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"f22386": {
"value": "1 General information and accounting policies
\nGeneral information
\nThe consolidated \ufb01nancial statements of
\nThe Rank Group Plc (\u2018the Company\u2019) and its
\nsubsidiaries (together \u2018the Group\u2019) for the
\nyear ended 30 June 2023 were authorised
\nfor issue in accordance with a resolution
\nof the Directors on 16 August 2023.
\nThe Company is a public limited company
\nwhich is listed on the London Stock
\nExchange and is incorporated and
\ndomiciled in England and Wales under
\nregistration number 03140769. The
\naddress of its registered of\ufb01ce is TOR,
\nSaint-Cloud Way, Maidenhead, SL6 8BN.
\nThe Group operates gaming services
\nin Great Britain (including the Channel
\nIslands), Spain and India. Information
\non the Group\u2019s structure, including its
\nsubsidiaries, is provided in note 14.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22387": {
"value": "1 General information and accounting policies
\nGeneral information
\nThe consolidated \ufb01nancial statements of
\nThe Rank Group Plc (\u2018the Company\u2019) and its
\nsubsidiaries (together \u2018the Group\u2019) for the
\nyear ended 30 June 2023 were authorised
\nfor issue in accordance with a resolution
\nof the Directors on 16 August 2023.
\nThe Company is a public limited company
\nwhich is listed on the London Stock
\nExchange and is incorporated and
\ndomiciled in England and Wales under
\nregistration number 03140769. The
\naddress of its registered of\ufb01ce is TOR,
\nSaint-Cloud Way, Maidenhead, SL6 8BN.
\nThe Group operates gaming services
\nin Great Britain (including the Channel
\nIslands), Spain and India. Information
\non the Group\u2019s structure, including its
\nsubsidiaries, is provided in note 14.
\nSummary of significant accounting
\npolicies
\nThe principal accounting policies applied
\nin the preparation of these consolidated
\nand Company \ufb01nancial statements are
\nset out below. These policies have been
\nconsistently applied to all periods
\npresented, except where noted below.
\n1.1 Basis of preparation
\nThe consolidated and Company \ufb01nancial
\nstatements have been prepared under the
\nhistorical cost convention.
\n1.1.1 Statement of compliance
\nThe consolidated and Company \ufb01nancial
\nstatements have been prepared in
\naccordance with UK-adopted International
\nAccounting Standards. UK-adopted
\nInternational Accounting Standards
\nincludes standards issued by the
\nInternational Accounting Standards Board
\n(\u2018IASB\u2019) that are endorsed for use in the UK.
\n1.1.2 Going concern
\nIn adopting the going concern basis
\nfor preparing the \ufb01nancial information,
\nthe Directors have considered the
\ncircumstances impacting the Group during
\nthe year as detailed in the operating
\nreview on pages 12 to 73, including the
\nbudget for 2023/2024 (\u2018the base case\u2019),
\nthe long-range forecast approved by the
\nBoard, and recent trading performance.
\nThe Directors have reviewed the Group\u2019s
\nprojected compliance with its banking
\ncovenants and access to funding options
\nfor the 12 months ending 31 August 2024
\nfor the going concern period, and for the
\nsix months beyond the end of the going
\nconcern period for cliff edge events
\naffecting the going concern period,
\nsuch as the availability of revolving credit
\nfacilities or repayments of any term loans.
\nThe Directors recognise that there is
\ncontinued uncertainty at this time caused
\nby the slower than anticipated return
\nof customers to UK land-based leisure
\nentertainment venues, the impact of
\nmacroeconomic factors on consumer
\nsentiment and disposable incomes,
\ncontinued in\ufb02ationary pressures and
\nhigher interest rates and their overall
\nimpact on consumer demand and
\ndiscretionary spending. The Directors
\nnote that this has had an impact on the
\naccuracy of budgeting and forecasting
\nfor the current \ufb01nancial year, and this
\nhas been considered by management
\nwhen preparing their sensitivity review
\nfor the going concern period.
\nThe Directors have reviewed and
\nchallenged management\u2019s assumptions
\nfor the Group\u2019s base case view for the
\ngoing concern period. Key considerations
\nare the assumptions on the levels of
\ncustomer visits and their average spend
\nin the venues-based businesses, and the
\nnumber of \ufb01rst time and returning
\ndepositors in the digital businesses, and
\nthe average level of spend per visit for
\neach. The key base case assumptions
\non costs are as follows:
\n\u2013
Payroll costs are adjusted for increases
\nin the National Minimum Wage and pay
\nrise awarded in April 2024;
\n\u2013
Rent due during the 2023/2024 \ufb01nancial
\nyear is paid on time;
\n\u2013
Capital expenditure is in line with
\nstrategic plans;
\n\u2013
Standard payment terms are assumed
\nfor supplier payments.
\nThe base case view contains certain
\ndiscretionary costs within management
\ncontrol that could be reduced in the event
\nof a revenue downturn. These include
\nreductions to overheads, reductions
\nto marketing costs, reductions to the
\nvenues\u2019 operating costs and reductions
\nto capital expenditure.
\nThe committed \ufb01nancing position in
\nthe base case within the going concern
\nassessment period is that the Group
\ncontinues to have access to the following
\ncommitted facilities:
\n\u2013
Revolving credit facilities (\u2018RCF\u2019)
\ntotalling \u00a3100m are available to the
\nGroup through to November 2024.
\n\u2013
In November 2024, the facilities
\navailable to the Group reduces to \u00a375m,
\nmaturing in February 2025. Based
\non ongoing conversations with lenders
\nand the improving trading performance
\nof the Group, management has a
\nreasonable expectation that there will be
\na successful re\ufb01nancing of the facilities
\nbeyond February 2025.
\nAt the date of approval of the \ufb01nancial
\nstatements, \u00a350m of the \u00a3100m RCF had
\nbeen drawn down in order to repay the
\nterm loan.
\nIn undertaking their assessment, the
\nDirectors also reviewed compliance with
\nthe banking covenants (\u2018Covenants\u2019)
\nwhich are tested bi-annually at June and
\nDecember. The Group expects to meet the
\nCovenants throughout the going concern
\nperiod and as at December 2023 and June
\n2024 and have the cash available to meet
\nits liabilities as they fall due.
\nSensitivity Analysis
\nThe base case view re\ufb02ects the Directors\u2019
\nbest estimate of the outcome for the going
\nconcern period. A number of plausible
\nbut severe downside risks, including
\nconsideration of possible mitigating actions,
\nhave been modelled with particular focus
\non the potential impact to cash \ufb02ows,
\ncash headroom and covenant compliance
\nthroughout the going concern period.
\nThe three downside scenarios modelled are:
\n(i)
revenues in the Grosvenor business
\nfall by 23% and the Group experiences
\nadditional in\ufb02ationary costs compared
\nto the base case view, with
\nmanagement taking only mitigating
\nactions that have no effect on the
\nGroup\u2019s trading performance;
\n(ii)
revenues in Grosvenor fall by 20%
\nand Rank Interactive by 7% versus
\nthe base case view, with management
\ntaking a number of mitigating actions
\nincluding reduction in capital
\nexpenditure, reduction in marketing
\nand other overheads and the removal
\nof the Group planning contingency;
\n(iii)
a reverse stress test, revenues in
\nGrosvenor fall by 36% in the initial
\nyear, with management taking actions
\nas for scenario (ii) but with further
\nmitigating actions on employment
\ncosts and extending creditor days.
\nHaving modelled the downside scenarios,
\nthe indication is that the Group would
\ncontinue to meet its covenant requirements
\nin all scenarios and have available cash
\nto meet liabilities in all three scenarios
\n(for further details see note 20).
\nAccordingly, the Directors have a
\nreasonable expectation that the Group
\nhas adequate resources to continue in
\noperational existence for a period at least
\nthrough to 31 August 2024.
\n
\n
\n
\n
\n
\nFor these reasons, the Directors continue
\nto adopt the going concern basis for the
\npreparation of these consolidated and
\nCompany \ufb01nancial statements, and in
\npreparing the consolidated and Company
\n\ufb01nancial statements, they do not include
\nany adjustments that would be required to
\nbe made if they were prepared on a basis
\nother than going concern.
\nGoing Concern Statement
\nBased on the Group\u2019s cash \ufb02ow forecasts
\nand business plan, the Directors believe
\nthat the Group will generate suf\ufb01cient cash
\nto meet its liabilities as they fall due for the
\nperiod up to 31 August 2024. In making
\nsuch statement, the Directors highlight
\nforecasting accuracy in relation to the level
\nof trading performance achieved as the
\nkey sensitivity in the approved base case.
\nThe Directors have considered three
\ndownside scenarios which re\ufb02ects a
\nreduced trading performance, in\ufb02ationary
\nimpacts on the cost base and various
\nmanagement-controlled cost mitigations.
\nIn each of the three downside scenarios,
\nthe Group will generate suf\ufb01cient cash
\nto meet its liabilities as they fall due and
\nmeet its covenant requirements for the
\nperiod to 31 August 2024 with scenarios
\nii) and iii) requiring the implementation
\nand execution of mitigating cost actions
\nwithin the control of management.
\n1.1.3 Accounting estimates and
\njudgements
\nIn the application of the Group\u2019s
\naccounting policies, the Directors are
\nrequired to make judgements, estimates
\nand assumptions. The estimates and
\nassociated assumptions are based on
\nhistorical experience and other factors
\nthat are considered to be relevant. Actual
\nresults may differ from these estimates.
\nThe estimates and underlying
\nassumptions are reviewed on an ongoing
\nbasis. Revisions to accounting estimates
\nare recognised in the period in which the
\nestimate is revised if the revision affects
\nonly that period. If the revision affects
\nboth current and future periods then the
\nrevision to accounting estimate would be
\nre-elected in the period of the revision and
\nfuture periods.
\nCritical accounting judgements
\nThe following are the critical accounting
\njudgements, apart from those involving
\nestimates (which are dealt with separately
\nbelow) that the Directors have made
\nin the process of applying the Group\u2019s
\naccounting policies and that have the
\nmost signi\ufb01cant effect on the amounts
\nrecognised in the consolidated and
\nCompany \ufb01nancial statements.
\n(a) Separately disclosed items
\n(\u2018SDIs\u2019)
\nThe Group separately discloses certain
\ncosts and income that impair the visibility
\nof the underlying performance and trends
\nbetween periods. The SDIs are material
\nand infrequent in nature and/or do not
\nrelate to underlying business
\nperformance. Judgement is required
\nin determining whether an item should
\nbe classi\ufb01ed as an SDIs or included within
\nthe underlying results.
\nSDIs include but are not limited to:
\n\u2013 Amortisation of acquired intangible
\nassets;
\n\u2013
Pro\ufb01t or loss on disposal of businesses;
\n\u2013 Costs or income associated to the
\nclosure of venues;
\n\u2013 Acquisition and disposal costs
\nincluding changes to deferred
\nor contingent consideration;
\n\u2013 Impairment charges;
\n\u2013 Reversal of previously recognised
\nimpairment charges;
\n\u2013 Property-related provisions;
\n\u2013 Restructuring costs as part of an
\nannounced programme;
\n\u2013 Retranslation and remeasurement
\nof foreign currency contingent
\nconsideration;
\n\u2013 General dilapidations provision interest
\nunwinding;
\n\u2013 General dilapidations asset depreciation;
\n\u2013 Discontinued operations;
\n\u2013
Signi\ufb01cant, material proceeds from
\ntax appeals; and
\n\u2013 Tax impact of all the above.
\nFor further detail of those items included
\nas SDIs, refer to note 4.
\n(b) Climate change
\nThe Group continues to consider the impact
\nof climate change in the consolidated and
\nCompany \ufb01nancial statements and
\nconsiders that the most signi\ufb01cant impact
\nwould be in relation to the cost of energy
\nto the Group for which best estimates have
\nbeen factored into future forecasts, the
\ncarrying value of assets in the accounts,
\nalbeit this is not considered to have a
\nmaterial impact at the current time and
\nthe useful economic life of assets.
\nThe Group constantly monitors the
\nlatest government legislation in relation
\nto climate related matters. The approach
\ntaken by the Group to managing climate
\nrelated risks and opportunities is not static
\nbut re\ufb02ects continuous monitoring and
\nassessment of these issues including their
\npotential impact upon the business and
\nthe Group\u2019s impact on the environment.
\nThere is no material impact on
\nimpairment, provisions and fair values.
\n
\n
\n
\n
\n\n\nMore details of this approach can be seen
\non page 60. At the current time, no
\nlegislation has been passed that will impact
\nthe Group. The Group will adjust key
\nassumptions in value in use calculations
\nand sensitise these calculations should
\na change be required.
\n(c) Dilapidation costs
\nThe provision represents the estimated
\ncost of dilapidation at the end of the lease
\nterm of certain properties. The provision
\nis reviewed periodically and re\ufb02ects
\njudgement in the interpretation of lease
\nterms and negotiation positions with
\nlandlords including the likelihood that the
\ncurrent leasehold properties may be subject
\nto redevelopment at the end of lease term.
\nKey sources of estimation
\nuncertainty
\nThe estimates and assumptions which
\nhave a signi\ufb01cant risk of causing a
\nmaterial adjustment to the carrying
\namounts of assets and liabilities within the
\nnext \ufb01nancial year are discussed below.
\nThe Group based its assumptions and
\nestimates on parameters available when
\nthe \ufb01nancial statements were prepared.
\nExisting circumstances and assumptions
\nabout future developments, however,
\nmay change due to market changes or
\ncircumstances arising that are beyond
\nthe control of the Group. Such changes
\nare re\ufb02ected in the assumptions when
\nthey occur.
\n(a) Estimated impairment or
\nsubsequent reversal of previously
\nrecognised impairment for non-
\nfinancial assets
\nDetails of the Group\u2019s accounting policy
\nin relation to impairments and impairment
\nreversals are disclosed in note 1.14.
\nThe application of the policy requires the
\nuse of accounting estimates in determining
\nthe recoverable amount of cash-generating
\nunits to which the goodwill, intangible
\nassets, right-of-use assets and property,
\nplant and equipment are associated.
\nThe recoverable amount is the higher
\nof the fair value less costs of disposal and
\nvalue in use. Estimates of fair value less
\ncosts of disposal are performed internally
\nby experienced senior management
\nsupported by knowledge of similar
\ntransactions and advice from external
\nexperts or, if applicable, offers received.
\nValue in use is calculated using estimated
\ncash \ufb02ow projections from strategic plans
\nand \ufb01nancial budgets, discounted by
\nselecting an appropriate rate for each
\ncash-generating unit.
Consistent with the prior year, the Group
\nhas assessed the continuing impact of
\nCOVID-19 risk into the impairment testing
\nof goodwill and non-current assets and
\nincluded additional sensitivity analysis
\nin the disclosures. The key judgement
\nis the level of trading in the venues and
\nits recovery following reopening, overall
\nmacroeconomic conditions and its impact
\non estimated future cash \ufb02ows. Further
\ndetails of the assumptions, estimates and
\nsensitivity are disclosed in note 13.
\nThe Company also tests annually
\nthe carrying value of its investments
\nin subsidiaries. The application of this
\npolicy requires the use of estimates and
\njudgements in determining the recoverable
\namount of the subsidiary undertakings.
\nThe recoverable amount is determined by
\napplying an estimated valuation multiple
\nto budgeted future earnings and
\ndeducting estimated costs of disposal
\n(fair value less costs of disposal) and/or by
\nusing discounted cash \ufb02ows (value in use),
\nalong with consideration of the underlying
\nnet assets and market capitalisation and
\nis disclosed in note 13.
\n(b) Dilapidation provision
\nProvisions for dilapidations are recognised
\nwhere the Group has the obligation to
\nmake-good its leased properties. These
\nprovisions are measured based on
\nhistorically settled dilapidations which
\nform the basis of the estimated future cash
\nout\ufb02ows. Any difference between amounts
\nexpected to be settled and the actual cash
\nout\ufb02ow will be accounted for in the period
\nwhen such determination is made.
\nThe Group\u2019s provisions are estimates
\nof the actual costs and timing of future
\ncash \ufb02ows, which are dependent on
\nfuture events, property exits and market
\nconditions. Thus, there is inherently an
\nelement of estimation uncertainty within
\nthe provisions recognised by the Group.
\nAny difference between expectations and
\nthe actual future liability will be accounted
\nfor in the period when such determination
\nis made.
\nThe provisions are most sensitive to
\nestimates of the future cash out\ufb02ows
\nwhich are based on historically settled
\ndilapidations. This means that an increase
\nin cash out\ufb02ows of 1% would have resulted
\nto a \u00a30.3m increase in the dilapidations
\nprovision. Likewise, a decrease in cash
\nout\ufb02ows of 1% would have resulted to
\na \u00a30.3m decrease in the dilapidations
\nprovision.
\n(c) Determination of the fair values
\nof intangible assets
\nThe Group estimates the fair value of
\nacquired intangible assets arising from
\nbusiness combinations by selecting and
\napplying appropriate valuation methods.
\nThese include the relief from royalty and
\nmulti-period excess earnings valuation
\nmethods, both of which require signi\ufb01cant
\nestimates to be made. Examples include
\nestimating expected cash \ufb02ows and
\nidentifying appropriate royalty and
\ndiscount rates. The fair value of each
\nacquired intangible asset is amortised
\nover the respective asset\u2019s estimated
\nuseful life. The Group uses projected
\n\ufb01nancial information together with
\ncomparable industry information as
\nwell as applying its own experience and
\nknowledge of the industry in making such
\njudgements and estimates. Where a third
\nparty is involved to determine the fair
\nvalue of the acquired intangible assets,
\nthe key assumptions reviewed by the Group
\ninclude cash \ufb02ow projections, terminal
\ngrowth rates and discount rates as well
\nas a sensitivity analysis.
\n(d) Income taxes
\nThe Group is subject to income taxes in
\nnumerous jurisdictions and as such requires
\njudgements to be made as well as best
\nestimates and assumptions.
\nJudgement must be applied in assessing
\nthe likely outcome of certain tax matters
\nwhose \ufb01nal outcome may not be
\ndetermined for a number of years. These
\njudgements are reassessed in each period
\nuntil the outcome is \ufb01nally determined
\nthrough resolution with a tax authority
\nand/or through a legal process. Differences
\narising from changes in judgement or
\nfrom \ufb01nal resolution may be material and
\nwill be charged or credited to the Group
\nincome statement in the relevant period.
\nWithin the Group\u2019s net income tax
\nreceivable of \u00a39.2m (30 June 2022: \u00a33.9m)
\nare amounts of \u00a30.3m payable (30 June
\n2022: \u00a30.3m) that relate to uncertain tax
\npositions. The Group evaluates uncertain
\nitems, where the tax judgement is subject
\nto interpretation and remains to be agreed
\nwith the relevant tax authority. Provisions
\nfor uncertain items are made using an
\nestimation of the most likely tax expected
\nto be paid, based on a qualitative
\nassessment of all relevant information.
\nIn assessing the appropriate provision
\nfor uncertain items, the Group considers
\nprogress made in discussions with tax
\nauthorities, expert advice on the likely
\noutcome and recent developments in case
\nlaw. Further details of income tax are
\ndisclosed in note 19.
\n
\n
\n
\n
\n1.1.4 Changes in accounting policy
\nand disclosures
\n(a) Standards, amendments to and
\ninterpretations of existing standards
\nadopted by the Group
\nIn preparing the consolidated \ufb01nancial
\nstatements for the current period, the
\nGroup has adopted the following new
\nIFRSs, amendments to IFRSs and IFRS
\nInterpretations Committee (IFRIC)
\ninterpretations. All standards do not have a
\nsigni\ufb01cant impact on the results or net assets
\nof the Group. Changes are detailed below:
\n\u2013 Property, plant equipment: proceeds
\nbefore intended use (amendment
\nto IAS 16)
\n\u2013
Onerous contracts: cost of ful\ufb01lling
\na contact (amendment to IAS 37)
\n\u2013 Interest rate benchmark reform \u2013
\nPhase 2 (amendment to IAS 39)
\n\u2013 Annual improvements to IFRS Standards
\n2018 \u2013 2020 (amendment to IFRS 1,
\nIFRS 9, IFRS 16 and IAS 41)
\n\u2013 Reference to the conceptual framework
\n(amendment to IFRS 3)
\n(b) Standards, amendments to and
\ninterpretations of existing standards
\nthat are not yet effective
\nAt the date of authorisation of the
\nconsolidated \ufb01nancial statements, the
\nfollowing Standards, amendments and
\nInterpretations, which have not been applied
\nin these consolidated \ufb01nancial statements,
\nwere in issue but not yet effective:
\n\u2013 Disclosure of accounting policies
\n(amendments to IAS 1 and IFRS Practice
\nStatement 2 effective for period
\nbeginning 1 July 2023)
\n\u2013
De\ufb01nition of accounting estimates
\n(amendments to IAS 8 effective for
\nperiod beginning 1 July 2023)
\n\u2013 Deferred tax related to assets and
\nliabilities arising from a single transaction
\n(amendment to IAS 12 effective for
\nperiod beginning 1 July 2023)
\n\u2013 Liability in a sale and leaseback
\n(amendment to IFRS 16 effective
\nfor period beginning 1 July 2024)
\n\u2013
Classi\ufb01cation of liabilities as current
\nand non-current (amendment to IAS 1
\neffective for period beginning 1 July 2024)
\n\u2013 Insurance contracts (amendment to
\nIFRS 17 effective for period beginning
\n1 July 2024).
\n\u2013 Non-current liabilities with Covenants
\n(amendments to IAS 1 effective for
\nperiod beginning 1 July 2024).
\nThe Group does not currently believe
\nthat the adoption of these new standards
\nor amendments would have a material
\neffect on the results or \ufb01nancial position
\nof the Group.
\n1.1.5 Prior period restatement
\nThese consolidated \ufb01nancial statements include a prior year restatement in relation to prior year costs identi\ufb01ed in the Digital business
\nwhich erroneously had not been recognised in the prior year consolidated income statements. The error was considered to be material
\ndue to its nature and impact to key performance indicators.
\nDuring the year, the Group identi\ufb01ed an accumulated total of \u00a32.2m prior year payment processing costs within the Digital business
\nwhich erroneously had not been recognised in the prior year income statement. Of the total value, \u00a31.3m relates to the year ended
\n30 June 2022 with the remaining \u00a30.9m relating to previous accounting periods. As a consequence, cost of sales have been restated
\nincreasing by \u00a31.3m in the year ended 30 June 2022.
\nThe impact of the adjustment on the June 2022 balance sheet is a reduction to cash and short-term deposits of \u00a32.2m, a reduction
\nto closing reserves as at 30 June 2022 of \u00a32.2m and a reduction to opening reserves as at 1 July 2021 of \u00a30.9m.
\nThe above restatement reduces both basic and diluted EPS by 0.3 pence for the year ended 30 June 2022.
\nThe prior period comparatives have been restated in accordance with IAS 8: \u2018Accounting Policies, Changes in Accounting Policies
\nand Errors\u2019 and have impacted the primary \ufb01nancial statements as follows:
\nIncome Statement
\nfor the year ended 30 June 2022
\nAs previously
\nreported
\n\u00a3m
\nAdjustment
\n\u00a3m
\nAs restated
\n\u00a3m
\nRevenue
644.0
\u2013
644.0
\nCost of sales
(412.3)
\u2013
(412.3)
\nGross pro\ufb01t
231.7
\u2013
231.7
\nOther operating income
91.9
\u2013
91.9
\nOther operating costs
(241.5)
(1.3)
(242.8)
\nOperating pro\ufb01t
82.1
(1.3)
80.8
\nFinancing:
\n\u2013
\ufb01nance costs
(13.1)
\u2013
(13.1)
\n\u2013
\ufb01nance income
0.1
\u2013
0.1
\n\u2013
other \ufb01nancial gains
5.2
\u2013
5.2
\nTotal net \ufb01nancing charge
(7.8)
\u2013
(7.8)
\nPro\ufb01t before taxation
74.3
(1.3)
73.0
\nTaxation
(16.9)
\u2013
(16.9)
\nPro\ufb01t for the period from continuing operations
57.4
(1.3)
56.1
\nPro\ufb01t after tax from discontinued operations
8.8
\u2013
8.8
\nPro\ufb01t for the period
66.2
(1.3)
64.9
\nEarnings per share attributable to equity shareholders
\n\u2013 basic
14.2p
(0.3)p
13.9p
\n\u2013 diluted
14.2p
(0.3)p
13.9p
\nEarnings per share \u2013 continuing operations
\n\u2013 basic
12.3p
(0.3)p
12.0p
\n\u2013 diluted
12.3p
(0.3)p
12.0p
\nEarnings per share \u2013 discontinued operations
\n\u2013 basic
1.9p
\u2013
1.9p
\n\u2013 diluted
1.9p
\u2013
1.9p
\n
\n
\n
\n
\nBalance Sheet
\nat 30 June 2022
\nAs previously
\nreported
\n\u00a3m
\nAdjustment
\n\u00a3m
\nAs restated
\n\u00a3m
\nAssets
\nCash and short-term deposits
97.9
(2.2)
95.7
\nTotal assets
858.9
(2.2)
856.7
\nTotal liabilities
(431.6)
\u2013
(431.6)
\nNet assets
427.3
(2.2)
425.1
\nEquity
\nRetained earnings
158.7
(2.2)
156.5
\nTotal equity before non-controlling interests
427.4
(2.2)
425.2
\nNon-controlling interests
(0.1)
\u2013
(0.1)
\nTotal shareholders\u2019 equity
427.3
(2.2)
425.1
\nCashflow statement
\nfor the year ended 30 June 2022
\nAs previously
\nreported
\n\u00a3m
\nAdjustment
\n\u00a3m
\nAs restated
\n\u00a3m
\nCash \ufb02ows from operating activities
\nCash generated from operations
171.3
(1.3)
170.0
\nNet cash generated from operating activities
155.1
(1.3)
153.8
\nNet cash used in investing activities
(32.4)
\u2013
(32.4)
\nNet cash used from \ufb01nancing activities
(94.3)
\u2013
(94.3)
\nNet increase in cash and short-term deposits
28.4
(1.3)
27.1
\nCash and short-term deposit at the start of the period
69.6
(0.9)
68.7
\nCash and short-term deposits at end of period
97.9
(2.2)
95.7
\n\n
\n
\n\n\n1.2 Consolidation
\nThe consolidated \ufb01nancial statements
\ncomprise the \ufb01nancial statements of the
\nparent and its subsidiaries as at 30 June
\n2023. Control is achieved when the Group
\nis exposed, or has rights, to variable
\nreturns from its involvement with the
\ninvestee and has the ability to affect
\nthose returns through its power over the
\ninvestee. Speci\ufb01cally, the Group controls
\nan investee if, and only if, the Group has
\n(a) power over the investee, (b) exposure,
\nor rights, to variable returns from the
\ninvestee, and (c) ability to use its power
\nto affect those returns.
\nThe Group re-assesses whether or
\nnot it controls an investee if facts and
\ncircumstances indicate that there are
\nchanges to one or more of the three
\nelements of control. Consolidation of a
\nsubsidiary begins when the Group obtains
\ncontrol over the subsidiary and ceases
\nwhen the Group loses control of the
\nsubsidiary. Assets, liabilities, income
\nand expenses of a subsidiary acquired or
\ndisposed of during the year are included
\nin the consolidated \ufb01nancial statements
\nfrom the date the Group gains control
\nuntil the date the Group ceases to control
\nthe subsidiary.
\nIf the Group loses control of a subsidiary,
\nit derecognises the related assets
\n(including goodwill), liabilities and other
\ncomponents of equity, while any resultant
\ngain or loss is recognised in the Group
\nincome statement.
\nIntercompany transactions, balances
\nand unrealised gains on transactions
\nbetween Group companies are eliminated.
\nUnrealised losses are also eliminated
\nunless the transaction provides evidence
\nof an impairment of the asset transferred.
\nAccounting policies as applied to
\nsubsidiaries have been changed where
\nnecessary to ensure consistency with
\nthe policies adopted by the Group.
\nThe Group has no material associates.
\n1.3 Business combinations and
\ngoodwill
\nBusiness combinations are accounted
\nfor using the acquisition method.
\nThe consideration transferred in a
\nbusiness combination is measured at
\nthe acquisition date and represents the
\naggregate fair value of assets transferred
\nand liabilities incurred.
\nAmounts payable in respect of deferred
\nor contingent consideration are recognised
\nat fair value at the acquisition date and
\nincluded in consideration transferred.
\nThe subsequent unwind of any discount
\nis recognised as an SDI in \ufb01nance cost
\nin the Group income statement. Other
\ncontingent consideration that either is
\nwithin the scope of IFRS 9 or within the
\nscope of other standards is remeasured
\nat fair value at each reporting date and
\nchanges in fair value are recognised
\nas an SDI in the Group income statement.
\nChanges in the fair value of contingent
\nconsideration recognised as a \ufb01nancial
\nliability that qualify as measurement period
\nadjustments (being 12 months from the
\nacquisition date) are adjusted retrospectively,
\nwith corresponding adjustments against
\ngoodwill. Material changes that do not
\nqualify as measurement period adjustments
\nare recognised as an SDI in the Group
\nincome statement.
\nWhen the Group acquires a business,
\nit assesses the \ufb01nancial assets acquired
\nand liabilities assumed for appropriate
\nclassi\ufb01cation and designation in
\naccordance with the contractual terms,
\neconomic circumstances and pertinent
\nconditions as at the acquisition date.
\nGoodwill is initially measured at cost,
\nbeing the excess of the aggregate of
\nthe acquisition date fair value of the
\nconsideration transferred over the fair
\nvalue of the net identi\ufb01able amounts of the
\nassets acquired and the liabilities assumed
\nin exchange for the business combination.
\nIdenti\ufb01able intangible assets are
\nrecognised separately from goodwill.
\nIf the aggregate of the acquisition date
\nfair value of the consideration transferred
\nis lower than the fair value of the assets,
\nliabilities and contingent liabilities in
\nthe business acquired, the difference
\nis recognised through the Group
\nincome statement.
\nIf the initial accounting for a business
\ncombination is incomplete by the end
\nof the reporting period in which the
\ncombination occurs, the Group reports
\nprovisional amounts for items for which
\nthe accounting is incomplete. Those
\nprovisional amounts are adjusted during
\nthe measurement period (see above),
\nor additional assets or liabilities are
\nrecognised, to re\ufb02ect new information
\nobtained about facts and circumstances
\nthat existed at the acquisition date that,
\nif known, would have affected the amounts
\nrecognised at that date.
\nAcquisition costs incurred are expensed
\nas an SDI.
\n1.4 Revenue recognition
\nRevenue consists of the fair value of sales
\nof goods and services net of sales taxes,
\nrebates and discounts.
\nThe fair value of free bets, promotions and
\ncustomer bonuses (\u2018customer incentives\u2019)
\nare also deducted from appropriate
\nrevenue streams.
\n(a) Gaming win \u2013 Casino
\nRevenue for casinos includes gaming win
\nbefore deduction of gaming-related duties
\nfor venue and online gaming. Although
\ndisclosed as revenue, gaming win \u2013 casino
\nis accounted for and meets the de\ufb01nition
\nof a gain under IFRS 9 \u2018Financial
\nInstruments\u2019. Gaming revenue includes
\ngains and losses arising where customers
\nplay against the house. Due to the nature
\nof the transaction, the amount of the
\npayment the Group may be obliged to pay
\nto the customer is uncertain. The \ufb01nancial
\ninstrument is therefore a derivative and is
\ninitially recognised at fair value and
\nsubsequently remeasured to fair value
\nwith changes in fair value recorded in the
\nGroup income statement. The initial fair
\nvalue is generally the amount staked by
\nthe customer and includes adjustment
\nfor customer incentives, such as free bets,
\npromotions and customer bonuses, where
\napplicable. The instrument is subsequently
\nremeasured when the result of the
\ntransaction is known and the amount
\npayable is con\ufb01rmed. This movement may
\nbe a gain or a loss. Gains and losses are
\noffset on the basis that they arise from
\nsimilar transactions. Such gains and
\nlosses are recorded in revenue.
\n(b) Gaming win \u2013 Slots and other
\ndigital products
\nRevenue for bingo is net of customer
\ncontribution to prizes but gross of company
\ncontributed prizes. It is net of any sales taxes
\nbut before deduction of gaming-related
\nduties. Revenue for poker represents the
\nrake received. Revenue for other digital
\nproducts, including interactive games,
\nrepresents gaming win before deduction
\nof gaming-related duties. The Group\u2019s
\nincome earned from the above items is
\nrecognised when control of the goods or
\nservices are transferred to the customer
\nand is within the scope of IFRS 15.
\n(c) Food, beverage and others
\nRevenue from food, beverage and other
\nsales is recognised at the point of sale
\nwhen control of the goods or services are
\ntransferred to the customer and is within
\nthe scope of IFRS 15.
\n
\n
\n
\n\n1.5 Segment reporting
\nOperating segments are reported in
\na manner consistent with the internal
\nreporting provided to the chief operating
\ndecision-makers. The chief operating
\ndecision-makers, who are responsible
\nfor allocating resources and assessing
\nperformance of the operating segments,
\nhave been identi\ufb01ed as the senior
\nmanagement team (the composition
\nof which is disclosed on page 94 and at
\nwww.rank.com), which makes strategic
\nand operational decisions.
\nThe Group reports \ufb01ve segments:
\nDigital, Grosvenor venues, Mecca venues,
\nEnracha venues and Central costs.
\n\u2013
UK digital, Enracha digital, YoBingo
\nand Stride is a single operating segment
\nwhich is known as Digital,
\n\u2013
Grosvenor venues cover all UK casinos,
\n\u2013
Mecca venues covers all UK bingo halls,
\nand
\n\u2013
Enracha venues covers all Spanish-
\nfacing venues.
\n1.6 Non-current assets held for sale
\nand discontinued operations
\nThe Group classi\ufb01es non-current assets
\nand disposal of an asset as held for sale if
\ntheir carrying amounts will be recovered
\nprincipally through a sale transaction
\nrather than through continuing use.
\nNon-current assets are measured at the
\nlower of their carrying amount and fair
\nvalue less costs to sell. Costs to sell are the
\nincremental costs directly attributable to
\nthe disposal of an asset, excluding \ufb01nance
\ncosts and income tax expense.
\nThe criteria for held for sale classi\ufb01cation
\nis regarded as met only when the sale is
\nhighly probable and the asset is available
\nfor immediate sale in its present condition.
\nActions required to complete the sale
\nshould indicate that it is unlikely that
\nsigni\ufb01cant changes to the sale will be
\nmade or that the decision to sell will be
\nwithdrawn. Management must be
\ncommitted to the plan to sell the asset and
\nthe sale expected to be completed within
\none year from the date of the classi\ufb01cation.
\nProperty, plant and equipment, right-of-
\nuse assets and intangible assets are not
\ndepreciated or amortised once classi\ufb01ed
\nas held for sale.
\nAssets and liabilities classi\ufb01ed as held for
\nsale are presented separately as current
\nitems in the balance sheets.
\nDiscontinued operations are excluded
\nfrom the results of continuing operations
\nand are presented as a single amount as
\npro\ufb01t or loss after tax from discontinued
\noperations in the Group income statement.
\n1.7 Foreign currency translation
\nThe consolidated and Company \ufb01nancial
\nstatements are presented in UK sterling
\n(\u2018the presentation currency\u2019), which is
\nalso the Company\u2019s functional currency.
\nItems included in the \ufb01nancial statements
\nof each of the Group\u2019s entities are measured
\nusing the currency of the primary economic
\nenvironment in which the entity operates
\n(\u2018the functional currency\u2019).
\n(a) Transactions and balances
\nForeign currency transactions are
\ntranslated into the functional currency
\nusing the exchange rates prevailing at the
\ndate of the transactions. Foreign exchange
\ngains and losses resulting from the
\nsettlement of such transactions and
\nfrom the translation at year-end exchange
\nrates of monetary assets and liabilities
\ndenominated in foreign currencies are
\nrecognised in the Group income statement
\nin \ufb01nance costs or income.
\n(b) Group companies
\nThe results and \ufb01nancial position of all the
\nGroup companies (none of which has the
\ncurrency of a hyper-in\ufb02ationary economy)
\nthat have a functional currency different
\nfrom the presentation currency are
\ntranslated into the presentation currency
\nas follows:
\n(i)
assets and liabilities for each balance
\nsheet presented are translated at the
\nclosing rate on the balance sheet date.
\nThe closing euro rate against UK
\nsterling was 1.16 (30 June 2022: 1.16);
\n(ii)
income and expenses for each income
\nstatement are translated at average
\nexchange rates unless this average
\nis not a reasonable approximation
\nof the cumulative effect of the rates
\nprevailing on the transaction dates,
\nin which case income and expenses
\nare translated at the rates prevailing
\non the dates of the transactions. The
\naverage euro rate against UK sterling
\nwas 1.15 (year ended 30 June 2022:
\n1.21); and
\n(iii)
all resulting exchange differences are
\nrecognised as a separate component
\nof equity.
\nWhen a foreign operation is sold, such
\nexchange differences are recognised in
\nthe Group income statement, as part of the
\ngain or loss on sale. Goodwill and fair
\nvalue adjustments arising on the
\nacquisition of a foreign entity are treated
\nas assets and liabilities of the foreign
\nentity and translated at the closing rate.
\n1.8 Financial assets
\nFinancial assets within the scope of IFRS 9
\nare classi\ufb01ed as \ufb01nancial assets at initial
\nrecognition, as subsequently measured at
\namortised cost, fair value through other
\ncomprehensive income (\u2018OCI\u2019), and fair
\nvalue through pro\ufb01t or loss.
\nThe classi\ufb01cation of \ufb01nancial assets
\nat initial recognition depends on the
\n\ufb01nancial asset\u2019s contractual cash \ufb02ow
\ncharacteristics and the Group\u2019s business
\nmodel for managing them. The Group
\ninitially measures a \ufb01nancial asset at its
\nfair value plus, in the case of a \ufb01nancial
\nasset not at fair value through pro\ufb01t or
\nloss, transaction costs.
\nIn order for a \ufb01nancial asset to be
\nclassi\ufb01ed and measured at amortised cost
\nor fair value through OCI, it needs to give
\nrise to cash \ufb02ows that are \u2018solely payments
\nof principal and interest (\u2018SPPI\u2019)\u2019 on the
\nprincipal amount outstanding. This
\nassessment is referred to as the SPPI test
\nand is performed at an instrument level.
\nFor purposes of subsequent measurement,
\n\ufb01nancial assets are classi\ufb01ed in two
\ncategories:
\n\u2013
Financial assets designated at fair
\nvalue through OCI with no recycling
\nof cumulative gains and losses upon
\nderecognition (equity instruments); and
\n\u2013
Financial assets at fair value through
\npro\ufb01t or loss.
\n(a) Financial assets designated
\nat fair value through OCI
\n(equity instruments)
\nUpon initial recognition, the Group
\ncan elect to classify irrevocably its equity
\ninvestments as equity instruments
\ndesignated at fair value through OCI
\nwhen they meet the de\ufb01nition of equity
\nunder IAS 32 Financial Instruments:
\nPresentation and are not held for trading.
\nThe classi\ufb01cation is determined on an
\ninstrument-by-instrument basis. Gains
\nand losses on these \ufb01nancial assets are
\nnever recycled to pro\ufb01t or loss. Dividends
\nare recognised as other income in the
\nGroup income statement when the right
\nof payment has been established, except
\nwhen the Group bene\ufb01ts from such
\nproceeds as a recovery of part of the
\ncost of the \ufb01nancial asset, in which case,
\nsuch gains are recorded in OCI. Equity
\ninstruments designated at fair value
\nthrough OCI are not subject to impairment
\nassessment. The Group elected to classify
\nits non-listed equity investments under
\nthis category.
\n
\n
\n
\n
\n
\n
\n
\n\n
\n
\n(b) Financial assets at fair value
\nthrough profit or loss
\nFinancial assets at fair value through pro\ufb01t
\nor loss include \ufb01nancial assets held for
\ntrading, \ufb01nancial assets designated upon
\ninitial recognition at fair value through
\npro\ufb01t or loss, or \ufb01nancial assets mandatorily
\nrequired to be measured at fair value.
\nFinancial assets are classi\ufb01ed as held for
\ntrading if they are acquired for the purpose
\nof selling or repurchasing in the near
\nterm. Financial assets with cash \ufb02ows that
\nare not solely payments of principal and
\ninterest are classi\ufb01ed and measured at fair
\nvalue through pro\ufb01t or loss, irrespective
\nof the business model. Financial assets at
\nfair value through pro\ufb01t or loss are carried
\nin the Balance sheet at fair value with net
\nchanges in fair value recognised in the
\nGroup income statement.
\nDerecognition
\nA \ufb01nancial asset (or, where applicable,
\na part of a \ufb01nancial asset or part of a group
\nof similar \ufb01nancial assets) is primarily
\nderecognised (i.e. removed from the
\nGroup\u2019s Balance sheet) when:
\n\u2013
The rights to receive cash \ufb02ows from
\nthe asset have expired; or
\n\u2013 The Group has transferred its rights
\nto receive cash \ufb02ows from the asset
\nor has assumed an obligation to pay
\nthe received cash \ufb02ows in full without
\nmaterial delay to a third party.
\n1.9 Financial liabilities
\nFinancial liabilities within the scope of
\nIFRS 9 are classi\ufb01ed, at initial recognition,
\nas \ufb01nancial liabilities at fair value through
\npro\ufb01t or loss, loans and borrowings or
\npayables. All \ufb01nancial liabilities are
\nrecognised initially at fair value and,
\nin the case of loans and borrowings
\nand payables, net of directly attributable
\ntransaction costs. The Group and
\nCompany\u2019s \ufb01nancial liabilities include
\ntrade and other payables, loans and
\nborrowings including bank overdrafts
\nand \ufb01nancial guarantee contracts.
\nThe subsequent measurement of \ufb01nancial
\nliabilities depends on their classi\ufb01cation,
\nas described below:
\n(a) Financial liabilities at fair value
\nthrough profit or loss
\nFinancial liabilities at fair value through
\npro\ufb01t or loss include \ufb01nancial liabilities
\nheld for trading and \ufb01nancial liabilities
\ndesignated upon initial recognition as at
\nfair value through pro\ufb01t or loss. Gains or
\nlosses on liabilities held for trading are
\nrecognised in the Group income statement.
\nFinancial liabilities designated upon initial
\nrecognition at fair value through pro\ufb01t or
\nloss are designated at the initial date
\nof recognition, and only if the criteria
\nin IFRS 9 are satis\ufb01ed.
\n(b) Financial liabilities at amortised
\ncost (loans and borrowings)
\nAfter initial recognition, interest-bearing
\nloans and borrowings are subsequently
\nmeasured at amortised cost using the
\neffective interest rate (\u2018EIR\u2019) method.
\nGains and losses are recognised in
\nthe Group income statement when the
\nliabilities are derecognised as well as
\nthrough the EIR amortisation process.
\nAmortised cost is calculated by taking
\ninto account any discount or premium
\non acquisition and fees or costs that
\nare an integral part of the EIR. The EIR
\namortisation is included as \ufb01nance costs
\nin the Group income statement.
\n(c) Financial guarantee contracts
\n(Company only)
\nFinancial guarantee contracts issued
\nby the Company are those contracts
\nthat require a payment to be made to
\nreimburse the holder for a loss it incurs
\nbecause the speci\ufb01ed debtor fails to make
\na payment when due in accordance with
\nthe terms of a debt instrument. Financial
\nguarantee contracts are initially measured
\nat fair value by applying the estimated
\nprobability of default to the cash out\ufb02ow
\nshould default occur and subsequently
\namortising over the expected length of the
\nguarantee, to the extent that the guarantee
\nis not expected to be called. Subsequently,
\nthe liability is measured at the higher
\nof the best estimate of the expenditure
\nrequired to settle the present obligation
\nat the reporting date or the amount
\nrecognised less cumulative amortisation.
\nDerecognition
\nA \ufb01nancial liability is derecognised
\nwhen the obligation under the liability
\nis discharged or cancelled or expires.
\nWhen an existing \ufb01nancial liability
\nis replaced by another from the same
\nlender on substantially different terms,
\nor the terms of an existing liability are
\nsubstantially modi\ufb01ed, such an exchange
\nor modi\ufb01cation is treated as the
\nderecognition of the original liability
\nand the recognition of a new liability.
\nThe difference in the respective carrying
\namounts is recognised in the Group
\nincome statement.
\nOffsetting of financial instruments
\nFinancial assets and \ufb01nancial liabilities
\nare offset and the net amount is reported
\nin the Balance sheet if there is a
\ncurrently enforceable legal right to
\noffset the recognised amounts and there
\nis an intention to settle on a net basis,
\nto realise the assets and settle the
\nliabilities simultaneously.
\n1.10 Leases
\nThe Group leases various properties
\nand equipment. Rental contracts are made
\nfor various \ufb01xed periods. Lease terms are
\nnegotiated on an individual basis and
\ncontain a wide range of different terms
\nand conditions. The lease agreements
\ndo not impose any covenants, but leased
\nassets may not be used as security for
\nborrowing purposes.
\nThe Group assesses at contract inception
\nwhether a contract is, or contains, a lease.
\nThat is, if the contract conveys the right to
\ncontrol the use of an identi\ufb01ed asset for a
\nperiod of time in exchange for consideration.
\nLeases are recognised as a right-of-use
\nasset and a corresponding liability at the
\ndate at which the leased asset is available
\nfor use by the Group. Each lease payment
\nis allocated between the liability and
\n\ufb01nance cost. The \ufb01nance cost is charged
\nto the Group income statement over the
\nlease period so as to produce a constant
\nperiodic rate of interest on the remaining
\nbalance of the liability for each period.
\nThe right-of-use asset is depreciated over
\nthe shorter of the asset\u2019s useful life and
\nthe lease term on a straight-line basis.
\nAssets and liabilities arising from a lease
\nare initially measured on a present value
\nbasis. Lease liabilities, where applicable,
\ninclude the net present value of the
\nfollowing lease payments:
\n\u2013 Fixed payments (including in-substance
\n\ufb01xed payments), less any lease
\nincentives receivable;
\n\u2013 Variable lease payments that are based
\non an index or a rate;
\n\u2013 Amounts expected to be payable by the
\nlessee under residual value guarantees;
\n\u2013 The exercise price of a purchase option
\nif the lessee is reasonably certain to
\nexercise that option; and
\n\u2013 Payments of penalties for terminating
\nthe lease, if the lease term re\ufb02ects the
\nlessee exercising that option.
\nVariable lease payments that are not based
\non an index or a rate are not part of the
\nlease liability, but they are recognised
\nin the Group income statement when the
\nevent or condition that triggers those
\npayments occurs.
\nThe carrying amount of lease liabilities
\nis remeasured if there is a modi\ufb01cation,
\na change in the lease term, a change
\nin the lease payments or a change in the
\nassessment of an option to purchase the
\nunderlying asset.
\nThe lease payments are discounted
\nusing the interest rate implicit in the
\nlease. If that rate cannot be determined,
the lessee\u2019s incremental borrowing rate is
\nused, being the rate that the lessee would
\nhave to pay to borrow the funds necessary
\nto obtain an asset of similar value in a
\nsimilar economic environment with
\nsimilar terms and conditions.
\nRight-of-use assets, where applicable, are
\nmeasured at cost comprising the following:
\n\u2013 The amount of the initial measurement
\nof lease liability;
\n\u2013 Any lease payments made at or before
\nthe commencement date less any lease
\nincentives received; and
\n\u2013 Any initial direct costs.
\nThe depreciation period for the right-of-
\nuse asset is from the lease commencement
\ndate to the earlier of the end of the lease
\nterm or the end of the useful life of the
\nasset, as follows:
\n\u2013 Land and buildings up to 32 years; and
\n\u2013 Fleet and machines up to 5 years.
\nPayments associated with short-term
\nleases and leases of low-value assets are
\nrecognised on a straight-line basis as an
\nexpense in the Group income statement.
\nShort-term leases are leases with a lease
\nterm of 12 months or less. In determining
\nthe lease term, management considers
\nall facts and circumstances that create
\nan economic incentive to exercise an
\nextension option. Extension options are
\nonly included in the lease term if the lease
\nis reasonably certain to be extended (or not
\nterminated). The assessment is reviewed if
\na signi\ufb01cant event or a signi\ufb01cant change
\nin circumstances occurs which affects this
\nassessment and that is within the control
\nof the Group as a lessee.
\nWhere appropriate the Group will sub-let
\nproperties which are vacant in order to
\nderive lease income, which is shown net
\nof lease costs.
\n1.11 Provisions, contingent liabilities
\nand regulatory matters
\nProvisions are recognised when the
\nGroup has a present legal or constructive
\nobligation as a result of past events, it is
\nmore likely than not that an out\ufb02ow of
\nresources will be required to settle the
\nobligation and the amount can be reliably
\nestimated. Provisions are measured at the
\nbest estimate of the expenditures required
\nto settle the obligation. If the effect of the
\ntime value of money is material, provisions
\nare discounted using a pre-tax rate that
\nre\ufb02ects, where appropriate, the risks
\nspeci\ufb01c to the liability. Where discounting
\nis used, the increase in the provision due
\nto the passage of time is recognised as
\na \ufb01nance cost.
\n
\n
\n
\n\nContingent liabilities are possible
\nobligations and present obligations that
\nare not probable or not reliably measurable.
\nContingent liabilities are disclosed but not
\naccounted for. However, disclosure is not
\nrequired if payment is remote. The Group\u2019s
\npolicy is to engage collaboratively with
\nregulators and address any concerns raised
\nas soon as possible. The Group takes legal
\nadvice, as appropriate, as to the manner in
\nwhich it should respond to matters raised
\nand the potential outcome. However, for
\nthe majority of these matters, the Board
\nis unable to quantify reliably the likelihood,
\ntiming and out\ufb02ow of funds that may
\nresult, if any. For material matters where
\nan out\ufb02ow of funds is probable and can
\nbe measured reliably based on the latest
\ninformation available at the reporting date,
\namounts have been recognised in the
\nconsolidated and Company \ufb01nancial
\nstatements within Provisions.
\n1.12 Property, plant and equipment
\nProperty, plant and equipment is stated
\nat cost, net of accumulated depreciation
\nand impairment. Such cost includes
\nexpenditure that is directly attributable
\nto the acquisition of the items. Subsequent
\ncosts are included in the asset\u2019s carrying
\namount or recognised as a separate asset,
\nas appropriate, only when it is probable
\nthat future economic bene\ufb01ts associated
\nwith the item will \ufb02ow to the Group and the
\ncost of the item can be measured reliably.
\nAll other repairs and maintenance are
\ncharged to the income statement during the
\n\ufb01nancial period in which they are incurred.
\nDepreciation is calculated on assets using
\nthe straight-line method to allocate their
\ncost less residual values over their
\nestimated useful lives, as follows:
\nFreehold and
50 years or lease
\nleasehold property
term if less
\nRefurbishment of
5 to 20 years or
\nproperty
lease term
\nFixtures, \ufb01ttings, plant
\nand machinery
3 to 20 years
\nLand is not depreciated.
\nResidual values and useful lives are
\nreviewed at each balance sheet date, and
\nadjusted prospectively, if appropriate.
\nAn item of property, plant and equipment
\nis derecognised upon disposal or when
\nno future economic bene\ufb01ts are expected
\nfrom its use or disposal. Any gain or loss
\narising on derecognition of the asset
\n(calculated as the difference between the
\nnet disposal proceeds and the carrying
\namount of the asset) is included in the
\nGroup income statement.
\nPre-opening costs are expensed to the
\nGroup income statement as incurred.
\nAssets under construction included in
\nproperty, plant and equipment are amounts
\nrelating to expenditure for assets in the
\ncourse of construction.
\n1.13 Intangible assets
\n(a) Goodwill
\nGoodwill represents the excess of the fair
\nvalue of the consideration transferred over
\nthe fair value of the Group\u2019s share of the
\nnet identi\ufb01able assets less the liabilities
\nassumed at the date of acquisition.
\nGoodwill on acquisitions is included in
\nintangible assets. Goodwill is tested
\nannually for impairment and is allocated to
\nthe relevant cash-generating unit or group
\nof cash-generating units for the purpose of
\nimpairment testing. A cash-generating unit
\nis the smallest identi\ufb01able group of assets
\nthat generates cash in\ufb02ows, that are largely
\nindependent of the cash in\ufb02ows from other
\nassets or groups of assets. After initial
\nrecognition, goodwill is measured at cost
\nless any accumulated impairment losses.
\n(b) Casino and other gaming
\nlicences and concessions
\nThe Group capitalises acquired casino and
\nother gaming licences and concessions.
\nManagement believes that casino and
\nother gaming licences, with the exception
\nof seven (7) venues in Enracha, have
\ninde\ufb01nite lives as there is no foreseeable
\nlimit to the period over which the licences
\nare expected to generate net cash in\ufb02ows
\nand each licence holds a value outside the
\nproperty in which it resides. Each licence
\nis reviewed annually for impairment.
\n(c) Software and development
\nCosts that are directly associated with the
\nproduction and development of identi\ufb01able
\nand unique software products controlled
\nby the Group, and that are expected to
\ngenerate economic bene\ufb01ts exceeding
\ncosts beyond one year, are recognised
\nas intangible assets for both externally
\npurchased and internally developed
\nsoftware. Direct costs include speci\ufb01c
\nemployee costs for software development.
\nSoftware acquired as part of a business
\ncombination is recognised at fair value
\nat the date of acquisition.
\nCosts associated with maintaining
\ncomputer software programmes are
\nrecognised as an expense as incurred.
\n(d) Brands
\nRepresents the fair value of brands and
\ntrademark assets acquired in business
\ncombinations at the acquisition date.
\n
\n(e) Customer relationships
\nRepresents the fair value of customer
\nrelations acquired in business
\ncombinations at the acquisition date.
\nAmortisation is recognised on a straight-
\nline basis over the estimated useful life
\nof intangible assets unless such lives are
\ninde\ufb01nite. The estimated useful lives
\nare as follows:
\nCasino and other
10 years or
\ngaming licences
inde\ufb01nite
\nSoftware and
\ndevelopments
3 to 5 years
\nBrands
10 years
\nCustomer
\nrelationships
4 years
\n1.14 Impairment or subsequent
\nreversal of previously recognised
\nimpairment for non-financial assets
\nAssets that have an inde\ufb01nite useful life are
\nnot subject to depreciation or amortisation
\nand are tested annually for impairment.
\nAssets that are subject to depreciation or
\namortisation are reviewed for impairment
\nwhenever events or changes in
\ncircumstances indicate that the carrying
\namount may not be recoverable or where
\nthey indicate a previously recognised
\nimpairment may no longer be required.
\nAn impairment loss is recognised as
\nthe amount by which an asset\u2019s carrying
\namount exceeds its recoverable amount.
\nThe recoverable amount is the higher of an
\nasset\u2019s fair value less costs of disposal and
\nvalue in use. For the purposes of assessing
\nimpairment, assets are grouped at the
\nlowest levels for which there are separately
\nidenti\ufb01able cash in\ufb02ows (cash-generating
\nunits). The expected cash \ufb02ows generated
\nby the assets are discounted using
\nappropriate discount rates that re\ufb02ect the
\ntime value of money and risks associated
\nwith the groups of assets.
\nIf an impairment loss is recognised,
\nthe carrying amount of the asset
\n(cash-generating unit) is reduced to its
\nrecoverable amount. An impairment loss
\nis recognised as an expense in the Group
\nincome statement immediately.
\n\n
\n
\n
\n\nAny impairment is allocated pro-rata
\nacross all assets in a cash-generating unit
\nunless there is an indication that a class
\nof asset should be impaired in the \ufb01rst
\ninstance or a fair market value exists for
\none or more assets. Once an asset has
\nbeen written down to its fair value less
\ncosts of disposal then any remaining
\nimpairment is allocated equally amongst
\nall other assets.
\nWhere an impairment loss subsequently
\nreverses, the carrying amount of the asset
\n(cash-generating unit) is increased to the
\nrevised estimate of its recoverable amount,
\nbut only to the extent that the increased
\ncarrying amount does not exceed the
\ncarrying amount that would have been
\ndetermined had no impairment loss been
\nrecognised for the asset (cash-generating
\nunit) in prior years. Reversals are
\nallocated pro-rata across all assets in
\nthe cash-generating unit unless there
\nis an indication that a class of asset should
\nbe reversed in the \ufb01rst instance or a fair
\nmarket value exists for one or more
\nassets. A reversal of an impairment loss
\nis recognised in the Group income
\nstatement immediately.
\nAn impairment loss recognised for goodwill
\nis never reversed in subsequent periods.
\n1.15 Employee benefit costs
\n(a) Pension obligations
\nThe Group operates a de\ufb01ned contribution
\nplan under which the Group pays \ufb01xed
\ncontributions to a separate entity. The
\nGroup has no further payment obligations
\nonce the contributions have been paid.
\nThe contributions are recognised as
\nemployee bene\ufb01t expense when they
\nare due.
\nThe Group also has an unfunded pension
\ncommitment relating to three former
\nExecutives of the Group. The amount
\nrecognised in the balance sheet in respect
\nof the commitment is the present value
\nof the obligation at the balance sheet date,
\ntogether with adjustment for actuarial
\ngains or losses. The Group recognises
\nactuarial gains and losses immediately
\nin the Group statement of other
\ncomprehensive income. The interest cost
\narising on the commitment is recognised
\nin net \ufb01nance costs.
\n(b) Share-based compensation
\nThe Group operates share-based payment
\nschemes for employees of its subsidiaries
\nwhereby the Company makes awards
\nof its own shares to employees of its
\nsubsidiaries, and as such recognises
\nan increase in the cost of investment
\nin its subsidiaries equivalent to the
\nequity-settled share-based payment charge
\nrecognised in its subsidiaries\u2019 \ufb01nancial
\nstatements, with the corresponding credit
\nbeing recognised directly in equity.
\nThe cost of equity-settled transactions
\nwith employees for awards is measured
\nby reference to the fair value at the date
\non which they are granted. The fair value
\nis determined by using an appropriate
\npricing model.
\nThe cost of equity-settled transactions is
\nrecognised, together with a corresponding
\nincrease in equity, over the period in which
\nthe performance and/or service conditions
\nare ful\ufb01lled (the vesting period). The
\ncumulative expense recognised for
\nequity-settled transactions at each
\nreporting date until the vesting date
\nre\ufb02ects the extent to which the vesting
\nperiod has expired and the Group\u2019s
\nbest estimate of the number of equity
\ninstruments that will ultimately vest.
\nThe income statement expense or credit
\nfor a period represents the movement
\nin cumulative expense recognised as
\nat the beginning and end of that period.
\nNo expense is recognised for awards that
\ndo not ultimately vest, except for equity-
\nsettled transactions where vesting is
\nconditional upon a market or non-vesting
\ncondition, which are treated as vesting
\nirrespective of whether or not the market
\nor non-vesting condition is satis\ufb01ed,
\nprovided that service conditions are
\nalso satis\ufb01ed.
\nWhere the terms of an equity-settled
\ntransaction award are modi\ufb01ed, the
\nminimum expense recognised is the
\nexpense as if the terms had not been
\nmodi\ufb01ed, if the original terms of the
\naward are met. An additional expense
\nis recognised for any modi\ufb01cation that
\nincreases the total fair value of the
\nshare-based payment transaction or
\nis otherwise bene\ufb01cial to the employee
\nas measured at the date of modi\ufb01cation.
\n
\n
\n\nWhere an equity-settled award is
\ncancelled, it is treated as if it vested on the
\ndate of cancellation, and any expense not
\nyet recognised for the award is recognised
\nimmediately. This includes any award
\nwhere non-vesting conditions within the
\ncontrol of either the entity or the employee
\nare not met. However, if a new award is
\nsubstituted for the cancelled award, and
\ndesignated as a replacement award on the
\ndate that it is granted, the cancelled and
\nnew awards are treated as if they were
\na modi\ufb01cation of the original award, as
\ndescribed in the previous paragraph. All
\ncancellations of equity-settled transaction
\nawards are treated equally, regardless of
\nwhether the entity or the employee cancels
\nthe award.
\nThe dilutive effect of outstanding options
\nis re\ufb02ected as additional share dilution
\nin the computation of diluted earnings
\nper share.
\nThe proceeds received net of any directly
\nattributable transaction costs are credited
\nto share capital (nominal value) and share
\npremium when the options are exercised.
\n(c) Bonus plans
\nThe Group recognises a liability in respect
\nof the best estimate of bonuses payable
\nwhere contractually obliged to do so or
\nwhere a past practice has created a
\nconstructive obligation.
\n1.16 Cash and short-term deposits
\nCash comprises cash in hand, balances
\nwith banks and on-demand deposits,
\nand cash with payment service providers.
\nShort-term deposits are short term, highly
\nliquid investments that are readily
\nconvertible to known amounts of cash.
\nThey include short-term deposits
\noriginally purchased with maturities
\nof three months or less.
\n1.17 Inventories
\nInventories are valued at the lower of cost
\nand net realisable value. Cost of inventory
\nis determined on a \u2018\ufb01rst-in, \ufb01rst-out\u2019 basis.
\nThe cost of \ufb01nished goods comprises
\ngoods purchased for resale.
\nNet realisable value is the estimated selling
\nprice in the ordinary course of business.
\nWhen necessary, provision is made for
\nobsolete and slow-moving inventories.
\n1.18 Taxation
\n(a) Current tax
\nCurrent tax assets and liabilities for the
\ncurrent and prior periods are measured
\nas the amount expected to be paid or to
\nbe recovered from the taxation authorities.
\nThe tax rates and tax laws used to compute
\nthe amount are those that are enacted,
\nor substantively enacted, by the
\nreporting date.
\nCurrent tax relating to items recognised
\ndirectly in equity is recognised in equity
\nand not the income statement.
\nManagement evaluates positions taken
\nin the tax returns with respect to situations
\nin which applicable tax regulations
\nare subject to interpretation at each
\nreporting date and establishes provisions
\nwhere appropriate.
\n(b) Deferred tax
\nDeferred tax is provided using the liability
\nmethod on temporary differences arising
\nbetween the tax bases of assets and
\nliabilities and their carrying amounts in the
\n\ufb01nancial statements. However, if deferred
\ntax arises from the initial recognition of an
\nasset or liability in a transaction, other than
\na business combination, that at the time of
\nthe transaction affects neither accounting
\nnor taxable pro\ufb01t or loss, it is not accounted
\nfor. Deferred tax is determined using tax
\nrates (and laws) that have been enacted or
\nsubstantively enacted by the balance sheet
\ndate and are expected to apply when the
\nrelated deferred tax asset is realised or
\nthe deferred tax liability is settled.
\nDeferred tax assets are recognised to the
\nextent that it is probable that future taxable
\npro\ufb01t will be available against which the
\ntemporary differences can be utilised.
\nDeferred tax assets and liabilities are
\noffset when there is a legally enforceable
\nright to set off current taxation assets
\nagainst current taxation liabilities and it is
\nthe intention to settle these on a net basis.
\nDeferred tax is provided on temporary
\ndifferences arising on investments in
\nsubsidiaries, except where the timing of
\nthe reversal of the temporary difference is
\ncontrolled by the Group and it is probable
\nthat the temporary difference will not
\nreverse in the foreseeable future.
\n(c) Sales tax
\nRevenues, expenses and assets are
\nrecognised net of the amount of sales
\ntax except:
\n\u2013 Where the sales tax incurred on a
\npurchase of assets or services is not
\nrecoverable from the taxation authority,
\nin which case the sales tax is recognised
\nas part of the cost of acquisition of the
\nasset or as part of the expense item
\nas applicable; and
\n\u2013 For receivables and payables that
\nare stated with the amount of sales
\ntax included.
\nThe net amount of sales tax recoverable
\nfrom, or payable to, the taxation authority
\nis included as part of receivables or
\npayables in the balance sheet.
\n1.19 Share capital
\nOrdinary shares are classi\ufb01ed as equity.
\n1.20 Dividends
\nDividends proposed by the Board of
\nDirectors and unpaid at the period end are
\nnot recognised in the \ufb01nancial statements
\nuntil they have been approved by
\nshareholders at the Annual General
\nMeeting. Interim dividends are recognised
\nwhen paid.
\n1.21 Separately disclosed items
\nThe Group separately discloses those
\nitems which are required to give a full
\nunderstanding of the Group\u2019s \ufb01nancial
\nperformance and aid comparability of the
\nGroup\u2019s result between periods. Such
\nitems are considered by the Directors to
\nrequire separate disclosure due to their
\nsize or nature in relation to the Group.
\n1.22 Government grants
\nGovernment grants are recognised where
\nthere is reasonable assurance that the
\ngrant will be received, and all attached
\nconditions will be complied with. When
\nthe grant relates to an expense item, it
\nis recognised as income on a systematic
\nbasis that the related costs, for which it
\nis intended to compensate, are expensed.
2 Segmental reporting
\n(a) Segment information \u2013 operating segments
\nYear ended 30 June 2023
\nDigital
\n\u00a3m
\nGrosvenor
\nVenues
\n\u00a3m
\nMecca
\nVenues
\n\u00a3m
\nEnracha
\nVenues
\n\u00a3m
\nCentral
\nCosts
\n\u00a3m
\nTotal
\n\u00a3m
\nContinuing operations
\nRevenue
202.9
306.3
136.3
36.4
\u2013
681.9
\nOther operating income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nUnderlying operating pro\ufb01t (loss)
13.8
16.3
(7.0)
9.1
(13.1)
19.1
\nSeparately disclosed items
(9.1)
(51.7)
(67.1)
(4.2)
3.2
(128.9)
\nSegment result
4.7
(35.4)
(74.1)
4.9
(9.9)
(109.8)
\nFinance costs
(12.6)
\nFinance income
0.8
\nOther \ufb01nancial losses
(1.1)
\nLoss before taxation
(122.7)
\nTaxation
27.1
\nLoss for the year from continuing operations
(95.6)
\nOther segment items \u2013 continuing operations
\nCapital expenditure
(10.6)
(19.5)
(12.5)
(1.2)
(0.3)
(44.1)
\nDepreciation and amortisation
(14.3)
(28.8)
(10.9)
(1.5)
(2.5)
(58.0)
\nSDI from continuing operations
\nImpairment charges
\u2013
(53.3)
(61.5)
(4.1)
\u2013
(118.9)
\nImpairment reversals
\u2013
6.6
\u2013
\u2013
\u2013
6.6
\nClosure of venues
\u2013
(3.0)
(4.6)
(0.1)
\u2013
(7.7)
\nAmortisation of acquired intangible assets
(8.6)
\u2013
\u2013
\u2013
\u2013
(8.6)
\nIntegration costs
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nBusiness transformation costs
(0.4)
(0.6)
(0.5)
\u2013
(0.5)
(2.0)
\nProperty-related provisions
\u2013
(1.4)
(0.5)
\u2013
\u2013
(1.9)
\nDisposal release
\u2013
\u2013
\u2013
\u2013
3.7
3.7
\nYear ended 30 June 2022 (restated and re-presented*)
\nDigital
\n\u00a3m
\nGrosvenor
\nVenues
\n\u00a3m
\nMecca
\nVenues
\n\u00a3m
\nEnracha
\nVenues
\n\u00a3m
\nCentral
\nCosts
\n\u00a3m
\nTotal
\n\u00a3m
\nContinuing operations
\nRevenue
183.3
296.6
134.0
30.1
\u2013
644.0
\nOther operating income
\u2013
2.6
1.0
\u2013
\u2013
3.6
\nUnderlying operating pro\ufb01t (loss)*
13.3
36.2
(7.7)
7.4
(10.7)
38.5
\nSeparately disclosed items
(14.5)
15.5
34.4
7.6
(0.7)
42.3
\nSegment result
(1.2)
51.7
26.7
15.0
(11.4)
80.8
\nFinance costs
(13.1)
\nFinance income
0.1
\nOther \ufb01nancial gains
5.2
\nPro\ufb01t before taxation
73.0
\nTaxation
(16.9)
\nPro\ufb01t for the year from continuing operations
56.1
\nOther segment items \u2013 continuing operations
\nCapital expenditure
(15.2)
(14.0)
(8.0)
(1.1)
(2.3)
(40.6)
\nDepreciation and amortisation
(13.2)
(32.4)
(15.1)
(1.3)
(5.4)
(67.4)
\nSDI from continuing operations
\nVAT claim \u2013 net of costs
\u2013
29.8
47.7
\u2013
(0.4)
77.1
\nImpairment charges
\u2013
(26.9)
(20.9)
\u2013
\u2013
(47.8)
\nImpairment reversals
\u2013
13.3
\u2013
8.7
\u2013
22.0
\nProperty-related provisions
\u2013
\u2013
10.4
\u2013
\u2013
10.4
\nAmortisation of acquired intangible assets
(11.7)
\u2013
\u2013
\u2013
\u2013
(11.7)
\nClosure of venues
\u2013
(0.7)
(2.8)
(1.1)
\u2013
(4.6)
\nIntegration costs
(2.8)
\u2013
\u2013
\u2013
\u2013
(2.8)
\nGain on remeasurement of previously existing interest
\nin joint venture
0.8
\u2013
\u2013
\u2013
\u2013
0.8
\nBusiness transformation costs
(0.7)
\u2013
\u2013
\u2013
(0.3)
(1.0)
\nAcquisition and disposal costs
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\n*
During the year, the Group undertook a review of the Group\u2019s central costs and has concluded that a proportion of them, which are directly attributable to the
\nrelevant business units, should be allocated to those business units, better re\ufb02ecting the underlying pro\ufb01tability of each segment. This resulted in changes
\nin the underlying pro\ufb01t (loss) of each business segment in the prior year which has been re-presented in the table above.
\n
\n
\n
\n
\nThe Group reports segmental information on the basis by which the chief operating decision-makers utilise internal
\nreporting within the business.
\nOther operating income for prior years related to Government grants received from reimbursement of employee costs relating
\nto staff furloughed due to COVID-19 under the Coronavirus Job Retention Scheme, Local Restrictions Support Grants and
\nRestart Grants to support businesses during national lockdown periods and periods of local restrictions.
\nAssets and liabilities have not been segmented as this information is not provided to the chief operating decision-makers
\non a regular basis.
\nCapital expenditure comprises cash expenditure on property, plant and equipment and other intangible assets.
\n(b) Geographical information
\nThe Group operates in three main geographical areas (UK, Continental Europe and Rest of World).
\n(i) Revenue from customers by geographical area based on location of customer
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nUK
616.0
588.7
\nContinental Europe
60.5
51.0
\nRest of World
5.4
4.3
\nTotal revenue
681.9
644.0
\n(ii) Non-current assets by geographical area based on location of assets
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nUK
562.0
641.3
\nContinental Europe
70.2
75.1
\nTotal non-current assets
632.2
716.4
\nWith the exception of the UK, no individual country contributed more than 15% of consolidated sales or assets.
\n(c) Total revenue and profit from operations
\nRevenue
Pro\ufb01t
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June 2022
\n(restated)
\n\u00a3m
\nExchange translation reserve
681.9
644.0
(95.6)
56.1
\nRetained earnings
\u2013
\u2013
0.3
8.8
\n681.9
644.0
(95.3)
64.9
\n(d) Total revenue by income stream
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nRevenue recognised under IFRS 9
\nGaming win \u2013 Casino
552.1
496.8
\nRevenue recognised under IFRS 15
\nGaming win \u2013 Bingo
61.8
79.5
\nGaming win \u2013 Poker
18.9
19.1
\nGaming win \u2013 other digital products
5.4
4.3
\nFood and beverage
39.1
39.0
\nOther
4.6
5.3
\nTotal revenue recognised under IFRS 15
129.8
147.2
\nTotal revenue
681.9
644.0
\n
\n
\n
\n
\n(e) Total cost analysis by segment
\nTo increase transparency, the Group has decided to include additional disclosure analysing total costs by type and segment.
\nA reconciliation of total costs, before SDI, by type and segment is as follows:
\nYear ended 30 June 2023
\nDigital
\n\u00a3m
\nGrosvenor
\nVenues
\n\u00a3m
\nMecca
\nVenues
\n\u00a3m
\nEnracha
\nVenues
\n\u00a3m
\nCentral
\nCosts
\n\u00a3m
\nTotal
\n\u00a3m
\nEmployment and related costs
28.1
122.0
46.1
17.7
7.7
221.6
\nTaxes and duties
47.7
64.2
27.1
2.0
1.2
142.2
\nDirect costs
57.1
28.2
20.6
3.0
\u2013
108.9
\nDepreciation and amortisation
14.3
28.8
10.9
1.5
2.5
58.0
\nMarketing
33.3
6.2
5.7
2.4
0.2
47.8
\nProperty costs
0.8
11.6
6.5
0.6
0.5
20.0
\nOther
7.8
29.0
26.4
0.1
1.0
64.3
\nTotal costs before SDI
189.1
290.0
143.3
27.3
13.1
662.8
\nCost of sales
409.0
\nOperating costs
253.8
\nTotal costs before SDI
662.8
\nYear ended 30 June 2022 (restated and re-presented)
\nDigital
\n\u00a3m
\nGrosvenor
\nVenues
\n\u00a3m
\nMecca
\nVenues
\n\u00a3m
\nEnracha
\nVenues
\n\u00a3m
\nCentral
\nCosts
\n\u00a3m
\nTotal
\n\u00a3m
\nEmployment and related costs
27.8
109.0
47.3
14.7
6.9
205.7
\nTaxes and duties
40.7
61.0
25.6
1.6
0.2
129.1
\nDirect costs
49.4
23.6
19.9
2.4
\u2013
95.3
\nDepreciation and amortisation
13.4
33.3
16.0
1.3
3.4
67.4
\nMarketing
33.2
5.9
5.8
1.7
0.1
46.7
\nProperty costs
0.5
9.5
4.5
0.6
0.9
16.0
\nOther
5.0
20.7
23.6
0.4
(0.8)
48.9
\nTotal costs before SDI
170.0
263.0
142.7
22.7
10.7
609.1
\nCost of sales
386.5
\nOperating costs
222.6
\nTotal costs before SDI
609.1
\nThe Group reports segmental information on the basis by which the chief operating decision-makers utilise internal
\nreporting within the business.
\n
\n
\n\n
\n3 Profit for the year \u2013 analysis by nature
\nThe following items have been charged in arriving at the (loss) pro\ufb01t for the year before \ufb01nancing and taxation
\nfrom continuing operations:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nEmployee bene\ufb01t expense
206.9
189.9
\nCost of inventories recognised as expense
21.4
18.7
\nAmortisation of intangibles
15.7
15.4
\nDepreciation
\n\u2013
owned assets (including \u00a321.8m (year ended 30 June 2022: \u00a323.5m) within cost of sales)
23.8
25.4
\n\u2013
right-of-use assets (including \u00a316.8m (year ended 30 June 2022: \u00a324.9m) within cost of sales)
19.0
26.6
\nAmortisation and depreciation within SDI
10.5
12.6
\nOperating lease rentals payable \u2013 sub-lease income
\u2013
\u2013
\nAssets written off
\u2013
\u2013
\nSDI \u2013 operating (income) costs (see note 4)
128.9
(42.3)
\nAuditors\u2019 remuneration for audit services
1.7
1.0
\nIn the year, the Group\u2019s auditors, Ernst & Young LLP, including its network \ufb01rms, earned the following fees:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nAudit services
\n\u2013
Fees payable to the Company\u2019s auditor for the parent company and consolidated \ufb01nancial statements
1.7
1.0
\nOther services
\n\u2013
Fees payable for the review of Group\u2019s interim consolidated \ufb01nancial statements
\u2013
\u2013
\n1.7
1.0
\n\u00a335,000 (year ended 30 June 2022: \u00a335,000) of the audit fees related to the parent company.
\nIt is the Group\u2019s policy to balance the need to maintain auditor independence with the bene\ufb01t of taking advice from the leading \ufb01rm
\nin the area concerned and the desirability of being ef\ufb01cient.
\n
\n
\n
\n4 Separately disclosed items (SDIs)
\nNote
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nContinuing operations
\nImpairment charges
10, 11, 12, 13
(118.9)
(47.8)
\nImpairment reversals
10, 11, 12, 13
6.6
22.0
\nClosure of venues
(7.7)
(4.7)
\nAmortisation of acquired intangible assets
(8.6)
(11.7)
\nIntegration costs
(0.1)
(2.8)
\nBusiness transformation costs
(2.0)
(0.9)
\nVAT claim \u2013 net of costs
\u2013
77.1
\nProperty-related provision
(1.9)
10.4
\nDisposal provision release
3.7
\nGain on remeasurement of previously existing interest in joint venture
\u2013
0.8
\nAcquisition and disposal related costs
\u2013
(0.1)
\nSeparately disclosed items
\n1
\n(128.9)
42.3
\nInterest
(0.6)
5.6
\nTaxation
6
27.7
(10.5)
\nSeparately disclosed items relating to continuing operations
\n1
\n(101.8)
37.4
\nSeparately disclosed items relating to discontinued operations
\n1
\nPro\ufb01t on disposal of business
0.3
8.8
\nTaxation
\u2013
\u2013
\nTotal separately disclosed items
\n1
\n(101.5)
46.2
\n1.
It is Group policy to reverse separately disclosed items in the same line as they were originally recognised.
\nImpairment charges and reversal
\nDuring the year, the Group recognised impairment charges of \u00a3118.9m (2022: \u00a347.8m) relating to Grosvenor and Enracha venues
\nand Mecca clubs. Following the last assessment made on 31 December 2022 where impairment charges of \u00a395.4m were recognised,
\nthe Group recognised a further \u00a323.5m impairment charge for the period for a number of reasons, including lower than anticipated
\nperformances, further reduction in forecast earnings and a decision to close a number of clubs and venues (see note 13 for further details).
\nThe Group also recognised a reversal of previously impaired assets of \u00a36.6m (2022: \u00a322.0m Grosvenor and Enracha venues) relating
\nto Grosvenor venues. The reversals were driven by better than anticipated performance and improved outlook in the identi\ufb01ed
\nGrosvenor venues.
\nThese items are material, non-recurring and as such, have been excluded from underlying results.
\nClosure of venues
\nDuring the year, the Group made the decision to close a number of Grosvenor (\u00a33.0m), Mecca venues (\u00a33.1m) and an Enracha venue
\n(\u00a30.1m) at a total cost of \u00a36.2m (2022: \u00a34.7m relating to a number of Mecca venues). These relate to onerous contract costs, dilapidations
\nand strip out costs on leased sites that have been identi\ufb01ed for closure. Upon initial recognition of closure provisions, management
\nuses its best estimates of the relevant costs to be incurred, as well as the expected closure dates.
\nThis item also includes speci\ufb01c dilapidation costs for recently closed clubs. This includes a speci\ufb01c dilapidations cost for recently
\nclosed clubs estimated at \u00a31.5m.
\nThese are material, one-off costs and as such have been excluded from underlying results.
\nAmortisation of acquired intangible assets
\nAcquired intangible assets are amortised over the life of the assets with the charge being included in the Group\u2019s reported
\namortisation expense. Given these charges are material and non-cash in nature, the Group\u2019s underlying results have been adjusted
\nto exclude the amortisation expense of \u00a38.6m (2022: \u00a311.7m) relating to the acquired intangible assets of Stride, YoBingo and Rialto.
\nIntegration costs
\nDuring the year, \u00a30.1m of costs (2022: \u00a32.8m) have been excluded from the underlying operating results of the Group. These costs
\nhave been incurred to ready the RIDE proprietary platform, acquired in the Stride acquisition, to migrate the legacy Rank brands.
\nMeccabingo.com successfully migrated in January 2022 and grosvenorcasino.com in September 2022.
\nCosts directly associated with the integration of business acquisitions are charged to the Group income statement. Such items
\nare material, infrequent in nature and are not considered to be part of the underlying business performance.
\n
\n
\n
\n
\nBusiness transformation costs
\nThis was a multi-year change programme for the Group focused around revenue growth, cost savings, ef\ufb01ciencies and ensuring the
\nkey enablers are in place. The transformation programme was started in January 2019 and expected to complete by 31 December 2021
\nbut due to COVID-19 this period was extended. The multi-year change programme was a material infrequent programme and was not
\nconsidered to be part of the underlying business performance.
\nDuring the year \u00a32.0m of costs were incurred and excluded from the underlying results of the Group. Going forward the costs
\nassociated with this programme would form part of the underlying results of the Group.
\nVAT claim
\nOn 30 June 2021, the Group was informed that the First-tier Tribunal (\u2018FTT\u2019) had allowed the appeal of the Group on its claim to be
\nrefunded VAT paid on the takings from gaming machines during the period April 2006 to January 2013. Whilst this was a positive
\ndecision for the Group, HMRC had a number of avenues of appeal before this matter reached a de\ufb01nitive conclusion, beginning with
\nan initial 56-day period from the date of decision in which to lodge an appeal and agree the exact guarantee of the claim with the Group.
\nDue to this, the transaction was disclosed as contingent assets in the Group\u2019s Annual Report for the year ending 30 June 2021.
\nOn 2 December 2021, the refund was received in relation to this claim comprising \u00a377.5m principal and interest of \u00a35.6m, with costs
\ndirectly incurred amounting to \u00a30.4m. This con\ufb01rms the closure of the claim and the Group assessed no further appeal opportunities
\nto any parties.
\nThis is a material, one-off amount and as such has been excluded from underlying results.
\nProperty-related provisions
\nThe Group recognised a dilapidation liability (and corresponding dilapidation asset) of \u00a328.7m during the period ending 31 December
\n2022. As a result, the Group have recognised dilapidation asset depreciation of \u00a31.9m (2022: \u00a3nil) and interest on dilapidation liability
\nof \u00a30.6m (2022: \u00a3nil) both recognised as separately disclosed items.
\nProperty related provisions do not relate to the operations of the Group, rather a direct result of potential club or property closure
\nand are therefore, excluded from underlying results.
\nIn prior years and as a result of the COVID-19 lockdown, the Group determined it was probable that they will be required to make
\npayments under a property arrangement for which the liability will revert to the Group if the tenant defaults. A provision of \u00a310.4m
\nwas recognised, being the present value of the amount expected to be paid over the remaining term of the lease.
\nDuring the prior year, the Group re-considered this provision in light of the current circumstances and situation for both the Group,
\nthe guarantors and the property tenants. It was determined that payment is no longer probable and therefore, the provision was
\nreleased in full.
\nThis is a material, one-off provision and as such has been excluded from underlying results consistent with the original recognition
\nof the provision.
\nDisposal provision release
\nIn prior years provision has been made for legacy industrial disease and personal injury claims, and other directly attributable costs
\narising as a consequence of the sale or closure of previously owned businesses.
\nDuring the year, the Group have re-considered this provision by reviewing the historic and recent claims including the \ufb01nal settlement
\nmade. The Group also assessed the likelihood of payment for existing and potential future claims and concluded, on most cases, that
\nthe payment could not be determined as probable. It was therefore determined necessary to release the provision of \u00a33.7m for the year.
\nGain on remeasurement of previously existing interest in joint venture
\nDuring the prior year, a gain of \u00a30.8m was recognised on the remeasurement of the previously existing interest in a joint venture
\nfollowing the completion of the purchase of Rank Interactive Limited (previously Aspers Online Limited), see note 34.
\nThe gain is infrequent in nature and does not represent underlying performance and has been excluded from underlying results.
\nAcquisition and disposal related costs
\nAcquisition and disposal related costs include non-recurring costs to professional \ufb01rms that have resulted from acquisition or potential
\ndisposal of a subsidiary. This has been presented as an SDI due to its one-off nature.
\nProfit on disposal of business
\nCharges or credits associated with the disposal of part or all of a business may arise. Such disposals may result in one time impacts
\nthat in order to allow comparability means the Group removes the pro\ufb01t or loss from underlying operating results.
\nThe Group also made the decision to release \u00a30.3m of the warranty provision associated with the Belgium casino sale due to the passage
\nof time, see note 23.
\nTaxation
\nThe tax impact of all of the above items are also considered not to be part of the underlying operations of the Group.
\n
\n
\n
\n5 Financing
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nContinuing operations
\nFinance costs:
\nInterest on debt and borrowings
(4.8)
(4.5)
\nAmortisation of issue costs on borrowings
(1.3)
(1.9)
\nInterest payable on leases
(6.5)
(6.7)
\nTotal \ufb01nance costs
(12.6)
(13.1)
\nFinance income:
\nInterest income on net investments in leases
0.1
0.1
\nInterest income on short-term bank deposits
0.7
\u2013
\nTotal \ufb01nance income
0.8
0.1
\nOther \ufb01nancial losses
(0.5)
(0.4)
\nTotal net \ufb01nancing charge before SDIs
(12.3)
(13.4)
\nSDI \u2013 interest
(0.6)
5.6
\nTotal net \ufb01nancing charge
(12.9)
(7.8)
\nOther \ufb01nancial losses include foreign exchange losses on loans and borrowings.
\n6 Taxation
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nCurrent income tax
\nCurrent income tax \u2013 UK
1.3
(0.7)
\nCurrent income tax \u2013 overseas
(2.0)
(3.5)
\nCurrent income tax on SDI
2.6
(3.3)
\nAmounts over (under) provided in previous period
0.1
(5.4)
\nTotal current income tax credit (charge)
2.0
(12.9)
\nDeferred tax
\nDeferred tax \u2013 UK
(5.8)
0.2
\nDeferred tax \u2013 overseas
0.1
(1.4)
\nImpact of rate changes on deferred tax
5.7
(0.2)
\nDeferred tax on SDI
25.1
(7.2)
\nAmounts over provided in previous period
\u2013
4.6
\nTotal deferred tax credit (charge) (note 22)
25.1
(4.0)
\nTax credit (charge) in the income statement
27.1
(16.9)
\nThe tax on the Group\u2019s pro\ufb01t before taxation differs from the average rate of UK corporation tax in the period of 20.50% (year ended
\n30 June 2022: 19.00%), which represents 9 months of 19.00% and 3 months of 25.00%. The differences are explained below:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\n(Loss) pro\ufb01t before taxation on continuing operations
(122.7)
74.3
\nTax charge calculated at 20.50% on pro\ufb01t before taxation (year ended 30 June 2022: 19.00%)
25.2
(14.1)
\nEffects of:
\n(Expenses) income not deductible for tax purposes
(2.4)
0.8
\nDifference in overseas tax rates
(2.0)
(3.0)
\nImpact of rate changes on deferred tax
5.7
(0.2)
\nAdjustments relating to prior periods
0.1
(0.8)
\nDeferred tax not recognised
0.5
0.4
\nTax credit (charge) in the income statement
27.1
(16.9)
\n
\n
\n
\n
\nTax on SDIs
\nThe taxation impacts of SDIs are disclosed below:
\nYear ended 30 June 2023
Year ended 30 June 2022
\nCurrent
\nincome tax
\n\u00a3m
\nDeferred
\ntax
\n\u00a3m
\nTotal
\n\u00a3m
\nCurrent
\nincome tax
\n\u00a3m
\nDeferred
\ntax
\n\u00a3m
\nTotal
\n\u00a3m
\nVAT claim \u2013 net of costs
\u2013
\u2013
\u2013
(4.6)
(11.1)
(15.7)
\nNet impairment charges
2.0
23.2
25.2
1.3
3.3
4.6
\nProperty-related provisions
0.2
0.7
0.9
(0.6)
(1.4)
(2.0)
\nAmortisation of acquired intangible assets
\u2013
1.3
1.3
\u2013
1.1
1.1
\nClosure of venues
0.2
1.3
1.5
0.5
0.4
0.9
\nIntegration costs
0.1
(1.8)
(1.7)
0.1
0.3
0.4
\nBusiness transformation costs
0.1
0.4
0.5
\u2013
0.2
0.2
\nTax credit (charge) on SDI
2.6
25.1
27.7
(3.3)
(7.2)
(10.5)
\nFactors affecting future taxation
\nThe Group operates in a number of territories and so the Group\u2019s pro\ufb01ts are subject to tax in various jurisdictions. The Group monitors
\nincome tax developments in these territories which could affect the Group\u2019s tax liabilities.
\nOn 20 June 2023 the UK Finance Bill was substantively enacted in the UK, including legislation to implement the OECD Pillar Two
\nincome taxes for periods beginning on or after 1 January 2024. The Group has applied the exception in the Amendments to IAS 12
\nissued in May 2023 and has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar Two
\nincome taxes.
\nUK corporation tax is calculated at 20.50% (year ended 30 June 2022: 19.00%) of the estimated assessable pro\ufb01t for the period.
\nTaxation for overseas operations is calculated at the local prevailing rates.
\nOn 3 March 2021, the Chancellor of the Exchequer announced the increase in the main rate of UK corporation tax from 19.00%
\nto 25.00% for the year starting 1 April 2023. This change was substantively enacted on 24 May 2021.
\nThis rate increase will increase the amount of cash tax payments to be made by the Group.
\n7 Results attributable to the Parent Company
\nThe Company has elected to take the exemption under Section 408 of the Companies Act 2006 not to present the parent company
\nincome statement. The loss for the year ended 30 June 2022 for the Company was \u00a3202.2m (year ended 30 June 2022: loss of \u00a314.5m).
\n8 Dividends paid to equity holders
\nNo dividend in respect of the year ended 30 June 2023 will be recommended at the Annual General Meeting on 19 October 2023
\n(year ended 30 June 2022: nil).
\n9 Earnings per share
\n(a) Basic earnings per share
\nYear ended 30 June 2023
Year ended 30 June 2022 (restated)
\nUnderlying
SDI
Total
Underlying
SDI
Total
\nPro\ufb01t (loss) attributable to equity shareholders
\nContinuing operations
\u00a35.8m
\u00a3(101.8)m
\u00a3(96.0)m
\u00a318.7m
\u00a337.4m
\u00a356.1m
\nDiscontinued operations
\u2013
\u00a30.3m
\u00a30.3m
\u2013
\u00a38.8m
\u00a38.8m
\nTotal
\u00a35.8m
\u00a3(101.5)m
\u00a3(95.7)m
\u00a318.7m
\u00a346.2m
\u00a364.9m
\nWeighted average number of ordinary
\nshares in issue
468.4m
468.4m
468.4m
468.4m
468.4m
468.4m
\nBasic earnings (loss) per share
\nContinuing operations
1.2p
(21.7)p
(20.5)p
4.0p
8.0p
12.0p
\nDiscontinued operations
\u2013
0.1p
0.1p
\u2013
1.9p
1.9p
\nTotal
1.2p
(21.6)p
(20.4)p
4.0p
9.9p
13.9p
\n
\n
\n
\n
\n(b) Diluted earnings per share
\nDiluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion
\nof all dilutive potential ordinary shares. Share options issued to employees are not regarded as instruments that could potentially
\ndilute basic earnings per share in the future, being antidilutive, they are not included in the calculation of weighted average number
\nof shares.
\nYear ended 30 June 2023
Year ended 30 June 2022 (restated)
\nUnderlying
SDI
Total
Underlying
SDI
Total
\nWeighted average number
\nof ordinary shares in issue
468.4m
468.4m
468.4m
468.4m
468.4m
468.4m
\nNumber of shares used for fully
\ndiluted earnings per share
468.4m
468.4m
468.4m
468.4m
468.4m
468.4m
\nDiluted earnings (loss) per share
\nContinuing operations
1.2p
(21.7)p
(20.5)p
4.0p
8.0p
12.0p
\nDiscontinued operations
\u2013
0.1p
0.1p
\u2013
1.9p
1.9p
\nTotal
1.2p
(21.6)p
(20.4)p
4.0p
9.9p
13.9p
\n10 Intangible assets
\nGroup
\nGoodwill
\n\u00a3m
\nCasino
\nand other
\ngaming
\nlicences and
\nconcessions
\n\u00a3m
\nSoftware
\nand
\ndevelopment
\n\u00a3m
\nBrands and
\ncustomer
\nrelationships
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 July 2021
218.2
277.8
129.9
21.3
647.2
\nAdditions
2.1
\u2013
11.0
1.4
14.5
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\nExchange adjustments
\u2013
0.1
(0.2)
\u2013
(0.1)
\nAt 30 June 2022
220.3
277.9
140.7
22.7
661.6
\nAdditions
\u2013
\u2013
12.9
0.2
13.1
\nDisposals
\u2013
\u2013
(0.7)
(3.0)
(3.7)
\nReallocation
\n1
\n\u2013
\u2013
4.0
\u2013
4.0
\nExchange adjustments
\u2013
0.1
\u2013
\u2013
0.1
\nAt 30 June 2023
220.3
278.0
156.9
19.9
675.1
\nAggregate amortisation and impairment
\nAt 1 July 2021
\u2013
60.7
69.6
12.3
142.6
\nCharge for the year
\u2013
0.1
21.8
5.2
27.1
\nImpairment charges
\u2013
13.4
\u2013
\u2013
13.4
\nImpairment reversal
\u2013
(15.0)
\u2013
\u2013
(15.0)
\nExchange adjustments
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nAt 30 June 2022
\u2013
59.1
91.4
17.5
168.0
\nCharge for the year
\u2013
0.1
20.7
3.5
24.3
\nImpairment charges
\u2013
27.7
\u2013
\u2013
27.7
\nImpairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
\nDisposal
\u2013
\u2013
(0.7)
(3.0)
(3.7)
\nReallocation
\n1
\n\u2013
\u2013
2.1
\u2013
2.1
\nExchange adjustments
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nAt 30 June 2023
\u2013
86.8
113.5
18.0
218.3
\nNet book value at 30 June 2022
220.3
218.8
49.3
5.2
493.6
\nNet book value at 30 June 2023
220.3
191.2
43.4
1.9
456.8
\n1.
Management identi\ufb01ed \u00a31.9m of net book value which should be reclassi\ufb01ed from property, plant and equipment to intangible assets. These have been re\ufb02ected
\nin the reallocation line in the note above.
\nAmortisation charge for the year of \u00a324.3m (30 June 2022: \u00a327.1m) comprises of \u00a38.6m (30 June 2022: \u00a311.7m) recognised in respect
\nof SDI relating to continuing operations and \u00a315.8m (30 June 2022: \u00a315.4m) in respect of operating pro\ufb01t before SDI.
\nNet impairment charges for the year of \u00a327.7m (30 June 2022: \u00a31.6m) have been recognised in respect of SDI relating to continuing
\noperations, comprising of an impairment charge of \u00a327.7m (30 June 2022: \u00a313.4m) and impairment reversals of \u00a3nil (30 June 2022: \u00a315.0m).
\n
\n
\n
\n
\nSoftware includes internally-generated computer software and development technology with a net book value of \u00a33.3m (30 June 2022:
\n\u00a33.2m). Included in software and development are assets in the course of construction of \u00a31.2m (30 June 2022: \u00a31.0m).
\nBrands and customer relationships are fair value adjustments that arose on acquisition.
\nIntangible assets have been reviewed for impairment as set out in note 13.
\n11 Property, plant and equipment
\nGroup
\nLand and
\nbuildings
\n\u00a3m
\nFixtures,
\n\ufb01ttings,
\nplant and
\nmachinery
\n\u00a3m
\nLeasehold
\nimprovements
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 July 2021
109.8
462.4
\u2013
572.2
\nReallocation between categories
\n2
\n(74.0)
\u2013
74.0
\u2013
\nAt 1 July 2021 (Re-presented)
35.8
462.4
74.0
572.2
\nAdditions
0.3
25.6
0.2
26.1
\nDisposals
\u2013
(5.1)
\u2013
(5.1)
\nExchange adjustments
\u2013
(0.1)
\u2013
(0.1)
\nAt 30 June 2022
36.1
482.8
74.2
593.1
\nAdditions
\u2013
29.4
30.3
59.7
\nDisposals
(1.4)
(14.3)
(4.3)
(20.0)
\nReallocation
\n1
\n0.8
(4.8)
\u2013
(4.0)
\nExchange adjustments
\u2013
(0.2)
\u2013
(0.2)
\nAt 30 June 2023
35.5
492.9
100.2
628.6
\nAccumulated depreciation and impairment
\nAt 1 July 2021
69.5
385.3
\u2013
454.8
\nReallocation between categories
\n2
\n(57.3)
\u2013
57.3
\u2013
\nAt 1 July 2021 (Re-presented)
12.2
385.3
57.3
454.8
\nCharge for the year
0.4
22.7
2.3
25.4
\nImpairment charges
0.1
8.4
1.8
10.3
\nImpairment reversal
\u2013
(5.3)
\u2013
(5.3)
\nDisposals
\u2013
(5.1)
\u2013
(5.1)
\nExchange adjustment
\u2013
(0.1)
\u2013
(0.1)
\nAt 30 June 2022
12.7
405.9
61.4
480.0
\nCharge for the year
0.3
21.6
3.8
25.7
\nImpairment charges
4.2
23.2
24.2
51.6
\nImpairment reversal
\u2013
(3.8)
(0.5)
(4.3)
\nDisposals
(1.4)
(14.1)
(4.3)
(19.8)
\nReallocation
\u2013
(2.1)
\u2013
(2.1)
\nAt 30 June 2023
15.8
430.7
84.6
531.1
\nNet book value at 30 June 2022
23.4
76.9
12.8
113.1
\nNet book value at 30 June 2023
19.7
62.2
15.6
97.5
\n1.
Management identi\ufb01ed \u00a31.9m of net book value which should be reclassi\ufb01ed from property, plant and equipment to intangible assets. These have been re\ufb02ected
\nin the reallocation line in the note above.
\n2.
Management identi\ufb01ed \u00a38.9m of net book value which should be reclassi\ufb01ed from land and buildings to leasehold improvements. These have been re\ufb02ected
\nin the reallocation line in the comparative in the note above, for better comparability.
\nIncluded in Leasehold improvements is the recognition of a general dilapidation asset and corresponding liability for all UK venues.
\nThe Group has recognised the addition based on the recent closures of venues in FY21, FY22 and FY23, the possibility of future
\nclosures and the downturn in the trading outlook, together with a hardening position from landlords and recessionary environment
\nmaking certain properties less attractive.
\nNet impairment charges for the year of \u00a347.3m (30 June 2022: \u00a35.0m) have been recognised in respect of SDI relating to
\ncontinuing operations, comprising of an impairment charge of \u00a351.6m (30 June 2022: \u00a310.3m) and impairment reversals of \u00a34.3m
\n(30 June 2022: \u00a35.3m).
\nIncluded in property, plant and equipment are assets in the course of construction of \u00a37.1m (30 June 2022: \u00a311.9m).
\n
\n
\n
\n12 Right-of-use assets
\nGroup
\nRight-of-use
\nland and
\nbuildings
\n\u00a3m
\nRight-of-use
\n\ufb02eet and
\nmachines
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 July 2021
194.4
5.0
199.4
\nAdditions
21.9
\u2013
21.9
\nAt 30 June 2022
216.3
5.0
221.3
\nAdditions
19.1
\u2013
19.1
\nDisposals
(1.2)
\u2013
(1.2)
\nExchange adjustments
(0.2)
(0.1)
(0.3)
\nAt 30 June 2023
234.0
4.9
238.9
\nAccumulated depreciation and impairment
\nAt 1 July 2021
68.4
2.4
70.8
\nCharge for the year
25.0
1.6
26.6
\nImpairment charges
24.0
\u2013
24.0
\nImpairment reversal
(1.8)
\u2013
(1.8)
\nExchange adjustment
0.1
\u2013
0.1
\nAt 30 June 2022
115.7
4.0
119.7
\nCharge for the year
18.1
0.9
19.0
\nImpairment charges
39.6
\u2013
39.6
\nImpairment reversal
(2.3)
(2.3)
\nDisposals
(1.2)
\u2013
(1.2)
\nAt 30 June 2023
169.9
4.9
174.8
\nNet book value at 30 June 2022
100.6
1.0
101.6
\nNet book value at 30 June 2023
64.1
\u2013
64.1
\nNet impairment charges for the year of \u00a337.3m (30 June 2022: \u00a322.2m) have been recognised in respect of SDI relating to
\ncontinuing operations, comprising of an impairment charge of \u00a339.6m (30 June 2022: \u00a324.0m) and impairment reversals of \u00a32.3m
\n(30 June 2022: \u00a31.8m).
\n13 Impairment reviews
\nGroup
\nThe Group considers each venue to be a separate cash-generating unit (\u2018CGU\u2019). The Group\u2019s digital operations consist of the UK digital
\nbusiness and the International digital business. UK digital and International digital are each assessed as separate CGUs. The individual
\nGrosvenor venues are aggregated for the purposes of allocating the Grosvenor goodwill.
\nAs at 30 June 2023, goodwill and inde\ufb01nite life intangible assets considered signi\ufb01cant in comparison to the Group\u2019s total carrying
\namount of such assets have been allocated to groups of CGUs as follows:
\nGoodwill
Intangible assets
\nAs at 30 June
\n2023
\n\u00a3m
\nAs at 30 June
\n2022
\n\u00a3m
\nAs at 30 June
\n2023
\n\u00a3m
\nAs at 30 June
\n2022
\n\u00a3m
\nGrosvenor \u2013 group of CGUs
\n1
\n80.9
80.9
179.5
206.4
\nUK digital CGUs
108.5
108.5
\u2013
\u2013
\nInternational digital CGUs
30.9
30.9
\u2013
\u2013
\nEnracha CGUs
\n2
\n\u2013
\u2013
11.6
12.2
\nTotal
220.3
220.3
191.1
218.6
\n1.
Each Grosvenor venue is a separate CGU. Each venue holds at least one licence, but can hold multiple licences, which represents an inde\ufb01nite life intangible asset.
\nThe individual Grosvenor venues are aggregated for the purposes of allocating the Grosvenor goodwill.
\n2.
Each Enracha venue is a separate CGU. As no individual venue CGU is signi\ufb01cant in comparison to the total carrying amounts of intangible assets and other assets,
\nthe venue CGUs have been presented on aggregated basis.
\nThe carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each reporting
\ndate to determine whether there is any indication of impairment as required by IAS 36. If any such indication exists, then the asset\u2019s
\nor CGU\u2019s recoverable amount is estimated. For goodwill and intangible assets that have inde\ufb01nite lives, the recoverable amount of the
\nrelated CGU or group of CGUs is estimated each year at the same time. The recoverable amount is determined based on the higher of
\nthe fair value less costs of disposal and value in use. The nature of the test requires that the Directors exercise judgement and estimation.
\nThe impairment test was conducted in June 2023; management is satis\ufb01ed that the assumptions used were appropriate and that
\nthe goodwill asset is not impaired, no reasonable possible changes in assumptions will result in an impairment and therefore
\nno sensitivity analysis has been disclosed.
\n
\n
\n
\n
\nTesting is carried out by allocating the carrying value of these assets to CGUs, as set out above, and determining the recoverable
\namounts of those CGUs. The individual CGUs were \ufb01rst tested for impairment and then the group of CGUs to which goodwill is
\nallocated were tested. Where the recoverable amount exceeds the carrying value of the CGUs, the assets within the CGUs are
\nconsidered not to be impaired. If there are legacy impairments for such assets, except goodwill, these are considered for reversal.
\nThe recoverable amounts of all CGUs or group of CGUs have been calculated with reference to their value in use. Value in use
\ncalculations are based upon estimates of future cash \ufb02ows derived from the Group\u2019s strategic plan for the following \ufb01ve years. The
\nstrategic plan is updated in the \ufb01nal quarter of the \ufb01nancial year and has been approved by the Board of Directors. Future cash \ufb02ows
\nwill also include an estimate of long-term growth rates which are estimated by business unit.
\nPre-tax discount rates are applied to each CGU or group of CGUs\u2019 cash \ufb02ows and re\ufb02ect both the time value of money and the risks
\nthat apply to the cash \ufb02ows of that CGU or group of CGUs. These estimates have been calculated by external experts and are based
\non typical debt and equity costs for listed gaming and betting companies with similar risk pro\ufb01les. The rates adopted are disclosed
\nin the table below.
\nPre-tax discount rate
Long-term growth rate
\n2022/23
2021/22
2022/23
2021/22
\nGrosvenor venues
12.17%
11.3%
2%
2%
\nMecca venues
12.17%
11.3%
0%
0%
\nUK digital
12.57%
13.0%
2%
2%
\nInternational digital
12.63%
14.7%
2%
2%
\nEnracha venues
13.83%
12.5%
2%
2%
\nExpenses are assessed separately by category. Assumptions include an extrapolation of recent cost in\ufb02ation trends, known in\ufb02ation
\ntrends such as national living wage and an expectation that costs will be incurred in line with agreed contractual rates.
\nWhere a CGU does not have goodwill or inde\ufb01nite life intangible assets, the CGU is only assessed for impairment where an indicator
\nof impairment to the associated de\ufb01nite life intangible, right-of-use assets and/or property, plant and equipment is identi\ufb01ed.
\nThe approach to determine recoverable amounts for a CGU without goodwill or inde\ufb01nite life intangibles is the same as that described
\nabove and is determined based on the higher of fair value less costs of disposal and value in use.
\nAs a result of the procedures outlined above, the following impairment charges and impairment reversal have been recognised during
\nthe year and disclosed within SDIs in the Group income statement.
\nProperty,
\nplant and
\nequipment
\n\u00a3m
\nRight-of-use
\nasset
\n\u00a3m
\nIntangible
\nassets
\n\u00a3m
\nTotal
\n\u00a3m
\nImpairment charges
\nGrosvenor venues
\n1
\n(18.9)
(7.5)
(26.9)
(53.3)
\nMecca venues
\n2
\n(31.8)
(29.7)
\u2013
(61.5)
\nEnracha venues
\n3
\n(0.9)
(2.4)
(0.8)
(4.1)
\nImpairment reversals
\nGrosvenor venues
\n1
\n4.3
2.3
\u2013
6.6
\nEnracha venues
\n3
\n\u2013
\u2013
\u2013
\u2013
\nNet impairment (charge) reversals
(47.3)
(37.3)
(27.7)
(112.3)
\n1.
Impairment charge and reversal are recorded at the different individual Grosvenor venue CGUs. The total value in use of the CGUs where an impairment charge
\nor impairment reversal was recognised totalled to \u00a3108.7m.
\n2.
Impairment charge and reversal are recorded at the different individual Mecca venue CGUs. The total value in use of the CGUs where an impairment charge
\nor impairment reversal was recognised totalled to \u00a313.4m.
\n3.
Impairment charge and reversal are recorded at the different individual Enracha venue CGUs. The total value in use of the CGUs where an impairment charge
\nor impairment reversal was recognised totalled to \u00a360.1m.
\nMecca clubs and Grosvenor and Enracha venues had indicators of impairment, primarily caused by lower than anticipated
\nperformance post the pandemic, and low level of forecast earnings, or a decision to close venues. This further resulted in a decision
\nto close a Grosvenor venue and a number of Mecca clubs which resulted in impairment of \u00a37.1m.
\nDuring the prior year, the Group also recognised a reversal of previously impaired assets of \u00a36.6m relating to Grosvenor venues
\n(2022: \u00a322.0m). The reversals were driven by better than anticipated performance and improved outlook in the in the identi\ufb01ed
\nGrosvenor and Enracha venues.
\n
\n
\n
\n
\nSensitivity of impairment review
\nThe calculation of value in use is most sensitive to the following assumptions:
\n\u2013
revenue growth
\n\u2013
discount rates
\n\u2013
growth rates used to extrapolate cash \ufb02ow beyond the forecast period
\nRevenue growth \u2212 the Group prepared cash \ufb02ow projections derived from the most recent budget for the year ending 30 June 2024 and
\nthe Group\u2019s strategic plan to 30 June 2027, which applied a growth rate re\ufb02ecting management\u2019s strategy for a period of three (3) years
\nbased on past performance and expectations of future changes in the market and Group\u2019s operating model.
\nDiscount rates \u2212 discount rates represent the current market assessment of the risks speci\ufb01c to each CGU, taking into consideration
\nthe time value of money and individual risks of the underlying assets that have not been incorporated in the cash \ufb02ow estimates.
\nThe discount rate calculation is based on the speci\ufb01c circumstances of the Group and its operating segments and is derived from
\nits weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from
\nthe expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group
\nis obliged to service. Segment-speci\ufb01c risk is incorporated by applying individual beta factors. The beta factors are evaluated annually
\nbased on publicly available market data. Adjustments to the discount rate are made to factor in the speci\ufb01c amount and timing of the
\nfuture tax \ufb02ows in order to re\ufb02ect a pre-tax discount rate.
\nGrowth rate estimates \u2212 medium-term growth rates applied to the value-in-use calculations of each CGU re\ufb02ect management\u2019s strategy
\nfor a period of three (3) years to \ufb01ve (5) years. Terminal values were determined using a long-term growth assumption for each CGU
\nnoted in the table above.
\nEarnings multiples \u2212 utilised in determining the terminal value within the Grosvenor CGUs.
\nThe Group assessed the impact of climate change in the impairment review and considers that the most signi\ufb01cant impacts would be
\nin relation to the cost of energy to the Group for which best estimates have been factored into future forecasts. The Group constantly
\nmonitors the latest government legislation in relation to climate related matters. At the current time, no legislation has been passed
\nthat will impact the Group. The Group will adjust the key assumptions used in value in use calculations and sensitivity to changes
\nin assumptions should a change be required.
\nThe Group has carried out sensitivity analysis on the reasonable possible changes in key assumptions in the impairment tests for
\n(a) each CGU or group of CGUs to which goodwill has been allocated and (b) its venue CGUs (including inde\ufb01nite life intangible assets\u2019).
\nFor Grosvenor, Mecca and Enracha venues, the following sensitivities would result in changes to the recognised impairments.
\nNo reasonable possible changes in assumptions will result in an impairment and therefore no sensitivity analysis has been disclosed
\nfor Digital CGUs.
\nGrosvenor Venues CGUs
\nKey Assumption
Reasonable Possible Change
Impact on impairment
\u00a3m
\nRevenue growth
10% decrease in revenue in year 1 \u2013 London
Increase
(0.9)
\n10% decrease in revenue in year 1 \u2013 Rest of UK
Increase
(2.5)
\n10% increase in revenue in year 1 \u2013 London
Decrease
\u2013
\n10% increase in revenue in year 1 \u2013 Rest of UK
Decrease
1.4
\nPre-tax discount rates
1% decrease in discount rates
Decrease
1.1
\n1% increase in discount rates
Increase
(1.0)
\nEarnings multiples
10% decrease in earnings multiples
Increase
(2.2)
\n10% increase in earnings multiples
Decrease
1.5
\nLong-term growth rates
1% decrease in long-term growth rates
Increase
(0.3)
\n1% increase in long-term growth rates
Decrease
0.3
\nMecca Venues CGUs
\nKey Assumption
Reasonable Possible Change
Impact on impairment
\u00a3m
\nRevenue growth
10% decrease in revenue in year 1
Increase
(1.1)
\n10% increase in revenue in year 1
Decrease
1.2
\nPre-tax discount rates
1% decrease in discount rates
Decrease
0.6
\n1% increase in discount rates
Increase
(0.6)
\nLong-term growth rates
1% decrease in long\u2013term growth rates
Increase
(0.4)
\n1% increase in long\u2013term growth rates
Decrease
0.5
\n
\n
\n
\n
\nInternational Venues
\nKey Assumption
Reasonable Possible Change
Impact on impairment
\u00a3m
\nRevenue growth
10% decrease in revenue in year 1
Increase
(1.2)
\n10% increase in revenue in year 1
Decrease
1.2
\nPre-tax discount rates
1% decrease in discount rates
Decrease
1.0
\n1% increase in discount rates
Increase
(0.9)
\nEarnings multiples
10% decrease in earnings multiples
Increase
(0.2)
\n10% increase in earnings multiples
Decrease
0.2
\nLong-term growth rates
1% decrease in long\u2013term growth rates
Increase
(0.4)
\n1% increase in long\u2013term growth rates
Decrease
0.4
\n14 Investments
\n(a) Group investments
\nOn 21 April 2022, Rank completed the purchase of the remaining 50% shareholding in Rank Interactive Limited (formerly known as
\nAspers Online Limited) for \u00a31.3m made up of (i) cash consideration of \u00a31 (ii) loan repayment of \u00a30.5m and (iii) deferred consideration
\nof \u00a30.8m, refer to note 34 for details.
\n(b) Company investments
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCost
\nAt start of year
1,452.3
1,452.3
\nAt end of year
1,452.3
1,452.3
\nProvision for impairment
\nAt start of year
320.5
320.5
\nImpairment charge
182.6
\u2013
\nAt end of year
503.1
320.5
\nNet book value at start of year
1,131.8
1,131.8
\nNet book value at end of year
949.2
1,131.8
\nThe Company calculates a recoverable amount of its subsidiaries based upon the Board approved strategic plans and business models
\nand, where required, adjustments for long-term provisions and net intercompany positions are made.
\nCompany
\nThe Company also tests annually the carrying value of its investments in subsidiaries, being its investments in Rank Nemo
\n(Twenty-Five) Limited, a holding company for all companies within the Group with the exception of Rank Group Finance plc which
\nacts as the Group\u2019s \ufb01nancing company.
\nConsistent with the prior year, the recoverable amount was calculated by reference to value in use. The value in use of the Company\u2019s
\ninvestment in Rank Group Finance Limited is estimated based on the net assets of the company which principally consist of amortised
\ncost receivables and so is considered to approximate value in use.
\nThe calculation of value in use for Rank Nemo (Twenty-Five) Limited is based upon estimates of future cash \ufb02ows from the Group\u2019s
\nCGUs and derived from the Group\u2019s strategic plan for the following three years and, where required, adjustments for long-term
\nprovisions and lease liabilities. The key assumptions underlying the forecasts are those described above with regards to the
\nimpairment testing of the Group\u2019s CGUs.
\nAs a result of the procedures outlined above, the following impairment charges have been recognised during the year.
\nInvestment in Rank Nemo (Twenty-Five) Limited
Investment in Rank Group Finance PLC
\nTotal
\n\u00a3m
\nImpairment charges
182.6
\u2013
182.6
\n
\n
\n
\n
\nSensitivity of impairment review
\nThe calculation of value in use for Rank Nemo (Twenty-Five) Limited is most sensitive to the following assumptions like revenue
\ngrowth, discount rates and growth rates used to extrapolate the cash\ufb02ows of CGUs beyond the forecast period.
\nKey Assumption
Reasonable Possible Change
Impact on impairment
\u00a3m
\nRevenue growth
10% decrease in revenue in year 1 \u2013 Grosvenor
Increase
(95.9)
\n10% decrease in revenue in year 1 \u2013 Mecca
Increase
(1.1)
\n10% decrease in revenue in year 1 \u2013 Enracha
Increase
(6.1)
\n10% decrease in revenue in year 1 \u2013 International Digital
Increase
(4.5)
\n10% decrease in revenue in year 1 \u2013 UK Digital
Increase
(161.8)
\n10% decrease in revenue in year 1 \u2013 Grosvenor
Decrease
65.9
\n10% increase in revenue in year 1 \u2013 Mecca
Decrease
1.1
\n10% increase in revenue in year 1 \u2013 Enracha
Decrease
6.1
\n10% increase in revenue in year 1 \u2013 International Digital
Decrease
4.5
\n10% increase in revenue in year 1 \u2013 UK Digital
Decrease
17.8
\nPre-tax discount rates
1% decrease in discount rates \u2013 Grosvenor
Decrease
46.5
\n1% decrease in discount rates \u2013 Mecca
Decrease
0.9
\n1% decrease in discount rates \u2013 Enracha
Decrease
7.1
\n1% decrease in discount rates \u2013 International Digital
Decrease
3.8
\n1% decrease in discount rates \u2013 UK Digital
Decrease
16.1
\n1% increase in discount rates \u2013 Grosvenor
Increase
(41.4)
\n1% increase in discount rates \u2013 Mecca
Increase
(0.8)
\n1% increase in discount rates \u2013 Enracha
Increase
(5.8)
\n1% increase in discount rates \u2013 International Digital
Increase
(3.3)
\n1% increase in discount rates \u2013 UK Digital
Increase
(14.2)
\nLong-term growth rates
1% decrease in long-term growth rates \u2013 Grosvenor
Increase
(11.6)
\n1% decrease in long-term growth rates \u2013 Mecca
Increase
(1.7)
\n1% decrease in long-term growth rates \u2013 Enracha
Increase
(3.5)
\n1% decrease in long-term growth rates \u2013 International Digital
Increase
(2.6)
\n1% decrease in long-term growth rates \u2013 UK Digital
Increase
(14.2)
\n1% increase in long-term growth rates \u2013 Grosvenor
Decrease
12.8
\n1% increase in long-term growth rates \u2013 Mecca
Decrease
1.8
\n1% increase in long-term growth rates \u2013 Enracha
Decrease
4.1
\n1% increase in long-term growth rates \u2013 International Digital
Decrease
2.8
\n1% increase in long-term growth rates \u2013 UK Digital
Decrease
15.4
\n
\n
\n
\n
\nThe Company owns directly or indirectly 100% (unless otherwise noted) of the ordinary share capital and voting rights
\nof the following companies:
\nName
\nCountry of
\nincorporation
Principal activities
Registered of\ufb01ce address
\nDaub Alderney Limited
\n10
\nAlderney
Support services to interactive
\ngaming
\nInchalla, Le Val, Alderney GY9 3UL
\nQSB Gaming Limited
Alderney
Intermediary holding company
La Corvee House, La Corvee,
\nAlderney, GY9 3TQ
\nRank Digital Gaming
\n(Alderney) Limited
\n10,11
\nAlderney
Dormant
La Corvee House, La Corvee,
\nAlderney, GY9 3TQ
\n8Ball Games Limited
\n9
\nEngland and Wales
Marketing services
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nGrosvenor Casinos (GC)
\nLimited
\nEngland and Wales
Casinos
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nGrosvenor Casinos Limited
England and Wales
Casinos
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nLinkco Limited
\n9
\nEngland and Wales
Processing of credit transfers
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nLuda Bingo Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nMecca Bingo Limited
England and Wales
Social and Bingo clubs
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank (U.K.) Holdings Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Casino Holdings Limited
England and Wales
Intermediary holding company
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Digital Holdings Limited
England and Wales
Intermediary holding company
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Digital Limited
England and Wales
Support services to interactive
\ngaming
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Group Finance Plc
\n1
\nEngland and Wales
Funding operations for the Group
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Group Gaming Division
\nLimited
\nEngland and Wales
Intermediary holding company and
\nproperty services
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Group Holdings Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Leisure Holdings
\nLimited
\nEngland and Wales
Intermediary holding company and
\ncorporate activities
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Leisure Limited
\n9
\nEngland and Wales
Adult gaming centres in Mecca and
\nGrosvenor Casinos venues
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Leisure Machine
\nServices Limited
\nEngland and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Nemo (Twenty-Five)
\nLimited
\n1
\nEngland and Wales
Intermediary holding company
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Overseas Holdings
\nLimited
\nEngland and Wales
Intermediary holding company
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRO Nominees Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nSpacebar Media Limited
\n9
\nEngland and Wales
Development and maintenance of
\nonline gaming software
\nUnit 450 Highgate Studios 53-79
\nHighgate Road, Kentish Town,
\nLondon, NW5 1TL
\nStride Together Limited
\n9
\nEngland and Wales
Support services to interactive
\ngaming
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nThe Gaming Group Limited
\n9
\nEngland and Wales
Casinos
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nThe Rank Organisation
\nLimited
\nEngland and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nThink Beyond Media Limited
\n9
\nEngland and Wales
Marketing services
Unit 441/2 Highgate Studios 53-79
\nHighgate Road, Kentish Town,
\nLondon, NW5 1TL
\n
\n
\n
\nName
\nCountry of
\nincorporation
Principal activities
Registered of\ufb01ce address
\nRank Interactive Limited
\n(formerly known as Aspers
\nOnline Limited)
\n7
\nEngland and Wales
Interactive gaming
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nUpperline Marketing
\nLimited
\n6,9
\nEngland and Wales
Support services to interactive
\ngaming
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nMRC Developments Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Precision Industries
\nLimited
\n5
\nEngland and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Speciality Catering
\nLimited
\n5
\nEngland and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nAssociated Leisure France
\nProperties SCI
\n4
\nFrance
Dormant
Zi Sud, 12 Rue des Petits Champs,
\n35400, St Malo, France
\nAssociated Leisure France
\nSARL
\n4
\nFrance
Dormant
4 Rue Joseph Monier, 92859 Rueil
\nMalmaison, Cades, France
\nRank Digital Services
\n(Gibraltar) Limited
\nGibraltar
Marketing and property services
Second Floor, Icom House, 1/5 Irish
\nTown, Gibraltar
\nRank Interactive (Gibraltar)
\nLimited
\n8
\nGibraltar
Interactive gaming
Second Floor, Icom House, 1/5 Irish
\nTown, Gibraltar
\nMindful Media Limited
Guernsey
Dormant
Kingsway House, Havilland Street,
\nSt Peter Port, Guernsey, GY1 2QE
\nPassion Gaming Private
\nLimited
\n2
\nIndia
Online operator of digital card
\ngames in India
\n2nd Floor, SCO No 350, Sector 9,
\nUrban Estate, Panchkula, Haryana,
\nIndia
\nNetboost Media Limited
Israel
Marketing services
5 Ha\u2019Chilazon Street, Ramat Gan,
\nIsrael
\nS.T.R. Financials Limited
\n3
\nIsrael
Dormant
58 Harakevet St. Electra City Tower
\nTel-Aviv 6777016 Israel
\nStride Gaming Limited
Jersey
Intermediary holding company
12 Castle Street, St. Helier Jersey
\nJE2 3RT
\nBingosoft Plc
Malta
Interactive gaming
Vault 14, Level 2, Valletta
\nWaterfront, Floriana, FRN 1914,
\nMalta
\nStride Gaming Spain Plc
\n5
\nMalta
Dormant
Level 3, Valleta Buildings, South
\nStreet, Valletta VLT 1103, Malta
\nRank Interactive Services
\n(Mauritius) Limited (formerly
\nknown as SRG Services
\nLimited)
\n12
\nMauritius
Shared services support
Suite 112 Grand Bay Business Park,
\nGrand Bay 1305-02, Republic of
\nMauritius
\nStride Investment
Mauritius
Intermediary holding company
c/o Mauri Experta Ltd., Of\ufb01ce 2,
\nLevel 4, Iconebene, Lot B441, Rue
\nde L\u2019Institut, Ebene, Republic of
\nMauritius
\nShifttech (Pty) Limited
South Africa
Development and maintenance of
\nonline gaming software
\nUnit 10, 10 Pepper Street, Cape
\nTown, Western Cape 8001, South
\nAfrica
\nConticin SL
Spain
Operator of parking for social and
\nbingo clubs
\nCalle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\nGotfor SA
Spain
Social and bingo clubs
Carrer del Papa Pius XI, 114, 08208
\nSabadell, Barcelona, Spain
\nRank Catalu\u00f1a SA
Spain
Social and bingo clubs
Calle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\nRank Centro SA
Spain
Social and bingo clubs
Calle Espoz y mina N\u00ba 8, 1st centro,
\n28012, Madrid, Spain
\nRank Digital Espa\u00f1a SA
\n13
\nSpain
Dormant
Calle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\nRank Holding Espa\u00f1a SA
Spain
Intermediary holding company
Calle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\n
\n
\n
\n\n
\nName
\nCountry of
\nincorporation
Principal activities
Registered of\ufb01ce address
\nRank Stadium Andalucia SL
Spain
Arcade and sports betting
Calle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\nTop Rank Andalucia SA
Spain
Social and bingo clubs
Conde Robledo 1, 14008, Cordoba,
\nSpain
\nVerdiales SL
Spain
Social and bingo clubs
Sala Andaluc\u00eda, Ronda,
\nCapuchinos 19, 41008, Sevilla,
\nSpain
\nRank America Inc.
\n5
\nU.S.A.
Dormant
The Corporation Trust Company,
\n1209 Orange Street, Wilmington,
\nDE 19801, USA
\n1.
Directly held by the Company.
\n2. 51% investment and year end 31 March.
\n3. Year end 31 August.
\n4. Year end 31 October.
\n5.
Year end 31 December. Stride Gaming Spain plc is in the process of liquidation as at 30 June 2023.
\n6.
Principal activities are carried out in Malta through its Malta branch.
\n7.
Acquired the remaining 50% ownership in joint venture interest on 1 April 2022, see note 34.
\n8.
Principal activity changed from Dormant to Interactive Gaming with effect from 1 July 2022.
\n9.
Rank Group plc has issued a parental guarantee exempting the company from the requirements of the Companies Act 2006 related to the audit of individual
\naccounts by virtue of s479A of the Act.
\n10. Transfer of business activities to Rank Interactive (Gibraltar) Limited took place on 1 July 2022.
\n11. Principal activity changed from Interactive Gaming to Dormant with effect from 1 July 2022.
\n12. Name changed to Rank Interactive Services (Mauritius) Limited on 6 October 2022.
\n13. Rank Digital Espa\u00f1a SA transferred its digital business to Bingosoft and became Dormant on 2 November 2021.
\nThe principal activities are carried out in the country of incorporation as indicated above unless otherwise noted.
\nAll subsidiary undertakings have a 30 June year end unless otherwise indicated.
\n(c) Non-controlling interest (NCI)
\nSet out below is the summarised \ufb01nancial information for the subsidiary that has non-controlling interests. The amounts disclosed
\nfor each subsidiary are before intercompany eliminations.
\nNon-controlling interest arises on 49% of the net assets of Passion Gaming Private Limited which was valued using the proportionate
\nshare method per IFRS 3.
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent assets
2.1
1.4
\nCurrent liabilities
(0.6)
(0.6)
\nCurrent net assets
1.5
0.8
\nNon-current assets
0.1
0.1
\nNon-current liabilities
(1.0)
(1.0)
\nNon-current assets
(0.9)
(0.9)
\nNet assets
0.6
(0.1)
\nAccumulated NCI
0.3
(0.1)
\n15 Inventories
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nFinished goods
2.2
2.3
\nThere were no write downs of inventory in the year (30 June 2022: \u00a3nil).
\n
\n
\n
\n16 Other receivables
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent
\nOther receivables
13.4
10.7
\nLess: provisions for impairment of other receivables
(0.9)
(1.6)
\nOther receivables \u2013 net
12.5
9.1
\nNet investment in lease
1.4
1.4
\nPrepayments
15.2
23.7
\nOther receivables \u2013 current
29.1
34.2
\nNon-current
\nOther receivables
6.2
6.7
\nNet investment in lease
\u2013
\u2013
\nOther receivables \u2013 non-current
6.2
6.7
\nGroup
\nThe Directors consider that the carrying value of other receivables approximate to their fair value.
\nAs at 30 June 2023, other receivables of \u00a30.3m (30 June 2022: \u00a31.3m) were past due but not impaired.
\nThe other classes within receivables do not contain impaired assets.
\nThe maximum exposure to credit risk at the reporting date is the fair value of each class of receivable mentioned above. The Group
\ndoes not hold any collateral as security.
\n17 Government grants
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAt the start of the year
\u2013
0.8
\nReceivable in the year
\u2013
3.6
\nCash received
\u2013
(4.4)
\nAt the end of the year
\u2013
\u2013
\nGovernment grants were received under the Coronavirus Job Retention Scheme in the UK and similar schemes in other countries
\nin which the Group operates.
\n18 Trade and other payables
\nGroup
Company
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent
\nTrade payables
13.4
35.8
\u2013
\u2013
\nSocial security and other taxation
31.6
29.3
\u2013
\u2013
\nOther payables
37.6
32.5
0.7
0.4
\nAccruals
43.5
33.5
\u2013
\u2013
\nTrade and other payables \u2013 current
126.1
131.1
0.7
0.4
\nIncluded within other payables as at 30 June 2022 is \u00a35.9m UK Gambling commission \ufb01ne issued to Daub Alderney Limited, a Stride
\nlicensed entity. This has been settled during the year.
\n
\n
\n
\n
\n19 Income tax
\nGroup
Company
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nIncome tax receivable
14.9
8.1
8.3
\u2013
\nIncome tax payable
(5.7)
(4.2)
\u2013
\u2013
\nNet income tax receivable
9.2
3.9
8.3
\u2013
\n20 Financial assets and liabilities
\n(a) Interest-bearing loans and borrowings
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent interest-bearing loans and borrowings
\nBank overdrafts
1.5
\u2013
\nObligations under leases
42.2
40.4
\nTerm loans
44.4
34.4
\nRevolving credit facility
18.0
\u2013
\nOther current loans
\nAccrued interest
0.4
0.5
\nUnamortised facility fees
(0.6)
(1.0)
\nTotal current interest-bearing loans and borrowings
105.9
74.3
\nNon-current interest-bearing loans and borrowings
\nObligations under leases
126.8
141.3
\nTerm loans
\u2013
44.4
\nOther non-current loans
\nUnamortised facility fees
\u2013
(0.3)
\nTotal non-current interest-bearing loans and borrowings
126.8
185.4
\nTotal interest-bearing loans and borrowings
232.7
259.7
\nSterling
232.7
259.7
\nTotal interest-bearing loans and borrowings
232.7
259.7
\nTerm loan facilities
\nThe \u00a3128.1m term loan signed on 31 May 2019 has interest payable on a periodic basis depending on the loan drawn. The facility
\ncarries a \ufb02oating rate of interest which, on 1 January 2022, changed from LIBOR to SONIA. The total term loan at 30 June 2023
\nwas \u00a344.4m (30 June 2022: \u00a378.8m), a reduction in the year following the third scheduled repayment of \u00a334.4m made in May 2023.
\nFollowing the Group completing a re\ufb01nancing of its revolving credit facilities in August 2023, the Group repaid the outstanding
\nbalance of \u00a344.4m in full.
\nRevolving credit facilities (\u2018RCF\u2019)
\nAt 30 June 2023, the Group had total revolving credit facilities (\u2018RCFs\u2019) of \u00a380.0m, comprising three bilateral RCFs of \u00a325.0m, \u00a340.0m
\nand \u00a315.0m which mature in August 2023 (extended from July 2023), May 2024 and February 2025 respectively. The facilities all carry
\na \ufb02oating rate of interest which were based on LIBOR until it transitioned to SONIA on 1 January 2022. At 30 June 2023, \u00a318.0m of the
\nRCF was drawn (30 June 2022: \u00a3nil), providing the Group with \u00a362.0m of undrawn committed facilities.
\nOn 7 August 2023, the Group signed a new RCF for \u00a325.0m with one of its relationship banks. In addition, the Group\u2019s existing \u00a380.0m
\nof RCFs were reduced to a total of \u00a375.0m, with each bank providing \u00a325.0m, giving the Group a total RCF of \u00a3100.0m, \u00a325.0m of which
\nexpires in November 2024, with the remaining \u00a375.0m expiring in February 2025. All \ufb01nancial covenants remain unchanged.
\nCovenants
\nThe Group\u2019s banking facilities require it to meet two \ufb01nancial covenant tests biannually, a net debt to earnings before interest,
\ntax, depreciation, amortisation and SDI\u2019s (\u2018EBITDA\u2019) ratio of no more than 3x, and an EBITDA to interest charge of no less than 3x.
\nBoth covenants were met in the year.
\nPost balance sheet event
\nIn August 2023, the Group secured a \ufb01nancing package which totalled \u00a3100.0m of revolving credit facilities. \u00a325.0m is committed
\nuntil November 2024 and the remaining \u00a375.0m is committed until February 2025. The Group subsequently repaid the remaining
\nterm loan of \u00a344.4m.
\n
\n
\n
\n
\nCompany
\nThe Company did not hold any external interest-bearing loans or borrowings at 30 June 2023 (30 June 2022: \u00a3nil). The Company held
\ninterest bearing loans with other Group companies at 30 June 2023 of \u00a3416.5m (30 June 2022: \u00a3387.1m).
\n(b) Hedging activities
\nThe Group has not carried out any hedging activities in either period.
\n(c) Fair values
\nThe table below is a comparison by class of the carrying amounts and fair value of the Group and Company\u2019s \ufb01nancial instruments
\nat 30 June 2023 and 30 June 2022.
\nCarrying amount
Fair value
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nFinancial assets:
\nLoans and receivables
\nOther receivables
Level 2
3.8
3.8
3.8
3.8
\nCash and short-term deposits
Level 1
60.0
95.7
60.0
95.7
\nTotal
63.8
99.5
63.8
99.5
\nFinancial liabilities:
\nOther \ufb01nancial liabilities
\nInterest bearing loans and borrowings
\n\u2013
Obligations under leases
Level 2
169.0
181.7
169.0
181.7
\n\u2013
Floating rate borrowings
Level 2
62.4
78.8
62.4
78.8
\n\u2013
Bank overdrafts
Level 1
1.5
\u2013
1.5
\u2013
\n\u2013
Other
Level 2
0.4
\u2013
0.4
\u2013
\nTrade and other payables
Level 2
92.9
101.8
92.9
101.8
\nTotal
326.2
362.3
326.2
362.3
\nCarrying amount
Fair value
\nCompany
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nFinancial assets:
\nLoans and receivables
\nTrade and other payables
0.7
0.4
0.7
0.4
\nFinancial guarantee contracts
1.6
2.6
1.6
2.6
\nAmounts owed to subsidiary undertakings
416.5
387.1
416.5
387.1
\nTotal
418.8
390.1
418.8
390.1
\nThe fair value of the \ufb01nancial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
\ntransaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions apply:
\n\u2013
Cash and short-term deposits, other receivables and other \ufb01nancial liabilities approximate to their carrying amounts largely due
\nto the short-term maturities of these instruments; and
\n\u2013
The fair value of \ufb01xed rate borrowings is based on price quotations at the reporting date.
\nFair value hierarchy
\nThe Group uses the following hierarchy to determine the carrying value of \ufb01nancial instruments that are measured at fair value:
\nLevel 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\nLevel 2: other techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable
\nmarket data.
\nLevel 3: techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable
\nmarket data.
\n
\n
\n
\n
\n21 Financial risk management objectives and policies
\nFinancial risk factors
\nThe Group and Company\u2019s principal \ufb01nancial liabilities comprise loans and borrowings, trade and other payables and \ufb01nancial
\nguarantee contracts. The main purpose of these \ufb01nancial liabilities is to \ufb01nance the Group\u2019s operations. The Group has other
\nreceivables, and cash and short-term deposits that derive directly from its operations.
\nThe Group is exposed to market risk, credit risk and liquidity risk.
\nThe Group\u2019s overall \ufb01nancial risk management programme focuses on the unpredictability of \ufb01nancial markets and seeks to minimise
\npotential adverse effects on the Group\u2019s \ufb01nancial performance.
\nThe Group\u2019s senior management oversees the management of these risks. The Finance Committee is supported by the Group\u2019s senior
\nmanagement, which advises on \ufb01nancial risks and the appropriate \ufb01nancial risk governance framework for the Group. The Finance
\nCommittee provides assurance that the Group\u2019s \ufb01nancial risk-taking activities are governed by appropriate policies and procedures
\nand the \ufb01nancial risks are identi\ufb01ed, measured and managed in accordance with Group policies and risk appetite.
\nThe Board of Directors review and agree policies for managing each of these risks, which are summarised below.
\n(a) Market risk
\nMarket risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market
\nprices. Financial instruments affected by market risk include loans and borrowings and deposits.
\nThe sensitivity analyses in the following sections relate to the positions as at 30 June 2023 and 30 June 2022.
\nThe sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of \ufb01xed to \ufb02oating rates of the debt
\nand the proportion of \ufb01nancial instruments in foreign currencies are all constant.
\n(i) Foreign currency risk
\nForeign currency risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes
\nin foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s
\noperating activities (when revenue or expense is denominated in a different currency from the Group\u2019s functional currency)
\nand the Group\u2019s net investments in foreign subsidiaries.
\nThe Group\u2019s current policy is not to hedge foreign currency risk.
\nForeign currency sensitivity
\nThe following table demonstrates the sensitivity of a possible change in the US dollar and euro, with all other variables held constant,
\nto the Group\u2019s pro\ufb01t before tax and the Group\u2019s equity. The Group\u2019s exposure to foreign currency changes for all other currencies
\nis not material.
\nEffect on pro\ufb01t before tax
Effect on equity
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nChange in foreign exchange rates:
\n+10.0% US$
(0.1)
(0.1)
\u2013
\u2013
\n-10.0% US$
0.2
0.2
\u2013
\u2013
\n+10.0% euro
(0.2)
(0.6)
5.8
30.8
\n-10.0% euro
0.2
0.7
(5.8)
(30.8)
\n(ii) Cash flow and fair value interest rate risk
\nInterest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market
\ninterest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt
\nobligations with \ufb02oating interest rates.
\nHistorically the Group has managed its interest rate risk by having a balanced portfolio of \ufb01xed and variable rate loans and borrowings.
\nThe Group has an agreed policy of maintaining between 40% and 60% of its borrowings at a \ufb01xed rate of interest. At 30 June 2023,
\nthe Group is operating outside the policy with 73% of the borrowings at a \ufb01xed rate of interest (30 June 2022: 43%), driven by the level
\nof \ufb01xed rate \ufb01nance leases.
\n
\n
\n
\n
\n(iii) Interest rate sensitivity
\nThe table below demonstrates the sensitivity to a possible change in interest rates on income and equity for the year when this
\nmovement is applied to the carrying value of loans, borrowings, cash and short-term deposits.
\nEffect on pro\ufb01t before tax
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nSterling:
\n100 basis point increase
(0.6)
(0.6)
\n200 basis point increase
(1.2)
(1.2)
\nThere was no impact on equity in either year as a consequence of loan arrangements.
\nThe Group did not enter into any \ufb01xed-to-\ufb02oating or \ufb02oating-to-\ufb01xed interest rate swaps in either year.
\n(b) Credit risk
\nCredit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading to a
\n\ufb01nancial loss. The Group is exposed to credit risk from its operating activities (primarily for other receivables) and from its \ufb01nancing
\nactivities, including deposits with banks and \ufb01nancial institutions, foreign exchange transactions and other \ufb01nancial instruments.
\nFinancial instruments and cash deposits
\nCredit risk from balances with banks and \ufb01nancial institutions is managed by the Group\u2019s treasury department in accordance with
\nthe Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
\ncounterparty. Counterparty credit limits are reviewed by the Chief Financial Of\ufb01cer and may be updated throughout the year subject
\nto the approval of the Group\u2019s Finance Committee. The limits are set to minimise the concentration of risks and therefore mitigate
\n\ufb01nancial loss through potential counterparty failure.
\nThe credit worthiness of each counterparty is checked against independent credit ratings on at least a weekly basis, with a minimum
\nrating of \u2018BB\u2019. The Group predominantly invests with its lending banks when appropriate.
\nSales to retail customers are settled in cash or using major credit and debit cards and therefore the exposure to credit risk is not
\nconsidered signi\ufb01cant.
\nNo credit limits were exceeded during the reporting period and management does not expect any material losses from non-performance
\nof its counterparties.
\n(c) Liquidity risk
\nLiquidity risk is the risk that the Group will not have suf\ufb01cient funds to meet its liabilities. Cash forecasts identifying the liquidity
\nrequirements of the Group are produced monthly. The cash forecasts are sensitivity tested for different scenarios and are reviewed
\nregularly. Forecast \ufb01nancial headroom and debt covenant compliance is reviewed monthly during the month-end process to ensure
\nsuf\ufb01cient headroom exists for at least a 12-month period.
\nDue to the dynamic nature of the underlying businesses, Group treasury aims to maintain \ufb02exibility in funding by keeping committed
\ncredit lines available. A three-year strategic forecast is prepared annually to facilitate planning for future \ufb01nancing needs.
\nManagement actively manages the Group\u2019s \ufb01nancing requirements and the range of maturities on its debt.
\nThe Group\u2019s core debt facilities comprise of \u00a380.0m bi-lateral revolving credit facilities (30 June 2022: \u00a380.0m) expiring July 2023
\n(\u00a325m), May 2024 (\u00a340.0m) and February 2025 (\u00a315.0m), and the \u00a344.4m term loan facility (30 June 2022: \u00a378.8m). On 7 August 2023,
\nthe Group signed a new RCF for \u00a325.0m with one of its relationship banks. In addition, the Group\u2019s existing \u00a380.0m of RCFs were
\nreduced to a total of \u00a375.0m, with each bank providing \u00a325.0m, giving the Group a total RCF of \u00a3100m. \u00a325.0m of which expires in
\nNovember 2024, with the remaining \u00a375.0m expiring in February 2025. The Group proactively manages its relationships with its
\nlending group.
\nThe funding policy of the Group is to maintain, as far as practicable, a broad portfolio of debt diversi\ufb01ed by source and maturity,
\nand to maintain committed facilities suf\ufb01cient to cover seasonal peak anticipated borrowing requirements.
\n
\n
\n
\n
\nThe table below summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on contractual undiscounted payments.
\nOn demand
\n\u00a3m
\nLess than
\n12 months
\n\u00a3m
\n1 to 2 years
\n\u00a3m
\n2 to 5 years
\n\u00a3m
\nGreater than
\n5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 30 June 2023
\nInterest-bearing loans and borrowings
\n1
\n1.5
62.4
\u2013
\u2013
\u2013
63.9
\nTrade and other payables
\u2013
92.9
\u2013
\u2013
\u2013
92.9
\nLease liabilities
\u2013
42.2
25.9
60.4
40.5
169.0
\n1.5
197.5
25.9
60.4
40.5
325.8
\nAt 30 June 2022
\nInterest-bearing loans and borrowings
\n1
\n\u2013
36.3
45.2
\u2013
\u2013
81.5
\nTrade and other payables
\u2013
101.8
\u2013
\u2013
\u2013
101.8
\nLease liabilities
\u2013
40.4
25.8
72.8
42.7
181.7
\n\u2013
178.5
71.0
72.8
42.7
365.0
\n1.
Interest payments on the interest-bearing loans and borrowings have been projected until the instruments mature. The bank facility interest payments were based
\non current SONIA as at the reporting date.
\nCapital management
\nAs a result of the dif\ufb01cult conditions that developed in the global capital markets in recent years, the Group\u2019s objectives when
\nmanaging capital have been to ensure continuing access to existing debt facilities and to manage the borrowing cost of those facilities
\nin order to minimise the Group\u2019s interest charge.
\nConsistent with others in the gaming industry, the Group monitors capital on the basis of leverage ratio. The ratio is calculated as net
\ndebt divided by EBITDA. Net debt is calculated as total borrowings (including \u2018loans and borrowings\u2019 as shown in the Group balance
\nsheet) less cash and short-term deposits, accrued interest and unamortised facility fees. EBITDA is calculated as operating pro\ufb01t
\nbefore SDI, depreciation and amortisation from continuing operations.
\nDue to the impact of COVID-19 on the Group\u2019s performance and resultant negative EBITDA the ratio for the year ended 30 June 2021
\ndoes not provide a useful monitor of capital and therefore has not been shown.
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nTotal loans and borrowings (note 20)
232.7
259.7
\nLess: Cash and short-term deposits
(60.0)
(95.7)
\nLess: Accrued interest
(0.4)
(0.5)
\nLess: Unamortised facility fees
0.6
1.3
\nNet debt
172.9
164.8
\nOperating pro\ufb01t (loss) before SDI from continuing operations
19.1
38.5
\nAdd: Depreciation and amortisation
58.0
67.4
\nEBITDA
77.1
105.9
\nLeverage ratio
2.2
1.6
\nCollateral
\nThe Group did not pledge or hold any collateral at 30 June 2023 (30 June 2022: \u00a3nil).
\nCompany
\nThe maximum exposure to credit risk at the reporting date is the fair value of its cash and short-term deposits of \u00a3nil (30 June 2022: \u00a3nil).
\nThe Company does not have any other signi\ufb01cant exposure to \ufb01nancial risks.
\n
\n
\n
\n22 Deferred tax
\nThe analysis of deferred tax included in the \ufb01nancial statements at the end of the year is as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nDeferred tax assets:
\nAccelerated capital allowances
11.1
14.6
\nTax losses carried forward
31.9
9.2
\nOther UK temporary differences
5.7
5.8
\nDeferred tax assets
48.7
29.6
\nDeferred tax liabilities:
\nOther overseas temporary differences
(2.6)
(3.5)
\nBusiness combinations \u2013 acquired intangibles
(1.6)
(0.7)
\nBusiness combinations \u2013 non-qualifying properties
\u2013
(0.6)
\nTemporary differences on UK casino licences
(38.4)
(43.9)
\nDeferred tax liabilities
(42.6)
(48.7)
\nNet deferred tax asset (liability)
6.1
(19.1)
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and current tax
\nliabilities and it is the intention to settle the balances on a net basis. Deferred tax assets and liabilities of \u00a341.1m (30 June 2022: \u00a328.2m)
\nhave been offset and disclosed on the balance sheet as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nDeferred tax assets
7.6
1.4
\nDeferred tax liabilities
(1.5)
(20.5)
\nNet deferred tax asset (liability)
6.1
(19.1)
\nThere is a net DTA of \u00a36.0m in respect of the UK, comprising DTAs of \u00a345.0m and DTLs of \u00a339.0m. Deferred tax assets are recognised
\nto the extent that it is probable that future taxable pro\ufb01ts will be available against which they can be used. Of the \u00a345.0m of DTAs,
\n\u00a320.3m are recognised based on future taxable pro\ufb01ts arising from the reversal of existing taxable temporary differences. The remaining
\n\u00a324.7m of DTAs are recognised based on future taxable pro\ufb01ts in excess of the pro\ufb01ts arising from the reversal of existing taxable
\ntemporary differences.
\nDeferred tax assets are reviewed at each reporting date taking into account the recoverability of the deferred tax assets, future
\npro\ufb01tability and any restrictions on use. In considering their recoverability, the Group takes into account all relevant and available
\nevidence to assess future pro\ufb01tability over a reasonably foreseeable time period. This consideration includes the fact that the UK group
\nhas suffered a loss for accounting and tax purposes in the current period. In assessing the probability of recovery, the Directors have
\nreviewed the Group\u2019s \ufb01ve-year Strategic Plan that has been used for both the Going Concern and the \ufb01xed asset impairment testing.
\nThis plan anticipates the existence of future taxable pro\ufb01ts as the Group continues its recovery from the impact on trading from
\nCOVID-19. This recovery is expected primarily in the Grosvenor business with recent and ongoing investment in refurbishing venues
\nand product enhancement driving additional revenues. Based on the Group\u2019s \ufb01ve-year Strategic Plan, the deferred tax asset recognised
\non tax losses is expected to be recovered by 2028.
\nIn addition to the above the Group has unrecognised UK tax losses of \u00a30.5m (30 June 2022: \u00a30.4m) and overseas tax losses of \u00a327.3m
\n(30 June 2022: \u00a316.1m) that are carried forward for offset against suitable future taxable pro\ufb01ts. No deferred tax asset has been
\nrecognised in relation to these losses as no utilisation is currently anticipated. Included in unrecognised tax losses are losses of \u00a31.4m
\nthat will expire between 2027 and 2029 (30 June 2022: \u00a31.9m that will expire between 2026 and 2029). Other losses will be carried
\nforward inde\ufb01nitely.
\nThe Group has UK capital losses carried forward of \u00a3779m (30 June 2022: \u00a3779m). These losses have no expiry date and are available
\nfor offset against future UK chargeable gains. No deferred tax asset (30 June 2022: \u00a3nil) has been recognised in respect of these
\ncapital losses as no further utilisation is currently anticipated.
\nTemporary differences associated with Group investments
\nThere was no deferred tax liability recognised (30 June 2022: \u00a3nil) for taxes that would be payable on the unremitted earnings of
\ncertain subsidiaries. The Group has determined that any unremitted earnings that do not fall within the dividend exemption introduced
\nin the Finance Act 2009 will not be distributed in the foreseeable future and the parent company does not foresee giving such consent
\nat the balance sheet date.
\n
\n
\n
\n
\nThe deferred tax included in the Group income statement is as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nDeferred tax in the income statement
\nAccelerated capital allowances
(3.5)
(5.0)
\nTax losses
22.7
(0.3)
\nBusiness combinations \u2013 property lease fair value adjustments
0.6
0.1
\nTemporary differences on UK casino licences
5.5
2.9
\nOther temporary differences
(0.2)
(1.7)
\nTotal deferred tax credit/(charge)
25.1
(4.0)
\nThe deferred tax movement on the balance sheet is as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at start of year
(19.1)
(14.7)
\nExchange adjustments
0.1
(0.1)
\nAcquisition of Rank Interactive Limited
\u2013
(0.3)
\nDeferred tax (charge) credit in the income statement
25.1
(4.0)
\nDeferred tax credit to equity
\u2013
\u2013
\nAs at end of year
6.1
(19.1)
\n23 Provisions
\nGroup
\nProperty-
\nrelated
\nprovision
\n\u00a3m
\nDisposal
\nprovision
\n\u00a3m
\nIndirect tax
\nprovision
\n\u00a3m
\nPay
\nprovision
\n\u00a3m
\nWarranty
\nprovision
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 1 July 2022
6.8
3.9
1.2
0.1
0.5
12.5
\nCreated
28.7
\u2013
\u2013
\u2013
\u2013
28.7
\nCharge to the income statement \u2013 SDI
7.4
\u2013
\u2013
\u2013
\u2013
7.4
\nRelease to the income statement \u2013 SDI
(3.2)
(3.7)
\u2013
\u2013
(0.3)
(7.2)
\nUtilised in the year
(2.4)
\u2013
\u2013
\u2013
\u2013
(2.4)
\nAt 30 June 2023
37.3
0.2
1.2
0.1
0.2
39.0
\nCurrent
5.6
0.2
1.2
0.1
0.2
7.3
\nNon-current
31.7
\u2013
\u2013
\u2013
\u2013
31.7
\nTotal
37.3
0.2
1.2
0.1
0.2
39.0
\nProvisions have been made based on management\u2019s best estimate of the future cash \ufb02ows, taking into account the risks associated
\nwith each obligation.
\nProperty-related provisions
\nWhere the Group no longer operates from a leased property, onerous property contract provisions are recognised for the least net cost
\nover the expected economic bene\ufb01ts. Unless a separate exit agreement with a landlord has already been agreed, the Group\u2019s policy
\nis that this onerous contract provision includes all unavoidable costs of meeting the obligations of the contract. The amounts provided
\nare based on the Group\u2019s best estimates of the likely committed out\ufb02ows and site closure dates. These provisions do not include lease
\nliabilities, however do include unavoidable costs related to the lease such as service charges, insurance and other directly related
\ncosts. As at 30 June 2023, property related provision include \u00a334.4m (2022: \u00a31.7m) provision for dilapidations and \u00a32.8m (2022: \u00a35.1m)
\nonerous contracts provision.
\nProvisions for dilapidations are recognised where the Group has the obligation to make-good its leased properties. Following the recent
\nclosures of venues in FY21, FY22 and FY23, the possibility of future closures and the downturn in the trading outlook, together with
\na hardening position from landlords and recessionary environment making certain properties less attractive, the Group recognised
\nan additional asset and liability of \u00a328.7m. These provisions are recognised based on historically settled dilapidations which form the
\nbasis of the estimated future cash out\ufb02ows. Any difference between amounts expected to be settled and the actual cash out\ufb02ow will
\nbe accounted for in the period when such determination is made within the income statement.
\n
\n
\n
\n
\nWhere the Group is able to exit lease contracts before the expiry date or agree sublets, this results in the release of any associated
\nproperty provisions. Such events are subject to the agreement of the landlord, therefore the Group makes no assumptions on the ability
\nto either exit or sublet a property until a position is contractually agreed.
\nDisposal provisions
\nIn prior years, a provision has been made for legacy industrial disease and personal injury claims, and other directly attributable costs
\narising as a consequence of the sale or closure of previously owned businesses.
\nDuring the period, the Group have re-considered this provision by reviewing the historic claims and any \ufb01nal settlements made.
\nThe nature and timing of any personal injury claims is uncertain and therefore, in most cases, the payment could not be determined
\nas probable. It was therefore determined necessary to release the provision of \u00a33.7m and recognise the possible settlement of legacy
\nindustrial disease and personal injury claims as a contingent liability (see note 32).
\nIndirect tax provision
\nThe indirect tax provision relates to an amusement machine licence duty claim by HMRC. The balance of \u00a31.2m (30 June 2022: \u00a31.2m)
\nrepresents the Directors\u2019 best estimate of the out\ufb02ow likely to arise.
\nPay provision
\nThe balance of \u00a30.1m (30 June 2022: \u00a30.1m) relates to the remaining settlements associated with the National Minimum Wage
\nRegulations for those employees for whom the Group is still in contact for payment details.
\nWarranty provision
\nAs a result of the Group\u2019s sale of its Blankenberge Casino in Belgium, a warranty provision of \u00a30.8m was recognised in SDI as at
\n30 June 2021. This amount represented Rank\u2019s best estimate of liability in relation to certain indemnities and warranties provided
\nto the purchaser. In the event that the provision for warranties is not called upon over the \ufb01ve-year period, this amount will be released
\nto the Group income statement as an additional pro\ufb01t on sale. During the year, the Group recognised \u00a30.3m additional pro\ufb01t on sale
\nwithin the SDI of the Group income statement (30 June 2022: \u00a30.2m). The release in the year represents Rank\u2019s best estimate of
\nliabilities that have now passed due to the passage of time in which the purchaser can no longer claim.
\nCompany
\nIn prior years, a provision has been made for legacy industrial disease and personal injury claims, and other directly attributable costs
\narising as a consequence of the sale or closure of previously owned businesses.
\nDuring the period, the Company have re-considered this provision by reviewing the historic claims and any \ufb01nal settlements made.
\nThe nature and timing of any personal injury claims is uncertain and therefore, in most cases, the payment could not be determined
\nas probable. It was therefore determined necessary to release the provision of \u00a31.0m and recognise the possible settlement of legacy
\nindustrial disease and personal injury claims as a contingent liability (see note 32).
\n24 Share capital and reserves
\nAs at 30 June 2023
As at 30 June 2022
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nAuthorised ordinary shares of 13
\n8
\n/
\n9
\np each
1,296.0
180.0
1,296.0
180.0
\nIssued and fully paid
\nAs at 30 June 2023
As at 30 June 2022
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nAt start of the year
468.4
65.0
468.4
65.0
\nAt end of the year
468.4
65.0
468.4
65.0
\nShare premium
\nAs at 30 June 2023
As at 30 June 2022
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nAt start of the year
468.4
155.7
468.4
155.7
\nAt end of the year
468.4
155.7
468.4
155.7
\nTotal shares in issue at 30 June 2023 are 468,429,541 (2022: 468,429,541).
\n
\n
\n
\n
\n25 Notes to cash flow
\nReconciliation of (Loss)/pro\ufb01t for the year to cash generated from operations:
\nGroup
Company
\nNote
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June 2022
\n(restated)
\n\u00a3m
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n20
22
\n\u00a3m
\nLoss/pro\ufb01t for the year
(95.3)
64.9
(202.2)
(14.5)
\nAdjustments for:
\nDepreciation and amortisation
60.1
67.4
\u2013
\u2013
\nAmortisation of arrangement fees
1.3
\u2013
\u2013
\u2013
\nLoss on disposal of assets
0.2
\u2013
\u2013
\u2013
\nNet \ufb01nancing charge
12.3
13.4
33.7
15.5
\nIncome tax expense (credit)
0.6
6.4
(12.4)
\u2013
\nShare-based payments
1.1
(0.3)
\u2013
\u2013
\nSeparately disclosed items
101.5
(46.2)
182.6
\u2013
\n81.8
105.6
1.7
1.0
\nDecrease (increase) in inventories
0.2
(0.3)
\u2013
\u2013
\nDecrease (increase) in other receivables
11.2
(18.4)
(8.3)
\u2013
\n(Decrease) increase in trade and other payables
(8.4)
12.5
29.6
14.6
\n84.8
99.4
23.0
15.6
\nCash utilisation of provisions (see note 23)
(2.4)
(1.8)
(1.7)
(0.1)
\nCash (payments) receipts in respect of separately disclosed items
(7.1)
72.4
\u2013
\u2013
\nCash generated from operations
75.3
170.0
21.3
15.5
\nThe Group restated the prior year cash \ufb02ow format to start from pro\ufb01t for the year instead of operating pro\ufb01t. This method provides
\nmore comprehensive information which would be useful to the reader of the consolidated and Company \ufb01nancial statements.
\n26 Cash and short-term deposits
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCash at bank and on hand
58.1
75.7
\nShort-term deposits
1.9
20.0
\nTotal
60.0
95.7
\nThe analysis of cash and short-term deposits by currency is as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nSterling
42.8
78.3
\nEuro
14.3
14.1
\nOthers
2.9
3.3
\nTotal
60.0
95.7
\nCash at bank earns interest at \ufb02oating rates based on daily bank deposit rates. Short-term deposits are made for varying periods
\ndepending on the immediate cash requirements of the Group and earn interest at the respective short-term deposit rates.
\nIncluded in cash is \u00a38.9m (2022: \u00a38.0m) relating to customer funds which is matched by liabilities to customers of equal value within
\ntrade and other payables (note 18).
\nCompany
\nAt 30 June 2023 the Company had cash and short-term deposits of \u00a3nil (30 June 2022: \u00a3nil).
\n
\n
\n
\n27 Reconciliation of cash flow from financing activities
\nReconciliation of net debt:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nCash and cash equivalents
58.5
95.7
\nLoans and borrowings
(62.4)
(78.8)
\nLease liabilities
(169.0)
(181.7)
\nNet debt
(172.9)
(164.8)
\nFor the purpose of the statements of cash \ufb02ow, cash and cash equivalents comprise the following:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nCash at bank and on hand
58.1
75.7
\nShort-term deposits
1.9
20.0
\n60.0
95.7
\nBank overdrafts
(1.5)
\u2013
\nTotal
58.5
95.7
\nChanges in liabilities arising from \ufb01nancing activities:
\nTransactions year ended
\n30 June 2022
\nAs at
\n30 June
\n2023
\n\u00a3m
Cash \ufb02ow
\nNon-cash
\nchanges
\nAs at
\n30 June
\n2022
\n\u00a3m
\nLease liabilities
169.0
(43.6)
30.9
181.7
\nTerm loans
44.4
(34.5)
0.1
78.8
\nRevolving credit facility
18.0
18.0
\u2013
\u2013
\nTotal borrowings
231.4
(60.1)
31.0
260.5
\n
\n
\n
\n
\n
28 Employees and Directors
\n(a) Employee benefit expense for the Group during the year
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nWages and salaries
182.6
168.4
\nSocial security costs
17.7
16.7
\nPension costs
5.5
5.1
\nShare-based payments
1.1
(0.3)
\n206.9
189.9
\nThe Company has no employees (year ended 30 June 2022: nil).
\n(b) Average monthly number of employees
\nFull-time
\nYear ended
\n30 June
\n2023
\nPart-time
\nYear ended
\n30 June
\n2023
\nTotal
\nYear ended
\n30 June
\n2023
\nFull-time
\nYear ended
\n30 June
\n2022
\nPart-time
\nYear ended
\n30 June
\n2022
\nTotal
\nYear ended
\n30 June
\n2022
\nGrosvenor Venues
2,401
1,502
3,903
2,558
1,515
4,073
\nMecca Venues
364
1,287
1,651
573
1,385
1,958
\nDigital
733
19
752
660
17
677
\nEnracha Venues
484
82
566
435
70
505
\nCentral Costs
355
16
371
343
17
360
\n4,337
2,906
7,243
4,569
3,004
7,573
\n(c) Key management compensation
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nSalaries and short-term employee bene\ufb01ts (including social security costs)
1.8
2.3
\nTermination bene\ufb01ts
\u2013
\u2013
\nPost-employment bene\ufb01ts
0.1
0.1
\nShare-based payments
\u2013
0.1
\n1.9
2.5
\nIncluded in key management compensation are bonuses of \u00a3nil in respect of the current year (year ended 30 June 2022: \u00a3nil).
\nKey management is de\ufb01ned as the Senior Management Team of the Group excluding the Executive Directors, details of which are
\nset out on page 103 and at www.rank.com. Further details of the emoluments received by the Executive Directors are included in the
\nRemuneration Report.
\n(d) Directors\u2019 interests
\nThe Directors\u2019 interests in shares of the Company, including conditional awards under the Long-Term Incentive Plan, are detailed
\nin the Remuneration Report.
\n(e) Total emoluments of the Directors of The Rank Group plc
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nSalaries and short-term employee bene\ufb01ts (including social security costs)
1.5
1.3
\nPost-employment bene\ufb01ts
\u2013
0.1
\nShare-based payments
0.1
0.1
\n1.6
1.5
\nNo Director accrued bene\ufb01ts under de\ufb01ned bene\ufb01t pension schemes in neither year nor is a member of the Group\u2019s de\ufb01ned contribution
\npension plan in either year. Further details of emoluments received by Directors, including the aggregate amount of gains made by
\nDirectors upon the vesting of conditional share awards, are disclosed in the Remuneration Report on page 123.
\n
\n
\n
\n
29 Share-based payments
\nDuring the year ended 30 June 2023, the Company operated an equity-settled Long-Term Incentive Plan (\u2018LTIP\u2019). Further details of the
\nLTIP are included in the Remuneration Report on pages 123 to 125. The LTIP is an equity-settled scheme and details of the movements
\nin the number of shares are shown below:
\nAs at
\n30 June
\n2023
\nAs at
\n30 June
\n2022
\nOutstanding at start of the year
8,108,854
7,518,376
\nGranted
5,773,421
3,937,473
\nExercised
(148,858)
(98,489)
\nExpired
(2,561,969)
(1,802,540)
\nForfeited
(845,548)
(1,445,966)
\nOutstanding at end of the year
10,325,900
8,108,854
\nWeighted average remaining life
0.8 years
1.6 years
\nWeighted average fair value for shares granted during the year (p)
33.2p
101.13p
\nThere are six LTIP awards currently in issue during the \ufb01nancial year ended 30 June 2023.
\nLTIP \u2013 2017/18 award
\nVests in three tranches; 33.3% in October 2021, 33.3% in October 2022 and 33.3% in October 2023. All LTIP awards have a \u00a3nil
\nexercise price.
\nLTIP \u2013 2020/21 award
\nVests in a single tranche in December 2023. All LTIP awards have a \u00a3nil exercise price.
\nLTIP \u2013 2021/22 award
\nVests in a single tranche in September 2024. All LTIP awards have a \u00a3nil exercise price.
\nRecovery Incentive Scheme (RIS) \u2013 2021/22 award
\nVests in a single tranche in October 2023 for the non-executive RIS. Vests in two tranches; 50% in October 2022 and 50% in October 2023
\nfor the executive RIS. All RIS awards have a \u00a3nil exercise price.
\nLTIP \u2013 2021/22 Exec award
\nVests in two tranches. 50% in May 2023 and 50% in March 2024. All LTIP awards have a \u00a3nil exercise price.
\nLTIP \u2013 2022/23 award
\nVests in a single tranche in September 2025. All LTIP awards have a \u00a3nil exercise price.
\nThe number of LTIP awards and the fair value per share granted during the year were as follows:
\n30 June
\n2023
\n30 June
\n2022
\nNumber
5,773,421
2,215,812
\nWeighted average fair value per share
33.2p
74.1p
\n
\n
\n
\n
\n
The fair value of the LTIP awards granted during the year is based on the market value of the share award at grant date less
\nthe expected value of dividends forgone. The following table lists the inputs used in assessing the fair value of the share awards:
\n30 June
\n2023
\n30 June
\n2022
\nDividend yield (%)
2.00
2.00
\nVesting period (years)
3.00
2.00
\nWeighted average share price (p)
75.9p
173.0
\nThe number of RIS awards and the fair value per share granted during the prior year were as follows:
\n30 June
\n2022
\nNumber
1,535,025
\nWeighted average fair value per share
162.9p
\nThe number of LTIP Exec awards and the fair value per share of the LTIP Exec awards granted during the prior year were as follows:
\n30 June
\n2022
\nNumber
186,636
\nWeighted average fair value per share
110.1p
\nThe fair value of the LTIP Exec awards granted during the prior year is based on the market value of the share award at grant date
\nless the expected value of dividends forgone. The following table lists the inputs used in assessing the fair value of the share awards:
\n30 June
\n2022
\nDividend yield (%)
2.00
\nVesting period (years)
2.00
\nWeighted average share price (p)
106.0
\nTo the extent that grants are subject to non-market based performance conditions, the expense recognised is based on expectations
\nof these conditions being met, which are reassessed at each balance sheet date. The Group recognised a \u00a31.1m charge (30 June 2022:
\n\u00a30.3m credit) in operating pro\ufb01t for costs of the scheme in the current year.
\n30 Retirement benefits
\nDe\ufb01ned contribution scheme
\nThe Group operates the Rank Group Stakeholder Pension Plan (\u2018the Plan\u2019) which is externally funded and the Plan\u2019s assets are held
\nseparately from Group assets. During the year ended 30 June 2023, the Group contributed a total of \u00a35.5m (year ended 30 June 2022:
\n\u00a32.4m) to the Plan. There were no signi\ufb01cant contributions outstanding at the balance sheet date in either year.
\nOther pension commitment
\nThe Group has an unfunded pension commitment relating to three former executives of the Group. At 30 June 2023, the Group\u2019s
\ncommitment was \u00a33.4m (30 June 2022: \u00a33.6m). The Group paid \u00a30.2m (year ended 30 June 2022: \u00a30.2m) in pension payments during
\nthe year. The actuarial gain arising on the commitment, resulting from the changes in assumptions outlined below in the year was
\n\u00a3nil (year ended 30 June 2022: \u00a30.1m) before taxation and \u00a3nil after taxation (year ended 30 June 2022: \u00a30.1m).
\n30 June
\n2023
\n% p.a.
\n30 June
\n2022
\n% p.a.
\nDiscount rate
5.1
3.8
\nPension increases
5.0
4.9
\nThe obligation has been calculated using the S2 mortality tables with a 1.5% per annum improvement in life expectancy.
\n
\n
\n
\n
31 Leases
\nGroup as a Lessee
\nThe Group leases various properties and equipment. Rental contracts are made for various \ufb01xed periods ranging up to 94 years.
\nLease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements
\ndo not impose any covenants, but leased assets may not be used as security for borrowing purposes.
\nIn determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise
\nan extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended
\n(or not terminated). The assessment is reviewed if a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs which
\naffects this assessment and that is within the control of the Group as a lessee.
\nSet out below are the carrying amounts of lease liabilities and the movements during the period:
\n30 June
\n2023
\n\u00a3m
\n30 June
\n2022
\n\u00a3m
\nAt the beginning of the year
181.7
206.9
\nAdditions
47.8
21.9
\nAccretion of interest
6.5
6.6
\nPayments
(66.6)
(53.7)
\nForeign exchange
(0.4)
\u2013
\nAt the end of the year
169.0
181.7
\nCurrent liabilities
42.2
40.4
\nNon-current liabilities
126.8
141.3
\nTotal
169.0
181.7
\nThe maturity analysis of lease liabilities are disclosed below:
\nAs at 30 June 2023
\nPresent value
\nof the
\nminimum
\nlease
\npayments
\n\u00a3m
\nTotal
\nminimum
\nlease
\npayments
\n\u00a3m
\nWithin 1 year
42.2
49.1
\nAfter 1 year but within 2 years
25.9
30.2
\nAfter 2 years but within 5 years
60.4
70.3
\nAfter 5 years
40.5
47.2
\n169.0
196.8
\nLess: total future interest expenses
(27.8)
\nPresent value of lease liabilities
169.0
\nThe following are the amounts recognised in the Group income statement:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nDepreciation expense of right-of-use assets
20.9
\nInterest expense on lease liabilities
6.5
\nTotal amount recognised in the income statement
27.4
\nThe Group has several lease contracts that include extension and termination options. These options are negotiated by management
\nto provide \ufb02exibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises
\nsigni\ufb01cant judgement in determining whether these extension and termination options are reasonably certain to be exercised.
\n
\n
\n
\n
\n
Group as a lessor
\nThe Group is party to a number of leasehold property contracts. Where appropriate the Group will sub-let properties which are vacant,
\nin order to derive lease income which is shown net of lease costs. Lease income as at 30 June 2023 from lease contracts in which the
\nGroup sub-lets certain property space is \u00a31.7m (year ended 30 June 2022: \u00a31.0m).
\nFuture minimum rentals receivable under non-cancellable operating leases as at 30 June are as follows:
\nAs at
\n30 June
\n2023
\nTotal
\nminimum
\nlease
\npayments
\n\u00a3m
\nWithin 1 year
2.6
\nAfter 1 year but within 2 years
0.9
\nAfter 2 years but within 5 years
1.0
\nAfter 5 years
1.7
\nTotal
6.2
\nCapital commitments
\nAt 30 June 2023, the Group has contracts placed for future capital expenditure of \u00a36.2m (30 June 2022: \u00a315.3m).
\n32 Contingent liabilities and contingent assets
\nContingent liabilities
\nGroup
\nProperty arrangements
\nThe Group has certain property arrangements under which rental payments revert to the Group in the event of default by the third
\nparty. At 30 June 2023, it is not considered probable that the third party will default. As such, no provision has been recognised in
\nrelation to these arrangements. If the third party were to default on these arrangements, the obligation for the Group would be \u00a30.8m
\non a discounted basis.
\nLegal and regulatory landscape
\nGiven the nature of the legal and regulatory landscape of the industry, from time to time the Group receives notices and
\ncommunications from regulatory authorities and other parties in respect of its activities and is subject to compliance assessments
\nof its licensed activities.
\nThe Group recognises that there is uncertainty over any \ufb01nes or charges that may be levied by regulators as a result of past events
\nand depending on the status of such reviews, it is not always possible to reliably estimate the likelihood, timing and value of potential
\ncash out\ufb02ows.
\nDisposal claims
\nAs a consequence of historic sale or closure of previously owned businesses, the Group may be liable for legacy industrial disease
\nand personal injury claims alongside any other directly attributable costs. The nature and timing of these claims is uncertain and
\ndepending on the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the likelihood, timing and
\nvalue of potential cash out\ufb02ows.
\nContingent consideration
\nOn 21 April 2022, the Group completed the purchase of the remaining 50% shareholding of Rank Interactive Limited (formerly known
\nas Aspers Online Limited) for a total consideration \u00a31.3m. Of this consideration, \u00a30.5m was paid in cash on completion in lieu of the
\noutstanding loan balance the Company owed to the seller and \u00a30.8m in contingent consideration included in Trade and other payables
\nof the Group balance sheet. The contingent consideration will be equivalent to a percentage of the net gaming revenue generated from
\nthe acquired customer database. A present value of \u00a30.8m has been provisionally recognised for the contingent consideration and is
\ndependent upon the date a competing online gaming operation is established.
\nAt 30 June 2023, the Group settled \u00a30.4m of the contingent consideration leaving a balance of \u00a30.4m.
\nCompany
\nDisposal claims
\nAs a consequence of historic sale or closure of previously owned businesses, the Group may be liable for legacy industrial disease
\nand personal injury claims alongside any other directly attributable costs. The nature and timing of these claims is uncertain and
\ndepending on the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the likelihood, timing and
\nvalue of potential cash out\ufb02ows.
\nGuarantees
\nAt 30 June 2023, the Company has made guarantees to subsidiary undertakings of \u00a345.0m (30 June 2022: \u00a379.5m).
\n
\n
\n
\n
33 Related party transactions
\nGroup
\nDetails of compensation paid to key management are disclosed in note 28.
\nEntities with significant influence over the Group
\nGuoco Group Limited (Guoco), a company incorporated in Bermuda, and listed on the Hong Kong Stock Exchange has a controlling
\ninterest in The Rank Group Plc. The ultimate parent undertaking of Guoco is GuoLine Capital Assets Limited (\u2018GuoLine\u2019) which is
\nincorporated in Jersey. At 30 June 2023, entities controlled by GuoLine owned 57.4% (30 June 2022: 56.1%) of the Company\u2019s shares,
\nincluding 53.3% (30 June 2022: 52.0%) through Guoco\u2019s wholly-owned subsidiary, Rank Assets Limited, the Company\u2019s immediate
\nparent undertaking. Hong Leong Company (Malaysia) Berhad (\u2018Hong Leong\u2019) was the ultimate parent company of Guoco until
\n16 April 2021 whereupon, following an internal restructure, GuoLine became the ultimate parent company of Guoco.
\nFor further information see page 149.
\nCompany
\nThe following transactions with subsidiaries occurred in the year:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nInterest payable to subsidiary undertaking
(33.7)
(15.0)
\nDuring the year, Rank Group Finance Plc, a subsidiary of the Company, received cash from the Company of \u00a3nil (year ended 30 June 2022:
\nreceived cash from the Company of \u00a30.1m).
\n34 Acquisition of subsidiary undertakings
\nOn 21 April 2022, the Group completed the purchase of the remaining 50% shareholding of Rank Interactive Limited (formerly known
\nas Aspers Online Limited) for a total consideration \u00a31.3m. Of this consideration, \u00a30.5m was paid in cash on completion in lieu of the
\noutstanding loan balance the Company owed to the seller and \u00a30.8m in contingent consideration. The contingent consideration will
\nbe equivalent to a percentage of the net gaming revenue generated from the acquired customer database. A present value of \u00a30.8m has
\nbeen provisionally recognised for the contingent consideration and is dependent upon the date a competing online gaming operation
\nis established.
\nAt the date of acquisition, the fair value of assets acquired and liabilities assumed, goodwill and consideration, including the fair value
\nof the Group\u2019s pre-acquisition 50% shareholding at the acquisition date, are outlined below. The fair value of operational cash and trade
\nand other payables totalling \u00a30.5m corresponds to their book value.
\n\u00a3m
\nCustomer relationships
1.4
\nCash
0.1
\nTrade and other payables
(0.6)
\nDeferred tax liability
(0.4)
\nNet assets acquired
0.5
\nGoodwill
2.1
\nTotal consideration
2.6
\n
\n
\n
\n
\n
The fair value of each component of consideration is analysed as:
\n\u00a3m
\nCash
\n1
\n\u2013
\nLoan settlement
0.5
\nContingent cash consideration
0.8
\nFair value of previously existing interest in joint venture
1.3
\nTotal
2.6
\n1.
Cash consideration of \u00a31 for shares.
\nThe identi\ufb01ed intangible assets recognised separately from goodwill are as follows:
\n\u00a3m
\nCustomer relationships
1.4
\nTotal
1.4
\nThe goodwill consists of future revenue opportunities attributable to new customers, the new brands and development of technology
\nand amounts that are required for general operational purposes. No amount of the goodwill recognised is expected to be deductible
\nfor tax purposes.
\nAt the date of acquisition, the Group recognised a gain of \u00a30.8m on remeasurement of its pre-acquisition 50% shareholding and
\nacquisition related costs of \u00a30.02m both of which were recognised as SDIs in the Group income statement.
\nIn the year ended 30 June 2022, Rank Interactive Limited contributed statutory revenue of \u00a30.8m and pro\ufb01t before tax of \u00a3nil. If the
\nacquisition had occurred at the beginning of the year, the continuing statutory revenues of the entity in the 12 months to 30 June 2022
\nwould have been \u00a36.1m and loss before tax would have been \u00a30.2m.
\nAt 30 June 2023, the Group settled \u00a30.4m of the contingent consideration leaving a balance of \u00a30.4m.
\n35 Post balance sheet events
\nIn August 2023, the Group secured a \ufb01nancing package which totalled \u00a3100m of revolving credit facilities. \u00a325m is committed until
\nNovember 2024 and the remaining \u00a375m is committed until February 2025. The Group subsequently repaid the remaining term loan
\nof \u00a344.4m.",
"dimensions": {
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"f22394": {
"value": "The Rank Group Plc (\u2018the Company\u2019) and its subsidiaries (together \u2018the Group\u2019) for the
\nyear ended 30 June 2023 were authorised
\nfor issue in accordance with a resolution
\nof the Directors on 16 August 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"value": "The Rank Group Plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"f22399": {
"value": "2023-06-30",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22404": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22408": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22409": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"f22410": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22415": {
"value": "The Group operates gaming services in Great Britain (including the Channel
\nIslands), Spain and India.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"f22424": {
"value": "Summary of significant accounting policies
\nThe principal accounting policies applied
\nin the preparation of these consolidated
\nand Company \ufb01nancial statements are
\nset out below. These policies have been
\nconsistently applied to all periods
\npresented, except where noted below.
\n1.1 Basis of preparation
\nThe consolidated and Company \ufb01nancial
\nstatements have been prepared under the
\nhistorical cost convention.
\n1.1.1 Statement of compliance
\nThe consolidated and Company \ufb01nancial
\nstatements have been prepared in
\naccordance with UK-adopted International
\nAccounting Standards. UK-adopted
\nInternational Accounting Standards
\nincludes standards issued by the
\nInternational Accounting Standards Board
\n(\u2018IASB\u2019) that are endorsed for use in the UK.
\n1.1.2 Going concern
\nIn adopting the going concern basis
\nfor preparing the \ufb01nancial information,
\nthe Directors have considered the
\ncircumstances impacting the Group during
\nthe year as detailed in the operating
\nreview on pages 12 to 73, including the
\nbudget for 2023/2024 (\u2018the base case\u2019),
\nthe long-range forecast approved by the
\nBoard, and recent trading performance.
\nThe Directors have reviewed the Group\u2019s
\nprojected compliance with its banking
\ncovenants and access to funding options
\nfor the 12 months ending 31 August 2024
\nfor the going concern period, and for the
\nsix months beyond the end of the going
\nconcern period for cliff edge events
\naffecting the going concern period,
\nsuch as the availability of revolving credit
\nfacilities or repayments of any term loans.
\nThe Directors recognise that there is
\ncontinued uncertainty at this time caused
\nby the slower than anticipated return
\nof customers to UK land-based leisure
\nentertainment venues, the impact of
\nmacroeconomic factors on consumer
\nsentiment and disposable incomes,
\ncontinued in\ufb02ationary pressures and
\nhigher interest rates and their overall
\nimpact on consumer demand and
\ndiscretionary spending. The Directors
\nnote that this has had an impact on the
\naccuracy of budgeting and forecasting
\nfor the current \ufb01nancial year, and this
\nhas been considered by management
\nwhen preparing their sensitivity review
\nfor the going concern period.
\nThe Directors have reviewed and
\nchallenged management\u2019s assumptions
\nfor the Group\u2019s base case view for the
\ngoing concern period. Key considerations
\nare the assumptions on the levels of
\ncustomer visits and their average spend
\nin the venues-based businesses, and the
\nnumber of \ufb01rst time and returning
\ndepositors in the digital businesses, and
\nthe average level of spend per visit for
\neach. The key base case assumptions
\non costs are as follows:
\n\u2013
Payroll costs are adjusted for increases
\nin the National Minimum Wage and pay
\nrise awarded in April 2024;
\n\u2013
Rent due during the 2023/2024 \ufb01nancial
\nyear is paid on time;
\n\u2013
Capital expenditure is in line with
\nstrategic plans;
\n\u2013
Standard payment terms are assumed
\nfor supplier payments.
\nThe base case view contains certain
\ndiscretionary costs within management
\ncontrol that could be reduced in the event
\nof a revenue downturn. These include
\nreductions to overheads, reductions
\nto marketing costs, reductions to the
\nvenues\u2019 operating costs and reductions
\nto capital expenditure.
\nThe committed \ufb01nancing position in
\nthe base case within the going concern
\nassessment period is that the Group
\ncontinues to have access to the following
\ncommitted facilities:
\n\u2013
Revolving credit facilities (\u2018RCF\u2019)
\ntotalling \u00a3100m are available to the
\nGroup through to November 2024.
\n\u2013
In November 2024, the facilities
\navailable to the Group reduces to \u00a375m,
\nmaturing in February 2025. Based
\non ongoing conversations with lenders
\nand the improving trading performance
\nof the Group, management has a
\nreasonable expectation that there will be
\na successful re\ufb01nancing of the facilities
\nbeyond February 2025.
\nAt the date of approval of the \ufb01nancial
\nstatements, \u00a350m of the \u00a3100m RCF had
\nbeen drawn down in order to repay the
\nterm loan.
\nIn undertaking their assessment, the
\nDirectors also reviewed compliance with
\nthe banking covenants (\u2018Covenants\u2019)
\nwhich are tested bi-annually at June and
\nDecember. The Group expects to meet the
\nCovenants throughout the going concern
\nperiod and as at December 2023 and June
\n2024 and have the cash available to meet
\nits liabilities as they fall due.
\nSensitivity Analysis
\nThe base case view re\ufb02ects the Directors\u2019
\nbest estimate of the outcome for the going
\nconcern period. A number of plausible
\nbut severe downside risks, including
\nconsideration of possible mitigating actions,
\nhave been modelled with particular focus
\non the potential impact to cash \ufb02ows,
\ncash headroom and covenant compliance
\nthroughout the going concern period.
\nThe three downside scenarios modelled are:
\n(i)
revenues in the Grosvenor business
\nfall by 23% and the Group experiences
\nadditional in\ufb02ationary costs compared
\nto the base case view, with
\nmanagement taking only mitigating
\nactions that have no effect on the
\nGroup\u2019s trading performance;
\n(ii)
revenues in Grosvenor fall by 20%
\nand Rank Interactive by 7% versus
\nthe base case view, with management
\ntaking a number of mitigating actions
\nincluding reduction in capital
\nexpenditure, reduction in marketing
\nand other overheads and the removal
\nof the Group planning contingency;
\n(iii)
a reverse stress test, revenues in
\nGrosvenor fall by 36% in the initial
\nyear, with management taking actions
\nas for scenario (ii) but with further
\nmitigating actions on employment
\ncosts and extending creditor days.
\nHaving modelled the downside scenarios,
\nthe indication is that the Group would
\ncontinue to meet its covenant requirements
\nin all scenarios and have available cash
\nto meet liabilities in all three scenarios
\n(for further details see note 20).
\nAccordingly, the Directors have a
\nreasonable expectation that the Group
\nhas adequate resources to continue in
\noperational existence for a period at least
\nthrough to 31 August 2024.
\n
\n
\n
\n
\n
\nFor these reasons, the Directors continue
\nto adopt the going concern basis for the
\npreparation of these consolidated and
\nCompany \ufb01nancial statements, and in
\npreparing the consolidated and Company
\n\ufb01nancial statements, they do not include
\nany adjustments that would be required to
\nbe made if they were prepared on a basis
\nother than going concern.
\nGoing Concern Statement
\nBased on the Group\u2019s cash \ufb02ow forecasts
\nand business plan, the Directors believe
\nthat the Group will generate suf\ufb01cient cash
\nto meet its liabilities as they fall due for the
\nperiod up to 31 August 2024. In making
\nsuch statement, the Directors highlight
\nforecasting accuracy in relation to the level
\nof trading performance achieved as the
\nkey sensitivity in the approved base case.
\nThe Directors have considered three
\ndownside scenarios which re\ufb02ects a
\nreduced trading performance, in\ufb02ationary
\nimpacts on the cost base and various
\nmanagement-controlled cost mitigations.
\nIn each of the three downside scenarios,
\nthe Group will generate suf\ufb01cient cash
\nto meet its liabilities as they fall due and
\nmeet its covenant requirements for the
\nperiod to 31 August 2024 with scenarios
\nii) and iii) requiring the implementation
\nand execution of mitigating cost actions
\nwithin the control of management.
\n1.1.3 Accounting estimates and
\njudgements
\nIn the application of the Group\u2019s
\naccounting policies, the Directors are
\nrequired to make judgements, estimates
\nand assumptions. The estimates and
\nassociated assumptions are based on
\nhistorical experience and other factors
\nthat are considered to be relevant. Actual
\nresults may differ from these estimates.
\nThe estimates and underlying
\nassumptions are reviewed on an ongoing
\nbasis. Revisions to accounting estimates
\nare recognised in the period in which the
\nestimate is revised if the revision affects
\nonly that period. If the revision affects
\nboth current and future periods then the
\nrevision to accounting estimate would be
\nre-elected in the period of the revision and
\nfuture periods.
\nCritical accounting judgements
\nThe following are the critical accounting
\njudgements, apart from those involving
\nestimates (which are dealt with separately
\nbelow) that the Directors have made
\nin the process of applying the Group\u2019s
\naccounting policies and that have the
\nmost signi\ufb01cant effect on the amounts
\nrecognised in the consolidated and
\nCompany \ufb01nancial statements.
\n(a) Separately disclosed items
\n(\u2018SDIs\u2019)
\nThe Group separately discloses certain
\ncosts and income that impair the visibility
\nof the underlying performance and trends
\nbetween periods. The SDIs are material
\nand infrequent in nature and/or do not
\nrelate to underlying business
\nperformance. Judgement is required
\nin determining whether an item should
\nbe classi\ufb01ed as an SDIs or included within
\nthe underlying results.
\nSDIs include but are not limited to:
\n\u2013 Amortisation of acquired intangible
\nassets;
\n\u2013
Pro\ufb01t or loss on disposal of businesses;
\n\u2013 Costs or income associated to the
\nclosure of venues;
\n\u2013 Acquisition and disposal costs
\nincluding changes to deferred
\nor contingent consideration;
\n\u2013 Impairment charges;
\n\u2013 Reversal of previously recognised
\nimpairment charges;
\n\u2013 Property-related provisions;
\n\u2013 Restructuring costs as part of an
\nannounced programme;
\n\u2013 Retranslation and remeasurement
\nof foreign currency contingent
\nconsideration;
\n\u2013 General dilapidations provision interest
\nunwinding;
\n\u2013 General dilapidations asset depreciation;
\n\u2013 Discontinued operations;
\n\u2013
Signi\ufb01cant, material proceeds from
\ntax appeals; and
\n\u2013 Tax impact of all the above.
\nFor further detail of those items included
\nas SDIs, refer to note 4.
\n(b) Climate change
\nThe Group continues to consider the impact
\nof climate change in the consolidated and
\nCompany \ufb01nancial statements and
\nconsiders that the most signi\ufb01cant impact
\nwould be in relation to the cost of energy
\nto the Group for which best estimates have
\nbeen factored into future forecasts, the
\ncarrying value of assets in the accounts,
\nalbeit this is not considered to have a
\nmaterial impact at the current time and
\nthe useful economic life of assets.
\nThe Group constantly monitors the
\nlatest government legislation in relation
\nto climate related matters. The approach
\ntaken by the Group to managing climate
\nrelated risks and opportunities is not static
\nbut re\ufb02ects continuous monitoring and
\nassessment of these issues including their
\npotential impact upon the business and
\nthe Group\u2019s impact on the environment.
\nThere is no material impact on
\nimpairment, provisions and fair values.
\n
\n
\n
\n
\n\n\nMore details of this approach can be seen
\non page 60. At the current time, no
\nlegislation has been passed that will impact
\nthe Group. The Group will adjust key
\nassumptions in value in use calculations
\nand sensitise these calculations should
\na change be required.
\n(c) Dilapidation costs
\nThe provision represents the estimated
\ncost of dilapidation at the end of the lease
\nterm of certain properties. The provision
\nis reviewed periodically and re\ufb02ects
\njudgement in the interpretation of lease
\nterms and negotiation positions with
\nlandlords including the likelihood that the
\ncurrent leasehold properties may be subject
\nto redevelopment at the end of lease term.
\nKey sources of estimation
\nuncertainty
\nThe estimates and assumptions which
\nhave a signi\ufb01cant risk of causing a
\nmaterial adjustment to the carrying
\namounts of assets and liabilities within the
\nnext \ufb01nancial year are discussed below.
\nThe Group based its assumptions and
\nestimates on parameters available when
\nthe \ufb01nancial statements were prepared.
\nExisting circumstances and assumptions
\nabout future developments, however,
\nmay change due to market changes or
\ncircumstances arising that are beyond
\nthe control of the Group. Such changes
\nare re\ufb02ected in the assumptions when
\nthey occur.
\n(a) Estimated impairment or
\nsubsequent reversal of previously
\nrecognised impairment for non-
\nfinancial assets
\nDetails of the Group\u2019s accounting policy
\nin relation to impairments and impairment
\nreversals are disclosed in note 1.14.
\nThe application of the policy requires the
\nuse of accounting estimates in determining
\nthe recoverable amount of cash-generating
\nunits to which the goodwill, intangible
\nassets, right-of-use assets and property,
\nplant and equipment are associated.
\nThe recoverable amount is the higher
\nof the fair value less costs of disposal and
\nvalue in use. Estimates of fair value less
\ncosts of disposal are performed internally
\nby experienced senior management
\nsupported by knowledge of similar
\ntransactions and advice from external
\nexperts or, if applicable, offers received.
\nValue in use is calculated using estimated
\ncash \ufb02ow projections from strategic plans
\nand \ufb01nancial budgets, discounted by
\nselecting an appropriate rate for each
\ncash-generating unit.
Consistent with the prior year, the Group
\nhas assessed the continuing impact of
\nCOVID-19 risk into the impairment testing
\nof goodwill and non-current assets and
\nincluded additional sensitivity analysis
\nin the disclosures. The key judgement
\nis the level of trading in the venues and
\nits recovery following reopening, overall
\nmacroeconomic conditions and its impact
\non estimated future cash \ufb02ows. Further
\ndetails of the assumptions, estimates and
\nsensitivity are disclosed in note 13.
\nThe Company also tests annually
\nthe carrying value of its investments
\nin subsidiaries. The application of this
\npolicy requires the use of estimates and
\njudgements in determining the recoverable
\namount of the subsidiary undertakings.
\nThe recoverable amount is determined by
\napplying an estimated valuation multiple
\nto budgeted future earnings and
\ndeducting estimated costs of disposal
\n(fair value less costs of disposal) and/or by
\nusing discounted cash \ufb02ows (value in use),
\nalong with consideration of the underlying
\nnet assets and market capitalisation and
\nis disclosed in note 13.
\n(b) Dilapidation provision
\nProvisions for dilapidations are recognised
\nwhere the Group has the obligation to
\nmake-good its leased properties. These
\nprovisions are measured based on
\nhistorically settled dilapidations which
\nform the basis of the estimated future cash
\nout\ufb02ows. Any difference between amounts
\nexpected to be settled and the actual cash
\nout\ufb02ow will be accounted for in the period
\nwhen such determination is made.
\nThe Group\u2019s provisions are estimates
\nof the actual costs and timing of future
\ncash \ufb02ows, which are dependent on
\nfuture events, property exits and market
\nconditions. Thus, there is inherently an
\nelement of estimation uncertainty within
\nthe provisions recognised by the Group.
\nAny difference between expectations and
\nthe actual future liability will be accounted
\nfor in the period when such determination
\nis made.
\nThe provisions are most sensitive to
\nestimates of the future cash out\ufb02ows
\nwhich are based on historically settled
\ndilapidations. This means that an increase
\nin cash out\ufb02ows of 1% would have resulted
\nto a \u00a30.3m increase in the dilapidations
\nprovision. Likewise, a decrease in cash
\nout\ufb02ows of 1% would have resulted to
\na \u00a30.3m decrease in the dilapidations
\nprovision.
\n(c) Determination of the fair values
\nof intangible assets
\nThe Group estimates the fair value of
\nacquired intangible assets arising from
\nbusiness combinations by selecting and
\napplying appropriate valuation methods.
\nThese include the relief from royalty and
\nmulti-period excess earnings valuation
\nmethods, both of which require signi\ufb01cant
\nestimates to be made. Examples include
\nestimating expected cash \ufb02ows and
\nidentifying appropriate royalty and
\ndiscount rates. The fair value of each
\nacquired intangible asset is amortised
\nover the respective asset\u2019s estimated
\nuseful life. The Group uses projected
\n\ufb01nancial information together with
\ncomparable industry information as
\nwell as applying its own experience and
\nknowledge of the industry in making such
\njudgements and estimates. Where a third
\nparty is involved to determine the fair
\nvalue of the acquired intangible assets,
\nthe key assumptions reviewed by the Group
\ninclude cash \ufb02ow projections, terminal
\ngrowth rates and discount rates as well
\nas a sensitivity analysis.
\n(d) Income taxes
\nThe Group is subject to income taxes in
\nnumerous jurisdictions and as such requires
\njudgements to be made as well as best
\nestimates and assumptions.
\nJudgement must be applied in assessing
\nthe likely outcome of certain tax matters
\nwhose \ufb01nal outcome may not be
\ndetermined for a number of years. These
\njudgements are reassessed in each period
\nuntil the outcome is \ufb01nally determined
\nthrough resolution with a tax authority
\nand/or through a legal process. Differences
\narising from changes in judgement or
\nfrom \ufb01nal resolution may be material and
\nwill be charged or credited to the Group
\nincome statement in the relevant period.
\nWithin the Group\u2019s net income tax
\nreceivable of \u00a39.2m (30 June 2022: \u00a33.9m)
\nare amounts of \u00a30.3m payable (30 June
\n2022: \u00a30.3m) that relate to uncertain tax
\npositions. The Group evaluates uncertain
\nitems, where the tax judgement is subject
\nto interpretation and remains to be agreed
\nwith the relevant tax authority. Provisions
\nfor uncertain items are made using an
\nestimation of the most likely tax expected
\nto be paid, based on a qualitative
\nassessment of all relevant information.
\nIn assessing the appropriate provision
\nfor uncertain items, the Group considers
\nprogress made in discussions with tax
\nauthorities, expert advice on the likely
\noutcome and recent developments in case
\nlaw. Further details of income tax are
\ndisclosed in note 19.
\n
\n
\n
\n
\n1.1.4 Changes in accounting policy
\nand disclosures
\n(a) Standards, amendments to and
\ninterpretations of existing standards
\nadopted by the Group
\nIn preparing the consolidated \ufb01nancial
\nstatements for the current period, the
\nGroup has adopted the following new
\nIFRSs, amendments to IFRSs and IFRS
\nInterpretations Committee (IFRIC)
\ninterpretations. All standards do not have a
\nsigni\ufb01cant impact on the results or net assets
\nof the Group. Changes are detailed below:
\n\u2013 Property, plant equipment: proceeds
\nbefore intended use (amendment
\nto IAS 16)
\n\u2013
Onerous contracts: cost of ful\ufb01lling
\na contact (amendment to IAS 37)
\n\u2013 Interest rate benchmark reform \u2013
\nPhase 2 (amendment to IAS 39)
\n\u2013 Annual improvements to IFRS Standards
\n2018 \u2013 2020 (amendment to IFRS 1,
\nIFRS 9, IFRS 16 and IAS 41)
\n\u2013 Reference to the conceptual framework
\n(amendment to IFRS 3)
\n(b) Standards, amendments to and
\ninterpretations of existing standards
\nthat are not yet effective
\nAt the date of authorisation of the
\nconsolidated \ufb01nancial statements, the
\nfollowing Standards, amendments and
\nInterpretations, which have not been applied
\nin these consolidated \ufb01nancial statements,
\nwere in issue but not yet effective:
\n\u2013 Disclosure of accounting policies
\n(amendments to IAS 1 and IFRS Practice
\nStatement 2 effective for period
\nbeginning 1 July 2023)
\n\u2013
De\ufb01nition of accounting estimates
\n(amendments to IAS 8 effective for
\nperiod beginning 1 July 2023)
\n\u2013 Deferred tax related to assets and
\nliabilities arising from a single transaction
\n(amendment to IAS 12 effective for
\nperiod beginning 1 July 2023)
\n\u2013 Liability in a sale and leaseback
\n(amendment to IFRS 16 effective
\nfor period beginning 1 July 2024)
\n\u2013
Classi\ufb01cation of liabilities as current
\nand non-current (amendment to IAS 1
\neffective for period beginning 1 July 2024)
\n\u2013 Insurance contracts (amendment to
\nIFRS 17 effective for period beginning
\n1 July 2024).
\n\u2013 Non-current liabilities with Covenants
\n(amendments to IAS 1 effective for
\nperiod beginning 1 July 2024).
\nThe Group does not currently believe
\nthat the adoption of these new standards
\nor amendments would have a material
\neffect on the results or \ufb01nancial position
\nof the Group.
\n1.1.5 Prior period restatement
\nThese consolidated \ufb01nancial statements include a prior year restatement in relation to prior year costs identi\ufb01ed in the Digital business
\nwhich erroneously had not been recognised in the prior year consolidated income statements. The error was considered to be material
\ndue to its nature and impact to key performance indicators.
\nDuring the year, the Group identi\ufb01ed an accumulated total of \u00a32.2m prior year payment processing costs within the Digital business
\nwhich erroneously had not been recognised in the prior year income statement. Of the total value, \u00a31.3m relates to the year ended
\n30 June 2022 with the remaining \u00a30.9m relating to previous accounting periods. As a consequence, cost of sales have been restated
\nincreasing by \u00a31.3m in the year ended 30 June 2022.
\nThe impact of the adjustment on the June 2022 balance sheet is a reduction to cash and short-term deposits of \u00a32.2m, a reduction
\nto closing reserves as at 30 June 2022 of \u00a32.2m and a reduction to opening reserves as at 1 July 2021 of \u00a30.9m.
\nThe above restatement reduces both basic and diluted EPS by 0.3 pence for the year ended 30 June 2022.
\nThe prior period comparatives have been restated in accordance with IAS 8: \u2018Accounting Policies, Changes in Accounting Policies
\nand Errors\u2019 and have impacted the primary \ufb01nancial statements as follows:
\nIncome Statement
\nfor the year ended 30 June 2022
\nAs previously
\nreported
\n\u00a3m
\nAdjustment
\n\u00a3m
\nAs restated
\n\u00a3m
\nRevenue
644.0
\u2013
644.0
\nCost of sales
(412.3)
\u2013
(412.3)
\nGross pro\ufb01t
231.7
\u2013
231.7
\nOther operating income
91.9
\u2013
91.9
\nOther operating costs
(241.5)
(1.3)
(242.8)
\nOperating pro\ufb01t
82.1
(1.3)
80.8
\nFinancing:
\n\u2013
\ufb01nance costs
(13.1)
\u2013
(13.1)
\n\u2013
\ufb01nance income
0.1
\u2013
0.1
\n\u2013
other \ufb01nancial gains
5.2
\u2013
5.2
\nTotal net \ufb01nancing charge
(7.8)
\u2013
(7.8)
\nPro\ufb01t before taxation
74.3
(1.3)
73.0
\nTaxation
(16.9)
\u2013
(16.9)
\nPro\ufb01t for the period from continuing operations
57.4
(1.3)
56.1
\nPro\ufb01t after tax from discontinued operations
8.8
\u2013
8.8
\nPro\ufb01t for the period
66.2
(1.3)
64.9
\nEarnings per share attributable to equity shareholders
\n\u2013 basic
14.2p
(0.3)p
13.9p
\n\u2013 diluted
14.2p
(0.3)p
13.9p
\nEarnings per share \u2013 continuing operations
\n\u2013 basic
12.3p
(0.3)p
12.0p
\n\u2013 diluted
12.3p
(0.3)p
12.0p
\nEarnings per share \u2013 discontinued operations
\n\u2013 basic
1.9p
\u2013
1.9p
\n\u2013 diluted
1.9p
\u2013
1.9p
\n
\n
\n
\n
\nBalance Sheet
\nat 30 June 2022
\nAs previously
\nreported
\n\u00a3m
\nAdjustment
\n\u00a3m
\nAs restated
\n\u00a3m
\nAssets
\nCash and short-term deposits
97.9
(2.2)
95.7
\nTotal assets
858.9
(2.2)
856.7
\nTotal liabilities
(431.6)
\u2013
(431.6)
\nNet assets
427.3
(2.2)
425.1
\nEquity
\nRetained earnings
158.7
(2.2)
156.5
\nTotal equity before non-controlling interests
427.4
(2.2)
425.2
\nNon-controlling interests
(0.1)
\u2013
(0.1)
\nTotal shareholders\u2019 equity
427.3
(2.2)
425.1
\nCashflow statement
\nfor the year ended 30 June 2022
\nAs previously
\nreported
\n\u00a3m
\nAdjustment
\n\u00a3m
\nAs restated
\n\u00a3m
\nCash \ufb02ows from operating activities
\nCash generated from operations
171.3
(1.3)
170.0
\nNet cash generated from operating activities
155.1
(1.3)
153.8
\nNet cash used in investing activities
(32.4)
\u2013
(32.4)
\nNet cash used from \ufb01nancing activities
(94.3)
\u2013
(94.3)
\nNet increase in cash and short-term deposits
28.4
(1.3)
27.1
\nCash and short-term deposit at the start of the period
69.6
(0.9)
68.7
\nCash and short-term deposits at end of period
97.9
(2.2)
95.7
\n\n
\n
\n\n\n1.2 Consolidation
\nThe consolidated \ufb01nancial statements
\ncomprise the \ufb01nancial statements of the
\nparent and its subsidiaries as at 30 June
\n2023. Control is achieved when the Group
\nis exposed, or has rights, to variable
\nreturns from its involvement with the
\ninvestee and has the ability to affect
\nthose returns through its power over the
\ninvestee. Speci\ufb01cally, the Group controls
\nan investee if, and only if, the Group has
\n(a) power over the investee, (b) exposure,
\nor rights, to variable returns from the
\ninvestee, and (c) ability to use its power
\nto affect those returns.
\nThe Group re-assesses whether or
\nnot it controls an investee if facts and
\ncircumstances indicate that there are
\nchanges to one or more of the three
\nelements of control. Consolidation of a
\nsubsidiary begins when the Group obtains
\ncontrol over the subsidiary and ceases
\nwhen the Group loses control of the
\nsubsidiary. Assets, liabilities, income
\nand expenses of a subsidiary acquired or
\ndisposed of during the year are included
\nin the consolidated \ufb01nancial statements
\nfrom the date the Group gains control
\nuntil the date the Group ceases to control
\nthe subsidiary.
\nIf the Group loses control of a subsidiary,
\nit derecognises the related assets
\n(including goodwill), liabilities and other
\ncomponents of equity, while any resultant
\ngain or loss is recognised in the Group
\nincome statement.
\nIntercompany transactions, balances
\nand unrealised gains on transactions
\nbetween Group companies are eliminated.
\nUnrealised losses are also eliminated
\nunless the transaction provides evidence
\nof an impairment of the asset transferred.
\nAccounting policies as applied to
\nsubsidiaries have been changed where
\nnecessary to ensure consistency with
\nthe policies adopted by the Group.
\nThe Group has no material associates.
\n1.3 Business combinations and
\ngoodwill
\nBusiness combinations are accounted
\nfor using the acquisition method.
\nThe consideration transferred in a
\nbusiness combination is measured at
\nthe acquisition date and represents the
\naggregate fair value of assets transferred
\nand liabilities incurred.
\nAmounts payable in respect of deferred
\nor contingent consideration are recognised
\nat fair value at the acquisition date and
\nincluded in consideration transferred.
\nThe subsequent unwind of any discount
\nis recognised as an SDI in \ufb01nance cost
\nin the Group income statement. Other
\ncontingent consideration that either is
\nwithin the scope of IFRS 9 or within the
\nscope of other standards is remeasured
\nat fair value at each reporting date and
\nchanges in fair value are recognised
\nas an SDI in the Group income statement.
\nChanges in the fair value of contingent
\nconsideration recognised as a \ufb01nancial
\nliability that qualify as measurement period
\nadjustments (being 12 months from the
\nacquisition date) are adjusted retrospectively,
\nwith corresponding adjustments against
\ngoodwill. Material changes that do not
\nqualify as measurement period adjustments
\nare recognised as an SDI in the Group
\nincome statement.
\nWhen the Group acquires a business,
\nit assesses the \ufb01nancial assets acquired
\nand liabilities assumed for appropriate
\nclassi\ufb01cation and designation in
\naccordance with the contractual terms,
\neconomic circumstances and pertinent
\nconditions as at the acquisition date.
\nGoodwill is initially measured at cost,
\nbeing the excess of the aggregate of
\nthe acquisition date fair value of the
\nconsideration transferred over the fair
\nvalue of the net identi\ufb01able amounts of the
\nassets acquired and the liabilities assumed
\nin exchange for the business combination.
\nIdenti\ufb01able intangible assets are
\nrecognised separately from goodwill.
\nIf the aggregate of the acquisition date
\nfair value of the consideration transferred
\nis lower than the fair value of the assets,
\nliabilities and contingent liabilities in
\nthe business acquired, the difference
\nis recognised through the Group
\nincome statement.
\nIf the initial accounting for a business
\ncombination is incomplete by the end
\nof the reporting period in which the
\ncombination occurs, the Group reports
\nprovisional amounts for items for which
\nthe accounting is incomplete. Those
\nprovisional amounts are adjusted during
\nthe measurement period (see above),
\nor additional assets or liabilities are
\nrecognised, to re\ufb02ect new information
\nobtained about facts and circumstances
\nthat existed at the acquisition date that,
\nif known, would have affected the amounts
\nrecognised at that date.
\nAcquisition costs incurred are expensed
\nas an SDI.
\n1.4 Revenue recognition
\nRevenue consists of the fair value of sales
\nof goods and services net of sales taxes,
\nrebates and discounts.
\nThe fair value of free bets, promotions and
\ncustomer bonuses (\u2018customer incentives\u2019)
\nare also deducted from appropriate
\nrevenue streams.
\n(a) Gaming win \u2013 Casino
\nRevenue for casinos includes gaming win
\nbefore deduction of gaming-related duties
\nfor venue and online gaming. Although
\ndisclosed as revenue, gaming win \u2013 casino
\nis accounted for and meets the de\ufb01nition
\nof a gain under IFRS 9 \u2018Financial
\nInstruments\u2019. Gaming revenue includes
\ngains and losses arising where customers
\nplay against the house. Due to the nature
\nof the transaction, the amount of the
\npayment the Group may be obliged to pay
\nto the customer is uncertain. The \ufb01nancial
\ninstrument is therefore a derivative and is
\ninitially recognised at fair value and
\nsubsequently remeasured to fair value
\nwith changes in fair value recorded in the
\nGroup income statement. The initial fair
\nvalue is generally the amount staked by
\nthe customer and includes adjustment
\nfor customer incentives, such as free bets,
\npromotions and customer bonuses, where
\napplicable. The instrument is subsequently
\nremeasured when the result of the
\ntransaction is known and the amount
\npayable is con\ufb01rmed. This movement may
\nbe a gain or a loss. Gains and losses are
\noffset on the basis that they arise from
\nsimilar transactions. Such gains and
\nlosses are recorded in revenue.
\n(b) Gaming win \u2013 Slots and other
\ndigital products
\nRevenue for bingo is net of customer
\ncontribution to prizes but gross of company
\ncontributed prizes. It is net of any sales taxes
\nbut before deduction of gaming-related
\nduties. Revenue for poker represents the
\nrake received. Revenue for other digital
\nproducts, including interactive games,
\nrepresents gaming win before deduction
\nof gaming-related duties. The Group\u2019s
\nincome earned from the above items is
\nrecognised when control of the goods or
\nservices are transferred to the customer
\nand is within the scope of IFRS 15.
\n(c) Food, beverage and others
\nRevenue from food, beverage and other
\nsales is recognised at the point of sale
\nwhen control of the goods or services are
\ntransferred to the customer and is within
\nthe scope of IFRS 15.
\n
\n
\n
\n\n1.5 Segment reporting
\nOperating segments are reported in
\na manner consistent with the internal
\nreporting provided to the chief operating
\ndecision-makers. The chief operating
\ndecision-makers, who are responsible
\nfor allocating resources and assessing
\nperformance of the operating segments,
\nhave been identi\ufb01ed as the senior
\nmanagement team (the composition
\nof which is disclosed on page 94 and at
\nwww.rank.com), which makes strategic
\nand operational decisions.
\nThe Group reports \ufb01ve segments:
\nDigital, Grosvenor venues, Mecca venues,
\nEnracha venues and Central costs.
\n\u2013
UK digital, Enracha digital, YoBingo
\nand Stride is a single operating segment
\nwhich is known as Digital,
\n\u2013
Grosvenor venues cover all UK casinos,
\n\u2013
Mecca venues covers all UK bingo halls,
\nand
\n\u2013
Enracha venues covers all Spanish-
\nfacing venues.
\n1.6 Non-current assets held for sale
\nand discontinued operations
\nThe Group classi\ufb01es non-current assets
\nand disposal of an asset as held for sale if
\ntheir carrying amounts will be recovered
\nprincipally through a sale transaction
\nrather than through continuing use.
\nNon-current assets are measured at the
\nlower of their carrying amount and fair
\nvalue less costs to sell. Costs to sell are the
\nincremental costs directly attributable to
\nthe disposal of an asset, excluding \ufb01nance
\ncosts and income tax expense.
\nThe criteria for held for sale classi\ufb01cation
\nis regarded as met only when the sale is
\nhighly probable and the asset is available
\nfor immediate sale in its present condition.
\nActions required to complete the sale
\nshould indicate that it is unlikely that
\nsigni\ufb01cant changes to the sale will be
\nmade or that the decision to sell will be
\nwithdrawn. Management must be
\ncommitted to the plan to sell the asset and
\nthe sale expected to be completed within
\none year from the date of the classi\ufb01cation.
\nProperty, plant and equipment, right-of-
\nuse assets and intangible assets are not
\ndepreciated or amortised once classi\ufb01ed
\nas held for sale.
\nAssets and liabilities classi\ufb01ed as held for
\nsale are presented separately as current
\nitems in the balance sheets.
\nDiscontinued operations are excluded
\nfrom the results of continuing operations
\nand are presented as a single amount as
\npro\ufb01t or loss after tax from discontinued
\noperations in the Group income statement.
\n1.7 Foreign currency translation
\nThe consolidated and Company \ufb01nancial
\nstatements are presented in UK sterling
\n(\u2018the presentation currency\u2019), which is
\nalso the Company\u2019s functional currency.
\nItems included in the \ufb01nancial statements
\nof each of the Group\u2019s entities are measured
\nusing the currency of the primary economic
\nenvironment in which the entity operates
\n(\u2018the functional currency\u2019).
\n(a) Transactions and balances
\nForeign currency transactions are
\ntranslated into the functional currency
\nusing the exchange rates prevailing at the
\ndate of the transactions. Foreign exchange
\ngains and losses resulting from the
\nsettlement of such transactions and
\nfrom the translation at year-end exchange
\nrates of monetary assets and liabilities
\ndenominated in foreign currencies are
\nrecognised in the Group income statement
\nin \ufb01nance costs or income.
\n(b) Group companies
\nThe results and \ufb01nancial position of all the
\nGroup companies (none of which has the
\ncurrency of a hyper-in\ufb02ationary economy)
\nthat have a functional currency different
\nfrom the presentation currency are
\ntranslated into the presentation currency
\nas follows:
\n(i)
assets and liabilities for each balance
\nsheet presented are translated at the
\nclosing rate on the balance sheet date.
\nThe closing euro rate against UK
\nsterling was 1.16 (30 June 2022: 1.16);
\n(ii)
income and expenses for each income
\nstatement are translated at average
\nexchange rates unless this average
\nis not a reasonable approximation
\nof the cumulative effect of the rates
\nprevailing on the transaction dates,
\nin which case income and expenses
\nare translated at the rates prevailing
\non the dates of the transactions. The
\naverage euro rate against UK sterling
\nwas 1.15 (year ended 30 June 2022:
\n1.21); and
\n(iii)
all resulting exchange differences are
\nrecognised as a separate component
\nof equity.
\nWhen a foreign operation is sold, such
\nexchange differences are recognised in
\nthe Group income statement, as part of the
\ngain or loss on sale. Goodwill and fair
\nvalue adjustments arising on the
\nacquisition of a foreign entity are treated
\nas assets and liabilities of the foreign
\nentity and translated at the closing rate.
\n1.8 Financial assets
\nFinancial assets within the scope of IFRS 9
\nare classi\ufb01ed as \ufb01nancial assets at initial
\nrecognition, as subsequently measured at
\namortised cost, fair value through other
\ncomprehensive income (\u2018OCI\u2019), and fair
\nvalue through pro\ufb01t or loss.
\nThe classi\ufb01cation of \ufb01nancial assets
\nat initial recognition depends on the
\n\ufb01nancial asset\u2019s contractual cash \ufb02ow
\ncharacteristics and the Group\u2019s business
\nmodel for managing them. The Group
\ninitially measures a \ufb01nancial asset at its
\nfair value plus, in the case of a \ufb01nancial
\nasset not at fair value through pro\ufb01t or
\nloss, transaction costs.
\nIn order for a \ufb01nancial asset to be
\nclassi\ufb01ed and measured at amortised cost
\nor fair value through OCI, it needs to give
\nrise to cash \ufb02ows that are \u2018solely payments
\nof principal and interest (\u2018SPPI\u2019)\u2019 on the
\nprincipal amount outstanding. This
\nassessment is referred to as the SPPI test
\nand is performed at an instrument level.
\nFor purposes of subsequent measurement,
\n\ufb01nancial assets are classi\ufb01ed in two
\ncategories:
\n\u2013
Financial assets designated at fair
\nvalue through OCI with no recycling
\nof cumulative gains and losses upon
\nderecognition (equity instruments); and
\n\u2013
Financial assets at fair value through
\npro\ufb01t or loss.
\n(a) Financial assets designated
\nat fair value through OCI
\n(equity instruments)
\nUpon initial recognition, the Group
\ncan elect to classify irrevocably its equity
\ninvestments as equity instruments
\ndesignated at fair value through OCI
\nwhen they meet the de\ufb01nition of equity
\nunder IAS 32 Financial Instruments:
\nPresentation and are not held for trading.
\nThe classi\ufb01cation is determined on an
\ninstrument-by-instrument basis. Gains
\nand losses on these \ufb01nancial assets are
\nnever recycled to pro\ufb01t or loss. Dividends
\nare recognised as other income in the
\nGroup income statement when the right
\nof payment has been established, except
\nwhen the Group bene\ufb01ts from such
\nproceeds as a recovery of part of the
\ncost of the \ufb01nancial asset, in which case,
\nsuch gains are recorded in OCI. Equity
\ninstruments designated at fair value
\nthrough OCI are not subject to impairment
\nassessment. The Group elected to classify
\nits non-listed equity investments under
\nthis category.
\n
\n
\n
\n
\n
\n
\n
\n\n
\n
\n(b) Financial assets at fair value
\nthrough profit or loss
\nFinancial assets at fair value through pro\ufb01t
\nor loss include \ufb01nancial assets held for
\ntrading, \ufb01nancial assets designated upon
\ninitial recognition at fair value through
\npro\ufb01t or loss, or \ufb01nancial assets mandatorily
\nrequired to be measured at fair value.
\nFinancial assets are classi\ufb01ed as held for
\ntrading if they are acquired for the purpose
\nof selling or repurchasing in the near
\nterm. Financial assets with cash \ufb02ows that
\nare not solely payments of principal and
\ninterest are classi\ufb01ed and measured at fair
\nvalue through pro\ufb01t or loss, irrespective
\nof the business model. Financial assets at
\nfair value through pro\ufb01t or loss are carried
\nin the Balance sheet at fair value with net
\nchanges in fair value recognised in the
\nGroup income statement.
\nDerecognition
\nA \ufb01nancial asset (or, where applicable,
\na part of a \ufb01nancial asset or part of a group
\nof similar \ufb01nancial assets) is primarily
\nderecognised (i.e. removed from the
\nGroup\u2019s Balance sheet) when:
\n\u2013
The rights to receive cash \ufb02ows from
\nthe asset have expired; or
\n\u2013 The Group has transferred its rights
\nto receive cash \ufb02ows from the asset
\nor has assumed an obligation to pay
\nthe received cash \ufb02ows in full without
\nmaterial delay to a third party.
\n1.9 Financial liabilities
\nFinancial liabilities within the scope of
\nIFRS 9 are classi\ufb01ed, at initial recognition,
\nas \ufb01nancial liabilities at fair value through
\npro\ufb01t or loss, loans and borrowings or
\npayables. All \ufb01nancial liabilities are
\nrecognised initially at fair value and,
\nin the case of loans and borrowings
\nand payables, net of directly attributable
\ntransaction costs. The Group and
\nCompany\u2019s \ufb01nancial liabilities include
\ntrade and other payables, loans and
\nborrowings including bank overdrafts
\nand \ufb01nancial guarantee contracts.
\nThe subsequent measurement of \ufb01nancial
\nliabilities depends on their classi\ufb01cation,
\nas described below:
\n(a) Financial liabilities at fair value
\nthrough profit or loss
\nFinancial liabilities at fair value through
\npro\ufb01t or loss include \ufb01nancial liabilities
\nheld for trading and \ufb01nancial liabilities
\ndesignated upon initial recognition as at
\nfair value through pro\ufb01t or loss. Gains or
\nlosses on liabilities held for trading are
\nrecognised in the Group income statement.
\nFinancial liabilities designated upon initial
\nrecognition at fair value through pro\ufb01t or
\nloss are designated at the initial date
\nof recognition, and only if the criteria
\nin IFRS 9 are satis\ufb01ed.
\n(b) Financial liabilities at amortised
\ncost (loans and borrowings)
\nAfter initial recognition, interest-bearing
\nloans and borrowings are subsequently
\nmeasured at amortised cost using the
\neffective interest rate (\u2018EIR\u2019) method.
\nGains and losses are recognised in
\nthe Group income statement when the
\nliabilities are derecognised as well as
\nthrough the EIR amortisation process.
\nAmortised cost is calculated by taking
\ninto account any discount or premium
\non acquisition and fees or costs that
\nare an integral part of the EIR. The EIR
\namortisation is included as \ufb01nance costs
\nin the Group income statement.
\n(c) Financial guarantee contracts
\n(Company only)
\nFinancial guarantee contracts issued
\nby the Company are those contracts
\nthat require a payment to be made to
\nreimburse the holder for a loss it incurs
\nbecause the speci\ufb01ed debtor fails to make
\na payment when due in accordance with
\nthe terms of a debt instrument. Financial
\nguarantee contracts are initially measured
\nat fair value by applying the estimated
\nprobability of default to the cash out\ufb02ow
\nshould default occur and subsequently
\namortising over the expected length of the
\nguarantee, to the extent that the guarantee
\nis not expected to be called. Subsequently,
\nthe liability is measured at the higher
\nof the best estimate of the expenditure
\nrequired to settle the present obligation
\nat the reporting date or the amount
\nrecognised less cumulative amortisation.
\nDerecognition
\nA \ufb01nancial liability is derecognised
\nwhen the obligation under the liability
\nis discharged or cancelled or expires.
\nWhen an existing \ufb01nancial liability
\nis replaced by another from the same
\nlender on substantially different terms,
\nor the terms of an existing liability are
\nsubstantially modi\ufb01ed, such an exchange
\nor modi\ufb01cation is treated as the
\nderecognition of the original liability
\nand the recognition of a new liability.
\nThe difference in the respective carrying
\namounts is recognised in the Group
\nincome statement.
\nOffsetting of financial instruments
\nFinancial assets and \ufb01nancial liabilities
\nare offset and the net amount is reported
\nin the Balance sheet if there is a
\ncurrently enforceable legal right to
\noffset the recognised amounts and there
\nis an intention to settle on a net basis,
\nto realise the assets and settle the
\nliabilities simultaneously.
\n1.10 Leases
\nThe Group leases various properties
\nand equipment. Rental contracts are made
\nfor various \ufb01xed periods. Lease terms are
\nnegotiated on an individual basis and
\ncontain a wide range of different terms
\nand conditions. The lease agreements
\ndo not impose any covenants, but leased
\nassets may not be used as security for
\nborrowing purposes.
\nThe Group assesses at contract inception
\nwhether a contract is, or contains, a lease.
\nThat is, if the contract conveys the right to
\ncontrol the use of an identi\ufb01ed asset for a
\nperiod of time in exchange for consideration.
\nLeases are recognised as a right-of-use
\nasset and a corresponding liability at the
\ndate at which the leased asset is available
\nfor use by the Group. Each lease payment
\nis allocated between the liability and
\n\ufb01nance cost. The \ufb01nance cost is charged
\nto the Group income statement over the
\nlease period so as to produce a constant
\nperiodic rate of interest on the remaining
\nbalance of the liability for each period.
\nThe right-of-use asset is depreciated over
\nthe shorter of the asset\u2019s useful life and
\nthe lease term on a straight-line basis.
\nAssets and liabilities arising from a lease
\nare initially measured on a present value
\nbasis. Lease liabilities, where applicable,
\ninclude the net present value of the
\nfollowing lease payments:
\n\u2013 Fixed payments (including in-substance
\n\ufb01xed payments), less any lease
\nincentives receivable;
\n\u2013 Variable lease payments that are based
\non an index or a rate;
\n\u2013 Amounts expected to be payable by the
\nlessee under residual value guarantees;
\n\u2013 The exercise price of a purchase option
\nif the lessee is reasonably certain to
\nexercise that option; and
\n\u2013 Payments of penalties for terminating
\nthe lease, if the lease term re\ufb02ects the
\nlessee exercising that option.
\nVariable lease payments that are not based
\non an index or a rate are not part of the
\nlease liability, but they are recognised
\nin the Group income statement when the
\nevent or condition that triggers those
\npayments occurs.
\nThe carrying amount of lease liabilities
\nis remeasured if there is a modi\ufb01cation,
\na change in the lease term, a change
\nin the lease payments or a change in the
\nassessment of an option to purchase the
\nunderlying asset.
\nThe lease payments are discounted
\nusing the interest rate implicit in the
\nlease. If that rate cannot be determined,
the lessee\u2019s incremental borrowing rate is
\nused, being the rate that the lessee would
\nhave to pay to borrow the funds necessary
\nto obtain an asset of similar value in a
\nsimilar economic environment with
\nsimilar terms and conditions.
\nRight-of-use assets, where applicable, are
\nmeasured at cost comprising the following:
\n\u2013 The amount of the initial measurement
\nof lease liability;
\n\u2013 Any lease payments made at or before
\nthe commencement date less any lease
\nincentives received; and
\n\u2013 Any initial direct costs.
\nThe depreciation period for the right-of-
\nuse asset is from the lease commencement
\ndate to the earlier of the end of the lease
\nterm or the end of the useful life of the
\nasset, as follows:
\n\u2013 Land and buildings up to 32 years; and
\n\u2013 Fleet and machines up to 5 years.
\nPayments associated with short-term
\nleases and leases of low-value assets are
\nrecognised on a straight-line basis as an
\nexpense in the Group income statement.
\nShort-term leases are leases with a lease
\nterm of 12 months or less. In determining
\nthe lease term, management considers
\nall facts and circumstances that create
\nan economic incentive to exercise an
\nextension option. Extension options are
\nonly included in the lease term if the lease
\nis reasonably certain to be extended (or not
\nterminated). The assessment is reviewed if
\na signi\ufb01cant event or a signi\ufb01cant change
\nin circumstances occurs which affects this
\nassessment and that is within the control
\nof the Group as a lessee.
\nWhere appropriate the Group will sub-let
\nproperties which are vacant in order to
\nderive lease income, which is shown net
\nof lease costs.
\n1.11 Provisions, contingent liabilities
\nand regulatory matters
\nProvisions are recognised when the
\nGroup has a present legal or constructive
\nobligation as a result of past events, it is
\nmore likely than not that an out\ufb02ow of
\nresources will be required to settle the
\nobligation and the amount can be reliably
\nestimated. Provisions are measured at the
\nbest estimate of the expenditures required
\nto settle the obligation. If the effect of the
\ntime value of money is material, provisions
\nare discounted using a pre-tax rate that
\nre\ufb02ects, where appropriate, the risks
\nspeci\ufb01c to the liability. Where discounting
\nis used, the increase in the provision due
\nto the passage of time is recognised as
\na \ufb01nance cost.
\n
\n
\n
\n\nContingent liabilities are possible
\nobligations and present obligations that
\nare not probable or not reliably measurable.
\nContingent liabilities are disclosed but not
\naccounted for. However, disclosure is not
\nrequired if payment is remote. The Group\u2019s
\npolicy is to engage collaboratively with
\nregulators and address any concerns raised
\nas soon as possible. The Group takes legal
\nadvice, as appropriate, as to the manner in
\nwhich it should respond to matters raised
\nand the potential outcome. However, for
\nthe majority of these matters, the Board
\nis unable to quantify reliably the likelihood,
\ntiming and out\ufb02ow of funds that may
\nresult, if any. For material matters where
\nan out\ufb02ow of funds is probable and can
\nbe measured reliably based on the latest
\ninformation available at the reporting date,
\namounts have been recognised in the
\nconsolidated and Company \ufb01nancial
\nstatements within Provisions.
\n1.12 Property, plant and equipment
\nProperty, plant and equipment is stated
\nat cost, net of accumulated depreciation
\nand impairment. Such cost includes
\nexpenditure that is directly attributable
\nto the acquisition of the items. Subsequent
\ncosts are included in the asset\u2019s carrying
\namount or recognised as a separate asset,
\nas appropriate, only when it is probable
\nthat future economic bene\ufb01ts associated
\nwith the item will \ufb02ow to the Group and the
\ncost of the item can be measured reliably.
\nAll other repairs and maintenance are
\ncharged to the income statement during the
\n\ufb01nancial period in which they are incurred.
\nDepreciation is calculated on assets using
\nthe straight-line method to allocate their
\ncost less residual values over their
\nestimated useful lives, as follows:
\nFreehold and
50 years or lease
\nleasehold property
term if less
\nRefurbishment of
5 to 20 years or
\nproperty
lease term
\nFixtures, \ufb01ttings, plant
\nand machinery
3 to 20 years
\nLand is not depreciated.
\nResidual values and useful lives are
\nreviewed at each balance sheet date, and
\nadjusted prospectively, if appropriate.
\nAn item of property, plant and equipment
\nis derecognised upon disposal or when
\nno future economic bene\ufb01ts are expected
\nfrom its use or disposal. Any gain or loss
\narising on derecognition of the asset
\n(calculated as the difference between the
\nnet disposal proceeds and the carrying
\namount of the asset) is included in the
\nGroup income statement.
\nPre-opening costs are expensed to the
\nGroup income statement as incurred.
\nAssets under construction included in
\nproperty, plant and equipment are amounts
\nrelating to expenditure for assets in the
\ncourse of construction.
\n1.13 Intangible assets
\n(a) Goodwill
\nGoodwill represents the excess of the fair
\nvalue of the consideration transferred over
\nthe fair value of the Group\u2019s share of the
\nnet identi\ufb01able assets less the liabilities
\nassumed at the date of acquisition.
\nGoodwill on acquisitions is included in
\nintangible assets. Goodwill is tested
\nannually for impairment and is allocated to
\nthe relevant cash-generating unit or group
\nof cash-generating units for the purpose of
\nimpairment testing. A cash-generating unit
\nis the smallest identi\ufb01able group of assets
\nthat generates cash in\ufb02ows, that are largely
\nindependent of the cash in\ufb02ows from other
\nassets or groups of assets. After initial
\nrecognition, goodwill is measured at cost
\nless any accumulated impairment losses.
\n(b) Casino and other gaming
\nlicences and concessions
\nThe Group capitalises acquired casino and
\nother gaming licences and concessions.
\nManagement believes that casino and
\nother gaming licences, with the exception
\nof seven (7) venues in Enracha, have
\ninde\ufb01nite lives as there is no foreseeable
\nlimit to the period over which the licences
\nare expected to generate net cash in\ufb02ows
\nand each licence holds a value outside the
\nproperty in which it resides. Each licence
\nis reviewed annually for impairment.
\n(c) Software and development
\nCosts that are directly associated with the
\nproduction and development of identi\ufb01able
\nand unique software products controlled
\nby the Group, and that are expected to
\ngenerate economic bene\ufb01ts exceeding
\ncosts beyond one year, are recognised
\nas intangible assets for both externally
\npurchased and internally developed
\nsoftware. Direct costs include speci\ufb01c
\nemployee costs for software development.
\nSoftware acquired as part of a business
\ncombination is recognised at fair value
\nat the date of acquisition.
\nCosts associated with maintaining
\ncomputer software programmes are
\nrecognised as an expense as incurred.
\n(d) Brands
\nRepresents the fair value of brands and
\ntrademark assets acquired in business
\ncombinations at the acquisition date.
\n
\n(e) Customer relationships
\nRepresents the fair value of customer
\nrelations acquired in business
\ncombinations at the acquisition date.
\nAmortisation is recognised on a straight-
\nline basis over the estimated useful life
\nof intangible assets unless such lives are
\ninde\ufb01nite. The estimated useful lives
\nare as follows:
\nCasino and other
10 years or
\ngaming licences
inde\ufb01nite
\nSoftware and
\ndevelopments
3 to 5 years
\nBrands
10 years
\nCustomer
\nrelationships
4 years
\n1.14 Impairment or subsequent
\nreversal of previously recognised
\nimpairment for non-financial assets
\nAssets that have an inde\ufb01nite useful life are
\nnot subject to depreciation or amortisation
\nand are tested annually for impairment.
\nAssets that are subject to depreciation or
\namortisation are reviewed for impairment
\nwhenever events or changes in
\ncircumstances indicate that the carrying
\namount may not be recoverable or where
\nthey indicate a previously recognised
\nimpairment may no longer be required.
\nAn impairment loss is recognised as
\nthe amount by which an asset\u2019s carrying
\namount exceeds its recoverable amount.
\nThe recoverable amount is the higher of an
\nasset\u2019s fair value less costs of disposal and
\nvalue in use. For the purposes of assessing
\nimpairment, assets are grouped at the
\nlowest levels for which there are separately
\nidenti\ufb01able cash in\ufb02ows (cash-generating
\nunits). The expected cash \ufb02ows generated
\nby the assets are discounted using
\nappropriate discount rates that re\ufb02ect the
\ntime value of money and risks associated
\nwith the groups of assets.
\nIf an impairment loss is recognised,
\nthe carrying amount of the asset
\n(cash-generating unit) is reduced to its
\nrecoverable amount. An impairment loss
\nis recognised as an expense in the Group
\nincome statement immediately.
\n\n
\n
\n
\n\nAny impairment is allocated pro-rata
\nacross all assets in a cash-generating unit
\nunless there is an indication that a class
\nof asset should be impaired in the \ufb01rst
\ninstance or a fair market value exists for
\none or more assets. Once an asset has
\nbeen written down to its fair value less
\ncosts of disposal then any remaining
\nimpairment is allocated equally amongst
\nall other assets.
\nWhere an impairment loss subsequently
\nreverses, the carrying amount of the asset
\n(cash-generating unit) is increased to the
\nrevised estimate of its recoverable amount,
\nbut only to the extent that the increased
\ncarrying amount does not exceed the
\ncarrying amount that would have been
\ndetermined had no impairment loss been
\nrecognised for the asset (cash-generating
\nunit) in prior years. Reversals are
\nallocated pro-rata across all assets in
\nthe cash-generating unit unless there
\nis an indication that a class of asset should
\nbe reversed in the \ufb01rst instance or a fair
\nmarket value exists for one or more
\nassets. A reversal of an impairment loss
\nis recognised in the Group income
\nstatement immediately.
\nAn impairment loss recognised for goodwill
\nis never reversed in subsequent periods.
\n1.15 Employee benefit costs
\n(a) Pension obligations
\nThe Group operates a de\ufb01ned contribution
\nplan under which the Group pays \ufb01xed
\ncontributions to a separate entity. The
\nGroup has no further payment obligations
\nonce the contributions have been paid.
\nThe contributions are recognised as
\nemployee bene\ufb01t expense when they
\nare due.
\nThe Group also has an unfunded pension
\ncommitment relating to three former
\nExecutives of the Group. The amount
\nrecognised in the balance sheet in respect
\nof the commitment is the present value
\nof the obligation at the balance sheet date,
\ntogether with adjustment for actuarial
\ngains or losses. The Group recognises
\nactuarial gains and losses immediately
\nin the Group statement of other
\ncomprehensive income. The interest cost
\narising on the commitment is recognised
\nin net \ufb01nance costs.
\n(b) Share-based compensation
\nThe Group operates share-based payment
\nschemes for employees of its subsidiaries
\nwhereby the Company makes awards
\nof its own shares to employees of its
\nsubsidiaries, and as such recognises
\nan increase in the cost of investment
\nin its subsidiaries equivalent to the
\nequity-settled share-based payment charge
\nrecognised in its subsidiaries\u2019 \ufb01nancial
\nstatements, with the corresponding credit
\nbeing recognised directly in equity.
\nThe cost of equity-settled transactions
\nwith employees for awards is measured
\nby reference to the fair value at the date
\non which they are granted. The fair value
\nis determined by using an appropriate
\npricing model.
\nThe cost of equity-settled transactions is
\nrecognised, together with a corresponding
\nincrease in equity, over the period in which
\nthe performance and/or service conditions
\nare ful\ufb01lled (the vesting period). The
\ncumulative expense recognised for
\nequity-settled transactions at each
\nreporting date until the vesting date
\nre\ufb02ects the extent to which the vesting
\nperiod has expired and the Group\u2019s
\nbest estimate of the number of equity
\ninstruments that will ultimately vest.
\nThe income statement expense or credit
\nfor a period represents the movement
\nin cumulative expense recognised as
\nat the beginning and end of that period.
\nNo expense is recognised for awards that
\ndo not ultimately vest, except for equity-
\nsettled transactions where vesting is
\nconditional upon a market or non-vesting
\ncondition, which are treated as vesting
\nirrespective of whether or not the market
\nor non-vesting condition is satis\ufb01ed,
\nprovided that service conditions are
\nalso satis\ufb01ed.
\nWhere the terms of an equity-settled
\ntransaction award are modi\ufb01ed, the
\nminimum expense recognised is the
\nexpense as if the terms had not been
\nmodi\ufb01ed, if the original terms of the
\naward are met. An additional expense
\nis recognised for any modi\ufb01cation that
\nincreases the total fair value of the
\nshare-based payment transaction or
\nis otherwise bene\ufb01cial to the employee
\nas measured at the date of modi\ufb01cation.
\n
\n
\n\nWhere an equity-settled award is
\ncancelled, it is treated as if it vested on the
\ndate of cancellation, and any expense not
\nyet recognised for the award is recognised
\nimmediately. This includes any award
\nwhere non-vesting conditions within the
\ncontrol of either the entity or the employee
\nare not met. However, if a new award is
\nsubstituted for the cancelled award, and
\ndesignated as a replacement award on the
\ndate that it is granted, the cancelled and
\nnew awards are treated as if they were
\na modi\ufb01cation of the original award, as
\ndescribed in the previous paragraph. All
\ncancellations of equity-settled transaction
\nawards are treated equally, regardless of
\nwhether the entity or the employee cancels
\nthe award.
\nThe dilutive effect of outstanding options
\nis re\ufb02ected as additional share dilution
\nin the computation of diluted earnings
\nper share.
\nThe proceeds received net of any directly
\nattributable transaction costs are credited
\nto share capital (nominal value) and share
\npremium when the options are exercised.
\n(c) Bonus plans
\nThe Group recognises a liability in respect
\nof the best estimate of bonuses payable
\nwhere contractually obliged to do so or
\nwhere a past practice has created a
\nconstructive obligation.
\n1.16 Cash and short-term deposits
\nCash comprises cash in hand, balances
\nwith banks and on-demand deposits,
\nand cash with payment service providers.
\nShort-term deposits are short term, highly
\nliquid investments that are readily
\nconvertible to known amounts of cash.
\nThey include short-term deposits
\noriginally purchased with maturities
\nof three months or less.
\n1.17 Inventories
\nInventories are valued at the lower of cost
\nand net realisable value. Cost of inventory
\nis determined on a \u2018\ufb01rst-in, \ufb01rst-out\u2019 basis.
\nThe cost of \ufb01nished goods comprises
\ngoods purchased for resale.
\nNet realisable value is the estimated selling
\nprice in the ordinary course of business.
\nWhen necessary, provision is made for
\nobsolete and slow-moving inventories.
\n1.18 Taxation
\n(a) Current tax
\nCurrent tax assets and liabilities for the
\ncurrent and prior periods are measured
\nas the amount expected to be paid or to
\nbe recovered from the taxation authorities.
\nThe tax rates and tax laws used to compute
\nthe amount are those that are enacted,
\nor substantively enacted, by the
\nreporting date.
\nCurrent tax relating to items recognised
\ndirectly in equity is recognised in equity
\nand not the income statement.
\nManagement evaluates positions taken
\nin the tax returns with respect to situations
\nin which applicable tax regulations
\nare subject to interpretation at each
\nreporting date and establishes provisions
\nwhere appropriate.
\n(b) Deferred tax
\nDeferred tax is provided using the liability
\nmethod on temporary differences arising
\nbetween the tax bases of assets and
\nliabilities and their carrying amounts in the
\n\ufb01nancial statements. However, if deferred
\ntax arises from the initial recognition of an
\nasset or liability in a transaction, other than
\na business combination, that at the time of
\nthe transaction affects neither accounting
\nnor taxable pro\ufb01t or loss, it is not accounted
\nfor. Deferred tax is determined using tax
\nrates (and laws) that have been enacted or
\nsubstantively enacted by the balance sheet
\ndate and are expected to apply when the
\nrelated deferred tax asset is realised or
\nthe deferred tax liability is settled.
\nDeferred tax assets are recognised to the
\nextent that it is probable that future taxable
\npro\ufb01t will be available against which the
\ntemporary differences can be utilised.
\nDeferred tax assets and liabilities are
\noffset when there is a legally enforceable
\nright to set off current taxation assets
\nagainst current taxation liabilities and it is
\nthe intention to settle these on a net basis.
\nDeferred tax is provided on temporary
\ndifferences arising on investments in
\nsubsidiaries, except where the timing of
\nthe reversal of the temporary difference is
\ncontrolled by the Group and it is probable
\nthat the temporary difference will not
\nreverse in the foreseeable future.
\n(c) Sales tax
\nRevenues, expenses and assets are
\nrecognised net of the amount of sales
\ntax except:
\n\u2013 Where the sales tax incurred on a
\npurchase of assets or services is not
\nrecoverable from the taxation authority,
\nin which case the sales tax is recognised
\nas part of the cost of acquisition of the
\nasset or as part of the expense item
\nas applicable; and
\n\u2013 For receivables and payables that
\nare stated with the amount of sales
\ntax included.
\nThe net amount of sales tax recoverable
\nfrom, or payable to, the taxation authority
\nis included as part of receivables or
\npayables in the balance sheet.
\n1.19 Share capital
\nOrdinary shares are classi\ufb01ed as equity.
\n1.20 Dividends
\nDividends proposed by the Board of
\nDirectors and unpaid at the period end are
\nnot recognised in the \ufb01nancial statements
\nuntil they have been approved by
\nshareholders at the Annual General
\nMeeting. Interim dividends are recognised
\nwhen paid.
\n1.21 Separately disclosed items
\nThe Group separately discloses those
\nitems which are required to give a full
\nunderstanding of the Group\u2019s \ufb01nancial
\nperformance and aid comparability of the
\nGroup\u2019s result between periods. Such
\nitems are considered by the Directors to
\nrequire separate disclosure due to their
\nsize or nature in relation to the Group.
\n1.22 Government grants
\nGovernment grants are recognised where
\nthere is reasonable assurance that the
\ngrant will be received, and all attached
\nconditions will be complied with. When
\nthe grant relates to an expense item, it
\nis recognised as income on a systematic
\nbasis that the related costs, for which it
\nis intended to compensate, are expensed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22434": {
"value": "1.1 Basis of preparation The consolidated and Company \ufb01nancial
\nstatements have been prepared under the
\nhistorical cost convention.
\n1.1.1 Statement of compliance
\nThe consolidated and Company \ufb01nancial
\nstatements have been prepared in
\naccordance with UK-adopted International
\nAccounting Standards. UK-adopted
\nInternational Accounting Standards
\nincludes standards issued by the
\nInternational Accounting Standards Board
\n(\u2018IASB\u2019) that are endorsed for use in the UK.
\n1.1.2 Going concern
\nIn adopting the going concern basis
\nfor preparing the \ufb01nancial information,
\nthe Directors have considered the
\ncircumstances impacting the Group during
\nthe year as detailed in the operating
\nreview on pages 12 to 73, including the
\nbudget for 2023/2024 (\u2018the base case\u2019),
\nthe long-range forecast approved by the
\nBoard, and recent trading performance.
\nThe Directors have reviewed the Group\u2019s
\nprojected compliance with its banking
\ncovenants and access to funding options
\nfor the 12 months ending 31 August 2024
\nfor the going concern period, and for the
\nsix months beyond the end of the going
\nconcern period for cliff edge events
\naffecting the going concern period,
\nsuch as the availability of revolving credit
\nfacilities or repayments of any term loans.
\nThe Directors recognise that there is
\ncontinued uncertainty at this time caused
\nby the slower than anticipated return
\nof customers to UK land-based leisure
\nentertainment venues, the impact of
\nmacroeconomic factors on consumer
\nsentiment and disposable incomes,
\ncontinued in\ufb02ationary pressures and
\nhigher interest rates and their overall
\nimpact on consumer demand and
\ndiscretionary spending. The Directors
\nnote that this has had an impact on the
\naccuracy of budgeting and forecasting
\nfor the current \ufb01nancial year, and this
\nhas been considered by management
\nwhen preparing their sensitivity review
\nfor the going concern period.
\nThe Directors have reviewed and
\nchallenged management\u2019s assumptions
\nfor the Group\u2019s base case view for the
\ngoing concern period. Key considerations
\nare the assumptions on the levels of
\ncustomer visits and their average spend
\nin the venues-based businesses, and the
\nnumber of \ufb01rst time and returning
\ndepositors in the digital businesses, and
\nthe average level of spend per visit for
\neach. The key base case assumptions
\non costs are as follows:
\n\u2013
Payroll costs are adjusted for increases
\nin the National Minimum Wage and pay
\nrise awarded in April 2024;
\n\u2013
Rent due during the 2023/2024 \ufb01nancial
\nyear is paid on time;
\n\u2013
Capital expenditure is in line with
\nstrategic plans;
\n\u2013
Standard payment terms are assumed
\nfor supplier payments.
\nThe base case view contains certain
\ndiscretionary costs within management
\ncontrol that could be reduced in the event
\nof a revenue downturn. These include
\nreductions to overheads, reductions
\nto marketing costs, reductions to the
\nvenues\u2019 operating costs and reductions
\nto capital expenditure.
\nThe committed \ufb01nancing position in
\nthe base case within the going concern
\nassessment period is that the Group
\ncontinues to have access to the following
\ncommitted facilities:
\n\u2013
Revolving credit facilities (\u2018RCF\u2019)
\ntotalling \u00a3100m are available to the
\nGroup through to November 2024.
\n\u2013
In November 2024, the facilities
\navailable to the Group reduces to \u00a375m,
\nmaturing in February 2025. Based
\non ongoing conversations with lenders
\nand the improving trading performance
\nof the Group, management has a
\nreasonable expectation that there will be
\na successful re\ufb01nancing of the facilities
\nbeyond February 2025.
\nAt the date of approval of the \ufb01nancial
\nstatements, \u00a350m of the \u00a3100m RCF had
\nbeen drawn down in order to repay the
\nterm loan.
\nIn undertaking their assessment, the
\nDirectors also reviewed compliance with
\nthe banking covenants (\u2018Covenants\u2019)
\nwhich are tested bi-annually at June and
\nDecember. The Group expects to meet the
\nCovenants throughout the going concern
\nperiod and as at December 2023 and June
\n2024 and have the cash available to meet
\nits liabilities as they fall due.
\nSensitivity Analysis
\nThe base case view re\ufb02ects the Directors\u2019
\nbest estimate of the outcome for the going
\nconcern period. A number of plausible
\nbut severe downside risks, including
\nconsideration of possible mitigating actions,
\nhave been modelled with particular focus
\non the potential impact to cash \ufb02ows,
\ncash headroom and covenant compliance
\nthroughout the going concern period.
\nThe three downside scenarios modelled are:
\n(i)
revenues in the Grosvenor business
\nfall by 23% and the Group experiences
\nadditional in\ufb02ationary costs compared
\nto the base case view, with
\nmanagement taking only mitigating
\nactions that have no effect on the
\nGroup\u2019s trading performance;
\n(ii)
revenues in Grosvenor fall by 20%
\nand Rank Interactive by 7% versus
\nthe base case view, with management
\ntaking a number of mitigating actions
\nincluding reduction in capital
\nexpenditure, reduction in marketing
\nand other overheads and the removal
\nof the Group planning contingency;
\n(iii)
a reverse stress test, revenues in
\nGrosvenor fall by 36% in the initial
\nyear, with management taking actions
\nas for scenario (ii) but with further
\nmitigating actions on employment
\ncosts and extending creditor days.
\nHaving modelled the downside scenarios,
\nthe indication is that the Group would
\ncontinue to meet its covenant requirements
\nin all scenarios and have available cash
\nto meet liabilities in all three scenarios
\n(for further details see note 20).
\nAccordingly, the Directors have a
\nreasonable expectation that the Group
\nhas adequate resources to continue in
\noperational existence for a period at least
\nthrough to 31 August 2024.
\n
\n
\n
\n
\n
\nFor these reasons, the Directors continue
\nto adopt the going concern basis for the
\npreparation of these consolidated and
\nCompany \ufb01nancial statements, and in
\npreparing the consolidated and Company
\n\ufb01nancial statements, they do not include
\nany adjustments that would be required to
\nbe made if they were prepared on a basis
\nother than going concern.
\nGoing Concern Statement
\nBased on the Group\u2019s cash \ufb02ow forecasts
\nand business plan, the Directors believe
\nthat the Group will generate suf\ufb01cient cash
\nto meet its liabilities as they fall due for the
\nperiod up to 31 August 2024. In making
\nsuch statement, the Directors highlight
\nforecasting accuracy in relation to the level
\nof trading performance achieved as the
\nkey sensitivity in the approved base case.
\nThe Directors have considered three
\ndownside scenarios which re\ufb02ects a
\nreduced trading performance, in\ufb02ationary
\nimpacts on the cost base and various
\nmanagement-controlled cost mitigations.
\nIn each of the three downside scenarios,
\nthe Group will generate suf\ufb01cient cash
\nto meet its liabilities as they fall due and
\nmeet its covenant requirements for the
\nperiod to 31 August 2024 with scenarios
\nii) and iii) requiring the implementation
\nand execution of mitigating cost actions
\nwithin the control of management.
\n1.1.3 Accounting estimates and
\njudgements
\nIn the application of the Group\u2019s
\naccounting policies, the Directors are
\nrequired to make judgements, estimates
\nand assumptions. The estimates and
\nassociated assumptions are based on
\nhistorical experience and other factors
\nthat are considered to be relevant. Actual
\nresults may differ from these estimates.
\nThe estimates and underlying
\nassumptions are reviewed on an ongoing
\nbasis. Revisions to accounting estimates
\nare recognised in the period in which the
\nestimate is revised if the revision affects
\nonly that period. If the revision affects
\nboth current and future periods then the
\nrevision to accounting estimate would be
\nre-elected in the period of the revision and
\nfuture periods.
\nCritical accounting judgements
\nThe following are the critical accounting
\njudgements, apart from those involving
\nestimates (which are dealt with separately
\nbelow) that the Directors have made
\nin the process of applying the Group\u2019s
\naccounting policies and that have the
\nmost signi\ufb01cant effect on the amounts
\nrecognised in the consolidated and
\nCompany \ufb01nancial statements.
\n(a) Separately disclosed items
\n(\u2018SDIs\u2019)
\nThe Group separately discloses certain
\ncosts and income that impair the visibility
\nof the underlying performance and trends
\nbetween periods. The SDIs are material
\nand infrequent in nature and/or do not
\nrelate to underlying business
\nperformance. Judgement is required
\nin determining whether an item should
\nbe classi\ufb01ed as an SDIs or included within
\nthe underlying results.
\nSDIs include but are not limited to:
\n\u2013 Amortisation of acquired intangible
\nassets;
\n\u2013
Pro\ufb01t or loss on disposal of businesses;
\n\u2013 Costs or income associated to the
\nclosure of venues;
\n\u2013 Acquisition and disposal costs
\nincluding changes to deferred
\nor contingent consideration;
\n\u2013 Impairment charges;
\n\u2013 Reversal of previously recognised
\nimpairment charges;
\n\u2013 Property-related provisions;
\n\u2013 Restructuring costs as part of an
\nannounced programme;
\n\u2013 Retranslation and remeasurement
\nof foreign currency contingent
\nconsideration;
\n\u2013 General dilapidations provision interest
\nunwinding;
\n\u2013 General dilapidations asset depreciation;
\n\u2013 Discontinued operations;
\n\u2013
Signi\ufb01cant, material proceeds from
\ntax appeals; and
\n\u2013 Tax impact of all the above.
\nFor further detail of those items included
\nas SDIs, refer to note 4.
\n(b) Climate change
\nThe Group continues to consider the impact
\nof climate change in the consolidated and
\nCompany \ufb01nancial statements and
\nconsiders that the most signi\ufb01cant impact
\nwould be in relation to the cost of energy
\nto the Group for which best estimates have
\nbeen factored into future forecasts, the
\ncarrying value of assets in the accounts,
\nalbeit this is not considered to have a
\nmaterial impact at the current time and
\nthe useful economic life of assets.
\nThe Group constantly monitors the
\nlatest government legislation in relation
\nto climate related matters. The approach
\ntaken by the Group to managing climate
\nrelated risks and opportunities is not static
\nbut re\ufb02ects continuous monitoring and
\nassessment of these issues including their
\npotential impact upon the business and
\nthe Group\u2019s impact on the environment.
\nThere is no material impact on
\nimpairment, provisions and fair values.
\n
\n
\n
\n
\n\n\nMore details of this approach can be seen
\non page 60. At the current time, no
\nlegislation has been passed that will impact
\nthe Group. The Group will adjust key
\nassumptions in value in use calculations
\nand sensitise these calculations should
\na change be required.
\n(c) Dilapidation costs
\nThe provision represents the estimated
\ncost of dilapidation at the end of the lease
\nterm of certain properties. The provision
\nis reviewed periodically and re\ufb02ects
\njudgement in the interpretation of lease
\nterms and negotiation positions with
\nlandlords including the likelihood that the
\ncurrent leasehold properties may be subject
\nto redevelopment at the end of lease term.
\nKey sources of estimation
\nuncertainty
\nThe estimates and assumptions which
\nhave a signi\ufb01cant risk of causing a
\nmaterial adjustment to the carrying
\namounts of assets and liabilities within the
\nnext \ufb01nancial year are discussed below.
\nThe Group based its assumptions and
\nestimates on parameters available when
\nthe \ufb01nancial statements were prepared.
\nExisting circumstances and assumptions
\nabout future developments, however,
\nmay change due to market changes or
\ncircumstances arising that are beyond
\nthe control of the Group. Such changes
\nare re\ufb02ected in the assumptions when
\nthey occur.
\n(a) Estimated impairment or
\nsubsequent reversal of previously
\nrecognised impairment for non-
\nfinancial assets
\nDetails of the Group\u2019s accounting policy
\nin relation to impairments and impairment
\nreversals are disclosed in note 1.14.
\nThe application of the policy requires the
\nuse of accounting estimates in determining
\nthe recoverable amount of cash-generating
\nunits to which the goodwill, intangible
\nassets, right-of-use assets and property,
\nplant and equipment are associated.
\nThe recoverable amount is the higher
\nof the fair value less costs of disposal and
\nvalue in use. Estimates of fair value less
\ncosts of disposal are performed internally
\nby experienced senior management
\nsupported by knowledge of similar
\ntransactions and advice from external
\nexperts or, if applicable, offers received.
\nValue in use is calculated using estimated
\ncash \ufb02ow projections from strategic plans
\nand \ufb01nancial budgets, discounted by
\nselecting an appropriate rate for each
\ncash-generating unit.
Consistent with the prior year, the Group
\nhas assessed the continuing impact of
\nCOVID-19 risk into the impairment testing
\nof goodwill and non-current assets and
\nincluded additional sensitivity analysis
\nin the disclosures. The key judgement
\nis the level of trading in the venues and
\nits recovery following reopening, overall
\nmacroeconomic conditions and its impact
\non estimated future cash \ufb02ows. Further
\ndetails of the assumptions, estimates and
\nsensitivity are disclosed in note 13.
\nThe Company also tests annually
\nthe carrying value of its investments
\nin subsidiaries. The application of this
\npolicy requires the use of estimates and
\njudgements in determining the recoverable
\namount of the subsidiary undertakings.
\nThe recoverable amount is determined by
\napplying an estimated valuation multiple
\nto budgeted future earnings and
\ndeducting estimated costs of disposal
\n(fair value less costs of disposal) and/or by
\nusing discounted cash \ufb02ows (value in use),
\nalong with consideration of the underlying
\nnet assets and market capitalisation and
\nis disclosed in note 13.
\n(b) Dilapidation provision
\nProvisions for dilapidations are recognised
\nwhere the Group has the obligation to
\nmake-good its leased properties. These
\nprovisions are measured based on
\nhistorically settled dilapidations which
\nform the basis of the estimated future cash
\nout\ufb02ows. Any difference between amounts
\nexpected to be settled and the actual cash
\nout\ufb02ow will be accounted for in the period
\nwhen such determination is made.
\nThe Group\u2019s provisions are estimates
\nof the actual costs and timing of future
\ncash \ufb02ows, which are dependent on
\nfuture events, property exits and market
\nconditions. Thus, there is inherently an
\nelement of estimation uncertainty within
\nthe provisions recognised by the Group.
\nAny difference between expectations and
\nthe actual future liability will be accounted
\nfor in the period when such determination
\nis made.
\nThe provisions are most sensitive to
\nestimates of the future cash out\ufb02ows
\nwhich are based on historically settled
\ndilapidations. This means that an increase
\nin cash out\ufb02ows of 1% would have resulted
\nto a \u00a30.3m increase in the dilapidations
\nprovision. Likewise, a decrease in cash
\nout\ufb02ows of 1% would have resulted to
\na \u00a30.3m decrease in the dilapidations
\nprovision.
\n(c) Determination of the fair values
\nof intangible assets
\nThe Group estimates the fair value of
\nacquired intangible assets arising from
\nbusiness combinations by selecting and
\napplying appropriate valuation methods.
\nThese include the relief from royalty and
\nmulti-period excess earnings valuation
\nmethods, both of which require signi\ufb01cant
\nestimates to be made. Examples include
\nestimating expected cash \ufb02ows and
\nidentifying appropriate royalty and
\ndiscount rates. The fair value of each
\nacquired intangible asset is amortised
\nover the respective asset\u2019s estimated
\nuseful life. The Group uses projected
\n\ufb01nancial information together with
\ncomparable industry information as
\nwell as applying its own experience and
\nknowledge of the industry in making such
\njudgements and estimates. Where a third
\nparty is involved to determine the fair
\nvalue of the acquired intangible assets,
\nthe key assumptions reviewed by the Group
\ninclude cash \ufb02ow projections, terminal
\ngrowth rates and discount rates as well
\nas a sensitivity analysis.
\n(d) Income taxes
\nThe Group is subject to income taxes in
\nnumerous jurisdictions and as such requires
\njudgements to be made as well as best
\nestimates and assumptions.
\nJudgement must be applied in assessing
\nthe likely outcome of certain tax matters
\nwhose \ufb01nal outcome may not be
\ndetermined for a number of years. These
\njudgements are reassessed in each period
\nuntil the outcome is \ufb01nally determined
\nthrough resolution with a tax authority
\nand/or through a legal process. Differences
\narising from changes in judgement or
\nfrom \ufb01nal resolution may be material and
\nwill be charged or credited to the Group
\nincome statement in the relevant period.
\nWithin the Group\u2019s net income tax
\nreceivable of \u00a39.2m (30 June 2022: \u00a33.9m)
\nare amounts of \u00a30.3m payable (30 June
\n2022: \u00a30.3m) that relate to uncertain tax
\npositions. The Group evaluates uncertain
\nitems, where the tax judgement is subject
\nto interpretation and remains to be agreed
\nwith the relevant tax authority. Provisions
\nfor uncertain items are made using an
\nestimation of the most likely tax expected
\nto be paid, based on a qualitative
\nassessment of all relevant information.
\nIn assessing the appropriate provision
\nfor uncertain items, the Group considers
\nprogress made in discussions with tax
\nauthorities, expert advice on the likely
\noutcome and recent developments in case
\nlaw. Further details of income tax are
\ndisclosed in note 19.
\n
\n
\n
\n
\n1.1.4 Changes in accounting policy
\nand disclosures
\n(a) Standards, amendments to and
\ninterpretations of existing standards
\nadopted by the Group
\nIn preparing the consolidated \ufb01nancial
\nstatements for the current period, the
\nGroup has adopted the following new
\nIFRSs, amendments to IFRSs and IFRS
\nInterpretations Committee (IFRIC)
\ninterpretations. All standards do not have a
\nsigni\ufb01cant impact on the results or net assets
\nof the Group. Changes are detailed below:
\n\u2013 Property, plant equipment: proceeds
\nbefore intended use (amendment
\nto IAS 16)
\n\u2013
Onerous contracts: cost of ful\ufb01lling
\na contact (amendment to IAS 37)
\n\u2013 Interest rate benchmark reform \u2013
\nPhase 2 (amendment to IAS 39)
\n\u2013 Annual improvements to IFRS Standards
\n2018 \u2013 2020 (amendment to IFRS 1,
\nIFRS 9, IFRS 16 and IAS 41)
\n\u2013 Reference to the conceptual framework
\n(amendment to IFRS 3)
\n(b) Standards, amendments to and
\ninterpretations of existing standards
\nthat are not yet effective
\nAt the date of authorisation of the
\nconsolidated \ufb01nancial statements, the
\nfollowing Standards, amendments and
\nInterpretations, which have not been applied
\nin these consolidated \ufb01nancial statements,
\nwere in issue but not yet effective:
\n\u2013 Disclosure of accounting policies
\n(amendments to IAS 1 and IFRS Practice
\nStatement 2 effective for period
\nbeginning 1 July 2023)
\n\u2013
De\ufb01nition of accounting estimates
\n(amendments to IAS 8 effective for
\nperiod beginning 1 July 2023)
\n\u2013 Deferred tax related to assets and
\nliabilities arising from a single transaction
\n(amendment to IAS 12 effective for
\nperiod beginning 1 July 2023)
\n\u2013 Liability in a sale and leaseback
\n(amendment to IFRS 16 effective
\nfor period beginning 1 July 2024)
\n\u2013
Classi\ufb01cation of liabilities as current
\nand non-current (amendment to IAS 1
\neffective for period beginning 1 July 2024)
\n\u2013 Insurance contracts (amendment to
\nIFRS 17 effective for period beginning
\n1 July 2024).
\n\u2013 Non-current liabilities with Covenants
\n(amendments to IAS 1 effective for
\nperiod beginning 1 July 2024).
\nThe Group does not currently believe
\nthat the adoption of these new standards
\nor amendments would have a material
\neffect on the results or \ufb01nancial position
\nof the Group.
\n1.1.5 Prior period restatement
\nThese consolidated \ufb01nancial statements include a prior year restatement in relation to prior year costs identi\ufb01ed in the Digital business
\nwhich erroneously had not been recognised in the prior year consolidated income statements. The error was considered to be material
\ndue to its nature and impact to key performance indicators.
\nDuring the year, the Group identi\ufb01ed an accumulated total of \u00a32.2m prior year payment processing costs within the Digital business
\nwhich erroneously had not been recognised in the prior year income statement. Of the total value, \u00a31.3m relates to the year ended
\n30 June 2022 with the remaining \u00a30.9m relating to previous accounting periods. As a consequence, cost of sales have been restated
\nincreasing by \u00a31.3m in the year ended 30 June 2022.
\nThe impact of the adjustment on the June 2022 balance sheet is a reduction to cash and short-term deposits of \u00a32.2m, a reduction
\nto closing reserves as at 30 June 2022 of \u00a32.2m and a reduction to opening reserves as at 1 July 2021 of \u00a30.9m.
\nThe above restatement reduces both basic and diluted EPS by 0.3 pence for the year ended 30 June 2022.
\nThe prior period comparatives have been restated in accordance with IAS 8: \u2018Accounting Policies, Changes in Accounting Policies
\nand Errors\u2019 and have impacted the primary \ufb01nancial statements as follows:
\nIncome Statement
\nfor the year ended 30 June 2022
\nAs previously
\nreported
\n\u00a3m
\nAdjustment
\n\u00a3m
\nAs restated
\n\u00a3m
\nRevenue
644.0
\u2013
644.0
\nCost of sales
(412.3)
\u2013
(412.3)
\nGross pro\ufb01t
231.7
\u2013
231.7
\nOther operating income
91.9
\u2013
91.9
\nOther operating costs
(241.5)
(1.3)
(242.8)
\nOperating pro\ufb01t
82.1
(1.3)
80.8
\nFinancing:
\n\u2013
\ufb01nance costs
(13.1)
\u2013
(13.1)
\n\u2013
\ufb01nance income
0.1
\u2013
0.1
\n\u2013
other \ufb01nancial gains
5.2
\u2013
5.2
\nTotal net \ufb01nancing charge
(7.8)
\u2013
(7.8)
\nPro\ufb01t before taxation
74.3
(1.3)
73.0
\nTaxation
(16.9)
\u2013
(16.9)
\nPro\ufb01t for the period from continuing operations
57.4
(1.3)
56.1
\nPro\ufb01t after tax from discontinued operations
8.8
\u2013
8.8
\nPro\ufb01t for the period
66.2
(1.3)
64.9
\nEarnings per share attributable to equity shareholders
\n\u2013 basic
14.2p
(0.3)p
13.9p
\n\u2013 diluted
14.2p
(0.3)p
13.9p
\nEarnings per share \u2013 continuing operations
\n\u2013 basic
12.3p
(0.3)p
12.0p
\n\u2013 diluted
12.3p
(0.3)p
12.0p
\nEarnings per share \u2013 discontinued operations
\n\u2013 basic
1.9p
\u2013
1.9p
\n\u2013 diluted
1.9p
\u2013
1.9p
\n
\n
\n
\n
\nBalance Sheet
\nat 30 June 2022
\nAs previously
\nreported
\n\u00a3m
\nAdjustment
\n\u00a3m
\nAs restated
\n\u00a3m
\nAssets
\nCash and short-term deposits
97.9
(2.2)
95.7
\nTotal assets
858.9
(2.2)
856.7
\nTotal liabilities
(431.6)
\u2013
(431.6)
\nNet assets
427.3
(2.2)
425.1
\nEquity
\nRetained earnings
158.7
(2.2)
156.5
\nTotal equity before non-controlling interests
427.4
(2.2)
425.2
\nNon-controlling interests
(0.1)
\u2013
(0.1)
\nTotal shareholders\u2019 equity
427.3
(2.2)
425.1
\nCashflow statement
\nfor the year ended 30 June 2022
\nAs previously
\nreported
\n\u00a3m
\nAdjustment
\n\u00a3m
\nAs restated
\n\u00a3m
\nCash \ufb02ows from operating activities
\nCash generated from operations
171.3
(1.3)
170.0
\nNet cash generated from operating activities
155.1
(1.3)
153.8
\nNet cash used in investing activities
(32.4)
\u2013
(32.4)
\nNet cash used from \ufb01nancing activities
(94.3)
\u2013
(94.3)
\nNet increase in cash and short-term deposits
28.4
(1.3)
27.1
\nCash and short-term deposit at the start of the period
69.6
(0.9)
68.7
\nCash and short-term deposits at end of period
97.9
(2.2)
95.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22440": {
"value": "1.1.1 Statement of compliance The consolidated and Company \ufb01nancial
\nstatements have been prepared in
\naccordance with UK-adopted International
\nAccounting Standards. UK-adopted
\nInternational Accounting Standards
\nincludes standards issued by the
\nInternational Accounting Standards Board
\n(\u2018IASB\u2019) that are endorsed for use in the UK.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22452": {
"value": "1.1.2 Going concern In adopting the going concern basis
\nfor preparing the \ufb01nancial information,
\nthe Directors have considered the
\ncircumstances impacting the Group during
\nthe year as detailed in the operating
\nreview on pages 12 to 73, including the
\nbudget for 2023/2024 (\u2018the base case\u2019),
\nthe long-range forecast approved by the
\nBoard, and recent trading performance.
\nThe Directors have reviewed the Group\u2019s
\nprojected compliance with its banking
\ncovenants and access to funding options
\nfor the 12 months ending 31 August 2024
\nfor the going concern period, and for the
\nsix months beyond the end of the going
\nconcern period for cliff edge events
\naffecting the going concern period,
\nsuch as the availability of revolving credit
\nfacilities or repayments of any term loans.
\nThe Directors recognise that there is
\ncontinued uncertainty at this time caused
\nby the slower than anticipated return
\nof customers to UK land-based leisure
\nentertainment venues, the impact of
\nmacroeconomic factors on consumer
\nsentiment and disposable incomes,
\ncontinued in\ufb02ationary pressures and
\nhigher interest rates and their overall
\nimpact on consumer demand and
\ndiscretionary spending. The Directors
\nnote that this has had an impact on the
\naccuracy of budgeting and forecasting
\nfor the current \ufb01nancial year, and this
\nhas been considered by management
\nwhen preparing their sensitivity review
\nfor the going concern period.
\nThe Directors have reviewed and
\nchallenged management\u2019s assumptions
\nfor the Group\u2019s base case view for the
\ngoing concern period. Key considerations
\nare the assumptions on the levels of
\ncustomer visits and their average spend
\nin the venues-based businesses, and the
\nnumber of \ufb01rst time and returning
\ndepositors in the digital businesses, and
\nthe average level of spend per visit for
\neach. The key base case assumptions
\non costs are as follows:
\n\u2013
Payroll costs are adjusted for increases
\nin the National Minimum Wage and pay
\nrise awarded in April 2024;
\n\u2013
Rent due during the 2023/2024 \ufb01nancial
\nyear is paid on time;
\n\u2013
Capital expenditure is in line with
\nstrategic plans;
\n\u2013
Standard payment terms are assumed
\nfor supplier payments.
\nThe base case view contains certain
\ndiscretionary costs within management
\ncontrol that could be reduced in the event
\nof a revenue downturn. These include
\nreductions to overheads, reductions
\nto marketing costs, reductions to the
\nvenues\u2019 operating costs and reductions
\nto capital expenditure.
\nThe committed \ufb01nancing position in
\nthe base case within the going concern
\nassessment period is that the Group
\ncontinues to have access to the following
\ncommitted facilities:
\n\u2013
Revolving credit facilities (\u2018RCF\u2019)
\ntotalling \u00a3100m are available to the
\nGroup through to November 2024.
\n\u2013
In November 2024, the facilities
\navailable to the Group reduces to \u00a375m,
\nmaturing in February 2025. Based
\non ongoing conversations with lenders
\nand the improving trading performance
\nof the Group, management has a
\nreasonable expectation that there will be
\na successful re\ufb01nancing of the facilities
\nbeyond February 2025.
\nAt the date of approval of the \ufb01nancial
\nstatements, \u00a350m of the \u00a3100m RCF had
\nbeen drawn down in order to repay the
\nterm loan.
\nIn undertaking their assessment, the
\nDirectors also reviewed compliance with
\nthe banking covenants (\u2018Covenants\u2019)
\nwhich are tested bi-annually at June and
\nDecember. The Group expects to meet the
\nCovenants throughout the going concern
\nperiod and as at December 2023 and June
\n2024 and have the cash available to meet
\nits liabilities as they fall due.
\nSensitivity Analysis
\nThe base case view re\ufb02ects the Directors\u2019
\nbest estimate of the outcome for the going
\nconcern period. A number of plausible
\nbut severe downside risks, including
\nconsideration of possible mitigating actions,
\nhave been modelled with particular focus
\non the potential impact to cash \ufb02ows,
\ncash headroom and covenant compliance
\nthroughout the going concern period.
\nThe three downside scenarios modelled are:
\n(i)
revenues in the Grosvenor business
\nfall by 23% and the Group experiences
\nadditional in\ufb02ationary costs compared
\nto the base case view, with
\nmanagement taking only mitigating
\nactions that have no effect on the
\nGroup\u2019s trading performance;
\n(ii)
revenues in Grosvenor fall by 20%
\nand Rank Interactive by 7% versus
\nthe base case view, with management
\ntaking a number of mitigating actions
\nincluding reduction in capital
\nexpenditure, reduction in marketing
\nand other overheads and the removal
\nof the Group planning contingency;
\n(iii)
a reverse stress test, revenues in
\nGrosvenor fall by 36% in the initial
\nyear, with management taking actions
\nas for scenario (ii) but with further
\nmitigating actions on employment
\ncosts and extending creditor days.
\nHaving modelled the downside scenarios,
\nthe indication is that the Group would
\ncontinue to meet its covenant requirements
\nin all scenarios and have available cash
\nto meet liabilities in all three scenarios
\n(for further details see note 20).
\nAccordingly, the Directors have a
\nreasonable expectation that the Group
\nhas adequate resources to continue in
\noperational existence for a period at least
\nthrough to 31 August 2024.
\n
\n
\n
\n
\n
\nFor these reasons, the Directors continue
\nto adopt the going concern basis for the
\npreparation of these consolidated and
\nCompany \ufb01nancial statements, and in
\npreparing the consolidated and Company
\n\ufb01nancial statements, they do not include
\nany adjustments that would be required to
\nbe made if they were prepared on a basis
\nother than going concern.
\nGoing Concern Statement
\nBased on the Group\u2019s cash \ufb02ow forecasts
\nand business plan, the Directors believe
\nthat the Group will generate suf\ufb01cient cash
\nto meet its liabilities as they fall due for the
\nperiod up to 31 August 2024. In making
\nsuch statement, the Directors highlight
\nforecasting accuracy in relation to the level
\nof trading performance achieved as the
\nkey sensitivity in the approved base case.
\nThe Directors have considered three
\ndownside scenarios which re\ufb02ects a
\nreduced trading performance, in\ufb02ationary
\nimpacts on the cost base and various
\nmanagement-controlled cost mitigations.
\nIn each of the three downside scenarios,
\nthe Group will generate suf\ufb01cient cash
\nto meet its liabilities as they fall due and
\nmeet its covenant requirements for the
\nperiod to 31 August 2024 with scenarios
\nii) and iii) requiring the implementation
\nand execution of mitigating cost actions
\nwithin the control of management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22669": {
"value": "1.1.3 Accounting estimates and judgements
\nIn the application of the Group\u2019s
\naccounting policies, the Directors are
\nrequired to make judgements, estimates
\nand assumptions. The estimates and
\nassociated assumptions are based on
\nhistorical experience and other factors
\nthat are considered to be relevant. Actual
\nresults may differ from these estimates.
\nThe estimates and underlying
\nassumptions are reviewed on an ongoing
\nbasis. Revisions to accounting estimates
\nare recognised in the period in which the
\nestimate is revised if the revision affects
\nonly that period. If the revision affects
\nboth current and future periods then the
\nrevision to accounting estimate would be
\nre-elected in the period of the revision and
\nfuture periods.
\nCritical accounting judgements
\nThe following are the critical accounting
\njudgements, apart from those involving
\nestimates (which are dealt with separately
\nbelow) that the Directors have made
\nin the process of applying the Group\u2019s
\naccounting policies and that have the
\nmost signi\ufb01cant effect on the amounts
\nrecognised in the consolidated and
\nCompany \ufb01nancial statements.
\n(a) Separately disclosed items
\n(\u2018SDIs\u2019)
\nThe Group separately discloses certain
\ncosts and income that impair the visibility
\nof the underlying performance and trends
\nbetween periods. The SDIs are material
\nand infrequent in nature and/or do not
\nrelate to underlying business
\nperformance. Judgement is required
\nin determining whether an item should
\nbe classi\ufb01ed as an SDIs or included within
\nthe underlying results.
\nSDIs include but are not limited to:
\n\u2013 Amortisation of acquired intangible
\nassets;
\n\u2013
Pro\ufb01t or loss on disposal of businesses;
\n\u2013 Costs or income associated to the
\nclosure of venues;
\n\u2013 Acquisition and disposal costs
\nincluding changes to deferred
\nor contingent consideration;
\n\u2013 Impairment charges;
\n\u2013 Reversal of previously recognised
\nimpairment charges;
\n\u2013 Property-related provisions;
\n\u2013 Restructuring costs as part of an
\nannounced programme;
\n\u2013 Retranslation and remeasurement
\nof foreign currency contingent
\nconsideration;
\n\u2013 General dilapidations provision interest
\nunwinding;
\n\u2013 General dilapidations asset depreciation;
\n\u2013 Discontinued operations;
\n\u2013
Signi\ufb01cant, material proceeds from
\ntax appeals; and
\n\u2013 Tax impact of all the above.
\nFor further detail of those items included
\nas SDIs, refer to note 4.
\n(b) Climate change
\nThe Group continues to consider the impact
\nof climate change in the consolidated and
\nCompany \ufb01nancial statements and
\nconsiders that the most signi\ufb01cant impact
\nwould be in relation to the cost of energy
\nto the Group for which best estimates have
\nbeen factored into future forecasts, the
\ncarrying value of assets in the accounts,
\nalbeit this is not considered to have a
\nmaterial impact at the current time and
\nthe useful economic life of assets.
\nThe Group constantly monitors the
\nlatest government legislation in relation
\nto climate related matters. The approach
\ntaken by the Group to managing climate
\nrelated risks and opportunities is not static
\nbut re\ufb02ects continuous monitoring and
\nassessment of these issues including their
\npotential impact upon the business and
\nthe Group\u2019s impact on the environment.
\nThere is no material impact on
\nimpairment, provisions and fair values.
\n
\n
\n
\n
\n\n\nMore details of this approach can be seen
\non page 60. At the current time, no
\nlegislation has been passed that will impact
\nthe Group. The Group will adjust key
\nassumptions in value in use calculations
\nand sensitise these calculations should
\na change be required.
\n(c) Dilapidation costs
\nThe provision represents the estimated
\ncost of dilapidation at the end of the lease
\nterm of certain properties. The provision
\nis reviewed periodically and re\ufb02ects
\njudgement in the interpretation of lease
\nterms and negotiation positions with
\nlandlords including the likelihood that the
\ncurrent leasehold properties may be subject
\nto redevelopment at the end of lease term.
\nKey sources of estimation
\nuncertainty
\nThe estimates and assumptions which
\nhave a signi\ufb01cant risk of causing a
\nmaterial adjustment to the carrying
\namounts of assets and liabilities within the
\nnext \ufb01nancial year are discussed below.
\nThe Group based its assumptions and
\nestimates on parameters available when
\nthe \ufb01nancial statements were prepared.
\nExisting circumstances and assumptions
\nabout future developments, however,
\nmay change due to market changes or
\ncircumstances arising that are beyond
\nthe control of the Group. Such changes
\nare re\ufb02ected in the assumptions when
\nthey occur.
\n(a) Estimated impairment or
\nsubsequent reversal of previously
\nrecognised impairment for non-
\nfinancial assets
\nDetails of the Group\u2019s accounting policy
\nin relation to impairments and impairment
\nreversals are disclosed in note 1.14.
\nThe application of the policy requires the
\nuse of accounting estimates in determining
\nthe recoverable amount of cash-generating
\nunits to which the goodwill, intangible
\nassets, right-of-use assets and property,
\nplant and equipment are associated.
\nThe recoverable amount is the higher
\nof the fair value less costs of disposal and
\nvalue in use. Estimates of fair value less
\ncosts of disposal are performed internally
\nby experienced senior management
\nsupported by knowledge of similar
\ntransactions and advice from external
\nexperts or, if applicable, offers received.
\nValue in use is calculated using estimated
\ncash \ufb02ow projections from strategic plans
\nand \ufb01nancial budgets, discounted by
\nselecting an appropriate rate for each
\ncash-generating unit.
Consistent with the prior year, the Group
\nhas assessed the continuing impact of
\nCOVID-19 risk into the impairment testing
\nof goodwill and non-current assets and
\nincluded additional sensitivity analysis
\nin the disclosures. The key judgement
\nis the level of trading in the venues and
\nits recovery following reopening, overall
\nmacroeconomic conditions and its impact
\non estimated future cash \ufb02ows. Further
\ndetails of the assumptions, estimates and
\nsensitivity are disclosed in note 13.
\nThe Company also tests annually
\nthe carrying value of its investments
\nin subsidiaries. The application of this
\npolicy requires the use of estimates and
\njudgements in determining the recoverable
\namount of the subsidiary undertakings.
\nThe recoverable amount is determined by
\napplying an estimated valuation multiple
\nto budgeted future earnings and
\ndeducting estimated costs of disposal
\n(fair value less costs of disposal) and/or by
\nusing discounted cash \ufb02ows (value in use),
\nalong with consideration of the underlying
\nnet assets and market capitalisation and
\nis disclosed in note 13.
\n(b) Dilapidation provision
\nProvisions for dilapidations are recognised
\nwhere the Group has the obligation to
\nmake-good its leased properties. These
\nprovisions are measured based on
\nhistorically settled dilapidations which
\nform the basis of the estimated future cash
\nout\ufb02ows. Any difference between amounts
\nexpected to be settled and the actual cash
\nout\ufb02ow will be accounted for in the period
\nwhen such determination is made.
\nThe Group\u2019s provisions are estimates
\nof the actual costs and timing of future
\ncash \ufb02ows, which are dependent on
\nfuture events, property exits and market
\nconditions. Thus, there is inherently an
\nelement of estimation uncertainty within
\nthe provisions recognised by the Group.
\nAny difference between expectations and
\nthe actual future liability will be accounted
\nfor in the period when such determination
\nis made.
\nThe provisions are most sensitive to
\nestimates of the future cash out\ufb02ows
\nwhich are based on historically settled
\ndilapidations. This means that an increase
\nin cash out\ufb02ows of 1% would have resulted
\nto a \u00a30.3m increase in the dilapidations
\nprovision. Likewise, a decrease in cash
\nout\ufb02ows of 1% would have resulted to
\na \u00a30.3m decrease in the dilapidations
\nprovision.
\n(c) Determination of the fair values
\nof intangible assets
\nThe Group estimates the fair value of
\nacquired intangible assets arising from
\nbusiness combinations by selecting and
\napplying appropriate valuation methods.
\nThese include the relief from royalty and
\nmulti-period excess earnings valuation
\nmethods, both of which require signi\ufb01cant
\nestimates to be made. Examples include
\nestimating expected cash \ufb02ows and
\nidentifying appropriate royalty and
\ndiscount rates. The fair value of each
\nacquired intangible asset is amortised
\nover the respective asset\u2019s estimated
\nuseful life. The Group uses projected
\n\ufb01nancial information together with
\ncomparable industry information as
\nwell as applying its own experience and
\nknowledge of the industry in making such
\njudgements and estimates. Where a third
\nparty is involved to determine the fair
\nvalue of the acquired intangible assets,
\nthe key assumptions reviewed by the Group
\ninclude cash \ufb02ow projections, terminal
\ngrowth rates and discount rates as well
\nas a sensitivity analysis.
\n(d) Income taxes
\nThe Group is subject to income taxes in
\nnumerous jurisdictions and as such requires
\njudgements to be made as well as best
\nestimates and assumptions.
\nJudgement must be applied in assessing
\nthe likely outcome of certain tax matters
\nwhose \ufb01nal outcome may not be
\ndetermined for a number of years. These
\njudgements are reassessed in each period
\nuntil the outcome is \ufb01nally determined
\nthrough resolution with a tax authority
\nand/or through a legal process. Differences
\narising from changes in judgement or
\nfrom \ufb01nal resolution may be material and
\nwill be charged or credited to the Group
\nincome statement in the relevant period.
\nWithin the Group\u2019s net income tax
\nreceivable of \u00a39.2m (30 June 2022: \u00a33.9m)
\nare amounts of \u00a30.3m payable (30 June
\n2022: \u00a30.3m) that relate to uncertain tax
\npositions. The Group evaluates uncertain
\nitems, where the tax judgement is subject
\nto interpretation and remains to be agreed
\nwith the relevant tax authority. Provisions
\nfor uncertain items are made using an
\nestimation of the most likely tax expected
\nto be paid, based on a qualitative
\nassessment of all relevant information.
\nIn assessing the appropriate provision
\nfor uncertain items, the Group considers
\nprogress made in discussions with tax
\nauthorities, expert advice on the likely
\noutcome and recent developments in case
\nlaw. Further details of income tax are
\ndisclosed in note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f22989": {
"value": "1.1.4 Changes in accounting policy and disclosures
\n(a) Standards, amendments to and
\ninterpretations of existing standards
\nadopted by the Group
\nIn preparing the consolidated \ufb01nancial
\nstatements for the current period, the
\nGroup has adopted the following new
\nIFRSs, amendments to IFRSs and IFRS
\nInterpretations Committee (IFRIC)
\ninterpretations. All standards do not have a
\nsigni\ufb01cant impact on the results or net assets
\nof the Group. Changes are detailed below:
\n\u2013 Property, plant equipment: proceeds
\nbefore intended use (amendment
\nto IAS 16)
\n\u2013
Onerous contracts: cost of ful\ufb01lling
\na contact (amendment to IAS 37)
\n\u2013 Interest rate benchmark reform \u2013
\nPhase 2 (amendment to IAS 39)
\n\u2013 Annual improvements to IFRS Standards
\n2018 \u2013 2020 (amendment to IFRS 1,
\nIFRS 9, IFRS 16 and IAS 41)
\n\u2013 Reference to the conceptual framework
\n(amendment to IFRS 3)
\n(b) Standards, amendments to and
\ninterpretations of existing standards
\nthat are not yet effective
\nAt the date of authorisation of the
\nconsolidated \ufb01nancial statements, the
\nfollowing Standards, amendments and
\nInterpretations, which have not been applied
\nin these consolidated \ufb01nancial statements,
\nwere in issue but not yet effective:
\n\u2013 Disclosure of accounting policies
\n(amendments to IAS 1 and IFRS Practice
\nStatement 2 effective for period
\nbeginning 1 July 2023)
\n\u2013
De\ufb01nition of accounting estimates
\n(amendments to IAS 8 effective for
\nperiod beginning 1 July 2023)
\n\u2013 Deferred tax related to assets and
\nliabilities arising from a single transaction
\n(amendment to IAS 12 effective for
\nperiod beginning 1 July 2023)
\n\u2013 Liability in a sale and leaseback
\n(amendment to IFRS 16 effective
\nfor period beginning 1 July 2024)
\n\u2013
Classi\ufb01cation of liabilities as current
\nand non-current (amendment to IAS 1
\neffective for period beginning 1 July 2024)
\n\u2013 Insurance contracts (amendment to
\nIFRS 17 effective for period beginning
\n1 July 2024).
\n\u2013 Non-current liabilities with Covenants
\n(amendments to IAS 1 effective for
\nperiod beginning 1 July 2024).
\nThe Group does not currently believe
\nthat the adoption of these new standards
\nor amendments would have a material
\neffect on the results or \ufb01nancial position
\nof the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23321": {
"value": "1.2 Consolidation The consolidated \ufb01nancial statements
\ncomprise the \ufb01nancial statements of the
\nparent and its subsidiaries as at 30 June
\n2023. Control is achieved when the Group
\nis exposed, or has rights, to variable
\nreturns from its involvement with the
\ninvestee and has the ability to affect
\nthose returns through its power over the
\ninvestee. Speci\ufb01cally, the Group controls
\nan investee if, and only if, the Group has
\n(a) power over the investee, (b) exposure,
\nor rights, to variable returns from the
\ninvestee, and (c) ability to use its power
\nto affect those returns.
\nThe Group re-assesses whether or
\nnot it controls an investee if facts and
\ncircumstances indicate that there are
\nchanges to one or more of the three
\nelements of control. Consolidation of a
\nsubsidiary begins when the Group obtains
\ncontrol over the subsidiary and ceases
\nwhen the Group loses control of the
\nsubsidiary. Assets, liabilities, income
\nand expenses of a subsidiary acquired or
\ndisposed of during the year are included
\nin the consolidated \ufb01nancial statements
\nfrom the date the Group gains control
\nuntil the date the Group ceases to control
\nthe subsidiary.
\nIf the Group loses control of a subsidiary,
\nit derecognises the related assets
\n(including goodwill), liabilities and other
\ncomponents of equity, while any resultant
\ngain or loss is recognised in the Group
\nincome statement.
\nIntercompany transactions, balances
\nand unrealised gains on transactions
\nbetween Group companies are eliminated.
\nUnrealised losses are also eliminated
\nunless the transaction provides evidence
\nof an impairment of the asset transferred.
\nAccounting policies as applied to
\nsubsidiaries have been changed where
\nnecessary to ensure consistency with
\nthe policies adopted by the Group.
\nThe Group has no material associates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23371": {
"value": "1.3 Business combinations and goodwill
\nBusiness combinations are accounted
\nfor using the acquisition method.
\nThe consideration transferred in a
\nbusiness combination is measured at
\nthe acquisition date and represents the
\naggregate fair value of assets transferred
\nand liabilities incurred.
\nAmounts payable in respect of deferred
\nor contingent consideration are recognised
\nat fair value at the acquisition date and
\nincluded in consideration transferred.
\nThe subsequent unwind of any discount
\nis recognised as an SDI in \ufb01nance cost
\nin the Group income statement. Other
\ncontingent consideration that either is
\nwithin the scope of IFRS 9 or within the
\nscope of other standards is remeasured
\nat fair value at each reporting date and
\nchanges in fair value are recognised
\nas an SDI in the Group income statement.
\nChanges in the fair value of contingent
\nconsideration recognised as a \ufb01nancial
\nliability that qualify as measurement period
\nadjustments (being 12 months from the
\nacquisition date) are adjusted retrospectively,
\nwith corresponding adjustments against
\ngoodwill. Material changes that do not
\nqualify as measurement period adjustments
\nare recognised as an SDI in the Group
\nincome statement.
\nWhen the Group acquires a business,
\nit assesses the \ufb01nancial assets acquired
\nand liabilities assumed for appropriate
\nclassi\ufb01cation and designation in
\naccordance with the contractual terms,
\neconomic circumstances and pertinent
\nconditions as at the acquisition date.
\nGoodwill is initially measured at cost,
\nbeing the excess of the aggregate of
\nthe acquisition date fair value of the
\nconsideration transferred over the fair
\nvalue of the net identi\ufb01able amounts of the
\nassets acquired and the liabilities assumed
\nin exchange for the business combination.
\nIdenti\ufb01able intangible assets are
\nrecognised separately from goodwill.
\nIf the aggregate of the acquisition date
\nfair value of the consideration transferred
\nis lower than the fair value of the assets,
\nliabilities and contingent liabilities in
\nthe business acquired, the difference
\nis recognised through the Group
\nincome statement.
\nIf the initial accounting for a business
\ncombination is incomplete by the end
\nof the reporting period in which the
\ncombination occurs, the Group reports
\nprovisional amounts for items for which
\nthe accounting is incomplete. Those
\nprovisional amounts are adjusted during
\nthe measurement period (see above),
\nor additional assets or liabilities are
\nrecognised, to re\ufb02ect new information
\nobtained about facts and circumstances
\nthat existed at the acquisition date that,
\nif known, would have affected the amounts
\nrecognised at that date.
\nAcquisition costs incurred are expensed
\nas an SDI.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23372": {
"value": "1.3 Business combinations and goodwill
\nBusiness combinations are accounted
\nfor using the acquisition method.
\nThe consideration transferred in a
\nbusiness combination is measured at
\nthe acquisition date and represents the
\naggregate fair value of assets transferred
\nand liabilities incurred.
\nAmounts payable in respect of deferred
\nor contingent consideration are recognised
\nat fair value at the acquisition date and
\nincluded in consideration transferred.
\nThe subsequent unwind of any discount
\nis recognised as an SDI in \ufb01nance cost
\nin the Group income statement. Other
\ncontingent consideration that either is
\nwithin the scope of IFRS 9 or within the
\nscope of other standards is remeasured
\nat fair value at each reporting date and
\nchanges in fair value are recognised
\nas an SDI in the Group income statement.
\nChanges in the fair value of contingent
\nconsideration recognised as a \ufb01nancial
\nliability that qualify as measurement period
\nadjustments (being 12 months from the
\nacquisition date) are adjusted retrospectively,
\nwith corresponding adjustments against
\ngoodwill. Material changes that do not
\nqualify as measurement period adjustments
\nare recognised as an SDI in the Group
\nincome statement.
\nWhen the Group acquires a business,
\nit assesses the \ufb01nancial assets acquired
\nand liabilities assumed for appropriate
\nclassi\ufb01cation and designation in
\naccordance with the contractual terms,
\neconomic circumstances and pertinent
\nconditions as at the acquisition date.
\nGoodwill is initially measured at cost,
\nbeing the excess of the aggregate of
\nthe acquisition date fair value of the
\nconsideration transferred over the fair
\nvalue of the net identi\ufb01able amounts of the
\nassets acquired and the liabilities assumed
\nin exchange for the business combination.
\nIdenti\ufb01able intangible assets are
\nrecognised separately from goodwill.
\nIf the aggregate of the acquisition date
\nfair value of the consideration transferred
\nis lower than the fair value of the assets,
\nliabilities and contingent liabilities in
\nthe business acquired, the difference
\nis recognised through the Group
\nincome statement.
\nIf the initial accounting for a business
\ncombination is incomplete by the end
\nof the reporting period in which the
\ncombination occurs, the Group reports
\nprovisional amounts for items for which
\nthe accounting is incomplete. Those
\nprovisional amounts are adjusted during
\nthe measurement period (see above),
\nor additional assets or liabilities are
\nrecognised, to re\ufb02ect new information
\nobtained about facts and circumstances
\nthat existed at the acquisition date that,
\nif known, would have affected the amounts
\nrecognised at that date.
\nAcquisition costs incurred are expensed
\nas an SDI.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23448": {
"value": "1.4 Revenue recognition Revenue consists of the fair value of sales
\nof goods and services net of sales taxes,
\nrebates and discounts.
\nThe fair value of free bets, promotions and
\ncustomer bonuses (\u2018customer incentives\u2019)
\nare also deducted from appropriate
\nrevenue streams.
\n(a) Gaming win \u2013 Casino
\nRevenue for casinos includes gaming win
\nbefore deduction of gaming-related duties
\nfor venue and online gaming. Although
\ndisclosed as revenue, gaming win \u2013 casino
\nis accounted for and meets the de\ufb01nition
\nof a gain under IFRS 9 \u2018Financial
\nInstruments\u2019. Gaming revenue includes
\ngains and losses arising where customers
\nplay against the house. Due to the nature
\nof the transaction, the amount of the
\npayment the Group may be obliged to pay
\nto the customer is uncertain. The \ufb01nancial
\ninstrument is therefore a derivative and is
\ninitially recognised at fair value and
\nsubsequently remeasured to fair value
\nwith changes in fair value recorded in the
\nGroup income statement. The initial fair
\nvalue is generally the amount staked by
\nthe customer and includes adjustment
\nfor customer incentives, such as free bets,
\npromotions and customer bonuses, where
\napplicable. The instrument is subsequently
\nremeasured when the result of the
\ntransaction is known and the amount
\npayable is con\ufb01rmed. This movement may
\nbe a gain or a loss. Gains and losses are
\noffset on the basis that they arise from
\nsimilar transactions. Such gains and
\nlosses are recorded in revenue.
\n(b) Gaming win \u2013 Slots and other
\ndigital products
\nRevenue for bingo is net of customer
\ncontribution to prizes but gross of company
\ncontributed prizes. It is net of any sales taxes
\nbut before deduction of gaming-related
\nduties. Revenue for poker represents the
\nrake received. Revenue for other digital
\nproducts, including interactive games,
\nrepresents gaming win before deduction
\nof gaming-related duties. The Group\u2019s
\nincome earned from the above items is
\nrecognised when control of the goods or
\nservices are transferred to the customer
\nand is within the scope of IFRS 15.
\n(c) Food, beverage and others
\nRevenue from food, beverage and other
\nsales is recognised at the point of sale
\nwhen control of the goods or services are
\ntransferred to the customer and is within
\nthe scope of IFRS 15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23531": {
"value": "1.5 Segment reporting Operating segments are reported in
\na manner consistent with the internal
\nreporting provided to the chief operating
\ndecision-makers. The chief operating
\ndecision-makers, who are responsible
\nfor allocating resources and assessing
\nperformance of the operating segments,
\nhave been identi\ufb01ed as the senior
\nmanagement team (the composition
\nof which is disclosed on page 94 and at
\nwww.rank.com), which makes strategic
\nand operational decisions.
\nThe Group reports \ufb01ve segments:
\nDigital, Grosvenor venues, Mecca venues,
\nEnracha venues and Central costs.
\n\u2013
UK digital, Enracha digital, YoBingo
\nand Stride is a single operating segment
\nwhich is known as Digital,
\n\u2013
Grosvenor venues cover all UK casinos,
\n\u2013
Mecca venues covers all UK bingo halls,
\nand
\n\u2013
Enracha venues covers all Spanish-
\nfacing venues.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23562": {
"value": "1.6 Non-current assets held for sale and discontinued operations
\nThe Group classi\ufb01es non-current assets
\nand disposal of an asset as held for sale if
\ntheir carrying amounts will be recovered
\nprincipally through a sale transaction
\nrather than through continuing use.
\nNon-current assets are measured at the
\nlower of their carrying amount and fair
\nvalue less costs to sell. Costs to sell are the
\nincremental costs directly attributable to
\nthe disposal of an asset, excluding \ufb01nance
\ncosts and income tax expense.
\nThe criteria for held for sale classi\ufb01cation
\nis regarded as met only when the sale is
\nhighly probable and the asset is available
\nfor immediate sale in its present condition.
\nActions required to complete the sale
\nshould indicate that it is unlikely that
\nsigni\ufb01cant changes to the sale will be
\nmade or that the decision to sell will be
\nwithdrawn. Management must be
\ncommitted to the plan to sell the asset and
\nthe sale expected to be completed within
\none year from the date of the classi\ufb01cation.
\nProperty, plant and equipment, right-of-
\nuse assets and intangible assets are not
\ndepreciated or amortised once classi\ufb01ed
\nas held for sale.
\nAssets and liabilities classi\ufb01ed as held for
\nsale are presented separately as current
\nitems in the balance sheets.
\nDiscontinued operations are excluded
\nfrom the results of continuing operations
\nand are presented as a single amount as
\npro\ufb01t or loss after tax from discontinued
\noperations in the Group income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23566": {
"value": "The Group classi\ufb01es non-current assets and disposal of an asset as held for sale if
\ntheir carrying amounts will be recovered
\nprincipally through a sale transaction
\nrather than through continuing use.
\nNon-current assets are measured at the
\nlower of their carrying amount and fair
\nvalue less costs to sell. Costs to sell are the
\nincremental costs directly attributable to
\nthe disposal of an asset, excluding \ufb01nance
\ncosts and income tax expense.
\nThe criteria for held for sale classi\ufb01cation
\nis regarded as met only when the sale is
\nhighly probable and the asset is available
\nfor immediate sale in its present condition.
\nActions required to complete the sale
\nshould indicate that it is unlikely that
\nsigni\ufb01cant changes to the sale will be
\nmade or that the decision to sell will be
\nwithdrawn. Management must be
\ncommitted to the plan to sell the asset and
\nthe sale expected to be completed within
\none year from the date of the classi\ufb01cation.
\nProperty, plant and equipment, right-of-
\nuse assets and intangible assets are not
\ndepreciated or amortised once classi\ufb01ed
\nas held for sale.
\nAssets and liabilities classi\ufb01ed as held for
\nsale are presented separately as current
\nitems in the balance sheets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23599": {
"value": "Discontinued operations are excluded from the results of continuing operations
\nand are presented as a single amount as
\npro\ufb01t or loss after tax from discontinued
operations in the Group income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23608": {
"value": "1.7 Foreign currency translation The consolidated and Company \ufb01nancial
\nstatements are presented in UK sterling
\n(\u2018the presentation currency\u2019), which is
\nalso the Company\u2019s functional currency.
\nItems included in the \ufb01nancial statements
\nof each of the Group\u2019s entities are measured
\nusing the currency of the primary economic
\nenvironment in which the entity operates
\n(\u2018the functional currency\u2019).
\n(a) Transactions and balances
\nForeign currency transactions are
\ntranslated into the functional currency
\nusing the exchange rates prevailing at the
\ndate of the transactions. Foreign exchange
\ngains and losses resulting from the
\nsettlement of such transactions and
\nfrom the translation at year-end exchange
\nrates of monetary assets and liabilities
\ndenominated in foreign currencies are
\nrecognised in the Group income statement
\nin \ufb01nance costs or income.
\n(b) Group companies
\nThe results and \ufb01nancial position of all the
\nGroup companies (none of which has the
\ncurrency of a hyper-in\ufb02ationary economy)
\nthat have a functional currency different
\nfrom the presentation currency are
\ntranslated into the presentation currency
\nas follows:
\n(i)
assets and liabilities for each balance
\nsheet presented are translated at the
\nclosing rate on the balance sheet date.
\nThe closing euro rate against UK
\nsterling was 1.16 (30 June 2022: 1.16);
\n(ii)
income and expenses for each income
\nstatement are translated at average
\nexchange rates unless this average
\nis not a reasonable approximation
\nof the cumulative effect of the rates
\nprevailing on the transaction dates,
\nin which case income and expenses
\nare translated at the rates prevailing
\non the dates of the transactions. The
\naverage euro rate against UK sterling
\nwas 1.15 (year ended 30 June 2022:
\n1.21); and
\n(iii)
all resulting exchange differences are
\nrecognised as a separate component
\nof equity.
\nWhen a foreign operation is sold, such
\nexchange differences are recognised in
\nthe Group income statement, as part of the
\ngain or loss on sale. Goodwill and fair
\nvalue adjustments arising on the
\nacquisition of a foreign entity are treated
\nas assets and liabilities of the foreign
\nentity and translated at the closing rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23611": {
"value": "The consolidated and Company \ufb01nancial statements are presented in UK sterling
\n(\u2018the presentation currency\u2019), which is
\nalso the Company\u2019s functional currency.
\nItems included in the \ufb01nancial statements
\nof each of the Group\u2019s entities are measured
\nusing the currency of the primary economic
\nenvironment in which the entity operates
\n(\u2018the functional currency\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23675": {
"value": "1.8 Financial assets Financial assets within the scope of IFRS 9
\nare classi\ufb01ed as \ufb01nancial assets at initial
\nrecognition, as subsequently measured at
\namortised cost, fair value through other
\ncomprehensive income (\u2018OCI\u2019), and fair
\nvalue through pro\ufb01t or loss.
\nThe classi\ufb01cation of \ufb01nancial assets
\nat initial recognition depends on the
\n\ufb01nancial asset\u2019s contractual cash \ufb02ow
\ncharacteristics and the Group\u2019s business
\nmodel for managing them. The Group
\ninitially measures a \ufb01nancial asset at its
\nfair value plus, in the case of a \ufb01nancial
\nasset not at fair value through pro\ufb01t or
\nloss, transaction costs.
\nIn order for a \ufb01nancial asset to be
\nclassi\ufb01ed and measured at amortised cost
\nor fair value through OCI, it needs to give
\nrise to cash \ufb02ows that are \u2018solely payments
\nof principal and interest (\u2018SPPI\u2019)\u2019 on the
\nprincipal amount outstanding. This
\nassessment is referred to as the SPPI test
\nand is performed at an instrument level.
\nFor purposes of subsequent measurement,
\n\ufb01nancial assets are classi\ufb01ed in two
\ncategories:
\n\u2013
Financial assets designated at fair
\nvalue through OCI with no recycling
\nof cumulative gains and losses upon
\nderecognition (equity instruments); and
\n\u2013
Financial assets at fair value through
\npro\ufb01t or loss.
\n(a) Financial assets designated
\nat fair value through OCI
\n(equity instruments)
\nUpon initial recognition, the Group
\ncan elect to classify irrevocably its equity
\ninvestments as equity instruments
\ndesignated at fair value through OCI
\nwhen they meet the de\ufb01nition of equity
\nunder IAS 32 Financial Instruments:
\nPresentation and are not held for trading.
\nThe classi\ufb01cation is determined on an
\ninstrument-by-instrument basis. Gains
\nand losses on these \ufb01nancial assets are
\nnever recycled to pro\ufb01t or loss. Dividends
\nare recognised as other income in the
\nGroup income statement when the right
\nof payment has been established, except
\nwhen the Group bene\ufb01ts from such
\nproceeds as a recovery of part of the
\ncost of the \ufb01nancial asset, in which case,
\nsuch gains are recorded in OCI. Equity
\ninstruments designated at fair value
\nthrough OCI are not subject to impairment
\nassessment. The Group elected to classify
\nits non-listed equity investments under
\nthis category.
\n
\n
\n
\n
\n
\n
\n
\n\n
\n
\n(b) Financial assets at fair value
\nthrough profit or loss
\nFinancial assets at fair value through pro\ufb01t
\nor loss include \ufb01nancial assets held for
\ntrading, \ufb01nancial assets designated upon
\ninitial recognition at fair value through
\npro\ufb01t or loss, or \ufb01nancial assets mandatorily
\nrequired to be measured at fair value.
\nFinancial assets are classi\ufb01ed as held for
\ntrading if they are acquired for the purpose
\nof selling or repurchasing in the near
\nterm. Financial assets with cash \ufb02ows that
\nare not solely payments of principal and
\ninterest are classi\ufb01ed and measured at fair
\nvalue through pro\ufb01t or loss, irrespective
\nof the business model. Financial assets at
\nfair value through pro\ufb01t or loss are carried
\nin the Balance sheet at fair value with net
\nchanges in fair value recognised in the
\nGroup income statement.
\nDerecognition
\nA \ufb01nancial asset (or, where applicable,
\na part of a \ufb01nancial asset or part of a group
\nof similar \ufb01nancial assets) is primarily
\nderecognised (i.e. removed from the
\nGroup\u2019s Balance sheet) when:
\n\u2013
The rights to receive cash \ufb02ows from
\nthe asset have expired; or
\n\u2013 The Group has transferred its rights
\nto receive cash \ufb02ows from the asset
\nor has assumed an obligation to pay
\nthe received cash \ufb02ows in full without
\nmaterial delay to a third party.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23780": {
"value": "(b) Financial assets at fair value through profit or loss
\nFinancial assets at fair value through pro\ufb01t
\nor loss include \ufb01nancial assets held for
\ntrading, \ufb01nancial assets designated upon
\ninitial recognition at fair value through
\npro\ufb01t or loss, or \ufb01nancial assets mandatorily
\nrequired to be measured at fair value.
\nFinancial assets are classi\ufb01ed as held for
\ntrading if they are acquired for the purpose
\nof selling or repurchasing in the near
\nterm. Financial assets with cash \ufb02ows that
\nare not solely payments of principal and
\ninterest are classi\ufb01ed and measured at fair
\nvalue through pro\ufb01t or loss, irrespective
\nof the business model. Financial assets at
\nfair value through pro\ufb01t or loss are carried
\nin the Balance sheet at fair value with net
\nchanges in fair value recognised in the
\nGroup income statement.(a) Financial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through
\npro\ufb01t or loss include \ufb01nancial liabilities
\nheld for trading and \ufb01nancial liabilities
\ndesignated upon initial recognition as at
\nfair value through pro\ufb01t or loss. Gains or
\nlosses on liabilities held for trading are
\nrecognised in the Group income statement.
\nFinancial liabilities designated upon initial
\nrecognition at fair value through pro\ufb01t or
\nloss are designated at the initial date
\nof recognition, and only if the criteria
\nin IFRS 9 are satis\ufb01ed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23803": {
"value": "Derecognition A \ufb01nancial asset (or, where applicable,
\na part of a \ufb01nancial asset or part of a group
\nof similar \ufb01nancial assets) is primarily
\nderecognised (i.e. removed from the
\nGroup\u2019s Balance sheet) when:
\n\u2013
The rights to receive cash \ufb02ows from
\nthe asset have expired; or
\n\u2013 The Group has transferred its rights
\nto receive cash \ufb02ows from the asset
\nor has assumed an obligation to pay
\nthe received cash \ufb02ows in full without
material delay to a third party.Derecognition A \ufb01nancial liability is derecognised
\nwhen the obligation under the liability
\nis discharged or cancelled or expires.
\nWhen an existing \ufb01nancial liability
\nis replaced by another from the same
\nlender on substantially different terms,
\nor the terms of an existing liability are
\nsubstantially modi\ufb01ed, such an exchange
\nor modi\ufb01cation is treated as the
\nderecognition of the original liability
\nand the recognition of a new liability.
\nThe difference in the respective carrying
\namounts is recognised in the Group
\nincome statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23821": {
"value": "1.9 Financial liabilities Financial liabilities within the scope of
\nIFRS 9 are classi\ufb01ed, at initial recognition,
\nas \ufb01nancial liabilities at fair value through
\npro\ufb01t or loss, loans and borrowings or
\npayables. All \ufb01nancial liabilities are
\nrecognised initially at fair value and,
\nin the case of loans and borrowings
\nand payables, net of directly attributable
\ntransaction costs. The Group and
\nCompany\u2019s \ufb01nancial liabilities include
\ntrade and other payables, loans and
\nborrowings including bank overdrafts
\nand \ufb01nancial guarantee contracts.
\nThe subsequent measurement of \ufb01nancial
\nliabilities depends on their classi\ufb01cation,
\nas described below:
\n(a) Financial liabilities at fair value
\nthrough profit or loss
\nFinancial liabilities at fair value through
\npro\ufb01t or loss include \ufb01nancial liabilities
\nheld for trading and \ufb01nancial liabilities
\ndesignated upon initial recognition as at
\nfair value through pro\ufb01t or loss. Gains or
\nlosses on liabilities held for trading are
\nrecognised in the Group income statement.
\nFinancial liabilities designated upon initial
\nrecognition at fair value through pro\ufb01t or
\nloss are designated at the initial date
\nof recognition, and only if the criteria
\nin IFRS 9 are satis\ufb01ed.
\n(b) Financial liabilities at amortised
\ncost (loans and borrowings)
\nAfter initial recognition, interest-bearing
\nloans and borrowings are subsequently
\nmeasured at amortised cost using the
\neffective interest rate (\u2018EIR\u2019) method.
\nGains and losses are recognised in
\nthe Group income statement when the
\nliabilities are derecognised as well as
\nthrough the EIR amortisation process.
\nAmortised cost is calculated by taking
\ninto account any discount or premium
\non acquisition and fees or costs that
\nare an integral part of the EIR. The EIR
\namortisation is included as \ufb01nance costs
\nin the Group income statement.
\n(c) Financial guarantee contracts
\n(Company only)
\nFinancial guarantee contracts issued
\nby the Company are those contracts
\nthat require a payment to be made to
\nreimburse the holder for a loss it incurs
\nbecause the speci\ufb01ed debtor fails to make
\na payment when due in accordance with
\nthe terms of a debt instrument. Financial
\nguarantee contracts are initially measured
\nat fair value by applying the estimated
\nprobability of default to the cash out\ufb02ow
\nshould default occur and subsequently
\namortising over the expected length of the
\nguarantee, to the extent that the guarantee
\nis not expected to be called. Subsequently,
\nthe liability is measured at the higher
\nof the best estimate of the expenditure
\nrequired to settle the present obligation
\nat the reporting date or the amount
\nrecognised less cumulative amortisation.
\nDerecognition
\nA \ufb01nancial liability is derecognised
\nwhen the obligation under the liability
\nis discharged or cancelled or expires.
\nWhen an existing \ufb01nancial liability
\nis replaced by another from the same
\nlender on substantially different terms,
\nor the terms of an existing liability are
\nsubstantially modi\ufb01ed, such an exchange
\nor modi\ufb01cation is treated as the
\nderecognition of the original liability
\nand the recognition of a new liability.
\nThe difference in the respective carrying
\namounts is recognised in the Group
\nincome statement.
\nOffsetting of financial instruments
\nFinancial assets and \ufb01nancial liabilities
\nare offset and the net amount is reported
\nin the Balance sheet if there is a
\ncurrently enforceable legal right to
\noffset the recognised amounts and there
\nis an intention to settle on a net basis,
\nto realise the assets and settle the
\nliabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23859": {
"value": "After initial recognition, interest-bearing loans and borrowings are subsequently
\nmeasured at amortised cost using the
\neffective interest rate (\u2018EIR\u2019) method.
\nGains and losses are recognised in
\nthe Group income statement when the
\nliabilities are derecognised as well as
\nthrough the EIR amortisation process.
\nAmortised cost is calculated by taking
\ninto account any discount or premium
\non acquisition and fees or costs that
\nare an integral part of the EIR. The EIR
\namortisation is included as \ufb01nance costs
\nin the Group income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23876": {
"value": "(c) Financial guarantee contracts (Company only)
\nFinancial guarantee contracts issued
\nby the Company are those contracts
\nthat require a payment to be made to
\nreimburse the holder for a loss it incurs
\nbecause the speci\ufb01ed debtor fails to make
\na payment when due in accordance with
\nthe terms of a debt instrument. Financial
\nguarantee contracts are initially measured
\nat fair value by applying the estimated
\nprobability of default to the cash out\ufb02ow
\nshould default occur and subsequently
\namortising over the expected length of the
\nguarantee, to the extent that the guarantee
\nis not expected to be called. Subsequently,
\nthe liability is measured at the higher
\nof the best estimate of the expenditure
\nrequired to settle the present obligation
\nat the reporting date or the amount
\nrecognised less cumulative amortisation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23918": {
"value": "Offsetting of financial instruments Financial assets and \ufb01nancial liabilities
\nare offset and the net amount is reported
\nin the Balance sheet if there is a
\ncurrently enforceable legal right to
\noffset the recognised amounts and there
\nis an intention to settle on a net basis,
\nto realise the assets and settle the
liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f23931": {
"value": "1.10 Leases The Group leases various properties
\nand equipment. Rental contracts are made
\nfor various \ufb01xed periods. Lease terms are
\nnegotiated on an individual basis and
\ncontain a wide range of different terms
\nand conditions. The lease agreements
\ndo not impose any covenants, but leased
\nassets may not be used as security for
\nborrowing purposes.
\nThe Group assesses at contract inception
\nwhether a contract is, or contains, a lease.
\nThat is, if the contract conveys the right to
\ncontrol the use of an identi\ufb01ed asset for a
\nperiod of time in exchange for consideration.
\nLeases are recognised as a right-of-use
\nasset and a corresponding liability at the
\ndate at which the leased asset is available
\nfor use by the Group. Each lease payment
\nis allocated between the liability and
\n\ufb01nance cost. The \ufb01nance cost is charged
\nto the Group income statement over the
\nlease period so as to produce a constant
\nperiodic rate of interest on the remaining
\nbalance of the liability for each period.
\nThe right-of-use asset is depreciated over
\nthe shorter of the asset\u2019s useful life and
\nthe lease term on a straight-line basis.
\nAssets and liabilities arising from a lease
\nare initially measured on a present value
\nbasis. Lease liabilities, where applicable,
\ninclude the net present value of the
\nfollowing lease payments:
\n\u2013 Fixed payments (including in-substance
\n\ufb01xed payments), less any lease
\nincentives receivable;
\n\u2013 Variable lease payments that are based
\non an index or a rate;
\n\u2013 Amounts expected to be payable by the
\nlessee under residual value guarantees;
\n\u2013 The exercise price of a purchase option
\nif the lessee is reasonably certain to
\nexercise that option; and
\n\u2013 Payments of penalties for terminating
\nthe lease, if the lease term re\ufb02ects the
\nlessee exercising that option.
\nVariable lease payments that are not based
\non an index or a rate are not part of the
\nlease liability, but they are recognised
\nin the Group income statement when the
\nevent or condition that triggers those
\npayments occurs.
\nThe carrying amount of lease liabilities
\nis remeasured if there is a modi\ufb01cation,
\na change in the lease term, a change
\nin the lease payments or a change in the
\nassessment of an option to purchase the
\nunderlying asset.
\nThe lease payments are discounted
\nusing the interest rate implicit in the
\nlease. If that rate cannot be determined,
the lessee\u2019s incremental borrowing rate is
\nused, being the rate that the lessee would
\nhave to pay to borrow the funds necessary
\nto obtain an asset of similar value in a
\nsimilar economic environment with
\nsimilar terms and conditions.
\nRight-of-use assets, where applicable, are
\nmeasured at cost comprising the following:
\n\u2013 The amount of the initial measurement
\nof lease liability;
\n\u2013 Any lease payments made at or before
\nthe commencement date less any lease
\nincentives received; and
\n\u2013 Any initial direct costs.
\nThe depreciation period for the right-of-
\nuse asset is from the lease commencement
\ndate to the earlier of the end of the lease
\nterm or the end of the useful life of the
\nasset, as follows:
\n\u2013 Land and buildings up to 32 years; and
\n\u2013 Fleet and machines up to 5 years.
\nPayments associated with short-term
\nleases and leases of low-value assets are
\nrecognised on a straight-line basis as an
\nexpense in the Group income statement.
\nShort-term leases are leases with a lease
\nterm of 12 months or less. In determining
\nthe lease term, management considers
\nall facts and circumstances that create
\nan economic incentive to exercise an
\nextension option. Extension options are
\nonly included in the lease term if the lease
\nis reasonably certain to be extended (or not
\nterminated). The assessment is reviewed if
\na signi\ufb01cant event or a signi\ufb01cant change
\nin circumstances occurs which affects this
\nassessment and that is within the control
\nof the Group as a lessee.
\nWhere appropriate the Group will sub-let
\nproperties which are vacant in order to
\nderive lease income, which is shown net
\nof lease costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24050": {
"value": "1.11 Provisions, contingent liabilities and regulatory matters
\nProvisions are recognised when the
\nGroup has a present legal or constructive
\nobligation as a result of past events, it is
\nmore likely than not that an out\ufb02ow of
\nresources will be required to settle the
\nobligation and the amount can be reliably
\nestimated. Provisions are measured at the
\nbest estimate of the expenditures required
\nto settle the obligation. If the effect of the
\ntime value of money is material, provisions
\nare discounted using a pre-tax rate that
\nre\ufb02ects, where appropriate, the risks
\nspeci\ufb01c to the liability. Where discounting
\nis used, the increase in the provision due
\nto the passage of time is recognised as
\na \ufb01nance cost.
\n
\n
\n
\n\nContingent liabilities are possible
\nobligations and present obligations that
\nare not probable or not reliably measurable.
\nContingent liabilities are disclosed but not
\naccounted for. However, disclosure is not
\nrequired if payment is remote. The Group\u2019s
\npolicy is to engage collaboratively with
\nregulators and address any concerns raised
\nas soon as possible. The Group takes legal
\nadvice, as appropriate, as to the manner in
\nwhich it should respond to matters raised
\nand the potential outcome. However, for
\nthe majority of these matters, the Board
\nis unable to quantify reliably the likelihood,
\ntiming and out\ufb02ow of funds that may
\nresult, if any. For material matters where
\nan out\ufb02ow of funds is probable and can
\nbe measured reliably based on the latest
\ninformation available at the reporting date,
\namounts have been recognised in the
\nconsolidated and Company \ufb01nancial
\nstatements within Provisions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24084": {
"value": "Contingent liabilities are possible obligations and present obligations that
\nare not probable or not reliably measurable.
\nContingent liabilities are disclosed but not
\naccounted for. However, disclosure is not
\nrequired if payment is remote. The Group\u2019s
\npolicy is to engage collaboratively with
\nregulators and address any concerns raised
\nas soon as possible. The Group takes legal
\nadvice, as appropriate, as to the manner in
\nwhich it should respond to matters raised
\nand the potential outcome. However, for
\nthe majority of these matters, the Board
\nis unable to quantify reliably the likelihood,
\ntiming and out\ufb02ow of funds that may
\nresult, if any. For material matters where
\nan out\ufb02ow of funds is probable and can
\nbe measured reliably based on the latest
\ninformation available at the reporting date,
\namounts have been recognised in the
\nconsolidated and Company \ufb01nancial
statements within Provisions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24110": {
"value": "1.12 Property, plant and equipment Property, plant and equipment is stated
\nat cost, net of accumulated depreciation
\nand impairment. Such cost includes
\nexpenditure that is directly attributable
\nto the acquisition of the items. Subsequent
\ncosts are included in the asset\u2019s carrying
\namount or recognised as a separate asset,
\nas appropriate, only when it is probable
\nthat future economic bene\ufb01ts associated
\nwith the item will \ufb02ow to the Group and the
\ncost of the item can be measured reliably.
\nAll other repairs and maintenance are
\ncharged to the income statement during the
\n\ufb01nancial period in which they are incurred.
\nDepreciation is calculated on assets using
\nthe straight-line method to allocate their
\ncost less residual values over their
\nestimated useful lives, as follows:
\nFreehold and
50 years or lease
\nleasehold property
term if less
\nRefurbishment of
5 to 20 years or
\nproperty
lease term
\nFixtures, \ufb01ttings, plant
\nand machinery
3 to 20 years
\nLand is not depreciated.
\nResidual values and useful lives are
\nreviewed at each balance sheet date, and
\nadjusted prospectively, if appropriate.
\nAn item of property, plant and equipment
\nis derecognised upon disposal or when
\nno future economic bene\ufb01ts are expected
\nfrom its use or disposal. Any gain or loss
\narising on derecognition of the asset
\n(calculated as the difference between the
\nnet disposal proceeds and the carrying
\namount of the asset) is included in the
\nGroup income statement.
\nPre-opening costs are expensed to the
\nGroup income statement as incurred.
\nAssets under construction included in
\nproperty, plant and equipment are amounts
\nrelating to expenditure for assets in the
\ncourse of construction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24127": {
"value": "Depreciation is calculated on assets using the straight-line method to allocate their
\ncost less residual values over their
\nestimated useful lives, as follows:
\nFreehold and
50 years or lease
\nleasehold property
term if less
\nRefurbishment of
5 to 20 years or
\nproperty
lease term
\nFixtures, \ufb01ttings, plant
\nand machinery
3 to 20 years
\nLand is not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24165": {
"value": "1.13 Intangible assets (a) Goodwill
\nGoodwill represents the excess of the fair
\nvalue of the consideration transferred over
\nthe fair value of the Group\u2019s share of the
\nnet identi\ufb01able assets less the liabilities
\nassumed at the date of acquisition.
\nGoodwill on acquisitions is included in
\nintangible assets. Goodwill is tested
\nannually for impairment and is allocated to
\nthe relevant cash-generating unit or group
\nof cash-generating units for the purpose of
\nimpairment testing. A cash-generating unit
\nis the smallest identi\ufb01able group of assets
\nthat generates cash in\ufb02ows, that are largely
\nindependent of the cash in\ufb02ows from other
\nassets or groups of assets. After initial
\nrecognition, goodwill is measured at cost
\nless any accumulated impairment losses.
\n(b) Casino and other gaming
\nlicences and concessions
\nThe Group capitalises acquired casino and
\nother gaming licences and concessions.
\nManagement believes that casino and
\nother gaming licences, with the exception
\nof seven (7) venues in Enracha, have
\ninde\ufb01nite lives as there is no foreseeable
\nlimit to the period over which the licences
\nare expected to generate net cash in\ufb02ows
\nand each licence holds a value outside the
\nproperty in which it resides. Each licence
\nis reviewed annually for impairment.
\n(c) Software and development
\nCosts that are directly associated with the
\nproduction and development of identi\ufb01able
\nand unique software products controlled
\nby the Group, and that are expected to
\ngenerate economic bene\ufb01ts exceeding
\ncosts beyond one year, are recognised
\nas intangible assets for both externally
\npurchased and internally developed
\nsoftware. Direct costs include speci\ufb01c
\nemployee costs for software development.
\nSoftware acquired as part of a business
\ncombination is recognised at fair value
\nat the date of acquisition.
\nCosts associated with maintaining
\ncomputer software programmes are
\nrecognised as an expense as incurred.
\n(d) Brands
\nRepresents the fair value of brands and
\ntrademark assets acquired in business
\ncombinations at the acquisition date.
\n
\n(e) Customer relationships
\nRepresents the fair value of customer
\nrelations acquired in business
\ncombinations at the acquisition date.
\nAmortisation is recognised on a straight-
\nline basis over the estimated useful life
\nof intangible assets unless such lives are
\ninde\ufb01nite. The estimated useful lives
\nare as follows:
\nCasino and other
10 years or
\ngaming licences
inde\ufb01nite
\nSoftware and
\ndevelopments
3 to 5 years
\nBrands
10 years
\nCustomer
\nrelationships
4 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24166": {
"value": "1.13 Intangible assets(b) Casino and other gaming licences and concessions
\nThe Group capitalises acquired casino and
\nother gaming licences and concessions.
\nManagement believes that casino and
\nother gaming licences, with the exception
\nof seven (7) venues in Enracha, have
\ninde\ufb01nite lives as there is no foreseeable
\nlimit to the period over which the licences
\nare expected to generate net cash in\ufb02ows
\nand each licence holds a value outside the
\nproperty in which it resides. Each licence
\nis reviewed annually for impairment.
\n(c) Software and development
\nCosts that are directly associated with the
\nproduction and development of identi\ufb01able
\nand unique software products controlled
\nby the Group, and that are expected to
\ngenerate economic bene\ufb01ts exceeding
\ncosts beyond one year, are recognised
\nas intangible assets for both externally
\npurchased and internally developed
\nsoftware. Direct costs include speci\ufb01c
\nemployee costs for software development.
\nSoftware acquired as part of a business
\ncombination is recognised at fair value
\nat the date of acquisition.
\nCosts associated with maintaining
\ncomputer software programmes are
\nrecognised as an expense as incurred.
\n(d) Brands
\nRepresents the fair value of brands and
\ntrademark assets acquired in business
\ncombinations at the acquisition date.
\n
\n(e) Customer relationships
\nRepresents the fair value of customer
\nrelations acquired in business
\ncombinations at the acquisition date.
\nAmortisation is recognised on a straight-
\nline basis over the estimated useful life
\nof intangible assets unless such lives are
\ninde\ufb01nite. The estimated useful lives
\nare as follows:
\nCasino and other
10 years or
\ngaming licences
inde\ufb01nite
\nSoftware and
\ndevelopments
3 to 5 years
\nBrands
10 years
\nCustomer
\nrelationships
4 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24169": {
"value": "(a) Goodwill Goodwill represents the excess of the fair
\nvalue of the consideration transferred over
\nthe fair value of the Group\u2019s share of the
\nnet identi\ufb01able assets less the liabilities
\nassumed at the date of acquisition.
\nGoodwill on acquisitions is included in
\nintangible assets. Goodwill is tested
\nannually for impairment and is allocated to
\nthe relevant cash-generating unit or group
\nof cash-generating units for the purpose of
\nimpairment testing. A cash-generating unit
\nis the smallest identi\ufb01able group of assets
\nthat generates cash in\ufb02ows, that are largely
\nindependent of the cash in\ufb02ows from other
\nassets or groups of assets. After initial
\nrecognition, goodwill is measured at cost
\nless any accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24205": {
"value": "(c) Software and development Costs that are directly associated with the
\nproduction and development of identi\ufb01able
\nand unique software products controlled
\nby the Group, and that are expected to
\ngenerate economic bene\ufb01ts exceeding
\ncosts beyond one year, are recognised
\nas intangible assets for both externally
\npurchased and internally developed
\nsoftware. Direct costs include speci\ufb01c
\nemployee costs for software development.
\nSoftware acquired as part of a business
\ncombination is recognised at fair value
\nat the date of acquisition.
\nCosts associated with maintaining
\ncomputer software programmes are
\nrecognised as an expense as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24249": {
"value": "(e) Customer relationships Represents the fair value of customer
\nrelations acquired in business
\ncombinations at the acquisition date.
\nAmortisation is recognised on a straight-
\nline basis over the estimated useful life
\nof intangible assets unless such lives are
\ninde\ufb01nite. The estimated useful lives
\nare as follows:
\nCasino and other
10 years or
\ngaming licences
inde\ufb01nite
\nSoftware and
\ndevelopments
3 to 5 years
\nBrands
10 years
\nCustomer
\nrelationships
4 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24275": {
"value": "1.14 Impairment or subsequent reversal of previously recognised
\nimpairment for non-financial assets
\nAssets that have an inde\ufb01nite useful life are
\nnot subject to depreciation or amortisation
\nand are tested annually for impairment.
\nAssets that are subject to depreciation or
\namortisation are reviewed for impairment
\nwhenever events or changes in
\ncircumstances indicate that the carrying
\namount may not be recoverable or where
\nthey indicate a previously recognised
\nimpairment may no longer be required.
\nAn impairment loss is recognised as
\nthe amount by which an asset\u2019s carrying
\namount exceeds its recoverable amount.
\nThe recoverable amount is the higher of an
\nasset\u2019s fair value less costs of disposal and
\nvalue in use. For the purposes of assessing
\nimpairment, assets are grouped at the
\nlowest levels for which there are separately
\nidenti\ufb01able cash in\ufb02ows (cash-generating
\nunits). The expected cash \ufb02ows generated
\nby the assets are discounted using
\nappropriate discount rates that re\ufb02ect the
\ntime value of money and risks associated
\nwith the groups of assets.
\nIf an impairment loss is recognised,
\nthe carrying amount of the asset
\n(cash-generating unit) is reduced to its
\nrecoverable amount. An impairment loss
\nis recognised as an expense in the Group
\nincome statement immediately.
\n\n
\n
\n
\n\nAny impairment is allocated pro-rata
\nacross all assets in a cash-generating unit
\nunless there is an indication that a class
\nof asset should be impaired in the \ufb01rst
\ninstance or a fair market value exists for
\none or more assets. Once an asset has
\nbeen written down to its fair value less
\ncosts of disposal then any remaining
\nimpairment is allocated equally amongst
\nall other assets.
\nWhere an impairment loss subsequently
\nreverses, the carrying amount of the asset
\n(cash-generating unit) is increased to the
\nrevised estimate of its recoverable amount,
\nbut only to the extent that the increased
\ncarrying amount does not exceed the
\ncarrying amount that would have been
\ndetermined had no impairment loss been
\nrecognised for the asset (cash-generating
\nunit) in prior years. Reversals are
\nallocated pro-rata across all assets in
\nthe cash-generating unit unless there
\nis an indication that a class of asset should
\nbe reversed in the \ufb01rst instance or a fair
\nmarket value exists for one or more
\nassets. A reversal of an impairment loss
\nis recognised in the Group income
\nstatement immediately.
\nAn impairment loss recognised for goodwill
\nis never reversed in subsequent periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24276": {
"value": "1.14 Impairment or subsequent reversal of previously recognised
\nimpairment for non-financial assets
\nAssets that have an inde\ufb01nite useful life are
\nnot subject to depreciation or amortisation
\nand are tested annually for impairment.
\nAssets that are subject to depreciation or
\namortisation are reviewed for impairment
\nwhenever events or changes in
\ncircumstances indicate that the carrying
\namount may not be recoverable or where
\nthey indicate a previously recognised
\nimpairment may no longer be required.
\nAn impairment loss is recognised as
\nthe amount by which an asset\u2019s carrying
\namount exceeds its recoverable amount.
\nThe recoverable amount is the higher of an
\nasset\u2019s fair value less costs of disposal and
\nvalue in use. For the purposes of assessing
\nimpairment, assets are grouped at the
\nlowest levels for which there are separately
\nidenti\ufb01able cash in\ufb02ows (cash-generating
\nunits). The expected cash \ufb02ows generated
\nby the assets are discounted using
\nappropriate discount rates that re\ufb02ect the
\ntime value of money and risks associated
\nwith the groups of assets.
\nIf an impairment loss is recognised,
\nthe carrying amount of the asset
\n(cash-generating unit) is reduced to its
\nrecoverable amount. An impairment loss
\nis recognised as an expense in the Group
\nincome statement immediately.
\n\n
\n
\n
\n\nAny impairment is allocated pro-rata
\nacross all assets in a cash-generating unit
\nunless there is an indication that a class
\nof asset should be impaired in the \ufb01rst
\ninstance or a fair market value exists for
\none or more assets. Once an asset has
\nbeen written down to its fair value less
\ncosts of disposal then any remaining
\nimpairment is allocated equally amongst
\nall other assets.
\nWhere an impairment loss subsequently
\nreverses, the carrying amount of the asset
\n(cash-generating unit) is increased to the
\nrevised estimate of its recoverable amount,
\nbut only to the extent that the increased
\ncarrying amount does not exceed the
\ncarrying amount that would have been
\ndetermined had no impairment loss been
\nrecognised for the asset (cash-generating
\nunit) in prior years. Reversals are
\nallocated pro-rata across all assets in
\nthe cash-generating unit unless there
\nis an indication that a class of asset should
\nbe reversed in the \ufb01rst instance or a fair
\nmarket value exists for one or more
\nassets. A reversal of an impairment loss
\nis recognised in the Group income
\nstatement immediately.
\nAn impairment loss recognised for goodwill
\nis never reversed in subsequent periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24354": {
"value": "1.15 Employee benefit costs (a) Pension obligations
\nThe Group operates a de\ufb01ned contribution
\nplan under which the Group pays \ufb01xed
\ncontributions to a separate entity. The
\nGroup has no further payment obligations
\nonce the contributions have been paid.
\nThe contributions are recognised as
\nemployee bene\ufb01t expense when they
\nare due.
\nThe Group also has an unfunded pension
\ncommitment relating to three former
\nExecutives of the Group. The amount
\nrecognised in the balance sheet in respect
\nof the commitment is the present value
\nof the obligation at the balance sheet date,
\ntogether with adjustment for actuarial
\ngains or losses. The Group recognises
\nactuarial gains and losses immediately
\nin the Group statement of other
\ncomprehensive income. The interest cost
\narising on the commitment is recognised
\nin net \ufb01nance costs.
\n(b) Share-based compensation
\nThe Group operates share-based payment
\nschemes for employees of its subsidiaries
\nwhereby the Company makes awards
\nof its own shares to employees of its
\nsubsidiaries, and as such recognises
\nan increase in the cost of investment
\nin its subsidiaries equivalent to the
\nequity-settled share-based payment charge
\nrecognised in its subsidiaries\u2019 \ufb01nancial
\nstatements, with the corresponding credit
\nbeing recognised directly in equity.
\nThe cost of equity-settled transactions
\nwith employees for awards is measured
\nby reference to the fair value at the date
\non which they are granted. The fair value
\nis determined by using an appropriate
\npricing model.
\nThe cost of equity-settled transactions is
\nrecognised, together with a corresponding
\nincrease in equity, over the period in which
\nthe performance and/or service conditions
\nare ful\ufb01lled (the vesting period). The
\ncumulative expense recognised for
\nequity-settled transactions at each
\nreporting date until the vesting date
\nre\ufb02ects the extent to which the vesting
\nperiod has expired and the Group\u2019s
\nbest estimate of the number of equity
\ninstruments that will ultimately vest.
\nThe income statement expense or credit
\nfor a period represents the movement
\nin cumulative expense recognised as
\nat the beginning and end of that period.
\nNo expense is recognised for awards that
\ndo not ultimately vest, except for equity-
\nsettled transactions where vesting is
\nconditional upon a market or non-vesting
\ncondition, which are treated as vesting
\nirrespective of whether or not the market
\nor non-vesting condition is satis\ufb01ed,
\nprovided that service conditions are
\nalso satis\ufb01ed.
\nWhere the terms of an equity-settled
\ntransaction award are modi\ufb01ed, the
\nminimum expense recognised is the
\nexpense as if the terms had not been
\nmodi\ufb01ed, if the original terms of the
\naward are met. An additional expense
\nis recognised for any modi\ufb01cation that
\nincreases the total fair value of the
\nshare-based payment transaction or
\nis otherwise bene\ufb01cial to the employee
\nas measured at the date of modi\ufb01cation.
\n
\n
\n\nWhere an equity-settled award is
\ncancelled, it is treated as if it vested on the
\ndate of cancellation, and any expense not
\nyet recognised for the award is recognised
\nimmediately. This includes any award
\nwhere non-vesting conditions within the
\ncontrol of either the entity or the employee
\nare not met. However, if a new award is
\nsubstituted for the cancelled award, and
\ndesignated as a replacement award on the
\ndate that it is granted, the cancelled and
\nnew awards are treated as if they were
\na modi\ufb01cation of the original award, as
\ndescribed in the previous paragraph. All
\ncancellations of equity-settled transaction
\nawards are treated equally, regardless of
\nwhether the entity or the employee cancels
\nthe award.
\nThe dilutive effect of outstanding options
\nis re\ufb02ected as additional share dilution
\nin the computation of diluted earnings
\nper share.
\nThe proceeds received net of any directly
\nattributable transaction costs are credited
\nto share capital (nominal value) and share
\npremium when the options are exercised.
\n(c) Bonus plans
\nThe Group recognises a liability in respect
\nof the best estimate of bonuses payable
\nwhere contractually obliged to do so or
\nwhere a past practice has created a
\nconstructive obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24379": {
"value": "(b) Share-based compensation The Group operates share-based payment
\nschemes for employees of its subsidiaries
\nwhereby the Company makes awards
\nof its own shares to employees of its
\nsubsidiaries, and as such recognises
\nan increase in the cost of investment
\nin its subsidiaries equivalent to the
\nequity-settled share-based payment charge
\nrecognised in its subsidiaries\u2019 \ufb01nancial
\nstatements, with the corresponding credit
\nbeing recognised directly in equity.
\nThe cost of equity-settled transactions
\nwith employees for awards is measured
\nby reference to the fair value at the date
\non which they are granted. The fair value
\nis determined by using an appropriate
\npricing model.
\nThe cost of equity-settled transactions is
\nrecognised, together with a corresponding
\nincrease in equity, over the period in which
\nthe performance and/or service conditions
\nare ful\ufb01lled (the vesting period). The
\ncumulative expense recognised for
\nequity-settled transactions at each
\nreporting date until the vesting date
\nre\ufb02ects the extent to which the vesting
\nperiod has expired and the Group\u2019s
\nbest estimate of the number of equity
\ninstruments that will ultimately vest.
\nThe income statement expense or credit
\nfor a period represents the movement
\nin cumulative expense recognised as
\nat the beginning and end of that period.
\nNo expense is recognised for awards that
\ndo not ultimately vest, except for equity-
\nsettled transactions where vesting is
\nconditional upon a market or non-vesting
\ncondition, which are treated as vesting
\nirrespective of whether or not the market
\nor non-vesting condition is satis\ufb01ed,
\nprovided that service conditions are
\nalso satis\ufb01ed.
\nWhere the terms of an equity-settled
\ntransaction award are modi\ufb01ed, the
\nminimum expense recognised is the
\nexpense as if the terms had not been
\nmodi\ufb01ed, if the original terms of the
\naward are met. An additional expense
\nis recognised for any modi\ufb01cation that
\nincreases the total fair value of the
\nshare-based payment transaction or
\nis otherwise bene\ufb01cial to the employee
\nas measured at the date of modi\ufb01cation.
\n
\n
\n\nWhere an equity-settled award is
\ncancelled, it is treated as if it vested on the
\ndate of cancellation, and any expense not
\nyet recognised for the award is recognised
\nimmediately. This includes any award
\nwhere non-vesting conditions within the
\ncontrol of either the entity or the employee
\nare not met. However, if a new award is
\nsubstituted for the cancelled award, and
\ndesignated as a replacement award on the
\ndate that it is granted, the cancelled and
\nnew awards are treated as if they were
\na modi\ufb01cation of the original award, as
\ndescribed in the previous paragraph. All
\ncancellations of equity-settled transaction
\nawards are treated equally, regardless of
\nwhether the entity or the employee cancels
\nthe award.
\nThe dilutive effect of outstanding options
\nis re\ufb02ected as additional share dilution
\nin the computation of diluted earnings
\nper share.
\nThe proceeds received net of any directly
\nattributable transaction costs are credited
\nto share capital (nominal value) and share
\npremium when the options are exercised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24498": {
"value": "1.16 Cash and short-term deposits Cash comprises cash in hand, balances
\nwith banks and on-demand deposits,
\nand cash with payment service providers.
\nShort-term deposits are short term, highly
\nliquid investments that are readily
\nconvertible to known amounts of cash.
\nThey include short-term deposits
\noriginally purchased with maturities
\nof three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24511": {
"value": "1.17 Inventories Inventories are valued at the lower of cost
\nand net realisable value. Cost of inventory
\nis determined on a \u2018\ufb01rst-in, \ufb01rst-out\u2019 basis.
\nThe cost of \ufb01nished goods comprises
\ngoods purchased for resale.
\nNet realisable value is the estimated selling
\nprice in the ordinary course of business.
\nWhen necessary, provision is made for
\nobsolete and slow-moving inventories.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24524": {
"value": "1.18 Taxation (a) Current tax
\nCurrent tax assets and liabilities for the
\ncurrent and prior periods are measured
\nas the amount expected to be paid or to
\nbe recovered from the taxation authorities.
\nThe tax rates and tax laws used to compute
\nthe amount are those that are enacted,
\nor substantively enacted, by the
\nreporting date.
\nCurrent tax relating to items recognised
\ndirectly in equity is recognised in equity
\nand not the income statement.
\nManagement evaluates positions taken
\nin the tax returns with respect to situations
\nin which applicable tax regulations
\nare subject to interpretation at each
\nreporting date and establishes provisions
\nwhere appropriate.
\n(b) Deferred tax
\nDeferred tax is provided using the liability
\nmethod on temporary differences arising
\nbetween the tax bases of assets and
\nliabilities and their carrying amounts in the
\n\ufb01nancial statements. However, if deferred
\ntax arises from the initial recognition of an
\nasset or liability in a transaction, other than
\na business combination, that at the time of
\nthe transaction affects neither accounting
\nnor taxable pro\ufb01t or loss, it is not accounted
\nfor. Deferred tax is determined using tax
\nrates (and laws) that have been enacted or
\nsubstantively enacted by the balance sheet
\ndate and are expected to apply when the
\nrelated deferred tax asset is realised or
\nthe deferred tax liability is settled.
\nDeferred tax assets are recognised to the
\nextent that it is probable that future taxable
\npro\ufb01t will be available against which the
\ntemporary differences can be utilised.
\nDeferred tax assets and liabilities are
\noffset when there is a legally enforceable
\nright to set off current taxation assets
\nagainst current taxation liabilities and it is
\nthe intention to settle these on a net basis.
\nDeferred tax is provided on temporary
\ndifferences arising on investments in
\nsubsidiaries, except where the timing of
\nthe reversal of the temporary difference is
\ncontrolled by the Group and it is probable
\nthat the temporary difference will not
\nreverse in the foreseeable future.
\n(c) Sales tax
\nRevenues, expenses and assets are
\nrecognised net of the amount of sales
\ntax except:
\n\u2013 Where the sales tax incurred on a
\npurchase of assets or services is not
\nrecoverable from the taxation authority,
\nin which case the sales tax is recognised
\nas part of the cost of acquisition of the
\nasset or as part of the expense item
\nas applicable; and
\n\u2013 For receivables and payables that
\nare stated with the amount of sales
\ntax included.
\nThe net amount of sales tax recoverable
\nfrom, or payable to, the taxation authority
\nis included as part of receivables or
\npayables in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24545": {
"value": "(b) Deferred tax Deferred tax is provided using the liability
\nmethod on temporary differences arising
\nbetween the tax bases of assets and
\nliabilities and their carrying amounts in the
\n\ufb01nancial statements. However, if deferred
\ntax arises from the initial recognition of an
\nasset or liability in a transaction, other than
\na business combination, that at the time of
\nthe transaction affects neither accounting
\nnor taxable pro\ufb01t or loss, it is not accounted
\nfor. Deferred tax is determined using tax
\nrates (and laws) that have been enacted or
\nsubstantively enacted by the balance sheet
\ndate and are expected to apply when the
\nrelated deferred tax asset is realised or
\nthe deferred tax liability is settled.
\nDeferred tax assets are recognised to the
\nextent that it is probable that future taxable
\npro\ufb01t will be available against which the
\ntemporary differences can be utilised.
\nDeferred tax assets and liabilities are
\noffset when there is a legally enforceable
\nright to set off current taxation assets
\nagainst current taxation liabilities and it is
\nthe intention to settle these on a net basis.
\nDeferred tax is provided on temporary
\ndifferences arising on investments in
\nsubsidiaries, except where the timing of
\nthe reversal of the temporary difference is
\ncontrolled by the Group and it is probable
\nthat the temporary difference will not
\nreverse in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24600": {
"value": "1.19 Share capital Ordinary shares are classi\ufb01ed as equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24604": {
"value": "1.20 Dividends Dividends proposed by the Board of
\nDirectors and unpaid at the period end are
\nnot recognised in the \ufb01nancial statements
\nuntil they have been approved by
\nshareholders at the Annual General
\nMeeting. Interim dividends are recognised
\nwhen paid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24624": {
"value": "1.22 Government grants Government grants are recognised where
\nthere is reasonable assurance that the
\ngrant will be received, and all attached
\nconditions will be complied with. When
\nthe grant relates to an expense item, it
\nis recognised as income on a systematic
\nbasis that the related costs, for which it
is intended to compensate, are expensed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f24646": {
"value": "2 Segmental reporting (a) Segment information \u2013 operating segments
\nYear ended 30 June 2023
\nDigital
\n\u00a3m
\nGrosvenor
\nVenues
\n\u00a3m
\nMecca
\nVenues
\n\u00a3m
\nEnracha
\nVenues
\n\u00a3m
\nCentral
\nCosts
\n\u00a3m
\nTotal
\n\u00a3m
\nContinuing operations
\nRevenue
202.9
306.3
136.3
36.4
\u2013
681.9
\nOther operating income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nUnderlying operating pro\ufb01t (loss)
13.8
16.3
(7.0)
9.1
(13.1)
19.1
\nSeparately disclosed items
(9.1)
(51.7)
(67.1)
(4.2)
3.2
(128.9)
\nSegment result
4.7
(35.4)
(74.1)
4.9
(9.9)
(109.8)
\nFinance costs
(12.6)
\nFinance income
0.8
\nOther \ufb01nancial losses
(1.1)
\nLoss before taxation
(122.7)
\nTaxation
27.1
\nLoss for the year from continuing operations
(95.6)
\nOther segment items \u2013 continuing operations
\nCapital expenditure
(10.6)
(19.5)
(12.5)
(1.2)
(0.3)
(44.1)
\nDepreciation and amortisation
(14.3)
(28.8)
(10.9)
(1.5)
(2.5)
(58.0)
\nSDI from continuing operations
\nImpairment charges
\u2013
(53.3)
(61.5)
(4.1)
\u2013
(118.9)
\nImpairment reversals
\u2013
6.6
\u2013
\u2013
\u2013
6.6
\nClosure of venues
\u2013
(3.0)
(4.6)
(0.1)
\u2013
(7.7)
\nAmortisation of acquired intangible assets
(8.6)
\u2013
\u2013
\u2013
\u2013
(8.6)
\nIntegration costs
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nBusiness transformation costs
(0.4)
(0.6)
(0.5)
\u2013
(0.5)
(2.0)
\nProperty-related provisions
\u2013
(1.4)
(0.5)
\u2013
\u2013
(1.9)
\nDisposal release
\u2013
\u2013
\u2013
\u2013
3.7
3.7
\nYear ended 30 June 2022 (restated and re-presented*)
\nDigital
\n\u00a3m
\nGrosvenor
\nVenues
\n\u00a3m
\nMecca
\nVenues
\n\u00a3m
\nEnracha
\nVenues
\n\u00a3m
\nCentral
\nCosts
\n\u00a3m
\nTotal
\n\u00a3m
\nContinuing operations
\nRevenue
183.3
296.6
134.0
30.1
\u2013
644.0
\nOther operating income
\u2013
2.6
1.0
\u2013
\u2013
3.6
\nUnderlying operating pro\ufb01t (loss)*
13.3
36.2
(7.7)
7.4
(10.7)
38.5
\nSeparately disclosed items
(14.5)
15.5
34.4
7.6
(0.7)
42.3
\nSegment result
(1.2)
51.7
26.7
15.0
(11.4)
80.8
\nFinance costs
(13.1)
\nFinance income
0.1
\nOther \ufb01nancial gains
5.2
\nPro\ufb01t before taxation
73.0
\nTaxation
(16.9)
\nPro\ufb01t for the year from continuing operations
56.1
\nOther segment items \u2013 continuing operations
\nCapital expenditure
(15.2)
(14.0)
(8.0)
(1.1)
(2.3)
(40.6)
\nDepreciation and amortisation
(13.2)
(32.4)
(15.1)
(1.3)
(5.4)
(67.4)
\nSDI from continuing operations
\nVAT claim \u2013 net of costs
\u2013
29.8
47.7
\u2013
(0.4)
77.1
\nImpairment charges
\u2013
(26.9)
(20.9)
\u2013
\u2013
(47.8)
\nImpairment reversals
\u2013
13.3
\u2013
8.7
\u2013
22.0
\nProperty-related provisions
\u2013
\u2013
10.4
\u2013
\u2013
10.4
\nAmortisation of acquired intangible assets
(11.7)
\u2013
\u2013
\u2013
\u2013
(11.7)
\nClosure of venues
\u2013
(0.7)
(2.8)
(1.1)
\u2013
(4.6)
\nIntegration costs
(2.8)
\u2013
\u2013
\u2013
\u2013
(2.8)
\nGain on remeasurement of previously existing interest
\nin joint venture
0.8
\u2013
\u2013
\u2013
\u2013
0.8
\nBusiness transformation costs
(0.7)
\u2013
\u2013
\u2013
(0.3)
(1.0)
\nAcquisition and disposal costs
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\n*
During the year, the Group undertook a review of the Group\u2019s central costs and has concluded that a proportion of them, which are directly attributable to the
\nrelevant business units, should be allocated to those business units, better re\ufb02ecting the underlying pro\ufb01tability of each segment. This resulted in changes
\nin the underlying pro\ufb01t (loss) of each business segment in the prior year which has been re-presented in the table above.
\n
\n
\n
\n
\nThe Group reports segmental information on the basis by which the chief operating decision-makers utilise internal
\nreporting within the business.
\nOther operating income for prior years related to Government grants received from reimbursement of employee costs relating
\nto staff furloughed due to COVID-19 under the Coronavirus Job Retention Scheme, Local Restrictions Support Grants and
\nRestart Grants to support businesses during national lockdown periods and periods of local restrictions.
\nAssets and liabilities have not been segmented as this information is not provided to the chief operating decision-makers
\non a regular basis.
\nCapital expenditure comprises cash expenditure on property, plant and equipment and other intangible assets.
\n(b) Geographical information
\nThe Group operates in three main geographical areas (UK, Continental Europe and Rest of World).
\n(i) Revenue from customers by geographical area based on location of customer
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nUK
616.0
588.7
\nContinental Europe
60.5
51.0
\nRest of World
5.4
4.3
\nTotal revenue
681.9
644.0
\n(ii) Non-current assets by geographical area based on location of assets
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nUK
562.0
641.3
\nContinental Europe
70.2
75.1
\nTotal non-current assets
632.2
716.4
\nWith the exception of the UK, no individual country contributed more than 15% of consolidated sales or assets.
\n(c) Total revenue and profit from operations
\nRevenue
Pro\ufb01t
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June 2022
\n(restated)
\n\u00a3m
\nExchange translation reserve
681.9
644.0
(95.6)
56.1
\nRetained earnings
\u2013
\u2013
0.3
8.8
\n681.9
644.0
(95.3)
64.9
\n(d) Total revenue by income stream
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nRevenue recognised under IFRS 9
\nGaming win \u2013 Casino
552.1
496.8
\nRevenue recognised under IFRS 15
\nGaming win \u2013 Bingo
61.8
79.5
\nGaming win \u2013 Poker
18.9
19.1
\nGaming win \u2013 other digital products
5.4
4.3
\nFood and beverage
39.1
39.0
\nOther
4.6
5.3
\nTotal revenue recognised under IFRS 15
129.8
147.2
\nTotal revenue
681.9
644.0
\n
\n
\n
\n
\n(e) Total cost analysis by segment
\nTo increase transparency, the Group has decided to include additional disclosure analysing total costs by type and segment.
\nA reconciliation of total costs, before SDI, by type and segment is as follows:
\nYear ended 30 June 2023
\nDigital
\n\u00a3m
\nGrosvenor
\nVenues
\n\u00a3m
\nMecca
\nVenues
\n\u00a3m
\nEnracha
\nVenues
\n\u00a3m
\nCentral
\nCosts
\n\u00a3m
\nTotal
\n\u00a3m
\nEmployment and related costs
28.1
122.0
46.1
17.7
7.7
221.6
\nTaxes and duties
47.7
64.2
27.1
2.0
1.2
142.2
\nDirect costs
57.1
28.2
20.6
3.0
\u2013
108.9
\nDepreciation and amortisation
14.3
28.8
10.9
1.5
2.5
58.0
\nMarketing
33.3
6.2
5.7
2.4
0.2
47.8
\nProperty costs
0.8
11.6
6.5
0.6
0.5
20.0
\nOther
7.8
29.0
26.4
0.1
1.0
64.3
\nTotal costs before SDI
189.1
290.0
143.3
27.3
13.1
662.8
\nCost of sales
409.0
\nOperating costs
253.8
\nTotal costs before SDI
662.8
\nYear ended 30 June 2022 (restated and re-presented)
\nDigital
\n\u00a3m
\nGrosvenor
\nVenues
\n\u00a3m
\nMecca
\nVenues
\n\u00a3m
\nEnracha
\nVenues
\n\u00a3m
\nCentral
\nCosts
\n\u00a3m
\nTotal
\n\u00a3m
\nEmployment and related costs
27.8
109.0
47.3
14.7
6.9
205.7
\nTaxes and duties
40.7
61.0
25.6
1.6
0.2
129.1
\nDirect costs
49.4
23.6
19.9
2.4
\u2013
95.3
\nDepreciation and amortisation
13.4
33.3
16.0
1.3
3.4
67.4
\nMarketing
33.2
5.9
5.8
1.7
0.1
46.7
\nProperty costs
0.5
9.5
4.5
0.6
0.9
16.0
\nOther
5.0
20.7
23.6
0.4
(0.8)
48.9
\nTotal costs before SDI
170.0
263.0
142.7
22.7
10.7
609.1
\nCost of sales
386.5
\nOperating costs
222.6
\nTotal costs before SDI
609.1
\nThe Group reports segmental information on the basis by which the chief operating decision-makers utilise internal
\nreporting within the business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25014": {
"value": "(c) Total revenue and profit from operations Revenue
Pro\ufb01t
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June 2022
\n(restated)
\n\u00a3m
\nExchange translation reserve
681.9
644.0
(95.6)
56.1
\nRetained earnings
\u2013
\u2013
0.3
8.8
\n681.9
644.0
(95.3)
64.9
\n(d) Total revenue by income stream
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nRevenue recognised under IFRS 9
\nGaming win \u2013 Casino
552.1
496.8
\nRevenue recognised under IFRS 15
\nGaming win \u2013 Bingo
61.8
79.5
\nGaming win \u2013 Poker
18.9
19.1
\nGaming win \u2013 other digital products
5.4
4.3
\nFood and beverage
39.1
39.0
\nOther
4.6
5.3
\nTotal revenue recognised under IFRS 15
129.8
147.2
\nTotal revenue
681.9
644.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25015": {
"value": "(c) Total revenue and profit from operations Revenue
Pro\ufb01t
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June 2022
\n(restated)
\n\u00a3m
\nExchange translation reserve
681.9
644.0
(95.6)
56.1
\nRetained earnings
\u2013
\u2013
0.3
8.8
\n681.9
644.0
(95.3)
64.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25299": {
"value": "3 Profit for the year \u2013 analysis by nature The following items have been charged in arriving at the (loss) pro\ufb01t for the year before \ufb01nancing and taxation
\nfrom continuing operations:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nEmployee bene\ufb01t expense
206.9
189.9
\nCost of inventories recognised as expense
21.4
18.7
\nAmortisation of intangibles
15.7
15.4
\nDepreciation
\n\u2013
owned assets (including \u00a321.8m (year ended 30 June 2022: \u00a323.5m) within cost of sales)
23.8
25.4
\n\u2013
right-of-use assets (including \u00a316.8m (year ended 30 June 2022: \u00a324.9m) within cost of sales)
19.0
26.6
\nAmortisation and depreciation within SDI
10.5
12.6
\nOperating lease rentals payable \u2013 sub-lease income
\u2013
\u2013
\nAssets written off
\u2013
\u2013
\nSDI \u2013 operating (income) costs (see note 4)
128.9
(42.3)
\nAuditors\u2019 remuneration for audit services
1.7
1.0
\nIn the year, the Group\u2019s auditors, Ernst & Young LLP, including its network \ufb01rms, earned the following fees:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nAudit services
\n\u2013
Fees payable to the Company\u2019s auditor for the parent company and consolidated \ufb01nancial statements
1.7
1.0
\nOther services
\n\u2013
Fees payable for the review of Group\u2019s interim consolidated \ufb01nancial statements
\u2013
\u2013
\n1.7
1.0
\n\u00a335,000 (year ended 30 June 2022: \u00a335,000) of the audit fees related to the parent company.
\nIt is the Group\u2019s policy to balance the need to maintain auditor independence with the bene\ufb01t of taking advice from the leading \ufb01rm
\nin the area concerned and the desirability of being ef\ufb01cient.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25484": {
"value": "Amortisation of acquired intangible assets Acquired intangible assets are amortised over the life of the assets with the charge being included in the Group\u2019s reported
\namortisation expense. Given these charges are material and non-cash in nature, the Group\u2019s underlying results have been adjusted
\nto exclude the amortisation expense of \u00a38.6m (2022: \u00a311.7m) relating to the acquired intangible assets of Stride, YoBingo and Rialto.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25590": {
"value": "5 Financing Year ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nContinuing operations
\nFinance costs:
\nInterest on debt and borrowings
(4.8)
(4.5)
\nAmortisation of issue costs on borrowings
(1.3)
(1.9)
\nInterest payable on leases
(6.5)
(6.7)
\nTotal \ufb01nance costs
(12.6)
(13.1)
\nFinance income:
\nInterest income on net investments in leases
0.1
0.1
\nInterest income on short-term bank deposits
0.7
\u2013
\nTotal \ufb01nance income
0.8
0.1
\nOther \ufb01nancial losses
(0.5)
(0.4)
\nTotal net \ufb01nancing charge before SDIs
(12.3)
(13.4)
\nSDI \u2013 interest
(0.6)
5.6
\nTotal net \ufb01nancing charge
(12.9)
(7.8)
\nOther \ufb01nancial losses include foreign exchange losses on loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25591": {
"value": "5 Financing Year ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nContinuing operations
\nFinance costs:
\nInterest on debt and borrowings
(4.8)
(4.5)
\nAmortisation of issue costs on borrowings
(1.3)
(1.9)
\nInterest payable on leases
(6.5)
(6.7)
\nTotal \ufb01nance costs
(12.6)
(13.1)
\nFinance income:
\nInterest income on net investments in leases
0.1
0.1
\nInterest income on short-term bank deposits
0.7
\u2013
\nTotal \ufb01nance income
0.8
0.1
\nOther \ufb01nancial losses
(0.5)
(0.4)
\nTotal net \ufb01nancing charge before SDIs
(12.3)
(13.4)
\nSDI \u2013 interest
(0.6)
5.6
\nTotal net \ufb01nancing charge
(12.9)
(7.8)
\nOther \ufb01nancial losses include foreign exchange losses on loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25592": {
"value": "5 Financing Year ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nContinuing operations
\nFinance costs:
\nInterest on debt and borrowings
(4.8)
(4.5)
\nAmortisation of issue costs on borrowings
(1.3)
(1.9)
\nInterest payable on leases
(6.5)
(6.7)
\nTotal \ufb01nance costs
(12.6)
(13.1)
\nFinance income:
\nInterest income on net investments in leases
0.1
0.1
\nInterest income on short-term bank deposits
0.7
\u2013
\nTotal \ufb01nance income
0.8
0.1
\nOther \ufb01nancial losses
(0.5)
(0.4)
\nTotal net \ufb01nancing charge before SDIs
(12.3)
(13.4)
\nSDI \u2013 interest
(0.6)
5.6
\nTotal net \ufb01nancing charge
(12.9)
(7.8)
\nOther \ufb01nancial losses include foreign exchange losses on loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25645": {
"value": "6 Taxation Year ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nCurrent income tax
\nCurrent income tax \u2013 UK
1.3
(0.7)
\nCurrent income tax \u2013 overseas
(2.0)
(3.5)
\nCurrent income tax on SDI
2.6
(3.3)
\nAmounts over (under) provided in previous period
0.1
(5.4)
\nTotal current income tax credit (charge)
2.0
(12.9)
\nDeferred tax
\nDeferred tax \u2013 UK
(5.8)
0.2
\nDeferred tax \u2013 overseas
0.1
(1.4)
\nImpact of rate changes on deferred tax
5.7
(0.2)
\nDeferred tax on SDI
25.1
(7.2)
\nAmounts over provided in previous period
\u2013
4.6
\nTotal deferred tax credit (charge) (note 22)
25.1
(4.0)
\nTax credit (charge) in the income statement
27.1
(16.9)
\nThe tax on the Group\u2019s pro\ufb01t before taxation differs from the average rate of UK corporation tax in the period of 20.50% (year ended
\n30 June 2022: 19.00%), which represents 9 months of 19.00% and 3 months of 25.00%. The differences are explained below:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\n(Loss) pro\ufb01t before taxation on continuing operations
(122.7)
74.3
\nTax charge calculated at 20.50% on pro\ufb01t before taxation (year ended 30 June 2022: 19.00%)
25.2
(14.1)
\nEffects of:
\n(Expenses) income not deductible for tax purposes
(2.4)
0.8
\nDifference in overseas tax rates
(2.0)
(3.0)
\nImpact of rate changes on deferred tax
5.7
(0.2)
\nAdjustments relating to prior periods
0.1
(0.8)
\nDeferred tax not recognised
0.5
0.4
\nTax credit (charge) in the income statement
27.1
(16.9)
\n
\n
\n
\n
\nTax on SDIs
\nThe taxation impacts of SDIs are disclosed below:
\nYear ended 30 June 2023
Year ended 30 June 2022
\nCurrent
\nincome tax
\n\u00a3m
\nDeferred
\ntax
\n\u00a3m
\nTotal
\n\u00a3m
\nCurrent
\nincome tax
\n\u00a3m
\nDeferred
\ntax
\n\u00a3m
\nTotal
\n\u00a3m
\nVAT claim \u2013 net of costs
\u2013
\u2013
\u2013
(4.6)
(11.1)
(15.7)
\nNet impairment charges
2.0
23.2
25.2
1.3
3.3
4.6
\nProperty-related provisions
0.2
0.7
0.9
(0.6)
(1.4)
(2.0)
\nAmortisation of acquired intangible assets
\u2013
1.3
1.3
\u2013
1.1
1.1
\nClosure of venues
0.2
1.3
1.5
0.5
0.4
0.9
\nIntegration costs
0.1
(1.8)
(1.7)
0.1
0.3
0.4
\nBusiness transformation costs
0.1
0.4
0.5
\u2013
0.2
0.2
\nTax credit (charge) on SDI
2.6
25.1
27.7
(3.3)
(7.2)
(10.5)
\nFactors affecting future taxation
\nThe Group operates in a number of territories and so the Group\u2019s pro\ufb01ts are subject to tax in various jurisdictions. The Group monitors
\nincome tax developments in these territories which could affect the Group\u2019s tax liabilities.
\nOn 20 June 2023 the UK Finance Bill was substantively enacted in the UK, including legislation to implement the OECD Pillar Two
\nincome taxes for periods beginning on or after 1 January 2024. The Group has applied the exception in the Amendments to IAS 12
\nissued in May 2023 and has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar Two
\nincome taxes.
\nUK corporation tax is calculated at 20.50% (year ended 30 June 2022: 19.00%) of the estimated assessable pro\ufb01t for the period.
\nTaxation for overseas operations is calculated at the local prevailing rates.
\nOn 3 March 2021, the Chancellor of the Exchequer announced the increase in the main rate of UK corporation tax from 19.00%
\nto 25.00% for the year starting 1 April 2023. This change was substantively enacted on 24 May 2021.
\nThis rate increase will increase the amount of cash tax payments to be made by the Group.19 Income tax Group
Company
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nIncome tax receivable
14.9
8.1
8.3
\u2013
\nIncome tax payable
(5.7)
(4.2)
\u2013
\u2013
\nNet income tax receivable
9.2
3.9
8.3
\u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25842": {
"value": "8 Dividends paid to equity holders No dividend in respect of the year ended 30 June 2023 will be recommended at the Annual General Meeting on 19 October 2023
\n(year ended 30 June 2022: nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25848": {
"value": "9 Earnings per share (a) Basic earnings per share
\nYear ended 30 June 2023
Year ended 30 June 2022 (restated)
\nUnderlying
SDI
Total
Underlying
SDI
Total
\nPro\ufb01t (loss) attributable to equity shareholders
\nContinuing operations
\u00a35.8m
\u00a3(101.8)m
\u00a3(96.0)m
\u00a318.7m
\u00a337.4m
\u00a356.1m
\nDiscontinued operations
\u2013
\u00a30.3m
\u00a30.3m
\u2013
\u00a38.8m
\u00a38.8m
\nTotal
\u00a35.8m
\u00a3(101.5)m
\u00a3(95.7)m
\u00a318.7m
\u00a346.2m
\u00a364.9m
\nWeighted average number of ordinary
\nshares in issue
468.4m
468.4m
468.4m
468.4m
468.4m
468.4m
\nBasic earnings (loss) per share
\nContinuing operations
1.2p
(21.7)p
(20.5)p
4.0p
8.0p
12.0p
\nDiscontinued operations
\u2013
0.1p
0.1p
\u2013
1.9p
1.9p
\nTotal
1.2p
(21.6)p
(20.4)p
4.0p
9.9p
13.9p
\n
\n
\n
\n
\n(b) Diluted earnings per share
\nDiluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion
\nof all dilutive potential ordinary shares. Share options issued to employees are not regarded as instruments that could potentially
\ndilute basic earnings per share in the future, being antidilutive, they are not included in the calculation of weighted average number
\nof shares.
\nYear ended 30 June 2023
Year ended 30 June 2022 (restated)
\nUnderlying
SDI
Total
Underlying
SDI
Total
\nWeighted average number
\nof ordinary shares in issue
468.4m
468.4m
468.4m
468.4m
468.4m
468.4m
\nNumber of shares used for fully
\ndiluted earnings per share
468.4m
468.4m
468.4m
468.4m
468.4m
468.4m
\nDiluted earnings (loss) per share
\nContinuing operations
1.2p
(21.7)p
(20.5)p
4.0p
8.0p
12.0p
\nDiscontinued operations
\u2013
0.1p
0.1p
\u2013
1.9p
1.9p
\nTotal
1.2p
(21.6)p
(20.4)p
4.0p
9.9p
13.9p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25992": {
"value": "10 Intangible assets Group
\nGoodwill
\n\u00a3m
\nCasino
\nand other
\ngaming
\nlicences and
\nconcessions
\n\u00a3m
\nSoftware
\nand
\ndevelopment
\n\u00a3m
\nBrands and
\ncustomer
\nrelationships
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 July 2021
218.2
277.8
129.9
21.3
647.2
\nAdditions
2.1
\u2013
11.0
1.4
14.5
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\nExchange adjustments
\u2013
0.1
(0.2)
\u2013
(0.1)
\nAt 30 June 2022
220.3
277.9
140.7
22.7
661.6
\nAdditions
\u2013
\u2013
12.9
0.2
13.1
\nDisposals
\u2013
\u2013
(0.7)
(3.0)
(3.7)
\nReallocation
\n1
\n\u2013
\u2013
4.0
\u2013
4.0
\nExchange adjustments
\u2013
0.1
\u2013
\u2013
0.1
\nAt 30 June 2023
220.3
278.0
156.9
19.9
675.1
\nAggregate amortisation and impairment
\nAt 1 July 2021
\u2013
60.7
69.6
12.3
142.6
\nCharge for the year
\u2013
0.1
21.8
5.2
27.1
\nImpairment charges
\u2013
13.4
\u2013
\u2013
13.4
\nImpairment reversal
\u2013
(15.0)
\u2013
\u2013
(15.0)
\nExchange adjustments
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nAt 30 June 2022
\u2013
59.1
91.4
17.5
168.0
\nCharge for the year
\u2013
0.1
20.7
3.5
24.3
\nImpairment charges
\u2013
27.7
\u2013
\u2013
27.7
\nImpairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
\nDisposal
\u2013
\u2013
(0.7)
(3.0)
(3.7)
\nReallocation
\n1
\n\u2013
\u2013
2.1
\u2013
2.1
\nExchange adjustments
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nAt 30 June 2023
\u2013
86.8
113.5
18.0
218.3
\nNet book value at 30 June 2022
220.3
218.8
49.3
5.2
493.6
\nNet book value at 30 June 2023
220.3
191.2
43.4
1.9
456.8
\n1.
Management identi\ufb01ed \u00a31.9m of net book value which should be reclassi\ufb01ed from property, plant and equipment to intangible assets. These have been re\ufb02ected
\nin the reallocation line in the note above.
\nAmortisation charge for the year of \u00a324.3m (30 June 2022: \u00a327.1m) comprises of \u00a38.6m (30 June 2022: \u00a311.7m) recognised in respect
\nof SDI relating to continuing operations and \u00a315.8m (30 June 2022: \u00a315.4m) in respect of operating pro\ufb01t before SDI.
\nNet impairment charges for the year of \u00a327.7m (30 June 2022: \u00a31.6m) have been recognised in respect of SDI relating to continuing
\noperations, comprising of an impairment charge of \u00a327.7m (30 June 2022: \u00a313.4m) and impairment reversals of \u00a3nil (30 June 2022: \u00a315.0m).
\n
\n
\n
\n
\nSoftware includes internally-generated computer software and development technology with a net book value of \u00a33.3m (30 June 2022:
\n\u00a33.2m). Included in software and development are assets in the course of construction of \u00a31.2m (30 June 2022: \u00a31.0m).
\nBrands and customer relationships are fair value adjustments that arose on acquisition.
\nIntangible assets have been reviewed for impairment as set out in note 13.Goodwill Intangible assets
\nAs at 30 June
\n2023
\n\u00a3m
\nAs at 30 June
\n2022
\n\u00a3m
\nAs at 30 June
\n2023
\n\u00a3m
\nAs at 30 June
\n2022
\n\u00a3m
\nGrosvenor \u2013 group of CGUs
\n1
\n80.9
80.9
179.5
206.4
\nUK digital CGUs
108.5
108.5
\u2013
\u2013
\nInternational digital CGUs
30.9
30.9
\u2013
\u2013
\nEnracha CGUs
\n2
\n\u2013
\u2013
11.6
12.2
\nTotal
220.3
220.3
191.1
218.6
\n1.
Each Grosvenor venue is a separate CGU. Each venue holds at least one licence, but can hold multiple licences, which represents an inde\ufb01nite life intangible asset.
\nThe individual Grosvenor venues are aggregated for the purposes of allocating the Grosvenor goodwill.
\n2.
Each Enracha venue is a separate CGU. As no individual venue CGU is signi\ufb01cant in comparison to the total carrying amounts of intangible assets and other assets,
\nthe venue CGUs have been presented on aggregated basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f25993": {
"value": "10 Intangible assets Group
\nGoodwill
\n\u00a3m
\nCasino
\nand other
\ngaming
\nlicences and
\nconcessions
\n\u00a3m
\nSoftware
\nand
\ndevelopment
\n\u00a3m
\nBrands and
\ncustomer
\nrelationships
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 July 2021
218.2
277.8
129.9
21.3
647.2
\nAdditions
2.1
\u2013
11.0
1.4
14.5
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\nExchange adjustments
\u2013
0.1
(0.2)
\u2013
(0.1)
\nAt 30 June 2022
220.3
277.9
140.7
22.7
661.6
\nAdditions
\u2013
\u2013
12.9
0.2
13.1
\nDisposals
\u2013
\u2013
(0.7)
(3.0)
(3.7)
\nReallocation
\n1
\n\u2013
\u2013
4.0
\u2013
4.0
\nExchange adjustments
\u2013
0.1
\u2013
\u2013
0.1
\nAt 30 June 2023
220.3
278.0
156.9
19.9
675.1
\nAggregate amortisation and impairment
\nAt 1 July 2021
\u2013
60.7
69.6
12.3
142.6
\nCharge for the year
\u2013
0.1
21.8
5.2
27.1
\nImpairment charges
\u2013
13.4
\u2013
\u2013
13.4
\nImpairment reversal
\u2013
(15.0)
\u2013
\u2013
(15.0)
\nExchange adjustments
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nAt 30 June 2022
\u2013
59.1
91.4
17.5
168.0
\nCharge for the year
\u2013
0.1
20.7
3.5
24.3
\nImpairment charges
\u2013
27.7
\u2013
\u2013
27.7
\nImpairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
\nDisposal
\u2013
\u2013
(0.7)
(3.0)
(3.7)
\nReallocation
\n1
\n\u2013
\u2013
2.1
\u2013
2.1
\nExchange adjustments
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nAt 30 June 2023
\u2013
86.8
113.5
18.0
218.3
\nNet book value at 30 June 2022
220.3
218.8
49.3
5.2
493.6
\nNet book value at 30 June 2023
220.3
191.2
43.4
1.9
456.8
\n1.
Management identi\ufb01ed \u00a31.9m of net book value which should be reclassi\ufb01ed from property, plant and equipment to intangible assets. These have been re\ufb02ected
\nin the reallocation line in the note above.
\nAmortisation charge for the year of \u00a324.3m (30 June 2022: \u00a327.1m) comprises of \u00a38.6m (30 June 2022: \u00a311.7m) recognised in respect
\nof SDI relating to continuing operations and \u00a315.8m (30 June 2022: \u00a315.4m) in respect of operating pro\ufb01t before SDI.
\nNet impairment charges for the year of \u00a327.7m (30 June 2022: \u00a31.6m) have been recognised in respect of SDI relating to continuing
\noperations, comprising of an impairment charge of \u00a327.7m (30 June 2022: \u00a313.4m) and impairment reversals of \u00a3nil (30 June 2022: \u00a315.0m).
\n
\n
\n
\n
\nSoftware includes internally-generated computer software and development technology with a net book value of \u00a33.3m (30 June 2022:
\n\u00a33.2m). Included in software and development are assets in the course of construction of \u00a31.2m (30 June 2022: \u00a31.0m).
\nBrands and customer relationships are fair value adjustments that arose on acquisition.
\nIntangible assets have been reviewed for impairment as set out in note 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f26206": {
"value": "11 Property, plant and equipment Group
\nLand and
\nbuildings
\n\u00a3m
\nFixtures,
\n\ufb01ttings,
\nplant and
\nmachinery
\n\u00a3m
\nLeasehold
\nimprovements
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 July 2021
109.8
462.4
\u2013
572.2
\nReallocation between categories
\n2
\n(74.0)
\u2013
74.0
\u2013
\nAt 1 July 2021 (Re-presented)
35.8
462.4
74.0
572.2
\nAdditions
0.3
25.6
0.2
26.1
\nDisposals
\u2013
(5.1)
\u2013
(5.1)
\nExchange adjustments
\u2013
(0.1)
\u2013
(0.1)
\nAt 30 June 2022
36.1
482.8
74.2
593.1
\nAdditions
\u2013
29.4
30.3
59.7
\nDisposals
(1.4)
(14.3)
(4.3)
(20.0)
\nReallocation
\n1
\n0.8
(4.8)
\u2013
(4.0)
\nExchange adjustments
\u2013
(0.2)
\u2013
(0.2)
\nAt 30 June 2023
35.5
492.9
100.2
628.6
\nAccumulated depreciation and impairment
\nAt 1 July 2021
69.5
385.3
\u2013
454.8
\nReallocation between categories
\n2
\n(57.3)
\u2013
57.3
\u2013
\nAt 1 July 2021 (Re-presented)
12.2
385.3
57.3
454.8
\nCharge for the year
0.4
22.7
2.3
25.4
\nImpairment charges
0.1
8.4
1.8
10.3
\nImpairment reversal
\u2013
(5.3)
\u2013
(5.3)
\nDisposals
\u2013
(5.1)
\u2013
(5.1)
\nExchange adjustment
\u2013
(0.1)
\u2013
(0.1)
\nAt 30 June 2022
12.7
405.9
61.4
480.0
\nCharge for the year
0.3
21.6
3.8
25.7
\nImpairment charges
4.2
23.2
24.2
51.6
\nImpairment reversal
\u2013
(3.8)
(0.5)
(4.3)
\nDisposals
(1.4)
(14.1)
(4.3)
(19.8)
\nReallocation
\u2013
(2.1)
\u2013
(2.1)
\nAt 30 June 2023
15.8
430.7
84.6
531.1
\nNet book value at 30 June 2022
23.4
76.9
12.8
113.1
\nNet book value at 30 June 2023
19.7
62.2
15.6
97.5
\n1.
Management identi\ufb01ed \u00a31.9m of net book value which should be reclassi\ufb01ed from property, plant and equipment to intangible assets. These have been re\ufb02ected
\nin the reallocation line in the note above.
\n2.
Management identi\ufb01ed \u00a38.9m of net book value which should be reclassi\ufb01ed from land and buildings to leasehold improvements. These have been re\ufb02ected
\nin the reallocation line in the comparative in the note above, for better comparability.
\nIncluded in Leasehold improvements is the recognition of a general dilapidation asset and corresponding liability for all UK venues.
\nThe Group has recognised the addition based on the recent closures of venues in FY21, FY22 and FY23, the possibility of future
\nclosures and the downturn in the trading outlook, together with a hardening position from landlords and recessionary environment
\nmaking certain properties less attractive.
\nNet impairment charges for the year of \u00a347.3m (30 June 2022: \u00a35.0m) have been recognised in respect of SDI relating to
\ncontinuing operations, comprising of an impairment charge of \u00a351.6m (30 June 2022: \u00a310.3m) and impairment reversals of \u00a34.3m
\n(30 June 2022: \u00a35.3m).
\nIncluded in property, plant and equipment are assets in the course of construction of \u00a37.1m (30 June 2022: \u00a311.9m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f26411": {
"value": "12 Right-of-use assets Group
\nRight-of-use
\nland and
\nbuildings
\n\u00a3m
\nRight-of-use
\n\ufb02eet and
\nmachines
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 July 2021
194.4
5.0
199.4
\nAdditions
21.9
\u2013
21.9
\nAt 30 June 2022
216.3
5.0
221.3
\nAdditions
19.1
\u2013
19.1
\nDisposals
(1.2)
\u2013
(1.2)
\nExchange adjustments
(0.2)
(0.1)
(0.3)
\nAt 30 June 2023
234.0
4.9
238.9
\nAccumulated depreciation and impairment
\nAt 1 July 2021
68.4
2.4
70.8
\nCharge for the year
25.0
1.6
26.6
\nImpairment charges
24.0
\u2013
24.0
\nImpairment reversal
(1.8)
\u2013
(1.8)
\nExchange adjustment
0.1
\u2013
0.1
\nAt 30 June 2022
115.7
4.0
119.7
\nCharge for the year
18.1
0.9
19.0
\nImpairment charges
39.6
\u2013
39.6
\nImpairment reversal
(2.3)
(2.3)
\nDisposals
(1.2)
\u2013
(1.2)
\nAt 30 June 2023
169.9
4.9
174.8
\nNet book value at 30 June 2022
100.6
1.0
101.6
\nNet book value at 30 June 2023
64.1
\u2013
64.1
\nNet impairment charges for the year of \u00a337.3m (30 June 2022: \u00a322.2m) have been recognised in respect of SDI relating to
\ncontinuing operations, comprising of an impairment charge of \u00a339.6m (30 June 2022: \u00a324.0m) and impairment reversals of \u00a32.3m
\n(30 June 2022: \u00a31.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f26510": {
"value": "13 Impairment reviews Group
\nThe Group considers each venue to be a separate cash-generating unit (\u2018CGU\u2019). The Group\u2019s digital operations consist of the UK digital
\nbusiness and the International digital business. UK digital and International digital are each assessed as separate CGUs. The individual
\nGrosvenor venues are aggregated for the purposes of allocating the Grosvenor goodwill.
\nAs at 30 June 2023, goodwill and inde\ufb01nite life intangible assets considered signi\ufb01cant in comparison to the Group\u2019s total carrying
\namount of such assets have been allocated to groups of CGUs as follows:
\nGoodwill
Intangible assets
\nAs at 30 June
\n2023
\n\u00a3m
\nAs at 30 June
\n2022
\n\u00a3m
\nAs at 30 June
\n2023
\n\u00a3m
\nAs at 30 June
\n2022
\n\u00a3m
\nGrosvenor \u2013 group of CGUs
\n1
\n80.9
80.9
179.5
206.4
\nUK digital CGUs
108.5
108.5
\u2013
\u2013
\nInternational digital CGUs
30.9
30.9
\u2013
\u2013
\nEnracha CGUs
\n2
\n\u2013
\u2013
11.6
12.2
\nTotal
220.3
220.3
191.1
218.6
\n1.
Each Grosvenor venue is a separate CGU. Each venue holds at least one licence, but can hold multiple licences, which represents an inde\ufb01nite life intangible asset.
\nThe individual Grosvenor venues are aggregated for the purposes of allocating the Grosvenor goodwill.
\n2.
Each Enracha venue is a separate CGU. As no individual venue CGU is signi\ufb01cant in comparison to the total carrying amounts of intangible assets and other assets,
\nthe venue CGUs have been presented on aggregated basis.
\nThe carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each reporting
\ndate to determine whether there is any indication of impairment as required by IAS 36. If any such indication exists, then the asset\u2019s
\nor CGU\u2019s recoverable amount is estimated. For goodwill and intangible assets that have inde\ufb01nite lives, the recoverable amount of the
\nrelated CGU or group of CGUs is estimated each year at the same time. The recoverable amount is determined based on the higher of
\nthe fair value less costs of disposal and value in use. The nature of the test requires that the Directors exercise judgement and estimation.
\nThe impairment test was conducted in June 2023; management is satis\ufb01ed that the assumptions used were appropriate and that
\nthe goodwill asset is not impaired, no reasonable possible changes in assumptions will result in an impairment and therefore
\nno sensitivity analysis has been disclosed.
\n
\n
\n
\n
\nTesting is carried out by allocating the carrying value of these assets to CGUs, as set out above, and determining the recoverable
\namounts of those CGUs. The individual CGUs were \ufb01rst tested for impairment and then the group of CGUs to which goodwill is
\nallocated were tested. Where the recoverable amount exceeds the carrying value of the CGUs, the assets within the CGUs are
\nconsidered not to be impaired. If there are legacy impairments for such assets, except goodwill, these are considered for reversal.
\nThe recoverable amounts of all CGUs or group of CGUs have been calculated with reference to their value in use. Value in use
\ncalculations are based upon estimates of future cash \ufb02ows derived from the Group\u2019s strategic plan for the following \ufb01ve years. The
\nstrategic plan is updated in the \ufb01nal quarter of the \ufb01nancial year and has been approved by the Board of Directors. Future cash \ufb02ows
\nwill also include an estimate of long-term growth rates which are estimated by business unit.
\nPre-tax discount rates are applied to each CGU or group of CGUs\u2019 cash \ufb02ows and re\ufb02ect both the time value of money and the risks
\nthat apply to the cash \ufb02ows of that CGU or group of CGUs. These estimates have been calculated by external experts and are based
\non typical debt and equity costs for listed gaming and betting companies with similar risk pro\ufb01les. The rates adopted are disclosed
\nin the table below.
\nPre-tax discount rate
Long-term growth rate
\n2022/23
2021/22
2022/23
2021/22
\nGrosvenor venues
12.17%
11.3%
2%
2%
\nMecca venues
12.17%
11.3%
0%
0%
\nUK digital
12.57%
13.0%
2%
2%
\nInternational digital
12.63%
14.7%
2%
2%
\nEnracha venues
13.83%
12.5%
2%
2%
\nExpenses are assessed separately by category. Assumptions include an extrapolation of recent cost in\ufb02ation trends, known in\ufb02ation
\ntrends such as national living wage and an expectation that costs will be incurred in line with agreed contractual rates.
\nWhere a CGU does not have goodwill or inde\ufb01nite life intangible assets, the CGU is only assessed for impairment where an indicator
\nof impairment to the associated de\ufb01nite life intangible, right-of-use assets and/or property, plant and equipment is identi\ufb01ed.
\nThe approach to determine recoverable amounts for a CGU without goodwill or inde\ufb01nite life intangibles is the same as that described
\nabove and is determined based on the higher of fair value less costs of disposal and value in use.
\nAs a result of the procedures outlined above, the following impairment charges and impairment reversal have been recognised during
\nthe year and disclosed within SDIs in the Group income statement.
\nProperty,
\nplant and
\nequipment
\n\u00a3m
\nRight-of-use
\nasset
\n\u00a3m
\nIntangible
\nassets
\n\u00a3m
\nTotal
\n\u00a3m
\nImpairment charges
\nGrosvenor venues
\n1
\n(18.9)
(7.5)
(26.9)
(53.3)
\nMecca venues
\n2
\n(31.8)
(29.7)
\u2013
(61.5)
\nEnracha venues
\n3
\n(0.9)
(2.4)
(0.8)
(4.1)
\nImpairment reversals
\nGrosvenor venues
\n1
\n4.3
2.3
\u2013
6.6
\nEnracha venues
\n3
\n\u2013
\u2013
\u2013
\u2013
\nNet impairment (charge) reversals
(47.3)
(37.3)
(27.7)
(112.3)
\n1.
Impairment charge and reversal are recorded at the different individual Grosvenor venue CGUs. The total value in use of the CGUs where an impairment charge
\nor impairment reversal was recognised totalled to \u00a3108.7m.
\n2.
Impairment charge and reversal are recorded at the different individual Mecca venue CGUs. The total value in use of the CGUs where an impairment charge
\nor impairment reversal was recognised totalled to \u00a313.4m.
\n3.
Impairment charge and reversal are recorded at the different individual Enracha venue CGUs. The total value in use of the CGUs where an impairment charge
\nor impairment reversal was recognised totalled to \u00a360.1m.
\nMecca clubs and Grosvenor and Enracha venues had indicators of impairment, primarily caused by lower than anticipated
\nperformance post the pandemic, and low level of forecast earnings, or a decision to close venues. This further resulted in a decision
\nto close a Grosvenor venue and a number of Mecca clubs which resulted in impairment of \u00a37.1m.
\nDuring the prior year, the Group also recognised a reversal of previously impaired assets of \u00a36.6m relating to Grosvenor venues
\n(2022: \u00a322.0m). The reversals were driven by better than anticipated performance and improved outlook in the in the identi\ufb01ed
\nGrosvenor and Enracha venues.
\n
\n
\n
\n
\nSensitivity of impairment review
\nThe calculation of value in use is most sensitive to the following assumptions:
\n\u2013
revenue growth
\n\u2013
discount rates
\n\u2013
growth rates used to extrapolate cash \ufb02ow beyond the forecast period
\nRevenue growth \u2212 the Group prepared cash \ufb02ow projections derived from the most recent budget for the year ending 30 June 2024 and
\nthe Group\u2019s strategic plan to 30 June 2027, which applied a growth rate re\ufb02ecting management\u2019s strategy for a period of three (3) years
\nbased on past performance and expectations of future changes in the market and Group\u2019s operating model.
\nDiscount rates \u2212 discount rates represent the current market assessment of the risks speci\ufb01c to each CGU, taking into consideration
\nthe time value of money and individual risks of the underlying assets that have not been incorporated in the cash \ufb02ow estimates.
\nThe discount rate calculation is based on the speci\ufb01c circumstances of the Group and its operating segments and is derived from
\nits weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from
\nthe expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group
\nis obliged to service. Segment-speci\ufb01c risk is incorporated by applying individual beta factors. The beta factors are evaluated annually
\nbased on publicly available market data. Adjustments to the discount rate are made to factor in the speci\ufb01c amount and timing of the
\nfuture tax \ufb02ows in order to re\ufb02ect a pre-tax discount rate.
\nGrowth rate estimates \u2212 medium-term growth rates applied to the value-in-use calculations of each CGU re\ufb02ect management\u2019s strategy
\nfor a period of three (3) years to \ufb01ve (5) years. Terminal values were determined using a long-term growth assumption for each CGU
\nnoted in the table above.
\nEarnings multiples \u2212 utilised in determining the terminal value within the Grosvenor CGUs.
\nThe Group assessed the impact of climate change in the impairment review and considers that the most signi\ufb01cant impacts would be
\nin relation to the cost of energy to the Group for which best estimates have been factored into future forecasts. The Group constantly
\nmonitors the latest government legislation in relation to climate related matters. At the current time, no legislation has been passed
\nthat will impact the Group. The Group will adjust the key assumptions used in value in use calculations and sensitivity to changes
\nin assumptions should a change be required.
\nThe Group has carried out sensitivity analysis on the reasonable possible changes in key assumptions in the impairment tests for
\n(a) each CGU or group of CGUs to which goodwill has been allocated and (b) its venue CGUs (including inde\ufb01nite life intangible assets\u2019).
\nFor Grosvenor, Mecca and Enracha venues, the following sensitivities would result in changes to the recognised impairments.
\nNo reasonable possible changes in assumptions will result in an impairment and therefore no sensitivity analysis has been disclosed
\nfor Digital CGUs.
\nGrosvenor Venues CGUs
\nKey Assumption
Reasonable Possible Change
Impact on impairment
\u00a3m
\nRevenue growth
10% decrease in revenue in year 1 \u2013 London
Increase
(0.9)
\n10% decrease in revenue in year 1 \u2013 Rest of UK
Increase
(2.5)
\n10% increase in revenue in year 1 \u2013 London
Decrease
\u2013
\n10% increase in revenue in year 1 \u2013 Rest of UK
Decrease
1.4
\nPre-tax discount rates
1% decrease in discount rates
Decrease
1.1
\n1% increase in discount rates
Increase
(1.0)
\nEarnings multiples
10% decrease in earnings multiples
Increase
(2.2)
\n10% increase in earnings multiples
Decrease
1.5
\nLong-term growth rates
1% decrease in long-term growth rates
Increase
(0.3)
\n1% increase in long-term growth rates
Decrease
0.3
\nMecca Venues CGUs
\nKey Assumption
Reasonable Possible Change
Impact on impairment
\u00a3m
\nRevenue growth
10% decrease in revenue in year 1
Increase
(1.1)
\n10% increase in revenue in year 1
Decrease
1.2
\nPre-tax discount rates
1% decrease in discount rates
Decrease
0.6
\n1% increase in discount rates
Increase
(0.6)
\nLong-term growth rates
1% decrease in long\u2013term growth rates
Increase
(0.4)
\n1% increase in long\u2013term growth rates
Decrease
0.5
\n
\n
\n
\n
\nInternational Venues
\nKey Assumption
Reasonable Possible Change
Impact on impairment
\u00a3m
\nRevenue growth
10% decrease in revenue in year 1
Increase
(1.2)
\n10% increase in revenue in year 1
Decrease
1.2
\nPre-tax discount rates
1% decrease in discount rates
Decrease
1.0
\n1% increase in discount rates
Increase
(0.9)
\nEarnings multiples
10% decrease in earnings multiples
Increase
(0.2)
\n10% increase in earnings multiples
Decrease
0.2
\nLong-term growth rates
1% decrease in long\u2013term growth rates
Increase
(0.4)
\n1% increase in long\u2013term growth rates
Decrease
0.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f26894": {
"value": "14 Investments (a) Group investments
\nOn 21 April 2022, Rank completed the purchase of the remaining 50% shareholding in Rank Interactive Limited (formerly known as
\nAspers Online Limited) for \u00a31.3m made up of (i) cash consideration of \u00a31 (ii) loan repayment of \u00a30.5m and (iii) deferred consideration
\nof \u00a30.8m, refer to note 34 for details.
\n(b) Company investments
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCost
\nAt start of year
1,452.3
1,452.3
\nAt end of year
1,452.3
1,452.3
\nProvision for impairment
\nAt start of year
320.5
320.5
\nImpairment charge
182.6
\u2013
\nAt end of year
503.1
320.5
\nNet book value at start of year
1,131.8
1,131.8
\nNet book value at end of year
949.2
1,131.8
\nThe Company calculates a recoverable amount of its subsidiaries based upon the Board approved strategic plans and business models
\nand, where required, adjustments for long-term provisions and net intercompany positions are made.
\nCompany
\nThe Company also tests annually the carrying value of its investments in subsidiaries, being its investments in Rank Nemo
\n(Twenty-Five) Limited, a holding company for all companies within the Group with the exception of Rank Group Finance plc which
\nacts as the Group\u2019s \ufb01nancing company.
\nConsistent with the prior year, the recoverable amount was calculated by reference to value in use. The value in use of the Company\u2019s
\ninvestment in Rank Group Finance Limited is estimated based on the net assets of the company which principally consist of amortised
\ncost receivables and so is considered to approximate value in use.
\nThe calculation of value in use for Rank Nemo (Twenty-Five) Limited is based upon estimates of future cash \ufb02ows from the Group\u2019s
\nCGUs and derived from the Group\u2019s strategic plan for the following three years and, where required, adjustments for long-term
\nprovisions and lease liabilities. The key assumptions underlying the forecasts are those described above with regards to the
\nimpairment testing of the Group\u2019s CGUs.
\nAs a result of the procedures outlined above, the following impairment charges have been recognised during the year.
\nInvestment in Rank Nemo (Twenty-Five) Limited
Investment in Rank Group Finance PLC
\nTotal
\n\u00a3m
\nImpairment charges
182.6
\u2013
182.6
\n
\n
\n
\n
\nSensitivity of impairment review
\nThe calculation of value in use for Rank Nemo (Twenty-Five) Limited is most sensitive to the following assumptions like revenue
\ngrowth, discount rates and growth rates used to extrapolate the cash\ufb02ows of CGUs beyond the forecast period.
\nKey Assumption
Reasonable Possible Change
Impact on impairment
\u00a3m
\nRevenue growth
10% decrease in revenue in year 1 \u2013 Grosvenor
Increase
(95.9)
\n10% decrease in revenue in year 1 \u2013 Mecca
Increase
(1.1)
\n10% decrease in revenue in year 1 \u2013 Enracha
Increase
(6.1)
\n10% decrease in revenue in year 1 \u2013 International Digital
Increase
(4.5)
\n10% decrease in revenue in year 1 \u2013 UK Digital
Increase
(161.8)
\n10% decrease in revenue in year 1 \u2013 Grosvenor
Decrease
65.9
\n10% increase in revenue in year 1 \u2013 Mecca
Decrease
1.1
\n10% increase in revenue in year 1 \u2013 Enracha
Decrease
6.1
\n10% increase in revenue in year 1 \u2013 International Digital
Decrease
4.5
\n10% increase in revenue in year 1 \u2013 UK Digital
Decrease
17.8
\nPre-tax discount rates
1% decrease in discount rates \u2013 Grosvenor
Decrease
46.5
\n1% decrease in discount rates \u2013 Mecca
Decrease
0.9
\n1% decrease in discount rates \u2013 Enracha
Decrease
7.1
\n1% decrease in discount rates \u2013 International Digital
Decrease
3.8
\n1% decrease in discount rates \u2013 UK Digital
Decrease
16.1
\n1% increase in discount rates \u2013 Grosvenor
Increase
(41.4)
\n1% increase in discount rates \u2013 Mecca
Increase
(0.8)
\n1% increase in discount rates \u2013 Enracha
Increase
(5.8)
\n1% increase in discount rates \u2013 International Digital
Increase
(3.3)
\n1% increase in discount rates \u2013 UK Digital
Increase
(14.2)
\nLong-term growth rates
1% decrease in long-term growth rates \u2013 Grosvenor
Increase
(11.6)
\n1% decrease in long-term growth rates \u2013 Mecca
Increase
(1.7)
\n1% decrease in long-term growth rates \u2013 Enracha
Increase
(3.5)
\n1% decrease in long-term growth rates \u2013 International Digital
Increase
(2.6)
\n1% decrease in long-term growth rates \u2013 UK Digital
Increase
(14.2)
\n1% increase in long-term growth rates \u2013 Grosvenor
Decrease
12.8
\n1% increase in long-term growth rates \u2013 Mecca
Decrease
1.8
\n1% increase in long-term growth rates \u2013 Enracha
Decrease
4.1
\n1% increase in long-term growth rates \u2013 International Digital
Decrease
2.8
\n1% increase in long-term growth rates \u2013 UK Digital
Decrease
15.4
\n
\n
\n
\n
\nThe Company owns directly or indirectly 100% (unless otherwise noted) of the ordinary share capital and voting rights
\nof the following companies:
\nName
\nCountry of
\nincorporation
Principal activities
Registered of\ufb01ce address
\nDaub Alderney Limited
\n10
\nAlderney
Support services to interactive
\ngaming
\nInchalla, Le Val, Alderney GY9 3UL
\nQSB Gaming Limited
Alderney
Intermediary holding company
La Corvee House, La Corvee,
\nAlderney, GY9 3TQ
\nRank Digital Gaming
\n(Alderney) Limited
\n10,11
\nAlderney
Dormant
La Corvee House, La Corvee,
\nAlderney, GY9 3TQ
\n8Ball Games Limited
\n9
\nEngland and Wales
Marketing services
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nGrosvenor Casinos (GC)
\nLimited
\nEngland and Wales
Casinos
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nGrosvenor Casinos Limited
England and Wales
Casinos
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nLinkco Limited
\n9
\nEngland and Wales
Processing of credit transfers
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nLuda Bingo Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nMecca Bingo Limited
England and Wales
Social and Bingo clubs
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank (U.K.) Holdings Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Casino Holdings Limited
England and Wales
Intermediary holding company
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Digital Holdings Limited
England and Wales
Intermediary holding company
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Digital Limited
England and Wales
Support services to interactive
\ngaming
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Group Finance Plc
\n1
\nEngland and Wales
Funding operations for the Group
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Group Gaming Division
\nLimited
\nEngland and Wales
Intermediary holding company and
\nproperty services
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Group Holdings Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Leisure Holdings
\nLimited
\nEngland and Wales
Intermediary holding company and
\ncorporate activities
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Leisure Limited
\n9
\nEngland and Wales
Adult gaming centres in Mecca and
\nGrosvenor Casinos venues
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Leisure Machine
\nServices Limited
\nEngland and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Nemo (Twenty-Five)
\nLimited
\n1
\nEngland and Wales
Intermediary holding company
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Overseas Holdings
\nLimited
\nEngland and Wales
Intermediary holding company
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRO Nominees Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nSpacebar Media Limited
\n9
\nEngland and Wales
Development and maintenance of
\nonline gaming software
\nUnit 450 Highgate Studios 53-79
\nHighgate Road, Kentish Town,
\nLondon, NW5 1TL
\nStride Together Limited
\n9
\nEngland and Wales
Support services to interactive
\ngaming
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nThe Gaming Group Limited
\n9
\nEngland and Wales
Casinos
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nThe Rank Organisation
\nLimited
\nEngland and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nThink Beyond Media Limited
\n9
\nEngland and Wales
Marketing services
Unit 441/2 Highgate Studios 53-79
\nHighgate Road, Kentish Town,
\nLondon, NW5 1TL
\n
\n
\n
\nName
\nCountry of
\nincorporation
Principal activities
Registered of\ufb01ce address
\nRank Interactive Limited
\n(formerly known as Aspers
\nOnline Limited)
\n7
\nEngland and Wales
Interactive gaming
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nUpperline Marketing
\nLimited
\n6,9
\nEngland and Wales
Support services to interactive
\ngaming
\nTOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nMRC Developments Limited
England and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Precision Industries
\nLimited
\n5
\nEngland and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nRank Speciality Catering
\nLimited
\n5
\nEngland and Wales
Dormant
TOR, Saint-Cloud Way,
\nMaidenhead SL6 8BN
\nAssociated Leisure France
\nProperties SCI
\n4
\nFrance
Dormant
Zi Sud, 12 Rue des Petits Champs,
\n35400, St Malo, France
\nAssociated Leisure France
\nSARL
\n4
\nFrance
Dormant
4 Rue Joseph Monier, 92859 Rueil
\nMalmaison, Cades, France
\nRank Digital Services
\n(Gibraltar) Limited
\nGibraltar
Marketing and property services
Second Floor, Icom House, 1/5 Irish
\nTown, Gibraltar
\nRank Interactive (Gibraltar)
\nLimited
\n8
\nGibraltar
Interactive gaming
Second Floor, Icom House, 1/5 Irish
\nTown, Gibraltar
\nMindful Media Limited
Guernsey
Dormant
Kingsway House, Havilland Street,
\nSt Peter Port, Guernsey, GY1 2QE
\nPassion Gaming Private
\nLimited
\n2
\nIndia
Online operator of digital card
\ngames in India
\n2nd Floor, SCO No 350, Sector 9,
\nUrban Estate, Panchkula, Haryana,
\nIndia
\nNetboost Media Limited
Israel
Marketing services
5 Ha\u2019Chilazon Street, Ramat Gan,
\nIsrael
\nS.T.R. Financials Limited
\n3
\nIsrael
Dormant
58 Harakevet St. Electra City Tower
\nTel-Aviv 6777016 Israel
\nStride Gaming Limited
Jersey
Intermediary holding company
12 Castle Street, St. Helier Jersey
\nJE2 3RT
\nBingosoft Plc
Malta
Interactive gaming
Vault 14, Level 2, Valletta
\nWaterfront, Floriana, FRN 1914,
\nMalta
\nStride Gaming Spain Plc
\n5
\nMalta
Dormant
Level 3, Valleta Buildings, South
\nStreet, Valletta VLT 1103, Malta
\nRank Interactive Services
\n(Mauritius) Limited (formerly
\nknown as SRG Services
\nLimited)
\n12
\nMauritius
Shared services support
Suite 112 Grand Bay Business Park,
\nGrand Bay 1305-02, Republic of
\nMauritius
\nStride Investment
Mauritius
Intermediary holding company
c/o Mauri Experta Ltd., Of\ufb01ce 2,
\nLevel 4, Iconebene, Lot B441, Rue
\nde L\u2019Institut, Ebene, Republic of
\nMauritius
\nShifttech (Pty) Limited
South Africa
Development and maintenance of
\nonline gaming software
\nUnit 10, 10 Pepper Street, Cape
\nTown, Western Cape 8001, South
\nAfrica
\nConticin SL
Spain
Operator of parking for social and
\nbingo clubs
\nCalle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\nGotfor SA
Spain
Social and bingo clubs
Carrer del Papa Pius XI, 114, 08208
\nSabadell, Barcelona, Spain
\nRank Catalu\u00f1a SA
Spain
Social and bingo clubs
Calle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\nRank Centro SA
Spain
Social and bingo clubs
Calle Espoz y mina N\u00ba 8, 1st centro,
\n28012, Madrid, Spain
\nRank Digital Espa\u00f1a SA
\n13
\nSpain
Dormant
Calle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\nRank Holding Espa\u00f1a SA
Spain
Intermediary holding company
Calle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\n
\n
\n
\n\n
\nName
\nCountry of
\nincorporation
Principal activities
Registered of\ufb01ce address
\nRank Stadium Andalucia SL
Spain
Arcade and sports betting
Calle Balmes N\u00ba 268-270 1st Floor,
\n08006, Barcelona, Spain
\nTop Rank Andalucia SA
Spain
Social and bingo clubs
Conde Robledo 1, 14008, Cordoba,
\nSpain
\nVerdiales SL
Spain
Social and bingo clubs
Sala Andaluc\u00eda, Ronda,
\nCapuchinos 19, 41008, Sevilla,
\nSpain
\nRank America Inc.
\n5
\nU.S.A.
Dormant
The Corporation Trust Company,
\n1209 Orange Street, Wilmington,
\nDE 19801, USA
\n1.
Directly held by the Company.
\n2. 51% investment and year end 31 March.
\n3. Year end 31 August.
\n4. Year end 31 October.
\n5.
Year end 31 December. Stride Gaming Spain plc is in the process of liquidation as at 30 June 2023.
\n6.
Principal activities are carried out in Malta through its Malta branch.
\n7.
Acquired the remaining 50% ownership in joint venture interest on 1 April 2022, see note 34.
\n8.
Principal activity changed from Dormant to Interactive Gaming with effect from 1 July 2022.
\n9.
Rank Group plc has issued a parental guarantee exempting the company from the requirements of the Companies Act 2006 related to the audit of individual
\naccounts by virtue of s479A of the Act.
\n10. Transfer of business activities to Rank Interactive (Gibraltar) Limited took place on 1 July 2022.
\n11. Principal activity changed from Interactive Gaming to Dormant with effect from 1 July 2022.
\n12. Name changed to Rank Interactive Services (Mauritius) Limited on 6 October 2022.
\n13. Rank Digital Espa\u00f1a SA transferred its digital business to Bingosoft and became Dormant on 2 November 2021.
\nThe principal activities are carried out in the country of incorporation as indicated above unless otherwise noted.
\nAll subsidiary undertakings have a 30 June year end unless otherwise indicated.
\n(c) Non-controlling interest (NCI)
\nSet out below is the summarised \ufb01nancial information for the subsidiary that has non-controlling interests. The amounts disclosed
\nfor each subsidiary are before intercompany eliminations.
\nNon-controlling interest arises on 49% of the net assets of Passion Gaming Private Limited which was valued using the proportionate
\nshare method per IFRS 3.
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent assets
2.1
1.4
\nCurrent liabilities
(0.6)
(0.6)
\nCurrent net assets
1.5
0.8
\nNon-current assets
0.1
0.1
\nNon-current liabilities
(1.0)
(1.0)
\nNon-current assets
(0.9)
(0.9)
\nNet assets
0.6
(0.1)
\nAccumulated NCI
0.3
(0.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27537": {
"value": "(c) Non-controlling interest (NCI) Set out below is the summarised \ufb01nancial information for the subsidiary that has non-controlling interests. The amounts disclosed
\nfor each subsidiary are before intercompany eliminations.
\nNon-controlling interest arises on 49% of the net assets of Passion Gaming Private Limited which was valued using the proportionate
\nshare method per IFRS 3.
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent assets
2.1
1.4
\nCurrent liabilities
(0.6)
(0.6)
\nCurrent net assets
1.5
0.8
\nNon-current assets
0.1
0.1
\nNon-current liabilities
(1.0)
(1.0)
\nNon-current assets
(0.9)
(0.9)
\nNet assets
0.6
(0.1)
\nAccumulated NCI
0.3
(0.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27578": {
"value": "15 Inventories Group
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nFinished goods
2.2
2.3
\nThere were no write downs of inventory in the year (30 June 2022: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27618": {
"value": "16 Other receivables Group
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent
\nOther receivables
13.4
10.7
\nLess: provisions for impairment of other receivables
(0.9)
(1.6)
\nOther receivables \u2013 net
12.5
9.1
\nNet investment in lease
1.4
1.4
\nPrepayments
15.2
23.7
\nOther receivables \u2013 current
29.1
34.2
\nNon-current
\nOther receivables
6.2
6.7
\nNet investment in lease
\u2013
\u2013
\nOther receivables \u2013 non-current
6.2
6.7
\nGroup
\nThe Directors consider that the carrying value of other receivables approximate to their fair value.
\nAs at 30 June 2023, other receivables of \u00a30.3m (30 June 2022: \u00a31.3m) were past due but not impaired.
\nThe other classes within receivables do not contain impaired assets.
\nThe maximum exposure to credit risk at the reporting date is the fair value of each class of receivable mentioned above. The Group
\ndoes not hold any collateral as security.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27666": {
"value": "17 Government grants Group
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAt the start of the year
\u2013
0.8
\nReceivable in the year
\u2013
3.6
\nCash received
\u2013
(4.4)
\nAt the end of the year
\u2013
\u2013
\nGovernment grants were received under the Coronavirus Job Retention Scheme in the UK and similar schemes in other countries
\nin which the Group operates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27693": {
"value": "18 Trade and other payables Group
Company
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent
\nTrade payables
13.4
35.8
\u2013
\u2013
\nSocial security and other taxation
31.6
29.3
\u2013
\u2013
\nOther payables
37.6
32.5
0.7
0.4
\nAccruals
43.5
33.5
\u2013
\u2013
\nTrade and other payables \u2013 current
126.1
131.1
0.7
0.4
\nIncluded within other payables as at 30 June 2022 is \u00a35.9m UK Gambling commission \ufb01ne issued to Daub Alderney Limited, a Stride
\nlicensed entity. This has been settled during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27762": {
"value": "19 Income tax Group
Company
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nIncome tax receivable
14.9
8.1
8.3
\u2013
\nIncome tax payable
(5.7)
(4.2)
\u2013
\u2013
\nNet income tax receivable
9.2
3.9
8.3
\u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27802": {
"value": "20 Financial assets and liabilities (a) Interest-bearing loans and borrowings
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent interest-bearing loans and borrowings
\nBank overdrafts
1.5
\u2013
\nObligations under leases
42.2
40.4
\nTerm loans
44.4
34.4
\nRevolving credit facility
18.0
\u2013
\nOther current loans
\nAccrued interest
0.4
0.5
\nUnamortised facility fees
(0.6)
(1.0)
\nTotal current interest-bearing loans and borrowings
105.9
74.3
\nNon-current interest-bearing loans and borrowings
\nObligations under leases
126.8
141.3
\nTerm loans
\u2013
44.4
\nOther non-current loans
\nUnamortised facility fees
\u2013
(0.3)
\nTotal non-current interest-bearing loans and borrowings
126.8
185.4
\nTotal interest-bearing loans and borrowings
232.7
259.7
\nSterling
232.7
259.7
\nTotal interest-bearing loans and borrowings
232.7
259.7
\nTerm loan facilities
\nThe \u00a3128.1m term loan signed on 31 May 2019 has interest payable on a periodic basis depending on the loan drawn. The facility
\ncarries a \ufb02oating rate of interest which, on 1 January 2022, changed from LIBOR to SONIA. The total term loan at 30 June 2023
\nwas \u00a344.4m (30 June 2022: \u00a378.8m), a reduction in the year following the third scheduled repayment of \u00a334.4m made in May 2023.
\nFollowing the Group completing a re\ufb01nancing of its revolving credit facilities in August 2023, the Group repaid the outstanding
\nbalance of \u00a344.4m in full.
\nRevolving credit facilities (\u2018RCF\u2019)
\nAt 30 June 2023, the Group had total revolving credit facilities (\u2018RCFs\u2019) of \u00a380.0m, comprising three bilateral RCFs of \u00a325.0m, \u00a340.0m
\nand \u00a315.0m which mature in August 2023 (extended from July 2023), May 2024 and February 2025 respectively. The facilities all carry
\na \ufb02oating rate of interest which were based on LIBOR until it transitioned to SONIA on 1 January 2022. At 30 June 2023, \u00a318.0m of the
\nRCF was drawn (30 June 2022: \u00a3nil), providing the Group with \u00a362.0m of undrawn committed facilities.
\nOn 7 August 2023, the Group signed a new RCF for \u00a325.0m with one of its relationship banks. In addition, the Group\u2019s existing \u00a380.0m
\nof RCFs were reduced to a total of \u00a375.0m, with each bank providing \u00a325.0m, giving the Group a total RCF of \u00a3100.0m, \u00a325.0m of which
\nexpires in November 2024, with the remaining \u00a375.0m expiring in February 2025. All \ufb01nancial covenants remain unchanged.
\nCovenants
\nThe Group\u2019s banking facilities require it to meet two \ufb01nancial covenant tests biannually, a net debt to earnings before interest,
\ntax, depreciation, amortisation and SDI\u2019s (\u2018EBITDA\u2019) ratio of no more than 3x, and an EBITDA to interest charge of no less than 3x.
\nBoth covenants were met in the year.
\nPost balance sheet event
\nIn August 2023, the Group secured a \ufb01nancing package which totalled \u00a3100.0m of revolving credit facilities. \u00a325.0m is committed
\nuntil November 2024 and the remaining \u00a375.0m is committed until February 2025. The Group subsequently repaid the remaining
\nterm loan of \u00a344.4m.
\n
\n
\n
\n
\nCompany
\nThe Company did not hold any external interest-bearing loans or borrowings at 30 June 2023 (30 June 2022: \u00a3nil). The Company held
\ninterest bearing loans with other Group companies at 30 June 2023 of \u00a3416.5m (30 June 2022: \u00a3387.1m).
\n(b) Hedging activities
\nThe Group has not carried out any hedging activities in either period.
\n(c) Fair values
\nThe table below is a comparison by class of the carrying amounts and fair value of the Group and Company\u2019s \ufb01nancial instruments
\nat 30 June 2023 and 30 June 2022.
\nCarrying amount
Fair value
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nFinancial assets:
\nLoans and receivables
\nOther receivables
Level 2
3.8
3.8
3.8
3.8
\nCash and short-term deposits
Level 1
60.0
95.7
60.0
95.7
\nTotal
63.8
99.5
63.8
99.5
\nFinancial liabilities:
\nOther \ufb01nancial liabilities
\nInterest bearing loans and borrowings
\n\u2013
Obligations under leases
Level 2
169.0
181.7
169.0
181.7
\n\u2013
Floating rate borrowings
Level 2
62.4
78.8
62.4
78.8
\n\u2013
Bank overdrafts
Level 1
1.5
\u2013
1.5
\u2013
\n\u2013
Other
Level 2
0.4
\u2013
0.4
\u2013
\nTrade and other payables
Level 2
92.9
101.8
92.9
101.8
\nTotal
326.2
362.3
326.2
362.3
\nCarrying amount
Fair value
\nCompany
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nFinancial assets:
\nLoans and receivables
\nTrade and other payables
0.7
0.4
0.7
0.4
\nFinancial guarantee contracts
1.6
2.6
1.6
2.6
\nAmounts owed to subsidiary undertakings
416.5
387.1
416.5
387.1
\nTotal
418.8
390.1
418.8
390.1
\nThe fair value of the \ufb01nancial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
\ntransaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions apply:
\n\u2013
Cash and short-term deposits, other receivables and other \ufb01nancial liabilities approximate to their carrying amounts largely due
\nto the short-term maturities of these instruments; and
\n\u2013
The fair value of \ufb01xed rate borrowings is based on price quotations at the reporting date.
\nFair value hierarchy
\nThe Group uses the following hierarchy to determine the carrying value of \ufb01nancial instruments that are measured at fair value:
\nLevel 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\nLevel 2: other techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable
\nmarket data.
\nLevel 3: techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable
\nmarket data.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27805": {
"value": "(a) Interest-bearing loans and borrowings Group
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCurrent interest-bearing loans and borrowings
\nBank overdrafts
1.5
\u2013
\nObligations under leases
42.2
40.4
\nTerm loans
44.4
34.4
\nRevolving credit facility
18.0
\u2013
\nOther current loans
\nAccrued interest
0.4
0.5
\nUnamortised facility fees
(0.6)
(1.0)
\nTotal current interest-bearing loans and borrowings
105.9
74.3
\nNon-current interest-bearing loans and borrowings
\nObligations under leases
126.8
141.3
\nTerm loans
\u2013
44.4
\nOther non-current loans
\nUnamortised facility fees
\u2013
(0.3)
\nTotal non-current interest-bearing loans and borrowings
126.8
185.4
\nTotal interest-bearing loans and borrowings
232.7
259.7
\nSterling
232.7
259.7
\nTotal interest-bearing loans and borrowings
232.7
259.7
\nTerm loan facilities
\nThe \u00a3128.1m term loan signed on 31 May 2019 has interest payable on a periodic basis depending on the loan drawn. The facility
\ncarries a \ufb02oating rate of interest which, on 1 January 2022, changed from LIBOR to SONIA. The total term loan at 30 June 2023
\nwas \u00a344.4m (30 June 2022: \u00a378.8m), a reduction in the year following the third scheduled repayment of \u00a334.4m made in May 2023.
\nFollowing the Group completing a re\ufb01nancing of its revolving credit facilities in August 2023, the Group repaid the outstanding
\nbalance of \u00a344.4m in full.
\nRevolving credit facilities (\u2018RCF\u2019)
\nAt 30 June 2023, the Group had total revolving credit facilities (\u2018RCFs\u2019) of \u00a380.0m, comprising three bilateral RCFs of \u00a325.0m, \u00a340.0m
\nand \u00a315.0m which mature in August 2023 (extended from July 2023), May 2024 and February 2025 respectively. The facilities all carry
\na \ufb02oating rate of interest which were based on LIBOR until it transitioned to SONIA on 1 January 2022. At 30 June 2023, \u00a318.0m of the
\nRCF was drawn (30 June 2022: \u00a3nil), providing the Group with \u00a362.0m of undrawn committed facilities.
\nOn 7 August 2023, the Group signed a new RCF for \u00a325.0m with one of its relationship banks. In addition, the Group\u2019s existing \u00a380.0m
\nof RCFs were reduced to a total of \u00a375.0m, with each bank providing \u00a325.0m, giving the Group a total RCF of \u00a3100.0m, \u00a325.0m of which
\nexpires in November 2024, with the remaining \u00a375.0m expiring in February 2025. All \ufb01nancial covenants remain unchanged.
\nCovenants
\nThe Group\u2019s banking facilities require it to meet two \ufb01nancial covenant tests biannually, a net debt to earnings before interest,
\ntax, depreciation, amortisation and SDI\u2019s (\u2018EBITDA\u2019) ratio of no more than 3x, and an EBITDA to interest charge of no less than 3x.
\nBoth covenants were met in the year.
\nPost balance sheet event
\nIn August 2023, the Group secured a \ufb01nancing package which totalled \u00a3100.0m of revolving credit facilities. \u00a325.0m is committed
\nuntil November 2024 and the remaining \u00a375.0m is committed until February 2025. The Group subsequently repaid the remaining
\nterm loan of \u00a344.4m.
\n
\n
\n
\n
\nCompany
\nThe Company did not hold any external interest-bearing loans or borrowings at 30 June 2023 (30 June 2022: \u00a3nil). The Company held
\ninterest bearing loans with other Group companies at 30 June 2023 of \u00a3416.5m (30 June 2022: \u00a3387.1m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27919": {
"value": "(b) Hedging activities The Group has not carried out any hedging activities in either period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f27923": {
"value": "(c) Fair values The table below is a comparison by class of the carrying amounts and fair value of the Group and Company\u2019s \ufb01nancial instruments
\nat 30 June 2023 and 30 June 2022.
\nCarrying amount
Fair value
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nFinancial assets:
\nLoans and receivables
\nOther receivables
Level 2
3.8
3.8
3.8
3.8
\nCash and short-term deposits
Level 1
60.0
95.7
60.0
95.7
\nTotal
63.8
99.5
63.8
99.5
\nFinancial liabilities:
\nOther \ufb01nancial liabilities
\nInterest bearing loans and borrowings
\n\u2013
Obligations under leases
Level 2
169.0
181.7
169.0
181.7
\n\u2013
Floating rate borrowings
Level 2
62.4
78.8
62.4
78.8
\n\u2013
Bank overdrafts
Level 1
1.5
\u2013
1.5
\u2013
\n\u2013
Other
Level 2
0.4
\u2013
0.4
\u2013
\nTrade and other payables
Level 2
92.9
101.8
92.9
101.8
\nTotal
326.2
362.3
326.2
362.3
\nCarrying amount
Fair value
\nCompany
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nFinancial assets:
\nLoans and receivables
\nTrade and other payables
0.7
0.4
0.7
0.4
\nFinancial guarantee contracts
1.6
2.6
1.6
2.6
\nAmounts owed to subsidiary undertakings
416.5
387.1
416.5
387.1
\nTotal
418.8
390.1
418.8
390.1
\nThe fair value of the \ufb01nancial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
\ntransaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions apply:
\n\u2013
Cash and short-term deposits, other receivables and other \ufb01nancial liabilities approximate to their carrying amounts largely due
\nto the short-term maturities of these instruments; and
\n\u2013
The fair value of \ufb01xed rate borrowings is based on price quotations at the reporting date.
\nFair value hierarchy
\nThe Group uses the following hierarchy to determine the carrying value of \ufb01nancial instruments that are measured at fair value:
\nLevel 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\nLevel 2: other techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable
\nmarket data.
\nLevel 3: techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable
market data.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28086": {
"value": "21 Financial risk management objectives and policies Financial risk factors
\nThe Group and Company\u2019s principal \ufb01nancial liabilities comprise loans and borrowings, trade and other payables and \ufb01nancial
\nguarantee contracts. The main purpose of these \ufb01nancial liabilities is to \ufb01nance the Group\u2019s operations. The Group has other
\nreceivables, and cash and short-term deposits that derive directly from its operations.
\nThe Group is exposed to market risk, credit risk and liquidity risk.
\nThe Group\u2019s overall \ufb01nancial risk management programme focuses on the unpredictability of \ufb01nancial markets and seeks to minimise
\npotential adverse effects on the Group\u2019s \ufb01nancial performance.
\nThe Group\u2019s senior management oversees the management of these risks. The Finance Committee is supported by the Group\u2019s senior
\nmanagement, which advises on \ufb01nancial risks and the appropriate \ufb01nancial risk governance framework for the Group. The Finance
\nCommittee provides assurance that the Group\u2019s \ufb01nancial risk-taking activities are governed by appropriate policies and procedures
\nand the \ufb01nancial risks are identi\ufb01ed, measured and managed in accordance with Group policies and risk appetite.
\nThe Board of Directors review and agree policies for managing each of these risks, which are summarised below.
\n(a) Market risk
\nMarket risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market
\nprices. Financial instruments affected by market risk include loans and borrowings and deposits.
\nThe sensitivity analyses in the following sections relate to the positions as at 30 June 2023 and 30 June 2022.
\nThe sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of \ufb01xed to \ufb02oating rates of the debt
\nand the proportion of \ufb01nancial instruments in foreign currencies are all constant.
\n(i) Foreign currency risk
\nForeign currency risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes
\nin foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s
\noperating activities (when revenue or expense is denominated in a different currency from the Group\u2019s functional currency)
\nand the Group\u2019s net investments in foreign subsidiaries.
\nThe Group\u2019s current policy is not to hedge foreign currency risk.
\nForeign currency sensitivity
\nThe following table demonstrates the sensitivity of a possible change in the US dollar and euro, with all other variables held constant,
\nto the Group\u2019s pro\ufb01t before tax and the Group\u2019s equity. The Group\u2019s exposure to foreign currency changes for all other currencies
\nis not material.
\nEffect on pro\ufb01t before tax
Effect on equity
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nChange in foreign exchange rates:
\n+10.0% US$
(0.1)
(0.1)
\u2013
\u2013
\n-10.0% US$
0.2
0.2
\u2013
\u2013
\n+10.0% euro
(0.2)
(0.6)
5.8
30.8
\n-10.0% euro
0.2
0.7
(5.8)
(30.8)
\n(ii) Cash flow and fair value interest rate risk
\nInterest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market
\ninterest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt
\nobligations with \ufb02oating interest rates.
\nHistorically the Group has managed its interest rate risk by having a balanced portfolio of \ufb01xed and variable rate loans and borrowings.
\nThe Group has an agreed policy of maintaining between 40% and 60% of its borrowings at a \ufb01xed rate of interest. At 30 June 2023,
\nthe Group is operating outside the policy with 73% of the borrowings at a \ufb01xed rate of interest (30 June 2022: 43%), driven by the level
\nof \ufb01xed rate \ufb01nance leases.
\n
\n
\n
\n
\n(iii) Interest rate sensitivity
\nThe table below demonstrates the sensitivity to a possible change in interest rates on income and equity for the year when this
\nmovement is applied to the carrying value of loans, borrowings, cash and short-term deposits.
\nEffect on pro\ufb01t before tax
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nSterling:
\n100 basis point increase
(0.6)
(0.6)
\n200 basis point increase
(1.2)
(1.2)
\nThere was no impact on equity in either year as a consequence of loan arrangements.
\nThe Group did not enter into any \ufb01xed-to-\ufb02oating or \ufb02oating-to-\ufb01xed interest rate swaps in either year.
\n(b) Credit risk
\nCredit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading to a
\n\ufb01nancial loss. The Group is exposed to credit risk from its operating activities (primarily for other receivables) and from its \ufb01nancing
\nactivities, including deposits with banks and \ufb01nancial institutions, foreign exchange transactions and other \ufb01nancial instruments.
\nFinancial instruments and cash deposits
\nCredit risk from balances with banks and \ufb01nancial institutions is managed by the Group\u2019s treasury department in accordance with
\nthe Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
\ncounterparty. Counterparty credit limits are reviewed by the Chief Financial Of\ufb01cer and may be updated throughout the year subject
\nto the approval of the Group\u2019s Finance Committee. The limits are set to minimise the concentration of risks and therefore mitigate
\n\ufb01nancial loss through potential counterparty failure.
\nThe credit worthiness of each counterparty is checked against independent credit ratings on at least a weekly basis, with a minimum
\nrating of \u2018BB\u2019. The Group predominantly invests with its lending banks when appropriate.
\nSales to retail customers are settled in cash or using major credit and debit cards and therefore the exposure to credit risk is not
\nconsidered signi\ufb01cant.
\nNo credit limits were exceeded during the reporting period and management does not expect any material losses from non-performance
\nof its counterparties.
\n(c) Liquidity risk
\nLiquidity risk is the risk that the Group will not have suf\ufb01cient funds to meet its liabilities. Cash forecasts identifying the liquidity
\nrequirements of the Group are produced monthly. The cash forecasts are sensitivity tested for different scenarios and are reviewed
\nregularly. Forecast \ufb01nancial headroom and debt covenant compliance is reviewed monthly during the month-end process to ensure
\nsuf\ufb01cient headroom exists for at least a 12-month period.
\nDue to the dynamic nature of the underlying businesses, Group treasury aims to maintain \ufb02exibility in funding by keeping committed
\ncredit lines available. A three-year strategic forecast is prepared annually to facilitate planning for future \ufb01nancing needs.
\nManagement actively manages the Group\u2019s \ufb01nancing requirements and the range of maturities on its debt.
\nThe Group\u2019s core debt facilities comprise of \u00a380.0m bi-lateral revolving credit facilities (30 June 2022: \u00a380.0m) expiring July 2023
\n(\u00a325m), May 2024 (\u00a340.0m) and February 2025 (\u00a315.0m), and the \u00a344.4m term loan facility (30 June 2022: \u00a378.8m). On 7 August 2023,
\nthe Group signed a new RCF for \u00a325.0m with one of its relationship banks. In addition, the Group\u2019s existing \u00a380.0m of RCFs were
\nreduced to a total of \u00a375.0m, with each bank providing \u00a325.0m, giving the Group a total RCF of \u00a3100m. \u00a325.0m of which expires in
\nNovember 2024, with the remaining \u00a375.0m expiring in February 2025. The Group proactively manages its relationships with its
\nlending group.
\nThe funding policy of the Group is to maintain, as far as practicable, a broad portfolio of debt diversi\ufb01ed by source and maturity,
\nand to maintain committed facilities suf\ufb01cient to cover seasonal peak anticipated borrowing requirements.
\n
\n
\n
\n
\nThe table below summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on contractual undiscounted payments.
\nOn demand
\n\u00a3m
\nLess than
\n12 months
\n\u00a3m
\n1 to 2 years
\n\u00a3m
\n2 to 5 years
\n\u00a3m
\nGreater than
\n5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 30 June 2023
\nInterest-bearing loans and borrowings
\n1
\n1.5
62.4
\u2013
\u2013
\u2013
63.9
\nTrade and other payables
\u2013
92.9
\u2013
\u2013
\u2013
92.9
\nLease liabilities
\u2013
42.2
25.9
60.4
40.5
169.0
\n1.5
197.5
25.9
60.4
40.5
325.8
\nAt 30 June 2022
\nInterest-bearing loans and borrowings
\n1
\n\u2013
36.3
45.2
\u2013
\u2013
81.5
\nTrade and other payables
\u2013
101.8
\u2013
\u2013
\u2013
101.8
\nLease liabilities
\u2013
40.4
25.8
72.8
42.7
181.7
\n\u2013
178.5
71.0
72.8
42.7
365.0
\n1.
Interest payments on the interest-bearing loans and borrowings have been projected until the instruments mature. The bank facility interest payments were based
\non current SONIA as at the reporting date.
\nCapital management
\nAs a result of the dif\ufb01cult conditions that developed in the global capital markets in recent years, the Group\u2019s objectives when
\nmanaging capital have been to ensure continuing access to existing debt facilities and to manage the borrowing cost of those facilities
\nin order to minimise the Group\u2019s interest charge.
\nConsistent with others in the gaming industry, the Group monitors capital on the basis of leverage ratio. The ratio is calculated as net
\ndebt divided by EBITDA. Net debt is calculated as total borrowings (including \u2018loans and borrowings\u2019 as shown in the Group balance
\nsheet) less cash and short-term deposits, accrued interest and unamortised facility fees. EBITDA is calculated as operating pro\ufb01t
\nbefore SDI, depreciation and amortisation from continuing operations.
\nDue to the impact of COVID-19 on the Group\u2019s performance and resultant negative EBITDA the ratio for the year ended 30 June 2021
\ndoes not provide a useful monitor of capital and therefore has not been shown.
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nTotal loans and borrowings (note 20)
232.7
259.7
\nLess: Cash and short-term deposits
(60.0)
(95.7)
\nLess: Accrued interest
(0.4)
(0.5)
\nLess: Unamortised facility fees
0.6
1.3
\nNet debt
172.9
164.8
\nOperating pro\ufb01t (loss) before SDI from continuing operations
19.1
38.5
\nAdd: Depreciation and amortisation
58.0
67.4
\nEBITDA
77.1
105.9
\nLeverage ratio
2.2
1.6
\nCollateral
\nThe Group did not pledge or hold any collateral at 30 June 2023 (30 June 2022: \u00a3nil).
\nCompany
\nThe maximum exposure to credit risk at the reporting date is the fair value of its cash and short-term deposits of \u00a3nil (30 June 2022: \u00a3nil).
\nThe Company does not have any other signi\ufb01cant exposure to \ufb01nancial risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28101": {
"value": "(a) Market risk Market risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market
\nprices. Financial instruments affected by market risk include loans and borrowings and deposits.
\nThe sensitivity analyses in the following sections relate to the positions as at 30 June 2023 and 30 June 2022.
\nThe sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of \ufb01xed to \ufb02oating rates of the debt
\nand the proportion of \ufb01nancial instruments in foreign currencies are all constant.
\n(i) Foreign currency risk
\nForeign currency risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes
\nin foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s
\noperating activities (when revenue or expense is denominated in a different currency from the Group\u2019s functional currency)
\nand the Group\u2019s net investments in foreign subsidiaries.
\nThe Group\u2019s current policy is not to hedge foreign currency risk.
\nForeign currency sensitivity
\nThe following table demonstrates the sensitivity of a possible change in the US dollar and euro, with all other variables held constant,
\nto the Group\u2019s pro\ufb01t before tax and the Group\u2019s equity. The Group\u2019s exposure to foreign currency changes for all other currencies
\nis not material.
\nEffect on pro\ufb01t before tax
Effect on equity
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nChange in foreign exchange rates:
\n+10.0% US$
(0.1)
(0.1)
\u2013
\u2013
\n-10.0% US$
0.2
0.2
\u2013
\u2013
\n+10.0% euro
(0.2)
(0.6)
5.8
30.8
\n-10.0% euro
0.2
0.7
(5.8)
(30.8)
\n(ii) Cash flow and fair value interest rate risk
\nInterest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market
\ninterest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt
\nobligations with \ufb02oating interest rates.
\nHistorically the Group has managed its interest rate risk by having a balanced portfolio of \ufb01xed and variable rate loans and borrowings.
\nThe Group has an agreed policy of maintaining between 40% and 60% of its borrowings at a \ufb01xed rate of interest. At 30 June 2023,
\nthe Group is operating outside the policy with 73% of the borrowings at a \ufb01xed rate of interest (30 June 2022: 43%), driven by the level
\nof \ufb01xed rate \ufb01nance leases.
\n
\n
\n
\n
\n(iii) Interest rate sensitivity
\nThe table below demonstrates the sensitivity to a possible change in interest rates on income and equity for the year when this
\nmovement is applied to the carrying value of loans, borrowings, cash and short-term deposits.
\nEffect on pro\ufb01t before tax
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nSterling:
\n100 basis point increase
(0.6)
(0.6)
\n200 basis point increase
(1.2)
(1.2)
\nThere was no impact on equity in either year as a consequence of loan arrangements.
\nThe Group did not enter into any \ufb01xed-to-\ufb02oating or \ufb02oating-to-\ufb01xed interest rate swaps in either year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28218": {
"value": "(b) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading to a
\n\ufb01nancial loss. The Group is exposed to credit risk from its operating activities (primarily for other receivables) and from its \ufb01nancing
\nactivities, including deposits with banks and \ufb01nancial institutions, foreign exchange transactions and other \ufb01nancial instruments.
\nFinancial instruments and cash deposits
\nCredit risk from balances with banks and \ufb01nancial institutions is managed by the Group\u2019s treasury department in accordance with
\nthe Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
\ncounterparty. Counterparty credit limits are reviewed by the Chief Financial Of\ufb01cer and may be updated throughout the year subject
\nto the approval of the Group\u2019s Finance Committee. The limits are set to minimise the concentration of risks and therefore mitigate
\n\ufb01nancial loss through potential counterparty failure.
\nThe credit worthiness of each counterparty is checked against independent credit ratings on at least a weekly basis, with a minimum
\nrating of \u2018BB\u2019. The Group predominantly invests with its lending banks when appropriate.
\nSales to retail customers are settled in cash or using major credit and debit cards and therefore the exposure to credit risk is not
\nconsidered signi\ufb01cant.
\nNo credit limits were exceeded during the reporting period and management does not expect any material losses from non-performance
\nof its counterparties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28237": {
"value": "(c) Liquidity risk Liquidity risk is the risk that the Group will not have suf\ufb01cient funds to meet its liabilities. Cash forecasts identifying the liquidity
\nrequirements of the Group are produced monthly. The cash forecasts are sensitivity tested for different scenarios and are reviewed
\nregularly. Forecast \ufb01nancial headroom and debt covenant compliance is reviewed monthly during the month-end process to ensure
\nsuf\ufb01cient headroom exists for at least a 12-month period.
\nDue to the dynamic nature of the underlying businesses, Group treasury aims to maintain \ufb02exibility in funding by keeping committed
\ncredit lines available. A three-year strategic forecast is prepared annually to facilitate planning for future \ufb01nancing needs.
\nManagement actively manages the Group\u2019s \ufb01nancing requirements and the range of maturities on its debt.
\nThe Group\u2019s core debt facilities comprise of \u00a380.0m bi-lateral revolving credit facilities (30 June 2022: \u00a380.0m) expiring July 2023
\n(\u00a325m), May 2024 (\u00a340.0m) and February 2025 (\u00a315.0m), and the \u00a344.4m term loan facility (30 June 2022: \u00a378.8m). On 7 August 2023,
\nthe Group signed a new RCF for \u00a325.0m with one of its relationship banks. In addition, the Group\u2019s existing \u00a380.0m of RCFs were
\nreduced to a total of \u00a375.0m, with each bank providing \u00a325.0m, giving the Group a total RCF of \u00a3100m. \u00a325.0m of which expires in
\nNovember 2024, with the remaining \u00a375.0m expiring in February 2025. The Group proactively manages its relationships with its
\nlending group.
\nThe funding policy of the Group is to maintain, as far as practicable, a broad portfolio of debt diversi\ufb01ed by source and maturity,
\nand to maintain committed facilities suf\ufb01cient to cover seasonal peak anticipated borrowing requirements.
\n
\n
\n
\n
\nThe table below summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on contractual undiscounted payments.
\nOn demand
\n\u00a3m
\nLess than
\n12 months
\n\u00a3m
\n1 to 2 years
\n\u00a3m
\n2 to 5 years
\n\u00a3m
\nGreater than
\n5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 30 June 2023
\nInterest-bearing loans and borrowings
\n1
\n1.5
62.4
\u2013
\u2013
\u2013
63.9
\nTrade and other payables
\u2013
92.9
\u2013
\u2013
\u2013
92.9
\nLease liabilities
\u2013
42.2
25.9
60.4
40.5
169.0
\n1.5
197.5
25.9
60.4
40.5
325.8
\nAt 30 June 2022
\nInterest-bearing loans and borrowings
\n1
\n\u2013
36.3
45.2
\u2013
\u2013
81.5
\nTrade and other payables
\u2013
101.8
\u2013
\u2013
\u2013
101.8
\nLease liabilities
\u2013
40.4
25.8
72.8
42.7
181.7
\n\u2013
178.5
71.0
72.8
42.7
365.0
\n1.
Interest payments on the interest-bearing loans and borrowings have been projected until the instruments mature. The bank facility interest payments were based
\non current SONIA as at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28355": {
"value": "Capital management As a result of the dif\ufb01cult conditions that developed in the global capital markets in recent years, the Group\u2019s objectives when
\nmanaging capital have been to ensure continuing access to existing debt facilities and to manage the borrowing cost of those facilities
\nin order to minimise the Group\u2019s interest charge.
\nConsistent with others in the gaming industry, the Group monitors capital on the basis of leverage ratio. The ratio is calculated as net
\ndebt divided by EBITDA. Net debt is calculated as total borrowings (including \u2018loans and borrowings\u2019 as shown in the Group balance
\nsheet) less cash and short-term deposits, accrued interest and unamortised facility fees. EBITDA is calculated as operating pro\ufb01t
\nbefore SDI, depreciation and amortisation from continuing operations.
\nDue to the impact of COVID-19 on the Group\u2019s performance and resultant negative EBITDA the ratio for the year ended 30 June 2021
\ndoes not provide a useful monitor of capital and therefore has not been shown.
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nTotal loans and borrowings (note 20)
232.7
259.7
\nLess: Cash and short-term deposits
(60.0)
(95.7)
\nLess: Accrued interest
(0.4)
(0.5)
\nLess: Unamortised facility fees
0.6
1.3
\nNet debt
172.9
164.8
\nOperating pro\ufb01t (loss) before SDI from continuing operations
19.1
38.5
\nAdd: Depreciation and amortisation
58.0
67.4
\nEBITDA
77.1
105.9
\nLeverage ratio
2.2
1.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28404": {
"value": "Collateral The Group did not pledge or hold any collateral at 30 June 2023 (30 June 2022: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28435": {
"value": "22 Deferred tax The analysis of deferred tax included in the \ufb01nancial statements at the end of the year is as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nDeferred tax assets:
\nAccelerated capital allowances
11.1
14.6
\nTax losses carried forward
31.9
9.2
\nOther UK temporary differences
5.7
5.8
\nDeferred tax assets
48.7
29.6
\nDeferred tax liabilities:
\nOther overseas temporary differences
(2.6)
(3.5)
\nBusiness combinations \u2013 acquired intangibles
(1.6)
(0.7)
\nBusiness combinations \u2013 non-qualifying properties
\u2013
(0.6)
\nTemporary differences on UK casino licences
(38.4)
(43.9)
\nDeferred tax liabilities
(42.6)
(48.7)
\nNet deferred tax asset (liability)
6.1
(19.1)
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and current tax
\nliabilities and it is the intention to settle the balances on a net basis. Deferred tax assets and liabilities of \u00a341.1m (30 June 2022: \u00a328.2m)
\nhave been offset and disclosed on the balance sheet as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nDeferred tax assets
7.6
1.4
\nDeferred tax liabilities
(1.5)
(20.5)
\nNet deferred tax asset (liability)
6.1
(19.1)
\nThere is a net DTA of \u00a36.0m in respect of the UK, comprising DTAs of \u00a345.0m and DTLs of \u00a339.0m. Deferred tax assets are recognised
\nto the extent that it is probable that future taxable pro\ufb01ts will be available against which they can be used. Of the \u00a345.0m of DTAs,
\n\u00a320.3m are recognised based on future taxable pro\ufb01ts arising from the reversal of existing taxable temporary differences. The remaining
\n\u00a324.7m of DTAs are recognised based on future taxable pro\ufb01ts in excess of the pro\ufb01ts arising from the reversal of existing taxable
\ntemporary differences.
\nDeferred tax assets are reviewed at each reporting date taking into account the recoverability of the deferred tax assets, future
\npro\ufb01tability and any restrictions on use. In considering their recoverability, the Group takes into account all relevant and available
\nevidence to assess future pro\ufb01tability over a reasonably foreseeable time period. This consideration includes the fact that the UK group
\nhas suffered a loss for accounting and tax purposes in the current period. In assessing the probability of recovery, the Directors have
\nreviewed the Group\u2019s \ufb01ve-year Strategic Plan that has been used for both the Going Concern and the \ufb01xed asset impairment testing.
\nThis plan anticipates the existence of future taxable pro\ufb01ts as the Group continues its recovery from the impact on trading from
\nCOVID-19. This recovery is expected primarily in the Grosvenor business with recent and ongoing investment in refurbishing venues
\nand product enhancement driving additional revenues. Based on the Group\u2019s \ufb01ve-year Strategic Plan, the deferred tax asset recognised
\non tax losses is expected to be recovered by 2028.
\nIn addition to the above the Group has unrecognised UK tax losses of \u00a30.5m (30 June 2022: \u00a30.4m) and overseas tax losses of \u00a327.3m
\n(30 June 2022: \u00a316.1m) that are carried forward for offset against suitable future taxable pro\ufb01ts. No deferred tax asset has been
\nrecognised in relation to these losses as no utilisation is currently anticipated. Included in unrecognised tax losses are losses of \u00a31.4m
\nthat will expire between 2027 and 2029 (30 June 2022: \u00a31.9m that will expire between 2026 and 2029). Other losses will be carried
\nforward inde\ufb01nitely.
\nThe Group has UK capital losses carried forward of \u00a3779m (30 June 2022: \u00a3779m). These losses have no expiry date and are available
\nfor offset against future UK chargeable gains. No deferred tax asset (30 June 2022: \u00a3nil) has been recognised in respect of these
\ncapital losses as no further utilisation is currently anticipated.
\nTemporary differences associated with Group investments
\nThere was no deferred tax liability recognised (30 June 2022: \u00a3nil) for taxes that would be payable on the unremitted earnings of
\ncertain subsidiaries. The Group has determined that any unremitted earnings that do not fall within the dividend exemption introduced
\nin the Finance Act 2009 will not be distributed in the foreseeable future and the parent company does not foresee giving such consent
\nat the balance sheet date.
\n
\n
\n
\n
\nThe deferred tax included in the Group income statement is as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nDeferred tax in the income statement
\nAccelerated capital allowances
(3.5)
(5.0)
\nTax losses
22.7
(0.3)
\nBusiness combinations \u2013 property lease fair value adjustments
0.6
0.1
\nTemporary differences on UK casino licences
5.5
2.9
\nOther temporary differences
(0.2)
(1.7)
\nTotal deferred tax credit/(charge)
25.1
(4.0)
\nThe deferred tax movement on the balance sheet is as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nAs at start of year
(19.1)
(14.7)
\nExchange adjustments
0.1
(0.1)
\nAcquisition of Rank Interactive Limited
\u2013
(0.3)
\nDeferred tax (charge) credit in the income statement
25.1
(4.0)
\nDeferred tax credit to equity
\u2013
\u2013
\nAs at end of year
6.1
(19.1)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28607": {
"value": "23 Provisions Group
\nProperty-
\nrelated
\nprovision
\n\u00a3m
\nDisposal
\nprovision
\n\u00a3m
\nIndirect tax
\nprovision
\n\u00a3m
\nPay
\nprovision
\n\u00a3m
\nWarranty
\nprovision
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 1 July 2022
6.8
3.9
1.2
0.1
0.5
12.5
\nCreated
28.7
\u2013
\u2013
\u2013
\u2013
28.7
\nCharge to the income statement \u2013 SDI
7.4
\u2013
\u2013
\u2013
\u2013
7.4
\nRelease to the income statement \u2013 SDI
(3.2)
(3.7)
\u2013
\u2013
(0.3)
(7.2)
\nUtilised in the year
(2.4)
\u2013
\u2013
\u2013
\u2013
(2.4)
\nAt 30 June 2023
37.3
0.2
1.2
0.1
0.2
39.0
\nCurrent
5.6
0.2
1.2
0.1
0.2
7.3
\nNon-current
31.7
\u2013
\u2013
\u2013
\u2013
31.7
\nTotal
37.3
0.2
1.2
0.1
0.2
39.0
\nProvisions have been made based on management\u2019s best estimate of the future cash \ufb02ows, taking into account the risks associated
\nwith each obligation.
\nProperty-related provisions
\nWhere the Group no longer operates from a leased property, onerous property contract provisions are recognised for the least net cost
\nover the expected economic bene\ufb01ts. Unless a separate exit agreement with a landlord has already been agreed, the Group\u2019s policy
\nis that this onerous contract provision includes all unavoidable costs of meeting the obligations of the contract. The amounts provided
\nare based on the Group\u2019s best estimates of the likely committed out\ufb02ows and site closure dates. These provisions do not include lease
\nliabilities, however do include unavoidable costs related to the lease such as service charges, insurance and other directly related
\ncosts. As at 30 June 2023, property related provision include \u00a334.4m (2022: \u00a31.7m) provision for dilapidations and \u00a32.8m (2022: \u00a35.1m)
\nonerous contracts provision.
\nProvisions for dilapidations are recognised where the Group has the obligation to make-good its leased properties. Following the recent
\nclosures of venues in FY21, FY22 and FY23, the possibility of future closures and the downturn in the trading outlook, together with
\na hardening position from landlords and recessionary environment making certain properties less attractive, the Group recognised
\nan additional asset and liability of \u00a328.7m. These provisions are recognised based on historically settled dilapidations which form the
\nbasis of the estimated future cash out\ufb02ows. Any difference between amounts expected to be settled and the actual cash out\ufb02ow will
\nbe accounted for in the period when such determination is made within the income statement.
\n
\n
\n
\n
\nWhere the Group is able to exit lease contracts before the expiry date or agree sublets, this results in the release of any associated
\nproperty provisions. Such events are subject to the agreement of the landlord, therefore the Group makes no assumptions on the ability
\nto either exit or sublet a property until a position is contractually agreed.
\nDisposal provisions
\nIn prior years, a provision has been made for legacy industrial disease and personal injury claims, and other directly attributable costs
\narising as a consequence of the sale or closure of previously owned businesses.
\nDuring the period, the Group have re-considered this provision by reviewing the historic claims and any \ufb01nal settlements made.
\nThe nature and timing of any personal injury claims is uncertain and therefore, in most cases, the payment could not be determined
\nas probable. It was therefore determined necessary to release the provision of \u00a33.7m and recognise the possible settlement of legacy
\nindustrial disease and personal injury claims as a contingent liability (see note 32).
\nIndirect tax provision
\nThe indirect tax provision relates to an amusement machine licence duty claim by HMRC. The balance of \u00a31.2m (30 June 2022: \u00a31.2m)
\nrepresents the Directors\u2019 best estimate of the out\ufb02ow likely to arise.
\nPay provision
\nThe balance of \u00a30.1m (30 June 2022: \u00a30.1m) relates to the remaining settlements associated with the National Minimum Wage
\nRegulations for those employees for whom the Group is still in contact for payment details.
\nWarranty provision
\nAs a result of the Group\u2019s sale of its Blankenberge Casino in Belgium, a warranty provision of \u00a30.8m was recognised in SDI as at
\n30 June 2021. This amount represented Rank\u2019s best estimate of liability in relation to certain indemnities and warranties provided
\nto the purchaser. In the event that the provision for warranties is not called upon over the \ufb01ve-year period, this amount will be released
\nto the Group income statement as an additional pro\ufb01t on sale. During the year, the Group recognised \u00a30.3m additional pro\ufb01t on sale
\nwithin the SDI of the Group income statement (30 June 2022: \u00a30.2m). The release in the year represents Rank\u2019s best estimate of
\nliabilities that have now passed due to the passage of time in which the purchaser can no longer claim.
\nCompany
\nIn prior years, a provision has been made for legacy industrial disease and personal injury claims, and other directly attributable costs
\narising as a consequence of the sale or closure of previously owned businesses.
\nDuring the period, the Company have re-considered this provision by reviewing the historic claims and any \ufb01nal settlements made.
\nThe nature and timing of any personal injury claims is uncertain and therefore, in most cases, the payment could not be determined
\nas probable. It was therefore determined necessary to release the provision of \u00a31.0m and recognise the possible settlement of legacy
\nindustrial disease and personal injury claims as a contingent liability (see note 32).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28608": {
"value": "23 Provisions Group
\nProperty-
\nrelated
\nprovision
\n\u00a3m
\nDisposal
\nprovision
\n\u00a3m
\nIndirect tax
\nprovision
\n\u00a3m
\nPay
\nprovision
\n\u00a3m
\nWarranty
\nprovision
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 1 July 2022
6.8
3.9
1.2
0.1
0.5
12.5
\nCreated
28.7
\u2013
\u2013
\u2013
\u2013
28.7
\nCharge to the income statement \u2013 SDI
7.4
\u2013
\u2013
\u2013
\u2013
7.4
\nRelease to the income statement \u2013 SDI
(3.2)
(3.7)
\u2013
\u2013
(0.3)
(7.2)
\nUtilised in the year
(2.4)
\u2013
\u2013
\u2013
\u2013
(2.4)
\nAt 30 June 2023
37.3
0.2
1.2
0.1
0.2
39.0
\nCurrent
5.6
0.2
1.2
0.1
0.2
7.3
\nNon-current
31.7
\u2013
\u2013
\u2013
\u2013
31.7
\nTotal
37.3
0.2
1.2
0.1
0.2
39.0
\nProvisions have been made based on management\u2019s best estimate of the future cash \ufb02ows, taking into account the risks associated
\nwith each obligation.
\nProperty-related provisions
\nWhere the Group no longer operates from a leased property, onerous property contract provisions are recognised for the least net cost
\nover the expected economic bene\ufb01ts. Unless a separate exit agreement with a landlord has already been agreed, the Group\u2019s policy
\nis that this onerous contract provision includes all unavoidable costs of meeting the obligations of the contract. The amounts provided
\nare based on the Group\u2019s best estimates of the likely committed out\ufb02ows and site closure dates. These provisions do not include lease
\nliabilities, however do include unavoidable costs related to the lease such as service charges, insurance and other directly related
\ncosts. As at 30 June 2023, property related provision include \u00a334.4m (2022: \u00a31.7m) provision for dilapidations and \u00a32.8m (2022: \u00a35.1m)
\nonerous contracts provision.
\nProvisions for dilapidations are recognised where the Group has the obligation to make-good its leased properties. Following the recent
\nclosures of venues in FY21, FY22 and FY23, the possibility of future closures and the downturn in the trading outlook, together with
\na hardening position from landlords and recessionary environment making certain properties less attractive, the Group recognised
\nan additional asset and liability of \u00a328.7m. These provisions are recognised based on historically settled dilapidations which form the
\nbasis of the estimated future cash out\ufb02ows. Any difference between amounts expected to be settled and the actual cash out\ufb02ow will
\nbe accounted for in the period when such determination is made within the income statement.
\n
\n
\n
\n
\nWhere the Group is able to exit lease contracts before the expiry date or agree sublets, this results in the release of any associated
\nproperty provisions. Such events are subject to the agreement of the landlord, therefore the Group makes no assumptions on the ability
\nto either exit or sublet a property until a position is contractually agreed.
\nDisposal provisions
\nIn prior years, a provision has been made for legacy industrial disease and personal injury claims, and other directly attributable costs
\narising as a consequence of the sale or closure of previously owned businesses.
\nDuring the period, the Group have re-considered this provision by reviewing the historic claims and any \ufb01nal settlements made.
\nThe nature and timing of any personal injury claims is uncertain and therefore, in most cases, the payment could not be determined
\nas probable. It was therefore determined necessary to release the provision of \u00a33.7m and recognise the possible settlement of legacy
\nindustrial disease and personal injury claims as a contingent liability (see note 32).
\nIndirect tax provision
\nThe indirect tax provision relates to an amusement machine licence duty claim by HMRC. The balance of \u00a31.2m (30 June 2022: \u00a31.2m)
\nrepresents the Directors\u2019 best estimate of the out\ufb02ow likely to arise.
\nPay provision
\nThe balance of \u00a30.1m (30 June 2022: \u00a30.1m) relates to the remaining settlements associated with the National Minimum Wage
\nRegulations for those employees for whom the Group is still in contact for payment details.
\nWarranty provision
\nAs a result of the Group\u2019s sale of its Blankenberge Casino in Belgium, a warranty provision of \u00a30.8m was recognised in SDI as at
\n30 June 2021. This amount represented Rank\u2019s best estimate of liability in relation to certain indemnities and warranties provided
\nto the purchaser. In the event that the provision for warranties is not called upon over the \ufb01ve-year period, this amount will be released
\nto the Group income statement as an additional pro\ufb01t on sale. During the year, the Group recognised \u00a30.3m additional pro\ufb01t on sale
\nwithin the SDI of the Group income statement (30 June 2022: \u00a30.2m). The release in the year represents Rank\u2019s best estimate of
\nliabilities that have now passed due to the passage of time in which the purchaser can no longer claim.
\nCompany
\nIn prior years, a provision has been made for legacy industrial disease and personal injury claims, and other directly attributable costs
\narising as a consequence of the sale or closure of previously owned businesses.
\nDuring the period, the Company have re-considered this provision by reviewing the historic claims and any \ufb01nal settlements made.
\nThe nature and timing of any personal injury claims is uncertain and therefore, in most cases, the payment could not be determined
\nas probable. It was therefore determined necessary to release the provision of \u00a31.0m and recognise the possible settlement of legacy
\nindustrial disease and personal injury claims as a contingent liability (see note 32).Capital commitments At 30 June 2023, the Group has contracts placed for future capital expenditure of \u00a36.2m (30 June 2022: \u00a315.3m).
\n32 Contingent liabilities and contingent assets
\nContingent liabilities
\nGroup
\nProperty arrangements
\nThe Group has certain property arrangements under which rental payments revert to the Group in the event of default by the third
\nparty. At 30 June 2023, it is not considered probable that the third party will default. As such, no provision has been recognised in
\nrelation to these arrangements. If the third party were to default on these arrangements, the obligation for the Group would be \u00a30.8m
\non a discounted basis.
\nLegal and regulatory landscape
\nGiven the nature of the legal and regulatory landscape of the industry, from time to time the Group receives notices and
\ncommunications from regulatory authorities and other parties in respect of its activities and is subject to compliance assessments
\nof its licensed activities.
\nThe Group recognises that there is uncertainty over any \ufb01nes or charges that may be levied by regulators as a result of past events
\nand depending on the status of such reviews, it is not always possible to reliably estimate the likelihood, timing and value of potential
\ncash out\ufb02ows.
\nDisposal claims
\nAs a consequence of historic sale or closure of previously owned businesses, the Group may be liable for legacy industrial disease
\nand personal injury claims alongside any other directly attributable costs. The nature and timing of these claims is uncertain and
\ndepending on the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the likelihood, timing and
\nvalue of potential cash out\ufb02ows.
\nContingent consideration
\nOn 21 April 2022, the Group completed the purchase of the remaining 50% shareholding of Rank Interactive Limited (formerly known
\nas Aspers Online Limited) for a total consideration \u00a31.3m. Of this consideration, \u00a30.5m was paid in cash on completion in lieu of the
\noutstanding loan balance the Company owed to the seller and \u00a30.8m in contingent consideration included in Trade and other payables
\nof the Group balance sheet. The contingent consideration will be equivalent to a percentage of the net gaming revenue generated from
\nthe acquired customer database. A present value of \u00a30.8m has been provisionally recognised for the contingent consideration and is
\ndependent upon the date a competing online gaming operation is established.
\nAt 30 June 2023, the Group settled \u00a30.4m of the contingent consideration leaving a balance of \u00a30.4m.
\nCompany
\nDisposal claims
\nAs a consequence of historic sale or closure of previously owned businesses, the Group may be liable for legacy industrial disease
\nand personal injury claims alongside any other directly attributable costs. The nature and timing of these claims is uncertain and
\ndepending on the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the likelihood, timing and
\nvalue of potential cash out\ufb02ows.
\nGuarantees
\nAt 30 June 2023, the Company has made guarantees to subsidiary undertakings of \u00a345.0m (30 June 2022: \u00a379.5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28772": {
"value": "24 Share capital and reserves As at 30 June 2023
As at 30 June 2022
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nAuthorised ordinary shares of 13
\n8
\n/
\n9
\np each
1,296.0
180.0
1,296.0
180.0
\nIssued and fully paid
\nAs at 30 June 2023
As at 30 June 2022
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nAt start of the year
468.4
65.0
468.4
65.0
\nAt end of the year
468.4
65.0
468.4
65.0
\nShare premium
\nAs at 30 June 2023
As at 30 June 2022
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nAt start of the year
468.4
155.7
468.4
155.7
\nAt end of the year
468.4
155.7
468.4
155.7
\nTotal shares in issue at 30 June 2023 are 468,429,541 (2022: 468,429,541).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28773": {
"value": "24 Share capital and reserves As at 30 June 2023
As at 30 June 2022
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nAuthorised ordinary shares of 13
\n8
\n/
\n9
\np each
1,296.0
180.0
1,296.0
180.0
\nIssued and fully paid
\nAs at 30 June 2023
As at 30 June 2022
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nAt start of the year
468.4
65.0
468.4
65.0
\nAt end of the year
468.4
65.0
468.4
65.0
\nShare premium
\nAs at 30 June 2023
As at 30 June 2022
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nNumber
\nm
\nNominal
\nvalue
\n\u00a3m
\nAt start of the year
468.4
155.7
468.4
155.7
\nAt end of the year
468.4
155.7
468.4
155.7
\nTotal shares in issue at 30 June 2023 are 468,429,541 (2022: 468,429,541).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28866": {
"value": "25 Notes to cash flow Reconciliation of (Loss)/pro\ufb01t for the year to cash generated from operations:
\nGroup
Company
\nNote
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June 2022
\n(restated)
\n\u00a3m
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n20
22
\n\u00a3m
\nLoss/pro\ufb01t for the year
(95.3)
64.9
(202.2)
(14.5)
\nAdjustments for:
\nDepreciation and amortisation
60.1
67.4
\u2013
\u2013
\nAmortisation of arrangement fees
1.3
\u2013
\u2013
\u2013
\nLoss on disposal of assets
0.2
\u2013
\u2013
\u2013
\nNet \ufb01nancing charge
12.3
13.4
33.7
15.5
\nIncome tax expense (credit)
0.6
6.4
(12.4)
\u2013
\nShare-based payments
1.1
(0.3)
\u2013
\u2013
\nSeparately disclosed items
101.5
(46.2)
182.6
\u2013
\n81.8
105.6
1.7
1.0
\nDecrease (increase) in inventories
0.2
(0.3)
\u2013
\u2013
\nDecrease (increase) in other receivables
11.2
(18.4)
(8.3)
\u2013
\n(Decrease) increase in trade and other payables
(8.4)
12.5
29.6
14.6
\n84.8
99.4
23.0
15.6
\nCash utilisation of provisions (see note 23)
(2.4)
(1.8)
(1.7)
(0.1)
\nCash (payments) receipts in respect of separately disclosed items
(7.1)
72.4
\u2013
\u2013
\nCash generated from operations
75.3
170.0
21.3
15.5
\nThe Group restated the prior year cash \ufb02ow format to start from pro\ufb01t for the year instead of operating pro\ufb01t. This method provides
\nmore comprehensive information which would be useful to the reader of the consolidated and Company \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f28972": {
"value": "26 Cash and short-term deposits Group
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nCash at bank and on hand
58.1
75.7
\nShort-term deposits
1.9
20.0
\nTotal
60.0
95.7
\nThe analysis of cash and short-term deposits by currency is as follows:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n\u00a3m
\nSterling
42.8
78.3
\nEuro
14.3
14.1
\nOthers
2.9
3.3
\nTotal
60.0
95.7
\nCash at bank earns interest at \ufb02oating rates based on daily bank deposit rates. Short-term deposits are made for varying periods
\ndepending on the immediate cash requirements of the Group and earn interest at the respective short-term deposit rates.
\nIncluded in cash is \u00a38.9m (2022: \u00a38.0m) relating to customer funds which is matched by liabilities to customers of equal value within
\ntrade and other payables (note 18).
\nCompany
\nAt 30 June 2023 the Company had cash and short-term deposits of \u00a3nil (30 June 2022: \u00a3nil).
\n
\n
\n
\n27 Reconciliation of cash flow from financing activities
\nReconciliation of net debt:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nCash and cash equivalents
58.5
95.7
\nLoans and borrowings
(62.4)
(78.8)
\nLease liabilities
(169.0)
(181.7)
\nNet debt
(172.9)
(164.8)
\nFor the purpose of the statements of cash \ufb02ow, cash and cash equivalents comprise the following:
\nGroup
\nAs at
\n30 June
\n2023
\n\u00a3m
\nAs at
\n30 June
\n2022
\n(restated)
\n\u00a3m
\nCash at bank and on hand
58.1
75.7
\nShort-term deposits
1.9
20.0
\n60.0
95.7
\nBank overdrafts
(1.5)
\u2013
\nTotal
58.5
95.7
\nChanges in liabilities arising from \ufb01nancing activities:
\nTransactions year ended
\n30 June 2022
\nAs at
\n30 June
\n2023
\n\u00a3m
Cash \ufb02ow
\nNon-cash
\nchanges
\nAs at
\n30 June
\n2022
\n\u00a3m
\nLease liabilities
169.0
(43.6)
30.9
181.7
\nTerm loans
44.4
(34.5)
0.1
78.8
\nRevolving credit facility
18.0
18.0
\u2013
\u2013
\nTotal borrowings
231.4
(60.1)
31.0
260.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29149": {
"value": "28 Employees and Directors (a) Employee benefit expense for the Group during the year
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nWages and salaries
182.6
168.4
\nSocial security costs
17.7
16.7
\nPension costs
5.5
5.1
\nShare-based payments
1.1
(0.3)
\n206.9
189.9
\nThe Company has no employees (year ended 30 June 2022: nil).30 Retirement benefits De\ufb01ned contribution scheme
\nThe Group operates the Rank Group Stakeholder Pension Plan (\u2018the Plan\u2019) which is externally funded and the Plan\u2019s assets are held
\nseparately from Group assets. During the year ended 30 June 2023, the Group contributed a total of \u00a35.5m (year ended 30 June 2022:
\n\u00a32.4m) to the Plan. There were no signi\ufb01cant contributions outstanding at the balance sheet date in either year.
\nOther pension commitment
\nThe Group has an unfunded pension commitment relating to three former executives of the Group. At 30 June 2023, the Group\u2019s
\ncommitment was \u00a33.4m (30 June 2022: \u00a33.6m). The Group paid \u00a30.2m (year ended 30 June 2022: \u00a30.2m) in pension payments during
\nthe year. The actuarial gain arising on the commitment, resulting from the changes in assumptions outlined below in the year was
\n\u00a3nil (year ended 30 June 2022: \u00a30.1m) before taxation and \u00a3nil after taxation (year ended 30 June 2022: \u00a30.1m).
\n30 June
\n2023
\n% p.a.
\n30 June
\n2022
\n% p.a.
\nDiscount rate
5.1
3.8
\nPension increases
5.0
4.9
\nThe obligation has been calculated using the S2 mortality tables with a 1.5% per annum improvement in life expectancy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29177": {
"value": "(b) Average monthly number of employees Full-time
\nYear ended
\n30 June
\n2023
\nPart-time
\nYear ended
\n30 June
\n2023
\nTotal
\nYear ended
\n30 June
\n2023
\nFull-time
\nYear ended
\n30 June
\n2022
\nPart-time
\nYear ended
\n30 June
\n2022
\nTotal
\nYear ended
\n30 June
\n2022
\nGrosvenor Venues
2,401
1,502
3,903
2,558
1,515
4,073
\nMecca Venues
364
1,287
1,651
573
1,385
1,958
\nDigital
733
19
752
660
17
677
\nEnracha Venues
484
82
566
435
70
505
\nCentral Costs
355
16
371
343
17
360
\n4,337
2,906
7,243
4,569
3,004
7,573 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29246": {
"value": "(c) Key management compensation Year ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nSalaries and short-term employee bene\ufb01ts (including social security costs)
1.8
2.3
\nTermination bene\ufb01ts
\u2013
\u2013
\nPost-employment bene\ufb01ts
0.1
0.1
\nShare-based payments
\u2013
0.1
\n1.9
2.5
\nIncluded in key management compensation are bonuses of \u00a3nil in respect of the current year (year ended 30 June 2022: \u00a3nil).
\nKey management is de\ufb01ned as the Senior Management Team of the Group excluding the Executive Directors, details of which are
\nset out on page 103 and at www.rank.com. Further details of the emoluments received by the Executive Directors are included in the
\nRemuneration Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29325": {
"value": "29 Share-based payments During the year ended 30 June 2023, the Company operated an equity-settled Long-Term Incentive Plan (\u2018LTIP\u2019). Further details of the
\nLTIP are included in the Remuneration Report on pages 123 to 125. The LTIP is an equity-settled scheme and details of the movements
\nin the number of shares are shown below:
\nAs at
\n30 June
\n2023
\nAs at
\n30 June
\n2022
\nOutstanding at start of the year
8,108,854
7,518,376
\nGranted
5,773,421
3,937,473
\nExercised
(148,858)
(98,489)
\nExpired
(2,561,969)
(1,802,540)
\nForfeited
(845,548)
(1,445,966)
\nOutstanding at end of the year
10,325,900
8,108,854
\nWeighted average remaining life
0.8 years
1.6 years
\nWeighted average fair value for shares granted during the year (p)
33.2p
101.13p
\nThere are six LTIP awards currently in issue during the \ufb01nancial year ended 30 June 2023.
\nLTIP \u2013 2017/18 award
\nVests in three tranches; 33.3% in October 2021, 33.3% in October 2022 and 33.3% in October 2023. All LTIP awards have a \u00a3nil
\nexercise price.
\nLTIP \u2013 2020/21 award
\nVests in a single tranche in December 2023. All LTIP awards have a \u00a3nil exercise price.
\nLTIP \u2013 2021/22 award
\nVests in a single tranche in September 2024. All LTIP awards have a \u00a3nil exercise price.
\nRecovery Incentive Scheme (RIS) \u2013 2021/22 award
\nVests in a single tranche in October 2023 for the non-executive RIS. Vests in two tranches; 50% in October 2022 and 50% in October 2023
\nfor the executive RIS. All RIS awards have a \u00a3nil exercise price.
\nLTIP \u2013 2021/22 Exec award
\nVests in two tranches. 50% in May 2023 and 50% in March 2024. All LTIP awards have a \u00a3nil exercise price.
\nLTIP \u2013 2022/23 award
\nVests in a single tranche in September 2025. All LTIP awards have a \u00a3nil exercise price.
\nThe number of LTIP awards and the fair value per share granted during the year were as follows:
\n30 June
\n2023
\n30 June
\n2022
\nNumber
5,773,421
2,215,812
\nWeighted average fair value per share
33.2p
74.1p
\n
\n
\n
\n
\n
The fair value of the LTIP awards granted during the year is based on the market value of the share award at grant date less
\nthe expected value of dividends forgone. The following table lists the inputs used in assessing the fair value of the share awards:
\n30 June
\n2023
\n30 June
\n2022
\nDividend yield (%)
2.00
2.00
\nVesting period (years)
3.00
2.00
\nWeighted average share price (p)
75.9p
173.0
\nThe number of RIS awards and the fair value per share granted during the prior year were as follows:
\n30 June
\n2022
\nNumber
1,535,025
\nWeighted average fair value per share
162.9p
\nThe number of LTIP Exec awards and the fair value per share of the LTIP Exec awards granted during the prior year were as follows:
\n30 June
\n2022
\nNumber
186,636
\nWeighted average fair value per share
110.1p
\nThe fair value of the LTIP Exec awards granted during the prior year is based on the market value of the share award at grant date
\nless the expected value of dividends forgone. The following table lists the inputs used in assessing the fair value of the share awards:
\n30 June
\n2022
\nDividend yield (%)
2.00
\nVesting period (years)
2.00
\nWeighted average share price (p)
106.0
\nTo the extent that grants are subject to non-market based performance conditions, the expense recognised is based on expectations
\nof these conditions being met, which are reassessed at each balance sheet date. The Group recognised a \u00a31.1m charge (30 June 2022:
\n\u00a30.3m credit) in operating pro\ufb01t for costs of the scheme in the current year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29500": {
"value": "31 Leases Group as a Lessee
\nThe Group leases various properties and equipment. Rental contracts are made for various \ufb01xed periods ranging up to 94 years.
\nLease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements
\ndo not impose any covenants, but leased assets may not be used as security for borrowing purposes.
\nIn determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise
\nan extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended
\n(or not terminated). The assessment is reviewed if a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs which
\naffects this assessment and that is within the control of the Group as a lessee.
\nSet out below are the carrying amounts of lease liabilities and the movements during the period:
\n30 June
\n2023
\n\u00a3m
\n30 June
\n2022
\n\u00a3m
\nAt the beginning of the year
181.7
206.9
\nAdditions
47.8
21.9
\nAccretion of interest
6.5
6.6
\nPayments
(66.6)
(53.7)
\nForeign exchange
(0.4)
\u2013
\nAt the end of the year
169.0
181.7
\nCurrent liabilities
42.2
40.4
\nNon-current liabilities
126.8
141.3
\nTotal
169.0
181.7
\nThe maturity analysis of lease liabilities are disclosed below:
\nAs at 30 June 2023
\nPresent value
\nof the
\nminimum
\nlease
\npayments
\n\u00a3m
\nTotal
\nminimum
\nlease
\npayments
\n\u00a3m
\nWithin 1 year
42.2
49.1
\nAfter 1 year but within 2 years
25.9
30.2
\nAfter 2 years but within 5 years
60.4
70.3
\nAfter 5 years
40.5
47.2
\n169.0
196.8
\nLess: total future interest expenses
(27.8)
\nPresent value of lease liabilities
169.0
\nThe following are the amounts recognised in the Group income statement:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nDepreciation expense of right-of-use assets
20.9
\nInterest expense on lease liabilities
6.5
\nTotal amount recognised in the income statement
27.4
\nThe Group has several lease contracts that include extension and termination options. These options are negotiated by management
\nto provide \ufb02exibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises
\nsigni\ufb01cant judgement in determining whether these extension and termination options are reasonably certain to be exercised.
\n
\n
\n
\n
\n
Group as a lessor
\nThe Group is party to a number of leasehold property contracts. Where appropriate the Group will sub-let properties which are vacant,
\nin order to derive lease income which is shown net of lease costs. Lease income as at 30 June 2023 from lease contracts in which the
\nGroup sub-lets certain property space is \u00a31.7m (year ended 30 June 2022: \u00a31.0m).
\nFuture minimum rentals receivable under non-cancellable operating leases as at 30 June are as follows:
\nAs at
\n30 June
\n2023
\nTotal
\nminimum
\nlease
\npayments
\n\u00a3m
\nWithin 1 year
2.6
\nAfter 1 year but within 2 years
0.9
\nAfter 2 years but within 5 years
1.0
\nAfter 5 years
1.7
\nTotal
6.2
\nCapital commitments
\nAt 30 June 2023, the Group has contracts placed for future capital expenditure of \u00a36.2m (30 June 2022: \u00a315.3m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29634": {
"value": "Capital commitments At 30 June 2023, the Group has contracts placed for future capital expenditure of \u00a36.2m (30 June 2022: \u00a315.3m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29635": {
"value": "Capital commitments At 30 June 2023, the Group has contracts placed for future capital expenditure of \u00a36.2m (30 June 2022: \u00a315.3m).
\n32 Contingent liabilities and contingent assets
\nContingent liabilities
\nGroup
\nProperty arrangements
\nThe Group has certain property arrangements under which rental payments revert to the Group in the event of default by the third
\nparty. At 30 June 2023, it is not considered probable that the third party will default. As such, no provision has been recognised in
\nrelation to these arrangements. If the third party were to default on these arrangements, the obligation for the Group would be \u00a30.8m
\non a discounted basis.
\nLegal and regulatory landscape
\nGiven the nature of the legal and regulatory landscape of the industry, from time to time the Group receives notices and
\ncommunications from regulatory authorities and other parties in respect of its activities and is subject to compliance assessments
\nof its licensed activities.
\nThe Group recognises that there is uncertainty over any \ufb01nes or charges that may be levied by regulators as a result of past events
\nand depending on the status of such reviews, it is not always possible to reliably estimate the likelihood, timing and value of potential
\ncash out\ufb02ows.
\nDisposal claims
\nAs a consequence of historic sale or closure of previously owned businesses, the Group may be liable for legacy industrial disease
\nand personal injury claims alongside any other directly attributable costs. The nature and timing of these claims is uncertain and
\ndepending on the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the likelihood, timing and
\nvalue of potential cash out\ufb02ows.
\nContingent consideration
\nOn 21 April 2022, the Group completed the purchase of the remaining 50% shareholding of Rank Interactive Limited (formerly known
\nas Aspers Online Limited) for a total consideration \u00a31.3m. Of this consideration, \u00a30.5m was paid in cash on completion in lieu of the
\noutstanding loan balance the Company owed to the seller and \u00a30.8m in contingent consideration included in Trade and other payables
\nof the Group balance sheet. The contingent consideration will be equivalent to a percentage of the net gaming revenue generated from
\nthe acquired customer database. A present value of \u00a30.8m has been provisionally recognised for the contingent consideration and is
\ndependent upon the date a competing online gaming operation is established.
\nAt 30 June 2023, the Group settled \u00a30.4m of the contingent consideration leaving a balance of \u00a30.4m.
\nCompany
\nDisposal claims
\nAs a consequence of historic sale or closure of previously owned businesses, the Group may be liable for legacy industrial disease
\nand personal injury claims alongside any other directly attributable costs. The nature and timing of these claims is uncertain and
\ndepending on the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the likelihood, timing and
\nvalue of potential cash out\ufb02ows.
\nGuarantees
\nAt 30 June 2023, the Company has made guarantees to subsidiary undertakings of \u00a345.0m (30 June 2022: \u00a379.5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29643": {
"value": "32 Contingent liabilities and contingent assets Contingent liabilities
\nGroup
\nProperty arrangements
\nThe Group has certain property arrangements under which rental payments revert to the Group in the event of default by the third
\nparty. At 30 June 2023, it is not considered probable that the third party will default. As such, no provision has been recognised in
\nrelation to these arrangements. If the third party were to default on these arrangements, the obligation for the Group would be \u00a30.8m
\non a discounted basis.
\nLegal and regulatory landscape
\nGiven the nature of the legal and regulatory landscape of the industry, from time to time the Group receives notices and
\ncommunications from regulatory authorities and other parties in respect of its activities and is subject to compliance assessments
\nof its licensed activities.
\nThe Group recognises that there is uncertainty over any \ufb01nes or charges that may be levied by regulators as a result of past events
\nand depending on the status of such reviews, it is not always possible to reliably estimate the likelihood, timing and value of potential
\ncash out\ufb02ows.
\nDisposal claims
\nAs a consequence of historic sale or closure of previously owned businesses, the Group may be liable for legacy industrial disease
\nand personal injury claims alongside any other directly attributable costs. The nature and timing of these claims is uncertain and
\ndepending on the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the likelihood, timing and
\nvalue of potential cash out\ufb02ows.
\nContingent consideration
\nOn 21 April 2022, the Group completed the purchase of the remaining 50% shareholding of Rank Interactive Limited (formerly known
\nas Aspers Online Limited) for a total consideration \u00a31.3m. Of this consideration, \u00a30.5m was paid in cash on completion in lieu of the
\noutstanding loan balance the Company owed to the seller and \u00a30.8m in contingent consideration included in Trade and other payables
\nof the Group balance sheet. The contingent consideration will be equivalent to a percentage of the net gaming revenue generated from
\nthe acquired customer database. A present value of \u00a30.8m has been provisionally recognised for the contingent consideration and is
\ndependent upon the date a competing online gaming operation is established.
\nAt 30 June 2023, the Group settled \u00a30.4m of the contingent consideration leaving a balance of \u00a30.4m.
\nCompany
\nDisposal claims
\nAs a consequence of historic sale or closure of previously owned businesses, the Group may be liable for legacy industrial disease
\nand personal injury claims alongside any other directly attributable costs. The nature and timing of these claims is uncertain and
\ndepending on the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the likelihood, timing and
\nvalue of potential cash out\ufb02ows.
\nGuarantees
At 30 June 2023, the Company has made guarantees to subsidiary undertakings of \u00a345.0m (30 June 2022: \u00a379.5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29707": {
"value": "33 Related party transactions Group
\nDetails of compensation paid to key management are disclosed in note 28.
\nEntities with significant influence over the Group
\nGuoco Group Limited (Guoco), a company incorporated in Bermuda, and listed on the Hong Kong Stock Exchange has a controlling
\ninterest in The Rank Group Plc. The ultimate parent undertaking of Guoco is GuoLine Capital Assets Limited (\u2018GuoLine\u2019) which is
\nincorporated in Jersey. At 30 June 2023, entities controlled by GuoLine owned 57.4% (30 June 2022: 56.1%) of the Company\u2019s shares,
\nincluding 53.3% (30 June 2022: 52.0%) through Guoco\u2019s wholly-owned subsidiary, Rank Assets Limited, the Company\u2019s immediate
\nparent undertaking. Hong Leong Company (Malaysia) Berhad (\u2018Hong Leong\u2019) was the ultimate parent company of Guoco until
\n16 April 2021 whereupon, following an internal restructure, GuoLine became the ultimate parent company of Guoco.
\nFor further information see page 149.
\nCompany
\nThe following transactions with subsidiaries occurred in the year:
\nYear ended
\n30 June
\n2023
\n\u00a3m
\nYear ended
\n30 June
\n2022
\n\u00a3m
\nInterest payable to subsidiary undertaking
(33.7)
(15.0)
\nDuring the year, Rank Group Finance Plc, a subsidiary of the Company, received cash from the Company of \u00a3nil (year ended 30 June 2022:
\nreceived cash from the Company of \u00a30.1m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29714": {
"value": "Guoco is GuoLine Capital Assets Limited",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29715": {
"value": "Guoco is GuoLine Capital Assets Limited",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29738": {
"value": "34 Acquisition of subsidiary undertakings On 21 April 2022, the Group completed the purchase of the remaining 50% shareholding of Rank Interactive Limited (formerly known
\nas Aspers Online Limited) for a total consideration \u00a31.3m. Of this consideration, \u00a30.5m was paid in cash on completion in lieu of the
\noutstanding loan balance the Company owed to the seller and \u00a30.8m in contingent consideration. The contingent consideration will
\nbe equivalent to a percentage of the net gaming revenue generated from the acquired customer database. A present value of \u00a30.8m has
\nbeen provisionally recognised for the contingent consideration and is dependent upon the date a competing online gaming operation
\nis established.
\nAt the date of acquisition, the fair value of assets acquired and liabilities assumed, goodwill and consideration, including the fair value
\nof the Group\u2019s pre-acquisition 50% shareholding at the acquisition date, are outlined below. The fair value of operational cash and trade
\nand other payables totalling \u00a30.5m corresponds to their book value.
\n\u00a3m
\nCustomer relationships
1.4
\nCash
0.1
\nTrade and other payables
(0.6)
\nDeferred tax liability
(0.4)
\nNet assets acquired
0.5
\nGoodwill
2.1
\nTotal consideration
2.6
\n
\n
\n
\n
\n
The fair value of each component of consideration is analysed as:
\n\u00a3m
\nCash
\n1
\n\u2013
\nLoan settlement
0.5
\nContingent cash consideration
0.8
\nFair value of previously existing interest in joint venture
1.3
\nTotal
2.6
\n1.
Cash consideration of \u00a31 for shares.
\nThe identi\ufb01ed intangible assets recognised separately from goodwill are as follows:
\n\u00a3m
\nCustomer relationships
1.4
\nTotal
1.4
\nThe goodwill consists of future revenue opportunities attributable to new customers, the new brands and development of technology
\nand amounts that are required for general operational purposes. No amount of the goodwill recognised is expected to be deductible
\nfor tax purposes.
\nAt the date of acquisition, the Group recognised a gain of \u00a30.8m on remeasurement of its pre-acquisition 50% shareholding and
\nacquisition related costs of \u00a30.02m both of which were recognised as SDIs in the Group income statement.
\nIn the year ended 30 June 2022, Rank Interactive Limited contributed statutory revenue of \u00a30.8m and pro\ufb01t before tax of \u00a3nil. If the
\nacquisition had occurred at the beginning of the year, the continuing statutory revenues of the entity in the 12 months to 30 June 2022
\nwould have been \u00a36.1m and loss before tax would have been \u00a30.2m.
\nAt 30 June 2023, the Group settled \u00a30.4m of the contingent consideration leaving a balance of \u00a30.4m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f29817": {
"value": "35 Post balance sheet events In August 2023, the Group secured a \ufb01nancing package which totalled \u00a3100m of revolving credit facilities. \u00a325m is committed until
\nNovember 2024 and the remaining \u00a375m is committed until February 2025. The Group subsequently repaid the remaining term loan
of \u00a344.4m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f30219": {
"value": "TOR, Saint-Cloud Way, Maidenhead SL6 8BN",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800TXKD6XZWOFTE12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
}
}
}