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General information
The consolidated \ufb01nancial statements of The Rank Group Plc (\u2018the Company\u2019) and its
subsidiaries (together \u2018the Group\u2019) for the year ended 30 June 2024 were authorised for issue
in accordance with a resolution of the Directors on 14 August 2024.
The Company is a public limited company which is listed on the London Stock Exchange and
is incorporated and domiciled in England and Wales under registration number 03140769.
The address of its registered of\ufb01ce is TOR, Saint-Cloud Way, Maidenhead, SL6 8BN.
The Group operates gaming services in Great Britain (including the Channel Islands), Spain
and India. Information on the Group\u2019s structure, including its subsidiaries, is provided in
note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20277": { "value": "The Rank Group Plc (\u2018the Company\u2019) and its
subsidiaries (together \u2018the Group\u2019) for the year ended 30 June 2024 were authorised for issue
in accordance with a resolution of the Directors on 14 August 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20278": { "value": "The Rank Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20281": { "value": "2024-06-30", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20285": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20287": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20288": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20289": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20292": { "value": "The Group operates gaming services in Great Britain (including the Channel Islands), Spain and India.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20298": { "value": "Summary of signi\ufb01cant accounting policies
The principal accounting policies applied in the preparation of these consolidated and
company \ufb01nancial statements are set out below. These policies have been consistently
applied to all periods presented, except where noted below.
1.1 Basis of preparation
The consolidated and company \ufb01nancial statements have been prepared under the historical
cost convention.
1.1.1 Statement of compliance
The consolidated and company \ufb01nancial statements have been prepared in accordance
with UK-adopted International Accounting Standards. UK-adopted International Accounting
Standards includes standards issued by the International Accounting Standards Board
(\u2018IASB\u2019) that are endorsed for use in the UK.
1.1.2 Going concern
In adopting the going concern basis and for preparing the \ufb01nancial information, the
Directors have considered the circumstances impacting the Group during the year as detailed
in the operating review on pages 21 to 28, including the budget for 2024/25 (\u2018the base case\u2019)
and long range forecast approved by the Board, and recent trading performance, and have
reviewed the Group\u2019s projected compliance with its banking covenants and access to funding
options for the 12 months ending 31 August 2025 for the going concern period.
The Directors have reviewed and challenged management\u2019s assumptions for the Group\u2019s base
case view for the going concern period. Key considerations are the assumptions on the levels
of customer visits and their average spend in the venues-based businesses, and the number
of \ufb01rst time and returning depositors in the digital businesses, and the average level of spend
per visit for each. The base case view contains certain discretionary costs within management
control that could be reduced in the event of a revenue downturn. These include reductions
to overhead, reduction to marketing costs, reductions to the venues operating costs and
reductions to capital expenditure.
The committed \ufb01nancing position in the base case within the going concern assessment
period is that the Group continues to have access to the following committed facilities:
\u2013
Revolving credit facilities (\u201cRCF\u201d) of \u00a390.0m, repayable in three years (January 2027).
\u2013
Term loan of \u00a330.0m with bullet repayment in 2 years, 9 months (October 2026) (this is
after the going concern period).
In undertaking their assessment, the Directors also reviewed compliance with the banking
covenants (\u201cCovenants\u201d) which are tested bi-annually at June and December. The Group
expects to meet the Covenants throughout the going concern period and at the test dates,
being December 2024 and June 2025, and have suf\ufb01cient cash available to meet its liabilities
as they fall due.
Sensitivity Analysis
The base case view re\ufb02ects the Directors\u2019 best estimate of the outcome for the going concern
period.
A number of plausible but severe downside risks, including consideration of possible
mitigating actions, have been modelled with particular focus on the potential impact to cash
\ufb02ows, cash headroom and covenant compliance throughout the going concern period.
The two downside scenarios modelled are:
(i)
revenues in Grosvenor fall by 7% and Rank Interactive by 10% versus the base case
view, with management taking a number of mitigating actions including reduction in capital
expenditure, reduction in staff costs and the removal of the Group planning contingency.
(ii)
a reverse stress test, revenues in Grosvenor fall by 23.5% and revenues in Rank
Interactive fall by 15% in the initial year, with management taking actions as for scenario (i)
but with further mitigating actions on employment costs and marketing costs.
Having modelled the downside scenarios, the indication is that the Group would continue to
meet its covenant requirements in all scenarios and have available cash to meet liabilities
within the going concern period; refer to note 20 for covenants.
The Directors acknowledge that there is ongoing uncertainty regarding the outcome of the
Gambling Act Review (GAR) and its subsequent timing. The Directors acknowledge that
this may have a more positive impact on the budgeting and forecasting performance than
anticipated if earlier implementation occurs.
Accordingly, the Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for a period at least through to 31 August
2025.
For these reasons, the Directors continue to adopt the going concern basis for the
preparation of these consolidated and Company \ufb01nancial statements, and in preparing the
consolidated and Company \ufb01nancial statements, they do not include any adjustments that
would be required to be made if they were prepared on a basis other than going concern.
Going concern statement
Based on the Group\u2019s cash \ufb02ow forecasts and business plan, the Directors believe that the
Group will generate suf\ufb01cient cash to meet its liabilities as they fall due for the period up to
31 August 2025. In making such statement, the Directors highlight forecasting accuracy in
relation to the level of trading performance achieved as the key sensitivity in the approved
base case.
The Directors have considered two downside scenarios which re\ufb02ects a reduced trading
performance, in\ufb02ationary impacts on the cost base and various management-controlled cost
mitigations.
In each of the downside scenarios, the Group will generate suf\ufb01cient cash to meet its
liabilities as they fall due and meet its covenant requirements for the period to 31 August
2025 with scenarios i) and ii) requiring the implementation and execution of mitigating cost
actions within the control of management.
1.1.3 Accounting estimates and judgements
In the application of the Group\u2019s accounting policies, the Directors are required to make
judgements, estimates and assumptions. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevant. Actual
results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and future periods.
Critical accounting judgements
The following are the critical accounting judgements, apart from those involving estimates
(which are dealt with separately below) that the Directors have made in the process of
applying the Group\u2019s accounting policies and that have the most signi\ufb01cant effect on the
amounts recognised in the consolidated and Company \ufb01nancial statements.
(a)
Separately disclosed items (\u2018SDIs\u2019)
The Group separately discloses certain costs and income that impair the visibility of the
underlying performance and trends between periods. The SDIs are material and infrequent
in nature and/or do not relate to underlying business performance. Judgement is required
in determining whether an item should be classi\ufb01ed as an SDIs or included within the
underlying results.
SDIs include but are not limited to:
\u2013
Amortisation of acquired intangible assets;
\u2013
Pro\ufb01t or loss on disposal of businesses;
\u2013
Costs or income associated to the closure of venues;
\u2013
Acquisition and disposal costs including changes to deferred or contingent consideration;
\u2013
Impairment charges;
\u2013
Reversal of previously recognised impairment charges;
\u2013
Property-related provisions;
\u2013
Restructuring costs as part of an announced programme;
\u2013
Retranslation and remeasurement of foreign currency contingent consideration;
\u2013 General dilapidations provision interest unwinding;
\u2013 General dilapidation asset deprecaition ;
\u2013 Discontinued operations;
\u2013
Signi\ufb01cant, material proceeds from tax appeals; and
\u2013
Tax impact of all the above.
For further detail of those items included as SDIs, refer to note 4.
(b) Climate change
The Group continues to consider the impact of climate change in the consolidated and
company \ufb01nancial statements and considers that the most signi\ufb01cant impact would be in
relation to the cost of energy to the Group for which best estimates have been factored into
future forecasts, the carrying value of assets in the accounts, albeit this is not considered to
have a material impact at the current time and the useful economic life of assets.
The Group constantly monitors the latest government legislation in relation to climate related
matters. At the current time, no legislation has been passed that will impact the Group.
The Group will adjust key assumptions in value in use calculations and sensitise these
calculations should a change been required.
(c) Dilapidation costs
The provision represents the estimated cost of dilapidation at the end of the lease term of
certain properties. The provision is reviewed periodically and re\ufb02ects judgement in the
interpretation of lease terms and negotiation positions with landlords including the likelihood
that the current leasehold properties may be subject to redevelopment at the end of lease
term.
Key sources of estimation uncertainty
The estimates and assumptions which have a signi\ufb01cant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are
discussed below. The Group based its assumptions and estimates on parameters available
when the \ufb01nancial statements were prepared. Existing circumstances and assumptions about
future developments, however, may change due to market changes or circumstances arising
that are beyond the control of the Group. Such changes are re\ufb02ected in the assumptions when
they occur.
(a) Estimated impairment or subsequent reversal of previously recognised impairment
for non-\ufb01nancial assets
Details of the Group\u2019s accounting policy in relation to impairments and impairment reversals
are disclosed in note 1.14.
The application of the policy requires the use of accounting estimates in determining the
recoverable amount of cash-generating units to which the goodwill, intangible assets, right-
of-use assets and property, plant and equipment are associated. The recoverable amount is
the higher of the fair value less costs of disposal and value in use. Estimates of fair value less
costs of disposal are performed internally by experienced senior management supported by
knowledge of similar transactions and advice from external experts or, if applicable, offers
received. Value in use is calculated using estimated cash \ufb02ow projections from strategic
plans and \ufb01nancial budgets, discounted by selecting an appropriate rate for each cash-
generating unit.
The impairment testing of goodwill and non-current assets included additional sensitivity
analysis in the disclosures. The key judgement is the level of trading in the venues, overall
macroeconomic conditions and its impact on estimated future cash \ufb02ows. Further details of
the assumptions, estimates and sensitivity are disclosed in note 13.
The Company also tests annually the carrying value of its investments in subsidiaries. The
application of this policy requires the use of estimates and judgements in determining the
recoverable amount of the subsidiary undertakings. The recoverable amount is determined
by applying an estimated valuation multiple to budgeted future earnings and deducting
estimated costs of disposal (fair value less costs of disposal) and/or by using discounted
cash \ufb02ows (value in use), along with consideration of the underlying net assets and market
capitalisation and is disclosed in note 13.
(b) Dilapidation provision
Provisions for dilapidations are recognised where the Group has the obligation to make-
good its leased properties. These provisions are measured based on historically settled
dilapidations which form the basis of the estimated future cash out\ufb02ows. Any difference
between amounts expected to be settled and the actual cash out\ufb02ow will be accounted for in
the period when such determination is made.
The Group\u2019s provisions are estimates of the actual costs and timing of future cash \ufb02ows,
which are dependent on future events, property exits and market conditions. Thus, there
is inherently an element of estimation uncertainty within the provisions recognised by the
Group. Any difference between expectations and the actual future liability will be accounted
for in the period when such determination is made.
The provisions are most sensitive to estimates of the future cash out\ufb02ows which are based on
historically settled dilapidations. This means that an increase in cash out\ufb02ows of 1% would
have resulted to a \u00a30.3m increase in the dilapidations provision. Likewise, a decrease in cash
out\ufb02ows of 1% would have resulted to a \u00a30.3m decrease in the dilapidations provision.
(c) Determination of the fair values of intangible assets
The Group estimates the fair value of acquired intangible assets arising from business
combinations by selecting and applying appropriate valuation methods. These include the
relief from royalty and multi-period excess earnings valuation methods, both of which require
signi\ufb01cant estimates to be made. Examples include estimating expected cash \ufb02ows and
identifying appropriate royalty and discount rates. The fair value of each acquired intangible
asset is amortised over the respective assets estimated useful life. The Group uses projected
\ufb01nancial information together with comparable industry information as well as applying its
own experience and knowledge of the industry in making such judgements and estimates.
Where a third party is involved to determine the fair value of the acquired intangible assets,
the key assumptions reviewed by the Group include cash \ufb02ow projections, terminal growth
rates and discount rates as well as a sensitivity analysis.
(d) Income taxes
The Group is subject to income taxes in numerous jurisdictions and as such requires
judgements to be made as well as best estimates and assumptions.
Judgement must be applied in assessing the likely outcome of certain tax matters whose \ufb01nal
outcome may not be determined for a number of years. These judgements are reassessed in
each period until the outcome is \ufb01nally determined through resolution with a tax authority
and/or through a legal process. Differences arising from changes in judgement or from \ufb01nal
resolution may be material and will be charged or credited to the Group income statement in
the relevant period.
Within the Group\u2019s net income tax receivable of \u00a34.3m (30 June 2023: \u00a39.3m receivable)
are amounts of \u00a30.1m payable (30 June 2023: \u00a30.3m) that relate to uncertain tax positions.
The Group evaluates uncertain items, where the tax judgement is subject to interpretation
and remains to be agreed with the relevant tax authority. Provisions for uncertain items are
made using an estimation of the most likely tax expected to be paid, based on a qualitative
assessment of all relevant information. In assessing the appropriate provision for uncertain
items, the Group considers progress made in discussions with tax authorities, expert advice
on the likely outcome and recent developments in case law. Further details of income tax are
disclosed in note 19.
1.1.4 Changes in accounting policy and disclosures
(a) Standards, amendments to and interpretations of existing standards adopted by the
Group
In preparing the consolidated \ufb01nancial statements for the current period, the Group has
adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee
(IFRIC) interpretations. All standards do not have a signi\ufb01cant impact on the results or net
assets of the Group. Changes are detailed below:
\u2013
Insurance Contracts (IFRS17)
\u2013
Disclosure of accounting policies (amendments to IAS 1 and IFRS Practice Statement 2
effective for period beginning 1 July 2023)
-
De\ufb01nition of accounting estimates (amendments to IAS 8 effective for period beginning 1
July 2023)
\u2013
Deferred tax related to assets and liabilities arising from a single transaction (amendment
to IAS 12 effective for period beginning 1 July 2023)
\u2013
Interest rate benchmark reform \u2013 Phase 2 (amendment to IAS 39)
\u2013
International Tax Reform- Pillar Two Model Rules (amendments to IAS12)
(b) Standards, amendments to and interpretations of existing standards that are not yet
effective
At the date of authorisation of the consolidated \ufb01nancial statements, the following Standards,
amendments and Interpretations, which have not been applied in these consolidated \ufb01nancial
statements, were in issue but not yet effective:
\u2013
Classi\ufb01cation of Liabilities as Current or Non Current and Non-current Liabilities with
Covenants (amendment to IAS1)
\u2013
Lease liability in a sale and leaseback (Amendments to IFRS16)
\u2013
Disclosures: Supplier Finance Arrangements - Amendments to IAS7 and IFRS 7
\u2013
Lack of exchangeability - amendments to IAS21
\u2013
Classi\ufb01cation and measurement of Financial Instruments - Amendments to IFRS9 and
IFRS7
\u2013
Presentation and Disclosure in Financial Statements IFRS18
\u2013
Subsidiary without Public Accountability: Disclosures IFRS19
\u2013
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture -
Amendments to IFRS10 and IAS28
The Group does not currently believe that the adoption of these new standards or
amendments would have a material effect on the results or \ufb01nancial position of the Group.
1.1.5 Prior period restatement
These consolidated \ufb01nancial statements include a prior year restatement in relation to prior
year costs identi\ufb01ed in the Digital business which erroneously had not been recognised in
the prior year consolidated income statements. The error was considered to be material due
to its nature and impact to key performance indicators.
Accordingly, a third balance sheet has been presented in accordance with IAS1 \u2018Presentation
of Financial Statements.\u2019
During the period, the Group identi\ufb01ed an accumulated total of \u00a34.4m of prior year
adjustments within the Digital business comprising \u00a33.2m of trading related costs which
erroneously had not been recognised in the prior year \ufb01nancial statements and \u00a31.2m of
excess releases to income which erroneously had been recognised in the prior year \ufb01nancial
statements. Of the total value of \u00a34.4m, \u00a30.5m relates to \ufb01nancial year 2022/23 and the
remaining \u00a33.9m relates to pre 2022/23.
The above restatement reduces both basic and diluted EPS by 0.1 pence for the year ended
30 June 2023.
The impact of the adjustment on the June 2023 balance sheet is a reduction to total asset of
\u00a32.2m, an increase on trade and other payables of \u00a32.2m, a reduction to closing reserves as
at 30 June 2023 of \u00a34.4m and a reduction to opening reserves as at 1 July 2022 of \u00a33.9m.
Due to the working capital movement stated above, the opening cash balance has reduced
by \u00a32.0m and cash \ufb02ows from operating activities increased by \u00a32.4m in the cash \ufb02ow
statement for the year ended 30 June 2023.
In addition to above, the consolidated statement of cash \ufb02ow includes a prior year
restatement in relation to leases. During the year, the Group identi\ufb01ed that the lease principal
payments incorrectly included \u00a34.6m of property-related VAT and \u00a31.1m of property service
charges. Cash \ufb02ows from lease-related VAT and property service charges should have been
disclosed within cash \ufb02ows from operating activities. This restatement results in a reduction
of \u00a35.7m in both net cash generated from operating activities and net cash used in \ufb01nancing
activities in the 2023 statement of cash \ufb02ows. The restatement was identi\ufb01ed following a
review of the 2023 Annual Report by the Financial Reporting Council (\u2018FRC\u2019). The FRC\u2019s
review does not bene\ufb01t from detailed knowledge of our business, or an understanding of the
underlying transactions entered into and therefore provides no assurance that the Annual
Report is correct in all material aspects.
The prior period comparatives have been restated for the above items in accordance with IAS
8: \u2018Accounting Policies, Changes in Accounting Policies and Errors\u2019 and have impacted the
primary \ufb01nancial statements as follows:
Income Statement
\n
for the year ended 30 June 2023
\n\n \n
As previously
reported
Adjustment
As restated
\u00a3m
\u00a3m
\u00a3m
Revenue
681.9
-
681.9
Cost of sales
(521.3)
-
(521.3)
Gross pro\ufb01t
160.6
-
160.6
Other operating income
3.7
-
3.7
Other operating costs
(274.1)
(0.6)
(274.7)
Operating loss
(109.8)
(0.6)
(110.4)
Financing:
\u2013 \ufb01nance costs
(12.6)
-
(12.6)
\u2013 \ufb01nance income
0.8
-
0.8
\u2013 other \ufb01nancial gains
(1.1)
-
(1.1)
Total net \ufb01nancing charge
(12.9)
-
(12.9)
Loss before taxation
(122.7)
(0.6)
(123.3)
Taxation
27.1
0.1
27.2
Loss for the period from continuing operations
(95.6)
(0.5)
(96.1)
Pro\ufb01t after tax from discontinued operations
0.3
-
0.3
Loss for the period
(95.3)
(0.5)
(95.8)
Loss per share attributable to equity shareholders
\u2013 basic
(20.4)p
(0.1)p
(20.5)p
\u2013 diluted
(20.4)p
(0.1)p
(20.5)p
Underlying loss per share attributable to equity shareholders
\u2013 basic
(20.4)p
(0.1)p
(20.5)p
\u2013 diluted
(20.4)p
(0.1)p
(20.5)p
Balance Sheet
\n
at 30 June 2023
\n\n \n
As previously
reported
Adjustment
As restated
\u00a3m
\u00a3m
\u00a3m
Assets
Deferred tax asset
7.6
0.5
8.1
Other receivables
6.2
(0.8)
5.4
Income tax receivable
14.9
0.1
15.0
Cash and short-term deposits
60.0
(2.0)
58.0
Total assets
738.4
(2.2)
736.2
Liabilities
Trade and other payables
(126.1)
(2.2)
(128.3)
Total Liabilities
(408.4)
(2.2)
(410.6)
Net assets
330.0
(4.4)
325.6
Equity
Retained earnings
61.6
(4.4)
57.2
Total equity before non-controlling
329.7
(4.4)
325.3
interests
Non-controlling interests
0.3
-
0.3
Total shareholders\u2019 equity
330.0
(4.4)
325.6
\n
Balance Sheet
\n
at 1 July 2022
\n\n \n
As previously
reported
Adjustment
As restated
\u00a3m
\u00a3m
\u00a3m
Assets
Deferred tax asset
1.4
0.4
1.8
Other receivables
6.7
(0.4)
6.3
Income tax receivable
8.1
0.1
8.2
Cash and short-term deposits
95.7
(4.3)
91.4
Total assets
856.7
(4.2)
852.5
Liabilities
Trade and other payables
(131.1)
0.3
(130.8)
Total Liabilities
(431.6)
0.3
(431.3)
Net assets
425.1
(3.9)
421.2
Equity
Retained earnings
156.5
(3.9)
152.6
Total equity before non-controlling
425.2
(3.9)
421.3
interests
Non-controlling interests
(0.1)
-
(0.1)
Total shareholders\u2019 equity
425.1
(3.9)
421.2
Cash \ufb02ow statement
for the year ended 30 June 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As previously
\u00a0 \u00a0
\u00a0
reported
Adjustment
As restated
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cash \ufb02ows from operating activities
\u00a0 \u00a0 \u00a0
Cash generated from operations
75.3
(3.3)
72.0
Net cash generated from operating
67.5
(3.3)
64.2
activities
\u00a0 \u00a0 \u00a0
Net cash used in investing activities
(44.5)
-
(44.5)
Net cash used from \ufb01nancing
(60.1)
5.7
(54.4)
activities
\u00a0 \u00a0 \u00a0
Net decrease in cash and short-
(37.1)
2.4
(34.7)
term deposits
\u00a0 \u00a0 \u00a0
Cash and short-term deposit at the
95.7
(4.4)
91.3
start of the period
\u00a0 \u00a0 \u00a0
Effect of exchange rate changes
(0.1)
-
(0.1)
Cash and short-term deposits at
58.5
(2.0)
56.5
end of period
\u00a0 \u00a0 \u00a0
\n
1.2 Consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the parent and
its subsidiaries as at 30 June 2024. Control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Speci\ufb01cally, the Group controls an investee
if, and only if, the Group has (a) power over the investee, (b) exposure, or rights, to variable
returns from the investee, and (c) ability to use its power to affect those returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control. Consolidation
of a subsidiary begins when the Group obtains control over the subsidiary and ceases
when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a
subsidiary acquired or disposed of during the year are included in the consolidated \ufb01nancial
statements from the date the Group gains control until the date the Group ceases to control
the subsidiary.
If the Group loses control of a subsidiary, it derecognises the related assets (including
goodwill), liabilities and other components of equity, while any resultant gain or loss is
recognised in the Group income statement.
Intercompany transactions, balances and unrealised gains on transactions between Group
companies are eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. Accounting policies as applied
to subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the Group.
The Group has no material associates.
1.3 Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The consideration
transferred in a business combination is measured at the acquisition date and represents the
aggregate fair value of assets transferred and liabilities incurred.
Amounts payable in respect of deferred or contingent consideration are recognised at fair
value at the acquisition date and included in consideration transferred. The subsequent
unwind of any discount is recognised as an SDI in \ufb01nance cost in the Group income
statement. Other contingent consideration that either is within the scope of IFRS 9 or within
the scope of other standards is remeasured at fair value at each reporting date and changes in
fair value are recognised as an SDI in the Group income statement. Changes in the fair value
of contingent consideration recognised as a \ufb01nancial liability that qualify as measurement
period adjustments (being 12 months from the acquisition date) are adjusted retrospectively,
with corresponding adjustments against goodwill. Material changes that do not qualify as
measurement period adjustments are recognised as an SDI in the Group income statement.
When the Group acquires a business, it assesses the \ufb01nancial assets acquired and liabilities
assumed for appropriate classi\ufb01cation and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions as at the acquisition date.
Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition
date fair value of the consideration transferred over the fair value of the net identi\ufb01able
amounts of the assets acquired and the liabilities assumed in exchange for the business
combination. Identi\ufb01able intangible assets are recognised separately from goodwill.
If the aggregate of the acquisition date fair value of the consideration transferred is lower
than the fair value of the assets, liabilities and contingent liabilities in the business acquired,
the difference is recognised through the Group income statement.
If the initial accounting for a business combination is incomplete by the end of the reporting
period in which the combination occurs, the Group reports provisional amounts for items
for which the accounting is incomplete. Those provisional amounts are adjusted during the
measurement period (see above), or additional assets or liabilities are recognised, to re\ufb02ect
new information obtained about facts and circumstances that existed at the acquisition date
that, if known, would have affected the amounts recognised at that date.
Acquisition costs incurred are expensed as an SDI.
1.4 Revenue recognition
Revenue consists of the fair value of sales of goods and services net of sales taxes, rebates
and discounts.
The fair value of free bets, promotions and customer bonuses (\u2018customer incentives\u2019) are also
deducted from appropriate revenue streams.
(a)
Gaming win \u2013 Casino
Revenue for casinos includes gaming win before deduction of gaming-related duties.
Although disclosed as revenue, gaming win \u2013 casino is accounted for and meets the
de\ufb01nition of a gain under IFRS 9 \u2018Financial Instruments\u2019. Gaming revenue includes gains and
losses arising where customers play against the house. Due to the nature of the transaction,
the amount of the payment the Group may be obliged to pay to the customer is uncertain.
The \ufb01nancial instrument is therefore a derivative and is initially recognised at fair value
and subsequently remeasured to fair value with changes in fair value recorded in the Group
income statement. The initial fair value is generally the amount staked by the customer and
includes adjustment for customer incentives, such as free bets, promotions and customer
bonuses, where applicable. The instrument is subsequently remeasured when the result of
the transaction is known and the amount payable is con\ufb01rmed. This movement may be a gain
or a loss. Gains and losses are offset on the basis that they arise from similar transactions.
Such gains and losses are recorded in revenue.
(b)
Gaming win \u2013 Slots and other digital products
Revenue for bingo is net of customer contribution to prizes but gross of company contributed
prizes. It is net of any sales taxes but before deduction of gaming-related duties. Revenue for
poker represents the rake received. Revenue for other digital products, including interactive
games, represents gaming win before deduction of gaming-related duties. The Group\u2019s
income earned from the above items is recognised when control of the goods or services are
transferred to the customer and is within the scope of IFRS 15.
(c)
Food, beverage and others
Revenue from food, beverage and other sales is recognised at the point of sale when control
of the goods or services are transferred to the customer and is within the scope of IFRS 15.
1.5 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision-makers. The chief operating decision-makers, who are
responsible for allocating resources and assessing performance of the operating segments,
have been identi\ufb01ed as the senior management team (the composition of which is disclosed
on page 70 and at www.rank.com), which makes strategic and operational decisions.
The Group reports \ufb01ve segments: Digital, Grosvenor venues, Mecca venues, Enracha venues
and Central costs.
UK digital, Enracha digital, YoBingo and Stride is a single operating segment which is known
as Digital. Grosvenor venues cover all UK casinos. Mecca venues covers all UK bingo halls.
Enracha venues covers all Spanish-facing venues.
1.6 Non-current assets held for sale and discontinued operations
The Group classi\ufb01es non-current assets and disposal of an asset as held for sale if their
carrying amounts will be recovered principally through a sale transaction rather than through
continuing use. Non-current assets are measured at the lower of their carrying amount and
fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the
disposal of an asset, excluding \ufb01nance costs and income tax expense.
The criteria for held for sale classi\ufb01cation is regarded as met only when the sale is highly
probable and the asset is available for immediate sale in its present condition. Actions
required to complete the sale should indicate that it is unlikely that signi\ufb01cant changes to
the sale will be made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed within one year
from the date of the classi\ufb01cation.
Property, plant and equipment, right-of-use assets and intangible assets are not depreciated
or amortised once classi\ufb01ed as held for sale.
Assets and liabilities classi\ufb01ed as held for sale are presented separately as current items in
the balance sheets.
Discontinued operations are excluded from the results of continuing operations and are
presented as a single amount as pro\ufb01t or loss after tax from discontinued operations in the
Group income statement.
1.7 Foreign currency translation
The consolidated and company \ufb01nancial statements are presented in UK sterling (\u2018the
presentation currency\u2019), which is also the Company\u2019s functional currency. Items included in
the \ufb01nancial statements of each of the Group\u2019s entities are measured using the currency of
the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
(a)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the date of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognised in the
Group income statement in \ufb01nance costs or income.
(b) Group companies
The results and \ufb01nancial position of all the Group companies (none of which has the
currency of a hyper-in\ufb02ationary economy) that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
(i)
assets and liabilities for each balance sheet presented are translated at the closing rate
on the balance sheet date. The closing euro rate against UK sterling was 1.18 (30 June 2023:
1.16);
(ii)
income and expenses for each income statement are translated at average exchange
rates unless this average is not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income and expenses are translated
at the rates prevailing on the dates of the transactions. The average euro rate against UK
sterling was 1.16 (year ended 30 June 2023: 1.21); and
(iii) all resulting exchange differences are recognised as a separate component of equity.
When a foreign operation is sold, such exchange differences are recognised in the Group
income statement, as part of the gain or loss on sale. Goodwill and fair value adjustments
arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rate.
1.8 Financial assets
Financial assets within the scope of IFRS 9 are classi\ufb01ed as \ufb01nancial assets at initial
recognition, as subsequently measured at amortised cost, fair value through other
comprehensive income (\u2018OCI\u2019), and fair value through pro\ufb01t or loss.
The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s
contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them.
The Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial
asset not at fair value through pro\ufb01t or loss, transaction costs.
In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value
through OCI, it needs to give rise to cash \ufb02ows that are \u2018solely payments of principal and
interest (\u2018SPPI\u2019)\u2019 on the principal amount outstanding. This assessment is referred to as the
SPPI test and is performed at an instrument level.
For purposes of subsequent measurement, \ufb01nancial assets are classi\ufb01ed in two categories:
\u2013
Financial assets designated at fair value through OCI with no recycling of cumulative gains
and losses upon derecognition (equity instruments); and
\u2013
Financial assets at fair value through pro\ufb01t or loss.
(a)
Financial assets designated at fair value through OCI (equity instruments)
Upon initial recognition, the Group can elect to classify irrevocably its equity investments
as equity instruments designated at fair value through OCI when they meet the de\ufb01nition of
equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The
classi\ufb01cation is determined on an instrument-by-instrument basis. Gains and losses on these
\ufb01nancial assets are never recycled to pro\ufb01t or loss. Dividends are recognised as other income
in the Group income statement when the right of payment has been established, except when
the Group bene\ufb01ts from such proceeds as a recovery of part of the cost of the \ufb01nancial asset,
in which case, such gains are recorded in OCI. Equity instruments designated at fair value
through OCI are not subject to impairment assessment. The Group elected to classify its non-
listed equity investments under this category.
(b)
Financial assets at fair value through pro\ufb01t or loss
Financial assets at fair value through pro\ufb01t or loss include \ufb01nancial assets held for trading,
\ufb01nancial assets designated upon initial recognition at fair value through pro\ufb01t or loss, or
\ufb01nancial assets mandatorily required to be measured at fair value. Financial assets are
classi\ufb01ed as held for trading if they are acquired for the purpose of selling or repurchasing
in the near term. Financial assets with cash \ufb02ows that are not solely payments of principal
and interest are classi\ufb01ed and measured at fair value through pro\ufb01t or loss, irrespective of the
business model. Financial assets at fair value through pro\ufb01t or loss are carried in the Balance
sheet at fair value with net changes in fair value recognised in the Group income statement.
Derecognition
A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar
\ufb01nancial assets) is primarily derecognised (i.e. removed from the Group\u2019s Balance sheet)
when:
\u2013
The rights to receive cash \ufb02ows from the asset have expired; or
\u2013
The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an
obligation to pay the received cash \ufb02ows in full without material delay to a third party.
1.9 Financial liabilities
Financial liabilities within the scope of IFRS 9 are classi\ufb01ed, at initial recognition, as \ufb01nancial
liabilities at fair value through pro\ufb01t or loss, loans and borrowings or payables. All \ufb01nancial
liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs. The Group and company\u2019s \ufb01nancial
liabilities include trade and other payables, loans and borrowings including bank overdrafts
and \ufb01nancial guarantee contracts.
The subsequent measurement of \ufb01nancial liabilities depends on their classi\ufb01cation, as
described below:
(a)
Financial liabilities at fair value through pro\ufb01t or loss
Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for
trading and \ufb01nancial liabilities designated upon initial recognition as at fair value through
pro\ufb01t or loss. Gains or losses on liabilities held for trading are recognised in the Group
income statement. Financial liabilities designated upon initial recognition at fair value
through pro\ufb01t or loss are designated at the initial date of recognition, and only if the criteria
in IFRS 9 are satis\ufb01ed.
(b)
Financial liabilities at amortised cost (loans and borrowings)
After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the effective interest rate (\u2018EIR\u2019) method. Gains and losses are
recognised in the Group income statement when the liabilities are derecognised as well as
through the EIR amortisation process. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an integral part of the EIR. The
EIR amortisation is included as \ufb01nance costs in the Group income statement.
(c)
Financial guarantee contracts (Company only)
Financial guarantee contracts issued by the Company are those contracts that require
a payment to be made to reimburse the holder for a loss it incurs because the speci\ufb01ed
debtor fails to make a payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are initially measured at fair value by applying the estimated
probability of default to the cash out\ufb02ow should default occur and subsequently amortising
over the expected length of the guarantee, to the extent that the guarantee is not expected
to be called. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the present obligation at the reporting date or the amount
recognised less cumulative amortisation.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged
or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of
the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the Group income statement.
Offsetting of \ufb01nancial instruments
Financial assets and \ufb01nancial liabilities are offset and the net amount is reported in the
Balance sheet if there is a currently enforceable legal right to offset the recognised amounts
and there is an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.
1.10 Leases
The Group leases various properties and equipment. Rental contracts are made for various
\ufb01xed periods. Lease terms are negotiated on an individual basis and contain a wide range
of different terms and conditions. The lease agreements do not impose any covenants, but
leased assets may not be used as security for borrowing purposes.
The Group assesses at contract inception whether a contract is, or contains, a lease. That is,
if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in
exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group. Each lease payment is allocated
between the liability and \ufb01nance cost. The \ufb01nance cost is charged to the Group income
statement over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. The right-of-use asset is depreciated over
the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities, where applicable, include the net present value of the following lease
payments:
\u2013
Fixed payments (including in-substance \ufb01xed payments), less any lease incentives
receivable;
\u2013
Variable lease payments that are based on an index or a rate;
\u2013
Amounts expected to be payable by the lessee under residual value guarantees;
\u2013
The exercise price of a purchase option if the lessee is reasonably certain to exercise that
option; and
\u2013
Payments of penalties for terminating the lease, if the lease term re\ufb02ects the lessee
exercising that option.
Variable lease payments that are not based on an index or a rate are not part of the lease
liability, but they are recognised in the Group income statement when the event or condition
that triggers those payments occurs.
The carrying amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in
the lease term, a change in the lease payments or a change in the assessment of an option to
purchase the underlying asset.
The lease payments are discounted using the interest rate implicit in the lease. If that rate
cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that
the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value
in a similar economic environment with similar terms and conditions.
Right-of-use assets, where applicable, are measured at cost comprising the following:
\u2013
The amount of the initial measurement of lease liability;
\u2013
Any lease payments made at or before the commencement date less any lease incentives
received; and
\u2013
Any initial direct costs.
The depreciation period for the right-of-use asset is from the lease commencement date to
the earlier of the end of the lease term or the end of the useful life of the asset, as follows:
\u2013
Land and buildings up to 99 years; and
\u2013
Fleet and machines up to 5 years.
Payments associated with short-term leases and leases of low-value assets are recognised
on a straight-line basis as an expense in the Group income statement. Short-term leases are
leases with a lease term of 12 months or less. In determining the lease term, management
considers all facts and circumstances that create an economic incentive to exercise an
extension option. Extension options are only included in the lease term if the lease is
reasonably certain to be extended (or not terminated). The assessment is reviewed if
a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs which affects this
assessment and that is within the control of the Group as a lessee.
Where appropriate the Group will sub-let properties which are vacant in order to derive lease
income, which is shown net of lease costs.
1.11 Provisions, contingent liabilities and regulatory matters
Provisions are recognised when the Group has a present legal or constructive obligation as
a result of past events, it is more likely than not that an out\ufb02ow of resources will be required
to settle the obligation and the amount can be reliably estimated. Provisions are measured at
the best estimate of the expenditures required to settle the obligation. If the effect of the time
value of money is material, provisions are discounted using a pre-tax rate that re\ufb02ects, where
appropriate, the risks speci\ufb01c to the liability. Where discounting is used, the increase in the
provision due to the passage of time is recognised as a \ufb01nance cost.
Contingent liabilities are possible obligations and present obligations that are not
probable or not reliably measurable. Contingent liabilities are disclosed but not accounted.
However, disclosure is not required if payment is remote. The Group\u2019s policy is to engage
collaboratively with regulators and address any concerns raised as soon as possible. The
Group takes legal advice, as appropriate, as to the manner in which it should respond to
matters raised and the potential outcome. However, for the majority of these matters, the
Board is unable to quantify reliably the likelihood, timing and out\ufb02ow of funds that may
result, if any. For material matters where an out\ufb02ow of funds is probable and can be measured
reliably based on the latest information available at the reporting date, amounts have been
recognised in the consolidated and company \ufb01nancial statements within Provisions.
1.12 Property, plant and equipment
Property, plant and equipment is stated at cost, net of accumulated depreciation and
impairment. Such cost includes expenditure that is directly attributable to the acquisition
of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised
as a separate asset, as appropriate, only when it is probable that future economic bene\ufb01ts
associated with the item will \ufb02ow to the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to the income statement during the
\ufb01nancial period in which they are incurred.
Depreciation is calculated on assets using the straight-line method to allocate their cost less
residual values over their estimated useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2013
Freehold and leasehold property
.......................
50 years or lease term if less
\u2013
Refurbishment of property
................................
5 to 20 years or lease term
\u2013
Fixtures, \ufb01ttings, plant and machinery
.............
3 to 20 years
\n
Land is not depreciated.
Residual values and useful lives are reviewed at each balance sheet date, and adjusted
prospectively, if appropriate.
An item of property, plant and equipment is derecognised upon disposal or when no
future economic bene\ufb01ts are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the Group income statement.
Pre-opening costs are expensed to the Group income statement as incurred.
Assets under construction included in property, plant and equipment are amounts relating to
expenditure for assets in the course of construction.
1.13 Intangible assets
(a) Goodwill
Goodwill represents the excess of the fair value of the consideration transferred over the fair
value of the Group\u2019s share of the net identi\ufb01able assets less the liabilities assumed at the date
of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested
annually for impairment and is allocated to the relevant cash-generating unit or group of
cash-generating units for the purpose of impairment testing. A cash-generating unit is the
smallest identi\ufb01able group of assets that generates cash in\ufb02ows, that are largely independent
of the cash in\ufb02ows from other assets or groups of assets. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses.
(b)
Casino and other gaming licences and concessions
The Group capitalises acquired casino and other gaming licences and concessions.
Management believes that casino and other gaming licences have inde\ufb01nite lives as there is
no foreseeable limit to the period over which the licences are expected to generate net cash
in\ufb02ows and each licence holds a value outside the property in which it resides. Each licence
is reviewed annually for impairment.
(c)
Software and development
Costs that are directly associated with the production and development of identi\ufb01able
and unique software products controlled by the Group, and that are expected to generate
economic bene\ufb01ts exceeding costs beyond one year, are recognised as intangible assets for
both externally purchased and internally developed software. Direct costs include speci\ufb01c
employee costs for software development.
Software acquired as part of a business combination is recognised at fair value at the date of
acquisition.
Costs associated with maintaining computer software programmes are recognised as an
expense as incurred.
(d) Brands
Represents the fair value of brands and trademark assets acquired in business combinations
at the acquisition date.
(e) Customer relationships
Represents the fair value of customer relations acquired in business combinations at the
acquisition date.
Amortisation is recognised on a straight-line basis over the estimated useful life of intangible
assets unless such lives are inde\ufb01nite. The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2013 Casino and other gaming licences
...................
Inde\ufb01nite
\u2013 Software and developments
..............................
3 to 5 years
\u2013 Brands
...............................................................
10 years
\u2013 Customer relationships
.....................................
4 years
\n
1.14 Impairment or subsequent reversal of previously recognised impairment
for non-\ufb01nancial assets
Assets that have an inde\ufb01nite useful life are not subject to depreciation or amortisation and
are tested annually for impairment. Assets that are subject to depreciation or amortisation
are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable or where they indicate a previously recognised
impairment may no longer be required. In instances where there is an indicator of
impairment on right-of-use assets, any lease with an expiry of 1-2 years are extended to next
4 years as a management judgement to determine a more appropriate fair value.
An impairment loss is recognised as the amount by which an asset\u2019s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value
less costs of disposal and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identi\ufb01able cash in\ufb02ows (cash-
generating units). The expected cash \ufb02ows generated by the assets are discounted using
appropriate discount rates that re\ufb02ect the time value of money and risks associated with the
groups of assets.
If an impairment loss is recognised, the carrying amount of the asset (cash-generating unit)
is reduced to its recoverable amount. An impairment loss is recognised as an expense in the
Group income statement immediately.
Any impairment is allocated pro-rata across all assets in a cash-generating unit unless there
is an indication that a class of asset should be impaired in the \ufb01rst instance or a fair market
value exists for one or more assets. Once an asset has been written down to its fair value
less costs of disposal then any remaining impairment is allocated equally amongst all other
assets.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-
generating unit) is increased to the revised estimate of its recoverable amount, but only to
the extent that the increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised for the asset (cash-
generating unit) in prior years. Reversals are allocated pro-rata across all assets in the
cash-generating unit unless there is an indication that a class of asset should be reversed
in the \ufb01rst instance or a fair market value exists for one or more assets. A reversal of an
impairment loss is recognised in the Group income statement immediately.
An impairment loss recognised for goodwill is never reversed in subsequent periods.
1.15 Employee bene\ufb01t costs
(a) Pension obligations
The Group operates a de\ufb01ned contribution plan under which the Group pays \ufb01xed
contributions to a separate entity. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised as employee bene\ufb01t expense
when they are due.
The Group also has an unfunded pension commitment relating to three former Executives
of the Group. The amount recognised in the balance sheet in respect of the commitment
is the present value of the obligation at the balance sheet date, together with adjustment
for actuarial gains or losses. The Group recognises actuarial gains and losses immediately
in the Group statement of other comprehensive income. The interest cost arising on the
commitment is recognised in net \ufb01nance costs.
(b) Share-based compensation
The Group operates share-based payment schemes for employees of its subsidiaries whereby
the Company makes awards of its own shares to employees of its subsidiaries, and as such
recognises an increase in the cost of investment in its subsidiaries equivalent to the equity-
settled share-based payment charge recognised in its subsidiaries\u2019 \ufb01nancial statements, with
the corresponding credit being recognised directly in equity.
The cost of equity-settled transactions with employees for awards is measured by reference to
the fair value at the date on which they are granted. The fair value is determined by using an
appropriate pricing model.
The cost of equity-settled transactions is recognised, together with a corresponding increase
in equity, over the period in which the performance and/or service conditions are ful\ufb01lled
(the vesting period). The cumulative expense recognised for equity-settled transactions at
each reporting date until the vesting date re\ufb02ects the extent to which the vesting period has
expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately
vest. The income statement expense or credit for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for equity-settled
transactions where vesting is conditional upon a market or non-vesting condition, which
are treated as vesting irrespective of whether or not the market or non-vesting condition is
satis\ufb01ed, provided that service conditions are also satis\ufb01ed.
Where the terms of an equity-settled transaction award are modi\ufb01ed, the minimum expense
recognised is the expense as if the terms had not been modi\ufb01ed, if the original terms of
the award are met. An additional expense is recognised for any modi\ufb01cation that increases
the total fair value of the share-based payment transaction or is otherwise bene\ufb01cial to the
employee as measured at the date of modi\ufb01cation.
Where an equity-settled award is cancelled, it is treated as if it vested on the date of
cancellation, and any expense not yet recognised for the award is recognised immediately.
This includes any award where non-vesting conditions within the control of either the entity
or the employee are not met. However, if a new award is substituted for the cancelled award,
and designated as a replacement award on the date that it is granted, the cancelled and new
awards are treated as if they were a modi\ufb01cation of the original award, as described in the
previous paragraph. All cancellations of equity-settled transaction awards are treated equally,
regardless of whether the entity or the employee cancels the award.
The dilutive effect of outstanding options is re\ufb02ected as additional share dilution in the
computation of diluted earnings per share.
The proceeds received net of any directly attributable transaction costs are credited to share
capital (nominal value) and share premium when the options are exercised.
(c) Bonus plans
The Group recognises a liability in respect of the best estimate of bonuses payable where
contractually obliged to do so or where a past practice has created a constructive obligation.
1.16 Cash and short-term deposits
Cash comprises cash in hand and balances with banks and on-demand deposits. Short-term
deposits are short term, highly liquid investments that are readily convertible to known
amounts of cash. They include short-term deposits originally purchased with maturities of
three months or less.
1.17 Inventories
Inventories are valued at the lower of cost and net realisable value. Cost of inventory is
determined on a \u2018\ufb01rst-in, \ufb01rst-out\u2019 basis.
The cost of \ufb01nished goods comprises goods purchased for resale.
Net realisable value is the estimated selling price in the ordinary course of business. When
necessary, provision is made for obsolete and slow-moving inventories.
1.18 Taxation
(a) Current tax
Current tax assets and liabilities for the current and prior periods are measured as the
amount expected to be paid or to be recovered from the taxation authorities. The tax rates
and tax laws used to compute the amount are those that are enacted, or substantively
enacted, by the reporting date.
Current tax relating to items recognised directly in equity is recognised in equity and not the
income statement.
Management evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation at each reporting date and establishes
provisions where appropriate.
(b) Deferred tax
Deferred tax is provided using the liability method on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the \ufb01nancial
statements. However, if deferred tax arises from the initial recognition of an asset or liability
in a transaction, other than a business combination, that at the time of the transaction
affects neither accounting nor taxable pro\ufb01t or loss, it is not accounted for. Deferred tax is
determined using tax rates (and laws) that have been enacted or substantively enacted by the
balance sheet date and are expected to apply when the related deferred tax asset is realised or
the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable pro\ufb01t
will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current taxation assets against current taxation liabilities and it is the intention to settle these
on a net basis.
Deferred tax is provided on temporary differences arising on investments in subsidiaries,
except where the timing of the reversal of the temporary difference is controlled by the Group
and it is probable that the temporary difference will not reverse in the foreseeable future.
(c) Sales tax
Revenues, expenses and assets are recognised net of the amount of sales tax except:
Where the sales tax incurred on a purchase of assets or services is not recoverable from the
taxation authority, in which case the sales tax is recognised as part of the cost of acquisition
of the asset or as part of the expense item as applicable; and
For receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included
as part of receivables or payables in the balance sheet.
1.19 Share capital
Ordinary shares are classi\ufb01ed as equity.
1.20 Dividends
Dividends proposed by the Board of Directors and unpaid at the period end are not
recognised in the \ufb01nancial statements until they have been approved by shareholders at the
Annual General Meeting. Interim dividends are recognised when paid.
1.21 Investments
Investments in subsidiaries are held at cost less accumulated impairment.
1.22 Separately disclosed items
The Group separately discloses those items which are required to give a full understanding of
the Group\u2019s \ufb01nancial performance and aid comparability of the Group\u2019s result between
periods. Such items are considered by the Directors to require separate disclosure due to
their size or nature in relation to the Group.
1.23 Jackpot accrual
A jackpot liability is recognised where there is a present obligation as a result of a past event,
which can be reliably estimated and settlement is deemed probable. This includes player
contributions to current and future jackpots.
1.24 Chief Operating Decision Maker
The Chief Decision Maker (CDM) plays a pivotal role in overseeing of the company\u2019s \ufb01nancial
reporting and ensuring adherence to accounting standards. The CDM\u2019s responsibilities
include:
\u2013
Ensuring Rank \ufb01nancial information re\ufb02ects the true \ufb01nancial position of the company
\u00a0
which facilitates sound decision making and promoting long-term stability,
\u2013
Ensures Rank has full compliance with relevant accounting standards,
\u2013
Upholding the transparency in our \ufb01nancial reporting,
\u2013
Maintains vigilance around the risks associated with non-compliance, taking steps to
\u00a0
mitigate these risks.
\u2013
Leverages accurate and compliant \ufb01nancial reports, to make informed strategic decision
\u00a0
that impact the company\u2019s growth, risk management and resource allocation.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20304": { "value": "1.1 Basis of preparation
The consolidated and company \ufb01nancial statements have been prepared under the historical
cost convention.
1.1.1 Statement of compliance
The consolidated and company \ufb01nancial statements have been prepared in accordance
with UK-adopted International Accounting Standards. UK-adopted International Accounting
Standards includes standards issued by the International Accounting Standards Board
(\u2018IASB\u2019) that are endorsed for use in the UK.
1.1.2 Going concern
In adopting the going concern basis and for preparing the \ufb01nancial information, the
Directors have considered the circumstances impacting the Group during the year as detailed
in the operating review on pages 21 to 28, including the budget for 2024/25 (\u2018the base case\u2019)
and long range forecast approved by the Board, and recent trading performance, and have
reviewed the Group\u2019s projected compliance with its banking covenants and access to funding
options for the 12 months ending 31 August 2025 for the going concern period.
The Directors have reviewed and challenged management\u2019s assumptions for the Group\u2019s base
case view for the going concern period. Key considerations are the assumptions on the levels
of customer visits and their average spend in the venues-based businesses, and the number
of \ufb01rst time and returning depositors in the digital businesses, and the average level of spend
per visit for each. The base case view contains certain discretionary costs within management
control that could be reduced in the event of a revenue downturn. These include reductions
to overhead, reduction to marketing costs, reductions to the venues operating costs and
reductions to capital expenditure.
The committed \ufb01nancing position in the base case within the going concern assessment
period is that the Group continues to have access to the following committed facilities:
\u2013
Revolving credit facilities (\u201cRCF\u201d) of \u00a390.0m, repayable in three years (January 2027).
\u2013
Term loan of \u00a330.0m with bullet repayment in 2 years, 9 months (October 2026) (this is
after the going concern period).
In undertaking their assessment, the Directors also reviewed compliance with the banking
covenants (\u201cCovenants\u201d) which are tested bi-annually at June and December. The Group
expects to meet the Covenants throughout the going concern period and at the test dates,
being December 2024 and June 2025, and have suf\ufb01cient cash available to meet its liabilities
as they fall due.
Sensitivity Analysis
The base case view re\ufb02ects the Directors\u2019 best estimate of the outcome for the going concern
period.
A number of plausible but severe downside risks, including consideration of possible
mitigating actions, have been modelled with particular focus on the potential impact to cash
\ufb02ows, cash headroom and covenant compliance throughout the going concern period.
The two downside scenarios modelled are:
(i)
revenues in Grosvenor fall by 7% and Rank Interactive by 10% versus the base case
view, with management taking a number of mitigating actions including reduction in capital
expenditure, reduction in staff costs and the removal of the Group planning contingency.
(ii)
a reverse stress test, revenues in Grosvenor fall by 23.5% and revenues in Rank
Interactive fall by 15% in the initial year, with management taking actions as for scenario (i)
but with further mitigating actions on employment costs and marketing costs.
Having modelled the downside scenarios, the indication is that the Group would continue to
meet its covenant requirements in all scenarios and have available cash to meet liabilities
within the going concern period; refer to note 20 for covenants.
The Directors acknowledge that there is ongoing uncertainty regarding the outcome of the
Gambling Act Review (GAR) and its subsequent timing. The Directors acknowledge that
this may have a more positive impact on the budgeting and forecasting performance than
anticipated if earlier implementation occurs.
Accordingly, the Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for a period at least through to 31 August
2025.
For these reasons, the Directors continue to adopt the going concern basis for the
preparation of these consolidated and Company \ufb01nancial statements, and in preparing the
consolidated and Company \ufb01nancial statements, they do not include any adjustments that
would be required to be made if they were prepared on a basis other than going concern.
Going concern statement
Based on the Group\u2019s cash \ufb02ow forecasts and business plan, the Directors believe that the
Group will generate suf\ufb01cient cash to meet its liabilities as they fall due for the period up to
31 August 2025. In making such statement, the Directors highlight forecasting accuracy in
relation to the level of trading performance achieved as the key sensitivity in the approved
base case.
The Directors have considered two downside scenarios which re\ufb02ects a reduced trading
performance, in\ufb02ationary impacts on the cost base and various management-controlled cost
mitigations.
In each of the downside scenarios, the Group will generate suf\ufb01cient cash to meet its
liabilities as they fall due and meet its covenant requirements for the period to 31 August
2025 with scenarios i) and ii) requiring the implementation and execution of mitigating cost
actions within the control of management.
1.1.3 Accounting estimates and judgements
In the application of the Group\u2019s accounting policies, the Directors are required to make
judgements, estimates and assumptions. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevant. Actual
results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and future periods.
Critical accounting judgements
The following are the critical accounting judgements, apart from those involving estimates
(which are dealt with separately below) that the Directors have made in the process of
applying the Group\u2019s accounting policies and that have the most signi\ufb01cant effect on the
amounts recognised in the consolidated and Company \ufb01nancial statements.
(a)
Separately disclosed items (\u2018SDIs\u2019)
The Group separately discloses certain costs and income that impair the visibility of the
underlying performance and trends between periods. The SDIs are material and infrequent
in nature and/or do not relate to underlying business performance. Judgement is required
in determining whether an item should be classi\ufb01ed as an SDIs or included within the
underlying results.
SDIs include but are not limited to:
\u2013
Amortisation of acquired intangible assets;
\u2013
Pro\ufb01t or loss on disposal of businesses;
\u2013
Costs or income associated to the closure of venues;
\u2013
Acquisition and disposal costs including changes to deferred or contingent consideration;
\u2013
Impairment charges;
\u2013
Reversal of previously recognised impairment charges;
\u2013
Property-related provisions;
\u2013
Restructuring costs as part of an announced programme;
\u2013
Retranslation and remeasurement of foreign currency contingent consideration;
\u2013 General dilapidations provision interest unwinding;
\u2013 General dilapidation asset deprecaition ;
\u2013 Discontinued operations;
\u2013
Signi\ufb01cant, material proceeds from tax appeals; and
\u2013
Tax impact of all the above.
For further detail of those items included as SDIs, refer to note 4.
(b) Climate change
The Group continues to consider the impact of climate change in the consolidated and
company \ufb01nancial statements and considers that the most signi\ufb01cant impact would be in
relation to the cost of energy to the Group for which best estimates have been factored into
future forecasts, the carrying value of assets in the accounts, albeit this is not considered to
have a material impact at the current time and the useful economic life of assets.
The Group constantly monitors the latest government legislation in relation to climate related
matters. At the current time, no legislation has been passed that will impact the Group.
The Group will adjust key assumptions in value in use calculations and sensitise these
calculations should a change been required.
(c) Dilapidation costs
The provision represents the estimated cost of dilapidation at the end of the lease term of
certain properties. The provision is reviewed periodically and re\ufb02ects judgement in the
interpretation of lease terms and negotiation positions with landlords including the likelihood
that the current leasehold properties may be subject to redevelopment at the end of lease
term.
Key sources of estimation uncertainty
The estimates and assumptions which have a signi\ufb01cant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are
discussed below. The Group based its assumptions and estimates on parameters available
when the \ufb01nancial statements were prepared. Existing circumstances and assumptions about
future developments, however, may change due to market changes or circumstances arising
that are beyond the control of the Group. Such changes are re\ufb02ected in the assumptions when
they occur.
(a) Estimated impairment or subsequent reversal of previously recognised impairment
for non-\ufb01nancial assets
Details of the Group\u2019s accounting policy in relation to impairments and impairment reversals
are disclosed in note 1.14.
The application of the policy requires the use of accounting estimates in determining the
recoverable amount of cash-generating units to which the goodwill, intangible assets, right-
of-use assets and property, plant and equipment are associated. The recoverable amount is
the higher of the fair value less costs of disposal and value in use. Estimates of fair value less
costs of disposal are performed internally by experienced senior management supported by
knowledge of similar transactions and advice from external experts or, if applicable, offers
received. Value in use is calculated using estimated cash \ufb02ow projections from strategic
plans and \ufb01nancial budgets, discounted by selecting an appropriate rate for each cash-
generating unit.
The impairment testing of goodwill and non-current assets included additional sensitivity
analysis in the disclosures. The key judgement is the level of trading in the venues, overall
macroeconomic conditions and its impact on estimated future cash \ufb02ows. Further details of
the assumptions, estimates and sensitivity are disclosed in note 13.
The Company also tests annually the carrying value of its investments in subsidiaries. The
application of this policy requires the use of estimates and judgements in determining the
recoverable amount of the subsidiary undertakings. The recoverable amount is determined
by applying an estimated valuation multiple to budgeted future earnings and deducting
estimated costs of disposal (fair value less costs of disposal) and/or by using discounted
cash \ufb02ows (value in use), along with consideration of the underlying net assets and market
capitalisation and is disclosed in note 13.
(b) Dilapidation provision
Provisions for dilapidations are recognised where the Group has the obligation to make-
good its leased properties. These provisions are measured based on historically settled
dilapidations which form the basis of the estimated future cash out\ufb02ows. Any difference
between amounts expected to be settled and the actual cash out\ufb02ow will be accounted for in
the period when such determination is made.
The Group\u2019s provisions are estimates of the actual costs and timing of future cash \ufb02ows,
which are dependent on future events, property exits and market conditions. Thus, there
is inherently an element of estimation uncertainty within the provisions recognised by the
Group. Any difference between expectations and the actual future liability will be accounted
for in the period when such determination is made.
The provisions are most sensitive to estimates of the future cash out\ufb02ows which are based on
historically settled dilapidations. This means that an increase in cash out\ufb02ows of 1% would
have resulted to a \u00a30.3m increase in the dilapidations provision. Likewise, a decrease in cash
out\ufb02ows of 1% would have resulted to a \u00a30.3m decrease in the dilapidations provision.
(c) Determination of the fair values of intangible assets
The Group estimates the fair value of acquired intangible assets arising from business
combinations by selecting and applying appropriate valuation methods. These include the
relief from royalty and multi-period excess earnings valuation methods, both of which require
signi\ufb01cant estimates to be made. Examples include estimating expected cash \ufb02ows and
identifying appropriate royalty and discount rates. The fair value of each acquired intangible
asset is amortised over the respective assets estimated useful life. The Group uses projected
\ufb01nancial information together with comparable industry information as well as applying its
own experience and knowledge of the industry in making such judgements and estimates.
Where a third party is involved to determine the fair value of the acquired intangible assets,
the key assumptions reviewed by the Group include cash \ufb02ow projections, terminal growth
rates and discount rates as well as a sensitivity analysis.
(d) Income taxes
The Group is subject to income taxes in numerous jurisdictions and as such requires
judgements to be made as well as best estimates and assumptions.
Judgement must be applied in assessing the likely outcome of certain tax matters whose \ufb01nal
outcome may not be determined for a number of years. These judgements are reassessed in
each period until the outcome is \ufb01nally determined through resolution with a tax authority
and/or through a legal process. Differences arising from changes in judgement or from \ufb01nal
resolution may be material and will be charged or credited to the Group income statement in
the relevant period.
Within the Group\u2019s net income tax receivable of \u00a34.3m (30 June 2023: \u00a39.3m receivable)
are amounts of \u00a30.1m payable (30 June 2023: \u00a30.3m) that relate to uncertain tax positions.
The Group evaluates uncertain items, where the tax judgement is subject to interpretation
and remains to be agreed with the relevant tax authority. Provisions for uncertain items are
made using an estimation of the most likely tax expected to be paid, based on a qualitative
assessment of all relevant information. In assessing the appropriate provision for uncertain
items, the Group considers progress made in discussions with tax authorities, expert advice
on the likely outcome and recent developments in case law. Further details of income tax are
disclosed in note 19.
1.1.4 Changes in accounting policy and disclosures
(a) Standards, amendments to and interpretations of existing standards adopted by the
Group
In preparing the consolidated \ufb01nancial statements for the current period, the Group has
adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee
(IFRIC) interpretations. All standards do not have a signi\ufb01cant impact on the results or net
assets of the Group. Changes are detailed below:
\u2013
Insurance Contracts (IFRS17)
\u2013
Disclosure of accounting policies (amendments to IAS 1 and IFRS Practice Statement 2
effective for period beginning 1 July 2023)
-
De\ufb01nition of accounting estimates (amendments to IAS 8 effective for period beginning 1
July 2023)
\u2013
Deferred tax related to assets and liabilities arising from a single transaction (amendment
to IAS 12 effective for period beginning 1 July 2023)
\u2013
Interest rate benchmark reform \u2013 Phase 2 (amendment to IAS 39)
\u2013
International Tax Reform- Pillar Two Model Rules (amendments to IAS12)
(b) Standards, amendments to and interpretations of existing standards that are not yet
effective
At the date of authorisation of the consolidated \ufb01nancial statements, the following Standards,
amendments and Interpretations, which have not been applied in these consolidated \ufb01nancial
statements, were in issue but not yet effective:
\u2013
Classi\ufb01cation of Liabilities as Current or Non Current and Non-current Liabilities with
Covenants (amendment to IAS1)
\u2013
Lease liability in a sale and leaseback (Amendments to IFRS16)
\u2013
Disclosures: Supplier Finance Arrangements - Amendments to IAS7 and IFRS 7
\u2013
Lack of exchangeability - amendments to IAS21
\u2013
Classi\ufb01cation and measurement of Financial Instruments - Amendments to IFRS9 and
IFRS7
\u2013
Presentation and Disclosure in Financial Statements IFRS18
\u2013
Subsidiary without Public Accountability: Disclosures IFRS19
\u2013
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture -
Amendments to IFRS10 and IAS28
The Group does not currently believe that the adoption of these new standards or
amendments would have a material effect on the results or \ufb01nancial position of the Group.
1.1.5 Prior period restatement
These consolidated \ufb01nancial statements include a prior year restatement in relation to prior
year costs identi\ufb01ed in the Digital business which erroneously had not been recognised in
the prior year consolidated income statements. The error was considered to be material due
to its nature and impact to key performance indicators.
Accordingly, a third balance sheet has been presented in accordance with IAS1 \u2018Presentation
of Financial Statements.\u2019
During the period, the Group identi\ufb01ed an accumulated total of \u00a34.4m of prior year
adjustments within the Digital business comprising \u00a33.2m of trading related costs which
erroneously had not been recognised in the prior year \ufb01nancial statements and \u00a31.2m of
excess releases to income which erroneously had been recognised in the prior year \ufb01nancial
statements. Of the total value of \u00a34.4m, \u00a30.5m relates to \ufb01nancial year 2022/23 and the
remaining \u00a33.9m relates to pre 2022/23.
The above restatement reduces both basic and diluted EPS by 0.1 pence for the year ended
30 June 2023.
The impact of the adjustment on the June 2023 balance sheet is a reduction to total asset of
\u00a32.2m, an increase on trade and other payables of \u00a32.2m, a reduction to closing reserves as
at 30 June 2023 of \u00a34.4m and a reduction to opening reserves as at 1 July 2022 of \u00a33.9m.
Due to the working capital movement stated above, the opening cash balance has reduced
by \u00a32.0m and cash \ufb02ows from operating activities increased by \u00a32.4m in the cash \ufb02ow
statement for the year ended 30 June 2023.
In addition to above, the consolidated statement of cash \ufb02ow includes a prior year
restatement in relation to leases. During the year, the Group identi\ufb01ed that the lease principal
payments incorrectly included \u00a34.6m of property-related VAT and \u00a31.1m of property service
charges. Cash \ufb02ows from lease-related VAT and property service charges should have been
disclosed within cash \ufb02ows from operating activities. This restatement results in a reduction
of \u00a35.7m in both net cash generated from operating activities and net cash used in \ufb01nancing
activities in the 2023 statement of cash \ufb02ows. The restatement was identi\ufb01ed following a
review of the 2023 Annual Report by the Financial Reporting Council (\u2018FRC\u2019). The FRC\u2019s
review does not bene\ufb01t from detailed knowledge of our business, or an understanding of the
underlying transactions entered into and therefore provides no assurance that the Annual
Report is correct in all material aspects.
The prior period comparatives have been restated for the above items in accordance with IAS
8: \u2018Accounting Policies, Changes in Accounting Policies and Errors\u2019 and have impacted the
primary \ufb01nancial statements as follows:
Income Statement
\n
for the year ended 30 June 2023
\n\n \n
As previously
reported
Adjustment
As restated
\u00a3m
\u00a3m
\u00a3m
Revenue
681.9
-
681.9
Cost of sales
(521.3)
-
(521.3)
Gross pro\ufb01t
160.6
-
160.6
Other operating income
3.7
-
3.7
Other operating costs
(274.1)
(0.6)
(274.7)
Operating loss
(109.8)
(0.6)
(110.4)
Financing:
\u2013 \ufb01nance costs
(12.6)
-
(12.6)
\u2013 \ufb01nance income
0.8
-
0.8
\u2013 other \ufb01nancial gains
(1.1)
-
(1.1)
Total net \ufb01nancing charge
(12.9)
-
(12.9)
Loss before taxation
(122.7)
(0.6)
(123.3)
Taxation
27.1
0.1
27.2
Loss for the period from continuing operations
(95.6)
(0.5)
(96.1)
Pro\ufb01t after tax from discontinued operations
0.3
-
0.3
Loss for the period
(95.3)
(0.5)
(95.8)
Loss per share attributable to equity shareholders
\u2013 basic
(20.4)p
(0.1)p
(20.5)p
\u2013 diluted
(20.4)p
(0.1)p
(20.5)p
Underlying loss per share attributable to equity shareholders
\u2013 basic
(20.4)p
(0.1)p
(20.5)p
\u2013 diluted
(20.4)p
(0.1)p
(20.5)p
Balance Sheet
\n
at 30 June 2023
\n\n \n
As previously
reported
Adjustment
As restated
\u00a3m
\u00a3m
\u00a3m
Assets
Deferred tax asset
7.6
0.5
8.1
Other receivables
6.2
(0.8)
5.4
Income tax receivable
14.9
0.1
15.0
Cash and short-term deposits
60.0
(2.0)
58.0
Total assets
738.4
(2.2)
736.2
Liabilities
Trade and other payables
(126.1)
(2.2)
(128.3)
Total Liabilities
(408.4)
(2.2)
(410.6)
Net assets
330.0
(4.4)
325.6
Equity
Retained earnings
61.6
(4.4)
57.2
Total equity before non-controlling
329.7
(4.4)
325.3
interests
Non-controlling interests
0.3
-
0.3
Total shareholders\u2019 equity
330.0
(4.4)
325.6
\n
Balance Sheet
\n
at 1 July 2022
\n\n \n
As previously
reported
Adjustment
As restated
\u00a3m
\u00a3m
\u00a3m
Assets
Deferred tax asset
1.4
0.4
1.8
Other receivables
6.7
(0.4)
6.3
Income tax receivable
8.1
0.1
8.2
Cash and short-term deposits
95.7
(4.3)
91.4
Total assets
856.7
(4.2)
852.5
Liabilities
Trade and other payables
(131.1)
0.3
(130.8)
Total Liabilities
(431.6)
0.3
(431.3)
Net assets
425.1
(3.9)
421.2
Equity
Retained earnings
156.5
(3.9)
152.6
Total equity before non-controlling
425.2
(3.9)
421.3
interests
Non-controlling interests
(0.1)
-
(0.1)
Total shareholders\u2019 equity
425.1
(3.9)
421.2
Cash \ufb02ow statement
for the year ended 30 June 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As previously
\u00a0 \u00a0
\u00a0
reported
Adjustment
As restated
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cash \ufb02ows from operating activities
\u00a0 \u00a0 \u00a0
Cash generated from operations
75.3
(3.3)
72.0
Net cash generated from operating
67.5
(3.3)
64.2
activities
\u00a0 \u00a0 \u00a0
Net cash used in investing activities
(44.5)
-
(44.5)
Net cash used from \ufb01nancing
(60.1)
5.7
(54.4)
activities
\u00a0 \u00a0 \u00a0
Net decrease in cash and short-
(37.1)
2.4
(34.7)
term deposits
\u00a0 \u00a0 \u00a0
Cash and short-term deposit at the
95.7
(4.4)
91.3
start of the period
\u00a0 \u00a0 \u00a0
Effect of exchange rate changes
(0.1)
-
(0.1)
Cash and short-term deposits at
58.5
(2.0)
56.5
end of period
\u00a0 \u00a0 \u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20309": { "value": "1.1.1 Statement of compliance
The consolidated and company \ufb01nancial statements have been prepared in accordance
with UK-adopted International Accounting Standards. UK-adopted International Accounting
Standards includes standards issued by the International Accounting Standards Board
(\u2018IASB\u2019) that are endorsed for use in the UK.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20317": { "value": "1.1.2 Going concern
In adopting the going concern basis and for preparing the \ufb01nancial information, the
Directors have considered the circumstances impacting the Group during the year as detailed
in the operating review on pages 21 to 28, including the budget for 2024/25 (\u2018the base case\u2019)
and long range forecast approved by the Board, and recent trading performance, and have
reviewed the Group\u2019s projected compliance with its banking covenants and access to funding
options for the 12 months ending 31 August 2025 for the going concern period.
The Directors have reviewed and challenged management\u2019s assumptions for the Group\u2019s base
case view for the going concern period. Key considerations are the assumptions on the levels
of customer visits and their average spend in the venues-based businesses, and the number
of \ufb01rst time and returning depositors in the digital businesses, and the average level of spend
per visit for each. The base case view contains certain discretionary costs within management
control that could be reduced in the event of a revenue downturn. These include reductions
to overhead, reduction to marketing costs, reductions to the venues operating costs and
reductions to capital expenditure.
The committed \ufb01nancing position in the base case within the going concern assessment
period is that the Group continues to have access to the following committed facilities:
\u2013
Revolving credit facilities (\u201cRCF\u201d) of \u00a390.0m, repayable in three years (January 2027).
\u2013
Term loan of \u00a330.0m with bullet repayment in 2 years, 9 months (October 2026) (this is
after the going concern period).
In undertaking their assessment, the Directors also reviewed compliance with the banking
covenants (\u201cCovenants\u201d) which are tested bi-annually at June and December. The Group
expects to meet the Covenants throughout the going concern period and at the test dates,
being December 2024 and June 2025, and have suf\ufb01cient cash available to meet its liabilities
as they fall due.
Sensitivity Analysis
The base case view re\ufb02ects the Directors\u2019 best estimate of the outcome for the going concern
period.
A number of plausible but severe downside risks, including consideration of possible
mitigating actions, have been modelled with particular focus on the potential impact to cash
\ufb02ows, cash headroom and covenant compliance throughout the going concern period.
The two downside scenarios modelled are:
(i)
revenues in Grosvenor fall by 7% and Rank Interactive by 10% versus the base case
view, with management taking a number of mitigating actions including reduction in capital
expenditure, reduction in staff costs and the removal of the Group planning contingency.
(ii)
a reverse stress test, revenues in Grosvenor fall by 23.5% and revenues in Rank
Interactive fall by 15% in the initial year, with management taking actions as for scenario (i)
but with further mitigating actions on employment costs and marketing costs.
Having modelled the downside scenarios, the indication is that the Group would continue to
meet its covenant requirements in all scenarios and have available cash to meet liabilities
within the going concern period; refer to note 20 for covenants.
The Directors acknowledge that there is ongoing uncertainty regarding the outcome of the
Gambling Act Review (GAR) and its subsequent timing. The Directors acknowledge that
this may have a more positive impact on the budgeting and forecasting performance than
anticipated if earlier implementation occurs.
Accordingly, the Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for a period at least through to 31 August
2025.
For these reasons, the Directors continue to adopt the going concern basis for the
preparation of these consolidated and Company \ufb01nancial statements, and in preparing the
consolidated and Company \ufb01nancial statements, they do not include any adjustments that
would be required to be made if they were prepared on a basis other than going concern.
Going concern statement
Based on the Group\u2019s cash \ufb02ow forecasts and business plan, the Directors believe that the
Group will generate suf\ufb01cient cash to meet its liabilities as they fall due for the period up to
31 August 2025. In making such statement, the Directors highlight forecasting accuracy in
relation to the level of trading performance achieved as the key sensitivity in the approved
base case.
The Directors have considered two downside scenarios which re\ufb02ects a reduced trading
performance, in\ufb02ationary impacts on the cost base and various management-controlled cost
mitigations.
In each of the downside scenarios, the Group will generate suf\ufb01cient cash to meet its
liabilities as they fall due and meet its covenant requirements for the period to 31 August
2025 with scenarios i) and ii) requiring the implementation and execution of mitigating cost
actions within the control of management.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20412": { "value": "1.1.3 Accounting estimates and judgements
In the application of the Group\u2019s accounting policies, the Directors are required to make
judgements, estimates and assumptions. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevant. Actual
results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and future periods.
Critical accounting judgements
The following are the critical accounting judgements, apart from those involving estimates
(which are dealt with separately below) that the Directors have made in the process of
applying the Group\u2019s accounting policies and that have the most signi\ufb01cant effect on the
amounts recognised in the consolidated and Company \ufb01nancial statements.
(a)
Separately disclosed items (\u2018SDIs\u2019)
The Group separately discloses certain costs and income that impair the visibility of the
underlying performance and trends between periods. The SDIs are material and infrequent
in nature and/or do not relate to underlying business performance. Judgement is required
in determining whether an item should be classi\ufb01ed as an SDIs or included within the
underlying results.
SDIs include but are not limited to:
\u2013
Amortisation of acquired intangible assets;
\u2013
Pro\ufb01t or loss on disposal of businesses;
\u2013
Costs or income associated to the closure of venues;
\u2013
Acquisition and disposal costs including changes to deferred or contingent consideration;
\u2013
Impairment charges;
\u2013
Reversal of previously recognised impairment charges;
\u2013
Property-related provisions;
\u2013
Restructuring costs as part of an announced programme;
\u2013
Retranslation and remeasurement of foreign currency contingent consideration;
\u2013 General dilapidations provision interest unwinding;
\u2013 General dilapidation asset deprecaition ;
\u2013 Discontinued operations;
\u2013
Signi\ufb01cant, material proceeds from tax appeals; and
\u2013
Tax impact of all the above.
For further detail of those items included as SDIs, refer to note 4.
(b) Climate change
The Group continues to consider the impact of climate change in the consolidated and
company \ufb01nancial statements and considers that the most signi\ufb01cant impact would be in
relation to the cost of energy to the Group for which best estimates have been factored into
future forecasts, the carrying value of assets in the accounts, albeit this is not considered to
have a material impact at the current time and the useful economic life of assets.
The Group constantly monitors the latest government legislation in relation to climate related
matters. At the current time, no legislation has been passed that will impact the Group.
The Group will adjust key assumptions in value in use calculations and sensitise these
calculations should a change been required.
(c) Dilapidation costs
The provision represents the estimated cost of dilapidation at the end of the lease term of
certain properties. The provision is reviewed periodically and re\ufb02ects judgement in the
interpretation of lease terms and negotiation positions with landlords including the likelihood
that the current leasehold properties may be subject to redevelopment at the end of lease
term.
Key sources of estimation uncertainty
The estimates and assumptions which have a signi\ufb01cant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are
discussed below. The Group based its assumptions and estimates on parameters available
when the \ufb01nancial statements were prepared. Existing circumstances and assumptions about
future developments, however, may change due to market changes or circumstances arising
that are beyond the control of the Group. Such changes are re\ufb02ected in the assumptions when
they occur.
(a) Estimated impairment or subsequent reversal of previously recognised impairment
for non-\ufb01nancial assets
Details of the Group\u2019s accounting policy in relation to impairments and impairment reversals
are disclosed in note 1.14.
The application of the policy requires the use of accounting estimates in determining the
recoverable amount of cash-generating units to which the goodwill, intangible assets, right-
of-use assets and property, plant and equipment are associated. The recoverable amount is
the higher of the fair value less costs of disposal and value in use. Estimates of fair value less
costs of disposal are performed internally by experienced senior management supported by
knowledge of similar transactions and advice from external experts or, if applicable, offers
received. Value in use is calculated using estimated cash \ufb02ow projections from strategic
plans and \ufb01nancial budgets, discounted by selecting an appropriate rate for each cash-
generating unit.
The impairment testing of goodwill and non-current assets included additional sensitivity
analysis in the disclosures. The key judgement is the level of trading in the venues, overall
macroeconomic conditions and its impact on estimated future cash \ufb02ows. Further details of
the assumptions, estimates and sensitivity are disclosed in note 13.
The Company also tests annually the carrying value of its investments in subsidiaries. The
application of this policy requires the use of estimates and judgements in determining the
recoverable amount of the subsidiary undertakings. The recoverable amount is determined
by applying an estimated valuation multiple to budgeted future earnings and deducting
estimated costs of disposal (fair value less costs of disposal) and/or by using discounted
cash \ufb02ows (value in use), along with consideration of the underlying net assets and market
capitalisation and is disclosed in note 13.
(b) Dilapidation provision
Provisions for dilapidations are recognised where the Group has the obligation to make-
good its leased properties. These provisions are measured based on historically settled
dilapidations which form the basis of the estimated future cash out\ufb02ows. Any difference
between amounts expected to be settled and the actual cash out\ufb02ow will be accounted for in
the period when such determination is made.
The Group\u2019s provisions are estimates of the actual costs and timing of future cash \ufb02ows,
which are dependent on future events, property exits and market conditions. Thus, there
is inherently an element of estimation uncertainty within the provisions recognised by the
Group. Any difference between expectations and the actual future liability will be accounted
for in the period when such determination is made.
The provisions are most sensitive to estimates of the future cash out\ufb02ows which are based on
historically settled dilapidations. This means that an increase in cash out\ufb02ows of 1% would
have resulted to a \u00a30.3m increase in the dilapidations provision. Likewise, a decrease in cash
out\ufb02ows of 1% would have resulted to a \u00a30.3m decrease in the dilapidations provision.
(c) Determination of the fair values of intangible assets
The Group estimates the fair value of acquired intangible assets arising from business
combinations by selecting and applying appropriate valuation methods. These include the
relief from royalty and multi-period excess earnings valuation methods, both of which require
signi\ufb01cant estimates to be made. Examples include estimating expected cash \ufb02ows and
identifying appropriate royalty and discount rates. The fair value of each acquired intangible
asset is amortised over the respective assets estimated useful life. The Group uses projected
\ufb01nancial information together with comparable industry information as well as applying its
own experience and knowledge of the industry in making such judgements and estimates.
Where a third party is involved to determine the fair value of the acquired intangible assets,
the key assumptions reviewed by the Group include cash \ufb02ow projections, terminal growth
rates and discount rates as well as a sensitivity analysis.
(d) Income taxes
The Group is subject to income taxes in numerous jurisdictions and as such requires
judgements to be made as well as best estimates and assumptions.
Judgement must be applied in assessing the likely outcome of certain tax matters whose \ufb01nal
outcome may not be determined for a number of years. These judgements are reassessed in
each period until the outcome is \ufb01nally determined through resolution with a tax authority
and/or through a legal process. Differences arising from changes in judgement or from \ufb01nal
resolution may be material and will be charged or credited to the Group income statement in
the relevant period.
Within the Group\u2019s net income tax receivable of \u00a34.3m (30 June 2023: \u00a39.3m receivable)
are amounts of \u00a30.1m payable (30 June 2023: \u00a30.3m) that relate to uncertain tax positions.
The Group evaluates uncertain items, where the tax judgement is subject to interpretation
and remains to be agreed with the relevant tax authority. Provisions for uncertain items are
made using an estimation of the most likely tax expected to be paid, based on a qualitative
assessment of all relevant information. In assessing the appropriate provision for uncertain
items, the Group considers progress made in discussions with tax authorities, expert advice
on the likely outcome and recent developments in case law. Further details of income tax are
disclosed in note 19.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f20581": { "value": "1.1.4 Changes in accounting policy and disclosures
(a) Standards, amendments to and interpretations of existing standards adopted by the
Group
In preparing the consolidated \ufb01nancial statements for the current period, the Group has
adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee
(IFRIC) interpretations. All standards do not have a signi\ufb01cant impact on the results or net
assets of the Group. Changes are detailed below:
\u2013
Insurance Contracts (IFRS17)
\u2013
Disclosure of accounting policies (amendments to IAS 1 and IFRS Practice Statement 2
effective for period beginning 1 July 2023)
-
De\ufb01nition of accounting estimates (amendments to IAS 8 effective for period beginning 1
July 2023)
\u2013
Deferred tax related to assets and liabilities arising from a single transaction (amendment
to IAS 12 effective for period beginning 1 July 2023)
\u2013
Interest rate benchmark reform \u2013 Phase 2 (amendment to IAS 39)
\u2013
International Tax Reform- Pillar Two Model Rules (amendments to IAS12)
(b) Standards, amendments to and interpretations of existing standards that are not yet
effective
At the date of authorisation of the consolidated \ufb01nancial statements, the following Standards,
amendments and Interpretations, which have not been applied in these consolidated \ufb01nancial
statements, were in issue but not yet effective:
\u2013
Classi\ufb01cation of Liabilities as Current or Non Current and Non-current Liabilities with
Covenants (amendment to IAS1)
\u2013
Lease liability in a sale and leaseback (Amendments to IFRS16)
\u2013
Disclosures: Supplier Finance Arrangements - Amendments to IAS7 and IFRS 7
\u2013
Lack of exchangeability - amendments to IAS21
\u2013
Classi\ufb01cation and measurement of Financial Instruments - Amendments to IFRS9 and
IFRS7
\u2013
Presentation and Disclosure in Financial Statements IFRS18
\u2013
Subsidiary without Public Accountability: Disclosures IFRS19
\u2013
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture -
Amendments to IFRS10 and IAS28
The Group does not currently believe that the adoption of these new standards or
amendments would have a material effect on the results or \ufb01nancial position of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21401": { "value": "1.2 Consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the parent and
its subsidiaries as at 30 June 2024. Control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Speci\ufb01cally, the Group controls an investee
if, and only if, the Group has (a) power over the investee, (b) exposure, or rights, to variable
returns from the investee, and (c) ability to use its power to affect those returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control. Consolidation
of a subsidiary begins when the Group obtains control over the subsidiary and ceases
when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a
subsidiary acquired or disposed of during the year are included in the consolidated \ufb01nancial
statements from the date the Group gains control until the date the Group ceases to control
the subsidiary.
If the Group loses control of a subsidiary, it derecognises the related assets (including
goodwill), liabilities and other components of equity, while any resultant gain or loss is
recognised in the Group income statement.
Intercompany transactions, balances and unrealised gains on transactions between Group
companies are eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. Accounting policies as applied
to subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the Group.
The Group has no material associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21427": { "value": "1.3 Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The consideration
transferred in a business combination is measured at the acquisition date and represents the
aggregate fair value of assets transferred and liabilities incurred.
Amounts payable in respect of deferred or contingent consideration are recognised at fair
value at the acquisition date and included in consideration transferred. The subsequent
unwind of any discount is recognised as an SDI in \ufb01nance cost in the Group income
statement. Other contingent consideration that either is within the scope of IFRS 9 or within
the scope of other standards is remeasured at fair value at each reporting date and changes in
fair value are recognised as an SDI in the Group income statement. Changes in the fair value
of contingent consideration recognised as a \ufb01nancial liability that qualify as measurement
period adjustments (being 12 months from the acquisition date) are adjusted retrospectively,
with corresponding adjustments against goodwill. Material changes that do not qualify as
measurement period adjustments are recognised as an SDI in the Group income statement.
When the Group acquires a business, it assesses the \ufb01nancial assets acquired and liabilities
assumed for appropriate classi\ufb01cation and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions as at the acquisition date.
Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition
date fair value of the consideration transferred over the fair value of the net identi\ufb01able
amounts of the assets acquired and the liabilities assumed in exchange for the business
combination. Identi\ufb01able intangible assets are recognised separately from goodwill.
If the aggregate of the acquisition date fair value of the consideration transferred is lower
than the fair value of the assets, liabilities and contingent liabilities in the business acquired,
the difference is recognised through the Group income statement.
If the initial accounting for a business combination is incomplete by the end of the reporting
period in which the combination occurs, the Group reports provisional amounts for items
for which the accounting is incomplete. Those provisional amounts are adjusted during the
measurement period (see above), or additional assets or liabilities are recognised, to re\ufb02ect
new information obtained about facts and circumstances that existed at the acquisition date
that, if known, would have affected the amounts recognised at that date.
Acquisition costs incurred are expensed as an SDI.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21428": { "value": "1.3 Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The consideration
transferred in a business combination is measured at the acquisition date and represents the
aggregate fair value of assets transferred and liabilities incurred.
Amounts payable in respect of deferred or contingent consideration are recognised at fair
value at the acquisition date and included in consideration transferred. The subsequent
unwind of any discount is recognised as an SDI in \ufb01nance cost in the Group income
statement. Other contingent consideration that either is within the scope of IFRS 9 or within
the scope of other standards is remeasured at fair value at each reporting date and changes in
fair value are recognised as an SDI in the Group income statement. Changes in the fair value
of contingent consideration recognised as a \ufb01nancial liability that qualify as measurement
period adjustments (being 12 months from the acquisition date) are adjusted retrospectively,
with corresponding adjustments against goodwill. Material changes that do not qualify as
measurement period adjustments are recognised as an SDI in the Group income statement.
When the Group acquires a business, it assesses the \ufb01nancial assets acquired and liabilities
assumed for appropriate classi\ufb01cation and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions as at the acquisition date.
Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition
date fair value of the consideration transferred over the fair value of the net identi\ufb01able
amounts of the assets acquired and the liabilities assumed in exchange for the business
combination. Identi\ufb01able intangible assets are recognised separately from goodwill.
If the aggregate of the acquisition date fair value of the consideration transferred is lower
than the fair value of the assets, liabilities and contingent liabilities in the business acquired,
the difference is recognised through the Group income statement.
If the initial accounting for a business combination is incomplete by the end of the reporting
period in which the combination occurs, the Group reports provisional amounts for items
for which the accounting is incomplete. Those provisional amounts are adjusted during the
measurement period (see above), or additional assets or liabilities are recognised, to re\ufb02ect
new information obtained about facts and circumstances that existed at the acquisition date
that, if known, would have affected the amounts recognised at that date.
Acquisition costs incurred are expensed as an SDI.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21464": { "value": "1.4 Revenue recognition
Revenue consists of the fair value of sales of goods and services net of sales taxes, rebates
and discounts.
The fair value of free bets, promotions and customer bonuses (\u2018customer incentives\u2019) are also
deducted from appropriate revenue streams.
(a)
Gaming win \u2013 Casino
Revenue for casinos includes gaming win before deduction of gaming-related duties.
Although disclosed as revenue, gaming win \u2013 casino is accounted for and meets the
de\ufb01nition of a gain under IFRS 9 \u2018Financial Instruments\u2019. Gaming revenue includes gains and
losses arising where customers play against the house. Due to the nature of the transaction,
the amount of the payment the Group may be obliged to pay to the customer is uncertain.
The \ufb01nancial instrument is therefore a derivative and is initially recognised at fair value
and subsequently remeasured to fair value with changes in fair value recorded in the Group
income statement. The initial fair value is generally the amount staked by the customer and
includes adjustment for customer incentives, such as free bets, promotions and customer
bonuses, where applicable. The instrument is subsequently remeasured when the result of
the transaction is known and the amount payable is con\ufb01rmed. This movement may be a gain
or a loss. Gains and losses are offset on the basis that they arise from similar transactions.
Such gains and losses are recorded in revenue.
(b)
Gaming win \u2013 Slots and other digital products
Revenue for bingo is net of customer contribution to prizes but gross of company contributed
prizes. It is net of any sales taxes but before deduction of gaming-related duties. Revenue for
poker represents the rake received. Revenue for other digital products, including interactive
games, represents gaming win before deduction of gaming-related duties. The Group\u2019s
income earned from the above items is recognised when control of the goods or services are
transferred to the customer and is within the scope of IFRS 15.
(c)
Food, beverage and others
Revenue from food, beverage and other sales is recognised at the point of sale when control
of the goods or services are transferred to the customer and is within the scope of IFRS 15.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21525": { "value": "1.5 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision-makers. The chief operating decision-makers, who are
responsible for allocating resources and assessing performance of the operating segments,
have been identi\ufb01ed as the senior management team (the composition of which is disclosed
on page 70 and at www.rank.com), which makes strategic and operational decisions.
The Group reports \ufb01ve segments: Digital, Grosvenor venues, Mecca venues, Enracha venues
and Central costs.
UK digital, Enracha digital, YoBingo and Stride is a single operating segment which is known
as Digital. Grosvenor venues cover all UK casinos. Mecca venues covers all UK bingo halls.
Enracha venues covers all Spanish-facing venues.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21539": { "value": "1.6 Non-current assets held for sale and discontinued operations
The Group classi\ufb01es non-current assets and disposal of an asset as held for sale if their
carrying amounts will be recovered principally through a sale transaction rather than through
continuing use. Non-current assets are measured at the lower of their carrying amount and
fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the
disposal of an asset, excluding \ufb01nance costs and income tax expense.
The criteria for held for sale classi\ufb01cation is regarded as met only when the sale is highly
probable and the asset is available for immediate sale in its present condition. Actions
required to complete the sale should indicate that it is unlikely that signi\ufb01cant changes to
the sale will be made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed within one year
from the date of the classi\ufb01cation.
Property, plant and equipment, right-of-use assets and intangible assets are not depreciated
or amortised once classi\ufb01ed as held for sale.
Assets and liabilities classi\ufb01ed as held for sale are presented separately as current items in
the balance sheets.
Discontinued operations are excluded from the results of continuing operations and are
presented as a single amount as pro\ufb01t or loss after tax from discontinued operations in the
Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21542": { "value": "The Group classi\ufb01es non-current assets and disposal of an asset as held for sale if their
carrying amounts will be recovered principally through a sale transaction rather than through
continuing use. Non-current assets are measured at the lower of their carrying amount and
fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the
disposal of an asset, excluding \ufb01nance costs and income tax expense.
The criteria for held for sale classi\ufb01cation is regarded as met only when the sale is highly
probable and the asset is available for immediate sale in its present condition. Actions
required to complete the sale should indicate that it is unlikely that signi\ufb01cant changes to
the sale will be made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed within one year
from the date of the classi\ufb01cation.
Property, plant and equipment, right-of-use assets and intangible assets are not depreciated
or amortised once classi\ufb01ed as held for sale.
Assets and liabilities classi\ufb01ed as held for sale are presented separately as current items in
the balance sheets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21560": { "value": "Discontinued operations are excluded from the results of continuing operations and are
presented as a single amount as pro\ufb01t or loss after tax from discontinued operations in the
Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21567": { "value": "1.7 Foreign currency translation
The consolidated and company \ufb01nancial statements are presented in UK sterling (\u2018the
presentation currency\u2019), which is also the Company\u2019s functional currency. Items included in
the \ufb01nancial statements of each of the Group\u2019s entities are measured using the currency of
the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
(a)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the date of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognised in the
Group income statement in \ufb01nance costs or income.
(b) Group companies
The results and \ufb01nancial position of all the Group companies (none of which has the
currency of a hyper-in\ufb02ationary economy) that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
(i)
assets and liabilities for each balance sheet presented are translated at the closing rate
on the balance sheet date. The closing euro rate against UK sterling was 1.18 (30 June 2023:
1.16);
(ii)
income and expenses for each income statement are translated at average exchange
rates unless this average is not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income and expenses are translated
at the rates prevailing on the dates of the transactions. The average euro rate against UK
sterling was 1.16 (year ended 30 June 2023: 1.21); and
(iii) all resulting exchange differences are recognised as a separate component of equity.
When a foreign operation is sold, such exchange differences are recognised in the Group
income statement, as part of the gain or loss on sale. Goodwill and fair value adjustments
arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21570": { "value": "The consolidated and company \ufb01nancial statements are presented in UK sterling (\u2018the
presentation currency\u2019), which is also the Company\u2019s functional currency. Items included in
the \ufb01nancial statements of each of the Group\u2019s entities are measured using the currency of
the primary economic environment in which the entity operates (\u2018the functional currency\u2019).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21604": { "value": "1.8 Financial assets
Financial assets within the scope of IFRS 9 are classi\ufb01ed as \ufb01nancial assets at initial
recognition, as subsequently measured at amortised cost, fair value through other
comprehensive income (\u2018OCI\u2019), and fair value through pro\ufb01t or loss.
The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s
contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them.
The Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial
asset not at fair value through pro\ufb01t or loss, transaction costs.
In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value
through OCI, it needs to give rise to cash \ufb02ows that are \u2018solely payments of principal and
interest (\u2018SPPI\u2019)\u2019 on the principal amount outstanding. This assessment is referred to as the
SPPI test and is performed at an instrument level.
For purposes of subsequent measurement, \ufb01nancial assets are classi\ufb01ed in two categories:
\u2013
Financial assets designated at fair value through OCI with no recycling of cumulative gains
and losses upon derecognition (equity instruments); and
\u2013
Financial assets at fair value through pro\ufb01t or loss.
(a)
Financial assets designated at fair value through OCI (equity instruments)
Upon initial recognition, the Group can elect to classify irrevocably its equity investments
as equity instruments designated at fair value through OCI when they meet the de\ufb01nition of
equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The
classi\ufb01cation is determined on an instrument-by-instrument basis. Gains and losses on these
\ufb01nancial assets are never recycled to pro\ufb01t or loss. Dividends are recognised as other income
in the Group income statement when the right of payment has been established, except when
the Group bene\ufb01ts from such proceeds as a recovery of part of the cost of the \ufb01nancial asset,
in which case, such gains are recorded in OCI. Equity instruments designated at fair value
through OCI are not subject to impairment assessment. The Group elected to classify its non-
listed equity investments under this category.
(b)
Financial assets at fair value through pro\ufb01t or loss
Financial assets at fair value through pro\ufb01t or loss include \ufb01nancial assets held for trading,
\ufb01nancial assets designated upon initial recognition at fair value through pro\ufb01t or loss, or
\ufb01nancial assets mandatorily required to be measured at fair value. Financial assets are
classi\ufb01ed as held for trading if they are acquired for the purpose of selling or repurchasing
in the near term. Financial assets with cash \ufb02ows that are not solely payments of principal
and interest are classi\ufb01ed and measured at fair value through pro\ufb01t or loss, irrespective of the
business model. Financial assets at fair value through pro\ufb01t or loss are carried in the Balance
sheet at fair value with net changes in fair value recognised in the Group income statement.
Derecognition
A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar
\ufb01nancial assets) is primarily derecognised (i.e. removed from the Group\u2019s Balance sheet)
when:
\u2013
The rights to receive cash \ufb02ows from the asset have expired; or
\u2013
The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an
obligation to pay the received cash \ufb02ows in full without material delay to a third party.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21636": { "value": "(b)
Financial assets at fair value through pro\ufb01t or loss
Financial assets at fair value through pro\ufb01t or loss include \ufb01nancial assets held for trading,
\ufb01nancial assets designated upon initial recognition at fair value through pro\ufb01t or loss, or
\ufb01nancial assets mandatorily required to be measured at fair value. Financial assets are
classi\ufb01ed as held for trading if they are acquired for the purpose of selling or repurchasing
in the near term. Financial assets with cash \ufb02ows that are not solely payments of principal
and interest are classi\ufb01ed and measured at fair value through pro\ufb01t or loss, irrespective of the
business model. Financial assets at fair value through pro\ufb01t or loss are carried in the Balance
sheet at fair value with net changes in fair value recognised in the Group income statement.(a)
Financial liabilities at fair value through pro\ufb01t or loss
Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for
trading and \ufb01nancial liabilities designated upon initial recognition as at fair value through
pro\ufb01t or loss. Gains or losses on liabilities held for trading are recognised in the Group
income statement. Financial liabilities designated upon initial recognition at fair value
through pro\ufb01t or loss are designated at the initial date of recognition, and only if the criteria
in IFRS 9 are satis\ufb01ed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21649": { "value": "Derecognition
A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar
\ufb01nancial assets) is primarily derecognised (i.e. removed from the Group\u2019s Balance sheet)
when:
\u2013
The rights to receive cash \ufb02ows from the asset have expired; or
\u2013
The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an
obligation to pay the received cash \ufb02ows in full without material delay to a third party.Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged
or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of
the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21683": { "value": "1.9 Financial liabilities
Financial liabilities within the scope of IFRS 9 are classi\ufb01ed, at initial recognition, as \ufb01nancial
liabilities at fair value through pro\ufb01t or loss, loans and borrowings or payables. All \ufb01nancial
liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs. The Group and company\u2019s \ufb01nancial
liabilities include trade and other payables, loans and borrowings including bank overdrafts
and \ufb01nancial guarantee contracts.
The subsequent measurement of \ufb01nancial liabilities depends on their classi\ufb01cation, as
described below:
(a)
Financial liabilities at fair value through pro\ufb01t or loss
Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for
trading and \ufb01nancial liabilities designated upon initial recognition as at fair value through
pro\ufb01t or loss. Gains or losses on liabilities held for trading are recognised in the Group
income statement. Financial liabilities designated upon initial recognition at fair value
through pro\ufb01t or loss are designated at the initial date of recognition, and only if the criteria
in IFRS 9 are satis\ufb01ed.
(b)
Financial liabilities at amortised cost (loans and borrowings)
After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the effective interest rate (\u2018EIR\u2019) method. Gains and losses are
recognised in the Group income statement when the liabilities are derecognised as well as
through the EIR amortisation process. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an integral part of the EIR. The
EIR amortisation is included as \ufb01nance costs in the Group income statement.
(c)
Financial guarantee contracts (Company only)
Financial guarantee contracts issued by the Company are those contracts that require
a payment to be made to reimburse the holder for a loss it incurs because the speci\ufb01ed
debtor fails to make a payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are initially measured at fair value by applying the estimated
probability of default to the cash out\ufb02ow should default occur and subsequently amortising
over the expected length of the guarantee, to the extent that the guarantee is not expected
to be called. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the present obligation at the reporting date or the amount
recognised less cumulative amortisation.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged
or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of
the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the Group income statement.
Offsetting of \ufb01nancial instruments
Financial assets and \ufb01nancial liabilities are offset and the net amount is reported in the
Balance sheet if there is a currently enforceable legal right to offset the recognised amounts
and there is an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21707": { "value": "After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the effective interest rate (\u2018EIR\u2019) method. Gains and losses are
recognised in the Group income statement when the liabilities are derecognised as well as
through the EIR amortisation process. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an integral part of the EIR. The
EIR amortisation is included as \ufb01nance costs in the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21716": { "value": "(c)
Financial guarantee contracts (Company only)
Financial guarantee contracts issued by the Company are those contracts that require
a payment to be made to reimburse the holder for a loss it incurs because the speci\ufb01ed
debtor fails to make a payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are initially measured at fair value by applying the estimated
probability of default to the cash out\ufb02ow should default occur and subsequently amortising
over the expected length of the guarantee, to the extent that the guarantee is not expected
to be called. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the present obligation at the reporting date or the amount
recognised less cumulative amortisation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21740": { "value": "Offsetting of \ufb01nancial instruments
Financial assets and \ufb01nancial liabilities are offset and the net amount is reported in the
Balance sheet if there is a currently enforceable legal right to offset the recognised amounts
and there is an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21749": { "value": "1.10 Leases
The Group leases various properties and equipment. Rental contracts are made for various
\ufb01xed periods. Lease terms are negotiated on an individual basis and contain a wide range
of different terms and conditions. The lease agreements do not impose any covenants, but
leased assets may not be used as security for borrowing purposes.
The Group assesses at contract inception whether a contract is, or contains, a lease. That is,
if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in
exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group. Each lease payment is allocated
between the liability and \ufb01nance cost. The \ufb01nance cost is charged to the Group income
statement over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. The right-of-use asset is depreciated over
the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities, where applicable, include the net present value of the following lease
payments:
\u2013
Fixed payments (including in-substance \ufb01xed payments), less any lease incentives
receivable;
\u2013
Variable lease payments that are based on an index or a rate;
\u2013
Amounts expected to be payable by the lessee under residual value guarantees;
\u2013
The exercise price of a purchase option if the lessee is reasonably certain to exercise that
option; and
\u2013
Payments of penalties for terminating the lease, if the lease term re\ufb02ects the lessee
exercising that option.
Variable lease payments that are not based on an index or a rate are not part of the lease
liability, but they are recognised in the Group income statement when the event or condition
that triggers those payments occurs.
The carrying amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in
the lease term, a change in the lease payments or a change in the assessment of an option to
purchase the underlying asset.
The lease payments are discounted using the interest rate implicit in the lease. If that rate
cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that
the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value
in a similar economic environment with similar terms and conditions.
Right-of-use assets, where applicable, are measured at cost comprising the following:
\u2013
The amount of the initial measurement of lease liability;
\u2013
Any lease payments made at or before the commencement date less any lease incentives
received; and
\u2013
Any initial direct costs.
The depreciation period for the right-of-use asset is from the lease commencement date to
the earlier of the end of the lease term or the end of the useful life of the asset, as follows:
\u2013
Land and buildings up to 99 years; and
\u2013
Fleet and machines up to 5 years.
Payments associated with short-term leases and leases of low-value assets are recognised
on a straight-line basis as an expense in the Group income statement. Short-term leases are
leases with a lease term of 12 months or less. In determining the lease term, management
considers all facts and circumstances that create an economic incentive to exercise an
extension option. Extension options are only included in the lease term if the lease is
reasonably certain to be extended (or not terminated). The assessment is reviewed if
a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs which affects this
assessment and that is within the control of the Group as a lessee.
Where appropriate the Group will sub-let properties which are vacant in order to derive lease
income, which is shown net of lease costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21816": { "value": "1.11 Provisions, contingent liabilities and regulatory matters
Provisions are recognised when the Group has a present legal or constructive obligation as
a result of past events, it is more likely than not that an out\ufb02ow of resources will be required
to settle the obligation and the amount can be reliably estimated. Provisions are measured at
the best estimate of the expenditures required to settle the obligation. If the effect of the time
value of money is material, provisions are discounted using a pre-tax rate that re\ufb02ects, where
appropriate, the risks speci\ufb01c to the liability. Where discounting is used, the increase in the
provision due to the passage of time is recognised as a \ufb01nance cost.
Contingent liabilities are possible obligations and present obligations that are not
probable or not reliably measurable. Contingent liabilities are disclosed but not accounted.
However, disclosure is not required if payment is remote. The Group\u2019s policy is to engage
collaboratively with regulators and address any concerns raised as soon as possible. The
Group takes legal advice, as appropriate, as to the manner in which it should respond to
matters raised and the potential outcome. However, for the majority of these matters, the
Board is unable to quantify reliably the likelihood, timing and out\ufb02ow of funds that may
result, if any. For material matters where an out\ufb02ow of funds is probable and can be measured
reliably based on the latest information available at the reporting date, amounts have been
recognised in the consolidated and company \ufb01nancial statements within Provisions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21850": { "value": "Contingent liabilities are possible obligations and present obligations that are not
probable or not reliably measurable. Contingent liabilities are disclosed but not accounted.
However, disclosure is not required if payment is remote. The Group\u2019s policy is to engage
collaboratively with regulators and address any concerns raised as soon as possible. The
Group takes legal advice, as appropriate, as to the manner in which it should respond to
matters raised and the potential outcome. However, for the majority of these matters, the
Board is unable to quantify reliably the likelihood, timing and out\ufb02ow of funds that may
result, if any. For material matters where an out\ufb02ow of funds is probable and can be measured
reliably based on the latest information available at the reporting date, amounts have been
recognised in the consolidated and company \ufb01nancial statements within Provisions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21864": { "value": "1.12 Property, plant and equipment
Property, plant and equipment is stated at cost, net of accumulated depreciation and
impairment. Such cost includes expenditure that is directly attributable to the acquisition
of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised
as a separate asset, as appropriate, only when it is probable that future economic bene\ufb01ts
associated with the item will \ufb02ow to the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to the income statement during the
\ufb01nancial period in which they are incurred.
Depreciation is calculated on assets using the straight-line method to allocate their cost less
residual values over their estimated useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2013
Freehold and leasehold property
.......................
50 years or lease term if less
\u2013
Refurbishment of property
................................
5 to 20 years or lease term
\u2013
Fixtures, \ufb01ttings, plant and machinery
.............
3 to 20 years
\n
Land is not depreciated.
Residual values and useful lives are reviewed at each balance sheet date, and adjusted
prospectively, if appropriate.
An item of property, plant and equipment is derecognised upon disposal or when no
future economic bene\ufb01ts are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the Group income statement.
Pre-opening costs are expensed to the Group income statement as incurred.
Assets under construction included in property, plant and equipment are amounts relating to
expenditure for assets in the course of construction.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21874": { "value": "Depreciation is calculated on assets using the straight-line method to allocate their cost less
residual values over their estimated useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2013
Freehold and leasehold property
.......................
50 years or lease term if less
\u2013
Refurbishment of property
................................
5 to 20 years or lease term
\u2013
Fixtures, \ufb01ttings, plant and machinery
.............
3 to 20 years
\nLand is not depreciated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21915": { "value": "1.13 Intangible assets(b)
Casino and other gaming licences and concessions
The Group capitalises acquired casino and other gaming licences and concessions.
Management believes that casino and other gaming licences have inde\ufb01nite lives as there is
no foreseeable limit to the period over which the licences are expected to generate net cash
in\ufb02ows and each licence holds a value outside the property in which it resides. Each licence
is reviewed annually for impairment.
(c)
Software and development
Costs that are directly associated with the production and development of identi\ufb01able
and unique software products controlled by the Group, and that are expected to generate
economic bene\ufb01ts exceeding costs beyond one year, are recognised as intangible assets for
both externally purchased and internally developed software. Direct costs include speci\ufb01c
employee costs for software development.
Software acquired as part of a business combination is recognised at fair value at the date of
acquisition.
Costs associated with maintaining computer software programmes are recognised as an
expense as incurred.
(d) Brands
Represents the fair value of brands and trademark assets acquired in business combinations
at the acquisition date.
(e) Customer relationships
Represents the fair value of customer relations acquired in business combinations at the
acquisition date.
Amortisation is recognised on a straight-line basis over the estimated useful life of intangible
assets unless such lives are inde\ufb01nite. The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2013 Casino and other gaming licences
...................
Inde\ufb01nite
\u2013 Software and developments
..............................
3 to 5 years
\u2013 Brands
...............................................................
10 years
\u2013 Customer relationships
.....................................
4 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21916": { "value": "1.13 Intangible assets
(a) Goodwill
Goodwill represents the excess of the fair value of the consideration transferred over the fair
value of the Group\u2019s share of the net identi\ufb01able assets less the liabilities assumed at the date
of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested
annually for impairment and is allocated to the relevant cash-generating unit or group of
cash-generating units for the purpose of impairment testing. A cash-generating unit is the
smallest identi\ufb01able group of assets that generates cash in\ufb02ows, that are largely independent
of the cash in\ufb02ows from other assets or groups of assets. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses.
(b)
Casino and other gaming licences and concessions
The Group capitalises acquired casino and other gaming licences and concessions.
Management believes that casino and other gaming licences have inde\ufb01nite lives as there is
no foreseeable limit to the period over which the licences are expected to generate net cash
in\ufb02ows and each licence holds a value outside the property in which it resides. Each licence
is reviewed annually for impairment.
(c)
Software and development
Costs that are directly associated with the production and development of identi\ufb01able
and unique software products controlled by the Group, and that are expected to generate
economic bene\ufb01ts exceeding costs beyond one year, are recognised as intangible assets for
both externally purchased and internally developed software. Direct costs include speci\ufb01c
employee costs for software development.
Software acquired as part of a business combination is recognised at fair value at the date of
acquisition.
Costs associated with maintaining computer software programmes are recognised as an
expense as incurred.
(d) Brands
Represents the fair value of brands and trademark assets acquired in business combinations
at the acquisition date.
(e) Customer relationships
Represents the fair value of customer relations acquired in business combinations at the
acquisition date.
Amortisation is recognised on a straight-line basis over the estimated useful life of intangible
assets unless such lives are inde\ufb01nite. The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2013 Casino and other gaming licences
...................
Inde\ufb01nite
\u2013 Software and developments
..............................
3 to 5 years
\u2013 Brands
...............................................................
10 years
\u2013 Customer relationships
.....................................
4 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21919": { "value": "(a) Goodwill
Goodwill represents the excess of the fair value of the consideration transferred over the fair
value of the Group\u2019s share of the net identi\ufb01able assets less the liabilities assumed at the date
of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested
annually for impairment and is allocated to the relevant cash-generating unit or group of
cash-generating units for the purpose of impairment testing. A cash-generating unit is the
smallest identi\ufb01able group of assets that generates cash in\ufb02ows, that are largely independent
of the cash in\ufb02ows from other assets or groups of assets. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21940": { "value": "(c)
Software and development
Costs that are directly associated with the production and development of identi\ufb01able
and unique software products controlled by the Group, and that are expected to generate
economic bene\ufb01ts exceeding costs beyond one year, are recognised as intangible assets for
both externally purchased and internally developed software. Direct costs include speci\ufb01c
employee costs for software development.
Software acquired as part of a business combination is recognised at fair value at the date of
acquisition.
Costs associated with maintaining computer software programmes are recognised as an
expense as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21957": { "value": "(e) Customer relationships
Represents the fair value of customer relations acquired in business combinations at the
acquisition date.
Amortisation is recognised on a straight-line basis over the estimated useful life of intangible
assets unless such lives are inde\ufb01nite. The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2013 Casino and other gaming licences
...................
Inde\ufb01nite
\u2013 Software and developments
..............................
3 to 5 years
\u2013 Brands
...............................................................
10 years
\u2013 Customer relationships
.....................................
4 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21988": { "value": "1.14 Impairment or subsequent reversal of previously recognised impairment
for non-\ufb01nancial assets
Assets that have an inde\ufb01nite useful life are not subject to depreciation or amortisation and
are tested annually for impairment. Assets that are subject to depreciation or amortisation
are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable or where they indicate a previously recognised
impairment may no longer be required. In instances where there is an indicator of
impairment on right-of-use assets, any lease with an expiry of 1-2 years are extended to next
4 years as a management judgement to determine a more appropriate fair value.
An impairment loss is recognised as the amount by which an asset\u2019s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value
less costs of disposal and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identi\ufb01able cash in\ufb02ows (cash-
generating units). The expected cash \ufb02ows generated by the assets are discounted using
appropriate discount rates that re\ufb02ect the time value of money and risks associated with the
groups of assets.
If an impairment loss is recognised, the carrying amount of the asset (cash-generating unit)
is reduced to its recoverable amount. An impairment loss is recognised as an expense in the
Group income statement immediately.
Any impairment is allocated pro-rata across all assets in a cash-generating unit unless there
is an indication that a class of asset should be impaired in the \ufb01rst instance or a fair market
value exists for one or more assets. Once an asset has been written down to its fair value
less costs of disposal then any remaining impairment is allocated equally amongst all other
assets.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-
generating unit) is increased to the revised estimate of its recoverable amount, but only to
the extent that the increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised for the asset (cash-
generating unit) in prior years. Reversals are allocated pro-rata across all assets in the
cash-generating unit unless there is an indication that a class of asset should be reversed
in the \ufb01rst instance or a fair market value exists for one or more assets. A reversal of an
impairment loss is recognised in the Group income statement immediately.
An impairment loss recognised for goodwill is never reversed in subsequent periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f21989": { "value": "1.14 Impairment or subsequent reversal of previously recognised impairment
for non-\ufb01nancial assets
Assets that have an inde\ufb01nite useful life are not subject to depreciation or amortisation and
are tested annually for impairment. Assets that are subject to depreciation or amortisation
are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable or where they indicate a previously recognised
impairment may no longer be required. In instances where there is an indicator of
impairment on right-of-use assets, any lease with an expiry of 1-2 years are extended to next
4 years as a management judgement to determine a more appropriate fair value.
An impairment loss is recognised as the amount by which an asset\u2019s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value
less costs of disposal and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identi\ufb01able cash in\ufb02ows (cash-
generating units). The expected cash \ufb02ows generated by the assets are discounted using
appropriate discount rates that re\ufb02ect the time value of money and risks associated with the
groups of assets.
If an impairment loss is recognised, the carrying amount of the asset (cash-generating unit)
is reduced to its recoverable amount. An impairment loss is recognised as an expense in the
Group income statement immediately.
Any impairment is allocated pro-rata across all assets in a cash-generating unit unless there
is an indication that a class of asset should be impaired in the \ufb01rst instance or a fair market
value exists for one or more assets. Once an asset has been written down to its fair value
less costs of disposal then any remaining impairment is allocated equally amongst all other
assets.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-
generating unit) is increased to the revised estimate of its recoverable amount, but only to
the extent that the increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised for the asset (cash-
generating unit) in prior years. Reversals are allocated pro-rata across all assets in the
cash-generating unit unless there is an indication that a class of asset should be reversed
in the \ufb01rst instance or a fair market value exists for one or more assets. A reversal of an
impairment loss is recognised in the Group income statement immediately.
An impairment loss recognised for goodwill is never reversed in subsequent periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22048": { "value": "1.15 Employee bene\ufb01t costs
(a) Pension obligations
The Group operates a de\ufb01ned contribution plan under which the Group pays \ufb01xed
contributions to a separate entity. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised as employee bene\ufb01t expense
when they are due.
The Group also has an unfunded pension commitment relating to three former Executives
of the Group. The amount recognised in the balance sheet in respect of the commitment
is the present value of the obligation at the balance sheet date, together with adjustment
for actuarial gains or losses. The Group recognises actuarial gains and losses immediately
in the Group statement of other comprehensive income. The interest cost arising on the
commitment is recognised in net \ufb01nance costs.
(b) Share-based compensation
The Group operates share-based payment schemes for employees of its subsidiaries whereby
the Company makes awards of its own shares to employees of its subsidiaries, and as such
recognises an increase in the cost of investment in its subsidiaries equivalent to the equity-
settled share-based payment charge recognised in its subsidiaries\u2019 \ufb01nancial statements, with
the corresponding credit being recognised directly in equity.
The cost of equity-settled transactions with employees for awards is measured by reference to
the fair value at the date on which they are granted. The fair value is determined by using an
appropriate pricing model.
The cost of equity-settled transactions is recognised, together with a corresponding increase
in equity, over the period in which the performance and/or service conditions are ful\ufb01lled
(the vesting period). The cumulative expense recognised for equity-settled transactions at
each reporting date until the vesting date re\ufb02ects the extent to which the vesting period has
expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately
vest. The income statement expense or credit for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for equity-settled
transactions where vesting is conditional upon a market or non-vesting condition, which
are treated as vesting irrespective of whether or not the market or non-vesting condition is
satis\ufb01ed, provided that service conditions are also satis\ufb01ed.
Where the terms of an equity-settled transaction award are modi\ufb01ed, the minimum expense
recognised is the expense as if the terms had not been modi\ufb01ed, if the original terms of
the award are met. An additional expense is recognised for any modi\ufb01cation that increases
the total fair value of the share-based payment transaction or is otherwise bene\ufb01cial to the
employee as measured at the date of modi\ufb01cation.
Where an equity-settled award is cancelled, it is treated as if it vested on the date of
cancellation, and any expense not yet recognised for the award is recognised immediately.
This includes any award where non-vesting conditions within the control of either the entity
or the employee are not met. However, if a new award is substituted for the cancelled award,
and designated as a replacement award on the date that it is granted, the cancelled and new
awards are treated as if they were a modi\ufb01cation of the original award, as described in the
previous paragraph. All cancellations of equity-settled transaction awards are treated equally,
regardless of whether the entity or the employee cancels the award.
The dilutive effect of outstanding options is re\ufb02ected as additional share dilution in the
computation of diluted earnings per share.
The proceeds received net of any directly attributable transaction costs are credited to share
capital (nominal value) and share premium when the options are exercised.
(c) Bonus plans
The Group recognises a liability in respect of the best estimate of bonuses payable where
contractually obliged to do so or where a past practice has created a constructive obligation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22062": { "value": "(b) Share-based compensation
The Group operates share-based payment schemes for employees of its subsidiaries whereby
the Company makes awards of its own shares to employees of its subsidiaries, and as such
recognises an increase in the cost of investment in its subsidiaries equivalent to the equity-
settled share-based payment charge recognised in its subsidiaries\u2019 \ufb01nancial statements, with
the corresponding credit being recognised directly in equity.
The cost of equity-settled transactions with employees for awards is measured by reference to
the fair value at the date on which they are granted. The fair value is determined by using an
appropriate pricing model.
The cost of equity-settled transactions is recognised, together with a corresponding increase
in equity, over the period in which the performance and/or service conditions are ful\ufb01lled
(the vesting period). The cumulative expense recognised for equity-settled transactions at
each reporting date until the vesting date re\ufb02ects the extent to which the vesting period has
expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately
vest. The income statement expense or credit for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for equity-settled
transactions where vesting is conditional upon a market or non-vesting condition, which
are treated as vesting irrespective of whether or not the market or non-vesting condition is
satis\ufb01ed, provided that service conditions are also satis\ufb01ed.
Where the terms of an equity-settled transaction award are modi\ufb01ed, the minimum expense
recognised is the expense as if the terms had not been modi\ufb01ed, if the original terms of
the award are met. An additional expense is recognised for any modi\ufb01cation that increases
the total fair value of the share-based payment transaction or is otherwise bene\ufb01cial to the
employee as measured at the date of modi\ufb01cation.
Where an equity-settled award is cancelled, it is treated as if it vested on the date of
cancellation, and any expense not yet recognised for the award is recognised immediately.
This includes any award where non-vesting conditions within the control of either the entity
or the employee are not met. However, if a new award is substituted for the cancelled award,
and designated as a replacement award on the date that it is granted, the cancelled and new
awards are treated as if they were a modi\ufb01cation of the original award, as described in the
previous paragraph. All cancellations of equity-settled transaction awards are treated equally,
regardless of whether the entity or the employee cancels the award.
The dilutive effect of outstanding options is re\ufb02ected as additional share dilution in the
computation of diluted earnings per share.
The proceeds received net of any directly attributable transaction costs are credited to share
capital (nominal value) and share premium when the options are exercised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22106": { "value": "1.16 Cash and short-term deposits
Cash comprises cash in hand and balances with banks and on-demand deposits. Short-term
deposits are short term, highly liquid investments that are readily convertible to known
amounts of cash. They include short-term deposits originally purchased with maturities of
three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22114": { "value": "1.17 Inventories
Inventories are valued at the lower of cost and net realisable value. Cost of inventory is
determined on a \u2018\ufb01rst-in, \ufb01rst-out\u2019 basis.
The cost of \ufb01nished goods comprises goods purchased for resale.
Net realisable value is the estimated selling price in the ordinary course of business. When
necessary, provision is made for obsolete and slow-moving inventories.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22123": { "value": "1.18 Taxation
(a) Current tax
Current tax assets and liabilities for the current and prior periods are measured as the
amount expected to be paid or to be recovered from the taxation authorities. The tax rates
and tax laws used to compute the amount are those that are enacted, or substantively
enacted, by the reporting date.
Current tax relating to items recognised directly in equity is recognised in equity and not the
income statement.
Management evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation at each reporting date and establishes
provisions where appropriate.
(b) Deferred tax
Deferred tax is provided using the liability method on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the \ufb01nancial
statements. However, if deferred tax arises from the initial recognition of an asset or liability
in a transaction, other than a business combination, that at the time of the transaction
affects neither accounting nor taxable pro\ufb01t or loss, it is not accounted for. Deferred tax is
determined using tax rates (and laws) that have been enacted or substantively enacted by the
balance sheet date and are expected to apply when the related deferred tax asset is realised or
the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable pro\ufb01t
will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current taxation assets against current taxation liabilities and it is the intention to settle these
on a net basis.
Deferred tax is provided on temporary differences arising on investments in subsidiaries,
except where the timing of the reversal of the temporary difference is controlled by the Group
and it is probable that the temporary difference will not reverse in the foreseeable future.
(c) Sales tax
Revenues, expenses and assets are recognised net of the amount of sales tax except:
Where the sales tax incurred on a purchase of assets or services is not recoverable from the
taxation authority, in which case the sales tax is recognised as part of the cost of acquisition
of the asset or as part of the expense item as applicable; and
For receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included
as part of receivables or payables in the balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22136": { "value": "(b) Deferred tax
Deferred tax is provided using the liability method on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the \ufb01nancial
statements. However, if deferred tax arises from the initial recognition of an asset or liability
in a transaction, other than a business combination, that at the time of the transaction
affects neither accounting nor taxable pro\ufb01t or loss, it is not accounted for. Deferred tax is
determined using tax rates (and laws) that have been enacted or substantively enacted by the
balance sheet date and are expected to apply when the related deferred tax asset is realised or
the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable pro\ufb01t
will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current taxation assets against current taxation liabilities and it is the intention to settle these
on a net basis.
Deferred tax is provided on temporary differences arising on investments in subsidiaries,
except where the timing of the reversal of the temporary difference is controlled by the Group
and it is probable that the temporary difference will not reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22183": { "value": "1.19 Share capital Ordinary shares are classi\ufb01ed as equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22187": { "value": "1.20 Dividends
Dividends proposed by the Board of Directors and unpaid at the period end are not
recognised in the \ufb01nancial statements until they have been approved by shareholders at the
Annual General Meeting. Interim dividends are recognised when paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22194": { "value": "1.21 Investments Investments in subsidiaries are held at cost less accumulated impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f22239": { "value": "2 Segmental reporting
(a) Segment information \u2013 operating segments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended 30 June 2024
\u00a0 \u00a0
Grosvenor
Mecca
Enracha
Central
\u00a0
\u00a0
Digital
Venues
Venues
Venues
Costs
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Revenue
226.0
331.3
138.9
38.5
\u2013
734.7
Other operating income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Operating pro\ufb01t (loss)
23.4
23.7
3.7
9.6
(14.1)
46.3
Separately disclosed items
(7.2)
(7.2)
(5.4)
3.5
(0.6)
(16.9)
Segment result
16.2
16.5
(1.7)
13.1
(14.7)
29.4
Finance costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(13.4)
Finance income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
0.7
Other \ufb01nancial losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(1.2)
Pro\ufb01t before taxation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
15.5
Taxation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(3.5)
Pro\ufb01t for the year from continuing operations
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
12.0
Other segment items \u2013 continuing operations
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital expenditure
(10.3)
(19.0)
(14.1)
(2.3)
(1.0)
(46.7)
Depreciation and amortisation
(14.6)
(25.9)
(4.3)
(1.5)
(1.4)
(47.7)
Separately disclosed items from continuing operations
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Impairment charges
\u2013
(18.8)
(10.0)
\u2013
\u2013
(28.8)
Impairment reversals
\u2013
12.9
4.7
3.6
\u2013
21.2
Closure of venues
\u2013
(0.2)
0.7
(0.1)
(0.6)
(0.2)
Amortisation of acquired intangible assets
(6.6)
\u2013
\u2013
\u2013
\u2013
(6.6)
Property related provisions
\u2013
(1.1)
(0.8)
\u2013
\u2013
(1.9)
Divestment on Multibrands and PG
(0.6)
\u2013
\u2013
\u2013
\u2013
(0.6)
\n \n
Year ended 30 June 2023 (restated)
Grosvenor
Mecca
Enracha
Central
Digital
Venues
Venues
Venues
Costs
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Continuing operations
Revenue
202.9
306.3
136.3
36.4
\u2013
681.9
Operating pro\ufb01t (loss)
13.2
16.3
(7.0)
9.1
(13.1)
18.5
Separately disclosed items
(9.1)
(51.7)
(67.1)
(4.2)
3.2
(128.9)
Segment result
4.1
(35.4)
(74.1)
4.9
(9.9)
(110.4)
Finance costs
(12.6)
Finance income
0.8
Other \ufb01nancial losses
(1.1)
Loss before taxation
(123.3)
Taxation
27.2
Loss for the year from continuing operations
(96.1)
Other segment items \u2013 continuing operations
Capital expenditure
(10.6)
(19.5)
(12.5)
(1.2)
(0.3)
(44.1)
Depreciation and amortisation
(14.3)
(28.8)
(10.9)
(1.5)
(2.5)
(58.0)
Separately disclosed items from continuing operations
Impairment charges
\u2013
(53.3)
(61.5)
(4.1)
\u2013
(118.9)
Impairment reversals
\u2013
6.6
\u2013
\u2013
\u2013
6.6
Property-related provisions
\u2013
(1.4)
(0.5)
\u2013
\u2013
(1.9)
Amortisation of acquired intangible assets
(8.6)
\u2013
\u2013
\u2013
\u2013
(8.6)
Closure of venues
\u2013
(3.0)
(4.6)
(0.1)
\u2013
(7.7)
Integration costs
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Business transformation costs
(0.4)
(0.6)
(0.5)
\u2013
(0.5)
(2.0)
Disposal provision lease
\u2013
\u2013
\u2013
\u2013
3.7
3.7
\n
The Group reports segmental information on the basis by which the chief operating decision-
\n
makers utilise internal reporting within the business.
\n
Assets and liabilities have not been segmented as this information is not provided to the
\n
chief operating decision-makers on a regular basis.
\n
Capital expenditure comprises cash expenditure on property, plant and equipment and other
\n
intangible assets.
(b) Geographical information
The Group operates in three main geographical areas (UK, Continental Europe and Rest of
World).
(i)
Revenue from customers by geographical area based on location of customer
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
UK
664.8
616.0
Continental Europe
66.1
60.5
Rest of World
3.8
5.4
Total revenue
734.7
681.9
\n
(ii)
Non-current assets by geographical area based on location of assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
UK
556.2
562.0
Continental Europe
66.8
69.9
Total non-current assets
623.0
631.9
\n
With the exception of the UK, no individual country contributed more than 15% of
consolidated sales or assets.
(c)
Total revenue and pro\ufb01t from operations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Revenue
Pro\ufb01t
\u00a0
Year ended
Year ended
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
From continuing operations
734.7
681.9
12.0
(96.1)
From discontinued operations
\u2013
\u2013
0.2
0.3
\u00a0
734.7
681.9
12.2
(95.8)
\n
(d) Total revenue by income stream
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Revenue recognised under IFRS 9
\u00a0 \u00a0
Gaming win \u2013 Casino
599.4
552.1
Revenue recognised under IFRS 15
\u00a0 \u00a0
Gaming win \u2013 Bingo
64.4
61.8
Gaming win \u2013 Poker
23.8
18.9
Gaming win \u2013 Rummy
3.4
5.4
Food and beverage
39.8
39.1
Other
3.9
4.6
Total revenue recognised under IFRS 15
135.3
129.8
Total revenue
734.7
681.9
\n
(e)
Total cost analysis by segment
To increase transparency, the Group has decided to include additional disclosure analysing
total costs by type and segment. A reconciliation of total costs, before separately disclosed
items, by type and segment is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended 30 June 2024
\u00a0 \u00a0
Grosvenor
Mecca
Enracha
Central
\u00a0
\u00a0
Digital
Venues
Venues
Venues
Costs
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Employment and related costs
28.9
139.6
51.8
17.7
8.6
246.6
Taxes and duties
51.2
70.0
26.1
1.8
2.1
151.2
Direct costs
55.3
29.2
21.9
3.4
\u2013
109.8
Depreciation and amortisation
14.6
25.9
4.3
1.5
1.4
47.7
Marketing
39.2
8.0
5.1
2.8
\u2013
55.1
Property costs
1.0
9.5
5.1
0.5
0.4
16.5
Other
12.4
25.4
20.9
1.2
1.6
61.5
Total costs before separately disclosed items
202.6
307.6
135.2
28.9
14.1
688.4
Cost of sales
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
418.2
Operating costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
270.2
Total costs before separately disclosed items
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
688.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended 30 June 2023 (restated)
\u00a0 \u00a0
Grosvenor
Mecca
Enracha
Central
\u00a0
\u00a0
Digital
Venues
Venues
Venues
Costs
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Employment and related costs
28.1
122.0
46.1
17.7
7.7
221.6
Taxes and duties
47.7
64.2
27.1
2.0
1.2
142.2
Direct costs
57.1
28.2
20.6
3.0
-
108.9
Depreciation and amortisation
14.3
28.8
10.9
1.5
2.5
58.0
Marketing
33.3
6.2
5.7
2.4
0.2
47.8
Property costs
0.8
11.6
6.5
0.6
0.5
20.0
Other
8.4
29.0
26.4
0.1
1.0
64.9
Total costs before separately disclosed items
189.7
290.0
143.3
27.3
13.1
663.4
Cost of sales
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
409.0
Operating costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
254.4
Total costs before separately disclosed items
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
663.4
\n
The Group reports segmental information on the basis by which the chief operating
decision-makers utilise internal reporting within the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f23065": { "value": "(c)
Total revenue and pro\ufb01t from operations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Revenue
Pro\ufb01t
\u00a0
Year ended
Year ended
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
From continuing operations
734.7
681.9
12.0
(96.1)
From discontinued operations
\u2013
\u2013
0.2
0.3
\u00a0
734.7
681.9
12.2
(95.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f23066": { "value": "(c)
Total revenue and pro\ufb01t from operations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Revenue
Pro\ufb01t
\u00a0
Year ended
Year ended
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
From continuing operations
734.7
681.9
12.0
(96.1)
From discontinued operations
\u2013
\u2013
0.2
0.3
\u00a0
734.7
681.9
12.2
(95.8)
\n
(d) Total revenue by income stream
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Revenue recognised under IFRS 9
\u00a0 \u00a0
Gaming win \u2013 Casino
599.4
552.1
Revenue recognised under IFRS 15
\u00a0 \u00a0
Gaming win \u2013 Bingo
64.4
61.8
Gaming win \u2013 Poker
23.8
18.9
Gaming win \u2013 Rummy
3.4
5.4
Food and beverage
39.8
39.1
Other
3.9
4.6
Total revenue recognised under IFRS 15
135.3
129.8
Total revenue
734.7
681.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f23672": { "value": "3 Pro\ufb01t for the year \u2013 analysis by nature
The following items have been charged in arriving at the pro\ufb01t (loss) for the year before
\ufb01nancing and taxation from continuing operations:
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Employee bene\ufb01t expense
225.7
206.9
Cost of inventories recognised as expense
22.1
21.4
Amortisation of intangibles
15.0
15.7
Depreciation
\u00a0 \u00a0
owned assets (including \u00a317.2m (year ended 30 June 2023: \u00a321.8m) within cost of sales)
18.6
23.8
right-of-use assets (including \u00a312.9m (year ended 30 June 2023: \u00a316.8m) within cost of sales)
14.1
19.0
\u2013 Amortisation and depreciation within SDI
8.3
10.5
Separately disclosed items \u2013 operating costs (see note 4)
16.9
128.9
Auditors\u2019 remuneration for audit services
1.9
1.7
\n
In the year, the Group\u2019s auditors, Ernst & Young LLP, including its network \ufb01rms, earned the
following fees:
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Audit services
\u00a0 \u00a0
Fees payable to the Company\u2019s auditor for the parent company and consolidated \ufb01nancial statements
1.7
1.7
Other services
\u00a0 \u00a0
\u2013 other services - non audit
0.2
\u2013
\u00a0
1.9
1.7
\n
\u00a335,000 (year ended 30 June 2023: \u00a335,000) of the audit fees related to the parent company.
It is the Group\u2019s policy to balance the need to maintain auditor independence with the bene\ufb01t
of taking advice from the leading \ufb01rm in the area concerned and the desirability of being
ef\ufb01cient.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f23757": { "value": "In the year, the Group\u2019s auditors, Ernst & Young LLP, including its network \ufb01rms, earned the
following fees:
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Audit services
\u00a0 \u00a0
Fees payable to the Company\u2019s auditor for the parent company and consolidated \ufb01nancial statements
1.7
1.7
Other services
\u00a0 \u00a0
\u2013 other services - non audit
0.2
\u2013
\u00a0
1.9
1.7
\n\u00a335,000 (year ended 30 June 2023: \u00a335,000) of the audit fees related to the parent company.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f23831": { "value": "4 Separately disclosed items (SDIs)
\u00a0 \u00a0
Year ended
Year ended
\u00a0 \u00a0
30 June 2024
30 June 2023
\u00a0
Note
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0 \u00a0
Impairment charges
10, 11, 12, 13
(28.8)
(118.9)
Impairment reversals
10, 11, 12, 13
21.2
6.6
Closure of venues
\u00a0
(0.2)
(7.7)
Amortisation of acquired intangible assets
\u00a0
(6.6)
(8.6)
Property-related provisions
\u00a0
(1.9)
(1.9)
Loss on disposal of subsidiaries
\u00a0
(0.6)
\u2013
Integration costs
\u00a0
\u2013
(0.1)
Business transformation costs
\u00a0
\u2013
(2.0)
Disposal provision lease
\u00a0
\u2013
3.7
Separately disclosed items
1
\u00a0
(16.9)
(128.9)
Interest
\u00a0
(1.1)
(0.6)
Taxation
6
2.8
27.7
Separately disclosed items relating to continuing operations
1
\u00a0
(15.2)
(101.8)
Separately disclosed items relating to discontinued operations
1
\u00a0 \u00a0 \u00a0
Pro\ufb01t on disposal of business
\u00a0
0.2
0.3
Total separately disclosed items
1
\u00a0
(15.0)
(101.5)
\n
1.
It is Group policy to reverse separately disclosed items in the same line as they were originally recognised.
Impairment charges and reversal
During the year, the Group recognised impairment charges of \u00a328.8m (2023: \u00a3118.9m)
relating to Grosvenor venues and Mecca clubs for a number of reasons, including lower than
anticipated performances, further reduction in forecast earnings and a decision to close a
number of clubs. (see note 13 for further details).
The Group also recognised a reversal of previously impaired assets of \u00a321.2m (2023: \u00a36.6m
Grosvenor venues) relating to Grosvenor and Enracha venues and Mecca clubs. The reversals
were driven by better than anticipated performance and improved outlook in the identi\ufb01ed
Grosvenor and Enracha venues and Mecca clubs.
These items are material, non-recurring and as such, have been excluded from underlying
results.
Closure of venues
During the year, the Group impact of closed clubs was \u00a30.2m (2023: \u00a33.1m relating to a
number of Mecca venues. \u00a33.0m relating to a Grosvenor venue and \u00a30.1m relating to an
Enracha venue). These relate to onerous contract costs, dilapidations and strip out costs on
leased sites and other directly related costs that have been identi\ufb01ed for closure. Upon initial
recognition of closure provisions, management uses its best estimates of the relevant costs to
be incurred, as well as the expected closure dates.
These are material, one off costs and as such have been excluded from underlying results.
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 amortisation expense. Given these charges are material
and non-cash in nature, the Group\u2019s underlying results have been adjusted to exclude the
amortisation expense of \u00a36.6m (2023: \u00a38.6m) relating to the acquired intangible assets of
Stride, YoBingo and Rialto.
Property related provision
\n
The Group recognised a dilapidation liability (and corresponding dilapidation asset) of
\n
\u00a328.7m during the period ending 31 December 2022. As a result, the Group have recognised
\n
dilapidation asset depreciation of \u00a31.7m (2023: \u00a31.9m) and interest on dilapidation liability of
\n
\u00a31.1m (2023: \u00a30.6m) both recognised as separately disclosed items.
\n
Property related provisions do not relate to the operations of the Group, rather a direct result
\n
of potential club or property closures and are therefore, excluded from underlying results.
\n
In prior years and as a result of the COVID-19 lockdown, the Group determined it was
\n
probable that they will be required to make payments under a property arrangement for
\n
which the liability will revert to the Group if the tenant defaults. At that time a provision of
\n
\u00a310.4m was recognised, being the present value of the amount expected to be paid over the
\n
remaining term of the lease.
\n
During the prior year, the Group have re-considered this provision in light of the current
\n
circumstances and situation for both the Group, the guarantors and the property tenants. It
\n
was determined that payment is no longer probable and therefore, the provision was released
\n
in full.
\n
This is a material, one-off provision and as such has been excluded from underlying results
\n
consistent with the original recognition of the provision.
\n
Integration costs
\n
During the year, no cost (2023: \u00a30.1m) has been excluded from underlying operating results
\n
of the Group. These costs have been incurred to ready the RIDE proprietary platform,
\n
acquired in the Stride acquisition, to migrate the legacy Rank brands. Meccabingo.com
\n
successfully migrated in January 2022 and grosvenorcasino.com in September 2022.
\n
Costs directly associated with the integration of business acquisitions are charged to
\n
the Group income statement. Such items are material, infrequent in nature and are not
\n
considered to be part of the underlying business performance.
\n
Business transformation costs
\n
This was a multi-year change programme for the Group focused around revenue growth,
\n
cost savings, ef\ufb01ciencies and ensuring the key enablers are in place. The transformation
\n
programme started in January 2019 was expected to complete by 31 December 2021 but due
\n
to COVID-19 this period was extended.
\n
The multi-year change programme is a material, infrequent programme and is not considered
\n
to be part of the underlying business performance. During the year no cost (2023: \u00a32.0m)
\n
was incurred and excluded from the underlying results of the Group. Going forward, the costs
\n
associated with this programme would form part of the underlying results of the Group.
\n
Disposal provision release
\n
In prior years, a provision had been made for legacy industrial disease and personal injury
\n
claims, and other directly attributable costs arising as a consequence of the sale or closure of
\n
previously owned businesses.
\n
During the prior year, the Group have re-considered this provision by reviewing the historic
\n
and recent claims including the \ufb01nal settlement made. The Group also assessed the
\n
likelihood of payment for existing and potential future claims and concluded, on most cases,
\n
that the payment could not be determined as probable. It was therefore determined necessary
\n
to release the provision of \u00a33.7m.
\n
Loss on disposal of subsidiaries
\n
During the year the Group disposed of its subsidiary of Passion Gaming and incurred a loss
\n
of \u00a30.5m, see note 34 for further details.
\n
In addition, the multibrand business is in the process of divestment and \u00a30.1m related to
\n
legal fees incurred to date.
\n
Taxation
\n
The tax impact of all of the above items are also considered not to be part of the underlying
\n
operations of the Group.
\n
Pro\ufb01t on disposal of business
\n
Charges or credits associated with the disposal of part or all of a business may arise. Such
\n
disposals may result in one time impacts that in order to allow comparability means the
\n
Group removes the pro\ufb01t or loss from underlying operating results.
\n
The Group also made the decision to release \u00a30.2m of the warranty provision associated with
\nthe Belgium casino sale due to passage of time, see note 23.", "dimensions": { "concept": "rnk:DisclosureOfSeparatelyDisclosedItemsSDISExplanatoryTextBlock", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f24017": { "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 amortisation expense. Given these charges are material
and non-cash in nature, the Group\u2019s underlying results have been adjusted to exclude the
amortisation expense of \u00a36.6m (2023: \u00a38.6m) relating to the acquired intangible assets of
Stride, YoBingo and Rialto.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f24121": { "value": "5 Financing \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Finance costs:
\u00a0 \u00a0
Interest on debt and borrowings
(4.0)
(4.8)
Amortisation of issue costs on borrowings
(3.5)
(1.3)
Interest payable on leases
(5.9)
(6.5)
Total \ufb01nance costs
(13.4)
(12.6)
Finance income:
\u00a0 \u00a0
Interest income on net investments in leases
0.3
0.1
Interest income on short-term bank deposits
0.4
0.7
Total \ufb01nance income
0.7
0.8
Other \ufb01nancial losses
(0.1)
(0.5)
Total net \ufb01nancing charge before SDIs
(12.8)
(12.3)
SDI \u2013 interest
(1.1)
(0.6)
Total net \ufb01nancing charge
(13.9)
(12.9)
\nOther \ufb01nancial losses include foreign exchange losses on loans and borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f24122": { "value": "5 Financing \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Finance costs:
\u00a0 \u00a0
Interest on debt and borrowings
(4.0)
(4.8)
Amortisation of issue costs on borrowings
(3.5)
(1.3)
Interest payable on leases
(5.9)
(6.5)
Total \ufb01nance costs
(13.4)
(12.6)
Finance income:
\u00a0 \u00a0
Interest income on net investments in leases
0.3
0.1
Interest income on short-term bank deposits
0.4
0.7
Total \ufb01nance income
0.7
0.8
Other \ufb01nancial losses
(0.1)
(0.5)
Total net \ufb01nancing charge before SDIs
(12.8)
(12.3)
SDI \u2013 interest
(1.1)
(0.6)
Total net \ufb01nancing charge
(13.9)
(12.9)
\nOther \ufb01nancial losses include foreign exchange losses on loans and borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f24123": { "value": "5 Financing \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Continuing operations
\u00a0 \u00a0
Finance costs:
\u00a0 \u00a0
Interest on debt and borrowings
(4.0)
(4.8)
Amortisation of issue costs on borrowings
(3.5)
(1.3)
Interest payable on leases
(5.9)
(6.5)
Total \ufb01nance costs
(13.4)
(12.6)
Finance income:
\u00a0 \u00a0
Interest income on net investments in leases
0.3
0.1
Interest income on short-term bank deposits
0.4
0.7
Total \ufb01nance income
0.7
0.8
Other \ufb01nancial losses
(0.1)
(0.5)
Total net \ufb01nancing charge before SDIs
(12.8)
(12.3)
SDI \u2013 interest
(1.1)
(0.6)
Total net \ufb01nancing charge
(13.9)
(12.9)
\nOther \ufb01nancial losses include foreign exchange losses on loans and borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f24246": { "value": "6 Taxation \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Year ended
\u00a0
Year ended
30 June 2023
\u00a0
30 June 2024
(restated)
\u00a0
\u00a3m
\u00a3m
Current income tax
\u00a0 \u00a0
Current income tax \u2013 UK
0.1
1.3
Current income tax \u2013 overseas
(2.3)
(1.9)
Current income tax on SDI
\u2013
2.6
Amounts (under) over provided in previous period
(0.2)
0.1
Total current income tax (charge) credit
(2.4)
2.1
Deferred tax
\u00a0 \u00a0
Deferred tax \u2013 UK
(1.6)
(5.8)
Deferred tax \u2013 overseas
(1.2)
0.1
Restatement of deferred tax due to rate change
\u2013
5.7
Deferred tax on SDI
2.8
25.1
Amounts under provided in previous period
(1.1)
\u2013
Total deferred tax (charge) credit (note 22)
(1.1)
25.1
Tax (charge) credit in the income statement
(3.5)
27.2
The tax on the Group\u2019s pro\ufb01t before taxation differs from the standard rate of UK corporation
\n
tax in the period of 25.00% (year ended 30 June 2023: 20.50%). The differences are
\n
explained below:
\n\n \n
Year ended
Year ended
30 June 2023
30 June 2024
(restated)
\u00a3m
\u00a3m
Pro\ufb01t (loss) before taxation on continuing operations
15.5
(123.3)
Tax (charge) credit calculated at 25.00% on pro\ufb01t (loss) before taxation (year ended 30 June 2023: 20.5%)
(3.9)
25.3
Effects of:
Expenses not deductible for tax purposes
(1.8)
(2.4)
Difference in overseas tax rates
1.4
(2.0)
Restatement of deferred tax due to rate change
\u2013
5.7
Adjustments relating to prior periods
(0.8)
0.1
Deferred tax not recogniesed
(0.2)
(1.7)
Overseas tax credit
1.9
2.2
Withholding tax suffered
(0.1)
\u2013
Tax (charge) credit in the income statement
(3.5)
27.2
\n
Tax on SDIs
\n
The taxation impacts of SDIs are disclosed below:
\n\n \n
Year ended 30 June 2024
Year ended 30 June 2023
Current income
Deferred
Current income
Deferred
tax
tax
Total
tax
tax
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net impairment charges
\u2013
1.2
1.2
2.0
23.2
25.2
Property-related provisions
\u2013
0.8
0.8
0.2
0.7
0.9
Amortisation of acquired intangible assets
\u2013
0.8
0.8
\u2013
1.3
1.3
Closure of venues
\u2013
\u2013
\u2013
0.2
1.3
1.5
Integration costs
\u2013
\u2013
\u2013
0.1
(1.8)
(1.7)
Business transformation costs
\u2013
\u2013
\u2013
0.1
0.4
0.5
Tax credit on SDI
\u2013
2.8
2.8
2.6
25.1
27.7
\n
Tax effect of items within other comprehensive income
\n\n \n
Year ended
Year ended
30 June 2024
30 June 2023
\u00a3m
\u00a3m
Current income tax charge on exchange movements offset in reserves
(0.2)
\u2013
Total tax charge on items within other comprehensive income
(0.2)
\u2013
Factors affecting future taxation
UK corporation tax is calculated at 25.00% (year ended 30 June 2023: 20.5%) of the
estimated assessable pro\ufb01t for the period. Taxation for overseas operations is calculated at
the local prevailing rates.
On 1 July 2024, the Government of Gibraltar announced the increase in the main rate of
corporation tax from 12.50% to 15.00% effective from 1 July 2024. This rate change will
increase the amount of cash tax payments to be made by the Group.
The ultimate holding company and its subsidiaries (the \u201cUHC Group\u201d) of which the
Group is a part of, is within the scope of the Organisation for Economic Co-operation and
Development (\u201cOECD\u201d) Pillar Two model rules whereby top-up tax on pro\ufb01ts are required
in any jurisdictions in which it operates when the blended effective tax rate in each of those
jurisdictions is lower than the minimum effective tax rate of 15%.
The Pillar Two model rules will be effective in the jurisdiction of the UHC Group\u2019s parent
company from the \ufb01nancial year beginning on or after 1 January 2025. Some tax jurisdictions
where the Group operates, including the United Kingdom, will implement the Pillar Two
model rules earlier starting from the \ufb01nancial year beginning on or after 1 January 2024,
making it effective for the Group from 1 July 2024.
The UHC Group has assessed the potential exposure to the Pillar Two income taxes for all of
its subsidiaries that operate in the same jurisdictions as the Group, and the Group has also
carried out its own independent assessment. The potential impact has been assessed based
on the 30 June 2023 tax \ufb01lings, country by country reporting and \ufb01nancial statements for the
constituent entities in the Group. In this assessment the majority of jurisdictions satis\ufb01ed the
transitional safe harbour rules and based on the level of pre-tax pro\ufb01t and level of tax expense
in the other jurisdictions it is not considered that there would be a material top-up tax liability
at this stage.
The Amendments to IAS 12 \u201cIncome Taxes \u2013 International Tax Reform \u2013 Pillar Two Model
Rules\u201d introduce a temporary mandatory exception to the accounting for deferred taxes
arising from the jurisdictional implementation of the Pillar Two Model Rules as well as
disclosure requirements on the exposure to Pillar Two income taxes upon adoption.
Accordingly, the Group has applied the temporary mandatory exception in Amendments
to IAS 12 \u201cInternational Tax Reform \u2013 Pillar Two Model Rules\u201d retrospectively and is not
accounting for deferred taxes arising from any top-up tax due to the Pillar Two model
rules in the consolidated \ufb01nancial statements.19 Income tax
\u00a0
Group
Company
\u00a0
As at
As at
As at
As at
\u00a0
30 June 2024
30 June 2023
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Income tax receivable
8.5
15.0
-
8.3
Income tax payable
(4.2)
(5.7)
-
\u2013
Net income tax receivable
4.3
9.3
-
8.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f24736": { "value": "7 Results attributable to the Parent Company
The Company has elected to take the exemption under Section 408 of the Companies Act
2006 not to present the parent company income statement. The pro\ufb01t for the year ended 30
June 2024 for the Company was \u00a365.1m (year ended 30 June 2023: loss of \u00a3202.2m).", "dimensions": { "concept": "rnk:DisclosureOfResultsAttributableToTheParentCompanyTextBlock", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f24743": { "value": "8 Dividends paid to equity holders
A \ufb01nal dividend in respect of the year ended 30 June 2024 of 0.85p per share, amounting to a
total dividend of \u00a34.0m, is to be recommended at the Annual General Meeting on 17 October
2024 (year ended 30 June 2023: \u00a3Nil). These \ufb01nancial statements do not re\ufb02ect this dividend
payable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f24766": { "value": "9 Earnings (loss) per share
(a)
Basic earnings (loss) per share
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended 30 June 2024
Year ended 30 June 2023 (restated)
\u00a0
Underlying
SDI
Total
Underlying
SDI
Total
Pro\ufb01t (loss) attributable to equity shareholders
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Continuing operations
\u00a327.5m
\u00a3(15.2)m
\u00a312.3m
\u00a35.3m
\u00a3(101.8)m
\u00a3(96.5)m
Discontinued operations
\u2013
\u00a30.2m
\u00a30.2m
\u2013
\u00a30.3m
\u00a30.3m
Total
\u00a327.5m
\u00a3(15.0)m
\u00a312.5m
\u00a35.3m
\u00a3(101.5)m
\u00a3(96.2)m
Weighted average number of ordinary shares in issue
468.4m
468.4m
468.4m
468.4m
468.4m
468.4m
Basic earnings (loss) per share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Continuing operations
5.9p
(3.3)p
2.6p
1.1p
(21.7)p
(20.6)p
Discontinued operations
-
0.1p
0.1p
\u2013
0.1p
0.1p
Total
5.9p
(3.2)p
2.7p
1.1p
(21.6)p
(20.5)p
\n
(b)
Diluted earnings/(loss) per share
Diluted earnings/(loss) per share is calculated by adjusting the weighted average number of
ordinary shares in issue to assume conversion of all dilutive potential ordinary shares.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended 30 June 2024
Year ended 30 June 2023 (restated)
\u00a0
Underlying
SDI
Total
Underlying
SDI
Total
Weighted average number of ordinary shares in issue
468.4m
468.4m
468.4m
468.4m
468.4m
468.4m
Number of shares used for fully diluted earnings per share
468.4m
468.4m
468.4m
468.4m
468.4m
468.4m
Diluted earnings (loss) per share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Continuing operations
5.9p
(3.3)p
2.6p
1.1p
(21.7)p
(20.6)p
Discontinued operations
-
0.1p
0.1p
\u2013
0.1p
0.1p
Total
5.9p
(3.2)p
2.7p
1.1p
(21.6)p
(20.5)p
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f25045": { "value": "10 Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Casino
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
and other
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
gaming
Software
Brands and
\u00a0
\u00a0 \u00a0 \u00a0
licences and
and
customer
\u00a0
\u00a0 \u00a0
Goodwill
concessions
development
relationships
Total
Group
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2022
\u00a0
220.3
277.9
140.7
22.7
661.6
Additions
\u00a0
\u2013
\u2013
12.9
0.2
13.1
Disposals
\u00a0
\u2013
\u2013
(0.7)
(3.0)
(3.7)
Reallocation
\u00a0
\u2013
\u2013
4.0
\u2013
4.0
Exchange adjustments
\u00a0
\u2013
0.1
\u2013
\u2013
0.1
At 30 June 2023
\u00a0
220.3
278.0
156.9
19.9
675.1
Additions
\u00a0
\u2013
\u2013
16.0
0.1
16.1
Disposals
\u00a0
\u2013
(0.1)
\u2013
(1.0)
(1.1)
Exchange adjustments
\u00a0
\u2013
(0.6)
(0.2)
(0.2)
(1.0)
Reallocation between categories*
\u00a0
\u2013
\u2013
(0.3)
\u2013
(0.3)
Assets held for sale
17
\u2013
\u2013
(0.3)
\u2013
(0.3)
At 30 June 2024
\u00a0
220.3
277.3
172.1
18.8
688.5
Aggregate amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2022
\u00a0
\u2013
59.1
91.4
17.5
168.0
Charge for the year
\u00a0
\u2013
0.1
20.7
3.5
24.3
Disposals
\u00a0
\u2013
\u2013
(0.7)
(3.0)
(3.7)
Impairment charges
\u00a0
\u2013
27.7
\u2013
\u2013
27.7
Reallocation*
\u00a0
\u2013
\u2013
2.1
\u2013
2.1
Exchange adjustments
\u00a0
\u2013
(0.1)
\u2013
\u2013
(0.1)
At 30 June 2023
\u00a0
\u2013
86.8
113.5
18.0
218.3
Charge for the year
\u00a0
\u2013
\u2013
20.5
1.1
21.6
Disposals
\u00a0
\u2013
\u2013
\u2013
(1.0)
(1.0)
Impairment charges
\u00a0
\u2013
11.1
\u2013
\u2013
11.1
Impairment reversals
\u00a0
\u2013
(9.2)
\u2013
\u2013
(9.2)
Reallocation*
\u00a0
\u2013
0.5
1.0
\u2013
1.5
Exchange adjustments
\u00a0
\u2013
(0.4)
\u2013
(0.2)
(0.6)
Business disposed
\u00a0
\u2013
\u2013
0.4
\u2013
0.4
At 30 June 2024
\u00a0
\u2013
88.8
135.4
17.9
242.1
Net book value at 30 June 2023
\u00a0
220.3
191.2
43.4
1.9
456.8
Net book value at 30 June 2024
\u00a0
220.3
188.5
36.7
0.9
446.4
\n
* Management identi\ufb01ed \u00a31.5m of net book value which should be reclassi\ufb01ed from property, plant and equipment (\u00a31.4m) and
right of use assets (\u00a30.1m) to intangible assets. These have been re\ufb02ected in the reallocation line in the note above.
Amortisation charge for the year of \u00a321.6m (30 June 2023: \u00a324.3m) comprises of \u00a36.6m (30
June 2023: \u00a38.6m) recognised in respect of SDI relating to continuing operations and \u00a315.0m
(30 June 2023: \u00a315.8m) in respect of operating pro\ufb01t before SDI.
Net impairment charges for the year of \u00a31.9m (30 June 2023: \u00a327.7m) have been recognised
in respect of SDI relating to continuing operations, comprising of an impairment charge of
\u00a311.1m (30 June 2023: \u00a327.7m) and impairment reversals of \u00a39.2m (30 June 2023: \u00a3nil).
Software includes internally-generated computer software and development technology with
a net book value of \u00a34.0m (30 June 2023: \u00a33.3m). Included in software and development are
assets in the course of construction of \u00a32.9m (30 June 2023: \u00a31.2m).
Brands and customer relationships are fair value adjustments that arose on acquisition.
Intangible assets have been reviewed for impairment as set out in note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f25046": { "value": "10 Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Casino
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
and other
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
gaming
Software
Brands and
\u00a0
\u00a0 \u00a0 \u00a0
licences and
and
customer
\u00a0
\u00a0 \u00a0
Goodwill
concessions
development
relationships
Total
Group
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2022
\u00a0
220.3
277.9
140.7
22.7
661.6
Additions
\u00a0
\u2013
\u2013
12.9
0.2
13.1
Disposals
\u00a0
\u2013
\u2013
(0.7)
(3.0)
(3.7)
Reallocation
\u00a0
\u2013
\u2013
4.0
\u2013
4.0
Exchange adjustments
\u00a0
\u2013
0.1
\u2013
\u2013
0.1
At 30 June 2023
\u00a0
220.3
278.0
156.9
19.9
675.1
Additions
\u00a0
\u2013
\u2013
16.0
0.1
16.1
Disposals
\u00a0
\u2013
(0.1)
\u2013
(1.0)
(1.1)
Exchange adjustments
\u00a0
\u2013
(0.6)
(0.2)
(0.2)
(1.0)
Reallocation between categories*
\u00a0
\u2013
\u2013
(0.3)
\u2013
(0.3)
Assets held for sale
17
\u2013
\u2013
(0.3)
\u2013
(0.3)
At 30 June 2024
\u00a0
220.3
277.3
172.1
18.8
688.5
Aggregate amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2022
\u00a0
\u2013
59.1
91.4
17.5
168.0
Charge for the year
\u00a0
\u2013
0.1
20.7
3.5
24.3
Disposals
\u00a0
\u2013
\u2013
(0.7)
(3.0)
(3.7)
Impairment charges
\u00a0
\u2013
27.7
\u2013
\u2013
27.7
Reallocation*
\u00a0
\u2013
\u2013
2.1
\u2013
2.1
Exchange adjustments
\u00a0
\u2013
(0.1)
\u2013
\u2013
(0.1)
At 30 June 2023
\u00a0
\u2013
86.8
113.5
18.0
218.3
Charge for the year
\u00a0
\u2013
\u2013
20.5
1.1
21.6
Disposals
\u00a0
\u2013
\u2013
\u2013
(1.0)
(1.0)
Impairment charges
\u00a0
\u2013
11.1
\u2013
\u2013
11.1
Impairment reversals
\u00a0
\u2013
(9.2)
\u2013
\u2013
(9.2)
Reallocation*
\u00a0
\u2013
0.5
1.0
\u2013
1.5
Exchange adjustments
\u00a0
\u2013
(0.4)
\u2013
(0.2)
(0.6)
Business disposed
\u00a0
\u2013
\u2013
0.4
\u2013
0.4
At 30 June 2024
\u00a0
\u2013
88.8
135.4
17.9
242.1
Net book value at 30 June 2023
\u00a0
220.3
191.2
43.4
1.9
456.8
Net book value at 30 June 2024
\u00a0
220.3
188.5
36.7
0.9
446.4
\n
* Management identi\ufb01ed \u00a31.5m of net book value which should be reclassi\ufb01ed from property, plant and equipment (\u00a31.4m) and
right of use assets (\u00a30.1m) to intangible assets. These have been re\ufb02ected in the reallocation line in the note above.
Amortisation charge for the year of \u00a321.6m (30 June 2023: \u00a324.3m) comprises of \u00a36.6m (30
June 2023: \u00a38.6m) recognised in respect of SDI relating to continuing operations and \u00a315.0m
(30 June 2023: \u00a315.8m) in respect of operating pro\ufb01t before SDI.
Net impairment charges for the year of \u00a31.9m (30 June 2023: \u00a327.7m) have been recognised
in respect of SDI relating to continuing operations, comprising of an impairment charge of
\u00a311.1m (30 June 2023: \u00a327.7m) and impairment reversals of \u00a39.2m (30 June 2023: \u00a3nil).
Software includes internally-generated computer software and development technology with
a net book value of \u00a34.0m (30 June 2023: \u00a33.3m). Included in software and development are
assets in the course of construction of \u00a32.9m (30 June 2023: \u00a31.2m).
Brands and customer relationships are fair value adjustments that arose on acquisition.
Intangible assets have been reviewed for impairment as set out in note 13.\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Goodwill
Intangible assets
\u00a0
2023/24
2022/23
2023/24
2022/23
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Grosvenor \u2013 group of CGUs
1
80.9
80.9
179.0
179.5
UK digital CGUs
108.5
108.5
\u2013
\u2013
International digital CGUs
30.9
30.9
\u2013
\u2013
Enracha CGUs
2
\u2013
\u2013
11.2
11.6
Total
220.3
220.3
190.2
191.1
\n
1.
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. The individual Grosvenor venues are aggregated for the purposes of allocating the
Grosvenor goodwill.
2.
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, the venue CGUs have been presented on aggregated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f25600": { "value": "11 Property, plant and equipment \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Fixtures,
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
\ufb01ttings,
\u00a0 \u00a0
\u00a0 \u00a0
Land and
plant and
\u00a0 \u00a0
\u00a0 \u00a0
buildings
machinery
Leasehold
Total
Group
Note
\u00a3m
\u00a3m
Improvements
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2022
\u00a0
36.1
482.8
74.2
593.1
Additions
\u00a0
\u2013
29.4
30.3
59.7
Disposals
\u00a0
(1.4)
(14.3)
(4.3)
(20.0)
Reallocation
*
\u00a0
0.8
(4.8)
\u2013
(4.0)
Exchange adjustments
\u00a0
\u2013
(0.2)
\u2013
(0.2)
At 30 June 2023
\u00a0
35.5
492.9
100.2
628.6
Additions
\u00a0
0.2
35.1
1.4
36.7
Disposals
\u00a0
\u2013
(0.1)
(1.0)
(1.1)
Reallocation
\u00a0
\u2013
0.3
\u2013
0.3
Exchange adjustments
\u00a0
(0.2)
(0.9)
\u2013
(1.1)
At 30 June 2024
\u00a0
35.5
527.3
100.6
663.4
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 July 2022
\u00a0
12.7
405.9
61.4
480.0
Charge for the year
\u00a0
0.3
21.6
3.8
25.7
Disposals
\u00a0
(1.4)
(14.1)
(4.3)
(19.8)
Impairment charges
\u00a0
4.2
23.2
24.2
51.6
Impairment reversals
\u00a0
\u2013
(3.8)
(0.5)
(4.3)
Reallocation
*
\u00a0
\u2013
(2.1)
\u2013
(2.1)
At 30 June 2023
\u00a0
15.8
430.7
84.6
531.1
Charge for the year
\u00a0
0.3
16.8
3.2
20.3
Disposals
\u00a0
\u2013
\u2013
(1.0)
(1.0)
Impairment charges
\u00a0
\u2013
6.8
0.6
7.4
Impairment reversals
\u00a0
\u2013
(3.3)
(1.6)
(4.9)
Reallocation
\u00a0
\u2013
(0.9)
(0.5)
(1.4)
Exchange adjustment
\u00a0
\u2013
(0.6)
\u2013
(0.6)
At 30 June 2024
\u00a0
16.1
449.5
85.3
550.9
Net book value at 30 June 2023
\u00a0
19.7
62.2
15.6
97.5
Net book value at 30 June 2024
\u00a0
19.4
77.8
15.3
112.5
\n
* Management identi\ufb01ed \u00a31.5m of net book value which should be reclassi\ufb01ed from property, plant and equipment (\u00a31.4m) and
right of use assets (\u00a30.1m) to intangible assets. These have been re\ufb02ected in the reallocation line in the note above.
Net impairment charges for the year of \u00a32.5m (30 June 2023: \u00a347.3m) have been recognised
in respect of SDI relating to continuing operations, comprising of an impairment charge of
\u00a37.4m (30 June 2023: \u00a351.6m) and impairment reversals of \u00a34.9m (30 June 2023: \u00a34.3m).
Included in property, plant and equipment are assets in the course of construction of \u00a319.9m
(30 June 2023: \u00a37.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f26018": { "value": "12 Right-of-use assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
Right-of-use
\u00a0
\u00a0
land and
\ufb02eet and
\u00a0
\u00a0
buildings
machines
Total
Group
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 July 2022
216.3
5.0
221.3
Additions
19.1
\u2013
19.1
Disposals
(1.2)
\u2013
(1.2)
Exchange adjustments
(0.2)
(0.1)
(0.3)
At 30 June 2023
234.0
4.9
238.9
Additions
15.7
2.3
18.0
Disposals
(6.1)
\u2013
(6.1)
Exchange adjustments
(0.1)
\u2013
(0.1)
At 30 June 2024
243.5
7.2
250.7
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 July 2022
115.7
4.0
119.7
Charge for the year
18.1
0.9
19.0
Disposals
(1.2)
\u2013
(1.2)
Impairment charges
39.6
\u2013
39.6
Impairment reversals
(2.3)
\u2013
(2.3)
At 30 June 2023
169.9
4.9
174.8
Charge for the year
13.5
0.6
14.1
Disposals
(5.4)
\u2013
(5.4)
Impairment charges
10.3
\u2013
10.3
Impairment reversals
(7.1)
\u2013
(7.1)
Reallocation
(0.1)
\u2013
(0.1)
At 30 June 2024
181.1
5.5
186.6
Net book value at 30 June 2023
64.1
\u2013
64.1
Net book value at 30 June 2024
62.4
1.7
64.1
\n
* Management identi\ufb01ed \u00a31.5m of net book value which should be reclassi\ufb01ed from property, plant and equipment (\u00a31.4m) and right
of use assets (\u00a30.1m) to intangible assets. These have been re\ufb02ected in the reallocation line in the note above.
Net impairment charges for the year of \u00a33.2m (30 June 2023: \u00a337.3m) have been recognised
in respect of SDI relating to continuing operations, comprising of an impairment charge of
\u00a310.3m (30 June 2023: \u00a339.6m) and impairment reversals of \u00a37.1m (30 June 2023: \u00a32.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f26296": { "value": "13 Impairment reviews
Group
The Group considers each venue to be a separate cash-generating unit (\u2018CGU\u2019). The Group\u2019s
digital operations consist of the UK digital business and the International digital business.
UK digital and International digital are each assessed as separate CGUs. The individual
Grosvenor venues are aggregated for the purposes of allocating the Grosvenor goodwill.
As at 30 June 2024, goodwill and inde\ufb01nite life intangible assets considered signi\ufb01cant
in comparison to the Group\u2019s total carrying amount of such assets have been allocated to
groups of CGUs as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Goodwill
Intangible assets
\u00a0
2023/24
2022/23
2023/24
2022/23
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Grosvenor \u2013 group of CGUs
1
80.9
80.9
179.0
179.5
UK digital CGUs
108.5
108.5
\u2013
\u2013
International digital CGUs
30.9
30.9
\u2013
\u2013
Enracha CGUs
2
\u2013
\u2013
11.2
11.6
Total
220.3
220.3
190.2
191.1
\n
1.
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. The individual Grosvenor venues are aggregated for the purposes of allocating the
Grosvenor goodwill.
2.
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, the venue CGUs have been presented on aggregated basis.
The carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and
deferred tax assets, are reviewed at each reporting date to determine whether there is any
indication of impairment as required by IAS 36. If any such indication exists, then the asset\u2019s
or CGU\u2019s recoverable amount is estimated. For goodwill and intangible assets that have
inde\ufb01nite lives, the recoverable amount of the related CGU or group of CGUs is estimated
each year at the same time. The recoverable amount is determined based on the higher of
the fair value less costs of disposal and value in use. The nature of the test requires that the
Directors exercise judgement and estimation.
The impairment test was conducted in June 2024, and management is satis\ufb01ed that the
assumptions used were appropriate and that goodwill asset is not impaired, no reasonable
possible changes in assumptions will result in an impairment and therefore no sensitivity
analysis has been disclosed.
Testing is carried out by allocating the carrying value of these assets to CGUs, as set out
above, and determining the recoverable amounts of those CGUs. The individual CGUs were
\ufb01rst tested for impairment and then the group of CGUs to which goodwill is allocated were
tested. Where the recoverable amount exceeds the carrying value of the CGUs, the assets
within the CGUs are considered not to be impaired. If there are legacy impairments for such
assets, except goodwill, these are considered for reversal.
The recoverable amounts of all CGUs or group of CGUs have been calculated with reference
to their value in use. Value in use calculations are based upon estimates of future cash \ufb02ows
derived from the Group\u2019s strategic plan for the following three years. The strategic plan
is updated in the \ufb01nal quarter of the \ufb01nancial year and has been approved by the Board of
Directors. Future cash \ufb02ows will also include an estimate of long-term growth rates which are
estimated by business unit.
Pre-tax discount rates are applied to each CGU or group of CGUs\u2019 cash \ufb02ows and re\ufb02ect both
\n
the time value of money and the risks that apply to the cash \ufb02ows of that CGU or group of
\n
CGUs. These estimates have been calculated by external experts and are based on typical
\n
debt and equity costs for listed gaming and betting companies with similar risk pro\ufb01les. The
\n
rates adopted are disclosed in the table below.
\n\n \n
Pre-tax discount rate
Long-term growth rate
2023/24
2022/23
2023/24
2022/23
Grosvenor venues
12.80%
12.17%
2%
2%
Mecca venues
12.80%
12.17%
2%
0%
UK digital
13.41%
12.57%
2%
2%
International digital
14.29%
12.63%
2%
2%
Enracha venues
13.07%
13.83%
2%
2%
\n
Expenses are assessed separately by category. Assumptions include an extrapolation of
\n
recent cost in\ufb02ation trends, known in\ufb02ation trends such as national living wage and an
\n
expectation that costs will be incurred in line with agreed contractual rates.
\n
Where a CGU does not have goodwill or inde\ufb01nite life intangible assets, the CGU is only
\n
assessed for impairment where an indicator of impairment to the associated de\ufb01nite life
\n
intangible, right-of-use assets and/or property, plant and equipment is identi\ufb01ed.
\n
The approach to determine recoverable amounts for a CGU without goodwill or inde\ufb01nite life
\n
intangibles is the same as that described above and is determined based on the higher of fair
\n
value less costs of disposal and value in use.
\n
As a result of the procedures outlined above, the following impairment charges and
\n
impairment reversal have been recognised during the year and disclosed within SDIs in the
\n
Group income statement.
\n\n \n
Property, plant
Right-of-use
Intangible
and equipment
asset
assets
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Impairment charges
Grosvenor venues
1
(3.0)
(4.7)
(11.1)
(18.8)
Mecca venues
2
(4.4)
(5.6)
-
(10.0)
(7.4)
(10.3)
(11.1)
(28.8)
Impairment reversals
Grosvenor venues
1
3.5
2.9
6.5
12.9
Mecca venues
2
1.2
3.5
-
4.7
Enracha venues
3
0.2
0.7
2.7
3.6
4.9
7.1
9.2
21.2
Net impairment charge
(2.5)
(3.2)
(1.9)
(7.6)
\n
1.
Impairment charge and reversal are recorded at the different individual Grosvenor venue CGUs. The total value in use of the
\n
CGUs where an impairment charge or impairment reversal was recognised totalled to \u00a3588.4m.
\n
2.
Impairment charge and reversal are recorded at the different individual Mecca venue CGUs. The total value in use of the CGUs
\n
where an impairment charge or impairment reversal was recognised totalled to \u00a325.5m.
\n
3.
Impairment charge and reversal are recorded at the different individual Enracha venue CGUs. The total value in use of the CGUs
\n
where an impairment charge or impairment reversal was recognised totalled to \u00a385.2m.
Apart from Enracha venues, which performed well in the year, several Mecca venues and
\n
Grosvenor venues have indicators of impairment. This was primarily due to lower than
\n
expected customer visits; poor win margin; lower spend impacting revenues and highter
\n
running costs at these locations.
\n
During the current year, the Group also recognised a reversal of previously impairmed assets
\n
of \u00a321.2m relating to Grosvenor venues, Mecca venues and one Enracha venue. The reversal
\n
were driven by better than anticipated performance and improved outlook in the identi\ufb01ed
\n
venues.
\n
Sensitivity of impairment review
\n
The calculation of value in use is most sensitive to the following assumptions:
\n
\u2013
revenue growth
\u2013
discount rates
\u2013
growth rates used to extrapolate cash \ufb02ow beyond the forecast period
\n
Revenue growth
\n
The Group prepared cash \ufb02ow projections derived from the most recent budget for the year
\n
ending 30 June 2025 and the Group\u2019s medium-term strategic plan to 30 June 2028, which
\n
applied a growth rate re\ufb02ecting management\u2019s strategy for a period of three (3) years based
\n
on past performance and expectations of future changes in the market and Group\u2019s operating
\n
model.
\n
Discount rates
\n
Discount rates represent the current market assessment of the risks speci\ufb01c to each CGU,
\n
taking into consideration the time value of money and individual risks of the underlying
\n
assets that have not been incorporated in the cash \ufb02ow estimates. The discount rate
\n
calculation is based on the speci\ufb01c circumstances of the Group and its operating segments
\n
and is derived from its weighted average cost of capital (WACC). The WACC takes into
\n
account both debt and equity. The cost of equity is derived from the expected return on
\n
investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing
\n
borrowings the Group is obliged to service. Segment-speci\ufb01c risk is incorporated by applying
\n
individual beta factors. The beta factors are evaluated annually based on publicly available
\n
market data. Adjustments to the discount rate are made to factor in the speci\ufb01c amount and
\n
timing of the future tax \ufb02ows in order to re\ufb02ect a pre-tax discount rate.
\n
Growth rate estimates
\n
Medium-term growth rates applied to the value-in-use calculations of each CGU re\ufb02ect
\n
management\u2019s strategy for a period of three (3) years. Terminal values were determined using
\n
a long-term growth assumption for each CGU noted in the table above.
\n
The Group assessed the impact of climate change in the impairment review and considers
\n
that the most signi\ufb01cant impacts would be in relation to the cost of energy to the Group for
\n
which best estimates have been factored into future forecasts. The Group constantly monitors
\n
the latest government legislation in relation to climate related matters. At the current time,
\n
no legislation has been passed that will impact the Group. The Group will adjust the key
\n
assumptions used in value in use calculations and sensitivity to changes in assumptions
\n
should a change be required.
\n
The Group has carried out sensitivity analysis on the reasonable possible changes in key
\n
assumptions in the impairment tests for (a) each CGU or group of CGUs to which goodwill
\n
has been allocated and (b) its venue CGUs (including inde\ufb01nite life intangible assets).
\n
For Grosvenor venues and Mecca venues and Enracha venues, the following sensitivities
\n
would result in changes to the recognised impairments. No reasonable possible changes
\n
in assumptions will result in an impairment and therefore no sensitivity analysis has been
\n
disclosed for Digital CGUs.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Grosvenor Venues CGUs
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Impact on
\u00a0
Number of
Key Assumption
Reasonable Possible Change
impairment
\u00a3m
impaired clubs
Revenue Growth
10% decrease in revenue \u2013 London
Increase
(2.8)
-
\u00a0
10% increase in revenue - London
Decrease
3.4
(1)
\u00a0
10% decrease in revenue - All
Increase
(3.5)
2
\u00a0
10% increase in revenue \u2013 All
Decrease
2.7
(1)
Pre-tax discount rates
1% increase in discount rates
Increase
(2.1)
1
\u00a0
1% decrease in discount rates
Decrease
1.9
-
Earnings multiples
10% decrease in earnings multiples
Increase
(2.7)
2
\u00a0
10% increase in earnings multiples
Decrease
2.0
-
Long-term growth rates
1% decrease in long-term growth rates
Increase
(0.6)
1
\u00a0
1% increase in long-term growth rates
Decrease
0.6
-
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Mecca Clubs CGUs
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Impact on
\u00a0
Number of
Key Assumption
Reasonable Possible Change
impairment
\u00a3m
impaired clubs
Revenue Growth
10% decrease in revenue
Increase
(0.7)
2
\u00a0
10% increase in revenue
Decrease
0.2
(2)
Pre-tax discount rates
1% increase in discount rates
Increase
(0.2)
-
\u00a0
1% decrease in discount rates
Decrease
0.2
(2)
Long-term growth rates
1% decrease in long\u2013term growth rates
Increase
(0.1)
-
\u00a0
1% increase in long\u2013term growth rates
Decrease
0.2
(1)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Enracha Venues CGUs
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Impact on
\u00a0
Number of
Key Assumption
Reasonable Possible Change
impairment
\u00a3m
impaired clubs
Revenue Growth
10% decrease in revenue
Increase
(0.6)
1
\u00a0
10% increase in revenue
Decrease
-
-
Pre-tax discount rates
1% increase in discount rates
Increase
(0.4)
1
\u00a0
1% decrease in discount rates
Decrease
-
-
Earnings multiples
10% decrease in earnings multiples
Increase
-
1
\u00a0
10% increase in earnings multiples
Decrease
-
-
Long-term growth rates
1% decrease in long\u2013term growth rates
Increase
(0.1)
1
\u00a0
1% increase in long\u2013term growth rates
Decrease
-
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f27128": { "value": "14 Investments
(a) Group investments
On 26 June 2024, The Group completed its disposal of Passion Gaming, refer to note 34 for
details.
(b) Company investments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
Company \u2013 investment in subsidiaries
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0
At start of year
1,452.3
1,452.3
At end of year
1,452.3
1,452.3
Provision for impairment
\u00a0 \u00a0
At start of year
503.1
320.5
Impairment charge
\u2013
182.6
Impairment reversal
(101.2)
\u2013
At end of year
401.9
503.1
Net book value at start of year
949.2
1,131.8
Net book value at end of year
1,050.4
949.2
\n
Company
The Company also tests annually the carrying value of its investments in subsidiaries, being
its investments in Rank Nemo (Twenty-Five) Limited, a holding company for all companies
within the Group with the exception of Rank Group Finance plc which acts as the Group\u2019s
\ufb01nancing company.
Consistent with the prior year, the recoverable amount was calculated by reference to value
in use. The value in use of the Company\u2019s investment in Rank Group Finance Limited is
estimated based on the net assets of the company which principally consist of amortised cost
receivables less external debt and so is considered to approximate value in use.
The calculation of value in use for Rank Nemo (Twenty-Five) Limited is based upon estimates
of future cash \ufb02ows from the Group\u2019s CGUs and derived from the Group\u2019s strategic plan for
the following three years and, where required, adjustments for long-term provisions and
lease liabilities. There is no other external debt in this company and in subsidiaries. The
key assumptions underlying the forecasts are those described above with regards to the
impairment testing of the Group\u2019s CGUs.
As a result of the procedures outlined above, a reversal of impairment per the table below has
been booked.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Investment in
\u00a0 \u00a0
\u00a0
Rank Nemo
Investment in
\u00a0
\u00a0
(Twenty-Five)
Rank Group
\u00a0
\u00a0
Limited
Finance Plc
Total
Impairment charges
67.4
33.8
101.2
\n
This re\ufb02ects the improved performance in the year and long term strategic outlook of the
Group. Rank Nemo (Twenty-Five) bene\ufb01ts from a portfolio approach to the CGU\u2019s, where
under performing CGU\u2019s are offset by better performing CGU\u2019s within the Group. In turn
RGF bene\ufb01ts due to better recoverability prospects on intra group receivables.
The carrying value of the investment is dependant on the future forecasts of the group being
achieved and remains sensitive to impairment based on reasonable possible changes in the
underlying assumptions as follows.
Sensitivity of impairment review
\n
The calculation of value in use for Rank Nemo (Twenty-Five) Limited is most sensitive to
\n
the following assumptions like revenue growth, discount rates and growth rates used to
\n
extrapolate the cash\ufb02ows of CGUs beyond the forecast period.
\n\n \n
Impact on
Key Assumption
Reasonable Possible Change
impairment
\u00a3m
Revenue Growth
10% decrease in revenue - Grosvenor
Increase
(66.1)
10% decrease in revenue - Mecca
Increase
(2.6)
10% decrease in revenue - Enracha
Increase
(8.5)
10% decrease in revenue - Yo Bingo
Increase
(6.3)
10% decrease in revenue - UK Digital
Increase
(21.3)
10% increase in revenue - Grosvenor
Decrease
66.1
10% increase in revenue - Mecca
Decrease
2.6
10% increase in revenue - Enracha
Decrease
8.5
10% increase in revenue - Yo Bingo
Decrease
6.3
10% increase in revenue - UK digital
Decrease
21.3
Pre-tax discount rates
1% decrease in discount rates - Grosvenor
Decrease
37.1
1% decrease in discount rates - Mecca
Decrease
2.8
1% decrease in discount rates - Enracha
Decrease
10.5
1% decrease in discount rates - Yo Bingo
Decrease
5.0
1% decrease in discount rates - UK Digital
Decrease
19.3
1% increase in discount rates - Grosvenor
Increase
(33.1)
1% increase in discount rates - Mecca
Increase
(2.4)
1% increase in discount rates - Enracha
Increase
(8.5)
1% increase in discount rates - Yo Bingo
Increase
(4.4)
1% increase in discount rates - UK Digital
Increase
(16.9)
Long-term growth rates
1% decrease in long-term growth rates - Grosvenor
Increase
(10.1)
1% decrease in long-term growth rates - Mecca
Increase
(2.5)
1% decrease in long-term growth rates - Enracha
Increase
(5.0)
1% decrease in long-term growth rates - Yo Bingo
Increase
(3.3)
1% decrease in long-term growth rates - UK Digital
Increase
(16.1)
1% increase in long-term growth rates - Grosvenor
Decrease
11.3
1% increase in long-term growth rates - Mecca
Decrease
2.8
1% increase in long-term growth rates - Enracha
Decrease
5.9
1% increase in long-term growth rates - Yo Bingo
Decrease
3.6
1% increase in long-term growth rates - UK Digital
Decrease
17.4
\n
The Company calculates a recoverable amount of its subsidiaries based upon the Board
\n
approved strategic plans and business models and, where required, adjustments for long-
\n
term provisions and net intercompany positions are made.
The Company owns directly or indirectly 100% (unless otherwise noted) of the ordinary share
\n
capital and voting rights of the following companies:
\n\n \n
Name
Country of incorporation
Principal activities
Registered of\ufb01ce address
Daub Alderney Limited
10
Alderney
Dormant
Inchalla, Le Val, Alderney GY9 3UL
QSB Gaming Limited
Alderney
Intermediary holding company
La Corvee House, La Corvee, Alderney, GY9 3TQ
Rank Digital Gaming (Alderney) Limited
10, 11
Alderney
Dormant
La Corvee House, La Corvee, Alderney, GY9 3TQ
8Ball Games Limited
9
England and Wales
Marketing services
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Grosvenor Casinos (GC) Limited
England and Wales
Casinos
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Grosvenor Casinos Limited
England and Wales
Casinos
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Linkco Limited
9
England and Wales
Processing of credit transfers
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Luda Bingo Limited
England and Wales
Dormant
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Mecca Bingo Limited
England and Wales
Social and Bingo clubs
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank (U.K.) Holdings Limited
England and Wales
Dormant
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Casino Holdings Limited
9
England and Wales
Intermediary holding company
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Digital Holdings Limited
9
England and Wales
Intermediary holding company
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Digital Limited
England and Wales
Support services to interactive gaming
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Group Finance Plc
1
England and Wales
Funding operations for the Group
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Group Gaming Division Limited
9
England and Wales
Intermediary holding company and property services
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Group Holdings Limited
England and Wales
Dormant
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Leisure Holdings Limited
England and Wales
Intermediary holding company and corporate activities
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Leisure Limited
9
England and Wales
Adult gaming centres in Mecca and Grosvenor Casinos venues
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Leisure Machine Services Limited
England and Wales
Dormant
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Nemo (Twenty-Five) Limited
1
England and Wales
Intermediary holding company
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Overseas Holdings
England and Wales
Intermediary holding company
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
RO Nominees Limited
England and Wales
Dormant
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Spacebar Media Limited
9
England and Wales
Development and maintenance of online gaming software
Unit 450 Highgate Studios 53-79 Highgate Road, Kentish
Town, London, NW5 1TL
Stride Together Limited
9
England and Wales
Support services to interactive gaming
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
The Gaming Group Limited
9
England and Wales
Casinos
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
The Rank Organisation Limited
England and Wales
Dormant
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Think Beyond Media Limited
9
England and Wales
Marketing services
Unit 441/2 Highgate Studios 53-79 Highgate Road,
Kentish Town, London, NW5 1TL
Rank Interactive Limited (formerly known as
Aspers Online Limited)
England and Wales
Interactive gaming
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Upperline Marketing Limited
6, 9
England and Wales
Support services to interactive gaming
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
MRC Developments Limited
England and Wales
Dormant
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Rank Speciality Catering Limited
5
England and Wales
Dormant
TOR, Saint-Cloud Way, Maidenhead SL6 8BN
Associated Leisure France Properties SCI
4
France
Dormant
Zi Sud, 12 Rue des Petits Champs, 35400, St Malo, France
Associated Leisure France SARL
4
France
Dormant
4 Rue Joseph Monier, 92859 Rueil Malmaison, Cades,
France
Rank Digital Services (Gibraltar) Limited
Gibraltar
Marketing and property services
Second Floor, Icom House, 1/5 Irish Town, Gibraltar
Rank Interactive (Gibraltar) Limited
8
Gibraltar
Interactive gaming
Second Floor, Icom House, 1/5 Irish Town, Gibraltar
Netboost Media Limited
Israel
Dormant
5 Ha\u2019Chilazon Street, Ramat Gan, Israel
S.T.R. Financials Limited
3
Israel
Dormant
58 Harakevet St. Electra City Tower Tel-Aviv 6777016
Israel
Stride Gaming Limited
9
Jersey
Intermediary holding company
12 Castle Street, St. Helier Jersey JE2 3RT
Bingosoft Plc
7
Malta
Dormant
Vault 14, Level 2, Valletta Waterfront, Floriana, FRN 1914,
Malta
Rank Interactive Services (Mauritius) Limited
(formerly known as SRG Services Limited)
12
Mauritius
Shared services support
Suite 112 Grand Bay Business Park, Grand Bay 1305-02,
Republic of Mauritius
Stride Investment
Mauritius
Intermediary holding company
c/o Mauri Experta Ltd., Of\ufb01ce 2, Level 4, Iconebene, Lot
B441, Rue de L\u2019Institut, Ebene, Republic of Mauritius
\n \n
Shifttech (Pty) Limited
South Africa
Development and maintenance of online gaming software
Unit 10, 10 Pepper Street, Cape Town, Western Cape 8001,
South Africa
Conticin SL
Spain
Operator of parking for social and bingo clubs
Calle Balmes N\u00ba 268-270 1st Floor, 08006, Barcelona,
Spain
Gotfor SA
Spain
Social and bingo clubs
Carrer del Papa Pius XI, 114, 08208 Sabadell, Barcelona,
Spain
Rank Catalu\u00f1a SA
Spain
Social and bingo clubs
Calle Balmes N\u00ba 268-270 1st Floor, 08006, Barcelona,
Spain
Rank Centro SA
Spain
Social and bingo clubs
Calle Espoz y mina N\u00ba 8, 1st centro, 28012, Madrid, Spain
Rank Digital Espa\u00f1a SA
13
Spain
Dormant
Calle Balmes N\u00ba 268-270 1st Floor, 08006, Barcelona,
Spain
Rank Holding Espa\u00f1a SA
Spain
Intermediary holding company
Calle Balmes N\u00ba 268-270 1st Floor, 08006, Barcelona,
Spain
Rank Stadium Andalucia SL
Spain
Arcade and sports betting
Calle Balmes N\u00ba 268-270 1st Floor, 08006, Barcelona,
Spain
Top Rank Andalucia SA
Spain
Social and bingo clubs
Conde Robledo 1, 14008, Cordoba, Spain
Verdiales SL
Spain
Social and bingo clubs
Sala Andaluc\u00eda, Ronda, Capuchinos 19, 41008, Sevilla,
Spain
Rank America Inc.
5
U.S.A.
Dormant
The Corporation Trust Company, 1209 Orange Street,
Wilmington, DE 19801, USA
Rank Digital Ceuta S.A
Spain
Interactive Gaming
PEPE SERON, 3 EN \u2013 51001, Ceuta.
\n
1. Directly held by the Company.
\n
2. Stride Gaming Spain plc was dissolved on 24 May 2024.
\n
3. Year end 31 August.
\n
4. Year end 31 October.
\n
5. Year end 31 December.
\n
6. Principal activities are carried out in Malta through its Malta branch.
\n
7. Business transferred to Rank Digital Ceuta SA in late 2023 and now dormant.
\n
8. Principal activity changed from Dormant to Interactive Gaming with effect from 1 July 2022.
\n
9.
Rank Group plc has issued a parental guarantee exempting the company from the requirements of the Companies Act 2006
\n
related to the audit of individual accounts by virtue of s479A of the Act.
\n
10. Transfer of business activities to Rank Interactive (Gibraltar) Limited took place on 1 July 2022.
\n
11. Principal activity changed from Interactive Gaming to Dormant with effect from 1 July 2022.
\n
12. Rank Precision Industries Limited was dissolved 17 October 2023.
\n
13. Rank Digital Espa\u00f1a SA transferred its digital business to Bingosoft and became Dormant on 2 November 2021.
\n
14. Daub Alderney is Dormant, all services now transferred out on 19 March 2024.
\n
15. Rank Digital Ceuta S.A. year end 30 June, incorporated 18 October 2023.
\n
16. Mindful Media Limited is now in members voluntary liquidation as at 6 June 2024.
\n
17. Passion Gaming Private Ltd was divested on 26 June 2024.
\n
The principal activities are carried out in the country of incorporation as indicated above
\n
unless otherwise noted.
\n
All subsidiary undertakings have a 30 June year end unless otherwise indicated.
(c)
Non-controlling interest (NCI)
Set out below is the summarised \ufb01nancial information for the subsidiary that has non-
controlling interests. The amounts disclosed for each subsidiary are before intercompany
eliminations.
Non-controlling interest in the prior year, related to 49% of the net assets of Passion Gaming
Private Limited which was valued using the proportionate share method per IFRS 3. The
Group completed its disposal of Passion Gaming in June 2024, see note 34 for further details.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Current assets
2.1
2.1
Current liabilities
(0.6)
(0.6)
Current net assets
1.5
1.5
Non-current assets
0.1
0.1
Non-current liabilities
(1.0)
(1.0)
Non-current net assets
(0.9)
(0.9)
Net assets
0.6
0.6
Accumulated NCI
\u2013
0.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28194": { "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 for each subsidiary are before intercompany
eliminations.
Non-controlling interest in the prior year, related to 49% of the net assets of Passion Gaming
Private Limited which was valued using the proportionate share method per IFRS 3. The
Group completed its disposal of Passion Gaming in June 2024, see note 34 for further details.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Current assets
2.1
2.1
Current liabilities
(0.6)
(0.6)
Current net assets
1.5
1.5
Non-current assets
0.1
0.1
Non-current liabilities
(1.0)
(1.0)
Non-current net assets
(0.9)
(0.9)
Net assets
0.6
0.6
Accumulated NCI
\u2013
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28282": { "value": "15 Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Finished goods
2.0
2.2
\nThere were no write downs of inventory in the year (30 June 2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28320": { "value": "16 Other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0\u00a0
As at
\u00a0
As at
30 June 2023
\u00a0
30 June 2024
(restated)
\u00a0
\u00a3m
\u00a3m
Current
\u00a0\u00a0
Other receivables
11.9
13.4
Less: provisions for impairment of other receivables
(1.1)
(0.9)
Other receivables \u2013 net
10.8
12.5
Net investment in lease
1.3
1.4
Prepayments
7.0
15.2
Other receivables \u2013 current
19.1
29.1
Non-current
\u00a0\u00a0
Other receivables \u2013 non-current
5.2
5.4
\n
Group
Included within current other receivables is an amount of \u00a38.4m trade debtors.
The Directors consider that the carrying value of other receivables approximate to their fair
value.
As at 30 June 2024, other receivables of \u00a30.1m (30 June 2023: \u00a30.3m) were past due but not
impaired.
The other classes within receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the fair value of each class of
receivable mentioned above. The Group does not hold any collateral as security.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28438": { "value": "17 Assets classi\ufb01ed as held for sale
At 30 June 2024, the Group is well advanced in discussions to sell the multi-brand business
to a third party. The multi-brand business enables customers of those brands to play real
money online gambling games on third-party platforms. The sale is expected to complete in
the \ufb01rst quarter of the next \ufb01nancial year. The multi-brand business is included in the Digital
segment.
The divestment is driven by the Group\u2019s longer term strategic ambition to focus on its core
brands, including Grosvenor and Mecca, which are hosted on the Group\u2019s proprietary online
platform.
The non-current assets at 30 June 2024 of the multi-brand business have been reclassi\ufb01ed as
a disposal group held for sale. The reclass of non-current assets held for sale which relate to
them multi-brand business consists of the following:
\u00a0
As at
\u00a0
30 June 2024
\u00a0
\u00a3m
Intangible assets
0.3
Assets classi\ufb01ed as held for sale
0.3
\n
As at the date of reclassi\ufb01cation of the multi-brands disposal group to assets held for sale, we
have expensed \u00a30.1m for the expected legal transaction costs, to separately disclosed items.34 Loss on disposal of Passion Gaming
The Group completed the sale of Passion Gaming to its founders on 26 June 2024.
The major classes of assets and liabilities disposed relating to Passion Gaming for the period
ending 26 June 2024 was as follows:
\u00a0
\u00a3m
Intangible \ufb01xed assets
0.1
Property, plant and equipment
0.1
Other receivables
0.1
Cash
1.0
Total assets
1.3
Trade and other payables
(0.7)
Total liabilities
(0.7)
Net assets disposed
0.6
Consideration received
(0.2)
Loss on disposal - SDI
0.4
\n
The consideration received on the date of disposal of Passion Gaming was \u00a30.2m and, net of
cash and cash equivalents disposed, there was a net out\ufb02ow of \u00a3(0.8)m.
SDIs
Exceptional items charged to loss from continuing operations are set out below:
\u00a0
\u00a3m
Loss on disposal
0.4
Exchange losses transferred to income statement on disposal
0.1
Total SDIs
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28439": { "value": "17 Assets classi\ufb01ed as held for sale
At 30 June 2024, the Group is well advanced in discussions to sell the multi-brand business
to a third party. The multi-brand business enables customers of those brands to play real
money online gambling games on third-party platforms. The sale is expected to complete in
the \ufb01rst quarter of the next \ufb01nancial year. The multi-brand business is included in the Digital
segment.
The divestment is driven by the Group\u2019s longer term strategic ambition to focus on its core
brands, including Grosvenor and Mecca, which are hosted on the Group\u2019s proprietary online
platform.
The non-current assets at 30 June 2024 of the multi-brand business have been reclassi\ufb01ed as
a disposal group held for sale. The reclass of non-current assets held for sale which relate to
them multi-brand business consists of the following:
\u00a0
As at
\u00a0
30 June 2024
\u00a0
\u00a3m
Intangible assets
0.3
Assets classi\ufb01ed as held for sale
0.3
\n
As at the date of reclassi\ufb01cation of the multi-brands disposal group to assets held for sale, we
have expensed \u00a30.1m for the expected legal transaction costs, to separately disclosed items.34 Loss on disposal of Passion Gaming
The Group completed the sale of Passion Gaming to its founders on 26 June 2024.
The major classes of assets and liabilities disposed relating to Passion Gaming for the period
ending 26 June 2024 was as follows:
\u00a0
\u00a3m
Intangible \ufb01xed assets
0.1
Property, plant and equipment
0.1
Other receivables
0.1
Cash
1.0
Total assets
1.3
Trade and other payables
(0.7)
Total liabilities
(0.7)
Net assets disposed
0.6
Consideration received
(0.2)
Loss on disposal - SDI
0.4
\n
The consideration received on the date of disposal of Passion Gaming was \u00a30.2m and, net of
cash and cash equivalents disposed, there was a net out\ufb02ow of \u00a3(0.8)m.
SDIs
Exceptional items charged to loss from continuing operations are set out below:
\u00a0
\u00a3m
Loss on disposal
0.4
Exchange losses transferred to income statement on disposal
0.1
Total SDIs
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28481": { "value": "18 Trade and other payables
\u00a0
Group
Company
\u00a0 \u00a0
As at
\u00a0 \u00a0
\u00a0
As at
30 June 2023
As at
As at
\u00a0
30 June 2024
(restated)
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current
\u00a0 \u00a0 \u00a0 \u00a0
Trade payables
22.9
13.4
-
\u2013
Social security and other taxation
36.9
31.6
-
\u2013
Other payables
31.2
39.8
0.3
0.7
Accruals
58.0
43.5
-
\u2013
Trade and other payables \u2013 current
149.0
128.3
0.3
0.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28591": { "value": "19 Income tax
\u00a0
Group
Company
\u00a0
As at
As at
As at
As at
\u00a0
30 June 2024
30 June 2023
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Income tax receivable
8.5
15.0
-
8.3
Income tax payable
(4.2)
(5.7)
-
\u2013
Net income tax receivable
4.3
9.3
-
8.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28680": { "value": "20 Financial assets and liabilities
(a)
Interest-bearing loans and borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Current interest-bearing loans and borrowings
\u00a0 \u00a0
Bank overdrafts
3.7
1.5
Obligations under leases
32.6
42.2
Term loans
\u2013
44.4
Revolving credit facility
11.5
18.0
Other current loans
\u00a0 \u00a0
Accrued interest
0.3
0.4
Unamortised facility fees
(0.7)
(0.6)
Total current interest-bearing loans and borrowings
47.4
105.9
Non-current interest-bearing loans and borrowings
\u00a0 \u00a0
Obligations under leases
120.8
126.8
Term loans
30.0
\u2013
Other non-current loans
\u00a0 \u00a0
Unamortised facility fees
(0.9)
\u2013
Total non-current interest-bearing loans and borrowings
149.9
126.8
Total interest-bearing loans and borrowings
197.3
232.7
Sterling
197.3
232.7
Total interest-bearing loans and borrowings
197.3
232.7
\n
In January 2024, the Group successfully secured a new \u00a3120.0m club facility, comprising a
\u00a330.0m Term Loan and a \u00a390.0m Revolving Credit Facility (RCF). The tenor for the term loan
element is two years and nine months and the RCF is three years. Both the term loan and RCF
have market typical tenor extension options which are at the lender\u2019s discretion. During this
process \u00a34.3m was paid as arrangement fees.
Term loan facilities
The \u00a330.0m term loan signed on 24 January 2024 has interest payable on a periodic basis
depending on the loan drawn. The facility carries a \ufb02oating rate of interest based on SONIA.
The total term loan at 30 June 2024 was \u00a330.0m (30 June 2023: \u00a344.4m).
Following the Group completing a re\ufb01nancing of its revolving credit facilities in August 2023
the Group repaid the outstanding balance of \u00a344.4m in full.
Revolving credit facilities (\u2018RCF\u2019)
At 30 June 2024, the Group had total revolving credit facilities (RCF) of \u00a390.0m. The facility
carries a \ufb02oating rate of interest based on SONIA. At 30 June 2024, \u00a311.5m of RCF was drawn
(30 June 2023: \u00a318.0m), providing the Group with \u00a378.5m of undrawn committed facilities.
Covenants
The new \u00a3120.0m facility retains the two \ufb01nancial covenants which were applicable to its
previous facilities, net debt to EBITDA not to exceed 3x and EBITDA to net interest payable
of no less than 3x. In addition, there is an additional covenant referred to as a Fixed Charge
Cover ratio, where (net interest payable plus operating leases) to (EBITDA plus net operating
leases) can be no less than 1.5x. All covenants were met in the year.
Company
The Company did not hold any external interest-bearing loans or borrowings at 30 June 2024
(30 June 2023: \u00a3nil). The Company held interest bearing loans with other Group companies
at 30 June 2024 of \u00a3454.7m (30 June 2023: \u00a3416.5m).
(b) Hedging activities
The Group has not carried out any hedging activities in either period.
(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 at 30 June 2024 and 30 June 2023.
\u00a0 \u00a0
Carrying amount
Fair value
\u00a0 \u00a0 \u00a0
As at
\u00a0
As at
\u00a0 \u00a0
As at
30 June 2023
As at
30 June 2023
\u00a0 \u00a0
30 June 2024
(restated)
30 June 2024
(restated)
Group
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans and receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other receivables*
Level 2
8.9
3.8
8.9
3.8
Cash and short-term deposits
Level 1
66.1
58.0
66.1
58.0
Total
\u00a0
75.0
61.8
75.0
61.8
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest bearing loans and borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Obligations under leases
Level 2
153.4
169.0
162.9
169.0
\u2013 Floating rate borrowings
Level 2
41.5
62.4
41.5
62.4
\u2013 Bank overdrafts
Level 1
3.7
1.5
3.7
1.5
\u2013 Other
Level 2
0.3
0.4
0.3
0.4
Trade and other payables
Level 2
112.1
92.9
112.1
92.9
Total
\u00a0
311.0
326.2
320.5
326.2
\n
* other receivables relates to trade debtors of \u00a38.4m less provisions \u00a31.1m plus facility fees of
\u00a31.6m.
\u00a0 \u00a0
Carrying amount
Fair value
\u00a0 \u00a0
As at
As at
As at
As at
\u00a0 \u00a0
30 June 2024
30 June 2023
30 June 2024
30 June 2023
Company
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
Level 2
0.3
0.7
0.3
0.7
Financial guarantee contracts
Level 3
2.7
1.6
2.7
1.6
Amounts owed to subsidiary undertakings
Level 2
446.9
416.5
446.9
416.5
Total
\u00a0
449.9
418.8
449.9
418.8
The fair value of the \ufb01nancial assets and liabilities are included at the amount at which the
instrument could be exchanged in a current transaction between willing parties, other than in
a forced or liquidation sale. The following methods and assumptions apply:
Cash and short-term deposits, other receivables and other \ufb01nancial liabilities approximate to
their carrying amounts largely due to the short-term maturities of these instruments; and
The fair value of \ufb01xed rate borrowings is based on price quotations at the reporting date.
Fair value hierarchy
The Group uses the following hierarchy to determine the carrying value of \ufb01nancial
instruments that are measured at fair value:
Level 1: quoted (unadjusted) prices in active markets identical assets or liabilities.
Level 2: other techniques which use inputs which have a signi\ufb01cant effect on the recorded
fair value that are not based on observable market data.
Level 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:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28683": { "value": "(a)
Interest-bearing loans and borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Current interest-bearing loans and borrowings
\u00a0 \u00a0
Bank overdrafts
3.7
1.5
Obligations under leases
32.6
42.2
Term loans
\u2013
44.4
Revolving credit facility
11.5
18.0
Other current loans
\u00a0 \u00a0
Accrued interest
0.3
0.4
Unamortised facility fees
(0.7)
(0.6)
Total current interest-bearing loans and borrowings
47.4
105.9
Non-current interest-bearing loans and borrowings
\u00a0 \u00a0
Obligations under leases
120.8
126.8
Term loans
30.0
\u2013
Other non-current loans
\u00a0 \u00a0
Unamortised facility fees
(0.9)
\u2013
Total non-current interest-bearing loans and borrowings
149.9
126.8
Total interest-bearing loans and borrowings
197.3
232.7
Sterling
197.3
232.7
Total interest-bearing loans and borrowings
197.3
232.7
\n
In January 2024, the Group successfully secured a new \u00a3120.0m club facility, comprising a
\u00a330.0m Term Loan and a \u00a390.0m Revolving Credit Facility (RCF). The tenor for the term loan
element is two years and nine months and the RCF is three years. Both the term loan and RCF
have market typical tenor extension options which are at the lender\u2019s discretion. During this
process \u00a34.3m was paid as arrangement fees.
Term loan facilities
The \u00a330.0m term loan signed on 24 January 2024 has interest payable on a periodic basis
depending on the loan drawn. The facility carries a \ufb02oating rate of interest based on SONIA.
The total term loan at 30 June 2024 was \u00a330.0m (30 June 2023: \u00a344.4m).
Following the Group completing a re\ufb01nancing of its revolving credit facilities in August 2023
the Group repaid the outstanding balance of \u00a344.4m in full.
Revolving credit facilities (\u2018RCF\u2019)
At 30 June 2024, the Group had total revolving credit facilities (RCF) of \u00a390.0m. The facility
carries a \ufb02oating rate of interest based on SONIA. At 30 June 2024, \u00a311.5m of RCF was drawn
(30 June 2023: \u00a318.0m), providing the Group with \u00a378.5m of undrawn committed facilities.
Covenants
The new \u00a3120.0m facility retains the two \ufb01nancial covenants which were applicable to its
previous facilities, net debt to EBITDA not to exceed 3x and EBITDA to net interest payable
of no less than 3x. In addition, there is an additional covenant referred to as a Fixed Charge
Cover ratio, where (net interest payable plus operating leases) to (EBITDA plus net operating
leases) can be no less than 1.5x. All covenants were met in the year.
Company
The Company did not hold any external interest-bearing loans or borrowings at 30 June 2024
(30 June 2023: \u00a3nil). The Company held interest bearing loans with other Group companies
at 30 June 2024 of \u00a3454.7m (30 June 2023: \u00a3416.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28881": { "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": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f28885": { "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 at 30 June 2024 and 30 June 2023.
\u00a0 \u00a0
Carrying amount
Fair value
\u00a0 \u00a0 \u00a0
As at
\u00a0
As at
\u00a0 \u00a0
As at
30 June 2023
As at
30 June 2023
\u00a0 \u00a0
30 June 2024
(restated)
30 June 2024
(restated)
Group
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans and receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other receivables*
Level 2
8.9
3.8
8.9
3.8
Cash and short-term deposits
Level 1
66.1
58.0
66.1
58.0
Total
\u00a0
75.0
61.8
75.0
61.8
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest bearing loans and borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Obligations under leases
Level 2
153.4
169.0
162.9
169.0
\u2013 Floating rate borrowings
Level 2
41.5
62.4
41.5
62.4
\u2013 Bank overdrafts
Level 1
3.7
1.5
3.7
1.5
\u2013 Other
Level 2
0.3
0.4
0.3
0.4
Trade and other payables
Level 2
112.1
92.9
112.1
92.9
Total
\u00a0
311.0
326.2
320.5
326.2
\n
* other receivables relates to trade debtors of \u00a38.4m less provisions \u00a31.1m plus facility fees of
\u00a31.6m.
\u00a0 \u00a0
Carrying amount
Fair value
\u00a0 \u00a0
As at
As at
As at
As at
\u00a0 \u00a0
30 June 2024
30 June 2023
30 June 2024
30 June 2023
Company
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
Level 2
0.3
0.7
0.3
0.7
Financial guarantee contracts
Level 3
2.7
1.6
2.7
1.6
Amounts owed to subsidiary undertakings
Level 2
446.9
416.5
446.9
416.5
Total
\u00a0
449.9
418.8
449.9
418.8
The fair value of the \ufb01nancial assets and liabilities are included at the amount at which the
instrument could be exchanged in a current transaction between willing parties, other than in
a forced or liquidation sale. The following methods and assumptions apply:
Cash and short-term deposits, other receivables and other \ufb01nancial liabilities approximate to
their carrying amounts largely due to the short-term maturities of these instruments; and
The fair value of \ufb01xed rate borrowings is based on price quotations at the reporting date.
Fair value hierarchy
The Group uses the following hierarchy to determine the carrying value of \ufb01nancial
instruments that are measured at fair value:
Level 1: quoted (unadjusted) prices in active markets identical assets or liabilities.
Level 2: other techniques which use inputs which have a signi\ufb01cant effect on the recorded
fair value that are not based on observable market data.
Level 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": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f29246": { "value": "21 Financial risk management objectives and policies
Financial risk factors
The Group and Company\u2019s principal \ufb01nancial liabilities comprise loans and borrowings,
trade and other payables and \ufb01nancial guarantee contracts. The main purpose of these
\ufb01nancial liabilities is to \ufb01nance the Group\u2019s operations. The Group has other receivables, and
cash and short-term deposits that derive directly from its operations.
The Group is exposed to market risk, credit risk and liquidity risk.
The Group\u2019s overall \ufb01nancial risk management programme focuses on the unpredictability
of \ufb01nancial markets and seeks to minimise potential adverse effects on the Group\u2019s \ufb01nancial
performance.
The Group\u2019s senior management oversees the management of these risks. The Finance
Committee is supported by the Group\u2019s senior management, which advises on \ufb01nancial
risks and the appropriate \ufb01nancial risk governance framework for the Group. The Finance
Committee provides assurance that the Group\u2019s \ufb01nancial risk-taking activities are governed
by appropriate policies and procedures and the \ufb01nancial risks are identi\ufb01ed, measured and
managed in accordance with Group policies and risk appetite.
The Board of Directors review and agree policies for managing each of these risks, which are
summarised below.
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 prices. Financial instruments affected by market risk
include loans and borrowings and deposits.
The sensitivity analyses in the following sections relate to the positions as at 30 June 2024
and 30 June 2023.
The sensitivity analyses have been prepared on the basis that the amount of net debt, the
ratio of \ufb01xed to \ufb02oating rates of the debt and the proportion of \ufb01nancial instruments in
foreign currencies are all constant.
Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial
instrument will \ufb02uctuate because of changes in foreign exchange rates. The Group\u2019s
exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s
operating activities (when revenue or expense is denominated in a different currency from
the Group\u2019s functional currency) and the Group\u2019s net investments in foreign subsidiaries.
The Group\u2019s current policy is not to hedge foreign currency risk.
Foreign currency sensitivity
The following table demonstrates the sensitivity of a possible change in the US dollar and
euro, with all other variables held constant, to the Group\u2019s pro\ufb01t before tax and the Group\u2019s
equity. The Group\u2019s exposure to foreign currency changes for all other currencies is not
material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on pro\ufb01t before tax
Effect on equity
\u00a0
As at
As at
As at
As at
Change in foreign
30 June 2024
30 June 2023
30 June 2024
30 June 2023
exchange rates:
\u00a3m
\u00a3m
\u00a3m
\u00a3m
+10.0% US$
(0.1)
(0.1)
\u2013
\u2013
-10.0% US$
0.1
0.2
\u2013
\u2013
+10.0% euro
(0.1)
(0.2)
0.7
5.8
-10.0% euro
0.1
0.2
(0.7)
(5.8)
\n
Cash \ufb02ow and fair value interest rate risk
Interest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument
will \ufb02uctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of
changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations
with \ufb02oating interest rates.
Historically the Group has managed its interest rate risk by having a balanced portfolio of
\ufb01xed and variable rate loans and borrowings. The Group has an agreed policy of maintaining
between 40% and 60% of its borrowings at a \ufb01xed rate of interest. At 30 June 2024, the Group
is operating outside the policy with 77% of the borrowings at a \ufb01xed rate of interest (30 June
2023: 73%), driven by the level of \ufb01xed rate \ufb01nance leases.
Interest rate sensitivity
The table below demonstrates the sensitivity to a possible change in interest rates on
income and equity for the year when this movement is applied to the carrying value of loans,
borrowings, cash and short-term deposits.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on pro\ufb01t before tax
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Sterling:
\u00a0 \u00a0
100 basis point increase
(0.4)
(0.6)
200 basis point increase
(0.8)
(1.2)
\n
There was no impact on equity in either year as a consequence of loan arrangements.
The Group did not enter into any \ufb01xed-to-\ufb02oating or \ufb02oating-to-\ufb01xed interest rate swaps in
either year.
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 \ufb01nancial loss. The Group is exposed to credit
risk from its operating activities (primarily for other receivables) and from its \ufb01nancing
activities, including deposits with banks and \ufb01nancial institutions, foreign exchange
transactions and other \ufb01nancial instruments.
Financial instruments and cash deposits
Credit risk from balances with banks and \ufb01nancial institutions is managed by the Group\u2019s
treasury department in accordance with the Group\u2019s policy. Investments of surplus funds
are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the Chief Financial Of\ufb01cer and may
be updated throughout the year subject to the approval of the Group\u2019s Finance Committee.
The limits are set to minimise the concentration of risks and therefore mitigate \ufb01nancial loss
through potential counterparty failure.
The credit worthiness of each counterparty is checked against independent credit ratings on
at least a weekly basis, with a minimum rating of \u2018BB\u2019. The Group predominantly invests with
its lending banks when appropriate.
Sales to retail customers are settled in cash or using major credit and debit cards and
therefore the exposure to credit risk is not considered signi\ufb01cant.
No credit limits were exceeded during the reporting period and management does not expect
any material losses from non-performance of its counterparties.
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 requirements of the Group are produced monthly.
The cash forecasts are sensitivity tested for different scenarios and are reviewed regularly.
Forecast \ufb01nancial headroom and debt covenant compliance is reviewed monthly during the
month-end process to ensure suf\ufb01cient headroom exists for at least a 12-month period.
Due to the dynamic nature of the underlying businesses, Group treasury aims to maintain
\ufb02exibility in funding by keeping committed credit lines available. A three-year strategic
forecast is prepared annually to facilitate planning for future \ufb01nancing needs. Management
actively manages the Group\u2019s \ufb01nancing requirements and the range of maturities on its debt.
The Group\u2019s core debt facilities comprise of \u00a390.0m bi-lateral revolving credit facility (30
June 2023: \u00a380.0m) expiring January 2027, and the \u00a330.0m term loan facility (30 June 2023:
\u00a344.4m) expiring October 2026. The Group proactively manages its relationships with its
lending group.
The funding policy of the Group is to maintain, as far as practicable, a broad portfolio of debt
diversi\ufb01ed by source and maturity, and to maintain committed facilities suf\ufb01cient to cover
seasonal peak anticipated borrowing requirements.
The table below summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on
contractual undiscounted payments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Less than
\u00a0 \u00a0
Greater than
\u00a0
\u00a0
On demand
12 months
1 to 2 years
2 to 5 years
5 years
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 30 June 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest-bearing loans and borrowings
1
3.7
11.5
\u2013
30.0
\u2013
45.2
Trade and other payables
\u2013
112.1
\u2013
\u2013
\u2013
112.1
Lease liabilities
\u2013
38.2
36.2
60.8
39.5
174.7
\u00a0
3.7
161.8
36.2
90.8
39.5
332.0
At 30 June 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest-bearing loans and borrowings
1
1.5
62.4
\u2013
\u2013
\u2013
63.9
Trade and other payables
\u2013
92.9
\u2013
\u2013
\u2013
92.9
Lease liabilities
\u2013
42.2
25.9
60.4
40.5
169.0
\u00a0
1.5
197.5
25.9
60.4
40.5
325.8
\n
1.
Interest payments on the interest-bearing loans and borrowings have been projected until the instruments mature. The bank
facility interest payments were based on current SONIA as at the reporting date.
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 managing capital have been to ensure continuing access
to existing debt facilities and to manage the borrowing cost of those facilities in order to
minimise the Group\u2019s interest charge.
Consistent with others in the gaming industry, the Group monitors capital on the basis of
leverage ratio. The ratio is calculated as net debt divided by EBITDA. Net debt is calculated
as total borrowings (including \u2018loans and borrowings\u2019 as shown in the Group balance sheet)
less cash and short-term deposits, accrued interest and unamortised facility fees. EBITDA
is calculated as operating pro\ufb01t before SDI, depreciation and amortisation from continuing
operations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
As at
\u00a0
As at
30 June 2023
\u00a0
30 June 2024
(restated)
\u00a0
\u00a3m
\u00a3m
Total loans and borrowings (note 20)
197.3
232.7
Less: Cash and short-term deposits
(66.1)
(58.0)
Less: Accrued interest
(0.3)
(0.4)
Less: Unamortised facility fees
1.6
0.6
Net debt
132.5
174.9
Continuing operations
\u00a0 \u00a0
Operating pro\ufb01t before exceptional
46.3
19.1
Add: Depreciation and amortisation
47.7
58.0
EBITDA
94.0
77.1
Leverage ratio
1.4
2.2
\n
Collateral
The Group did not pledge or hold any collateral at 30 June 2024 (30 June 2023: \u00a3nil).
Company
The maximum exposure to credit risk at the reporting date is the fair value of its cash and
short-term deposits of \u00a3nil (30 June 2023: \u00a3nil).
The Company does not have any other signi\ufb01cant exposure to \ufb01nancial risks.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f29266": { "value": "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 prices. Financial instruments affected by market risk
include loans and borrowings and deposits.
The sensitivity analyses in the following sections relate to the positions as at 30 June 2024
and 30 June 2023.
The sensitivity analyses have been prepared on the basis that the amount of net debt, the
ratio of \ufb01xed to \ufb02oating rates of the debt and the proportion of \ufb01nancial instruments in
foreign currencies are all constant.
Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial
instrument will \ufb02uctuate because of changes in foreign exchange rates. The Group\u2019s
exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s
operating activities (when revenue or expense is denominated in a different currency from
the Group\u2019s functional currency) and the Group\u2019s net investments in foreign subsidiaries.
The Group\u2019s current policy is not to hedge foreign currency risk.
Foreign currency sensitivity
The following table demonstrates the sensitivity of a possible change in the US dollar and
euro, with all other variables held constant, to the Group\u2019s pro\ufb01t before tax and the Group\u2019s
equity. The Group\u2019s exposure to foreign currency changes for all other currencies is not
material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on pro\ufb01t before tax
Effect on equity
\u00a0
As at
As at
As at
As at
Change in foreign
30 June 2024
30 June 2023
30 June 2024
30 June 2023
exchange rates:
\u00a3m
\u00a3m
\u00a3m
\u00a3m
+10.0% US$
(0.1)
(0.1)
\u2013
\u2013
-10.0% US$
0.1
0.2
\u2013
\u2013
+10.0% euro
(0.1)
(0.2)
0.7
5.8
-10.0% euro
0.1
0.2
(0.7)
(5.8)
\n
Cash \ufb02ow and fair value interest rate risk
Interest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument
will \ufb02uctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of
changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations
with \ufb02oating interest rates.
Historically the Group has managed its interest rate risk by having a balanced portfolio of
\ufb01xed and variable rate loans and borrowings. The Group has an agreed policy of maintaining
between 40% and 60% of its borrowings at a \ufb01xed rate of interest. At 30 June 2024, the Group
is operating outside the policy with 77% of the borrowings at a \ufb01xed rate of interest (30 June
2023: 73%), driven by the level of \ufb01xed rate \ufb01nance leases.
Interest rate sensitivity
The table below demonstrates the sensitivity to a possible change in interest rates on
income and equity for the year when this movement is applied to the carrying value of loans,
borrowings, cash and short-term deposits.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Effect on pro\ufb01t before tax
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Sterling:
\u00a0 \u00a0
100 basis point increase
(0.4)
(0.6)
200 basis point increase
(0.8)
(1.2)
\n
There was no impact on equity in either year as a consequence of loan arrangements.
The 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": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f29438": { "value": "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 \ufb01nancial loss. The Group is exposed to credit
risk from its operating activities (primarily for other receivables) and from its \ufb01nancing
activities, including deposits with banks and \ufb01nancial institutions, foreign exchange
transactions and other \ufb01nancial instruments.
Financial instruments and cash deposits
Credit risk from balances with banks and \ufb01nancial institutions is managed by the Group\u2019s
treasury department in accordance with the Group\u2019s policy. Investments of surplus funds
are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the Chief Financial Of\ufb01cer and may
be updated throughout the year subject to the approval of the Group\u2019s Finance Committee.
The limits are set to minimise the concentration of risks and therefore mitigate \ufb01nancial loss
through potential counterparty failure.
The credit worthiness of each counterparty is checked against independent credit ratings on
at least a weekly basis, with a minimum rating of \u2018BB\u2019. The Group predominantly invests with
its lending banks when appropriate.
Sales to retail customers are settled in cash or using major credit and debit cards and
therefore the exposure to credit risk is not considered signi\ufb01cant.
No credit limits were exceeded during the reporting period and management does not expect
any material losses from non-performance of its counterparties.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f29486": { "value": "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 requirements of the Group are produced monthly.
The cash forecasts are sensitivity tested for different scenarios and are reviewed regularly.
Forecast \ufb01nancial headroom and debt covenant compliance is reviewed monthly during the
month-end process to ensure suf\ufb01cient headroom exists for at least a 12-month period.
Due to the dynamic nature of the underlying businesses, Group treasury aims to maintain
\ufb02exibility in funding by keeping committed credit lines available. A three-year strategic
forecast is prepared annually to facilitate planning for future \ufb01nancing needs. Management
actively manages the Group\u2019s \ufb01nancing requirements and the range of maturities on its debt.
The Group\u2019s core debt facilities comprise of \u00a390.0m bi-lateral revolving credit facility (30
June 2023: \u00a380.0m) expiring January 2027, and the \u00a330.0m term loan facility (30 June 2023:
\u00a344.4m) expiring October 2026. The Group proactively manages its relationships with its
lending group.
The funding policy of the Group is to maintain, as far as practicable, a broad portfolio of debt
diversi\ufb01ed by source and maturity, and to maintain committed facilities suf\ufb01cient to cover
seasonal peak anticipated borrowing requirements.
The table below summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on
contractual undiscounted payments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Less than
\u00a0 \u00a0
Greater than
\u00a0
\u00a0
On demand
12 months
1 to 2 years
2 to 5 years
5 years
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 30 June 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest-bearing loans and borrowings
1
3.7
11.5
\u2013
30.0
\u2013
45.2
Trade and other payables
\u2013
112.1
\u2013
\u2013
\u2013
112.1
Lease liabilities
\u2013
38.2
36.2
60.8
39.5
174.7
\u00a0
3.7
161.8
36.2
90.8
39.5
332.0
At 30 June 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest-bearing loans and borrowings
1
1.5
62.4
\u2013
\u2013
\u2013
63.9
Trade and other payables
\u2013
92.9
\u2013
\u2013
\u2013
92.9
Lease liabilities
\u2013
42.2
25.9
60.4
40.5
169.0
\u00a0
1.5
197.5
25.9
60.4
40.5
325.8
\n
1.
Interest payments on the interest-bearing loans and borrowings have been projected until the instruments mature. The bank
facility interest payments were based on current SONIA as at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f29712": { "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 managing capital have been to ensure continuing access
to existing debt facilities and to manage the borrowing cost of those facilities in order to
minimise the Group\u2019s interest charge.
Consistent with others in the gaming industry, the Group monitors capital on the basis of
leverage ratio. The ratio is calculated as net debt divided by EBITDA. Net debt is calculated
as total borrowings (including \u2018loans and borrowings\u2019 as shown in the Group balance sheet)
less cash and short-term deposits, accrued interest and unamortised facility fees. EBITDA
is calculated as operating pro\ufb01t before SDI, depreciation and amortisation from continuing
operations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
As at
\u00a0
As at
30 June 2023
\u00a0
30 June 2024
(restated)
\u00a0
\u00a3m
\u00a3m
Total loans and borrowings (note 20)
197.3
232.7
Less: Cash and short-term deposits
(66.1)
(58.0)
Less: Accrued interest
(0.3)
(0.4)
Less: Unamortised facility fees
1.6
0.6
Net debt
132.5
174.9
Continuing operations
\u00a0 \u00a0
Operating pro\ufb01t before exceptional
46.3
19.1
Add: Depreciation and amortisation
47.7
58.0
EBITDA
94.0
77.1
Leverage ratio
1.4
2.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f29820": { "value": "Collateral The Group did not pledge or hold any collateral at 30 June 2024 (30 June 2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f29844": { "value": "22 Deferred tax
The analysis of deferred tax included in the \ufb01nancial statements at the end of the year is as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Deferred tax assets:
\u00a0 \u00a0
Accelerated capital allowances
4.9
11.1
Tax losses carried forward
35.9
32.4
Other UK temporary differences
5.0
5.7
Deferred tax assets
45.8
49.2
Deferred tax liabilities:
\u00a0 \u00a0
Other overseas temporary differences
(2.5)
(2.6)
Business combinations \u2013 acquired intangibles
(0.7)
(1.6)
Temporary differences on UK casino licences
(37.1)
(38.4)
Deferred tax liabilities
(40.3)
(42.6)
Net deferred tax asset
5.5
6.6
\n
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets and current tax liabilities and it is the intention to settle the balances on
a net basis. Deferred tax assets and liabilities of \u00a337.5m (30 June 2023: \u00a341.1m) have been
offset and disclosed on the balance sheet as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
8.3
8.1
Deferred tax liabilities
(2.8)
(1.5)
Net deferred tax assets
5.5
6.6
\n
There is a net Deferred tax asset of \u00a36.9m in respect of the UK, comprising DTAs of \u00a344.6m
and DTLs of \u00a337.7m. Deferred tax assets are recognised to the extent that it is probable
that future taxable pro\ufb01ts will be available against which they can be used. Of the \u00a344.6m
of DTAs, \u00a320.2m are recognised based on future taxable pro\ufb01ts arising from the reversal of
existing taxable temporary differences. The remaining \u00a324.4m of DTAs are recognised based
on future taxable pro\ufb01ts in excess of the pro\ufb01ts arising from the reversal of existing taxable
temporary differences, which are expected to be generated by 2028 based on the Group\u2019s
current forecasts.
Deferred tax assets are reviewed at each reporting date taking into account the recoverability
\n
of the deferred tax assets, future pro\ufb01tability and any restrictions on use. In considering their
\n
recoverability, the Group takes into account all relevant and available evidence to assess
\n
future pro\ufb01tability over a reasonably foreseeable time period. This consideration includes
\n
the fact that the UK group has generated an accounting pro\ufb01t but continued to generate
\n
tax losses in the current period. In assessing the probability of recovery, the Directors have
\n
reviewed the Group\u2019s \ufb01ve-year Strategic Plan that has been used for both the Going Concern
\n
and the \ufb01xed asset impairment testing. This plan anticipates the existence of future taxable
\n
pro\ufb01ts as the Group continues its recovery from the impact on trading from Covid-19. This
\n
recovery is expected primarily in the Grosvenor business with recent and ongoing investment
\n
in refurbishing venues and product enhancement driving additional revenues. Based on the
\n
Group\u2019s \ufb01ve-year Strategic Plan, the deferred tax asset recognised on tax losses is expected to
\n
be recovered by 2030 even if the impace of future taxable pro\ufb01t from the reversal of taxable
\n
temporary difference is ignored. A plausible downside case was also modelled which included
\n
reduced revenues and an increase in some core costs; this downside case modelling showed
\n
that the deferred tax on tax losses, ignoring the impact of taxable pro\ufb01t arising from the
\n
reversal of taxable temporary differences, would be recovered by 2031.
\n
In addition to the above the Group has unrecognised UK tax losses of \u00a30.5m (30 June 2023:
\n
\u00a30.5m) and overseas tax losses of \u00a328.1m (30 June 2023: \u00a327.3m) that are carried forward
\n
for offset against suitable future taxable pro\ufb01ts. No deferred tax asset has been recognised
\n
in relation to these losses as no utilisation is currently anticipated. All losses can be carried
\n
forward inde\ufb01nitely (30 June 2023: \u00a31.4m of losses that will expire between 2026 and 2029).
\n
The Group has UK capital losses carried forward of \u00a3779.0m (30 June 2023: \u00a3779.0m). These
\n
losses have no expiry date and are available for offset against future UK chargeable gains. No
\n
deferred tax asset (30 June 2023: \u00a3nil) has been recognised in respect of these capital losses
\n
as no further utilisation is currently anticipated.
\n
On 1 July 2024, the Government of Gibraltar announced the increase in the main rate of
\n
tax from 12.50% to 15.00% effective from 1 July 2024. As the change was not substantively
\n
enacted at the balance sheet date, the deferred tax assets and liabilities recorded at 30 June
\n
2024 in respect of Gibraltar have not been remeasured at the increased rate.
Temporary differences associated with Group investments
\n
There was no deferred tax liability recognised (30 June 2023: \u00a3nil) for taxes that would be
\n
payable on the unremitted earnings of certain subsidiaries. The Group has determined that
\n
any unremitted earnings that do not fall within the dividend exemption introduced in the
\n
Finance Act 2009 will not be distributed in the foreseeable future and the parent company
\n
does not foresee giving such consent at the balance sheet date.
\n
The deferred tax included in the Group income statement is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Deferred tax in the income statement
\u00a0 \u00a0
Accelerated capital allowances
(6.2)
(3.5)
Tax losses
3.5
22.7
Business combinations \u2013 property lease fair value adjustments
\u2013
0.6
Temporary differences on UK casino licences
1.3
5.5
Other temporary differences
0.3
(0.2)
Total deferred tax credit (charge)
(1.1)
25.1
\n
The deferred tax movement on the balance sheet is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
As at start of year
6.6
(19.1)
Impact of prior period error (Note 1)
\u2013
0.4
As at start of year (as restated)
6.6
(18.7)
Exchange adjustments
\u2013
0.2
Deferred tax charge in the income statement
(1.1)
25.1
As at end of year
5.5
6.6
\n
Within the Company, there is a deferred tax asset of \u00a33.4m related to losses that can be
\nsurrendered to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f30240": { "value": "23 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Property-related
Disposal
Indirect tax
Pay
Warranty
\u00a0
\u00a0
provisions
provisions
provision
provision
provision
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 July 2023
37.3
0.2
1.2
0.1
0.2
39.0
Created
2.8
\u2013
\u2013
\u2013
\u2013
2.8
Charge to the income statement \u2013 SDI
1.1
\u2013
\u2013
\u2013
\u2013
1.1
Release to the income statement \u2013 SDI
(2.6)
\u2013
\u2013
\u2013
(0.2)
(2.8)
Utilised in the year
(2.1)
\u2013
(1.2)
\u2013
\u2013
(3.3)
At 30 June 2024
36.5
0.2
\u2013
0.1
\u2013
36.8
Current
3.3
0.2
\u2013
0.1
\u2013
3.6
Non-current
33.2
\u2013
\u2013
\u2013
\u2013
33.2
Total
36.5
0.2
\u2013
0.1
\u2013
36.8
\n
Provisions have been made based on management\u2019s best estimate of the future cash \ufb02ows,
taking into account the risks associated with each obligation.
Property-related provisions
Where the Group no longer operates from a leased property, onerous property contract
provisions are recognised for the least net cost of exiting from the contract. Unless a
separate exit agreement with a landlord has already been agreed, the Group\u2019s policy is that
this onerous contract provision includes all unavoidable costs of meeting the obligations
of the contract. The amounts provided are based on the Group\u2019s best estimates of the likely
committed out\ufb02ows and site closure dates. These provisions do not include lease liabilities,
however, do include unavoidable costs related to the lease such as service charges, insurance
and other directly related costs. As at 30 June 2024, property related provision include
\u00a334.0m (2023: \u00a334.4m) provision for dilapidations and \u00a32.5m (2023: \u00a32.8m) onerous
contracts provision.
Provisions for dilapidations are recognised where the Group has the obligation to make-
good its leased properties. These provisions are recognised based on historically settled
dilapidations which form the basis of the estimated future cash out\ufb02ows. Any difference
between amounts expected to be settled and the actual cash out\ufb02ow will be accounted for in
the period when such determination is made.
Where the Group is able to exit lease contracts before the expiry date or agree sublets, this
results in the release of any associated property provisions. Such events are subject to the
agreement of the landlord, therefore the Group makes no assumptions on the ability to either
exit or sublet a property until a position is contractually agreed.
Disposal provisions
In prior years, a provision has been made for legacy industrial disease and personal injury
claims, and other directly attributable costs arising as a consequence of the sale or closure of
previously owned businesses.
During the prior period, the Group re-considered this provision by reviewing the historic
claims and any \ufb01nal settlements made. The nature and timing of any personal injury
claims is uncertain and therefore, in most cases, the payment could not be determined as
probable. It was therefore determined necessary to release the majority of the provision and
recognise the possible settlement of legacy industrial disease and personal injury claims as a
contingent liability (see Note 32).
Indirect tax provision
The indirect tax provision relates to an amusement machine licence duty claim by HMRC.
During the year the provision of \u00a31.2m was utilised and the balance as at 30 June 2024 was
\u00a3nil (30 June 2023: \u00a31.2m).
Pay provision
The balance of \u00a30.1m (30 June 2023: \u00a30.1m) relates to the remaining settlements associated
with the National Minimum Wage Regulations for those employees for whom the Group is
still in contact for payment details.
Warranty provision
As 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 30 June 2021. This amount represented Rank\u2019s
best estimate of liability in relation to certain indemnities and warranties provided to the
purchaser. In the event that the provision for warranties is not called upon over the \ufb01ve-year
period, this amount will be released to the Group income statement as an additional pro\ufb01t on
sale. During the year, the Group released the remaining \u00a30.2m pro\ufb01t on sale within the SDI
of the Group income statement (30 June 2023: \u00a30.2m). The release in the year represents
Rank\u2019s best estimate of liability that have now passed due to the passage of time in which the
purchaser can no longer claim.
Company
In prior years, a provision has been made for legacy industrial disease and personal injury
claims, and other directly attributable costs arising as a consequence of the sale or closure of
previously owned businesses.
During the prior period, the Company have re-considered this provision by reviewing the
historic claims and any \ufb01nal settlements made. The nature and timing of any personal injury
claims is uncertain and therefore, in most cases, the payment could not be determined as
probable. It was therefore determined necessary to release the provision the majority of the
provision and recognise the possible settlement of legacy industrial disease and personal
injury claims as a contingent liability (see Note 32).Capital commitments
At 30 June 2024, the Group has contracts placed for future capital expenditure of \u00a38.5m
(30 June 2023: \u00a36.2m).
32 Contingent liabilities and contingent assets
Contingent liabilities
Group
Property arrangements
The Group has certain property arrangements under which rental payments revert to the
Group in the event of default by the third party. At 30 June 2024, it is not considered probable
that the third party will default. As such, no provision has been recognised in relation to these
arrangements. If the third party were to default on these arrangements, the obligation for the
Group would be \u00a30.8m on a discounted basis.
Legal and regulatory landscape
Given the nature of the legal and regulatory landscape of the industry, from time to time the
Group receives notices and communications from regulatory authorities and other parties in
respect of its activities and is subject to compliance assessments of its licensed activities.
The Group recognises that there is uncertainty over any \ufb01nes or charges that may be levied
by regulators as a result of past events and depending on the status of such reviews, it
is not always possible to reliably estimate the likelihood, timing and value of potential
cash out\ufb02ows.
Disposal claims
As a consequence of historic sale or closure of previously owned businesses, the Group may
be liable for legacy industrial disease and personal injury claims alongside any other directly
attributable costs. The nature and timing of these claims is uncertain and depending on
the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the
likelihood, timing and value of potential cash out\ufb02ow.
Contingent consideration
On 21 April 2022, the Group completed the purchase of the remaining 50% shareholding of
Rank Interactive Limited (formerly known as Aspers Online Limited) for a total consideration
\u00a31.3m. Of this consideration, \u00a30.5m was paid in cash on completion in lieu of the outstanding
loan balance the Company owed to the seller and \u00a30.8m in contingent consideration.
The contingent consideration will be equivalent to a percentage of the net gaming revenue
generated from the acquired customer database. A present value of \u00a30.8m was recognised at
30 June 2022.
The Group settled \u00a30.4m of the contingent consideration leaving a balance of \u00a30.4m on
30 June 2023.
At 30 June 2024, the Group settled a further \u00a30.1m of the contingent consideration leaving a
balance of \u00a30.3m.
Contingent Assets
There are no contingent assets requiring disclosures at 30 June 2024.
Company
Disposal claims
As a consequence of historic sale or closure of previously owned businesses, the Group may
be liable for legacy industrial disease and personal injury claims alongside any other directly
attributable costs. The nature and timing of these claims is uncertain and depending on
the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the
likelihood, timing and value of potential cash out\ufb02ow.
Guarantees
At 30 June 2024, the Company has made guarantees to subsidiary undertakings of \u00a342.2m
(30 June 2023: \u00a345.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f30241": { "value": "23 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Property-related
Disposal
Indirect tax
Pay
Warranty
\u00a0
\u00a0
provisions
provisions
provision
provision
provision
Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 July 2023
37.3
0.2
1.2
0.1
0.2
39.0
Created
2.8
\u2013
\u2013
\u2013
\u2013
2.8
Charge to the income statement \u2013 SDI
1.1
\u2013
\u2013
\u2013
\u2013
1.1
Release to the income statement \u2013 SDI
(2.6)
\u2013
\u2013
\u2013
(0.2)
(2.8)
Utilised in the year
(2.1)
\u2013
(1.2)
\u2013
\u2013
(3.3)
At 30 June 2024
36.5
0.2
\u2013
0.1
\u2013
36.8
Current
3.3
0.2
\u2013
0.1
\u2013
3.6
Non-current
33.2
\u2013
\u2013
\u2013
\u2013
33.2
Total
36.5
0.2
\u2013
0.1
\u2013
36.8
\n
Provisions have been made based on management\u2019s best estimate of the future cash \ufb02ows,
taking into account the risks associated with each obligation.
Property-related provisions
Where the Group no longer operates from a leased property, onerous property contract
provisions are recognised for the least net cost of exiting from the contract. Unless a
separate exit agreement with a landlord has already been agreed, the Group\u2019s policy is that
this onerous contract provision includes all unavoidable costs of meeting the obligations
of the contract. The amounts provided are based on the Group\u2019s best estimates of the likely
committed out\ufb02ows and site closure dates. These provisions do not include lease liabilities,
however, do include unavoidable costs related to the lease such as service charges, insurance
and other directly related costs. As at 30 June 2024, property related provision include
\u00a334.0m (2023: \u00a334.4m) provision for dilapidations and \u00a32.5m (2023: \u00a32.8m) onerous
contracts provision.
Provisions for dilapidations are recognised where the Group has the obligation to make-
good its leased properties. These provisions are recognised based on historically settled
dilapidations which form the basis of the estimated future cash out\ufb02ows. Any difference
between amounts expected to be settled and the actual cash out\ufb02ow will be accounted for in
the period when such determination is made.
Where the Group is able to exit lease contracts before the expiry date or agree sublets, this
results in the release of any associated property provisions. Such events are subject to the
agreement of the landlord, therefore the Group makes no assumptions on the ability to either
exit or sublet a property until a position is contractually agreed.
Disposal provisions
In prior years, a provision has been made for legacy industrial disease and personal injury
claims, and other directly attributable costs arising as a consequence of the sale or closure of
previously owned businesses.
During the prior period, the Group re-considered this provision by reviewing the historic
claims and any \ufb01nal settlements made. The nature and timing of any personal injury
claims is uncertain and therefore, in most cases, the payment could not be determined as
probable. It was therefore determined necessary to release the majority of the provision and
recognise the possible settlement of legacy industrial disease and personal injury claims as a
contingent liability (see Note 32).
Indirect tax provision
The indirect tax provision relates to an amusement machine licence duty claim by HMRC.
During the year the provision of \u00a31.2m was utilised and the balance as at 30 June 2024 was
\u00a3nil (30 June 2023: \u00a31.2m).
Pay provision
The balance of \u00a30.1m (30 June 2023: \u00a30.1m) relates to the remaining settlements associated
with the National Minimum Wage Regulations for those employees for whom the Group is
still in contact for payment details.
Warranty provision
As 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 30 June 2021. This amount represented Rank\u2019s
best estimate of liability in relation to certain indemnities and warranties provided to the
purchaser. In the event that the provision for warranties is not called upon over the \ufb01ve-year
period, this amount will be released to the Group income statement as an additional pro\ufb01t on
sale. During the year, the Group released the remaining \u00a30.2m pro\ufb01t on sale within the SDI
of the Group income statement (30 June 2023: \u00a30.2m). The release in the year represents
Rank\u2019s best estimate of liability that have now passed due to the passage of time in which the
purchaser can no longer claim.
Company
In prior years, a provision has been made for legacy industrial disease and personal injury
claims, and other directly attributable costs arising as a consequence of the sale or closure of
previously owned businesses.
During the prior period, the Company have re-considered this provision by reviewing the
historic claims and any \ufb01nal settlements made. The nature and timing of any personal injury
claims is uncertain and therefore, in most cases, the payment could not be determined as
probable. It was therefore determined necessary to release the provision the majority of the
provision and recognise the possible settlement of legacy industrial disease and personal
injury claims as a contingent liability (see Note 32).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f30511": { "value": "24 Share capital and reserves \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at 30 June 2024
As at 30 June 2023
\u00a0
Number
Nominal value
Number
Nominal value
\u00a0
m
\u00a3m
m
\u00a3m
Authorised ordinary shares of 138/9p each
1,296.0
180.0
1,296.0
180.0
\n
Issued and fully paid
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at 30 June 2024
As at 30 June 2023
\u00a0
Number
Nominal value
Number
Nominal value
\u00a0
m
\u00a3m
m
\u00a3m
At start of the year
468.4
65.0
468.4
65.0
At end of the year
468.4
65.0
468.4
65.0
\n
Share premium
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at 30 June 2024
As at 30 June 2023
\u00a0
Number
Nominal value
Number
Nominal value
\u00a0
m
\u00a3m
m
\u00a3m
At start of the year
468.4
155.7
468.4
155.7
At end of the year
468.4
155.7
468.4
155.7
\nTotal shares in issue at 30 June 2024 are 468,429,541 (2023: 468,429,541).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f30512": { "value": "24 Share capital and reserves \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at 30 June 2024
As at 30 June 2023
\u00a0
Number
Nominal value
Number
Nominal value
\u00a0
m
\u00a3m
m
\u00a3m
Authorised ordinary shares of 138/9p each
1,296.0
180.0
1,296.0
180.0
\n
Issued and fully paid
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at 30 June 2024
As at 30 June 2023
\u00a0
Number
Nominal value
Number
Nominal value
\u00a0
m
\u00a3m
m
\u00a3m
At start of the year
468.4
65.0
468.4
65.0
At end of the year
468.4
65.0
468.4
65.0
\n
Share premium
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at 30 June 2024
As at 30 June 2023
\u00a0
Number
Nominal value
Number
Nominal value
\u00a0
m
\u00a3m
m
\u00a3m
At start of the year
468.4
155.7
468.4
155.7
At end of the year
468.4
155.7
468.4
155.7
\nTotal shares in issue at 30 June 2024 are 468,429,541 (2023: 468,429,541).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f30681": { "value": "25 Notes to cash \ufb02ow
Reconciliation of pro\ufb01t for the year to cash generated from operations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Group
Company
\u00a0\u00a0 \u00a0
Year ended
\u00a0 \u00a0
\u00a0\u00a0
Year ended
30 June 2023
Year ended
Year ended
\u00a0\u00a0
30 June 2024
(restated)
30 June 2024
30 June 2023
\u00a0
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pro\ufb01t (loss) for the year
\u00a0
12.2
(95.8)
62.1
(202.2)
Adjustments for:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Depreciation and amortisation
\u00a0
47.7
60.1
\u2013
\u2013
Amortisation of arrangement fees
\u00a0
3.5
1.3
\u2013
\u2013
Loss on disposal of property, plant and equipment
\u00a0
\u2013
0.2
\u2013
\u2013
Net \ufb01nancing charge
\u00a0
9.4
12.3
37.9
33.7
Income tax expense (credit)
\u00a0
6.3
0.6
\u2013
(12.4)
Share-based payments
\u00a0
1.2
1.1
\u2013
\u2013
Separately disclosed items
\u00a0
15.0
101.5
(101.2)
182.6
\u00a0\u00a0
95.3
81.3
(1.2)
1.7
Decrease in inventories
\u00a0
0.2
0.2
\u2013
\u2013
Decrease (Increase) in other receivables
\u00a0
21.1
11.9
\u2013
(8.3)
Increase (decrease) in trade and other payables
\u00a0
5.7
(11.9)
0.9
29.6
\u00a0\u00a0
122.3
81.5
(0.3)
23.0
Cash utilisation of provisions (see note 23)
\u00a0
(3.3)
(2.4)
\u2013
(1.7)
Cash receipts in respect of separately disclosed items
\u00a0
(0.1)
(7.1)
\u2013
\u2013
Cash generated from operations
\u00a0
118.9
72.0
(0.3)
21.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f30951": { "value": "26 Cash and short-term deposits \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
As at
\u00a0
As at
30 June 2023
\u00a0
30 June 2024
(restated)
\u00a0
\u00a3m
\u00a3m
Cash at bank and on hand
62.5
56.1
Short-term deposits
3.6
1.9
Total
66.1
58.0
\n
The analysis of cash and short-term deposits by currency is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
As at
\u00a0
As at
30 June 2023
\u00a0
30 June 2024
(restated)
\u00a0
\u00a3m
\u00a3m
Sterling
57.8
40.8
Euro
6.3
14.3
Others
2.0
2.9
Total
66.1
58.0
\n
Cash at bank earns interest at \ufb02oating rates based on daily bank deposit rates. Short-term
deposits are made for varying periods depending on the immediate cash requirements of the
Group and earn interest at the respective short-term deposit rates.
Included in cash is \u00a39.7m (2023: \u00a38.9m) relating to customer funds which is matched by
liabilities to customers of equal value within trade and other payables (note 18).
Company
At 30 June 2024 the Company had cash and short-term deposits of \u00a3nil (30 June 2023: \u00a3nil).
27 Reconciliation of cash \ufb02ow from \ufb01nancing activities
\n
Reconciliation of net debt:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
As at
\u00a0
As at
30 June 2023
\u00a0
30 June 2024
(restated)
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
62.4
56.5
Borrowings excluding leases
(41.5)
(62.4)
IFRS 16 Lease liabilities
(153.4)
(169.0)
Net debt
(132.5)
(174.9)
\n
For the purpose of the statements of cash \ufb02ow, cash and cash equivalents comprise the
\n
following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0 \u00a0
As at
\u00a0
As at
30 June 2023
\u00a0
30 June 2024
(restated)
\u00a0
\u00a3m
\u00a3m
Cash at bank and on hand
62.5
56.1
Short-term deposits
3.6
1.9
Total
66.1
58.0
Bank overdrafts
(3.7)
(1.5)
Total
62.4
56.5
\n
Changes in liabilities arising from \ufb01nancing activities:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Transactions year ended
Transactions year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
As at
\u00a0 \u00a0
As at
\u00a0 \u00a0
\u00a0
30 June 2024
\u00a0
Non-cash
30 June 2023
\u00a0
Non-cash
\u00a0
\u00a3m
Cash \ufb02ow
changes
\u00a3m
Cash \ufb02ow
changes
Obligations under \ufb01nance leases
\u00a0 \u00a0 \u00a0
\u2013
\u00a0 \u00a0
Obligations under leases
153.4
(39.0)
23.4
169.0
(37.9)
25.2
Term loans
30.0
(14.4)
-
44.4
(34.5)
0.1
Revolving credit facility
11.5
(6.5)
-
18.0
18.0
-
Total borrowings
194.9
(59.9)
23.4
231.4
(54.4)
25.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f31361": { "value": "28 Employees and Directors
(a)
Employee bene\ufb01t expense for the Group during the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Wages and salaries
199.3
182.6
Social security costs
19.2
17.7
Pension costs
6.1
5.5
Share-based payments
1.1
1.1
\u00a0
225.7
206.9
\nThe Company has no employees (year ended 30 June 2023: nil).30 Retirement bene\ufb01ts
De\ufb01ned contribution scheme
The Group operates the Rank Group Stakeholder Pension Plan (\u2018the Plan\u2019) which is externally
funded and the Plan\u2019s assets are held separately from Group assets. During the year ended
30 June 2024, the Group contributed a total of \u00a36.1m (year ended 30 June 2023: \u00a35.5m) to
the Plan. There were no signi\ufb01cant contributions outstanding at the balance sheet date in
either year.
Other pension commitment
The Group has an unfunded pension commitment relating to three former executives of the
Group. At 30 June 2024, the Group\u2019s commitment was \u00a33.4m (30 June 2023: \u00a33.4m). The
Group paid \u00a30.2m (year ended 30 June 2023: \u00a30.2m) in pension payments during the year.
The actuarial gain arising on the commitment, resulting from the changes in assumptions
outlined below in the year was \u00a3nil (year ended 30 June 2023: \u00a3nil ) before taxation and
\u00a3nil after taxation (year ended 30 June 2023: \u00a3nil).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
30 June 2024
30 June 2023
\u00a0
% p.a.
% p.a.
Discount rate
5.1
5.1
Pension increases
5.0
5.0
\n
The 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": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f31424": { "value": "(b)
Average monthly number of employees
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Full-time
Part-time
Total
Full-time
Part-time
Total
\u00a0
Year ended
Year ended
Year ended
Year ended
Year ended
Year ended
\u00a0
30 June 2024
30 June 2024
30 June 2024
30 June 2023
30 June 2023
30 June 2023
Digital
779
9
788
733
19
752
Grosvenor Venues
2,458
1,760
4,218
2,401
1,502
3,903
Mecca Venues
373
1,305
1,678
364
1,287
1,651
International Venues
346
182
528
484
82
566
Central Costs
412
16
428
355
16
371
\u00a0
4,368
3,272
7,640
4,337
2,906
7,243
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f31563": { "value": "(c)
Key management compensation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts (including social security costs)
3.0
1.8
Post-employment bene\ufb01ts
0.2
0.1
Share-based payments
0.2
\u2013
\u00a0
3.4
1.9
\n
Included in key management compensation are bonuses of \u00a32.0m in respect of the current
year (year ended 30 June 2023: \u00a3nil).
Key management is de\ufb01ned as the Executive Directors of the Group and the management
team, details of which are set out on page 91 and at www.rank.com. Further details of the
emoluments received by the Executive Directors are included in the Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f31689": { "value": "29 Share-based payments
During the year ended 30 June 2024, the Company operated an equity-settled Long-Term
\n
Incentive Plan (\u2018LTIP\u2019). Further details of the LTIP are included in the Remuneration Report
\n
on pages 90 to 93. The LTIP is an equity-settled scheme and details of the movements in the
\n
number of shares are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
Outstanding at start of the year
10,325,900
8,108,854
Granted
5,138,387
5,773,421
Exercised
(474,985)
(148,858)
Expired
(1,409,441)
(2,561,969)
Forfeited
(2,670,011)
(845,548)
Outstanding at end of the year
10,909,850
10,325,900
Weighted average remaining life
0.7 years
0.8 years
Weighted average fair value for shares granted during the year (p)
63.0p
33.2p
\n
There are \ufb01ve LTIP awards currently in issue during the \ufb01nancial year ended 30 June 2024.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
LTIP
Vests in a single tranche in September 2024.
2021/22 award
All LTIP awards have \u00a3nil exercise price.
LTIP
Vests in a single tranche in September 2025.
2022/23 award
All LTIP awards have a \u00a3nil exercise price.
LTIP
Vests in a single tranche in September 2026.
2023/24 award
All LTIP awards have a \u00a3nil exercise price.
LTIP
Vests in two tranches. 50% in August 2024 and 50% in August 2025.
2023/24 award Employee award 1
All LTIP awards have a \u00a3nil exercise price.
LTIP
Vests is in two tranches. 50% in February 2025 and 50% in February 2026.
2023/24 award Employee award 2
All LTIP awards have a \u00a3nil exercise price.
The number of LTIP awards and the fair value per share granted during the year were as
\n
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
30 June 2024
30 June 2023
Number
4,980,928
5,773,421
Weighted average fair value per share
62.6p
33.2p
\n
The fair value of the LTIP awards granted during the year is based on the market value of the
\n
share award at the grant date less the expected value of dividends forgone. The following
\n
table lists the inputs used in assessing the fair value of the share awards:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
30 June 2024
30 June 2023
Dividend Yield (%)
4.00
2.00
Vesting period (years)
3.00
3.00
Weighted average share price
87.0p
75.9p
\n
The number of LTIP Employee awards 1 and the fair value per share of the LTIP Employee
\n
awards 1 granted during the period were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
30 June 2024
Number
83,911
Weighted average fair value per share
84.0p
\n
The fair value of the LTIP Employee 1 awards granted during the year is based on the market
\n
value of the share award at the grant date less the expected value of dividends forgone. The
\n
following table lists the inputs used in assessing the fair value of the share awards:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
30 June 2024
Dividend yield (%)
4.00
Vesting period (years)
2.00
Weighted average share price
89.0p
\n
The number of LTIP Employee awards 2 and the fair value per share of the LTIP Employee
\n
awards 2 granted during the year were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
30 June 2024
Number
73,548
Weighted average fair value per share
69.5p
\n
The fair value of the LTIP Employee 2 awards granted during the year is based on the market
\n
value of the share award at grant date less the expected value of dividends forgone. The
\n
following table lists the inputs used in assessing the fair value of the share awards:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
30 June 2024
Dividend yield (%)
4.00
Vesting period (years)
2.00
Weighted average share price
74.0p
\n
To the extent that grants are subject to non-market based performance conditions, the
\n
expense recognised is based on expectations of these conditions being met, which are
\n
reassessed at each balance sheet date. The Group recognised a \u00a31.1m charge (30 June 2023:
\n\u00a31.1m charge) in operating pro\ufb01t for costs of the scheme in the current year.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f32065": { "value": "31 Leases
Group as a Lessee
The Group leases various properties and equipment. Rental contracts are made for various
\ufb01xed periods ranging up to 94 years. Lease terms are negotiated on an individual basis and
contain a wide range of different terms and conditions. The lease agreements do not impose
any covenants, but leased assets may not be used as security for borrowing purposes.
In determining the lease term, management considers all facts and circumstances that create
an economic incentive to exercise an extension option. Extension options are only included
in the lease term if the lease is reasonably certain to be extended (or not terminated). The
assessment is reviewed if a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs
which affects this assessment and that is within the control of the Group as a lessee.
Set out below are the carrying amounts of lease liabilities and the movements during the
period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
30 June 2023
\u00a0
30 June 2024
(restated)
\u00a0
\u00a3m
\u00a3m
At the beginning of the year
169.0
181.7
Additions
1
\u00a0\u00a0
Modi\ufb01cation
18.0
19.1
Accretion of interest
5.9
6.5
Payments
1
(39.0)
(37.9)
Foreign exchange
(0.1)
(0.4)
Disposal
(0.4)
\u2013
At the end of the year
153.4
169.0
Current liabilities
32.6
42.2
Non-current liabilities
120.8
126.8
Total
153.4
169.0
\n
1. The Group restated the prior year amount in additions and payments to eliminate the dilapidation provisions of \u00a328.7m, which
were incorrectly included.
The maturity analysis of lease liabilities are disclosed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at 30 June 2024
As at 30 June 2023
\u00a0
Present value of
Total
Present value of
Total
\u00a0
the minimum
minimum lease
the minimum
minimum lease
\u00a0
lease payments
payments
lease payments
payments
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within 1 year
32.6
38.2
42.2
49.1
After 1 year but within 2 years
31.8
36.2
25.9
30.2
After 2 years but within 5 years
52.9
60.8
60.4
70.3
After 5 years
36.1
39.5
40.5
47.2
\u00a0
153.4
174.7
169.0
196.8
Less: total future interest expenses
\u00a0
(21.3)
\u00a0
(27.8)
Present value of lease liabilities
\u00a0
153.4
\u00a0
169.0
\n
The following are the amounts recognised in the Group income statement:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Depreciation expense of right-of-use assets
14.1
20.9
Interest expense on lease liabilities
5.9
6.5
Total amount recognised in the income statement
20.0
27.4
\n
The Group has several lease contracts that include extension and termination options. These
options are negotiated by management to provide \ufb02exibility in managing the leased-asset
portfolio and align with the Group\u2019s business needs. Management exercises signi\ufb01cant
judgement in determining whether these extension and termination options are reasonably
certain to be exercised.
Group as a lessor
The Group is party to a number of leasehold property contracts. Where appropriate the Group
will sub-let properties which are vacant, in order to derive \ufb01nance lease income which is
shown net of lease costs. Lease income as at 30 June 2024 from lease contracts in which the
Group sub-lets certain property space is \u00a31.8m (year ended 30 June 2023: \u00a31.7m).
Future minimum rentals receivable under non-cancellable operating leases as at 30 June are
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As at
As at
\u00a0
30 June 2024
30 June 2023
\u00a0
Total minimum
Total minimum
\u00a0
lease payments
lease payments
\u00a0
\u00a3m
\u00a3m
Within 1 year
3.0
2.6
After 1 year but within 2 years
0.8
0.9
After 2 years but within 5 years
1.0
1.0
After 5 years
1.5
1.7
Total
6.3
6.2
\n
Capital commitments
At 30 June 2024, the Group has contracts placed for future capital expenditure of \u00a38.5m
(30 June 2023: \u00a36.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f32450": { "value": "Capital commitments
At 30 June 2024, the Group has contracts placed for future capital expenditure of \u00a38.5m
(30 June 2023: \u00a36.2m).
32 Contingent liabilities and contingent assets
Contingent liabilities
Group
Property arrangements
The Group has certain property arrangements under which rental payments revert to the
Group in the event of default by the third party. At 30 June 2024, it is not considered probable
that the third party will default. As such, no provision has been recognised in relation to these
arrangements. If the third party were to default on these arrangements, the obligation for the
Group would be \u00a30.8m on a discounted basis.
Legal and regulatory landscape
Given the nature of the legal and regulatory landscape of the industry, from time to time the
Group receives notices and communications from regulatory authorities and other parties in
respect of its activities and is subject to compliance assessments of its licensed activities.
The Group recognises that there is uncertainty over any \ufb01nes or charges that may be levied
by regulators as a result of past events and depending on the status of such reviews, it
is not always possible to reliably estimate the likelihood, timing and value of potential
cash out\ufb02ows.
Disposal claims
As a consequence of historic sale or closure of previously owned businesses, the Group may
be liable for legacy industrial disease and personal injury claims alongside any other directly
attributable costs. The nature and timing of these claims is uncertain and depending on
the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the
likelihood, timing and value of potential cash out\ufb02ow.
Contingent consideration
On 21 April 2022, the Group completed the purchase of the remaining 50% shareholding of
Rank Interactive Limited (formerly known as Aspers Online Limited) for a total consideration
\u00a31.3m. Of this consideration, \u00a30.5m was paid in cash on completion in lieu of the outstanding
loan balance the Company owed to the seller and \u00a30.8m in contingent consideration.
The contingent consideration will be equivalent to a percentage of the net gaming revenue
generated from the acquired customer database. A present value of \u00a30.8m was recognised at
30 June 2022.
The Group settled \u00a30.4m of the contingent consideration leaving a balance of \u00a30.4m on
30 June 2023.
At 30 June 2024, the Group settled a further \u00a30.1m of the contingent consideration leaving a
balance of \u00a30.3m.
Contingent Assets
There are no contingent assets requiring disclosures at 30 June 2024.
Company
Disposal claims
As a consequence of historic sale or closure of previously owned businesses, the Group may
be liable for legacy industrial disease and personal injury claims alongside any other directly
attributable costs. The nature and timing of these claims is uncertain and depending on
the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the
likelihood, timing and value of potential cash out\ufb02ow.
Guarantees
At 30 June 2024, the Company has made guarantees to subsidiary undertakings of \u00a342.2m
(30 June 2023: \u00a345.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f32451": { "value": "Capital commitments
At 30 June 2024, the Group has contracts placed for future capital expenditure of \u00a38.5m
(30 June 2023: \u00a36.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f32482": { "value": "32 Contingent liabilities and contingent assets
Contingent liabilities
Group
Property arrangements
The Group has certain property arrangements under which rental payments revert to the
Group in the event of default by the third party. At 30 June 2024, it is not considered probable
that the third party will default. As such, no provision has been recognised in relation to these
arrangements. If the third party were to default on these arrangements, the obligation for the
Group would be \u00a30.8m on a discounted basis.
Legal and regulatory landscape
Given the nature of the legal and regulatory landscape of the industry, from time to time the
Group receives notices and communications from regulatory authorities and other parties in
respect of its activities and is subject to compliance assessments of its licensed activities.
The Group recognises that there is uncertainty over any \ufb01nes or charges that may be levied
by regulators as a result of past events and depending on the status of such reviews, it
is not always possible to reliably estimate the likelihood, timing and value of potential
cash out\ufb02ows.
Disposal claims
As a consequence of historic sale or closure of previously owned businesses, the Group may
be liable for legacy industrial disease and personal injury claims alongside any other directly
attributable costs. The nature and timing of these claims is uncertain and depending on
the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the
likelihood, timing and value of potential cash out\ufb02ow.
Contingent consideration
On 21 April 2022, the Group completed the purchase of the remaining 50% shareholding of
Rank Interactive Limited (formerly known as Aspers Online Limited) for a total consideration
\u00a31.3m. Of this consideration, \u00a30.5m was paid in cash on completion in lieu of the outstanding
loan balance the Company owed to the seller and \u00a30.8m in contingent consideration.
The contingent consideration will be equivalent to a percentage of the net gaming revenue
generated from the acquired customer database. A present value of \u00a30.8m was recognised at
30 June 2022.
The Group settled \u00a30.4m of the contingent consideration leaving a balance of \u00a30.4m on
30 June 2023.
At 30 June 2024, the Group settled a further \u00a30.1m of the contingent consideration leaving a
balance of \u00a30.3m.
Contingent Assets
There are no contingent assets requiring disclosures at 30 June 2024.
Company
Disposal claims
As a consequence of historic sale or closure of previously owned businesses, the Group may
be liable for legacy industrial disease and personal injury claims alongside any other directly
attributable costs. The nature and timing of these claims is uncertain and depending on
the result of the claim\u2019s assessment review, it is not always possible to reliably estimate the
likelihood, timing and value of potential cash out\ufb02ow.
Guarantees
At 30 June 2024, the Company has made guarantees to subsidiary undertakings of \u00a342.2m
(30 June 2023: \u00a345.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f32534": { "value": "33 Related party transactions
Group
Details of compensation paid to key management are disclosed in note 28.
Entities with signi\ufb01cant in\ufb02uence over the Group
Guoco Group Limited (\u2018Guoco\u2019), a company incorporated in Bermuda, and listed on The
Stock Exchange of Hong Kong Limited, has a controlling interest in The Rank Group Plc. The
ultimate parent undertaking of Guoco is GuoLine Capital Assets Limited (\u2018GuoLine\u2019) which
is incorporated in Jersey. At 30 June 2024, entities controlled by GuoLine owned 60.3% (30
June 2023: 57.4%) of the Company\u2019s shares, including 56.2% (30 June 2023: 53.3%) through
Guoco\u2019s wholly-owned subsidiary, Rank Assets Limited, the Company\u2019s immediate parent
undertaking. For further information see page 110
Company
The following transactions with subsidiaries occurred in the year:
\u00a0
Year ended
Year ended
\u00a0
30 June 2024
30 June 2023
\u00a0
\u00a3m
\u00a3m
Interest payable to subsidiary undertaking
(37.9)
(33.7)
\n
During the year, Rank Group Finance Plc, a subsidiary of the Company, received cash from
the Company of \u00a3nil (year ended 30 June 2023: received cash of \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f32542": { "value": "Guoco is GuoLine Capital Assets Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f32543": { "value": "Guoco is GuoLine Capital Assets Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f32582": { "value": "34 Loss on disposal of Passion Gaming
The Group completed the sale of Passion Gaming to its founders on 26 June 2024.
The major classes of assets and liabilities disposed relating to Passion Gaming for the period
ending 26 June 2024 was as follows:
\u00a0
\u00a3m
Intangible \ufb01xed assets
0.1
Property, plant and equipment
0.1
Other receivables
0.1
Cash
1.0
Total assets
1.3
Trade and other payables
(0.7)
Total liabilities
(0.7)
Net assets disposed
0.6
Consideration received
(0.2)
Loss on disposal - SDI
0.4
\n
The consideration received on the date of disposal of Passion Gaming was \u00a30.2m and, net of
cash and cash equivalents disposed, there was a net out\ufb02ow of \u00a3(0.8)m.
SDIs
Exceptional items charged to loss from continuing operations are set out below:
\u00a0
\u00a3m
Loss on disposal
0.4
Exchange losses transferred to income statement on disposal
0.1
Total SDIs
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "f33051": { "value": "TOR, Saint-Cloud Way, Maidenhead SL6 8BN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800TXKD6XZWOFTE12", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } } } }