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"fact-111": { "value": "315800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "268200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-320": { "value": "
The financial statements on pages 124 to 154 were approved by the Board of Directors on
30 April 2024 and were signed on its behalf by
Darcy Willson-Rymer
Chief Executive Officer
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"2022-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-316": { "value": "11100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-317": { "value": "9900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-319": { "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 the \u2018Group\u2019). A full list of the Group\u2019s subsidiaries is provided in note 4 to the Parent Company accounts. The principal activities of the Group and the nature of the Group\u2019s operations are as a vertically integrated, omnichannel retailer of cards, gifts and celebration essentials. These financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and are rounded to the nearest million. Foreign operations are included in accordance with the policies set out within this note. Throughout these financial statements, references to \u2018FY24\u2019 refer to the financial year ended 31 January 2024, and references to \u2018FY23\u2019 refer to the financial year ended 31 January 2023. Basis of preparation These financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u2018UK IFRS\u2019), applicable law and with the requirements of the Companies Act 2006. The financial statements have been prepared on a going concern basis. In adopting the going concern basis, the Board has considered the financial position of the Group, its cash flows, liquidity position and borrowing facilities as set out in CFO\u2019s review on pages 56 to 63. The financial statements have been prepared under the historical cost convention, except for certain assets and liabilities that are measured at fair value (including derivative financial instruments and assets and liabilities valued as part of the acquisition of SA Greetings). 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. Judgements are also reviewed on an ongoing basis to ensure they remain appropriate. The Group does not consider there to be any judgements made in the current period that have had a significant material 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.
Inventory provisioning
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.
In FY24, 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 FY24, the total inventory provision was \u00a39.6 million (FY23: \u00a316.1 million), comprised
of fully-provided stock lines of \u00a31.3 million and partially provided lines of \u00a38.3 million.
The reduction in the value of the provision year-on-year generally reflects the continued
normalisation of stock levels following the Covid pandemic as well as the reduction due to
changes in provisioning percentages as a result of higher sell through rates in FY24 compared
with the prior year. 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 balanced 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 2024,
and could require a material adjustment to the carrying amount of the provision in the next
financial year.
The element of the provision which is most sensitive to estimation is the percentages applied
to the various categories of stock in stores and distribution centres. A 5% change in the
percentages applied to each category would cause a +/-\u00a30.7 million movement in the overall
value of the provision.
Other sources of estimation uncertainty
Grant income
During the Covid-19 pandemic, the Group received financial assistance under various Government
schemes intended to support businesses affected by local and national restrictions, 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 for, 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.
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 was recognised as a one-off
benefit in the income statement in FY23.
Subsequent to the balance sheet date, the Group has reached a proposed settlement with the
Department for Business and Trade for a portion of the provision that relates to business support
grants received by the Group during FY21 and FY22. The value of the proposed settlement is
\u00a33.3 million and following a review of the residual position, the Group has released a further \u00a32.0
million from the provision which reflects a proportionate reduction in the value of the provision
for the amounts still to be settled. This release has been recognised as a one-off benefit in other
operating income in the FY24 income statement. The business support grants settlement of \u00a33.3
million was paid in April 2024.
The Group continues to hold discussions regarding settlement of the remaining element of the
provision and to date has received no new substantive evidence regarding its position in respect
of other support received relating to business rates relief. A further provision of \u00a32.2 million is
held at the balance sheet date in respect of potential repayment of support received in excess
of subsidy control thresholds for business rates relief, consistent with the nature of the provision
held in the prior year. The minimum requirement for this element of the provision is expected to be
\u00a31.2 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 reasonable assessment of the amount that may be
repayable. The Group does not believe that any position within the range of reasonably possible
outcomes would reflect a material change to the provision held at the balance sheet date.
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.
Goodwill
In FY24, 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 and
noted no reasonably possible change in assumptions that would lead to a material change in
the accounting outcome.
Right of use assets and tangible assets
In addition, the Group conducted a store-level impairment review specifically covering right-of-
use assets and property, plant and equipment insofar as they are directly allocable to stores. As
below, the Group estimates the value in use of ROU and tangible assets at a store level based
on future cash flows derived from forecasts included within the Group\u2019s approved budget.
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 around 1% of the store
portfolio can be loss-making at any time, the Group concluded this condition was met for FY24.
Intangible assets
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.
Approach and results
The Group assessed the recoverable amount of these 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 (intangible assets) and note 12 (leases) which includes
the key assumptions considered. The impairment test 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 a material impairment. The impairment tests show
that reasonably possible changes in the assumptions relating to the Online assets could lead
to an immaterial impairment charge in the future if Online sales do not grow in line with our
expectations in future years.
The Group recorded a net nil impairment charge in respect of stores, which is comprised
of \u00a32.7 million of impairment charges and \u00a32.7 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 and outlook. The net impairment charge in the current year
included a net reversal to impairment on Right of use assets of \u00a30.2 million and a net charge
to PPE of \u00a30.2 million. 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 of \u00a31.1 million. The
charge relates to costs incurred in developing the Online Platform within the Getting Personal
CGU that is considered to be impaired as a result of the expected future cash flows expected to
be derived from the Getting Personal CGU. Although an impairment has been recorded against
the intangible asset carrying value, the Getting Personal platform continues to trade and
provides valuable support to the overall strategy of growing online sales across both platforms
and makes an important contribution to total online sales volumes. The Group\u2019s strategic focus
online continues to be the CF Online platform where the Group is investing and is encouraged
by recent positive LFL (Like-for-like) sales performance.
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 2024.
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 second full year of trading after two consecutive years that
were materially affected by the Covid-19 pandemic. LFL sales have been positive and the Group
has delivered robust operating cash flows allowing the Group to reduce 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 adversely affected the Group\u2019s liquidity
headroom.
The Group\u2019s financing facilities at the balance sheet date (see note 17) extended to September
2025 which covers a period greater than the minimum assessment period of 12 months from the
date of approval of the financial statements. Subsequent to the year end, on 26 April 2024, the
Group entered into an updated \u00a3125 million revolving credit facility with an initial term to April
2028 (see note 17). The Board believes that the updated facilities provide adequate headroom
for the Group to execute its strategic plan. At 31 January 2024, net debt (excluding lease
liabilities) was \u00a334.9 million and the Group had \u00a374.0 million of undrawn facilities.
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 retain substantial liquidity headroom against
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 In the Board\u2019s view, there are no other factors arising in the period immediately following 12
months from the date of signing 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 25%, 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 breach of covenants associated with the Group\u2019s financing. 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 either a covenant breach or exhausting liquidity 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. Such scenarios, in excess of the scenarios considered above,
are not considered reasonably plausible and the analysis did not consider any potential upside
from mitigating actions that could be taken to reduce discretionary costs and provide further
headroom or the increased headroom afforded by the new facilities agreed.
Over recent 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.
Subsequent to the year end on 26 April 2024, the Group successfully concluded a refinancing of
its debt facilities, having agreed a new four-year \u00a3125 million committed revolving credit facility
with a syndicate of banks. The existing revolving credit facility and Term Loan B have been fully
repaid and cancelled.
The new facilities have an initial maturity date in April 2028, with options to extend by up to
19 months, subject to lender approval. The facilities include a \u00a375 million accordion, which can
be drawn subject to lender approval. The interest margin on the facilities is dependent upon
the Group\u2019s leverage position, with margins between 1.9-2.8% which is lower than the previous
facilities. The new facilities include covenants for a maximum leverage ratio (calculated as net
debt excluding leases divided by EBITDA less rent costs for the prior 12 months) of 2.5x and a
fixed charge cover ratio of at least 1.75x. The Group expects to operate comfortably within these
covenant levels for the foreseeable future. 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 IFRS 17 \u2013 Insurance Contracts \u2022 Amendments to IFRS 17 \u2013 Initial application of IFRS 17 and IFRS 9 \u2013 comparative information \u2022 Amendments to IFRS 4 \u2013 Extension to the temporary exemption from applying IFRS 9 \u2022 Amendments to IAS 1 \u2013 Disclosure of accounting policies \u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction \u2022 Amendments to IAS 12 \u2013 International Tax Reform - Pillar Two Model Rules \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates 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 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback 1 \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current 1 \u2022 Amendments to IAS 1 \u2013 Non-current liabilities with Covenants 1 \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements 1 1. Effective for annual periods starting on or after 1 January 2024. In the period the Group has early-adopted the requirements of Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1). These amendments clarify the treatment of non-current liabilities with covenants attached to them \u2013 in particular, that when assessing whether a liability with covenants is current or non- current, an entity should classify a liability as non-current if it has the right to defer settlement of an obligation for a period of at least 12 months from the balance sheet date. Covenants shall affect this analysis only if the entity is required to comply with the covenant on or before the end of the reporting period. As a result, the Group has reclassified amounts due under its revolving credit facility (see note 17) as non-current on the basis that it has the right to roll over such obligations until September 2025 and is compliant with all relevant covenant requirements at the balance sheet date. Comparatives for the year ended 31 January 2023 in these financial statements have been restated on the same basis. The adoption of these amendments has had no other impact on the Group\u2019s financial statements. The application of the remaining standards and amendments in future periods is not currently expected to have a material impact on the Group\u2019s financial statements. 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. Where net assets acquired are in excess of the fair value of consideration, a gain on bargain purchase is recognised in the Consolidated Income Statement immediately, which is the case for the acquisition of SA Greeting in the year. 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 online sales is recognised on delivery of goods to the customer.
Revenue attributable to retail partners and non-retail customers currently represents a small
percentage of Group revenue and revenue is typically recognised at a point in time based on
a single performance obligations supplying standard Group products. The single performance
obligation varies by Partnership agreement, including from the point of dispatch to delivery
to end customer. Payment terms for retail partners are typically 30-60 days from invoicing.
Payment terms for wholesale revenue are typically 30-90 days from invoicing.
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. These contracts also give rise to performance-based variable consideration including
license and franchise fees. 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.
In addition, the Group has accessed financing facilities under the Coronavirus Large Business
Interruption Loan Scheme (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 and this facility has been repaid in full as at 31 January 2024.
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.
Cash and cash equivalents
Cash and cash equivalents includes short-term deposits with banks and other financial
institutions, cash held in stores in the form of till floats, money market funds and credit card
payments where cash is received into the bank within 2 working days of the transaction. Bank
transactions are recorded on their settlement date.
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. 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 \u2013 50 years \u2022 Leasehold improvements shorter of 5 years and lease term \u2022 Plant and equipment, fixtures and fittings 3 \u2013 10 years \u2022 Motor vehicles 4 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. Depreciation on assets under construction does not commence until they are complete and available for use and the asset has been classified into one of the categories as above. 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 ten years. 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. Similarly, if an impairment reversal arises, the asset value is adjusted to its carrying amount, provided this exceeds the recoverable amount, and the impairment reversal 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 moving average price methodology based on the cost of inventory purchases. The moving average price is updated to reflect the latest cost each time inventory is purchased. Intra-Group profit on inventory (i.e. the difference between the retail standard cost and actual manufactured cost) is eliminated on consolidation. 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. 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-321": { "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 the \u2018Group\u2019). A full list of the Group\u2019s subsidiaries is provided in note 4 to the Parent Company accounts. The principal activities of the Group and the nature of the Group\u2019s operations are as a vertically integrated, omnichannel retailer of cards, gifts and celebration essentials. These financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and are rounded to the nearest million. Foreign operations are included in accordance with the policies set out within this note. Throughout these financial statements, references to \u2018FY24\u2019 refer to the financial year ended 31 January 2024, and references to \u2018FY23\u2019 refer to the financial year ended 31 January 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-2": { "value": "Card Factory plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-318": { "value": "Card Factory plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-6": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-3": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-322": { "value": "Basis of preparation These financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u2018UK IFRS\u2019), applicable law and with the requirements of the Companies Act 2006. The financial statements have been prepared on a going concern basis. In adopting the going concern basis, the Board has considered the financial position of the Group, its cash flows, liquidity position and borrowing facilities as set out in CFO\u2019s review on pages 56 to 63. The financial statements have been prepared under the historical cost convention, except for certain assets and liabilities that are measured at fair value (including derivative financial instruments and assets and liabilities valued as part of the acquisition of SA Greetings). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-369": { "value": "
These financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (\u2018UK IFRS\u2019), applicable law and with the requirements of the Companies
Act 2006.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-323": { "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.
Judgements are also reviewed on an ongoing basis to ensure they remain appropriate. The
Group does not consider there to be any judgements made in the current period that have had
a significant material 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. Inventory provisioning 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. In FY24, 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 FY24, the total inventory provision was \u00a39.6 million (FY23: \u00a316.1 million), comprised of fully-provided stock lines of \u00a31.3 million and partially provided lines of \u00a38.3 million. The reduction in the value of the provision year-on-year generally reflects the continued normalisation of stock levels following the Covid pandemic as well as the reduction due to changes in provisioning percentages as a result of higher sell through rates in FY24 compared with the prior year. 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 balanced 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 2024, and could require a material adjustment to the carrying amount of the provision in the next financial year. The element of the provision which is most sensitive to estimation is the percentages applied to the various categories of stock in stores and distribution centres. A 5% change in the percentages applied to each category would cause a +/-\u00a30.7 million movement in the overall value of the provision. Other sources of estimation uncertainty Grant income During the Covid-19 pandemic, the Group received financial assistance under various Government schemes intended to support businesses affected by local and national restrictions, 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 for, 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. 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 was recognised as a one-off benefit in the income statement in FY23. Subsequent to the balance sheet date, the Group has reached a proposed settlement with the Department for Business and Trade for a portion of the provision that relates to business support grants received by the Group during FY21 and FY22. The value of the proposed settlement is \u00a33.3 million and following a review of the residual position, the Group has released a further \u00a32.0 million from the provision which reflects a proportionate reduction in the value of the provision for the amounts still to be settled. This release has been recognised as a one-off benefit in other operating income in the FY24 income statement. The business support grants settlement of \u00a33.3 million was paid in April 2024. The Group continues to hold discussions regarding settlement of the remaining element of the provision and to date has received no new substantive evidence regarding its position in respect of other support received relating to business rates relief. A further provision of \u00a32.2 million is held at the balance sheet date in respect of potential repayment of support received in excess of subsidy control thresholds for business rates relief, consistent with the nature of the provision held in the prior year. The minimum requirement for this element of the provision is expected to be \u00a31.2 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 reasonable assessment of the amount that may be repayable. The Group does not believe that any position within the range of reasonably possible outcomes would reflect a material change to the provision held at the balance sheet date. 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. Goodwill In FY24, 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 and noted no reasonably possible change in assumptions that would lead to a material change in the accounting outcome. Right of use assets and tangible assets In addition, the Group conducted a store-level impairment review specifically covering right-of- use assets and property, plant and equipment insofar as they are directly allocable to stores. As below, the Group estimates the value in use of ROU and tangible assets at a store level based on future cash flows derived from forecasts included within the Group\u2019s approved budget. 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 around 1% of the store portfolio can be loss-making at any time, the Group concluded this condition was met for FY24. Intangible assets 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. Approach and results The Group assessed the recoverable amount of these 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 (intangible assets) and note 12 (leases) which includes the key assumptions considered. The impairment test 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 a material impairment. The impairment tests show that reasonably possible changes in the assumptions relating to the Online assets could lead to an immaterial impairment charge in the future if Online sales do not grow in line with our expectations in future years. The Group recorded a net nil impairment charge in respect of stores, which is comprised of \u00a32.7 million of impairment charges and \u00a32.7 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 and outlook. The net impairment charge in the current year included a net reversal to impairment on Right of use assets of \u00a30.2 million and a net charge to PPE of \u00a30.2 million. 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 of \u00a31.1 million. The charge relates to costs incurred in developing the Online Platform within the Getting Personal CGU that is considered to be impaired as a result of the expected future cash flows expected to be derived from the Getting Personal CGU. Although an impairment has been recorded against the intangible asset carrying value, the Getting Personal platform continues to trade and provides valuable support to the overall strategy of growing online sales across both platforms and makes an important contribution to total online sales volumes. The Group\u2019s strategic focus online continues to be the CF Online platform where the Group is investing and is encouraged by recent positive LFL (Like-for-like) sales performance. 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 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-324": { "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 second full year of trading after two consecutive years that were materially affected by the Covid-19 pandemic. LFL sales have been positive and the Group has delivered robust operating cash flows allowing the Group to reduce 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 adversely affected the Group\u2019s liquidity headroom. The Group\u2019s financing facilities at the balance sheet date (see note 17) extended to September 2025 which covers a period greater than the minimum assessment period of 12 months from the date of approval of the financial statements. Subsequent to the year end, on 26 April 2024, the Group entered into an updated \u00a3125 million revolving credit facility with an initial term to April 2028 (see note 17). The Board believes that the updated facilities provide adequate headroom for the Group to execute its strategic plan. At 31 January 2024, net debt (excluding lease liabilities) was \u00a334.9 million and the Group had \u00a374.0 million of undrawn facilities. 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 retain substantial liquidity headroom against 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 In the Board\u2019s view, there are no other factors arising in the period immediately following 12 months from the date of signing 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 25%, 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 breach of covenants associated with the Group\u2019s financing. 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 either a covenant breach or exhausting liquidity 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. Such scenarios, in excess of the scenarios considered above, are not considered reasonably plausible and the analysis did not consider any potential upside from mitigating actions that could be taken to reduce discretionary costs and provide further headroom or the increased headroom afforded by the new facilities agreed. Over recent 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. Subsequent to the year end on 26 April 2024, the Group successfully concluded a refinancing of its debt facilities, having agreed a new four-year \u00a3125 million committed revolving credit facility with a syndicate of banks. The existing revolving credit facility and Term Loan B have been fully repaid and cancelled. The new facilities have an initial maturity date in April 2028, with options to extend by up to 19 months, subject to lender approval. The facilities include a \u00a375 million accordion, which can be drawn subject to lender approval. The interest margin on the facilities is dependent upon the Group\u2019s leverage position, with margins between 1.9-2.8% which is lower than the previous facilities. The new facilities include covenants for a maximum leverage ratio (calculated as net debt excluding leases divided by EBITDA less rent costs for the prior 12 months) of 2.5x and a fixed charge cover ratio of at least 1.75x. The Group expects to operate comfortably within these covenant levels for the foreseeable future. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-371": { "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 IFRS 17 \u2013 Insurance Contracts
\u2022 Amendments to IFRS 17 \u2013 Initial application of IFRS 17 and IFRS 9 \u2013 comparative information
\u2022 Amendments to IFRS 4 \u2013 Extension to the temporary exemption from applying IFRS 9
\u2022 Amendments to IAS 1 \u2013 Disclosure of accounting policies
\u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single
transaction
\u2022 Amendments to IAS 12 \u2013 International Tax Reform - Pillar Two Model Rules
\u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates
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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-326": { "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 IFRS 17 \u2013 Insurance Contracts \u2022 Amendments to IFRS 17 \u2013 Initial application of IFRS 17 and IFRS 9 \u2013 comparative information \u2022 Amendments to IFRS 4 \u2013 Extension to the temporary exemption from applying IFRS 9 \u2022 Amendments to IAS 1 \u2013 Disclosure of accounting policies \u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction \u2022 Amendments to IAS 12 \u2013 International Tax Reform - Pillar Two Model Rules \u2022 Amendments to IAS 8 \u2013 Definition of accounting estimates 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 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback 1 \u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current 1 \u2022 Amendments to IAS 1 \u2013 Non-current liabilities with Covenants 1 \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements 1 1. Effective for annual periods starting on or after 1 January 2024. In the period the Group has early-adopted the requirements of Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1). These amendments clarify the treatment of non-current liabilities with covenants attached to them \u2013 in particular, that when assessing whether a liability with covenants is current or non- current, an entity should classify a liability as non-current if it has the right to defer settlement of an obligation for a period of at least 12 months from the balance sheet date. Covenants shall affect this analysis only if the entity is required to comply with the covenant on or before the end of the reporting period.
As a result, the Group has reclassified amounts due under its revolving credit facility (see note
17) as non-current on the basis that it has the right to roll over such obligations until September
2025 and is compliant with all relevant covenant requirements at the balance sheet date.
Comparatives for the year ended 31 January 2023 in these financial statements have been
restated on the same basis.
The adoption of these amendments has had no other impact on the Group\u2019s financial
statements.
The application of the remaining 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:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-373": { "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 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback
1
\u2022 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current
1
\u2022 Amendments to IAS 1 \u2013 Non-current liabilities with Covenants
1
\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements
1
1. Effective for annual periods starting on or after 1 January 2024.
In the period the Group has early-adopted the requirements of Classification of Liabilities as
Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1).
These amendments clarify the treatment of non-current liabilities with covenants attached to
them \u2013 in particular, that when assessing whether a liability with covenants is current or non-
current, an entity should classify a liability as non-current if it has the right to defer settlement
of an obligation for a period of at least 12 months from the balance sheet date. Covenants shall
affect this analysis only if the entity is required to comply with the covenant on or before the
end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-325": { "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. Where
net assets acquired are in excess of the fair value of consideration, a gain on bargain purchase
is recognised in the Consolidated Income Statement immediately, which is the case for the
acquisition of SA Greeting in the year. 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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-372": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-427": { "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. Where net assets acquired are in excess of the fair value of consideration, a gain on bargain purchase is recognised in the Consolidated Income Statement immediately, which is the case for the acquisition of SA Greeting in the year. Costs related to the acquisition are expensed to the income statement as incurred . 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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-409": { "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. Where net assets acquired are in excess of the fair value of consideration, a gain on bargain purchase is recognised in the Consolidated Income Statement immediately, which is the case for the acquisition of SA Greeting in the year. Costs related to the acquisition are expensed to the income statement as incurred 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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-370": { "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. Where net assets acquired are in excess of the fair value of consideration, a gain on bargain purchase is recognised in the Consolidated Income Statement immediately, which is the case for the acquisition of SA Greeting in the year. Costs related to the acquisition are expensed to the income statement as incurred . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-330": { "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 online sales is recognised on delivery of goods to the customer. Revenue attributable to retail partners and non-retail customers currently represents a small percentage of Group revenue and revenue is typically recognised at a point in time based on a single performance obligations supplying standard Group products. The single performance obligation varies by Partnership agreement, including from the point of dispatch to delivery to end customer. Payment terms for retail partners are typically 30-60 days from invoicing. Payment terms for wholesale revenue are typically 30-90 days from invoicing. 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. These contracts also give rise to performance-based variable consideration including license and franchise fees. 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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-331": { "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. In addition, the Group has accessed financing facilities under the Coronavirus Large Business Interruption Loan Scheme (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 and this facility has been repaid in full as at 31 January 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-410": { "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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-374": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-327": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-411": { "value": "Cash and cash equivalents Cash and cash equivalents includes short-term deposits with banks and other financial institutions, cash held in stores in the form of till floats, money market funds and credit card payments where cash is received into the bank within 2 working days of the transaction. Bank transactions are recorded on their settlement date. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-328": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-375": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-376": { "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:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-329": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-333": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-332": { "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 .
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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-378": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-379": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-413": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-428": { "value": "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:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-412": { "value": "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-377": { "value": "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-380": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-334": { "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 \u2013 50 years
\u2022 Leasehold improvements shorter of 5 years and lease term
\u2022 Plant and equipment, fixtures and fittings 3 \u2013 10 years
\u2022 Motor vehicles 4 years
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.
Depreciation on assets under construction does not commence until they are complete and
available for use and the asset has been classified into one of the categories as above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-414": { "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 \u2013 50 years \u2022 Leasehold improvements shorter of 5 years and lease term \u2022 Plant and equipment, fixtures and fittings 3 \u2013 10 years \u2022 Motor vehicles 4 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. Depreciation on assets under construction does not commence until they are complete and available for use and the asset has been classified into one of the categories as above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-381": { "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 \u2013 50 years \u2022 Leasehold improvements shorter of 5 years and lease term \u2022 Plant and equipment, fixtures and fittings 3 \u2013 10 years \u2022 Motor vehicles 4 years Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. Depreciation on assets under construction does not commence until they are complete and available for use and the asset has been classified into one of the categories as above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-337": { "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 ten years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-382": { "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 ten years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-338": { "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.
Similarly, if an impairment reversal arises, the asset value is adjusted to its carrying amount,
provided this exceeds the recoverable amount, and the impairment reversal 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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-383": { "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. Similarly, if an impairment reversal arises, the asset value is adjusted to its carrying amount, provided this exceeds the recoverable amount, and the impairment reversal 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-335": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-336": { "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 moving average price methodology based on the cost of inventory purchases. The
moving average price is updated to reflect the latest cost each time inventory is purchased.
Intra-Group profit on inventory (i.e. the difference between the retail standard cost and actual
manufactured cost) is eliminated on consolidation.
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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-342": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-339": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-340": { "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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-341": { "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.
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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-343": { "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 retails greeting cards, celebration accessories, and gifts principally
through an extensive UK store network, with a small number of stores in the Republic of
Ireland.
\u2022 cardfactory Online retails greetings cards, celebration accessories and gifts via its online
platform.
\u2022 Getting Personal is an online retailer of personalised cards and gifts.
\u2022 Partnerships sells greetings cards, celebration accessories and gifts via a network of third
party retail partners both in the UK and overseas.
\u2022 Printcraft is a manufacturer of greetings cards and personalised gifts, and sells the majority
of its output intra-group to the Stores and online businesses.
The Group acquired SA Greetings on 25 April 2023 (see note 30). The results of SA Greetings
have been included in the Partnerships segment for the year ended 31 January 2024.
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.
The Board reviews revenue and EBITDA by segment, with the exception of Printcraft by virtue
of its operations being predominantly intra-group in nature. Note that under IFRS EBITDA is
considered to be a non-GAAP measure as considered in the appendix to these financial statements.
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:
2024 2023
Revenue: \u00a3m \u00a3m
cardfactory Stores
478.9
440.4
cardfactory Online
8.8
8.8
Getting Personal
5.9
8.5
Partnerships
17.0
5.0
Other
0.3
0.7
Consolidated Group revenue
510.9
463.4
Of which derived from customers in the UK
484.8
451.6
Of which derived from customers overseas
26.1
11.8
2024 2023
EBITDA
1
:
\u00a3m \u00a3m
cardfactory Stores
127.4
116.1
cardfactory Online
(3.7)
(2.2)
Getting Personal
(2.0)
(1.5)
Partnerships
1.2
1.4
Other
(0.3)
(1.8)
Consolidated Group EBITDA
122.6
112.0
Consolidated Group depreciation, amortisation & impairment
(47.4)
(48.7)
Consolidated Group gain on disposal
1.2
0.5
Consolidated Group Operating Profit
76.4
63.8
1. This is an Alternative Performance Measure not defined under IFRS.
The \u2018Other\u2019 category principally reflects central overheads, Printcraft sales to third parties and
consolidation adjustments not impacting another operating segment.
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:
2024 2023
\u00a3m \u00a3m
Revenue derived from customers in the UK
484.8
451.6
Revenue derived from customers overseas
26.1
11.8
Consolidated revenue
510.9
463.4
Revenue from overseas reflects revenue earned from i) the Group\u2019s Stores in the Republic
of Ireland (\u00a311.1 million in FY24 and \u00a38.1 million in FY23), ii) the Group\u2019s wholesale and retail
activities in South Africa (\u00a310.4 million in FY24), and iii) from other retail partners based outside
of the UK (\u00a34.6 million in FY24 and \u00a33.7 million in FY23).
Of the Group\u2019s non-current assets, \u00a310.0 million (2023: \u00a35.0 million) relates to assets based
outside of the UK, principally in relation to the Group\u2019s stores in the Republic of Ireland and
in South Africa. Non-current assets based in the Republic of Ireland are \u00a34.8 million as at 31
January 2024 (FY23: \u00a35.0 million) and non-current assets based in South Africa are \u00a35.2 million
(FY23: nil). The increase compared to the prior year reflects the impact of the acquisition of
SA Greetings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-384": { "value": "The Board reviews revenue and EBITDA by segment, with the exception of Printcraft by virtue of its operations being predominantly intra-group in nature. Note that under IFRS EBITDA is considered to be a non-GAAP measure as considered in the appendix to these financial statements. 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:
2024 2023
Revenue: \u00a3m \u00a3m
cardfactory Stores
478.9
440.4
cardfactory Online
8.8
8.8
Getting Personal
5.9
8.5
Partnerships
17.0
5.0
Other
0.3
0.7
Consolidated Group revenue
510.9
463.4
Of which derived from customers in the UK
484.8
451.6
Of which derived from customers overseas
26.1
11.8
2024 2023
EBITDA
1
:
\u00a3m \u00a3m
cardfactory Stores
127.4
116.1
cardfactory Online
(3.7)
(2.2)
Getting Personal
(2.0)
(1.5)
Partnerships
1.2
1.4
Other
(0.3)
(1.8)
Consolidated Group EBITDA
122.6
112.0
Consolidated Group depreciation, amortisation & impairment
(47.4)
(48.7)
Consolidated Group gain on disposal
1.2
0.5
Consolidated Group Operating Profit
76.4
63.8
1. This is an Alternative Performance Measure not defined under IFRS. The \u2018Other\u2019 category principally reflects central overheads, Printcraft sales to third parties and consolidation adjustments not impacting another operating segment. 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:
2024 2023
\u00a3m \u00a3m
Revenue derived from customers in the UK
484.8
451.6
Revenue derived from customers overseas
26.1
11.8
Consolidated revenue
510.9
463.4
Revenue from overseas reflects revenue earned from i) the Group\u2019s Stores in the Republic of Ireland (\u00a311.1 million in FY24 and \u00a38.1 million in FY23), ii) the Group\u2019s wholesale and retail activities in South Africa (\u00a310.4 million in FY24), and iii) from other retail partners based outside of the UK (\u00a34.6 million in FY24 and \u00a33.7 million in FY23). Of the Group\u2019s non-current assets, \u00a310.0 million (2023: \u00a35.0 million) relates to assets based outside of the UK, principally in relation to the Group\u2019s stores in the Republic of Ireland and in South Africa. Non-current assets based in the Republic of Ireland are \u00a34.8 million as at 31 January 2024 (FY23: \u00a35.0 million) and non-current assets based in South Africa are \u00a35.2 million (FY23: nil). The increase compared to the prior year reflects the impact of the acquisition of SA Greetings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-344": { "value": "
3 Operating profit
Operating profit is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Staff costs (note 5)
162.4
138.2
Depreciation expense
\u2013 owned fixed assets (note 11)
7.6
8.0
\u2013 right of use assets (note 12)
35.9
35.7
Amortisation expense (note 10)
2.8
2.3
Impairment of right-of-use assets (note 12)
(0.2)
1.3
Impairment of tangible assets (note 11)
0.2
\u2013
Impairment of intangible assets (note 10)
1.1
1.5
Profit on disposal of fixed assets (note 12)
(1.2)
(0.6)
Foreign exchange gain
0.6
1.5
The total fees payable by the Group to Mazars LLP (2023: KPMG LLP) and their associates
during the period was as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Audit of the consolidated and Company financial statements
55
30
Amounts receivable by the Company\u2019s auditor and its associates in
respect of:
Audit of financial statements of subsidiaries of the Company
498
620
Audit-related assurance services
85
50
Total fees
638
700
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-431": { "value": "3 Operating profit Operating profit is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Staff costs (note 5)
162.4
138.2
Depreciation expense
\u2013 owned fixed assets (note 11)
7.6
8.0
\u2013 right of use assets (note 12)
35.9
35.7
Amortisation expense (note 10)
2.8
2.3
Impairment of right-of-use assets (note 12)
(0.2)
1.3
Impairment of tangible assets (note 11)
0.2
\u2013
Impairment of intangible assets (note 10)
1.1
1.5
Profit on disposal of fixed assets (note 12)
(1.2)
(0.6)
Foreign exchange gain
0.6
1.5
The total fees payable by the Group to Mazars LLP (2023: KPMG LLP) and their associates during the period was as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Audit of the consolidated and Company financial statements
55
30
Amounts receivable by the Company\u2019s auditor and its associates in
respect of:
Audit of financial statements of subsidiaries of the Company
498
620
Audit-related assurance services
85
50
Total fees
638
700
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-385": { "value": "3 Operating profit Operating profit is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Staff costs (note 5)
162.4
138.2
Depreciation expense
\u2013 owned fixed assets (note 11)
7.6
8.0
\u2013 right of use assets (note 12)
35.9
35.7
Amortisation expense (note 10)
2.8
2.3
Impairment of right-of-use assets (note 12)
(0.2)
1.3
Impairment of tangible assets (note 11)
0.2
\u2013
Impairment of intangible assets (note 10)
1.1
1.5
Profit on disposal of fixed assets (note 12)
(1.2)
(0.6)
Foreign exchange gain
0.6
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-415": { "value": "
2024 2023
\u00a3m \u00a3m
Staff costs (note 5)
162.4
138.2
Depreciation expense
\u2013 owned fixed assets (note 11)
7.6
8.0
\u2013 right of use assets (note 12)
35.9
35.7
Amortisation expense (note 10)
2.8
2.3
Impairment of right-of-use assets (note 12)
(0.2)
1.3
Impairment of tangible assets (note 11)
0.2
\u2013
Impairment of intangible assets (note 10)
1.1
1.5
Profit on disposal of fixed assets (note 12)
(1.2)
(0.6)
Foreign exchange gain
0.6
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-429": { "value": "
2024 2023
\u00a3m \u00a3m
Staff costs (note 5)
162.4
138.2
Depreciation expense
\u2013 owned fixed assets (note 11)
7.6
8.0
\u2013 right of use assets (note 12)
35.9
35.7
Amortisation expense (note 10)
2.8
2.3
Impairment of right-of-use assets (note 12)
(0.2)
1.3
Impairment of tangible assets (note 11)
0.2
\u2013
Impairment of intangible assets (note 10)
1.1
1.5
Profit on disposal of fixed assets (note 12)
(1.2)
(0.6)
Foreign exchange gain
0.6
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-386": { "value": "The total fees payable by the Group to Mazars LLP (2023: KPMG LLP) and their associates during the period was as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Audit of the consolidated and Company financial statements
55
30
Amounts receivable by the Company\u2019s auditor and its associates in
respect of:
Audit of financial statements of subsidiaries of the Company
498
620
Audit-related assurance services
85
50
Total fees
638
700
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-346": { "value": "
4 EBITDA
EBITDA represents profit for the period before net finance expense, taxation, gains or losses on
disposal, depreciation, amortisation and impairment charges.
2024 2023
\u00a3m \u00a3m
Operating profit
76.4
63.8
Depreciation, amortisation and impairment
47.4
48.8
Gain on disposal
(1.2)
(0.6)
EBITDA
122.6
112.0
1
1. This is an Alternative Performance Measure not defined under IFRS.
", "dimensions": { "concept": "cardfactory:DisclosureOfEBITDA", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-345": { "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:
2024 2023
Number Number
Management and administration
534
482
Operations
9,797
9,367
10,331
9,849
The aggregate payroll costs of all employees including Directors were as follows:
2024 2023
\u00a3m \u00a3m
Employee wages and salaries
143.1
120.5
Equity-settled share-based payment expense
2.0
1.7
Social security costs
9.3
8.2
Defined contribution pension costs
2.1
1.8
Total employee costs
156.5
132.2
Agency labour costs
5.9
6.0
Total staff costs
162.4
138.2
Key management personnel
The key management personnel of the Group comprise the Card Factory plc Board of Directors
and the Executive Board. Key management personnel compensation is as follows:
2024 2023
\u00a3m \u00a3m
Salaries and short-term benefits
7.4
6.1
Equity-settled share-based payment expense
1.6
1.4
Social security costs
1.0
0.8
Defined contribution pension costs
0.2
0.2
10.2
8.5
Remuneration of Directors
2024 2023
\u00a3m \u00a3m
Directors\u2019 remuneration
1.6
1.9
Amounts receivable under long-term incentive schemes
0.5
0.1
Company contributions to defined contribution pension plans
\u2013
\u2013
2.1
2.0
The table above includes the remuneration of Directors in each year. Director\u2019s remuneration for
the prior 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 96 to 107. 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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-387": { "value": "Key management personnel The key management personnel of the Group comprise the Card Factory plc Board of Directors and the Executive Board. Key management personnel compensation is as follows:
2024 2023
\u00a3m \u00a3m
Salaries and short-term benefits
7.4
6.1
Equity-settled share-based payment expense
1.6
1.4
Social security costs
1.0
0.8
Defined contribution pension costs
0.2
0.2
10.2
8.5
Transactions with key management personnel The key management personnel of the Group comprise the Card Factory plc Board of Directors, and the Executive 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 96 to 107. Directors of the Company and their immediate families control 0.2% of the ordinary shares of the Company. There were no other related party transactions in the year ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-388": { "value": "Remuneration of Directors
2024 2023
\u00a3m \u00a3m
Directors\u2019 remuneration
1.6
1.9
Amounts receivable under long-term incentive schemes
0.5
0.1
Company contributions to defined contribution pension plans
\u2013
\u2013
2.1
2.0
The table above includes the remuneration of Directors in each year. Director\u2019s remuneration for the prior 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 96 to 107. 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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-347": { "value": "
6 Finance expense
2024 2023
\u00a3m \u00a3m
Finance expense
Interest on bank loans and overdrafts
6.5
6.0
Amortisation of loan issue costs
0.6
0.9
Lease interest
6.3
4.5
13.4
11.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-430": { "value": "6 Finance expense
2024 2023
\u00a3m \u00a3m
Finance expense
Interest on bank loans and overdrafts
6.5
6.0
Amortisation of loan issue costs
0.6
0.9
Lease interest
6.3
4.5
13.4
11.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-416": { "value": "6 Finance expense
2024 2023
\u00a3m \u00a3m
Finance expense
Interest on bank loans and overdrafts
6.5
6.0
Amortisation of loan issue costs
0.6
0.9
Lease interest
6.3
4.5
13.4
11.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-389": { "value": "6 Finance expense
2024 2023
\u00a3m \u00a3m
Finance expense
Interest on bank loans and overdrafts
6.5
6.0
Amortisation of loan issue costs
0.6
0.9
Lease interest
6.3
4.5
13.4
11.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-348": { "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 ended 31 January 2024 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
2024 2023
\u00a3m \u00a3m
Current tax charge/(credit)
Current year
13.8
8.3
Adjustments in respect of prior periods
0.2
(1.6)
Total current tax charge
14.0
6.7
Deferred tax charge/(credit)
Origination and reversal of temporary differences
2.1
2.5
Adjustments in respect of prior periods
\u2013
(1.8)
Effect of change in tax rate
\u2013
0.8
Total deferred tax charge
2.1
1.5
Total income tax charge
16.1
8.2
The effective tax rate of 24.5% (2023: 15.6%) on the profit before taxation for the year is slightly
higher than (2023: lower than) the average rate of mainstream corporation tax in the UK for the
year of 24% (2023: 19%).
The tax charge is reconciled to the standard rate of UK corporation tax as follows:
2024 2023
\u00a3m \u00a3m
Profit before tax
65.6
52.4
Tax at the standard UK corporation tax rate of 24%
1
(2023: 19.0%)
15.8
10.0
Tax effects of:
Expenses not deductible for tax purposes
0.6
0.7
Income not taxable for tax purposes
(0.6)
\u2013
Adjustments in respect of prior periods
0.3
(3.3)
Effect of change in tax rate
\u2013
0.8
Total income tax charge
16.1
8.2
Total taxation recognised through the income statement, other comprehensive income and through equity are as follows:
2024
2023
Current Deferred Total Current Deferred Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income statement
14.0
2.1
16.1
6.7
1.5
8.2
Other comprehensive
income
\u2013
(0.7)
(0.7)
\u2013
1.2
1.2
Equity
\u2013
(0.4)
(0.4)
\u2013
(1.3)
(1.3)
Total tax
14.0
1.0
15.0
6.7
1.4
8.1
1. In October 2022, the Government announced changes to the Corporation Tax rate increasing the main rate of Corporation Tax to 25% (previously 19%). This became effective as at 1 April 2023 giving an average Corporation Tax rate of 24.03% for the year to 31 January 2024.
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:
Derivative
financial
Share\u2013 instruments Other
Fixed based and hedge IFRS 16 temporary
assets payments accounting Leases Tax losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 February 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
Acquisition of
subsidiary
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Credit/(charge) to
income statement
(2.4)
\u2013
\u2013
\u2013
\u2013
0.3
(2.1)
Credit/(charge)
to other
comprehensive
income
\u2013
\u2013
0.7
\u2013
\u2013
\u2013
0.7
Charge to equity
\u2013
(0.2)
0.6
\u2013
\u2013
\u2013
0.4
At 31 January 2024
(1.7)
1.2
0.2
\u2013
\u2013
1.5
1.2
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:
2024 2023
\u00a3m \u00a3m
Deferred tax assets
2.9
3.2
Deferred tax liabilities
(1.7)
(1.1)
Net deferred tax asset
1.2
2.1
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-390": { "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 ended 31 January 2024 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
2024 2023
\u00a3m \u00a3m
Current tax charge/(credit)
Current year
13.8
8.3
Adjustments in respect of prior periods
0.2
(1.6)
Total current tax charge
14.0
6.7
Deferred tax charge/(credit)
Origination and reversal of temporary differences
2.1
2.5
Adjustments in respect of prior periods
\u2013
(1.8)
Effect of change in tax rate
\u2013
0.8
Total deferred tax charge
2.1
1.5
Total income tax charge
16.1
8.2
The effective tax rate of 24.5% (2023: 15.6%) on the profit before taxation for the year is slightly higher than (2023: lower than) the average rate of mainstream corporation tax in the UK for the year of 24% (2023: 19%).
The tax charge is reconciled to the standard rate of UK corporation tax as follows:
2024 2023
\u00a3m \u00a3m
Profit before tax
65.6
52.4
Tax at the standard UK corporation tax rate of 24%
1
(2023: 19.0%)
15.8
10.0
Tax effects of:
Expenses not deductible for tax purposes
0.6
0.7
Income not taxable for tax purposes
(0.6)
\u2013
Adjustments in respect of prior periods
0.3
(3.3)
Effect of change in tax rate
\u2013
0.8
Total income tax charge
16.1
8.2
Total taxation recognised through the income statement, other comprehensive income and
through equity are as follows:
2024
2023
Current Deferred Total Current Deferred Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income statement
14.0
2.1
16.1
6.7
1.5
8.2
Other comprehensive
income
\u2013
(0.7)
(0.7)
\u2013
1.2
1.2
Equity
\u2013
(0.4)
(0.4)
\u2013
(1.3)
(1.3)
Total tax
14.0
1.0
15.0
6.7
1.4
8.1
1. In October 2022, the Government announced changes to the Corporation Tax rate increasing the main
rate of Corporation Tax to 25% (previously 19%). This became effective as at 1 April 2023 giving an average
Corporation Tax rate of 24.03% for the year to 31 January 2024.
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:
Derivative
financial
Share\u2013 instruments Other
Fixed based and hedge IFRS 16 temporary
assets payments accounting Leases Tax losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 February 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
Acquisition of
subsidiary
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Credit/(charge) to
income statement
(2.4)
\u2013
\u2013
\u2013
\u2013
0.3
(2.1)
Credit/(charge)
to other
comprehensive
income
\u2013
\u2013
0.7
\u2013
\u2013
\u2013
0.7
Charge to equity
\u2013
(0.2)
0.6
\u2013
\u2013
\u2013
0.4
At 31 January 2024
(1.7)
1.2
0.2
\u2013
\u2013
1.5
1.2
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:
2024 2023
\u00a3m \u00a3m
Deferred tax assets
2.9
3.2
Deferred tax liabilities
(1.7)
(1.1)
Net deferred tax asset
1.2
2.1
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-391": { "value": "
8 Dividends
There were no dividends paid in either the current or the previous year. Following the
cessation of restrictions in the Group\u2019s financing facilities in relation to dividend payments, at
the forthcoming Annual General Meeting, the Board will recommend to shareholders that a
resolution is passed to approve payment for a final dividend for the year ended 31 January 2024
of 4.5 pence per share (equivalent to approximately \u00a315.5 million) payable on 28 June 2024. The
dividend has not been recorded as a liability at 31 January 2024.
The Board is cognisant of the fact it was unable to pay an interim dividend for the year ended
31 January 2024 and therefore the final dividend for the year reflects an amount that would
have been split between interim and final dividends, had an interim dividend been able to be
paid. The proposed final dividend is therefore also the total dividend payable in respect of the
2024 financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-350": { "value": "0.045", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-349": { "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.
2024 2023
(Number) (Number)
Weighted average number of shares in issue
343,339,468
342,328,622
Weighted average number of dilutive share options
3,940,467
1,604,107
Weighted average number of shares for diluted earnings per share
347,279,935
343,932,729
\u00a3m
\u00a3m
Profit for the financial period
49.5
44.2
pence pence Basic earnings per share 14.4 12.9 Diluted earnings per share 14.3 1", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-351": { "value": "
10 Intangible assets
Goodwill Software Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 February 2023
328.2
26.0
354.2
Additions
\u2013
9.0
9.0
At 31 January 2024
328.2
35.0
363.2
Amortisation/impairment
At 1 February 2023
14.4
13.5
27.9
Amortisation in the period
\u2013
2.8
2.8
Impairment in the period
\u2013
1.1
1.1
At 31 January 2024
14.4
17.4
31.8
Net book value
At 31 January 2024
313.8
17.6
331.4
At 31 January 2023
313.8
12.5
326.3
During the year, the Group recognised an impairment charge of \u00a31.1 million in respect of the
online platform for Getting Personal. The charge to the Getting Personal assets reflects the
more focused investment being targeted at the CF Online platform as considered in note 1. As
at 31 January 2024, the Group held \u00a31.9 million of assets under construction within Software.
Goodwill Software Total
\u00a3m \u00a3m \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
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 asset impairment testing purposes),
associated central functions and shared assets.
Cardfactory Stores is the lowest level at which the Group\u2019s management monitors goodwill
internally. 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 2024 was \u00a3341.1 million (2023: \u00a3315.5 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% (2023: 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 13.0% (2023: 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 2024. 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 2024 was not material individually. The value of intangible assets not yet available for use included in the carrying amount was \u00a31.1 million for Getting Personal and \u00a32.7 million for CF Online. 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. The CF Online valuation indicated sufficient headroom such that any reasonably possible change in assumptions would not result in a material impairment charge. The Group booked an impairment charge in respect of intangible assets in Getting Personal of \u00a31.1 million, reflecting costs incurred in developing a new Online Platform that is considered to be impaired as a result of the outlook for the Getting Personal CGU. The Group\u2019s strategic focus online continues to be the CF Online platform where the Group is investing and is encouraged by recent positive LFL sales performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-417": { "value": "10 Intangible assets
Goodwill Software Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 February 2023
328.2
26.0
354.2
Additions
\u2013
9.0
9.0
At 31 January 2024
328.2
35.0
363.2
Amortisation/impairment
At 1 February 2023
14.4
13.5
27.9
Amortisation in the period
\u2013
2.8
2.8
Impairment in the period
\u2013
1.1
1.1
At 31 January 2024
14.4
17.4
31.8
Net book value
At 31 January 2024
313.8
17.6
331.4
At 31 January 2023
313.8
12.5
326.3
During the year, the Group recognised an impairment charge of \u00a31.1 million in respect of the online platform for Getting Personal. The charge to the Getting Personal assets reflects the more focused investment being targeted at the CF Online platform as considered in note 1. As at 31 January 2024, the Group held \u00a31.9 million of assets under construction within Software.
Goodwill Software Total
\u00a3m \u00a3m \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
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 asset impairment testing purposes), associated central functions and shared assets. Cardfactory Stores is the lowest level at which the Group\u2019s management monitors goodwill internally. 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 2024 was \u00a3341.1 million (2023: \u00a3315.5 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% (2023: 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 13.0% (2023: 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 2024. 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 2024 was not material individually. The value of intangible assets not yet available for use included in the carrying amount was \u00a31.1 million for Getting Personal and \u00a32.7 million for CF Online. 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. The CF Online valuation indicated sufficient headroom such that any reasonably possible change in assumptions would not result in a material impairment charge. The Group booked an impairment charge in respect of intangible assets in Getting Personal of \u00a31.1 million, reflecting costs incurred in developing a new Online Platform that is considered to be impaired as a result of the outlook for the Getting Personal CGU. The Group\u2019s strategic focus online continues to be the CF Online platform where the Group is investing and is encouraged by recent positive LFL sales performance", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-392": { "value": "10 Intangible assets
Goodwill Software Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 February 2023
328.2
26.0
354.2
Additions
\u2013
9.0
9.0
At 31 January 2024
328.2
35.0
363.2
Amortisation/impairment
At 1 February 2023
14.4
13.5
27.9
Amortisation in the period
\u2013
2.8
2.8
Impairment in the period
\u2013
1.1
1.1
At 31 January 2024
14.4
17.4
31.8
Net book value
At 31 January 2024
313.8
17.6
331.4
At 31 January 2023
313.8
12.5
326.3
During the year, the Group recognised an impairment charge of \u00a31.1 million in respect of the online platform for Getting Personal. The charge to the Getting Personal assets reflects the more focused investment being targeted at the CF Online platform as considered in note 1. As at 31 January 2024, the Group held \u00a31.9 million of assets under construction within Software.
Goodwill Software Total
\u00a3m \u00a3m \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
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 asset impairment testing purposes), associated central functions and shared assets. Cardfactory Stores is the lowest level at which the Group\u2019s management monitors goodwill internally. 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 2024 was \u00a3341.1 million (2023: \u00a3315.5 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% (2023: 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 13.0% (2023: 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 2024. 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 2024 was not material individually. The value of intangible assets not yet available for use included in the carrying amount was \u00a31.1 million for Getting Personal and \u00a32.7 million for CF Online. 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. The CF Online valuation indicated sufficient headroom such that any reasonably possible change in assumptions would not result in a material impairment charge. The Group booked an impairment charge in respect of intangible assets in Getting Personal of \u00a31.1 million, reflecting costs incurred in developing a new Online Platform that is considered to be impaired as a result of the outlook for the Getting Personal CGU. The Group\u2019s strategic focus online continues to be the CF Online platform where the Group is investing and is encouraged by recent positive LFL sales performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-352": { "value": "
11 Property, plant and equipment
Plant,
equipment,
Freehold Leasehold fixtures &
property improvements vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 February 2023
18.6
40.8
78.2
137.6
Additions
1.3
\u2013
17.5
18.8
Acquisition of SA Greetings (note 30)
2.7
\u2013
\u2013
2.7
At 31 January 2024
22.6
40.8
95.7
159.1
Depreciation
At 1 February 2023
4.9
39.0
61.5
105.4
Depreciation in the period
0.4
1.0
6.2
7.6
Impairment in the period
\u2013
\u2013
0.2
0.2
At 31 January 2024
5.3
40.0
67.9
113.2
Net book value
At 31 January 2024
17.3
0.8
27.8
45.9
At 31 January 2023
13.7
1.8
16.7
32.2
Plant,
equipment,
Freehold Leasehold fixtures &
property improvements vehicles Total
\u00a3m \u00a3m \u00a3m \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
At 31 January 2023
4.9
39.0
61.5
105.4
Net book value
At 31 January 2023
13.7
1.8
16.7
32.2
At 31 January 2022
13.5
3.5
14.6
31.6
As at 31 January 2024, the Group held assets under construction of \u00a32.2 million within Plant,
equipment, fixtures and vehicles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-353": { "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 locations 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.
Right of use assets
2024 2023
\u00a3m \u00a3m
Buildings
98.2
100.2
Motor Vehicles
1.0
0.3
99.2
100.5
The right-of-use assets movement in the year is as follows:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
100.5
98.5
Acquisition of SA Greetings
1.9
\u2013
Additions:
Buildings
32.0
39.4
Motor vehicles
1.2
0.2
Disposals
(0.7)
(0.6)
Depreciation charge:
Buildings
(35.4)
(35.3)
Motor Vehicles
(0.5)
(0.4)
Net Impairment Reversal/(Charge)
0.2
(1.3)
At the end of the year
99.2
100.5
Disposals and depreciation on disposals include fully depreciated right of use assets in respect
of expired leases where the asset remained in use whilst a lease renewal was negotiated. The
net impairment reversal and disposals above relate entirely to Buildings.
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 2024 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. Such costs are allocated on the basis of the relative contribution of each individual store.
Application of these assumptions resulted in a net impairment charge of \u00a3nil (2023: \u00a31.3 million),
comprised of impairment charges of \u00a32.7 million (2023: \u00a33.7 million) and the reversal of previous
impairment charges of \u00a32.7 million (2023: \u00a32.4 million). The net impairment charge in the current
year included a net reversal to impairment on Right of use assets of \u00a30.2 million and a net
impairment charge to PPE of \u00a30.2 million.
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
2024 2023
\u00a3m \u00a3m
Current lease liabilities
(25.3)
(27.3)
Non-current lease liabilities
(75.5)
(78.1)
Total lease liabilities
(100.8)
(105.4)
Lease expense
2024 2023
\u00a3m \u00a3m
Depreciation expense on right of use assets
35.9
35.7
(Reversal of Impairment)/impairment of right of use assets
(0.2)
1.3
Profit on disposal of right of use assets
(1.2)
(0.5)
Lease interest
6.3
4.5
Expense relating to short-term and low value leases
\u2013
\u2013
Expense relating to variable lease payments
0.6
0.2
Total lease related income statement expense
41.4
41.2
1
2
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.
Accounting policies for leases are detailed in note 1. Assets, liabilities and the income statement
expense in relation to leases are detailed above.
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. Profits on disposal
arise where leases that have been exited before the end of the lease term where the asset has
been previously impaired. The Group\u2019s full accounting policy in respect of leases and right-of-
use assets is set out in note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-393": { "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 locations 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. Right of use assets
2024 2023
\u00a3m \u00a3m
Buildings
98.2
100.2
Motor Vehicles
1.0
0.3
99.2
100.5
The right-of-use assets movement in the year is as follows:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
100.5
98.5
Acquisition of SA Greetings
1.9
\u2013
Additions:
Buildings
32.0
39.4
Motor vehicles
1.2
0.2
Disposals
(0.7)
(0.6)
Depreciation charge:
Buildings
(35.4)
(35.3)
Motor Vehicles
(0.5)
(0.4)
Net Impairment Reversal/(Charge)
0.2
(1.3)
At the end of the year
99.2
100.5
Disposals and depreciation on disposals include fully depreciated right of use assets in respect of expired leases where the asset remained in use whilst a lease renewal was negotiated. The net impairment reversal and disposals above relate entirely to Buildings. 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 2024 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. Such costs are allocated on the basis of the relative contribution of each individual store. Application of these assumptions resulted in a net impairment charge of \u00a3nil (2023: \u00a31.3 million), comprised of impairment charges of \u00a32.7 million (2023: \u00a33.7 million) and the reversal of previous impairment charges of \u00a32.7 million (2023: \u00a32.4 million). The net impairment charge in the current year included a net reversal to impairment on Right of use assets of \u00a30.2 million and a net impairment charge to PPE of \u00a30.2 million. 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
2024 2023
\u00a3m \u00a3m
Current lease liabilities
(25.3)
(27.3)
Non-current lease liabilities
(75.5)
(78.1)
Total lease liabilities
(100.8)
(105.4)
Lease expense
2024 2023
\u00a3m \u00a3m
Depreciation expense on right of use assets
35.9
35.7
(Reversal of Impairment)/impairment of right of use assets
(0.2)
1.3
Profit on disposal of right of use assets
(1.2)
(0.5)
Lease interest
6.3
4.5
Expense relating to short-term and low value leases
\u2013
\u2013
Expense relating to variable lease payments
0.6
0.2
Total lease related income statement expense
41.4
41.2
1 2 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. Accounting policies for leases are detailed in note 1. Assets, liabilities and the income statement expense in relation to leases are detailed above. 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. Profits on disposal arise where leases that have been exited before the end of the lease term where the asset has been previously impaired. The Group\u2019s full accounting policy in respect of leases and right-of- use assets is set out in note 1.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-433": { "value": "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:
Derivative
financial
Share\u2013 instruments Other
Fixed based and hedge IFRS 16 temporary
assets payments accounting Leases Tax losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 February 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
Acquisition of
subsidiary
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Credit/(charge) to
income statement
(2.4)
\u2013
\u2013
\u2013
\u2013
0.3
(2.1)
Credit/(charge)
to other
comprehensive
income
\u2013
\u2013
0.7
\u2013
\u2013
\u2013
0.7
Charge to equity
\u2013
(0.2)
0.6
\u2013
\u2013
\u2013
0.4
At 31 January 2024
(1.7)
1.2
0.2
\u2013
\u2013
1.5
1.2
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:
2024 2023
\u00a3m \u00a3m
Deferred tax assets
2.9
3.2
Deferred tax liabilities
(1.7)
(1.1)
Net deferred tax asset
1.2
2.1
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. 18 Trade and other payables
2024 2024
\u00a3m \u00a3m
Current
Trade payables
25.1
29.2
Other taxation and social security
21.8
20.6
Property accruals
7.4
7.8
Payroll accruals
12.8
13.9
Other accruals
13.0
13.2
80.1
84.7
The Group has net US Dollar denominated trade and other payables of \u00a310.1 million (2023: \u00a310.1 million) and net South African Rand denominated trade and other payables of \u00a31.2m (2023: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-432": { "value": "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:
Derivative
financial
Share\u2013 instruments Other
Fixed based and hedge IFRS 16 temporary
assets payments accounting Leases Tax losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 February 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
Acquisition of
subsidiary
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Credit/(charge) to
income statement
(2.4)
\u2013
\u2013
\u2013
\u2013
0.3
(2.1)
Credit/(charge)
to other
comprehensive
income
\u2013
\u2013
0.7
\u2013
\u2013
\u2013
0.7
Charge to equity
\u2013
(0.2)
0.6
\u2013
\u2013
\u2013
0.4
At 31 January 2024
(1.7)
1.2
0.2
\u2013
\u2013
1.5
1.2
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:
2024 2023
\u00a3m \u00a3m
Deferred tax assets
2.9
3.2
Deferred tax liabilities
(1.7)
(1.1)
Net deferred tax asset
1.2
2.1
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. 15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Current
Trade receivables
3.1
2.0
Other receivables
0.2
\u2013
Prepaid property costs
3.8
2.9
Other prepayments
4.5
8.4
11.6
13.3
The Group has net US Dollar denominated trade and other receivables of \u00a30.3 million (2023: \u00a30.8 million) and net South African Rand denominated trade and other receivables of \u00a32.3 million (2023: nil). 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. No significant impairment loss has been recorded against trade receivables. The Group has net US Dollar denominated trade and other receivables of \u00a30.3 million (2023: \u00a30.8 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 (2023: \u00a35.6 million) in the year. No significant impairment loss has been recorded against trade receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-418": { "value": "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:
Derivative
financial
Share\u2013 instruments Other
Fixed based and hedge IFRS 16 temporary
assets payments accounting Leases Tax losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 February 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
Acquisition of
subsidiary
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Credit/(charge) to
income statement
(2.4)
\u2013
\u2013
\u2013
\u2013
0.3
(2.1)
Credit/(charge)
to other
comprehensive
income
\u2013
\u2013
0.7
\u2013
\u2013
\u2013
0.7
Charge to equity
\u2013
(0.2)
0.6
\u2013
\u2013
\u2013
0.4
At 31 January 2024
(1.7)
1.2
0.2
\u2013
\u2013
1.5
1.2
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:
2024 2023
\u00a3m \u00a3m
Deferred tax assets
2.9
3.2
Deferred tax liabilities
(1.7)
(1.1)
Net deferred tax asset
1.2
2.1
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-354": { "value": "
14 Inventories
2024 2023
\u00a3m \u00a3m
Finished goods
49.5
44.7
Work in progress
0.5
0.6
50.0
45.3
Inventories are stated net of provisions totalling \u00a39.6 million (2023: \u00a316.1 million). The cost
of inventories recognised as an expense and charged to cost of sales in the year, net of
movements in provisions, was \u00a3155.8 million (2023: \u00a3145.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-355": { "value": "
15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Current
Trade receivables
3.1
2.0
Other receivables
0.2
\u2013
Prepaid property costs
3.8
2.9
Other prepayments
4.5
8.4
11.6
13.3
The Group has net US Dollar denominated trade and other receivables of \u00a30.3 million
(2023: \u00a30.8 million) and net South African Rand denominated trade and other receivables of
\u00a32.3 million (2023: nil).
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. No significant impairment loss has been recorded against
trade receivables.
The Group has net US Dollar denominated trade and other receivables of \u00a30.3 million
(2023: \u00a30.8 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 (2023: \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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-394": { "value": "15 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Current
Trade receivables
3.1
2.0
Other receivables
0.2
\u2013
Prepaid property costs
3.8
2.9
Other prepayments
4.5
8.4
11.6
13.3
The Group has net US Dollar denominated trade and other receivables of \u00a30.3 million (2023: \u00a30.8 million) and net South African Rand denominated trade and other receivables of \u00a32.3 million (2023: nil). 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. No significant impairment loss has been recorded against trade receivables. The Group has net US Dollar denominated trade and other receivables of \u00a30.3 million (2023: \u00a30.8 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 (2023: \u00a35.6 million) in the year. No significant impairment loss has been recorded against trade receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-356": { "value": "
16 Cash and cash equivalents
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
11.3
11.7
Cash presented as current assets in the balance sheet
11.3
11.7
Bank overdraft
(0.2)
(1.8)
Overdraft presented as current liabilities in the balance sheet
(0.2)
(1.8)
Net cash and cash equivalents
11.1
9.9
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:
2024 2023
\u00a3m \u00a3m
Sterling
6.8
0.2
Euro
3.3
4.8
US Dollar
1.2
4.9
South African Rand
(0.2)
\u2013
11.1
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-395": { "value": "
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
11.3
11.7
Cash presented as current assets in the balance sheet
11.3
11.7
Bank overdraft
(0.2)
(1.8)
Overdraft presented as current liabilities in the balance sheet
(0.2)
(1.8)
Net cash and cash equivalents
11.1
9.9
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-357": { "value": "
17 Borrowings
2024 2023
\u00a3m \u00a3m
Current liabilities
Bank loans and accrued interest
6.9
25.3
Bank overdraft
0.2
1.8
Total current liabilities
7.1
27.1
Non-current liabilities
Bank loans
37.9
40.4
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). Following
early adoption of amendments to IAS 1, the Group has reclassified amounts due under its
secured revolving credit facility as non-current on the basis that it has the right to roll over such
obligations until September 2025 and is compliant with all relevant covenant requirements at
the balance sheet date. Comparatives for the year ended 31 January 2023 in these financial
statements have been restated on the same basis. The amount reclassified as non-current
liabilities in the comparative period is \u00a323.0 million, there would have been no reclassification in
FY22 as the balance drawn on the RCF was nil.
Bank loans
Bank borrowings as at 31 January 2024 are summarised as follows:
Interest margin
Liability Interest rate ratchet range
\u00a3m % %
31 January 2024
Secured term loans \u2013
\u2013
5.00 + SONIA
\u2013
Tranche \u2018A\u2019
Secured term loans \u2013
18.8
5.50 +SONIA
\u2013
Tranche \u2018B\u2019
Secured CLBILs
\u2013
See note
\u2013
Secured revolving credit
26.0
Margin + SONIA
2.75 \u2013 4.50
Total facility size =
facility \u00a3100 million
Accrued interest
0.1
Property mortgage
0.6
Bank overdraft
0.2
Debt issue costs
(0.7)
45.0
Interest margin
Liability Interest rate ratchet range
\u00a3m % %
31 January 2023
Secured term loans \u2013
9.0
5.00 + SONIA
\u2013
Tranche \u2018A\u2019
Secured term loans \u2013
18.8
5.50 +SONIA
\u2013
Tranche \u2018B\u2019
Secured CLBILs
16.1
See note
\u2013
Secured revolving credit
23.0
Margin + SONIA
2.75 \u2013 4.50
Total facility size =
facility \u00a3100 million
Accrued interest
0.2
Bank overdraft
1.8
Debt issue costs
(1.4)
67.5
The Group\u2019s primary financing facilities at the balance sheet date were entered into as part of
a refinancing exercise in April 2022. During FY24, the Group made repayments in respect of the
revised Term Loan and CLBILS facilities of \u00a325.1 million and as a result the Term Loan \u2018A\u2019 and
CLBILs facilities were fully repaid. The term of the remaining Term Loan \u2018B\u2019 and RCF extended to
September 2025. The Group had undrawn, committed facilities at 31 January 2024 of
\u00a374 million.
As part of the transaction to acquire SA Greetings (see note 30) the Group acquired a property
mortgage and overdraft facility, which are denominated in South African Rand. The carrying
amount of these facilities at 31 January 2024 was \u00a30.8 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 were 2.5x leverage and 1.75x interest cover.
In addition, the terms of the facilities prevented the Group from making any distributions to
shareholders whilst the CLBILS and Term Loan \u2018A\u2019 remained outstanding and places a limit on
the total value of capital expenditure the Group can make in each financial year to FY25.
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.
Subsequent to the year end on 26 April 2024, the Group successfully concluded a refinancing of
its debt facilities, having agreed a new four-year \u00a3125 million committed revolving credit facility
with a syndicate of banks. The existing revolving credit facility and Term Loan B have been fully
repaid and cancelled as part of refinancing.
The new facilities have an initial maturity date in April 2028, with options to extend by up to 19 months, subject to lender approval. The facilities include a \u00a375 million accordion, which can be drawn subject to lender approval. The interest margin on the facilities is dependent upon the Group\u2019s leverage position, with margins between 1.9-2.8% which is lower than the previous facilities. The new facilities include covenants for a maximum leverage ratio (calculated as net debt excluding leases divided by EBITDA less rent costs for the prior 12 months) of 2.5x and a fixed charge cover ratio of at least 1.75x tested semi-annually. The Group expects to operate comfortably within these covenant levels for the foreseeable future .
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:
2024 2023
\u00a3m \u00a3m
Derivative assets
Non-current
Interest rate contracts
\u2013
0.2
Foreign exchange contracts
0.6
0.3
0.6
0.5
Current
Interest rate contracts
0.2
1.1
Foreign exchange contracts
0.7
4.2
0.9
5.3
Derivative liabilities
Current
Interest rate contracts
(0.1)
\u2013
Foreign exchange contracts
(1.6)
(1.4)
(1.7)
(1.4)
Non-current
Interest rate contracts
(0.1)
(0.2)
Foreign exchange contracts
(0.7)
(0.3)
(0.8)
(0.5)
Net derivative financial instruments
Interest rate contracts
\u2013
1.1
Foreign exchange contracts
(1.0)
2.8
(1.0)
3.9
Interest rate contracts
At 31 January 2024 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 \u00a320.0 million for the period to October 2024 at an average fixed rate of
3.9%, then reducing to \u00a310.0 million for the period to October 2025 at an average fixed rate of
5.1% (2023: \u00a350.0 million for the period to October 2023, then reducing to \u00a320.0 million for the
period to October 2024, then reducing to \u00a310 million for the period to October 2025).
Unhedged fair value movements of \u00a3nil (2023: \u00a3nil) were expensed to the income statement
within financial expense.
Foreign exchange contracts
At 31 January 2024 the Group held a portfolio of foreign currency derivative contracts with
notional principal amounts in GBP totalling \u00a392.6 million (2023: \u00a393.8 million) to mitigate the
exchange risk on future US Dollar denominated trade purchases.
Foreign currency derivatives with a notional value of \u00a341.6 million were designated in cash flow
hedging relationships at 31 January 2024 (2023: \u00a347.0 million). Of this amount, \u00a332.2 million is
expected to unwind in the next 12 months with an average strike price of 1.24 and \u00a39.4 million is
expected to unwind between 13 and 24 months at an average strike price of 1.27. 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 \u00a351.0 million representing a fair
value liability of \u00a30.3 million (2023: \u00a346.8 million representing a fair value liability of \u00a30.4 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 \u00a30.1 million that do not form part of an effective hedging relationship have been
charged to the income statement (2023: \u00a30.5 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.
Financial Financial
Cash flow assets at liabilities at
Mandatorily hedging amortised amortised
at FVTPL instruments cost cost
At 31 January 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets measured at fair value
Derivative financial instruments
0.9
0.6
\u2013
\u2013
Financial assets not measured at fair value
Trade receivables
\u2013
\u2013
3.1
\u2013
Cash and cash equivalents
\u2013
\u2013
11.3
\u2013
Financial liabilities measured at fair value
Derivative financial instruments
(1.2)
(1.3)
\u2013
\u2013
Financial liabilities not measured at fair value
Secured bank loans
\u2013
\u2013
\u2013
(44.8)
Unsecured bank overdrafts
\u2013
\u2013
\u2013
(0.2)
Trade and other payables
\u2013
\u2013
\u2013
(80.1)
(0.3)
(0.7)
14.4
(125.1)
At 31 January 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at fair value
Derivative financial instruments
0.5
5.3
\u2013
\u2013
Financial assets not measured at fair value
Trade receivables
\u2013
\u2013
2.0
\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
13.7
(152.2)
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. Prepayments do not meet the definition of Financial Instruments and as such are not disclosed in the above table, the FY23 figures have been updated to reflect this", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-419": { "value": "17 Borrowings
2024 2023
\u00a3m \u00a3m
Current liabilities
Bank loans and accrued interest
6.9
25.3
Bank overdraft
0.2
1.8
Total current liabilities
7.1
27.1
Non-current liabilities
Bank loans
37.9
40.4
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). Following early adoption of amendments to IAS 1, the Group has reclassified amounts due under its secured revolving credit facility as non-current on the basis that it has the right to roll over such obligations until September 2025 and is compliant with all relevant covenant requirements at the balance sheet date. Comparatives for the year ended 31 January 2023 in these financial statements have been restated on the same basis. The amount reclassified as non-current liabilities in the comparative period is \u00a323.0 million, there would have been no reclassification in FY22 as the balance drawn on the RCF was nil. Bank loans Bank borrowings as at 31 January 2024 are summarised as follows:
Interest margin
Liability Interest rate ratchet range
\u00a3m % %
31 January 2024
Secured term loans \u2013
\u2013
5.00 + SONIA
\u2013
Tranche \u2018A\u2019
Secured term loans \u2013
18.8
5.50 +SONIA
\u2013
Tranche \u2018B\u2019
Secured CLBILs
\u2013
See note
\u2013
Secured revolving credit
26.0
Margin + SONIA
2.75 \u2013 4.50
Total facility size =
facility \u00a3100 million
Accrued interest
0.1
Property mortgage
0.6
Bank overdraft
0.2
Debt issue costs
(0.7)
45.0
Interest margin
Liability Interest rate ratchet range
\u00a3m % %
31 January 2023
Secured term loans \u2013
9.0
5.00 + SONIA
\u2013
Tranche \u2018A\u2019
Secured term loans \u2013
18.8
5.50 +SONIA
\u2013
Tranche \u2018B\u2019
Secured CLBILs
16.1
See note
\u2013
Secured revolving credit
23.0
Margin + SONIA
2.75 \u2013 4.50
Total facility size =
facility \u00a3100 million
Accrued interest
0.2
Bank overdraft
1.8
Debt issue costs
(1.4)
67.5
The Group\u2019s primary financing facilities at the balance sheet date were entered into as part of a refinancing exercise in April 2022. During FY24, the Group made repayments in respect of the revised Term Loan and CLBILS facilities of \u00a325.1 million and as a result the Term Loan \u2018A\u2019 and CLBILs facilities were fully repaid. The term of the remaining Term Loan \u2018B\u2019 and RCF extended to September 2025. The Group had undrawn, committed facilities at 31 January 2024 of \u00a374 million. As part of the transaction to acquire SA Greetings (see note 30) the Group acquired a property mortgage and overdraft facility, which are denominated in South African Rand. The carrying amount of these facilities at 31 January 2024 was \u00a30.8 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 were 2.5x leverage and 1.75x interest cover. In addition, the terms of the facilities prevented the Group from making any distributions to shareholders whilst the CLBILS and Term Loan \u2018A\u2019 remained outstanding and places a limit on the total value of capital expenditure the Group can make in each financial year to FY25. 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. Subsequent to the year end on 26 April 2024, the Group successfully concluded a refinancing of its debt facilities, having agreed a new four-year \u00a3125 million committed revolving credit facility with a syndicate of banks. The existing revolving credit facility and Term Loan B have been fully repaid and cancelled as part of refinancing.
The new facilities have an initial maturity date in April 2028, with options to extend by up to
19 months, subject to lender approval. The facilities include a \u00a375 million accordion, which can
be drawn subject to lender approval. The interest margin on the facilities is dependent upon
the Group\u2019s leverage position, with margins between 1.9-2.8% which is lower than the previous
facilities. The new facilities include covenants for a maximum leverage ratio (calculated as net
debt excluding leases divided by EBITDA less rent costs for the prior 12 months) of 2.5x and a
fixed charge cover ratio of at least 1.75x tested semi-annually. The Group expects to operate
comfortably within these covenant levels for the foreseeable future .
Derivative financial instruments The balance sheet date fair value of derivative financial instruments is as follows:
2024 2023
\u00a3m \u00a3m
Derivative assets
Non-current
Interest rate contracts
\u2013
0.2
Foreign exchange contracts
0.6
0.3
0.6
0.5
Current
Interest rate contracts
0.2
1.1
Foreign exchange contracts
0.7
4.2
0.9
5.3
Derivative liabilities
Current
Interest rate contracts
(0.1)
\u2013
Foreign exchange contracts
(1.6)
(1.4)
(1.7)
(1.4)
Non-current
Interest rate contracts
(0.1)
(0.2)
Foreign exchange contracts
(0.7)
(0.3)
(0.8)
(0.5)
Net derivative financial instruments
Interest rate contracts
\u2013
1.1
Foreign exchange contracts
(1.0)
2.8
(1.0)
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-396": { "value": "17 Borrowings
2024 2023
\u00a3m \u00a3m
Current liabilities
Bank loans and accrued interest
6.9
25.3
Bank overdraft
0.2
1.8
Total current liabilities
7.1
27.1
Non-current liabilities
Bank loans
37.9
40.4
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). Following early adoption of amendments to IAS 1, the Group has reclassified amounts due under its secured revolving credit facility as non-current on the basis that it has the right to roll over such obligations until September 2025 and is compliant with all relevant covenant requirements at the balance sheet date. Comparatives for the year ended 31 January 2023 in these financial statements have been restated on the same basis. The amount reclassified as non-current liabilities in the comparative period is \u00a323.0 million, there would have been no reclassification in FY22 as the balance drawn on the RCF was nil. Bank loans Bank borrowings as at 31 January 2024 are summarised as follows:
Interest margin
Liability Interest rate ratchet range
\u00a3m % %
31 January 2024
Secured term loans \u2013
\u2013
5.00 + SONIA
\u2013
Tranche \u2018A\u2019
Secured term loans \u2013
18.8
5.50 +SONIA
\u2013
Tranche \u2018B\u2019
Secured CLBILs
\u2013
See note
\u2013
Secured revolving credit
26.0
Margin + SONIA
2.75 \u2013 4.50
Total facility size =
facility \u00a3100 million
Accrued interest
0.1
Property mortgage
0.6
Bank overdraft
0.2
Debt issue costs
(0.7)
45.0
Interest margin
Liability Interest rate ratchet range
\u00a3m % %
31 January 2023
Secured term loans \u2013
9.0
5.00 + SONIA
\u2013
Tranche \u2018A\u2019
Secured term loans \u2013
18.8
5.50 +SONIA
\u2013
Tranche \u2018B\u2019
Secured CLBILs
16.1
See note
\u2013
Secured revolving credit
23.0
Margin + SONIA
2.75 \u2013 4.50
Total facility size =
facility \u00a3100 million
Accrued interest
0.2
Bank overdraft
1.8
Debt issue costs
(1.4)
67.5
The Group\u2019s primary financing facilities at the balance sheet date were entered into as part of a refinancing exercise in April 2022. During FY24, the Group made repayments in respect of the revised Term Loan and CLBILS facilities of \u00a325.1 million and as a result the Term Loan \u2018A\u2019 and CLBILs facilities were fully repaid. The term of the remaining Term Loan \u2018B\u2019 and RCF extended to September 2025. The Group had undrawn, committed facilities at 31 January 2024 of \u00a374 million. As part of the transaction to acquire SA Greetings (see note 30) the Group acquired a property mortgage and overdraft facility, which are denominated in South African Rand. The carrying amount of these facilities at 31 January 2024 was \u00a30.8 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 were 2.5x leverage and 1.75x interest cover. In addition, the terms of the facilities prevented the Group from making any distributions to shareholders whilst the CLBILS and Term Loan \u2018A\u2019 remained outstanding and places a limit on the total value of capital expenditure the Group can make in each financial year to FY25. 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. Subsequent to the year end on 26 April 2024, the Group successfully concluded a refinancing of its debt facilities, having agreed a new four-year \u00a3125 million committed revolving credit facility with a syndicate of banks. The existing revolving credit facility and Term Loan B have been fully repaid and cancelled as part of refinancing. The new facilities have an initial maturity date in April 2028, with options to extend by up to 19 months, subject to lender approval. The facilities include a \u00a375 million accordion, which can be drawn subject to lender approval. The interest margin on the facilities is dependent upon the Group\u2019s leverage position, with margins between 1.9-2.8% which is lower than the previous facilities. The new facilities include covenants for a maximum leverage ratio (calculated as net debt excluding leases divided by EBITDA less rent costs for the prior 12 months) of 2.5x and a fixed charge cover ratio of at least 1.75x tested semi-annually. The Group expects to operate comfortably within these covenant levels for the foreseeable future ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-358": { "value": "
18 Trade and other payables
2024 2024
\u00a3m \u00a3m
Current
Trade payables
25.1
29.2
Other taxation and social security
21.8
20.6
Property accruals
7.4
7.8
Payroll accruals
12.8
13.9
Other accruals
13.0
13.2
80.1
84.7
The Group has net US Dollar denominated trade and other payables of \u00a310.1 million (2023: \u00a310.1
million) and net South African Rand denominated trade and other payables of \u00a31.2m (2023: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-397": { "value": "18 Trade and other payables
2024 2024
\u00a3m \u00a3m
Current
Trade payables
25.1
29.2
Other taxation and social security
21.8
20.6
Property accruals
7.4
7.8
Payroll accruals
12.8
13.9
Other accruals
13.0
13.2
80.1
84.7
The Group has net US Dollar denominated trade and other payables of \u00a310.1 million (2023: \u00a310.1 million) and net South African Rand denominated trade and other payables of \u00a31.2m (2023: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-359": { "value": "
19 Share capital and share premium
2024 2023
(Number) (Number)
Share capital
Allotted, called up and fully paid ordinary shares of one pence:
At the start of the period
342,636,090
341,878,341
Issued in the period (note 25)
2,940,271
757,749
At the end of the period
345,576,361
342,636,090
\u00a3m
\u00a3m
Share capital
At the start of the period
3.4
3.4
Issued in the period (note 25)
0.1
\u2013
At the end of the period
3.5
3.4
\u00a3m
\u00a3m
Share premium
At the start of the period
202.2
202.2
Issued in the period (note 25)
0.5
\u2013
At the end of the period
202.7
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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-398": { "value": "19 Share capital and share premium
2024 2023
(Number) (Number)
Share capital
Allotted, called up and fully paid ordinary shares of one pence:
At the start of the period
342,636,090
341,878,341
Issued in the period (note 25)
2,940,271
757,749
At the end of the period
345,576,361
342,636,090
\u00a3m
\u00a3m
Share capital
At the start of the period
3.4
3.4
Issued in the period (note 25)
0.1
\u2013
At the end of the period
3.5
3.4
\u00a3m
\u00a3m
Share premium
At the start of the period
202.2
202.2
Issued in the period (note 25)
0.5
\u2013
At the end of the period
202.7
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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-360": { "value": "
20 Notes to the cash flow statement
Reconciliation of operating profit to cash generated from operations:
2024 2023
\u00a3m \u00a3m
Profit before tax
65.6
52.4
Gain on bargain purchase
(2.6)
\u2013
Net finance expense
13.4
11.4
Operating profit
76.4
63.8
Adjusted for:
Depreciation and amortisation
46.3
46.0
Impairment of right-of-use assets
(0.2)
1.3
Impairment of tangible assets
0.2
\u2013
Impairment of intangible assets
1.1
1.5
Gain on disposal of fixed assets
(1.2)
(0.5)
Cash flow hedging foreign currency movements
(0.4)
0.8
Unrealised foreign exchange (gains) / losses
0.5
\u2013
Share-based payments charge
2.1
1.7
Operating cash flows before changes in working capital
124.8
114.6
Decrease/(increase) in receivables
3.6
(5.2)
Decrease/(increase) in inventories
(1.2)
(12.2)
(Decrease)/increase in payables
(6.5)
13.3
Movement in provisions
(2.0)
(2.7)
Cash inflow from operating activities
118.7
107.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-362": { "value": "
21 Analysis of net debt
At 1 February Non-cash At 31 January
2023 Cash flow changes 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Secured bank loans and accrued interest
(note\ue01f17)
(65.7)
30.1
(9.2)
(44.8)
Lease liabilities
(105.4)
43.7
(39.1)
(100.8)
Total debt
(171.1)
73.8
(48.3)
(145.6)
Add: debt costs capitalised
(1.4)
\u2013
0.7
(0.7)
Add: bank overdraft
(1.8)
1.8
(0.2)
(0.2)
Less: cash and cash equivalents (note 16)
11.7
(0.4)
\u2013
11.3
Net debt
(162.6)
75.2
(47.8)
(135.2)
Lease liabilities
105.4
(43.7)
39.1
100.8
Net debt excluding lease liabilities
(57.2)
31.5
(8.7)
(34.4)
At 31
At 1 February Non-cash January
2022 Cash flow changes 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Secured bank loans and accrued interest
(note\ue01f17)
(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)
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)
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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-361": { "value": "
22 Provisions
Covid-19 Property
related support provisions Total
\u00a3m \u00a3m \u00a3m
At 1 February 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)
Amounts provided during the year
\u2013
1.4
1.4
At 31 January 2023
7.4
2.1
9.5
Provisions utilised during the year
\u2013
(0.2)
(0.2)
Provisions released during the year
(2.0)
0.2
(1.8)
Amounts provided during the year
\u2013
\u2013
\u2013
At 31 January 2024
5.4
2.1
7.5
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. Although the actual amount that will be repaid is
not certain, events through the year to 31 January 2024 have added a level of comfort that the
outstanding provision is materially correct.
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 FY23.
Subsequent to the balance sheet date, the Group have reached a proposed settlement with
the Department for Business and Trade for a portion of the provision that relates to regarding
business support grants received by the Group during FY21 and FY22. The value of the proposed
settlement is \u00a33.3 million and following a review of the residual position, the Group has released
\u00a32.0 million from the provision which reflects a proportionate reduction in the value of the
provision for the amounts to be settled. The business support grants settlement was paid in
April 2024 but was unpaid at the year-end and \u00a33.3 million remains in the provision held on the
balance sheet.
The Group continues to hold discussions regarding settlement of the remaining element of the provision and to date has received no new substantive evidence regarding its position in respect of other support received relating to business rates relief. A further provision of \u00a32.2 million is held at the balance sheet date in respect of potential repayment of support received in excess of subsidy control thresholds for business rates relief, consistent with the nature of the provision held in the prior year. The minimum requirement for this element of the provision is expected to be \u00a31.2 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 reasonable assessment of the amount that may be repayable. The Group does not believe that any position within the range of reasonably possible outcomes would reflect a material change to the provision held at the balance sheet date and this provision is classified as current as the Group is actively aiming to resolve this settlement in the next 12 months. 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. Specific 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 and are generally expected to be utilised in the short-term. Any non-current portion of the provision is considered immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-399": { "value": "22 Provisions
Covid-19 Property
related support provisions Total
\u00a3m \u00a3m \u00a3m
At 1 February 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)
Amounts provided during the year
\u2013
1.4
1.4
At 31 January 2023
7.4
2.1
9.5
Provisions utilised during the year
\u2013
(0.2)
(0.2)
Provisions released during the year
(2.0)
0.2
(1.8)
Amounts provided during the year
\u2013
\u2013
\u2013
At 31 January 2024
5.4
2.1
7.5
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. Although the actual amount that will be repaid is not certain, events through the year to 31 January 2024 have added a level of comfort that the outstanding provision is materially correct. 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 FY23. Subsequent to the balance sheet date, the Group have reached a proposed settlement with the Department for Business and Trade for a portion of the provision that relates to regarding business support grants received by the Group during FY21 and FY22. The value of the proposed settlement is \u00a33.3 million and following a review of the residual position, the Group has released \u00a32.0 million from the provision which reflects a proportionate reduction in the value of the provision for the amounts to be settled. The business support grants settlement was paid in April 2024 but was unpaid at the year-end and \u00a33.3 million remains in the provision held on the balance sheet.
The Group continues to hold discussions regarding settlement of the remaining element of the
provision and to date has received no new substantive evidence regarding its position in respect
of other support received relating to business rates relief. A further provision of \u00a32.2 million is
held at the balance sheet date in respect of potential repayment of support received in excess
of subsidy control thresholds for business rates relief, consistent with the nature of the provision
held in the prior year. The minimum requirement for this element of the provision is expected to
be \u00a31.2 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 reasonable assessment of the amount that
may be repayable. The Group does not believe that any position within the range of reasonably
possible outcomes would reflect a material change to the provision held at the balance sheet
date and this provision is classified as current as the Group is actively aiming to resolve this
settlement in the next 12 months.
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. Specific 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 and are generally expected to be utilised in the
short-term. Any non-current portion of the provision is considered immaterial.
27 Contingent liabilities There were no material contingent liabilities at 31 January 2024 (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-363": { "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 64 to
68 and in the Corporate Governance Report on pages 73 to 79.
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 \u00a334.4 million (2023: \u00a357.2 million) and undrawn
RCF facility of \u00a374.0 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 has been fully repaid in the year to 31 January 2024. 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 has been fully repaid in the year, Tranche \u2018B\u2019 is coterminous with
the RCF in September 2025.
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 to Two to More than
one year two years five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 January 2024
Bank loans
8.5
38.3
\u2013
\u2013
46.8
Lease liabilities
29.5
29.7
49.4
6.9
115.5
Trade and other payables
80.1
\u2013
\u2013
\u2013
80.1
118.1
68.0
49.4
6.9
242.4
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
On 26 April 2024, the Group concluded a refinancing of its debt facilities, replacing the existing
facilities with a \u00a3125 million revolving credit facility with an initial term to April 2028. See note 17
for further detail.
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 to Two to More than
one year two years five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 January 2024
Foreign exchange contracts
\u2013 Inflow
63.6
28.3
\u2013
\u2013
91.9
\u2013 Outflow
(64.5)
(28.1)
\u2013
\u2013
(92.6)
Interest rate contracts
\u2013 Inflow
0.1
\u2013
\u2013
\u2013
0.1
\u2013 Outflow
\u2013
(0.1)
\u2013
\u2013
(0.1)
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)
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 reviewed annually 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 25% and 75% forward cover for the period 12 to 24
months, and up to 50% 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.
2024
2023
Impact on cash Impact on cash
Impact on profit flow hedging Impact on profit flow hedging
after tax reserve after tax reserve
\u00a3m \u00a3m \u00a3m \u00a3m
10 cent increase
(2.6)
(2.7)
(2.9)
(3.3)
10 cent decrease
3.0
3.2
2.1
4.0
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.
2024
2023
Impact on cash Impact on cash
Impact on profit flow hedging Impact on profit flow hedging
after tax reserve after tax reserve
\u00a3m \u00a3m \u00a3m \u00a3m
50 basis point interest rate increase
(0.3)
0.1
(0.2)
0.3
50 basis point interest rate decrease
0.3
(0.1)
0.2
(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 \u00a314.5 million in the year (2023:
\u00a35.6 million) and trade receivables at 31 January 2024 were \u00a33.1 million (2023: \u00a32.4 million). Total
trade and other receivables at 31 January 2024 are \u00a311.0 million (FY23: \u00a313.3 million). The Group
considers expected credit losses as not material and no impairment allowances have been
recognised in respect of credit risk.
Capital management
Following the cessation of investment and dividend restrictions contained within its financing facilities,
the Board has reviewed and approved an updated capital management policy for the Group.
The aim of the updated policy is to balance delivery of sustainable, long-term growth in
shareholder value against cash returns to shareholders and the needs of the Group\u2019s other
stakeholders. Each year, the Group will assess the appropriate use of free cash after allocating
funds to investments that will deliver the stated strategy. The Group is committed to a
transparent, systemic and disciplined use of cash. The Board will, as part of its annual planning
cycle, review investment opportunities and allocate capital between strengthening the balance
sheet, investment to deliver the strategy and returns to shareholders.
The Board monitors the Group\u2019s capital structure principally through reviewing free cash
generation and Adjusted Leverage \u2013 the ratio of net debt (excluding lease liabilities) to EBITDA
(after deducting rent-related costs). The Group\u2019s long-term target is to maintain a maximum
Adjusted Leverage position of 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, FY23 and FY24. Following
the cessation of restrictions from 31 January 2024, the Board has proposed a final dividend of
4.5 pence per share in respect of the 2024 financial year (see note 8).
Details on Group borrowings are set out in note 17 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 in notes 1 and 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-400": { "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 \u00a334.4 million (2023: \u00a357.2 million) and undrawn RCF facility of \u00a374.0 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 has been fully repaid in the year to 31 January 2024. 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 has been fully repaid in the year, Tranche \u2018B\u2019 is coterminous with the RCF in September 2025. 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 to Two to More than
one year two years five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 January 2024
Bank loans
8.5
38.3
\u2013
\u2013
46.8
Lease liabilities
29.5
29.7
49.4
6.9
115.5
Trade and other payables
80.1
\u2013
\u2013
\u2013
80.1
118.1
68.0
49.4
6.9
242.4
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
On 26 April 2024, the Group concluded a refinancing of its debt facilities, replacing the existing facilities with a \u00a3125 million revolving credit facility with an initial term to April 2028. See note 17 for further detail. 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 to Two to More than
one year two years five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 January 2024
Foreign exchange contracts
\u2013 Inflow
63.6
28.3
\u2013
\u2013
91.9
\u2013 Outflow
(64.5)
(28.1)
\u2013
\u2013
(92.6)
Interest rate contracts
\u2013 Inflow
0.1
\u2013
\u2013
\u2013
0.1
\u2013 Outflow
\u2013
(0.1)
\u2013
\u2013
(0.1)
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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-420": { "value": "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 to Two to More than
one year two years five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 January 2024
Bank loans
8.5
38.3
\u2013
\u2013
46.8
Lease liabilities
29.5
29.7
49.4
6.9
115.5
Trade and other payables
80.1
\u2013
\u2013
\u2013
80.1
118.1
68.0
49.4
6.9
242.4
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
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-421": { "value": "On 26 April 2024, the Group concluded a refinancing of its debt facilities, replacing the existing facilities with a \u00a3125 million revolving credit facility with an initial term to April 2028. See note 17 for further detail. 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 to Two to More than
one year two years five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 January 2024
Foreign exchange contracts
\u2013 Inflow
63.6
28.3
\u2013
\u2013
91.9
\u2013 Outflow
(64.5)
(28.1)
\u2013
\u2013
(92.6)
Interest rate contracts
\u2013 Inflow
0.1
\u2013
\u2013
\u2013
0.1
\u2013 Outflow
\u2013
(0.1)
\u2013
\u2013
(0.1)
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)
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-422": { "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 reviewed annually 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 25% and 75% forward cover for the period 12 to 24 months, and up to 50% 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.
2024
2023
Impact on cash Impact on cash
Impact on profit flow hedging Impact on profit flow hedging
after tax reserve after tax reserve
\u00a3m \u00a3m \u00a3m \u00a3m
10 cent increase
(2.6)
(2.7)
(2.9)
(3.3)
10 cent decrease
3.0
3.2
2.1
4.0
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 ", "dimensions": { "concept": "cardfactory:DisclosureOfForeignCurrencyRisk", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-401": { "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 reviewed annually 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 25% and 75% forward cover for the period 12 to 24 months, and up to 50% 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.
2024
2023
Impact on cash Impact on cash
Impact on profit flow hedging Impact on profit flow hedging
after tax reserve after tax reserve
\u00a3m \u00a3m \u00a3m \u00a3m
10 cent increase
(2.6)
(2.7)
(2.9)
(3.3)
10 cent decrease
3.0
3.2
2.1
4.0
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.
2024
2023
Impact on cash Impact on cash
Impact on profit flow hedging Impact on profit flow hedging
after tax reserve after tax reserve
\u00a3m \u00a3m \u00a3m \u00a3m
50 basis point interest rate increase
(0.3)
0.1
(0.2)
0.3
50 basis point interest rate decrease
0.3
(0.1)
0.2
(0.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-423": { "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.
2024
2023
Impact on cash Impact on cash
Impact on profit flow hedging Impact on profit flow hedging
after tax reserve after tax reserve
\u00a3m \u00a3m \u00a3m \u00a3m
50 basis point interest rate increase
(0.3)
0.1
(0.2)
0.3
50 basis point interest rate decrease
0.3
(0.1)
0.2
(0.3)
", "dimensions": { "concept": "cardfactory:DisclosureOfInterestRateRisk", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-402": { "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 \u00a314.5 million in the year (2023: \u00a35.6 million) and trade receivables at 31 January 2024 were \u00a33.1 million (2023: \u00a32.4 million). Total trade and other receivables at 31 January 2024 are \u00a311.0 million (FY23: \u00a313.3 million). The Group considers expected credit losses as not material and no impairment allowances have been recognised in respect of credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-404": { "value": "Capital management Following the cessation of investment and dividend restrictions contained within its financing facilities, the Board has reviewed and approved an updated capital management policy for the Group. The aim of the updated policy is to balance delivery of sustainable, long-term growth in shareholder value against cash returns to shareholders and the needs of the Group\u2019s other stakeholders. Each year, the Group will assess the appropriate use of free cash after allocating funds to investments that will deliver the stated strategy. The Group is committed to a transparent, systemic and disciplined use of cash. The Board will, as part of its annual planning cycle, review investment opportunities and allocate capital between strengthening the balance sheet, investment to deliver the strategy and returns to shareholders. The Board monitors the Group\u2019s capital structure principally through reviewing free cash generation and Adjusted Leverage \u2013 the ratio of net debt (excluding lease liabilities) to EBITDA (after deducting rent-related costs). The Group\u2019s long-term target is to maintain a maximum Adjusted Leverage position of 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, FY23 and FY24. Following the cessation of restrictions from 31 January 2024, the Board has proposed a final dividend of 4.5 pence per share in respect of the 2024 financial year (see note 8). Details on Group borrowings are set out in note 17 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 in notes 1 and 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-424": { "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-403": { "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-405": { "value": "Derivative financial instruments The balance sheet date fair value of derivative financial instruments is as follows:
2024 2023
\u00a3m \u00a3m
Derivative assets
Non-current
Interest rate contracts
\u2013
0.2
Foreign exchange contracts
0.6
0.3
0.6
0.5
Current
Interest rate contracts
0.2
1.1
Foreign exchange contracts
0.7
4.2
0.9
5.3
Derivative liabilities
Current
Interest rate contracts
(0.1)
\u2013
Foreign exchange contracts
(1.6)
(1.4)
(1.7)
(1.4)
Non-current
Interest rate contracts
(0.1)
(0.2)
Foreign exchange contracts
(0.7)
(0.3)
(0.8)
(0.5)
Net derivative financial instruments
Interest rate contracts
\u2013
1.1
Foreign exchange contracts
(1.0)
2.8
(1.0)
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-407": { "value": "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.
Financial Financial
Cash flow assets at liabilities at
Mandatorily hedging amortised amortised
at FVTPL instruments cost cost
At 31 January 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets measured at fair value
Derivative financial instruments
0.9
0.6
\u2013
\u2013
Financial assets not measured at fair value
Trade receivables
\u2013
\u2013
3.1
\u2013
Cash and cash equivalents
\u2013
\u2013
11.3
\u2013
Financial liabilities measured at fair value
Derivative financial instruments
(1.2)
(1.3)
\u2013
\u2013
Financial liabilities not measured at fair value
Secured bank loans
\u2013
\u2013
\u2013
(44.8)
Unsecured bank overdrafts
\u2013
\u2013
\u2013
(0.2)
Trade and other payables
\u2013
\u2013
\u2013
(80.1)
(0.3)
(0.7)
14.4
(125.1)
At 31 January 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at fair value
Derivative financial instruments
0.5
5.3
\u2013
\u2013
Financial assets not measured at fair value
Trade receivables
\u2013
\u2013
2.0
\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
13.7
(152.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-364": { "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 96 to 107.
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
Weighted Weighted
average average
Number of exercise Number of exercise
options price options price
Outstanding at 1 February 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
Granted during the year
2,162,869
\u00a30.01
1,476,343
\u00a30.72
Exercised during the year
(1,170,305)
\u00a30.01
(1,769,966)
\u00a30.27
Forfeited during the year
(210,756)
\u00a30.01
(901,863)
\u00a30.56
Outstanding at 31 January 2024
7,628,948
\u00a30.01
3,996,743
\u00a30.56
The weighted average remaining contractual for options under the SAYE scheme is 1.4 years
and under the RSA/LTIP scheme is 1.9 years.
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.
2024
2023
RSA/LTIP (1)
SAYE
RSA/LTIP (1)
RSA/LTIP (2)
SAYE
Granted during the year
2,162,869
1,476,343
3,417,583
382,272
2,267,990
Fair value at grant date
\u00a30.92
\u00a30.43
\u00a30.62
\u00a30.64
\u00a30.34
Share price at grant date*
\u00a30.92
\u00a30.87
\u00a30.62
\u00a30.64
\u00a30.63
Exercise price*
\u00a30.01
\u00a30.72
\u00a30.01
\u00a30.01
\u00a30.49
Expected volatility
63%
58%
72%
72%
72%
Expected term (years)
3 to 5
3
2.5 to 5
3 to 5
3
Expected dividend yield
N/A**
0%
N/A**
N/A**
0%
Risk free interest rate
4.32%
5.05%
1.20%
1.69%
1.81%
* 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. The
outstanding SAYE awards as at 31 January 2024 have an exercise price ranging from \u00a30.49 to \u00a30.72.
** 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:
2024 2023
All amounts exclude national insurance costs \u00a3m \u00a3m
RSA or LTIP
1.7
1.4
SAYE
0.4
0.3
Total share-based payment expense
2.1
1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-406": { "value": "
RSA/LTIP
SAYE
Weighted Weighted
average average
Number of exercise Number of exercise
options price options price
Outstanding at 1 February 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
Granted during the year
2,162,869
\u00a30.01
1,476,343
\u00a30.72
Exercised during the year
(1,170,305)
\u00a30.01
(1,769,966)
\u00a30.27
Forfeited during the year
(210,756)
\u00a30.01
(901,863)
\u00a30.56
Outstanding at 31 January 2024
7,628,948
\u00a30.01
3,996,743
\u00a30.56
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-366": { "value": "
26 Capital commitments
The Group had capital commitments at 31 January 2024 of nil (2023: \u00a32.3 million).
27 Contingent liabilities
There were no material contingent liabilities at 31 January 2024 (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-408": { "value": "26 Capital commitments The Group had capital commitments at 31 January 2024 of nil (2023: \u00a32.3 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-425": { "value": "27 Contingent liabilities There were no material contingent liabilities at 31 January 2024 (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-426": { "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.
The Card Factory Foundation is considered a related party of the Group due to one common
individual considered as key management personnel. In the year ended 31 January 2024 the
Group donated \u00a31.5 million (FY23: \u00a31.4 million) to the Foundation from carrier bag sales and has
an outstanding balance owed to the Foundation of \u00a30.5 million at 31 January 2024. A full listing
of the Group\u2019s subsidiary undertakings is provided in the notes to the Company accounts on
page 158.
Transactions with key management personnel
The key management personnel of the Group comprise the Card Factory plc Board of Directors,
and the Executive 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 96 to 107. Directors of the Company and
their immediate families control 0.2% 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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-365": { "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. The Card Factory Foundation is considered a related party of the Group due to one common individual considered as key management personnel. In the year ended 31 January 2024 the Group donated \u00a31.5 million (FY23: \u00a31.4 million) to the Foundation from carrier bag sales and has an outstanding balance owed to the Foundation of \u00a30.5 million at 31 January 2024. A full listing of the Group\u2019s subsidiary undertakings is provided in the notes to the Company accounts on page 158. Transactions with key management personnel The key management personnel of the Group comprise the Card Factory plc Board of Directors, and the Executive 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 96 to 107. Directors of the Company and their immediate families control 0.2% 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": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-367": { "value": "
29 Subsequent events
Subsequent to the year end, on 26 April 2024, the Group successfully concluded a refinancing of
its debt facilities, having agreed a new four-year \u00a3125 million committed revolving credit facility
with a syndicate of banks. The existing revolving credit facility and Term Loan B have been fully
repaid and cancelled. See note 17 for further detail.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } }, "fact-368": { "value": "
30 Business Combination
Business combinations are accounted for using the acquisition method. The identifiable
assets acquired and liabilities assumed are recognised at their fair values at the acquisition
date. Acquisition-related costs totalling \u00a30.2 million have been expensed and included within
operating expenses in the Consolidated Income Statement.
Acquisition of SA Greetings Corporation (Pty) Ltd
On 25 April 2023, the Group acquired 100% of the share capital of SA Greetings Corporation
(Pty) Ltd and its subsidiaries, which trade as SA Greetings. SA Greetings is a wholesaler and
retailer of greeting cards and gift packaging based in South Africa, and the acquisition gives
the Group access to the South African cards and gifts market, expanding the international
partnerships business, and provides opportunities to grow and develop the business through
synergies with the Group\u2019s existing range, production and supply chain. The total cash
consideration for the transaction was \u00a32.5 million, all of which was paid on the acquisition date,
with no further contingent or deferred consideration payable.
The purchase price allocation was prepared on a provisional basis in accordance with IFRS 3
with the fair values of the assets and liabilities set out below:
Fair value
\u00a3m
Non-current assets
4.7
Intangible assets
\u2013
Property, plant & equipment
2.7
Right-of-use assets
1.9
Deferred tax assets
0.1
Current assets
5.9
Inventories
3.8
Trade & other receivables
1.8
Cash at bank and in hand
0.3
Total assets
10.6
Current liabilities
(4.2)
Borrowings
(1.5)
Lease liabilities
(0.8)
Trade & other payables
(1.8)
Tax payable
\u2013
Contingent liabilities
(0.1)
Non-current liabilities
(1.3)
Borrowings
(0.5)
Lease liabilities
(0.8)
Total liabilities
(5.5)
Net assets
5.1
The gross contractual amounts receivable for trade & other receivables is \u00a32.1 million and, at
the acquisition date, the Group\u2019s best estimate of the contractual cash flows not expected to be
collected is \u00a30.3 million.
The adjustments made to the identifiable assets and liabilities in the acquiree\u2019s local financial
records in arriving at the provisional fair values required by IFRS 3 were:
\u2022 Recognising and measuring the acquiree\u2019s lease liabilities as defined in IFRS 16, as if the
leases were a new lease at the acquisition date (\u00a31.6 million adjustment to right-of-use
assets and lease liabilities). No adjustments were required to reflect lease terms that were
favourable or unfavourable to market terms.
\u2022 Recognising a contingent liability (\u00a30.1 million) in relation to a legal process that remains in
progress. A corresponding contingent asset has not been recognised.
The fair value of the assets and liabilities acquired is \u00a35.1 million, which is higher than the
fair value of the consideration paid of \u00a32.5 million, therefore a gain on bargain purchase of
\u00a32.6 million has been recognised in the Consolidated Income Statement in the period.
SA Greetings Corporation (Pty) Ltd contributed revenue of \u00a310.4 million and a profit of
\u00a30.2 million to the Group\u2019s profit after tax for the period between the date of acquisition and the
reporting date.
If the acquisition of SA Greetings Corporation (Pty) Ltd had been completed on the first
day of the financial year, Group revenues for the year to 31 January 2024 would have been
\u00a3513.2 million and Group profit after tax would have been \u00a347.0 million. SA Greetings has a
similar seasonal trading pattern to the rest of the Group and generates the majority of its sales
and profits in the second half of the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TTSOPFVCKPFQ11", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00" } } } }