00a30.68 \u00a30.29 Share price at grant date* \u00a30.62 \u00a30.64 \u00a30.63 \u00a30.68 \u00a30.61 Exercise price* \u00a30.01 \u00a30.01 \u00a30.49 \u00a30.01 \u00a30.54 Expected volatility 72% 72% 72% 66% 67% Expected term (years) 2.5 to 5 3 to 5 3 3 to 5 3 Expected dividend yield N/A** N/A** 0% N/A** 0% Risk free interest rate 1.20% 1.69% 1.81% 0.16% 0.16% * The exercise price for SAYE awards is set at a 20% discount to an average market price determined in accordance with scheme rules. The share price at the grant date is the closing price on the grant date. ** RSA/LTIP awards have a \u00a30.01 exercise price (covered via a nominal bonus award from the Group) and accrue dividend equivalents over the vesting period, consequently the fair value at grant date is equal to the grant date share price. The expected volatility is based on historical volatility of the Company over the expected term at the grant date. Impact on the income statement The total expense recognised in the income statement arising from share-based payments is as follows: All amounts exclude national insurance costs 2023 \u00a3m 2022 \u00a3m RSA or LTIP 1.4 0.6 SAYE 0.3 0.2 Total share-based payment expense 1.7 0.8 26 Capital commitments The Group had capital commitments at 31 January 2023 of \u00a32.3 million (2022: \u00a3nil). 27 Contingent liabilities There were no material contingent liabilities at 31 January 2023 (2022: \u00a3nil). 28 Related party transactions The Group has taken advantage of the exemptions contained within IAS 24 \u2018Related Party Disclosures\u2019 from the requirement to disclose transactions between Group companies as these have been eliminated on consolidation. A full listing of the Group\u2019s subsidiary undertakings is provided in the notes to the Company accounts on page 147. Transactions with key management personnel The key management personnel of the Group comprise the Card Factory plc Board of Directors, the Executive Board and the Operating Board. Disclosures relating to remuneration of key management personnel are included in note 5 of the financial statements. Further details of Directors\u2019 remuneration are set out in the Directors\u2019 Remuneration Report on pages 78 to 95. Directors of the Company and their immediate families control 0.02% of the ordinary shares of the Company. There were no other related party transactions in the year. 29 Subsequent events Acquisition of SA Greetings Corporation (Pty) Limited On 25 April 2023, the Group acquired 100% of the issued share capital of SA Greetings Corporation (Pty) Ltd (\u2018SA Greetings\u2019) a wholesaler and retailer of greeting cards and gift packaging based in South Africa, for fixed cash consideration of \u00a32.5 million. The acquisition enables the Group to access the South African card and gifts market and is aligned with the Group\u2019s strategy to expand internationally. In the future, we expect the acquisition to provide opportunities to develop the Group\u2019s retail partnerships business, alongside the Group\u2019s production capability and retail offer both in South Africa and the UK. Given the short time between the acquisition date and the approval of these financial statements, the initial acquisition accounting has not been completed and accordingly the full disclosures required by IFRS 3 are not provided in these financial statements. The Group expects to initially conclude the accounting in time to include these disclosures in its half year report for FY24. In its unaudited management accounts for the year ended 28 February 2023, SA Greetings reported revenue of \u00a39.4 million, profit before tax of \u00a30.2 million and net assets of \u00a35.8 million (all figures converted using a GBPZAR rate of 20:1). Acquisition-related costs have been expensed to the income statement as incurred, the value of such costs recognised in the year-ended 31 January 2023 was immaterial.",
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"fact-298": {
"value": "General information Card Factory plc (\u2018the Company\u2019) is a public limited company incorporated in the United Kingdom . The Company is domiciled in the United Kingdom and its registered office is Century House, Brunel Road, Wakefield 41 Industrial Estate, Wakefield WF2 0XG. These consolidated financial statements consolidate the financial statements of the Company and its subsidiaries (together referred to as \u2018the Group\u2019). A full list of the Group\u2019s subsidiaries is provided in note 4 to the Parent Company accounts. Throughout these financial statements, references to \u2018FY23\u2019 refer to the financial year ending 31 January 2023, and references to \u2018FY22\u2019 refer to the financial year ending 31 January 2022. ",
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"fact-295": {
"value": "Card Factory plc (\u2018the Company\u2019) is a public limited company incorporated in the United ",
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"value": "Card Factory plc",
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"fact-6": {
"value": "United Kingdom ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
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"fact-3": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
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"fact-4": {
"value": "Century House, Brunel Road, Wakefield 41 Industrial Estate, Wakefield WF2 0XG",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-299": {
"value": "Basis of preparation These financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (\u2018UK IFRS\u2019) and applicable law. The financial statements have been prepared on a going concern basis under the historical cost convention, except for certain assets and liabilities that are measured at fair value (principally derivative financial instruments). ",
"dimensions": {
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"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-347": {
"value": "These financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (\u2018UK IFRS\u2019) and applicable law. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-300": {
"value": "Accounting judgements and estimates The preparation of financial statements in conformity with UK IFRS requires judgement to be applied in forming the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amount of assets, liabilities, income and expenses. Actual results may subsequently differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively in the period in which the estimate is revised. The Group does not consider there to be any judgements made in the current period that have had a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty The key sources of estimation uncertainty, being those estimates and assumptions that carry the most significant risk of a material adjustment to the carrying amounts of assets and liabilities in the next financial year, are set out below. 1 Accounting policies continued Inventories The Group holds significant volumes, and a broad range of inventory. The inventory provision is calculated in accordance with a documented policy, that is based on historical experience and the Group\u2019s stock management strategy, which determines the range of product that will be available for sale in-store and online. The Group provides against the carrying value of inventories where it is anticipated the amount realised may be below the cost recognised. Provision is made in full where there are no current plans to trade prior season stock through stores, and partial provision is made against seasonal stock from prior seasons or where certain ranges do not perform as anticipated. The amounts provided for partial provisions are adjusted annually to reflect experience. The Group applied a consistent inventory provisioning policy with that applied in the prior year, making only small amendments to partial provisioning percentages based on the Group\u2019s experience of stock sell through rates for partially provided product lines. These changes are not considered to have had a material impact on the overall value of the provision, although reduced the value of the provision compared to the prior year. At the end of FY23, the total inventory provision was \u00a316.1 million (FY22: \u00a320.7 million), comprised of fully-provided stock lines of \u00a34.3 million and partially provided lines of \u00a311.8 million. The reduction in the value of the provision year-on-year generally reflects the normalisation of stock levels following the Covid-19 pandemic and supply chain challenges experienced in the prior year (which have resulted in a reduction in the value of stock lines provided for in full), as well as the reduction due to changes in provisioning percentages described above. As a result, the overall proportion of gross inventory provided for reduced compared to the prior year. The full range of reasonably possible outcomes in respect of the provision is difficult to calculate at the balance sheet date as it is dependent on the accuracy of forecasts for sales volumes and future decisions we may take on aged, discontinued and potentially excess stock in response to market and supply developments. The Group believes it has taken a cautious approach in determining the provision. It has considered the nature of the estimates involved and has concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions applied as at 31 January 2023, and could require a material adjustment to the carrying amount of the provision in the next financial year. The two elements of the provision which are most sensitive to judgement are: \u2022 A \u00a38.5 million provision for aged and discontinued stock, the gross value of which is \u00a310.1 million, which assumes limited sell-through and is consistent with the current merchandising plan; and \u2022 A further \u00a37.9 million provision, which represents 50% of a gross carrying amount of \u00a315.7 million), reflecting our current estimates of future sell-through of stock lines with high forecast sales cover, or which are carried forward from prior seasons, and our expectations of product life. Grant income During the previous financial year, the Group received financial assistance under various Government schemes intended to support businesses affected by local and national restrictions during the Covid-19 pandemic, including CJRS payments, business rates relief and lockdown grant payments. IAS 20 requires that the Group has reasonable assurance that the various conditions attached to Government grants will be complied with before recognising the income in its financial statements. Income received under the lockdown grant schemes is subject to conditions applied by the UK\u2019s subsidy control regime, in addition to the rules and conditions attached to each individual grant. The most material of these conditions relate to determining the eligible period for grant receipts and the calculation of the Group\u2019s \u2018uncovered fixed costs\u2019 in the eligible period, upon which the value of permitted relief is based. The nature of the grants received, and the unprecedented nature of the pandemic and the support mechanisms available, means the conditions and rules attached to each payment are complex and open to a degree of interpretation at the balance sheet date. Accordingly, the Group had to make certain assumptions regarding which of the payments received it is reasonably certain to have met all of the conditions, and thus that the grants are unlikely to be repaid in a future period. After making a provision for amounts the Group does not believe meet the above criteria (see note 22), the Group recognised \u00a38.0 million of other operating income in relation to such grants received during FY22. During FY23, the Group formally settled its CJRS position with HMRC utilising \u00a32.3 million and releasing \u00a32.5 million from the provision. The Group has received no new substantive evidence regarding its position in respect of other support received and accordingly has not changed its position. A provision of \u00a37.4 million continues to be held in respect of potential repayment of support received in excess of subsidy control thresholds, consistent with the provision held in the prior year for the same purpose. The minimum provision requirement is expected to be \u00a34.5 million. Subject to interpretation of the guidance relating to individual support schemes and subsidy control thresholds, the Group believes a range of reasonably possible outcomes remains and that the Group\u2019s provision reflects a cautious assessment of the amount that may be repayable. Other sources of estimation uncertainty Impairment testing An impairment review is conducted annually in respect of goodwill, and as required for other assets and cash-generating units (\u2018CGUs\u2019) where an indicator of potential impairment exists. The carrying amounts of the assets involved and the level of estimation uncertainty inherent in determining appropriate assumptions for the calculation of the assets\u2019 recoverable amounts means impairment reviews are an area of significant management focus. However, whether that estimation uncertainty is significant to the financial statements is not known until the analysis is concluded. The Group generally considers the estimation uncertainty in impairment reviews to be significant if a reasonably possible change in the key assumptions would lead to a material change in the accounting outcome. In FY23, the Group conducted an impairment review in respect of goodwill. The carrying amount of goodwill in the consolidated balance sheet of \u00a3313.8 million is allocated in its entirety to the group of CGUs, shared assets and functions that comprise the Group\u2019s stores business. In addition, the Group conducted a store-level impairment review specifically covering right-of- use assets and property, plant and equipment insofar as directly allocable to stores. The Group assesses indicators of impairment for the store portfolio on the basis of whether a material impairment charge (or reversal) could arise in respect of the store portfolio as a whole in the period. Due to the challenging macro-economic environment, existence of a material carried forward impairment charge, and an ongoing expectation that up to 1-2% of the store portfolio can be loss-making at any time, the Group concluded this condition was met for FY23. Due to the existence of intangible assets that are not yet ready for use, the Group also conducted an impairment test of each of the Card Factory Online and Getting Personal CGUs. The Group assessed the recoverable amount of all CGUs on a value in use basis, using consistent assumptions across all reviews where applicable, with estimates of future cash flows derived from forecasts included within the Group\u2019s approved budget adjusted to exclude cash flows from new stores and initiatives so as to assess the assets in their current state and condition. Where impairment reviews are prepared in respect of assets not yet ready for use, future development costs and revenues are not excluded so as to fairly reflect the value of the assets being developed and costs to complete. The assessment of future cash flows that underpin such impairment reviews inherently require the use of estimates, notably in respect of future revenues, operating costs including material, freight, wage and energy inflation, terminal growth rates, foreign currency exchange rates and discount rates. The results of the impairment tests are set out in note 10 (goodwill and intangible assets) and note 12 (stores). The impairment tests in respect of the stores business and Card Factory Online had significant headroom and accordingly, having undertaken scenario analysis on the key assumptions, the Group does not believe there are any reasonably possible changes in those key assumptions that would lead to an impairment. The Group booked a net impairment charge in respect of stores of \u00a31.3 million, which is comprised of \u00a33.7 million of impairment charges and \u00a32.4 million of impairment charge reversals. The reversals reflect those stores where an impairment charge made in a prior period has been reversed due to improved trading. Having considered scenarios consistent with those reviewed in respect of goodwill impairment testing, the Group is satisfied that reasonable changes in the key assumptions would not materially change the impairment charge for stores. The Group booked an impairment charge in respect of intangible assets in Getting Personal of \u00a31.5 million, reflecting costs incurred in developing a new Online Platform that will not form part of the final solution once deployed and will thus not be supported by future cash flows. The remaining carrying amount of the Getting Personal CGU is not material, and therefore no change in assumptions would result in a material additional impairment charge. Climate change The Group has reviewed the potential impact of climate change and ESG-related risks and uncertainties on the consolidated financial statements. Given the nature of the Group\u2019s business and operations, the exposure to both physical and transitional risks associated with climate change is considered to be low. In particular, the Group has considered climate change in respect of impairment testing (potential impact of climate and ESG risks on estimates of future cash flows, notes 10 and 11), going concern (note 1, below), and inventory provisions (impact of customer preferences and ESG considerations on potential stock obsolescence, note 14 and above) and concluded in each case that there is no material impact in each area at 31 January 2023. ",
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"fact-301": {
"value": "Going concern basis of accounting The Board continues to have a reasonable expectation that both the Group and the Parent Company have adequate resources to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate. The Group has delivered a strong financial performance in the current financial year, with encouraging sales momentum in the first full year of trading after two consecutive years that were materially affected by the Covid-19 pandemic. LFL sales have been positive and broadly in line when compared to pre-pandemic, and as a result the Group has delivered robust operating cash flows, cleared deferred VAT and rent payments, and reduced net debt and leverage year- on-year. Trading since the balance sheet date has remained in line with expectations and there have been no material events that have affected the Group\u2019s liquidity headroom. The Group renewed its financing facilities with its banking partners in April 2022, reducing the quantum of the Group\u2019s term loan facilities to \u00a3150 million and extending the tenure of the Group\u2019s debt to September 2025 (see note 17). The first scheduled repayments under these facilities were made in January 2023, with full repayment of the Coronavirus Large Business Interruption Loan Scheme (\u2018CLBILS\u2019) facilities by September 2023. Following the final repayment of the CLBILs facilities, the Group does not expect to utilise further government backed support going forward, other than those schemes that are generally available in the ordinary course of business (such as rates reliefs). The Board believes the renewed facilities provide adequate liquidity and headroom for the Group to execute its strategic plan. At 31 January 2023, net debt excluding lease liabilities was \u00a357.2 million. The UK Corporate Governance Code requires that an assessment is made of the Group\u2019s ability to continue as a going concern for a period of at least 12 months from the signing of these financial statements; however it is not specified how far beyond 12 months should be considered. For the purpose of assessing the going concern assumption, the Group has prepared cash flow forecasts for the 12 month period following the date of approval of these accounts, which incorporate the updated debt facilities and related covenant measures. These forecasts are extracted from the Group\u2019s approved budget and strategic plan which covers a period of five years. Within the 12-month period, the Group has considered qualitative scenarios and the Group\u2019s ability to operate within its existing banking facilities and meet covenant requirements. Beyond the 12-month period, the Group has qualitatively considered whether any factors (for example the timing of debt repayments, or longer-term trading assumptions) indicate a longer period warrants consideration. The results of this analysis were: \u2022 The Group\u2019s base case forecasts indicate that the Group will continue to trade profitably, generate positive operating cash flows and make scheduled debt repayments whilst retaining substantial liquidity headroom against current facility limits and meet all covenant requirements on the relevant test dates (see note 17 for more information in respect of covenant requirements) in the 12 month period. \u2022 Whilst debt repayments continue in the period following the going concern assessment, they are much lower in the 12 months immediately following (c.\u00a39 million) than those occurring in the going concern period itself (c.\u00a327 million). \u2022 In the Board\u2019s view, there are no other factors arising in the period immediately following 12 months from the date of these accounts that warrant further consideration. \u2022 Scenario analysis, which considered a reduction in sales, profitability and cash flows on both a permanent basis of circa 10%, or a significant one-off event affecting the Christmas period and reducing sales by 20%, indicated that the Group would maintain liquidity headroom and covenant compliance throughout the 12 month period. The analysis did not consider any potential upside from mitigating actions that could be taken to reduce discretionary costs and provide further headroom. In addition, the Group conducted a reverse stress test analysis which considered the extent of sales loss or cost increase that would be required to result in either a complete loss of liquidity headroom, or a covenant breach during the period. Seasonality of the Group\u2019s cash flows, with higher purchases and cash outflows over the summer to build stock for Christmas, means liquidity headroom is at its lowest in September and October ahead of the Christmas season. Conversely, covenant compliance is most sensitive early in the year. The reverse stress test analysis demonstrated that the level of sales loss or cost increase required (either on a sustained basis or as a significant one-off downside event) to result in a breach would require circumstances akin to a pandemic lockdown for a period of several weeks, or other events with a similar quantum of effect that would be unprecedented in nature. Accordingly, such scenarios are not considered to be reasonably likely to occur. As with the scenario analysis above, the stress test was conducted before considering any potential benefit from available mitigating actions. Over the preceding two years, the business has demonstrated a significant degree of resilience and a proven ability to manage cash flows and liquidity during a period of unprecedented economic downturn. Accordingly the Board retains confidence that, were such a level of downturn to reoccur in the assessment period, the Group would be able to take action to mitigate its effects. Based on these factors, the Board has a reasonable expectation that the Group has adequate resources and sufficient loan facility headroom and accordingly the accounts are prepared on a going concern basis. ",
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"fact-302": {
"value": "Changes in significant accounting policies
The following new standards and amendments to IFRS were effective for the first time in the
current financial year:
\u2022 Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 \u2013 Annual Improvements to IFRS 2018-2020
\u2022 Amendments to IAS 37 \u2013 Onerous contracts \u2013 cost of fulfilling a contract
\u2022 Amendments to IAS 16 \u2013 Property, plant & equipment \u2013 proceeds before intended use
\u2022 Amendments to IFRS 3 \u2013 Reference to the conceptual framework
\u2022 Amendment to IFRS 16 \u2013 Covid-19-related rent concessions beyond 30 June 2021
New standards and amendments to existing standards effective in the period have not had a
material effect on the Group\u2019s financial statements.
UK endorsed standards and amendments issued but not yet effective
The following new standards and amendments to IFRS have been issued but are not yet
effective.
\u2022 IFRS 17 \u2013 Insurance Contracts
1
,
\u2022 Amendments to IFRS 17 \u2013 Initial application of IFRS 17 and IFRS 9 \u2013 comparative
information
1
,
\u2022 Amendments to IFRS 4 \u2013 Extension to the temporary exemption from applying IFRS 9
1
\u2022 Amendments to IAS 1 \u2013 Disclosure of accounting policies
1
\u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single
transaction
1
,
\u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates
2
1 Effective for annual periods starting on or after 1 January 2023.
2 Effective for annual periods starting on or after 1 January 2024.
The application of these standards and amendments in future periods is not currently expected
to have a material impact on the Group\u2019s financial statements .
",
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"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-348": {
"value": "Changes in significant accounting policies The following new standards and amendments to IFRS were effective for the first time in the current financial year: \u2022 Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 \u2013 Annual Improvements to IFRS 2018-2020 \u2022 Amendments to IAS 37 \u2013 Onerous contracts \u2013 cost of fulfilling a contract \u2022 Amendments to IAS 16 \u2013 Property, plant & equipment \u2013 proceeds before intended use \u2022 Amendments to IFRS 3 \u2013 Reference to the conceptual framework \u2022 Amendment to IFRS 16 \u2013 Covid-19-related rent concessions beyond 30 June 2021 New standards and amendments to existing standards effective in the period have not had a material effect on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-349": {
"value": "UK endorsed standards and amendments issued but not yet effective The following new standards and amendments to IFRS have been issued but are not yet effective. \u2022 IFRS 17 \u2013 Insurance Contracts 1 , \u2022 Amendments to IFRS 17 \u2013 Initial application of IFRS 17 and IFRS 9 \u2013 comparative information 1 , \u2022 Amendments to IFRS 4 \u2013 Extension to the temporary exemption from applying IFRS 9 1 \u2022 Amendments to IAS 1 \u2013 Disclosure of accounting policies 1 \u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction 1 , \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates 2 1 Effective for annual periods starting on or after 1 January 2023. 2 Effective for annual periods starting on or after 1 January 2024. The application of these standards and amendments in future periods is not currently expected to have a material impact on the Group\u2019s financial statements . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-303": {
"value": "Basis of consolidation These consolidated financial statements incorporate the financial results of the Company and all of its subsidiaries made up to 31 January each year. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to direct the activities that affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intercompany transactions and balances between Group companies are eliminated upon consolidation. Business combinations Subject to the transitional relief in IFRS 1, all business combinations have historically been accounted for by applying the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group, as set out in IFRS 3. The Group measures goodwill at the acquisition date as the fair value of the consideration transferred less the fair value of identifiable assets acquired and liabilities assumed. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition are expensed to the income statement as incurred. Acquisitions prior to 1 February 2011 (date of transition to IFRS) IFRS 1 grants certain exemptions from the full requirements of IFRS in the transition period. The Group and Company elected not to restate business combinations that took place prior to 1 February 2011. In respect of acquisitions prior to the transition date, goodwill is included at 1 February 2011 on the basis of its deemed cost at that date, which represents the amount recorded under UK GAAP. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-350": {
"value": "Business combinations Subject to the transitional relief in IFRS 1, all business combinations have historically been accounted for by applying the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group, as set out in IFRS 3. The Group measures goodwill at the acquisition date as the fair value of the consideration transferred less the fair value of identifiable assets acquired and liabilities assumed. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition are expensed to the income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-304": {
"value": "Revenue Group revenue is principally attributable to the retail sale of cards, dressings and gifts subject to a single performance obligation fulfilled by receipt of goods at the point of payment with minimal returns and refunds. Revenue is recognised at the point the customer is deemed to have taken delivery of the goods. Revenue attributable to retail partners and non-retail customers currently represents a small percentage of Group Revenue and is typically characterised by single performance obligations and standard Group products. Certain contracts with retail partners may be subject to a cost of entering into the contract along with a minimum order quantity and/or volume related rebate for an initial period of the contract. Revenue subject to potential rebate is deferred as a contract liability to the extent the volume related terms are yet to be satisfied. Costs of entering into a contract are treated as a contract asset and expensed to the income statement as performance obligations are fulfilled for goods subject to the minimum order quantity. These amounts are not material in the current year reflecting the small proportion of revenue arising under such contracts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-305": {
"value": "Government grants Income associated with Government support initiatives is recognised where there is reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Grants are recognised in the income statement over the period necessary to match them with the related costs for which they are to compensate. If costs have already been incurred, the grant income is recognised immediately at the point the above criteria are met. Government support received by the Group in the previous year principally reflect amounts received under Covid-19 support initiatives, including the CJRS, business rates relief, and various other grants available to non-essential retailers that were forced to close during periods of local and national lockdown (collectively referred to in these financial statements as \u2018lockdown grants\u2019). When considering its entitlement to grant income, the Group has considered the extent to which the amount received is within the limits imposed by relevant state aid and subsidy control rules. Employee costs and business rates charges in the income statement are presented net of CJRS support and rates relief received respectively. Grant income received in relation to Covid-19 lockdown grants is presented separately as other operating income. Where the Group has received income in connection with government grants but does not believe it will comply with all of the attached conditions, a provision is made for the Group\u2019s best estimate of amounts that will be repaid. In addition, Group has accessed, and continues to benefit from, financing facilities under the CLBILS. The CLBILS facilities are backed by a government guarantee. As this guarantee cannot reasonably have a value placed upon it, the Group considers the guarantee a form of government assistance under IAS 20. The Group has accounted for its CLBILS facilities in accordance with its usual policy for bank borrowings, described below under \u2018non-derivative financial liabilities\u2019. The key terms of the CLBILS facilities are described in note 17",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-306": {
"value": "Finance expense Finance expense comprises interest charges, including interest on leases under IFRS 16, and losses on interest rate derivative financial instruments. Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Interest expense is recognised in the income statement as it accrues, using the effective interest method. The effective interest method takes into account fees, commissions or other incremental transaction costs integral to the yield. Accounting policies for leases are detailed separately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-351": {
"value": "Finance expense Finance expense comprises interest charges, including interest on leases under IFRS 16, and losses on interest rate derivative financial instruments. Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Interest expense is recognised in the income statement as it accrues, using the effective interest method. The effective interest method takes into account fees, commissions or other incremental transaction costs integral to the yield. Accounting policies for leases are detailed separately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-307": {
"value": "Foreign currencies Functional and presentation currency The consolidated financial statements are presented in pound Sterling, which is the functional currency of the Company. Foreign operations The Group has one foreign subsidiary with a Euro functional currency. On consolidation, assets and liabilities of foreign operations are translated into Sterling at the prevailing market exchange rate on the balance sheet date. The results of foreign operations are translated into Sterling at average rates of exchange for the year. Transactions and balances The Group has currency transactions in respect of inventory purchases and certain sales to retail partners that are denominated in US Dollars. Transactions in foreign currencies are recorded at the exchange rate on the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement within cost of sales, except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign currency gains and losses are reported on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-352": {
"value": "Functional and presentation currency The consolidated financial statements are presented in pound Sterling, which is the functional currency of the Company. Transactions and balances The Group has currency transactions in respect of inventory purchases and certain sales to retail partners that are denominated in US Dollars. Transactions in foreign currencies are recorded at the exchange rate on the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement within cost of sales, except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign currency gains and losses are reported on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-308": {
"value": "Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or through other comprehensive income, in which case it is recognised in equity or other comprehensive income respectively. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-353": {
"value": "Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-309": {
"value": "Dividends Dividends are recognised as a liability in the period in which they are approved. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-354": {
"value": "Financial instruments Non-derivative financial assets Non-derivative financial assets comprise trade and other receivables and cash and cash equivalents. The Group classifies all its non-derivative financial assets as financial assets at amortised cost. Financial assets at amortised cost are initially measured at fair value plus directly attributable transaction costs, except for trade and other receivables without a significant financing component that are initially measured at transaction price. Subsequent to initial recognition non-derivative financial assets are carried at amortised cost less allowances for expected credit losses. Cash and cash equivalents comprise cash in hand, at bank and on short-term deposit for less than three months. Bank overdrafts, within borrowings, that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash flow statement. Non-derivative financial liabilities Non-derivative financial liabilities comprise bank borrowings and trade and other payables. Non-derivative financial liabilities are initially recognised at fair value, less any directly attributable transaction costs and subsequently stated at amortised cost using the effective interest method. Accounting policies for lease liabilities are detailed separately. Where bank borrowings are refinanced, the Group assesses whether the transaction results in new facilities or a modification of the previous facilities. Where the transaction results in a modification of the facilities, the Group assesses whether that modification is substantial by reference to whether the present value of the cash flows of the new facilities is more than 10% different to the present value of the cash flows of the previous facilities. Where a modification is substantial, the Group derecognises the original liability and recognises a new liability for the modified facilities with any transaction costs expensed to the income statement. Where the modification is non-substantial, the Group amends the carrying amount of the liability to reflect the updated cash flows and amends the effective interest rate from the modification date. The modification of the Group\u2019s borrowings as a result of the refinancing in April 2022 was assessed to be non-substantial. Derivative financial instruments Derivative financial instruments are mandatorily categorised as fair value through profit or loss (\u2018FVTPL\u2019) except to the extent they are part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative contracts and US Dollar denominated cash balances to manage the foreign exchange risk on US Dollar denominated purchases and interest rate derivative contracts to manage the risk on floating interest rate bank borrowings. Derivative financial instruments not designated as an effective hedging relationship principally relate to structured foreign exchange options that form part of the foreign exchange risk management policy detailed in note 23 of the financial statements. Gains and losses in respect of foreign exchange and interest rate derivative financial instruments that are not part of an effective hedging relationship are recognised within cost of sales and net finance expense. Cash flow hedges The Group applies cash flow hedge accounting in respect of certain derivative financial instruments for the forward purchase of foreign currency, and interest rate swaps. The Group\u2019s hedging activities are described in further detail in note 23. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income (\u2018OCI\u2019) and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows, applying a hedge ratio of 1:1. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 changes in the timing of the hedged transactions; and \u2022 the effect of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivative contracts, which is not reflected in the change in the fair value of the hedged cash flows. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognised in a costs of hedging reserve within equity. When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition or, for interest cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged interest future cash flows affect profit or loss . If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-310": {
"value": "Financial instruments Non-derivative financial assets Non-derivative financial assets comprise trade and other receivables and cash and cash equivalents. The Group classifies all its non-derivative financial assets as financial assets at amortised cost. Financial assets at amortised cost are initially measured at fair value plus directly attributable transaction costs, except for trade and other receivables without a significant financing component that are initially measured at transaction price. Subsequent to initial recognition non-derivative financial assets are carried at amortised cost less allowances for expected credit losses. Cash and cash equivalents comprise cash in hand, at bank and on short-term deposit for less than three months. Bank overdrafts, within borrowings, that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash flow statement. Non-derivative financial liabilities Non-derivative financial liabilities comprise bank borrowings and trade and other payables. Non-derivative financial liabilities are initially recognised at fair value, less any directly attributable transaction costs and subsequently stated at amortised cost using the effective interest method. Accounting policies for lease liabilities are detailed separately. Where bank borrowings are refinanced, the Group assesses whether the transaction results in new facilities or a modification of the previous facilities. Where the transaction results in a modification of the facilities, the Group assesses whether that modification is substantial by reference to whether the present value of the cash flows of the new facilities is more than 10% different to the present value of the cash flows of the previous facilities. Where a modification is substantial, the Group derecognises the original liability and recognises a new liability for the modified facilities with any transaction costs expensed to the income statement. Where the modification is non-substantial, the Group amends the carrying amount of the liability to reflect the updated cash flows and amends the effective interest rate from the modification date. The modification of the Group\u2019s borrowings as a result of the refinancing in April 2022 was assessed to be non-substantial. Derivative financial instruments Derivative financial instruments are mandatorily categorised as fair value through profit or loss (\u2018FVTPL\u2019) except to the extent they are part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative contracts and US Dollar denominated cash balances to manage the foreign exchange risk on US Dollar denominated purchases and interest rate derivative contracts to manage the risk on floating interest rate bank borrowings. Derivative financial instruments not designated as an effective hedging relationship principally relate to structured foreign exchange options that form part of the foreign exchange risk management policy detailed in note 23 of the financial statements. Gains and losses in respect of foreign exchange and interest rate derivative financial instruments that are not part of an effective hedging relationship are recognised within cost of sales and net finance expense. Cash flow hedges The Group applies cash flow hedge accounting in respect of certain derivative financial instruments for the forward purchase of foreign currency, and interest rate swaps. The Group\u2019s hedging activities are described in further detail in note 23. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income (\u2018OCI\u2019) and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows, applying a hedge ratio of 1:1. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 changes in the timing of the hedged transactions; and \u2022 the effect of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivative contracts, which is not reflected in the change in the fair value of the hedged cash flows. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognised in a costs of hedging reserve within equity. When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition or, for interest cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged interest future cash flows affect profit or loss If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-374": {
"value": "Non-derivative financial assets Non-derivative financial assets comprise trade and other receivables and cash and cash equivalents. The Group classifies all its non-derivative financial assets as financial assets at amortised cost. Financial assets at amortised cost are initially measured at fair value plus directly attributable transaction costs, except for trade and other receivables without a significant financing component that are initially measured at transaction price. Subsequent to initial recognition non-derivative financial assets are carried at amortised cost less allowances for expected credit losses. Cash and cash equivalents comprise cash in hand, at bank and on short-term deposit for less than three months. Bank overdrafts, within borrowings, that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash flow statement. Non-derivative financial liabilities Non-derivative financial liabilities comprise bank borrowings and trade and other payables. Non-derivative financial liabilities are initially recognised at fair value, less any directly attributable transaction costs and subsequently stated at amortised cost using the effective interest method. Accounting policies for lease liabilities are detailed separately. Where bank borrowings are refinanced, the Group assesses whether the transaction results in new facilities or a modification of the previous facilities. Where the transaction results in a modification of the facilities, the Group assesses whether that modification is substantial by reference to whether the present value of the cash flows of the new facilities is more than 10% different to the present value of the cash flows of the previous facilities. Where a modification is substantial, the Group derecognises the original liability and recognises a new liability for the modified facilities with any transaction costs expensed to the income statement. Where the modification is non-substantial, the Group amends the carrying amount of the liability to reflect the updated cash flows and amends the effective interest rate from the modification date. The modification of the Group\u2019s borrowings as a result of the refinancing in April 2022 was assessed to be non-substantial. Derivative financial instruments Derivative financial instruments are mandatorily categorised as fair value through profit or loss (\u2018FVTPL\u2019) except to the extent they are part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative contracts and US Dollar denominated cash balances to manage the foreign exchange risk on US Dollar denominated purchases and interest rate derivative contracts to manage the risk on floating interest rate bank borrowings. Derivative financial instruments not designated as an effective hedging relationship principally relate to structured foreign exchange options that form part of the foreign exchange risk management policy detailed in note 23 of the financial statements. Gains and losses in respect of foreign exchange and interest rate derivative financial instruments that are not part of an effective hedging relationship are recognised within cost of sales and net finance expense. Cash flow hedges The Group applies cash flow hedge accounting in respect of certain derivative financial instruments for the forward purchase of foreign currency, and interest rate swaps. The Group\u2019s hedging activities are described in further detail in note 23. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income (\u2018OCI\u2019) and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows, applying a hedge ratio of 1:1. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 changes in the timing of the hedged transactions; and \u2022 the effect of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivative contracts, which is not reflected in the change in the fair value of the hedged cash flows. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognised in a costs of hedging reserve within equity. When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition or, for interest cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged interest future cash flows affect profit or loss . If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-311": {
"value": "Fair value estimation The techniques applied in determining the fair values of financial assets and liabilities are disclosed in note 24. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-312": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives as follows: \u2022 buildings 25\u201350 years \u2022 leasehold improvements shorter of 5 years and lease term \u2022 plant and equipment 3\u201310 years \u2022 fixtures and fittings 5 years \u2022 motor vehicles 4 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-313": {
"value": "Intangible assets and goodwill Goodwill Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to CGUs (as described in note 10) and is not amortised but is tested annually for impairment. Software Computer software is carried at cost less accumulated amortisation and any provision for impairment. Costs relating to development of computer software are capitalised if the recognition criteria of IAS 38 \u2018Intangible Assets\u2019 are met or expensed as incurred otherwise. Other intangible assets Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful life of software is three to five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-375": {
"value": "Goodwill Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to CGUs (as described in note 10) and is not amortised but is tested annually for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-355": {
"value": "Software Computer software is carried at cost less accumulated amortisation and any provision for impairment. Costs relating to development of computer software are capitalised if the recognition criteria of IAS 38 \u2018Intangible Assets\u2019 are met or expensed as incurred otherwise. Other intangible assets Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful life of software is three to five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-314": {
"value": "Impairment of non-financial assets The carrying values of non-financial assets are reviewed for impairment where there is an indication of impairment. If an impairment loss arises, the asset value is adjusted to its estimated recoverable amount and the impairment loss is recognised in the income statement. Goodwill and intangible assets not yet ready for use or with an indefinite useful economic life are reviewed for impairment annually. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-315": {
"value": "Provisions A provision is recognised where the Group has a present legal or constructive obligation as a result of a past event, which will more likely than not result in the Group being required to make a payment (or other outflow of economic benefits) in order to settle the obligation. Provisions are valued at the Group\u2019s best estimate of the amount that will be required to settle the obligation. Specific information in respect of the provisions recorded in each financial year covered by these accounts is provided in the provisions note. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-316": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. For inventories manufactured by the Group, cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories, production costs and other costs in bringing them to their existing location and condition. For manufactured inventories and work in progress, cost includes an appropriate share of overheads based on normal operating capacity. Given the significant volumes involved, for inventories held in and for retail stores the Group applies a standard costing methodology. Standard costs are based on agreed costs with suppliers (or the Group\u2019s internal cost of production) and are updated frequently. Where components of the standard are based on market prices, such as for freight, the Group reviews and updates the standard at least annually at the balance sheet date. Provisions are made for obsolete, slow-moving and discontinued inventories, based on experience and the Group\u2019s merchandising plans for current and future seasons. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-317": {
"value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-318": {
"value": "Merger reserve On 30 April 2014 Card Factory plc acquired 100% of the share capital of CF Topco Limited in a share for share exchange, thereby inserting Card Factory plc as the Parent Company of the Group. The shareholders of CF Topco Limited became 100% owners of the enlarged share capital of Card Factory plc. The premium arising on the issue of shares is recognised in the merger reserve. ",
"dimensions": {
"concept": "cardfactory:DescriptionOfAccountingPolicyForMergerReserve",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-319": {
"value": "Share-based payments The Company issues equity-settled share-based payments to employees within the Group through the Card Factory Restricted Share Awards Scheme (\u2018RSA\u2019) (previously through the (\u2018LTIP\u2019)) and the Card Factory SAYE Scheme (\u2018SAYE\u2019), see note 25 for further details. The cost of equity-settled share awards is measured as the fair value of the award at the grant date using the Black-Scholes model. The cost of the awards is expensed to the income statement, together with a corresponding adjustment to equity, on a straight-line basis over the vesting period of the award. The total income statement charge is based on the Group\u2019s estimate of the number of share awards that will eventually vest in accordance with the vesting conditions. The awards do not include market-based vesting conditions. At each balance sheet date, the Group revises its estimate of the number of awards that are expected to vest. Any revision to estimates is recognised in the income statement, with a corresponding adjustment to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-320": {
"value": "Leases Definition of a lease Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. Contracts that were not identified as leases under IAS 17 and IFRC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after 1 February 2019. The Group has assessed that its entire store lease portfolio, some warehousing locations, an office location and motor vehicles are lease contracts. Other contracts assessed, including distribution contracts and IT equipment, are deemed not to be a lease within the definition of IFRS 16 or are subject to the election not to apply the requirements of IFRS 16 to short-term or low value leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. For property leases containing a non-lease component (for instance a lease inclusive of rates and service charge), the Group has elected to apply the practical expedient not to separate the non-lease component from the lease component and treat the whole contract as a lease. A small proportion of the store lease portfolio are subject to an element of turnover linked variable rents that are excluded from the definition of a lease under IFRS 16. The Group does not have any significant lessor contracts. Accounting as a lessee The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The right-of-use asset is periodically reduced by any impairment losses, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Typically, the Group uses its incremental borrowing rate, at the date of lease commencement, as the discount rate. The Group determines its incremental borrowing rate by reference to its own funding arrangements, which are subject to leverage margin ratchets, variable three-month SONIA interest rates and periodic refinancing, thereby ensuring they remain a reasonable reflection of the Group\u2019s current borrowing costs. The Group\u2019s leases are predominantly in respect of its store portfolio, which represent the majority of the Group\u2019s revenue and therefore the Group\u2019s borrowing costs, as at the date of lease commencement, are deemed to be representative of the incremental borrowing costs for additions to right-of-use assets. The Group does not believe there are significant differences between the risk margins that would apply across its lease portfolio. The term and payment profile are reflected in the discount rate applied to each individual lease by virtue of the variable interest-curve component of the incremental borrowing rate. The assessment of lease term may include the application of judgement, particularly in respect of options to break often included in the Group\u2019s property leases. The Group assesses lease term as the non-cancellable period of the lease plus an assessment of reasonably certain continued tenancy in respect of tenant options to break or renew. This period usually equates to the full term of the lease. The Group considers that lease renewal is reasonably certain when it has determined whether the store meets its strategic requirements, and is confident the landlord is supportive of lease renewal and on terms acceptable to the Group. This typically occurs in the latter stages of an existing lease. After initial recognition, the lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index, rate or contractual market rent review or if there is a significant event or change in circumstances as a result of which the Group changes its assessment of whether it will exercise a break option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. From time to time, a lease may expire without a new lease being agreed. In such circumstances, if the Group has not served or received notice under the terms of the lease, it may continue to occupy the store whilst a new lease is agreed, referred to as a \u2018holdover arrangement\u2019. Most of the store portfolio is protected by the Landlord and Tenant Act (1954), under which as tenant the Group has an automatic right to a new lease subject to certain specific grounds under which the landlord can cancel. Under a holdover arrangement, the lease typically continues on a rolling basis on the same financial terms as the previous lease until new terms are formally agreed. The Group accounts for holdover arrangements by assuming a new five-year lease with payments equivalent to those previously agreed. Five years represents the average term of a lease across the Group\u2019s store portfolio, inclusive of break periods considered reasonably likely not to be exercised. In rare circumstances, the holdover lease may be calculated using alternative assumptions that better reflect the Group\u2019s expectations regarding the likely cost and term of the new lease being negotiated. When new terms are agreed, the holdover lease is modified according to the Group\u2019s normal accounting policy for lease modifications, as described above. Where a lease expires at the end of its contractual term, including where the store in question enters a holdover arrangement, the right-of-use asset cost and accumulated depreciation associated with that lease is treated as a disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-321": {
"value": "2 Segmental reporting
Following investment in the Group\u2019s people, systems and infrastructure to support its strategy,
the Group is organised into five main business areas which meet the definition of an Operating
segment under IFRS, those being cardfactory stores, cardfactory Online, Getting Personal,
Partnerships and Printcraft. Each of these business areas has a dedicated management team
and reports discrete financial information to the Board for the purpose of decision making.
\u2022 cardfactory stores retail greeting cards, celebration essentials, and gifts principally through
an extensive UK store network, with a small number of stores in the Republic of Ireland.
\u2022 cardfactory Online retails greeting cards, celebration essentials, and gifts via its
online platform.
\u2022 Getting Personal is an online retailer of personalised cards and gifts.
\u2022 Partnerships sells greeting cards, celebration essentials, and gifts via a network of third party
retail partners both in the UK and overseas.
\u2022 Printcraft is a manufacturer of greeting cards and personalised gifts, and sells the majority of
its output intra-group to the stores and online businesses.
The accounting policies applied in preparing financial information for each of the Group\u2019s
segments are consistent with those applied in the preparation of the consolidated financial
statements. The Group\u2019s support centre and administrative functions are run by the cardfactory
stores segment, with operating costs recharged to other segments where they are directly
attributable to the operations of that segment.
2 Segmental reporting continued
The Board reviews revenue and EBITDA by segment, with the exception of Printcraft by virtue of
its operations being predominantly intra-group in nature. Whilst only cardfactory stores meets
the quantitative thresholds in IFRS to require disclosure, the Group\u2019s other trading segments
are reported below as the Group considers that this information is useful to stakeholders in the
context of the Group\u2019s \u2018Opening Our New Future\u2019 strategy.
Revenue and EBITDA for each segment, and a reconciliation to the consolidated operating
profit per the financial statements, is provided in the table below:
2023 \u2013 \u00a3m
cardfactory
stores
cardfactory
Online
Getting
Personal Partnerships Other Group
Segment Revenue 440.4 8.8 8.5 5.0 0.7 463.4
Segment EBITDA 116.1 (2.2) (1.5) 1.4 (1.8) 112.0
Depreciation,
amortisation &
impairment (48.2)
Consolidated
Operating Profit 63.8
2022 \u2013 \u00a3m
cardfactory
stores
cardfactory
Online
Getting
Personal Partnerships Other Group
Segment Revenue 335.1 10.9 12.9 4.6 0.9 364.4
Segment EBITDA 82.0 0.6 1.0 2.3 (0.3) 85.6
Depreciation,
amortisation &
impairment (54.0)
Consolidated
Operating Profit 31.6
The \u2018Other\u2019 column principally reflects central overheads and Printcraft sales to third parties.
In the prior year, the Group disclosed a \u2018Card Factory\u2019 segment which was effectively an
aggregation of the cardfactory stores, cardfactory Online and Partnerships segments
disclosed above. The disclosure has been updated this year to reflect changes in the Group\u2019s
organisational structure and internal reporting.
Group revenue is almost entirely derived from retail customers. Average transaction value is
low and products are transferred at the point of sale. Group revenue is presented as a single
category as, by segment, revenues are subject to substantially the same economic factors that
impact the nature, amount, timing and uncertainty of revenue and cash flows.
The table below sets out a geographical analysis of revenues for the current and prior year:
2023
\u00a3m
2022
\u00a3m
Revenue derived from customers in the UK 451.6 357.5
Revenue derived from customers overseas 11.8 6.9
Consolidated revenue 463.4 364.4
Revenue from overseas reflects revenues earned from the Group\u2019s stores in the Republic of
Ireland and from retail partners based outside of the UK.
Of the Group\u2019s non-current assets, \u00a35.0 million (2022: \u00a32.1 million) relates to assets based outside
of the UK, principally in relation to the Group\u2019s stores in the Republic of Ireland. The increase
compared to the prior year reflects the impact of the increase in the store portfolio on the value
of right-of-use assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-322": {
"value": "3 Operating profit Operating profit is stated after charging/(crediting) the following items: 2023 \u00a3m 2022 \u00a3m Staff costs (note 5) 138.2 113.8 Government grant income \u2013 (8.0) Depreciation expense \u2013 owned fixed assets (note 11) 8.0 8.8 \u2013 right of use assets (note 12) 35.7 37.4 Amortisation expense (note 10) 2.3 2.9 Impairment of right-of-use assets (note 12) 1.3 5.0 Impairment of intangible assets (note 10) 1.5 \u2013 Profit on disposal of fixed assets (0.6) \u2013 Foreign exchange gain 1.5 2.6 3 Operating profit continued The total fees payable by the Group to KPMG LLP and their associates during the period was as follows: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Audit of the consolidated and Company financial statements 30 30 Amounts receivable by the Company\u2019s auditor and its associates in respect of: Audit of financial statements of subsidiaries of the Company 620 340 Audit-related assurance services 50 45 Other assurance services \u2013 288 Total fees 700 703 Other assurance services provided in the prior year were in respect of assurance services in connection with the Group\u2019s financial statements for transactions that did not proceed. The appointment of KPMG LLP to provide such services was made in accordance with the Group\u2019s policy on external auditors supplying non-audit services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-356": {
"value": "3 Operating profit Operating profit is stated after charging/(crediting) the following items: 2023 \u00a3m 2022 \u00a3m Staff costs (note 5) 138.2 113.8 Government grant income \u2013 (8.0) Depreciation expense \u2013 owned fixed assets (note 11) 8.0 8.8 \u2013 right of use assets (note 12) 35.7 37.4 Amortisation expense (note 10) 2.3 2.9 Impairment of right-of-use assets (note 12) 1.3 5.0 Impairment of intangible assets (note 10) 1.5 \u2013 Profit on disposal of fixed assets (0.6) \u2013 Foreign exchange gain 1.5 2.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-376": {
"value": "The total fees payable by the Group to KPMG LLP and their associates during the period was as follows: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Audit of the consolidated and Company financial statements 30 30 Amounts receivable by the Company\u2019s auditor and its associates in respect of: Audit of financial statements of subsidiaries of the Company 620 340 Audit-related assurance services 50 45 Other assurance services \u2013 288 Total fees 700 703 Other assurance services provided in the prior year were in respect of assurance services in connection with the Group\u2019s financial statements for transactions that did not proceed. The appointment of KPMG LLP to provide such services was made in accordance with the Group\u2019s policy on external auditors supplying non-audit services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-323": {
"value": "4 EBITDA EBITDA represents profit for the period before net finance expense, taxation, gains or losses on disposal, depreciation, amortisation and impairment charges. 2023 \u00a3m 2022 \u00a3m Operating profit 63.8 31.6 Depreciation, amortisation and impairment 48.2 54.0 EBITDA 112.0 85.6 ",
"dimensions": {
"concept": "cardfactory:DisclosureOfEBITDA",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-324": {
"value": "5 Employee numbers and costs The average number of people employed by the Group (including Directors) during the year, analysed by category, was as follows: 2023 Number 2022 Number Management and administration 482 434 Operations 9,367 8,736 9,849 9,170 The aggregate payroll costs of all employees including Directors were as follows: 2023 \u00a3m 2022 \u00a3m Employee wages and salaries 120.5 99.8 Equity-settled share-based payment expense 1.7 0.8 Social security costs 8.2 6.5 Defined contribution pension costs 1.8 1.5 Total employee costs 132.2 108.6 Agency labour costs 6.0 5.2 Total staff costs 138.2 113.8 Total employee costs are presented net of \u00a3nil (2022: \u00a39.4 million) recovered through the CJRS. Key management personnel The key management personnel of the Group comprise the Card Factory plc Board of Directors, the Executive Board and the Operating Board. Key management personnel compensation is as follows: 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 6.1 4.4 Equity-settled share-based payment expense 1.4 0.6 Social security costs 0.8 0.6 Defined contribution pension costs 0.2 0.1 8.5 5.7 Remuneration of Directors 2023 \u00a3m 2022 \u00a3m Directors\u2019 remuneration 1.9 1.8 Amounts receivable under long-term incentive schemes 0.1 0.1 Company contributions to defined contribution pension plans \u2013 \u2013 2.0 1.9 The table above includes the remuneration of Directors in each year. Director\u2019s remuneration for the period includes \u00a340k in respect of compensation for loss of office for Kris Lee following his resignation on 31 January 2023. Amounts receivable under long-term incentive schemes reflects the value of options exercised during the year. Further details of the remuneration of the current Directors are disclosed in the Directors\u2019 Remuneration Report on pages 80 to 95. The basis of calculation for certain items described in the Directors\u2019 Remuneration Report may differ to that used in this note, reflecting differences in the relevant regulations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-357": {
"value": "Key management personnel The key management personnel of the Group comprise the Card Factory plc Board of Directors, the Executive Board and the Operating Board. Key management personnel compensation is as follows: 2023 \u00a3m 2022 \u00a3m Salaries and short-term benefits 6.1 4.4 Equity-settled share-based payment expense 1.4 0.6 Social security costs 0.8 0.6 Defined contribution pension costs 0.2 0.1 8.5 5.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-358": {
"value": "Remuneration of Directors 2023 \u00a3m 2022 \u00a3m Directors\u2019 remuneration 1.9 1.8 Amounts receivable under long-term incentive schemes 0.1 0.1 Company contributions to defined contribution pension plans \u2013 \u2013 2.0 1.9 The table above includes the remuneration of Directors in each year. Director\u2019s remuneration for the period includes \u00a340k in respect of compensation for loss of office for Kris Lee following his resignation on 31 January 2023. Amounts receivable under long-term incentive schemes reflects the value of options exercised during the year. Further details of the remuneration of the current Directors are disclosed in the Directors\u2019 Remuneration Report on pages 80 to 95. The basis of calculation for certain items described in the Directors\u2019 Remuneration Report may differ to that used in this note, reflecting differences in the relevant regulations. ",
"dimensions": {
"concept": "cardfactory:DisclosureOfDirectorRemuneration",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-325": {
"value": "6 Finance expense 2023 \u00a3m 2022 \u00a3m Finance expense Interest on bank loans and overdrafts 6.0 6.8 Amortisation of loan issue costs 0.9 10.4 Lease interest 4.5 3.3 11.4 20.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-359": {
"value": "6 Finance expense 2023 \u00a3m 2022 \u00a3m Finance expense Interest on bank loans and overdrafts 6.0 6.8 Amortisation of loan issue costs 0.9 10.4 Lease interest 4.5 3.3 11.4 20.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-326": {
"value": "7 Taxation The tax charge includes both current and deferred tax. The tax charge reflects the estimated effective tax on the profit before tax for the Group for the year ending 31 January 2023 and the movement in the deferred tax balance in the year, so far as it relates to items recognised in the income statement. Taxable profit or loss differs from profit or loss before tax as reported in the income statement, because it excludes items of income or expenditure that are either taxable or deductible in other years or never taxable or deductible. Recognised in the income statement 2023 \u00a3m 2022 \u00a3m Current tax charge/(credit) Current year 8.3 1.2 Adjustments in respect of prior periods (1.6) 0.8 Total current tax charge 6.7 2.0 Deferred tax charge/(credit) Origination and reversal of temporary differences 2.5 1.2 Adjustments in respect of prior periods (1.8) (0.7) Effect of change in tax rate 0.8 0.5 Total deferred tax charge 1.5 1.0 Total income tax charge 8.2 3.0 The effective tax rate of 15.6% (2022: 27.0%) on the profit before taxation for the year is lower than (2022: higher than) the average rate of mainstream corporation tax in the UK of 19% (2022: 19%). The lower effective tax rate is principally due to adjustments in respect of prior periods following the allocation of brought-forward losses and reliefs when the tax computations for that period were finalised subsequent to the publication of the consolidated financial statements for the FY22 financial year, partially offset by the effect of higher rates applicable to deferred tax balances (see note 13). The tax charge is reconciled to the standard rate of UK corporation tax as follows: 2023 \u00a3m 2022 \u00a3m Profit before tax 52.4 11.1 Tax at the standard UK corporation tax rate of 19% (2022: 19.0%) 10.0 2.1 Tax effects of: Expenses not deductible for tax purposes 0.7 0.3 Adjustments in respect of prior periods (3.3) 0.1 Effect of change in tax rate 0.8 0.5 Total income tax charge 8.2 3.0 Total taxation recognised through the income statement, other comprehensive income and through equity are as follows: 2023 2022 Current \u00a3m Deferred \u00a3m Total \u00a3m Current \u00a3m Deferred \u00a3m Total \u00a3m Income statement 6.7 1.5 8.2 2.0 1.0 3.0 Other comprehensive income \u2013 1.2 1.2 \u2013 0.6 0.6 Equity \u2013 (1.3) (1.3) \u2013 0.2 0.2 Total tax 6.7 1.4 8.1 2.0 1.8 3.8 13 Deferred tax assets and liabilities Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of an asset or liability in the financial statements and the corresponding tax bases used in the computation of taxable profit/loss. Movement in deferred tax during the year: Fixed assets \u00a3m Share\u2013 based payments \u00a3m Derivative financial instruments and hedge accounting \u00a3m IFRS 16 Leases \u00a3m Tax losses \u00a3m Other timing differences \u00a3m Total \u00a3m At 1 February 2021 0.3 0.1 0.6 1.4 1.7 1.2 5.3 Credit/(charge) to income statement 0.5 0.2 \u2013 (1.4) 0.5 (0.8) (1.0) Credit/(charge) to other comprehensive income \u2013 0.2 (0.8) \u2013 \u2013 \u2013 (0.6) Charge to equity \u2013 \u2013 (0.2) \u2013 \u2013 \u2013 (0.2) At 31 January 2022 0.8 0.5 (0.3) \u2013 2.2 0.4 3.6 Credit/(charge) to income statement (0.2) \u2013 \u2013 \u2013 (2.2) 0.8 (1.6) Credit/(charge) to other comprehensive income \u2013 0.9 (2.1) \u2013 \u2013 \u2013 (1.2) Charge to equity \u2013 \u2013 1.3 \u2013 \u2013 \u2013 1.3 At 31 January 2023 0.6 1.4 (1.1) \u2013 \u2013 1.2 2.1 Deferred tax assets and liabilities are offset to the extent they are levied by the same tax authority and the Group has a legally enforceable right to do so, otherwise they are shown separately in the balance sheet. Deferred tax assets and liabilities are offset as follows: 2023 \u00a3m 2022 \u00a3m Deferred tax assets 3.2 3.9 Deferred tax liabilities (1.1) (0.3) Net deferred tax asset 2.1 3.6 The Finance Act 2021 contained legislation to increase the mainstream corporation tax rate in the UK from 19% to 25%, which came into effect from 1 April 2023. The Group has therefore measured deferred tax assets and liabilities at this higher rate of tax. The impact of deferred tax items expected to unwind between the balance sheet date and 1 April 2023 at the lower rate of 19% is not material. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-360": {
"value": "7 Taxation The tax charge includes both current and deferred tax. The tax charge reflects the estimated effective tax on the profit before tax for the Group for the year ending 31 January 2023 and the movement in the deferred tax balance in the year, so far as it relates to items recognised in the income statement. Taxable profit or loss differs from profit or loss before tax as reported in the income statement, because it excludes items of income or expenditure that are either taxable or deductible in other years or never taxable or deductible. Recognised in the income statement 2023 \u00a3m 2022 \u00a3m Current tax charge/(credit) Current year 8.3 1.2 Adjustments in respect of prior periods (1.6) 0.8 Total current tax charge 6.7 2.0 Deferred tax charge/(credit) Origination and reversal of temporary differences 2.5 1.2 Adjustments in respect of prior periods (1.8) (0.7) Effect of change in tax rate 0.8 0.5 Total deferred tax charge 1.5 1.0 Total income tax charge 8.2 3.0 The effective tax rate of 15.6% (2022: 27.0%) on the profit before taxation for the year is lower than (2022: higher than) the average rate of mainstream corporation tax in the UK of 19% (2022: 19%). The lower effective tax rate is principally due to adjustments in respect of prior periods following the allocation of brought-forward losses and reliefs when the tax computations for that period were finalised subsequent to the publication of the consolidated financial statements for the FY22 financial year, partially offset by the effect of higher rates applicable to deferred tax balances (see note 13). The tax charge is reconciled to the standard rate of UK corporation tax as follows: 2023 \u00a3m 2022 \u00a3m Profit before tax 52.4 11.1 Tax at the standard UK corporation tax rate of 19% (2022: 19.0%) 10.0 2.1 Tax effects of: Expenses not deductible for tax purposes 0.7 0.3 Adjustments in respect of prior periods (3.3) 0.1 Effect of change in tax rate 0.8 0.5 Total income tax charge 8.2 3.0 Total taxation recognised through the income statement, other comprehensive income and through equity are as follows: 2023 2022 Current \u00a3m Deferred \u00a3m Total \u00a3m Current \u00a3m Deferred \u00a3m Total \u00a3m Income statement 6.7 1.5 8.2 2.0 1.0 3.0 Other comprehensive income \u2013 1.2 1.2 \u2013 0.6 0.6 Equity \u2013 (1.3) (1.3) \u2013 0.2 0.2 Total tax 6.7 1.4 8.1 2.0 1.8 3.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-327": {
"value": "8 Dividends There were no dividends paid in either the current or the previous year. The Board is not recommending a final dividend in respect of the financial year ended 31 January 2023 (2022: no final dividend). Whilst the Group\u2019s CLBILS and tranche A of the term loan facilities remain outstanding (see note 17), the Group is prohibited from making distributions under the terms of its financing arrangements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-328": {
"value": "9 Earnings per share Basic earnings per share is calculated by dividing the profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is based on the weighted average number of shares in issue for the period, adjusted for the dilutive effect of potential ordinary shares. Potential ordinary shares represent employee share incentive awards and save as you earn share options. 2023 (Number) 2022 (Number) Weighted average number of shares in issue 342,328,622 341,770,579 Weighted average number of dilutive share options 1,604,107 1,843,537 Weighted average number of shares for diluted earnings per share 343,932,729 343,614,116 \u00a3m \u00a3m Profit for the financial period 44.2 8.1 pence pence Basic earnings per share 12.9 2.4 Diluted earnings per share 12.8 2.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-329": {
"value": "10 Intangible assets Goodwill \u00a3m Software \u00a3m Total \u00a3m Cost At 1 February 2022 328.2 17.0 345.2 Additions \u2013 9.4 9.4 Disposals \u2013 (0.4) (0.4) At 31 January 2023 328.2 26.0 354.2 Amortisation/impairment At 1 February 2022 14.4 10.1 24.5 Amortisation in the period \u2013 2.3 2.3 Impairment in the period \u2013 1.5 1.5 Amortisation on disposals \u2013 (0.4) (0.4) At 31 January 2023 14.4 13.5 27.9 Net book value At 31 January 2023 313.8 12.5 326.3 At 31 January 2022 313.8 6.9 320.7 During the year, the Group recognised an impairment charge of \u00a31.5 million in respect of work performed in respect of a new online platform for Getting Personal. The charge reflects work on functionality which was ultimately not part of the platform when it went live in March 2023. Goodwill \u00a3m Software \u00a3m Total \u00a3m Cost At 1 February 2021 328.2 13.7 341.9 Additions \u2013 3.3 3.3 Disposals \u2013 \u2013 \u2013 At 31 January 2022 328.2 17.0 345.2 Amortisation/impairment At 1 February 2021 14.4 7.2 21.6 Amortisation in the period \u2013 2.9 2.9 Amortisation on disposals \u2013 \u2013 \u2013 At 31 January 2022 14.4 10.1 24.5 Net book value At 31 January 2022 313.8 6.9 320.7 At 31 January 2021 313.8 6.5 320.3 Impairment Testing: Goodwill Goodwill arising on the acquisition of Getting Personal in 2011 of \u00a314.4 million was allocated to the Getting Personal CGU, which corresponds to the Getting Personal operating segment (see note 2). Goodwill in respect of the Getting Personal CGU was fully written down in 2020. All remaining goodwill is in respect of the cardfactory stores business, which is comprised of all of the cardfactory stores (each an individual CGU for impairment testing purposes), associated central functions and shared assets. cardfactory stores is the lowest level at which the Group\u2019s management monitors goodwill internally. As described in note 2, the Group updated its view of operating segments in the period. The cardfactory stores business previously formed part of the \u2018Card Factory\u2019 operating segment, which has been divided into \u2018cardfactory stores\u2019, \u2018cardfactory Online\u2019 and \u2018Partnerships\u2019 segments in FY23. The cardfactory stores business is comparable to the \u2018cardfactory stores\u2019 operating segment. Within the previous, aggregated segment, the assets attributable to each of these lines of business was clearly identifiable given the different nature of the sales platforms and customers to each. Goodwill of \u00a3313.8 million was previously allocated to the cardfactory business within the \u2018Card Factory\u2019 segment. Accordingly, upon amending the segmental analysis, the allocation of assets to each CGU has not changed as the assets attributable to the cardfactory stores business were identifiable within the previous Card Factory segment. 10 Intangible assets continued The total carrying amount of the cardfactory stores group of CGUs for impairment testing purposes, inclusive of liabilities that are necessarily considered in determining the recoverable amount, at 31 January 2023 was \u00a3315.5 million (2022: \u00a3295.0 million). The recoverable amount has been determined based on a value-in-use calculation. This value- in-use calculation is based on the Group\u2019s most recent approved five-year strategic plan, to exclude any value from planned new stores or initiatives, so as to assess the valuation of the assets in their current state and condition. The key assumptions used in determining the recoverable amount are: \u2022 Future trading performance including sales growth, product mix, material and operating costs; \u2022 Foreign exchange rates applicable to the Group\u2019s purchases of goods for resale; \u2022 The terminal growth rate applied; and \u2022 The discount rate. The values assigned to the variables that underpin the Group\u2019s expectations of future trading performance were determined based on historical performance and the Group\u2019s expectations with regard to future trends. Where applicable, amounts take into account the Group\u2019s hedges and fixed contracts, changes in market prices and rates, and relevant industry and consumer data to inform expectations around future trends. The Group assumes a long-term GBPUSD exchange rate in line with published forward curves at the balance sheet date, adjusted to reflect the value of forward contracts in place. The fair value of these contracts is included in the carrying amount. A 0% (2022: 0%) terminal growth rate is applied beyond the five-year term of the plan, representing a sensitised view of the Group\u2019s estimate of the long-term growth rate of the sector. Whilst such long-term rates are inherently difficult to benchmark using independent data, the Group\u2019s reverse stress-testing of the goodwill impairment model indicated a significant negative terminal decline would be required in order to eliminate the headroom completely. The forecast cash flows are discounted at a pre-tax rate of 12.0% (2022: 12.0%). The discount rate is derived from a calculation using the capital asset pricing model to calculate cost of equity utilising available market data. The discount rate is compared to the published discount rates of comparable businesses and relevant industry data prior to being adopted. No impairment loss was identified. The valuation indicates sufficient headroom such that any reasonably possible change to the key assumptions would not result in an impairment of the related goodwill. Impairment Testing: Intangible assets not yet available for use Both the Getting Personal and cardfactory Online CGUs include intangible assets that are not yet available for use. Accordingly, an impairment test in respect of these CGUs was carried out at 31 January 2023. The total carrying amount of the Getting Personal and cardfactory Online CGUs for impairment testing purposes, inclusive of liabilities that are necessarily considered in determining the recoverable amount, at 31 January 2023 was not material either individually or in aggregate. The value of intangible assets not yet available for use included in the carrying amount was \u00a33.5 million. The key assumptions are consistent with those set out above in respect of the goodwill impairment review, with the exception of foreign exchange rates which are not significant to the analysis for these CGUs. To ensure the analysis fairly reflected the expected value in use of the assets within each CGU, the estimated future cash flows included all costs to complete the assets under development and sales associated with those assets once deployed into use. No impairment loss above that already recorded (above) in respect of either CGU was identified. The cardfactory Online valuation indicated sufficient headroom such that any reasonably possible change in assumptions would not result in an impairment charge. The Getting Personal valuation headroom was limited, reflecting the impairment charge recorded in respect of intangible assets; however given the immaterial remaining carrying amount, any change in assumptions would not materially change the impairment charge for the period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-377": {
"value": "10 Intangible assets Goodwill \u00a3m Software \u00a3m Total \u00a3m Cost At 1 February 2022 328.2 17.0 345.2 Additions \u2013 9.4 9.4 Disposals \u2013 (0.4) (0.4) At 31 January 2023 328.2 26.0 354.2 Amortisation/impairment At 1 February 2022 14.4 10.1 24.5 Amortisation in the period \u2013 2.3 2.3 Impairment in the period \u2013 1.5 1.5 Amortisation on disposals \u2013 (0.4) (0.4) At 31 January 2023 14.4 13.5 27.9 Net book value At 31 January 2023 313.8 12.5 326.3 At 31 January 2022 313.8 6.9 320.7 During the year, the Group recognised an impairment charge of \u00a31.5 million in respect of work performed in respect of a new online platform for Getting Personal. The charge reflects work on functionality which was ultimately not part of the platform when it went live in March 2023. Goodwill \u00a3m Software \u00a3m Total \u00a3m Cost At 1 February 2021 328.2 13.7 341.9 Additions \u2013 3.3 3.3 Disposals \u2013 \u2013 \u2013 At 31 January 2022 328.2 17.0 345.2 Amortisation/impairment At 1 February 2021 14.4 7.2 21.6 Amortisation in the period \u2013 2.9 2.9 Amortisation on disposals \u2013 \u2013 \u2013 At 31 January 2022 14.4 10.1 24.5 Net book value At 31 January 2022 313.8 6.9 320.7 At 31 January 2021 313.8 6.5 320.3 Impairment Testing: Goodwill Goodwill arising on the acquisition of Getting Personal in 2011 of \u00a314.4 million was allocated to the Getting Personal CGU, which corresponds to the Getting Personal operating segment (see note 2). Goodwill in respect of the Getting Personal CGU was fully written down in 2020. All remaining goodwill is in respect of the cardfactory stores business, which is comprised of all of the cardfactory stores (each an individual CGU for impairment testing purposes), associated central functions and shared assets. cardfactory stores is the lowest level at which the Group\u2019s management monitors goodwill internally. As described in note 2, the Group updated its view of operating segments in the period. The cardfactory stores business previously formed part of the \u2018Card Factory\u2019 operating segment, which has been divided into \u2018cardfactory stores\u2019, \u2018cardfactory Online\u2019 and \u2018Partnerships\u2019 segments in FY23. The cardfactory stores business is comparable to the \u2018cardfactory stores\u2019 operating segment. Within the previous, aggregated segment, the assets attributable to each of these lines of business was clearly identifiable given the different nature of the sales platforms and customers to each. Goodwill of \u00a3313.8 million was previously allocated to the cardfactory business within the \u2018Card Factory\u2019 segment. Accordingly, upon amending the segmental analysis, the allocation of assets to each CGU has not changed as the assets attributable to the cardfactory stores business were identifiable within the previous Card Factory segment. 10 Intangible assets continued The total carrying amount of the cardfactory stores group of CGUs for impairment testing purposes, inclusive of liabilities that are necessarily considered in determining the recoverable amount, at 31 January 2023 was \u00a3315.5 million (2022: \u00a3295.0 million). The recoverable amount has been determined based on a value-in-use calculation. This value- in-use calculation is based on the Group\u2019s most recent approved five-year strategic plan, to exclude any value from planned new stores or initiatives, so as to assess the valuation of the assets in their current state and condition. The key assumptions used in determining the recoverable amount are: \u2022 Future trading performance including sales growth, product mix, material and operating costs; \u2022 Foreign exchange rates applicable to the Group\u2019s purchases of goods for resale; \u2022 The terminal growth rate applied; and \u2022 The discount rate. The values assigned to the variables that underpin the Group\u2019s expectations of future trading performance were determined based on historical performance and the Group\u2019s expectations with regard to future trends. Where applicable, amounts take into account the Group\u2019s hedges and fixed contracts, changes in market prices and rates, and relevant industry and consumer data to inform expectations around future trends. The Group assumes a long-term GBPUSD exchange rate in line with published forward curves at the balance sheet date, adjusted to reflect the value of forward contracts in place. The fair value of these contracts is included in the carrying amount. A 0% (2022: 0%) terminal growth rate is applied beyond the five-year term of the plan, representing a sensitised view of the Group\u2019s estimate of the long-term growth rate of the sector. Whilst such long-term rates are inherently difficult to benchmark using independent data, the Group\u2019s reverse stress-testing of the goodwill impairment model indicated a significant negative terminal decline would be required in order to eliminate the headroom completely. The forecast cash flows are discounted at a pre-tax rate of 12.0% (2022: 12.0%). The discount rate is derived from a calculation using the capital asset pricing model to calculate cost of equity utilising available market data. The discount rate is compared to the published discount rates of comparable businesses and relevant industry data prior to being adopted. No impairment loss was identified. The valuation indicates sufficient headroom such that any reasonably possible change to the key assumptions would not result in an impairment of the related goodwill. Impairment Testing: Intangible assets not yet available for use Both the Getting Personal and cardfactory Online CGUs include intangible assets that are not yet available for use. Accordingly, an impairment test in respect of these CGUs was carried out at 31 January 2023. The total carrying amount of the Getting Personal and cardfactory Online CGUs for impairment testing purposes, inclusive of liabilities that are necessarily considered in determining the recoverable amount, at 31 January 2023 was not material either individually or in aggregate. The value of intangible assets not yet available for use included in the carrying amount was \u00a33.5 million. The key assumptions are consistent with those set out above in respect of the goodwill impairment review, with the exception of foreign exchange rates which are not significant to the analysis for these CGUs. To ensure the analysis fairly reflected the expected value in use of the assets within each CGU, the estimated future cash flows included all costs to complete the assets under development and sales associated with those assets once deployed into use. No impairment loss above that already recorded (above) in respect of either CGU was identified. The cardfactory Online valuation indicated sufficient headroom such that any reasonably possible change in assumptions would not result in an impairment charge. The Getting Personal valuation headroom was limited, reflecting the impairment charge recorded in respect of intangible assets; however given the immaterial remaining carrying amount, any change in assumptions would not materially change the impairment charge for the period",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-361": {
"value": "10 Intangible assets Goodwill \u00a3m Software \u00a3m Total \u00a3m Cost At 1 February 2022 328.2 17.0 345.2 Additions \u2013 9.4 9.4 Disposals \u2013 (0.4) (0.4) At 31 January 2023 328.2 26.0 354.2 Amortisation/impairment At 1 February 2022 14.4 10.1 24.5 Amortisation in the period \u2013 2.3 2.3 Impairment in the period \u2013 1.5 1.5 Amortisation on disposals \u2013 (0.4) (0.4) At 31 January 2023 14.4 13.5 27.9 Net book value At 31 January 2023 313.8 12.5 326.3 At 31 January 2022 313.8 6.9 320.7 During the year, the Group recognised an impairment charge of \u00a31.5 million in respect of work performed in respect of a new online platform for Getting Personal. The charge reflects work on functionality which was ultimately not part of the platform when it went live in March 2023. Goodwill \u00a3m Software \u00a3m Total \u00a3m Cost At 1 February 2021 328.2 13.7 341.9 Additions \u2013 3.3 3.3 Disposals \u2013 \u2013 \u2013 At 31 January 2022 328.2 17.0 345.2 Amortisation/impairment At 1 February 2021 14.4 7.2 21.6 Amortisation in the period \u2013 2.9 2.9 Amortisation on disposals \u2013 \u2013 \u2013 At 31 January 2022 14.4 10.1 24.5 Net book value At 31 January 2022 313.8 6.9 320.7 At 31 January 2021 313.8 6.5 320.3 Impairment Testing: Goodwill Goodwill arising on the acquisition of Getting Personal in 2011 of \u00a314.4 million was allocated to the Getting Personal CGU, which corresponds to the Getting Personal operating segment (see note 2). Goodwill in respect of the Getting Personal CGU was fully written down in 2020. All remaining goodwill is in respect of the cardfactory stores business, which is comprised of all of the cardfactory stores (each an individual CGU for impairment testing purposes), associated central functions and shared assets. cardfactory stores is the lowest level at which the Group\u2019s management monitors goodwill internally. As described in note 2, the Group updated its view of operating segments in the period. The cardfactory stores business previously formed part of the \u2018Card Factory\u2019 operating segment, which has been divided into \u2018cardfactory stores\u2019, \u2018cardfactory Online\u2019 and \u2018Partnerships\u2019 segments in FY23. The cardfactory stores business is comparable to the \u2018cardfactory stores\u2019 operating segment. Within the previous, aggregated segment, the assets attributable to each of these lines of business was clearly identifiable given the different nature of the sales platforms and customers to each. Goodwill of \u00a3313.8 million was previously allocated to the cardfactory business within the \u2018Card Factory\u2019 segment. Accordingly, upon amending the segmental analysis, the allocation of assets to each CGU has not changed as the assets attributable to the cardfactory stores business were identifiable within the previous Card Factory segment. 10 Intangible assets continued The total carrying amount of the cardfactory stores group of CGUs for impairment testing purposes, inclusive of liabilities that are necessarily considered in determining the recoverable amount, at 31 January 2023 was \u00a3315.5 million (2022: \u00a3295.0 million). The recoverable amount has been determined based on a value-in-use calculation. This value- in-use calculation is based on the Group\u2019s most recent approved five-year strategic plan, to exclude any value from planned new stores or initiatives, so as to assess the valuation of the assets in their current state and condition. The key assumptions used in determining the recoverable amount are: \u2022 Future trading performance including sales growth, product mix, material and operating costs; \u2022 Foreign exchange rates applicable to the Group\u2019s purchases of goods for resale; \u2022 The terminal growth rate applied; and \u2022 The discount rate. The values assigned to the variables that underpin the Group\u2019s expectations of future trading performance were determined based on historical performance and the Group\u2019s expectations with regard to future trends. Where applicable, amounts take into account the Group\u2019s hedges and fixed contracts, changes in market prices and rates, and relevant industry and consumer data to inform expectations around future trends. The Group assumes a long-term GBPUSD exchange rate in line with published forward curves at the balance sheet date, adjusted to reflect the value of forward contracts in place. The fair value of these contracts is included in the carrying amount. A 0% (2022: 0%) terminal growth rate is applied beyond the five-year term of the plan, representing a sensitised view of the Group\u2019s estimate of the long-term growth rate of the sector. Whilst such long-term rates are inherently difficult to benchmark using independent data, the Group\u2019s reverse stress-testing of the goodwill impairment model indicated a significant negative terminal decline would be required in order to eliminate the headroom completely. The forecast cash flows are discounted at a pre-tax rate of 12.0% (2022: 12.0%). The discount rate is derived from a calculation using the capital asset pricing model to calculate cost of equity utilising available market data. The discount rate is compared to the published discount rates of comparable businesses and relevant industry data prior to being adopted. No impairment loss was identified. The valuation indicates sufficient headroom such that any reasonably possible change to the key assumptions would not result in an impairment of the related goodwill. Impairment Testing: Intangible assets not yet available for use Both the Getting Personal and cardfactory Online CGUs include intangible assets that are not yet available for use. Accordingly, an impairment test in respect of these CGUs was carried out at 31 January 2023. The total carrying amount of the Getting Personal and cardfactory Online CGUs for impairment testing purposes, inclusive of liabilities that are necessarily considered in determining the recoverable amount, at 31 January 2023 was not material either individually or in aggregate. The value of intangible assets not yet available for use included in the carrying amount was \u00a33.5 million. The key assumptions are consistent with those set out above in respect of the goodwill impairment review, with the exception of foreign exchange rates which are not significant to the analysis for these CGUs. To ensure the analysis fairly reflected the expected value in use of the assets within each CGU, the estimated future cash flows included all costs to complete the assets under development and sales associated with those assets once deployed into use. No impairment loss above that already recorded (above) in respect of either CGU was identified. The cardfactory Online valuation indicated sufficient headroom such that any reasonably possible change in assumptions would not result in an impairment charge. The Getting Personal valuation headroom was limited, reflecting the impairment charge recorded in respect of intangible assets; however given the immaterial remaining carrying amount, any change in assumptions would not materially change the impairment charge for the period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-330": {
"value": "11 Property, plant and equipment
Freehold
property
\u00a3m
Leasehold
improvements
\u00a3m
Plant,
equipment,
fixtures &
vehicles
\u00a3m
Total
\u00a3m
Cost
At 1 February 2022 17.9 40.8 70.3 129.0
Additions 0.9 \u2013 7.9 8.8
Disposals (0.2) \u2013 \u2013 (0.2)
At 31 January 2023 18.6 40.8 78.2 137.6
Depreciation
At 1 February 2022 4.4 37.3 55.7 97.4
Depreciation in the period 0.5 1.7 5.8 8.0
Depreciation on disposals \u2013 \u2013 \u2013 \u2013
At 31 January 2023 4.9 39.0 61.5 105.4
Net book value
At 31 January 2023 13.7 1.8 16.1 32.2
At 31 January 2022 13.5 3.5 14.6 31.6
11 Property, plant and equipment continued
Freehold
property
\u00a3m
Leasehold
improvements
\u00a3m
Plant,
equipment,
fixtures &
vehicles
\u00a3m
Total
\u00a3m
Cost
At 1 February 2021 17.8 40.2 67.6 125.6
Additions 0.1 0.7 2.8 3.6
Disposals \u2013 (0.1) (0.1) (0.2)
At 31 January 2022 17.9 40.8 70.3 129.0
Depreciation
At 1 February 2021 3.9 34.8 50.1 88.8
Depreciation in the period 0.5 2.6 5.7 8.8
Depreciation on disposals \u2013 (0.1) (0.1) (0.2)
At 31 January 2022 4.4 37.3 55.7 97.4
Net book value
At 31 January 2022 13.5 3.5 14.6 31.6
At 31 January 2021 13.9 5.4 17.5 36.8
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-331": {
"value": "12 Leases The Group has lease contracts, within the definition of IFRS 16 Leases, in relation to its entire store lease portfolio, some warehousing office locations, an office location and motor vehicles. Other contracts, including distribution contracts and IT equipment, are deemed not to be a lease within the definition of IFRS 16 or are subject to the election not to apply the requirements of IFRS 16 to short-term or low value leases. Accounting policies for leases are detailed in note 1. Assets, liabilities and the income statement expense in relation to leases are detailed below. Right-of-use assets Buildings \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost At 1 February 2022 300.6 1.3 301.9 Additions 39.4 0.2 39.6 Disposals (60.7) (0.7) (61.4) Effect of foreign exchange rates \u2013 \u2013 \u2013 At 31 January 2023 279.3 0.8 280.1 Depreciation and impairment At 1 February 2022 202.5 0.9 203.4 Depreciation in the period 35.3 0.4 35.7 Impairment charges in the period 3.7 \u2013 3.7 Impairment reversed in the period (2.4) \u2013 (2.4) Depreciation on disposals (59.4) (0.7) (60.1) Impairment on disposals (0.7) \u2013 (0.7) Effect of foreign exchange rates \u2013 \u2013 \u2013 At 31 January 2023 179.0 0.6 179.6 Net book value At 31 January 2023 100.3 0.2 100.5 At 31 January 2022 98.1 0.4 98.5 12 Leases continued Buildings \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost At 1 February 2021 316.3 1.6 317.9 Additions 29.7 0.1 29.8 Disposals (45.2) (0.4) (45.6) Effect of foreign exchange rates (0.2) \u2013 (0.2) At 31 January 2022 300.6 1.3 301.9 Depreciation and impairment At 1 February 2021 205.7 0.8 206.5 Depreciation in the period 37.0 0.4 37.4 Impairment in the period 5.0 \u2013 5.0 Depreciation on disposals (44.3) (0.3) (44.6) Impairment on disposals (0.8) \u2013 (0.8) Effect of foreign exchange rates (0.1) \u2013 (0.1) At 31 January 2022 202.5 0.9 203.4 Net book value At 31 January 2022 98.1 0.4 98.5 At 31 January 2021 110.6 0.8 111.4 Disposals and depreciation/impairment on disposals includes fully depreciated right-of-use assets where the lease term has expired, including amounts in respect of leases that have expired but the asset remained in use whilst a new lease was negotiated. The Group\u2019s full accounting policy in respect of leases and right-of-use assets is set out in note 1. Impairment testing: Store assets Reflecting continued macro-economic uncertainty, cost inflation and the existence of loss making stores within the portfolio, the Group considers that an indicator of potential impairment exists in respect of the store portfolio and, accordingly, an impairment review of the Group\u2019s store assets was undertaken in the 2023 financial year. For this purpose, each of the Group\u2019s stores is considered to be a CGU, with each store\u2019s carrying amount determined by assessing the value of right-of-use assets and property, plant and equipment insofar as they are directly allocable to an individual store. The assessment of whether an indicator of impairment may exist in respect of store assets is considered across the store portfolio and not on a store-by-store basis. Accordingly, the store impairment review considers all stores in the portfolio. The recoverable amount of each store was determined based on the expected future cash flows applicable to each store, assessed using a basis consistent with the future cash flows used in the goodwill impairment test described in note 10, but limited to the term of the current lease as assessed under IFRS 16. As a result, the key assumptions are also considered to be consistent with those described in note 10, in addition to the allocation of central and shared costs to individual stores insofar as such an allocation can be made on a reasonable and consistent basis. Most such costs are allocated on the basis of the relative sales of each individual store. Application of these assumptions resulted in a net impairment charge of \u00a31.3 million (2022: \u00a35.0 million), comprised of impairment charges of \u00a33.7 million (2022: \u00a35.0 million) and the reversal of previous impairment charges of \u00a32.4 million (2022: \u00a3nil). Having conducted scenario analysis, the Group does not consider any reasonably possible change in the key assumptions would result in a material change to the impairment charge. Lease liabilities 2023 \u00a3m 2022 \u00a3m Current lease liabilities (27.3) (41.1) Non-current lease liabilities (78.1) (78.7) Total lease liabilities (note 21) (105.4) (119.8) Lease expense: Total lease-related expenses 2023 \u00a3m 2022 \u00a3m Depreciation expense on right-of-use assets 35.7 37.4 Impairment of right-of-use assets 1.3 5.0 Profit on disposal of fixed assets (0.5) \u2013 Lease interest 4.5 3.3 Expense relating to short-term and low value leases 1 \u2013 \u2013 Expense relating to variable lease payments 2 0.2 0.2 Total lease-related income statement expense 41.2 45.9 1 Contracts subject to the election not to apply the requirements of IFRS 16 to short-term or low value leases. 2 A small proportion of the store lease portfolio are subject to an element of turnover-linked variable rents that are excluded from the definition of a lease under IFRS 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-362": {
"value": "12 Leases The Group has lease contracts, within the definition of IFRS 16 Leases, in relation to its entire store lease portfolio, some warehousing office locations, an office location and motor vehicles. Other contracts, including distribution contracts and IT equipment, are deemed not to be a lease within the definition of IFRS 16 or are subject to the election not to apply the requirements of IFRS 16 to short-term or low value leases. Accounting policies for leases are detailed in note 1. Assets, liabilities and the income statement expense in relation to leases are detailed below. Right-of-use assets Buildings \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost At 1 February 2022 300.6 1.3 301.9 Additions 39.4 0.2 39.6 Disposals (60.7) (0.7) (61.4) Effect of foreign exchange rates \u2013 \u2013 \u2013 At 31 January 2023 279.3 0.8 280.1 Depreciation and impairment At 1 February 2022 202.5 0.9 203.4 Depreciation in the period 35.3 0.4 35.7 Impairment charges in the period 3.7 \u2013 3.7 Impairment reversed in the period (2.4) \u2013 (2.4) Depreciation on disposals (59.4) (0.7) (60.1) Impairment on disposals (0.7) \u2013 (0.7) Effect of foreign exchange rates \u2013 \u2013 \u2013 At 31 January 2023 179.0 0.6 179.6 Net book value At 31 January 2023 100.3 0.2 100.5 At 31 January 2022 98.1 0.4 98.5 12 Leases continued Buildings \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost At 1 February 2021 316.3 1.6 317.9 Additions 29.7 0.1 29.8 Disposals (45.2) (0.4) (45.6) Effect of foreign exchange rates (0.2) \u2013 (0.2) At 31 January 2022 300.6 1.3 301.9 Depreciation and impairment At 1 February 2021 205.7 0.8 206.5 Depreciation in the period 37.0 0.4 37.4 Impairment in the period 5.0 \u2013 5.0 Depreciation on disposals (44.3) (0.3) (44.6) Impairment on disposals (0.8) \u2013 (0.8) Effect of foreign exchange rates (0.1) \u2013 (0.1) At 31 January 2022 202.5 0.9 203.4 Net book value At 31 January 2022 98.1 0.4 98.5 At 31 January 2021 110.6 0.8 111.4 Disposals and depreciation/impairment on disposals includes fully depreciated right-of-use assets where the lease term has expired, including amounts in respect of leases that have expired but the asset remained in use whilst a new lease was negotiated. The Group\u2019s full accounting policy in respect of leases and right-of-use assets is set out in note 1. Impairment testing: Store assets Reflecting continued macro-economic uncertainty, cost inflation and the existence of loss making stores within the portfolio, the Group considers that an indicator of potential impairment exists in respect of the store portfolio and, accordingly, an impairment review of the Group\u2019s store assets was undertaken in the 2023 financial year. For this purpose, each of the Group\u2019s stores is considered to be a CGU, with each store\u2019s carrying amount determined by assessing the value of right-of-use assets and property, plant and equipment insofar as they are directly allocable to an individual store. The assessment of whether an indicator of impairment may exist in respect of store assets is considered across the store portfolio and not on a store-by-store basis. Accordingly, the store impairment review considers all stores in the portfolio. The recoverable amount of each store was determined based on the expected future cash flows applicable to each store, assessed using a basis consistent with the future cash flows used in the goodwill impairment test described in note 10, but limited to the term of the current lease as assessed under IFRS 16. As a result, the key assumptions are also considered to be consistent with those described in note 10, in addition to the allocation of central and shared costs to individual stores insofar as such an allocation can be made on a reasonable and consistent basis. Most such costs are allocated on the basis of the relative sales of each individual store. Application of these assumptions resulted in a net impairment charge of \u00a31.3 million (2022: \u00a35.0 million), comprised of impairment charges of \u00a33.7 million (2022: \u00a35.0 million) and the reversal of previous impairment charges of \u00a32.4 million (2022: \u00a3nil). Having conducted scenario analysis, the Group does not consider any reasonably possible change in the key assumptions would result in a material change to the impairment charge. Lease liabilities 2023 \u00a3m 2022 \u00a3m Current lease liabilities (27.3) (41.1) Non-current lease liabilities (78.1) (78.7) Total lease liabilities (note 21) (105.4) (119.8) Lease expense: Total lease-related expenses 2023 \u00a3m 2022 \u00a3m Depreciation expense on right-of-use assets 35.7 37.4 Impairment of right-of-use assets 1.3 5.0 Profit on disposal of fixed assets (0.5) \u2013 Lease interest 4.5 3.3 Expense relating to short-term and low value leases 1 \u2013 \u2013 Expense relating to variable lease payments 2 0.2 0.2 Total lease-related income statement expense 41.2 45.9 1 Contracts subject to the election not to apply the requirements of IFRS 16 to short-term or low value leases. 2 A small proportion of the store lease portfolio are subject to an element of turnover-linked variable rents that are excluded from the definition of a lease under IFRS 16",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-332": {
"value": "14 Inventories 2023 \u00a3m 2022 \u00a3m Finished goods 44.7 32.7 Work in progress 0.6 0.4 45.3 33.1 Inventories are stated net of provisions totalling \u00a316.1 million (2022: \u00a320.7 million). The value of inventories written down in the period was \u00a314.0 million (2022: \u00a311.6 million). The cost of inventories recognised as an expense and charged to cost of sales in the year, net of movements in provisions, was \u00a3145.3 million (2022: \u00a3121.6 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-333": {
"value": "15 Trade and other receivables 2023 \u00a3m 2022 \u00a3m Current Trade receivables 2.0 3.0 Prepaid property costs 2.9 2.3 Other prepayments 8.4 2.8 13.3 8.1 The Group has net US Dollar denominated trade and other receivables of \u00a30.8 million (2022: \u00a31.0 million). Group revenue is principally attributable to the retail sale of cards, dressings and gifts. Revenue is subject to a single performance obligation fulfilled by receipt of goods at the point of payment with minimal returns and refunds. Trade receivables are attributable to retail partnerships and non-retail sales which generated revenue of \u00a35.6 million (2022: \u00a35.6 million) in the year. No significant impairment loss has been recorded against trade receivables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-334": {
"value": "16 Cash and cash equivalents 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand 11.7 38.3 Cash presented as current assets in the balance sheet 11.7 38.3 Unsecured bank overdraft (1.8) \u2013 Overdraft presented as current liabilities in the balance sheet (1.8) \u2013 Net cash and cash equivalents 9.9 38.3 The Group manages its liquidity requirements on a Group-wide basis and regularly sweeps and pools cash in order to optimise returns and/or ensure the most efficient deployment of borrowing facilities in order to minimise fees whilst maintaining sufficient short-term liquidity to meet its liabilities as they fall due. Cash in bank accounts and overdrafts are presented net where the Group has a legal right to offset amounts \u2013 such as those with the same banking provider or included in netting arrangements under its financing facilities. The Group\u2019s cash and cash equivalents are denominated in the following currencies: 2023 \u00a3m 2022 \u00a3m Sterling 0.2 21.5 Euro 4.8 1.4 US Dollar 4.9 15.4 9.9 38.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-335": {
"value": "17 Borrowings 2023 \u00a3m 2022 \u00a3m Current liabilities Bank loans and accrued interest 48.3 25.5 Bank overdraft 1.8 \u2013 Total current liabilities 50.1 25.5 Non-current liabilities Bank loans 17.4 85.5 Current liabilities includes bank loans where the liability is due to be settled in the next 12 months (such as scheduled repayments in respect of secured term loans and CLBILs) or where the Group does not have an unconditional right to defer repayment beyond 12 months (such as revolving facilities subject to covenant requirements). Bank loans Bank borrowings as at 31 January 2023 are summarised as follows: Liability \u00a3m Interest rate % Interest margin ratchet range % 31 January 2023 Secured term loans \u2013 Tranche \u2018A\u2019 9.0 5.00 + SONIA \u2013 Secured term loans \u2013 Tranche \u2018B\u2019 18.8 5.50 +SONIA \u2013 Secured CLBILs 16.1 See note \u2013 Secured revolving credit facility 23.0 Margin + SONIA 2.75\u20134.50 Total facility size = \u00a3100 million Accrued interest 0.2 Bank overdraft 1.8 Debt issue costs (1.4) 67.5 31 January 2022 Secured term loans 67.2 4.50 + SONIA \u2013 Interest rate increases 1.00% every six months Secured CLBILs 44.8 See note. \u2013 Secured revolving credit facility \u2013 Margin + SONIA 2.75\u20134.50 Total facility size = \u00a3100 million Accrued interest 0.5 Debt issue costs (1.5) 111.0 On 21 April 2022, the Group agreed an updated and amended financing package with its banking partners, which reduced the overall quantum and extended the term of the Group\u2019s facilities. The revised facilities comprised term loans of \u00a330 million, CLBILS of \u00a320 million and an RCF of \u00a3100 million. The CLBILS are subject to an amortising repayment profile with final maturity in September 2023. The Term Loans are set in two tranches, both with an amortising repayment profile. Tranche \u2018A\u2019 has a final maturity in January 2024 and Tranche \u2018B\u2019 is coterminous with the RCF in September 2025. 17 Borrowings continued The Term Loan \u2018A\u2019 interest rate margin was 5.0% over SONIA, and the Term Loan \u2018B\u2019 interest rate margin was 5.5% over SONIA. The CLBILS facilities attract interest rates of between 3.1% and 3.75% over SONIA or the Bank of England Base Rate. The RCF, when drawn, is subject to an interest rate ratchet of between 2.75% and 4.5% over SONIA based upon the Group\u2019s leverage position. The revised Term Loan and CLBILS facilities were drawn in full from the refinancing date, with the RCF drawn to replace the existing term loans and CLBILs that were paid down. The RCF was subsequently drawn during the period to support liquidity when needed and includes up to \u00a317.5 million that can be utilised as an overdraft facility on certain of the Group\u2019s bank accounts. The full RCF remains available to draw on if required, with \u00a375.2 million of undrawn committed facilities available to the Group at the balance sheet date. Total repayments in respect of the revised Term Loan and CLBILS facilities during FY23 were \u00a36.1 million. At the balance sheet date, the Group remained subject to two financial covenants, tested quarterly, in relation to leverage (ratio of net debt to EBITDA) and interest cover (ratio of interest and rent costs to EBITDA). Covenant thresholds are phased to return to 2.5x leverage and 1.75x interest cover by January 2024. In addition, the terms of the facilities prevent the Group from making any distributions to shareholders whilst the CLBILS and Term Loan \u2018A\u2019 remain outstanding and places a limit on the total value of capital expenditure the Group can make in each financial year to FY25. The Group expects to be able to operate and have sufficient headroom within these covenants to deliver its strategy. Debt issue costs in respect of the April 2022 refinancing totalled \u00a31.8 million and are being amortised to the income statement over the duration of the revised facilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-336": {
"value": "18 Trade and other payables 2023 \u00a3m 2022 \u00a3m Current Trade payables 29.2 31.1 Other taxation and social security 20.6 4.6 Contract liabilities \u2013 2.4 Property accruals 7.8 4.9 Payroll accruals 13.9 15.8 Other accruals 13.2 12.9 84.7 71.7 The Group has net US Dollar denominated trade and other payables of \u00a310.1 million (2022: \u00a38.5 million). During FY23, the Group aligned its UK VAT quarters with its financial year, resulting in the final payment in respect of each year moving from January to February. As a result, payables in respect of other taxation and social security significantly increased in FY23, owing to inclusion of the full quarterly payment made in February 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-363": {
"value": "18 Trade and other payables 2023 \u00a3m 2022 \u00a3m Current Trade payables 29.2 31.1 Other taxation and social security 20.6 4.6 Contract liabilities \u2013 2.4 Property accruals 7.8 4.9 Payroll accruals 13.9 15.8 Other accruals 13.2 12.9 84.7 71.7 The Group has net US Dollar denominated trade and other payables of \u00a310.1 million (2022: \u00a38.5 million). During FY23, the Group aligned its UK VAT quarters with its financial year, resulting in the final payment in respect of each year moving from January to February. As a result, payables in respect of other taxation and social security significantly increased in FY23, owing to inclusion of the full quarterly payment made in February 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-337": {
"value": "19 Share capital and share premium 2023 (Number) 2022 (Number) Share capital Allotted, called up and fully paid ordinary shares of one pence: At the start of the period 341,878,341 341,626,396 Issued in the period (note 25) 757,749 251,945 At the end of the period 342,636,090 341,878,341 \u00a3m \u00a3m Share capital At the start of the period 3.4 3.4 Issued in the period (note 25) \u2013 \u2013 At the end of the period 3.4 3.4 \u00a3m \u00a3m Share premium At the start of the period 202.2 202.2 Issued in the period (note 25) \u2013 \u2013 At the end of the period 202.2 202.2 Shares issued in the period relate entirely to those issued upon vesting of employee share schemes. See note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-364": {
"value": "19 Share capital and share premium 2023 (Number) 2022 (Number) Share capital Allotted, called up and fully paid ordinary shares of one pence: At the start of the period 341,878,341 341,626,396 Issued in the period (note 25) 757,749 251,945 At the end of the period 342,636,090 341,878,341 \u00a3m \u00a3m Share capital At the start of the period 3.4 3.4 Issued in the period (note 25) \u2013 \u2013 At the end of the period 3.4 3.4 \u00a3m \u00a3m Share premium At the start of the period 202.2 202.2 Issued in the period (note 25) \u2013 \u2013 At the end of the period 202.2 202.2 Shares issued in the period relate entirely to those issued upon vesting of employee share schemes. See note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-338": {
"value": "20 Notes to the cash flow statement Reconciliation of operating profit to cash generated from operations: 2023 \u00a3m 2022 \u00a3m Profit before tax 52.4 11.1 Net finance expense 11.4 20.5 Operating profit 63.8 31.6 Adjusted for: Depreciation and amortisation 46.0 49.1 Impairment of right-of-use assets 1.3 5.0 Impairment of intangible assets 1.5 \u2013 Gain on disposal of fixed assets (0.5) \u2013 Cash flow hedging foreign currency movements 0.8 (1.4) Share-based payments charge 1.7 0.8 Operating cash flows before changes in working capital 114.6 85.1 (Increase)/decrease in receivables (5.2) 1.1 (Increase)/decrease in inventories (12.2) 3.3 Increase/(decrease) in payables 13.3 11.9 Movement in provisions (2.7) 12.2 Cash inflow from operating activities 107.8 113.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-339": {
"value": "21 Analysis of net debt At 1 February 2022 \u00a3m Cash flow \u00a3m Non-cash changes \u00a3m At 31 January 2023 \u00a3m Secured bank loans and accrued interest (note 17) (111.0) 51.4 (6.1) (65.7) Lease liabilities (119.8) 57.0 (42.6) (105.4) Total debt (230.8) 108.4 (48.7) (171.1) Add: debt costs capitalised (1.5) (1.8) 1.9 (1.4) Add: bank overdraft \u2013 (1.8) \u2013 (1.8) Less: cash and cash equivalents (note 16) 38.3 (26.6) \u2013 11.7 Net debt (194.0) 78.2 (46.8) (162.6) Lease liabilities 119.8 (57.0) 42.6 105.4 Net debt excluding lease liabilities (74.2) 21.2 (4.2) (57.2) At 1 February 2021 \u00a3m Cash flow \u00a3m Non-cash changes \u00a3m At 31 January 2022 \u00a3m Secured bank loans and accrued interest (note 17) (119.0) 8.0 \u2013 (111.0) Lease liabilities (144.9) 57.8 (32.7) (119.8) Total debt (263.9) 65.8 (32.7) (230.8) Add: debt costs capitalised (1.2) (8.7) 8.4 (1.5) Less: cash and cash equivalents (note 16) 12.5 25.8 \u2013 38.3 Net debt (252.6) 82.9 (24.3) (194.0) Lease liabilities 144.9 (57.8) 32.7 119.8 Net debt excluding lease liabilities (107.7) 25.1 8.4 (74.2) Non-cash changes in respect of lease liabilities reflect changes in the carrying amount of leases arising from additions, disposals and modifications. ",
"dimensions": {
"concept": "cardfactory:DisclosureOfAnalysisOfNetDebt",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-340": {
"value": "22 Provisions Covid-19- related support \u00a3m Property provisions \u00a3m Total \u00a3m At 1 February 2021 \u2013 \u2013 \u2013 Provisions made during the year 12.2 \u2013 12.2 At 31 January 2022 12.2 \u2013 12.2 Transfer from contract liabilities \u2013 2.5 2.5 Provisions utilised during the year (2.3) (0.9) (3.2) Provisions released during the year (2.5) (0.9) (3.4) Provisions provided during the year \u2013 1.4 1.4 At 31 January 2023 7.4 2.1 9.5 Covid-19-related support provisions reflect amounts received under one-off schemes designed to provide support to businesses affected by Covid-19 restrictions, including lockdown grants and CJRS, in excess of the value the Group reasonably believes it is entitled to retain under the terms and conditions of those schemes. The provisions have been estimated based on the Group\u2019s interpretation of the terms and conditions of the respective schemes and, where applicable, independent professional advice. However, the actual amount that will be repaid is not certain. In July 2022, following an unprompted disclosure to HMRC and resulting investigation, the Group made a payment of \u00a32.3 million in final settlement of its CJRS position. As a result of this settlement, the Group released a further \u00a32.5 million from the provision that is no longer expected to be required, as the matter is now closed. This release has been recognised as a one-off benefit in the income statement in the period. 22 Provisions continued The remaining provision relates to covid-related lockdown grants and similar support schemes. The Group is taking steps to confirm amounts repayable and settle its positions. This exercise is expected to conclude within the next financial year. The Group maintains provisions in respect of its store portfolio to cover both the estimated cost of restoring properties to their original condition upon exit of the property and any non-lease components of lease contracts (such as service charges) that may be onerous. Despite the size of the Group\u2019s store portfolio, such provisions are generally small, which is consistent with the Group\u2019s experience of actual dilapidations and restoration costs. Such provisions are usually made where the Group has a reasonable expectation that the related property may be exited, or is at a higher risk of exiting, in the near future. Accordingly such provisions are generally expected to be utilised in the short-term. Amounts relating to property provisions, previously recognised and presented within contract liabilities, have been reclassified to provisions in the year. Comparative balances have not been reclassified as the amounts are not considered material",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
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}
},
"fact-341": {
"value": "23 Financial risk management The principal financial risks faced by the Group are liquidity, foreign currency, interest rate and counterparty credit risk. The Board have overall responsibility for managing risks and uncertainties across the Group. The principal financial risks and uncertainties and the actions taken to mitigate them are reviewed on an ongoing basis. Further details of the Group\u2019s approach to managing risk are included in the Principal Risks and Uncertainties section of the Strategic Report on pages 58 to 62 and in the Corporate Governance Report on pages 67 to 73. Liquidity risk The Group has continued to generate significant operating cash inflows. Cash flow forecasts are prepared to assist management in identifying future liquidity requirements. At the balance sheet date, the Group had net debt (note 21) of \u00a357.2 million (2022: \u00a374.2 million) and undrawn RCF facility of \u00a375.2 million (see note 17). On 21 April 2022, the Group agreed an updated and amended financing package with its banking partners, which reduced the overall quantum and extended the term of the Group\u2019s facilities. The revised facilities comprised term loans of \u00a330 million, CLBILS of \u00a320 million and an RCF of \u00a3100 million. The CLBILS are subject to an amortising repayment profile with final maturity in September 2023. The Term Loans are set in two tranches, both with an amortising repayment profile. Tranche \u2018A\u2019 has a final maturity in January 2024 and Tranche \u2018B\u2019 is coterminous with the RCF in September 2025. Until the business has no outstanding CLBILS or Term Loan \u2018A\u2019, there will be a prohibition of any payment to shareholders by way of dividend or share buy-back. The table below analyses the contractual cash flows of the Group\u2019s non-derivative financial liabilities as at the balance sheet date. The amounts disclosed in the tables are the contractual undiscounted cash flows, including contractual interest. Where amounts are not yet fixed, principally in respect of interest payments linked to SONIA in the Group\u2019s bank facilities, the values have been determined with reference to forward curves at the balance sheet date. Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m At 31 January 2023 Bank loans 52.4 18.8 \u2013 \u2013 71.2 Lease liabilities 32.7 31.3 47.9 7.8 119.7 Trade and other payables 84.7 \u2013 \u2013 \u2013 84.7 169.8 50.1 47.9 7.8 275.6 At 31 January 2022 Bank loans 31.7 88.9 \u2013 \u2013 120.6 Lease liabilities 46.8 32.0 44.7 6.7 130.2 Trade and other payables 71.7 \u2013 \u2013 \u2013 71.7 150.2 120.9 44.7 6.7 322.5 The table below analyses the contractual cash flows of the Group\u2019s derivative financial instruments as at the balance sheet date. The amounts disclosed represent the total contractual undiscounted cash flows at the balance sheet date exchange and interest rates. Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m At 31 January 2023 Foreign exchange contracts \u2013 Inflow 76.4 21.9 \u2013 \u2013 98.3 \u2013 Outflow (72.6) (21.2) \u2013 \u2013 (93.8) Interest rate contracts \u2013 Inflow 1.1 \u2013 \u2013 \u2013 1.1 \u2013 Outflow \u2013 (0.2) (0.2) \u2013 (0.4) At 31 January 2022 Foreign exchange contracts \u2013 Inflow 60.4 37.3 \u2013 \u2013 97.7 \u2013 Outflow (59.7) (36.4) \u2013 \u2013 (96.1) Interest rate contracts \u2013 Outflow 0.4 0.6 \u2013 \u2013 1.0 23 Financial risk management continued Foreign currency risk The Group has an exposure to foreign currency risk due to a significant proportion of the Group\u2019s retail products being procured from overseas suppliers with purchases denominated in US Dollars. The Group has an established currency hedging policy which aims to mitigate the risk of adverse currency movements whilst providing sufficient flexibility and available credit lines to act when markets are volatile. The Group\u2019s policy requires forward cover, using a combination of currency on hand, expected receipts and derivative contracts, of between 50% and 100% of the next 12 months\u2019 rolling forecast US Dollar requirements, between 20% and 80% forward cover for the period 12 to 24 months, and up to 40% for the period 24 to 36 months. The policy permits a proportion of each year\u2019s US Dollar requirement to be covered by structured options and similar instruments. The table below analyses the sensitivity of the Group\u2019s US Dollar denominated financial instruments to a 10 cent movement in the USD to GBP exchange rate at the balance sheet date, holding all other assumptions constant. 2023 2022 Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m 10 cent increase (2.9) (3.3) (1.2) (5.3) 10 cent decrease 2.1 4.0 1.6 6.3 The Group generates a small proportion of its total revenue in Euros as a result of its operations in the Republic of Ireland. Euro receipts are used to settle obligations denominated in Euros, or are converted to GBP using either spot or forward contracts to manage liquidity. Interest rate risk The Group\u2019s principal interest rate risk arises from its long-term borrowings. Bank borrowings are denominated in Sterling and are borrowed at floating interest rates (see note 17). The Group has an established policy that permits the use of interest rate derivative financial instruments to mitigate the interest rate risk on an element of these borrowing costs. Current Group policy requires between 25% and 75% of forecast floating interest rate borrowings to be hedged for the next 24 months, up to 50% for the period 24 to 36 months and up to 25% for periods greater than 36 months. The table below shows the impact on the reported results of a 50 basis point increase or decrease in the interest rate for the year. 2023 2022 Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m 50 basis point interest rate increase (0.2) 0.3 (0.3) 0.3 50 basis point interest rate decrease 0.2 (0.3) 0.3 (0.3) Counterparty credit risk The Group is exposed to counterparty credit risk on its holdings of cash and cash equivalents and derivative financial assets. To mitigate the risk, counterparties are limited to high credit-quality financial institutions and exposures are monitored on a monthly basis. Sterling cash balances have historically been maintained at near zero or overdrawn within the facility to minimise interest expense on the RCF, thereby reducing counterparty credit risk on cash balances. The Group is also exposed to counterparty credit risk in relation to certain payments in advance of goods to overseas suppliers. To limit this exposure, goods from overseas suppliers are not paid until after shipment, except for a limited number of deposit payments in prepayments. Credit risk in respect of trade receivables on revenues from retail partners and non-retail customers, and other receivables and prepayments, is not significant to the Group. Revenues from retail partners and non-retail customers represented \u00a35.6 million in the year (2022: \u00a34.6 million) and trade receivables at 31 January 2023 were \u00a32.4 million (2022: \u00a33.0 million). Total trade and other receivables at 31 January 2023 are \u00a313.3 million (FY22: \u00a38.1 million). The Group considers expected credit losses as not material and no impairment allowances have been recognised in respect of credit risk. Capital management The Group\u2019s capital management policy is to maintain a capital structure that is conservative yet efficient in terms of providing long-term returns to shareholders. The Board monitors the Group\u2019s capital structure principally through reviewing leverage \u2013 the ratio of net debt (excluding lease liabilities) to EBITDA. The Group\u2019s long-term target is to maintain leverage between 0.5 to 1.5 times. The Group defines capital as equity attributable to the equity holders of the Parent plus net debt. Net debt is shown in note 21. The Group has prioritised de-levering the business during and since the Covid-19 pandemic, protecting liquidity to ensure it can continue to meet the needs of all stakeholders in the longer term. Alongside the restrictions imposed by the Group\u2019s financing facilities (see note 17), this has resulted in no distributions to shareholders being made during FY22 and FY23.23 Financial risk management continued Whilst the CLBILs and term loan tranche \u2018A\u2019 remain outstanding, the Group is prohibited from making distributions. Following the refinancing of the Group\u2019s facilities in April 2022, the remaining CLBILs facilities are due to be repaid over the period to September 2023 and term loan tranche \u2018A\u2019 over the period to January 2024. Therefore, the Board envisages the earliest point for dividend payments to be considered will be the end of FY24. Providing leverage remains within the range above, it is the Board\u2019s intention to pay annual ordinary dividends based on a targeted dividend cover of between 2.0 and 3.0 times the Group\u2019s consolidated post-tax profit. Details on Group borrowings are set out in notes 17 and 29 of the consolidated financial statements. The Group has a continued focus on free cash flow generation. The Board monitors a range of financial metrics together with banking covenant ratios, maintaining suitable headroom to ensure that the Group\u2019s financing requirements continue to be serviceable. Further detail regarding covenant restrictions and liquidity forecasts are provided on pages 119 to 120 and pages 134 to 135. ",
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"fact-365": {
"value": "Liquidity risk The Group has continued to generate significant operating cash inflows. Cash flow forecasts are prepared to assist management in identifying future liquidity requirements. At the balance sheet date, the Group had net debt (note 21) of \u00a357.2 million (2022: \u00a374.2 million) and undrawn RCF facility of \u00a375.2 million (see note 17). On 21 April 2022, the Group agreed an updated and amended financing package with its banking partners, which reduced the overall quantum and extended the term of the Group\u2019s facilities. The revised facilities comprised term loans of \u00a330 million, CLBILS of \u00a320 million and an RCF of \u00a3100 million. The CLBILS are subject to an amortising repayment profile with final maturity in September 2023. The Term Loans are set in two tranches, both with an amortising repayment profile. Tranche \u2018A\u2019 has a final maturity in January 2024 and Tranche \u2018B\u2019 is coterminous with the RCF in September 2025. Until the business has no outstanding CLBILS or Term Loan \u2018A\u2019, there will be a prohibition of any payment to shareholders by way of dividend or share buy-back. The table below analyses the contractual cash flows of the Group\u2019s non-derivative financial liabilities as at the balance sheet date. The amounts disclosed in the tables are the contractual undiscounted cash flows, including contractual interest. Where amounts are not yet fixed, principally in respect of interest payments linked to SONIA in the Group\u2019s bank facilities, the values have been determined with reference to forward curves at the balance sheet date. Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m At 31 January 2023 Bank loans 52.4 18.8 \u2013 \u2013 71.2 Lease liabilities 32.7 31.3 47.9 7.8 119.7 Trade and other payables 84.7 \u2013 \u2013 \u2013 84.7 169.8 50.1 47.9 7.8 275.6 At 31 January 2022 Bank loans 31.7 88.9 \u2013 \u2013 120.6 Lease liabilities 46.8 32.0 44.7 6.7 130.2 Trade and other payables 71.7 \u2013 \u2013 \u2013 71.7 150.2 120.9 44.7 6.7 322.5 The table below analyses the contractual cash flows of the Group\u2019s derivative financial instruments as at the balance sheet date. The amounts disclosed represent the total contractual undiscounted cash flows at the balance sheet date exchange and interest rates. Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m At 31 January 2023 Foreign exchange contracts \u2013 Inflow 76.4 21.9 \u2013 \u2013 98.3 \u2013 Outflow (72.6) (21.2) \u2013 \u2013 (93.8) Interest rate contracts \u2013 Inflow 1.1 \u2013 \u2013 \u2013 1.1 \u2013 Outflow \u2013 (0.2) (0.2) \u2013 (0.4) At 31 January 2022 Foreign exchange contracts \u2013 Inflow 60.4 37.3 \u2013 \u2013 97.7 \u2013 Outflow (59.7) (36.4) \u2013 \u2013 (96.1) Interest rate contracts \u2013 Outflow 0.4 0.6 \u2013 \u2013 1.0 ",
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"fact-366": {
"value": "Foreign currency risk The Group has an exposure to foreign currency risk due to a significant proportion of the Group\u2019s retail products being procured from overseas suppliers with purchases denominated in US Dollars. The Group has an established currency hedging policy which aims to mitigate the risk of adverse currency movements whilst providing sufficient flexibility and available credit lines to act when markets are volatile. The Group\u2019s policy requires forward cover, using a combination of currency on hand, expected receipts and derivative contracts, of between 50% and 100% of the next 12 months\u2019 rolling forecast US Dollar requirements, between 20% and 80% forward cover for the period 12 to 24 months, and up to 40% for the period 24 to 36 months. The policy permits a proportion of each year\u2019s US Dollar requirement to be covered by structured options and similar instruments. The table below analyses the sensitivity of the Group\u2019s US Dollar denominated financial instruments to a 10 cent movement in the USD to GBP exchange rate at the balance sheet date, holding all other assumptions constant. 2023 2022 Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m 10 cent increase (2.9) (3.3) (1.2) (5.3) 10 cent decrease 2.1 4.0 1.6 6.3 The Group generates a small proportion of its total revenue in Euros as a result of its operations in the Republic of Ireland. Euro receipts are used to settle obligations denominated in Euros, or are converted to GBP using either spot or forward contracts to manage liquidity. Interest rate risk The Group\u2019s principal interest rate risk arises from its long-term borrowings. Bank borrowings are denominated in Sterling and are borrowed at floating interest rates (see note 17). The Group has an established policy that permits the use of interest rate derivative financial instruments to mitigate the interest rate risk on an element of these borrowing costs. Current Group policy requires between 25% and 75% of forecast floating interest rate borrowings to be hedged for the next 24 months, up to 50% for the period 24 to 36 months and up to 25% for periods greater than 36 months. The table below shows the impact on the reported results of a 50 basis point increase or decrease in the interest rate for the year. 2023 2022 Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m 50 basis point interest rate increase (0.2) 0.3 (0.3) 0.3 50 basis point interest rate decrease 0.2 (0.3) 0.3 (0.3) ",
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"fact-378": {
"value": "Foreign currency risk The Group has an exposure to foreign currency risk due to a significant proportion of the Group\u2019s retail products being procured from overseas suppliers with purchases denominated in US Dollars. The Group has an established currency hedging policy which aims to mitigate the risk of adverse currency movements whilst providing sufficient flexibility and available credit lines to act when markets are volatile. The Group\u2019s policy requires forward cover, using a combination of currency on hand, expected receipts and derivative contracts, of between 50% and 100% of the next 12 months\u2019 rolling forecast US Dollar requirements, between 20% and 80% forward cover for the period 12 to 24 months, and up to 40% for the period 24 to 36 months. The policy permits a proportion of each year\u2019s US Dollar requirement to be covered by structured options and similar instruments. The table below analyses the sensitivity of the Group\u2019s US Dollar denominated financial instruments to a 10 cent movement in the USD to GBP exchange rate at the balance sheet date, holding all other assumptions constant. 2023 2022 Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m 10 cent increase (2.9) (3.3) (1.2) (5.3) 10 cent decrease 2.1 4.0 1.6 6.3 The Group generates a small proportion of its total revenue in Euros as a result of its operations in the Republic of Ireland. Euro receipts are used to settle obligations denominated in Euros, or are converted to GBP using either spot or forward contracts to manage liquidity. ",
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"fact-379": {
"value": "Interest rate risk The Group\u2019s principal interest rate risk arises from its long-term borrowings. Bank borrowings are denominated in Sterling and are borrowed at floating interest rates (see note 17). The Group has an established policy that permits the use of interest rate derivative financial instruments to mitigate the interest rate risk on an element of these borrowing costs. Current Group policy requires between 25% and 75% of forecast floating interest rate borrowings to be hedged for the next 24 months, up to 50% for the period 24 to 36 months and up to 25% for periods greater than 36 months. The table below shows the impact on the reported results of a 50 basis point increase or decrease in the interest rate for the year. 2023 2022 Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m Impact on profit after tax \u00a3m Impact on cash flow hedging reserve \u00a3m 50 basis point interest rate increase (0.2) 0.3 (0.3) 0.3 50 basis point interest rate decrease 0.2 (0.3) 0.3 (0.3) ",
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"fact-367": {
"value": "Counterparty credit risk The Group is exposed to counterparty credit risk on its holdings of cash and cash equivalents and derivative financial assets. To mitigate the risk, counterparties are limited to high credit-quality financial institutions and exposures are monitored on a monthly basis. Sterling cash balances have historically been maintained at near zero or overdrawn within the facility to minimise interest expense on the RCF, thereby reducing counterparty credit risk on cash balances. The Group is also exposed to counterparty credit risk in relation to certain payments in advance of goods to overseas suppliers. To limit this exposure, goods from overseas suppliers are not paid until after shipment, except for a limited number of deposit payments in prepayments. Credit risk in respect of trade receivables on revenues from retail partners and non-retail customers, and other receivables and prepayments, is not significant to the Group. Revenues from retail partners and non-retail customers represented \u00a35.6 million in the year (2022: \u00a34.6 million) and trade receivables at 31 January 2023 were \u00a32.4 million (2022: \u00a33.0 million). Total trade and other receivables at 31 January 2023 are \u00a313.3 million (FY22: \u00a38.1 million). The Group considers expected credit losses as not material and no impairment allowances have been recognised in respect of credit risk. ",
"dimensions": {
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"fact-368": {
"value": "Capital management The Group\u2019s capital management policy is to maintain a capital structure that is conservative yet efficient in terms of providing long-term returns to shareholders. The Board monitors the Group\u2019s capital structure principally through reviewing leverage \u2013 the ratio of net debt (excluding lease liabilities) to EBITDA. The Group\u2019s long-term target is to maintain leverage between 0.5 to 1.5 times. The Group defines capital as equity attributable to the equity holders of the Parent plus net debt. Net debt is shown in note 21. The Group has prioritised de-levering the business during and since the Covid-19 pandemic, protecting liquidity to ensure it can continue to meet the needs of all stakeholders in the longer term. Alongside the restrictions imposed by the Group\u2019s financing facilities (see note 17), this has resulted in no distributions to shareholders being made during FY22 and FY23. Whilst the CLBILs and term loan tranche \u2018A\u2019 remain outstanding, the Group is prohibited from making distributions. Following the refinancing of the Group\u2019s facilities in April 2022, the remaining CLBILs facilities are due to be repaid over the period to September 2023 and term loan tranche \u2018A\u2019 over the period to January 2024. Therefore, the Board envisages the earliest point for dividend payments to be considered will be the end of FY24. Providing leverage remains within the range above, it is the Board\u2019s intention to pay annual ordinary dividends based on a targeted dividend cover of between 2.0 and 3.0 times the Group\u2019s consolidated post-tax profit. Details on Group borrowings are set out in notes 17 and 29 of the consolidated financial statements. The Group has a continued focus on free cash flow generation. The Board monitors a range of financial metrics together with banking covenant ratios, maintaining suitable headroom to ensure that the Group\u2019s financing requirements continue to be serviceable. Further detail regarding covenant restrictions and liquidity forecasts are provided on pages 119 to 120 and pages 134 to 135. ",
"dimensions": {
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"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
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"fact-342": {
"value": "24 Financial instruments Fair value IFRS 13 requires categorisation of the Group\u2019s financial instruments, where measured at fair value, in accordance with the fair value hierarchy to illustrate the basis upon which the fair value has been determined: \u2022 Level 1: fair value measurements are derived from quoted prices in active markets for identical assets or liabilities; \u2022 Level 2: fair value measurements are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: fair value measurements derived from valuation techniques that use inputs that are not based on observable market data (unobservable inputs). The fair value of the Group\u2019s foreign currency and interest rate derivative financial instruments are largely determined by comparison between forward market prices and the contract price; therefore, these contracts are categorised as Level 2. Derivative financial instruments The balance sheet date fair value of derivative financial instruments is as follows: 2023 \u00a3m 2022 \u00a3m Derivative assets Non-current Interest rate contracts 0.2 0.3 Foreign exchange contracts 0.3 1.0 0.5 1.3 Current Interest rate contracts 1.1 0.2 Foreign exchange contracts 4.2 0.6 5.3 0.8 Derivative liabilities Current Interest rate contracts \u2013 \u2013 Foreign exchange contracts (1.4) (0.2) (1.4) (0.2) Non-current Interest rate contracts (0.2) \u2013 Foreign exchange contracts (0.3) \u2013 (0.5) \u2013 Net derivative financial instruments Interest rate contracts 1.1 0.5 Foreign exchange contracts 2.8 1.4 3.9 1.9 24 Financial instruments continued Interest rate contracts At 31 January 2023 the Group held fixed for floating SONIA interest rate swaps to hedge a portion of the variable interest rate risk on bank borrowings. Notional principal amounts for interest hedges totalled \u00a350.0 million for the period to October 2023 at an average fixed rate of 0.9%, then reducing to \u00a320.0 million for the period to October 2024 at an average fixed rate of 3.95%, then reducing to \u00a310 million for the period to October 2025 at an average fixed rate of 5.1% (2022: \u00a360.0 million for the period to October 2022, reducing to \u00a340.0 million for the period to October 2023). Unhedged fair value movements of \u00a3nil (2022: \u00a3nil) were expensed to the income statement within financial expense. Foreign exchange contracts At 31 January 2023 the Group held a portfolio of foreign currency derivative contracts with notional principal amounts in GBP totalling \u00a393.8 million (2022: \u00a397.7 million) to mitigate the exchange risk on future US Dollar denominated trade purchases. Foreign currency derivatives with a notional value of \u00a347.0 million were designated in cash flow hedging relationships at 31 January 2023 (2022: \u00a374.6 million). Of this amount, \u00a337.2 million is expected to unwind in the next 12 months with an average strike price of 1.34 and \u00a39.8 million is expected to unwind between 13 and 24 months at an average strike price of 1.23. The average strike prices reflect only those derivatives designated into hedging relationships, and not the Group\u2019s whole portfolio of currency purchase contracts. Foreign currency derivative contracts with a notional value of \u00a346.8 million representing a fair value liability of \u00a30.4 million (2022: \u00a323.1 million representing a fair value asset of \u00a30.1 million) were not designated as hedging relationships. Fair value movements in foreign currency derivatives are recognised in other comprehensive income to the extent the contract is part of an effective hedging relationship. The fair value movements of \u00a30.5 million that do not form part of an effective hedging relationship have been charged to the income statement (2022: \u00a31.3 million) within cost of sales. Classification of financial instruments The table below shows the classification of financial assets and liabilities at the balance sheet date. Fair value disclosures in respect of lease liabilities are not required. At 31 January 2023 Mandatorily at FVTPL \u00a3m Cash flow hedging instruments \u00a3m Financial assets at amortised cost \u00a3m Other financial liabilities \u00a3m Financial assets measured at fair value Derivative financial instruments 0.5 5.3 \u2013 \u2013 Financial assets not measured at fair value Trade and other receivables \u2013 \u2013 13.3 \u2013 Cash and cash equivalents \u2013 \u2013 11.7 \u2013 Financial liabilities measured at fair value Derivative financial instruments (0.9) (1.0) \u2013 \u2013 Financial liabilities not measured at fair value Secured bank loans \u2013 \u2013 \u2013 (65.7) Unsecured bank overdrafts \u2013 \u2013 \u2013 (1.8) Trade and other payables \u2013 \u2013 \u2013 (84.7) (0.4) 4.3 25.0 (152.2) At 31 January 2022 Mandatorily at FVTPL \u00a3m Cash flow hedging instruments \u00a3m Financial assets at amortised costs \u00a3m Other financial liabilities \u00a3m Financial assets measured at fair value Derivative financial instruments 0.1 2.0 \u2013 \u2013 Financial assets not measured at fair value Trade and other receivables \u2013 \u2013 8.1 \u2013 Cash and cash equivalents \u2013 \u2013 38.3 \u2013 Financial liabilities measured at fair value Derivative financial instruments \u2013 (0.2) \u2013 \u2013 Financial liabilities not measured at fair value Unsecured bank loans \u2013 \u2013 \u2013 (111.0) Trade and other payables \u2013 \u2013 \u2013 (71.7) 0.1 1.8 46.4 (182.7) The fair values of financial instruments have been assessed as approximating to their carrying values. Derivative financial instruments are utilised to mitigate foreign exchange risk on the requisition of inventory and interest rate risk on borrowings. Derivatives not designated as a hedging relationship are mandatorily classified at FVTPL. ",
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"fact-369": {
"value": "Fair value IFRS 13 requires categorisation of the Group\u2019s financial instruments, where measured at fair value, in accordance with the fair value hierarchy to illustrate the basis upon which the fair value has been determined: \u2022 Level 1: fair value measurements are derived from quoted prices in active markets for identical assets or liabilities; \u2022 Level 2: fair value measurements are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: fair value measurements derived from valuation techniques that use inputs that are not based on observable market data (unobservable inputs). The fair value of the Group\u2019s foreign currency and interest rate derivative financial instruments are largely determined by comparison between forward market prices and the contract price; therefore, these contracts are categorised as Level 2. ",
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"fact-370": {
"value": "Derivative financial instruments The balance sheet date fair value of derivative financial instruments is as follows: 2023 \u00a3m 2022 \u00a3m Derivative assets Non-current Interest rate contracts 0.2 0.3 Foreign exchange contracts 0.3 1.0 0.5 1.3 Current Interest rate contracts 1.1 0.2 Foreign exchange contracts 4.2 0.6 5.3 0.8 Derivative liabilities Current Interest rate contracts \u2013 \u2013 Foreign exchange contracts (1.4) (0.2) (1.4) (0.2) Non-current Interest rate contracts (0.2) \u2013 Foreign exchange contracts (0.3) \u2013 (0.5) \u2013 Net derivative financial instruments Interest rate contracts 1.1 0.5 Foreign exchange contracts 2.8 1.4 3.9 1.9 ",
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},
"fact-343": {
"value": "25 Equity-settled share-based payment arrangements Card Factory Restricted Share Awards and Long Term Incentive Plan The Company grants restricted share awards (\u2018RSAs\u2019) to the Executive Directors, members of the senior management team and senior employees within the Group under the terms of the Group\u2019s LTIP. Grants are made annually under the scheme, subject to approval by the Board. The award comprises a right to receive free shares or nil cost options. The shares are to be issued within 30 days, or as soon as practicable, after the vesting date. Grants awarded in the year to Executive Directors and senior management vest in stages over three, four and five years and vested shares may not be sold (other than to pay taxes due on vesting) until the end of the five-year period. Grants awarded in the year to senior employees are subject to a three-year vesting period. All restricted share awards are subject to a performance underpin through which the Remuneration Committee can exercise discretion to reduce the number of awards that will vest based on certain defined criteria. Grants awarded prior to 31 January 2018 under the LTIP were subject to a three-year vesting period with performance conditions and a two-year holding period for awards in favour of senior management. Further details on Executive Director share awards are provided in the Remuneration Report on pages 86 to 95. Card Factory SAYE Scheme (\u2018SAYE\u2019) The SAYE scheme is open to all employees (in years prior to FY19 length of service eligibility applied). Grants are made annually under the scheme, subject to approval by the Board. Options may be exercised under the scheme within six months of the completion of the three- year savings contract. There is provision for early exercise in certain circumstances such as death, disability, redundancy and retirement. Reconciliation of outstanding awards RSA/LTIP SAYE Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at 1 February 2021 3,681,075 \u00a30.01 3,961,409 \u00a30.40 Granted during the year 1,911,815 \u00a30.01 1,499,150 \u00a30.29 Exercised during the year (239,943) \u00a30.01 (12,002) \u00a30.27 Forfeited during the year (903,945) \u00a30.01 (1,324,356) \u00a30.48 Outstanding at 31 January 2022 4,449,002 \u00a30.01 4,124,201 \u00a30.37 Granted during the year 3,799,855 \u00a30.01 2,267,990 \u00a30.49 Exercised during the year (736,764) \u00a30.01 (20,985) \u00a30.27 Forfeited during the year (664,953) \u00a30.01 (1,178,977) \u00a30.56 Outstanding at 31 January 2023 6,847,140 \u00a30.01 5,192,229 \u00a30.42 Fair value of awards The fair value of awards granted during the year has been measured using the Black-Scholes model assuming the inputs below. 2023 2022 RSA/LTIP (1) RSA/LTIP (2) SAYE RSA/LTIP (1) SAYE Granted during the year 3,417,583 382,272 2,267,990 1,911,815 1,499,150 Fair value at grant date \u00a30.62 \u00a30.64 \u00a30.34 \u00a30.68 \u00a30.29 Share price at grant date* \u00a30.62 \u00a30.64 \u00a30.63 \u00a30.68 \u00a30.61 Exercise price* \u00a30.01 \u00a30.01 \u00a30.49 \u00a30.01 \u00a30.54 Expected volatility 72% 72% 72% 66% 67% Expected term (years) 2.5 to 5 3 to 5 3 3 to 5 3 Expected dividend yield N/A** N/A** 0% N/A** 0% Risk free interest rate 1.20% 1.69% 1.81% 0.16% 0.16% * The exercise price for SAYE awards is set at a 20% discount to an average market price determined in accordance with scheme rules. The share price at the grant date is the closing price on the grant date. ** RSA/LTIP awards have a \u00a30.01 exercise price (covered via a nominal bonus award from the Group) and accrue dividend equivalents over the vesting period, consequently the fair value at grant date is equal to the grant date share price. The expected volatility is based on historical volatility of the Company over the expected term at the grant date. Impact on the income statement The total expense recognised in the income statement arising from share-based payments is as follows: All amounts exclude national insurance costs 2023 \u00a3m 2022 \u00a3m RSA or LTIP 1.4 0.6 SAYE 0.3 0.2 Total share-based payment expense 1.7 0.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-344": {
"value": "26 Capital commitments The Group had capital commitments at 31 January 2023 of \u00a32.3 million (2022: \u00a3nil). 27 Contingent liabilities There were no material contingent liabilities at 31 January 2023 (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-371": {
"value": "26 Capital commitments The Group had capital commitments at 31 January 2023 of \u00a32.3 million (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-372": {
"value": "27 Contingent liabilities There were no material contingent liabilities at 31 January 2023 (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-373": {
"value": "28 Related party transactions The Group has taken advantage of the exemptions contained within IAS 24 \u2018Related Party Disclosures\u2019 from the requirement to disclose transactions between Group companies as these have been eliminated on consolidation. A full listing of the Group\u2019s subsidiary undertakings is provided in the notes to the Company accounts on page 147. Transactions with key management personnel The key management personnel of the Group comprise the Card Factory plc Board of Directors, the Executive Board and the Operating Board. Disclosures relating to remuneration of key management personnel are included in note 5 of the financial statements. Further details of Directors\u2019 remuneration are set out in the Directors\u2019 Remuneration Report on pages 78 to 95. Directors of the Company and their immediate families control 0.02% of the ordinary shares of the Company. There were no other related party transactions in the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-346": {
"value": "28 Related party transactions The Group has taken advantage of the exemptions contained within IAS 24 \u2018Related Party Disclosures\u2019 from the requirement to disclose transactions between Group companies as these have been eliminated on consolidation. A full listing of the Group\u2019s subsidiary undertakings is provided in the notes to the Company accounts on page 147. Transactions with key management personnel The key management personnel of the Group comprise the Card Factory plc Board of Directors, the Executive Board and the Operating Board. Disclosures relating to remuneration of key management personnel are included in note 5 of the financial statements. Further details of Directors\u2019 remuneration are set out in the Directors\u2019 Remuneration Report on pages 78 to 95. Directors of the Company and their immediate families control 0.02% of the ordinary shares of the Company. There were no other related party transactions in the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-345": {
"value": "29 Subsequent events Acquisition of SA Greetings Corporation (Pty) Limited On 25 April 2023, the Group acquired 100% of the issued share capital of SA Greetings Corporation (Pty) Ltd (\u2018SA Greetings\u2019) a wholesaler and retailer of greeting cards and gift packaging based in South Africa, for fixed cash consideration of \u00a32.5 million. The acquisition enables the Group to access the South African card and gifts market and is aligned with the Group\u2019s strategy to expand internationally. In the future, we expect the acquisition to provide opportunities to develop the Group\u2019s retail partnerships business, alongside the Group\u2019s production capability and retail offer both in South Africa and the UK. Given the short time between the acquisition date and the approval of these financial statements, the initial acquisition accounting has not been completed and accordingly the full disclosures required by IFRS 3 are not provided in these financial statements. The Group expects to initially conclude the accounting in time to include these disclosures in its half year report for FY24. In its unaudited management accounts for the year ended 28 February 2023, SA Greetings reported revenue of \u00a39.4 million, profit before tax of \u00a30.2 million and net assets of \u00a35.8 million (all figures converted using a GBPZAR rate of 20:1). Acquisition-related costs have been expensed to the income statement as incurred, the value of such costs recognised in the year-ended 31 January 2023 was immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800TTSOPFVCKPFQ11",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
}
}
}