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"2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-318": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "bm:FinanceIncomeReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-319": { "value": "17000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-320": { "value": "-254000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-321": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "bm:RepaymentOfGroupRevolvingCreditFacilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-322": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "bm:RepaymentOfGroupRevolvingCreditFacilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-323": { "value": "156000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-324": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-325": { "value": "0.0", "decimals": -6, "dimensions": { "concept": 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"iso4217:GBP" } }, "fact-329": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "bm:RepaymentOfLoanFacilitiesHeldInFranceClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "-5000000.0", "decimals": -6, "dimensions": { "concept": "bm:RepaymentOfLoanFacilitiesHeldInFranceClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "192000000.0", "decimals": -6, "dimensions": { "concept": "bm:RepaymentOfThePrincipalInRelationToLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "176000000.0", "decimals": -6, "dimensions": { "concept": "bm:RepaymentOfThePrincipalInRelationToLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "84000000.0", "decimals": -6, "dimensions": { "concept": "bm:PaymentOfInterestInRelationToRightOfUseAssetsClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "77000000.0", "decimals": -6, "dimensions": { "concept": "bm:PaymentOfInterestInRelationToRightOfUseAssetsClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "bm:FeesOnRefinancingClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "bm:FeesOnRefinancingClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-337": { "value": "-69000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-338": { "value": "-56000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "133000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": 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"ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-344": { "value": "-2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "125000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "217000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "182000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "342000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "217000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "342000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BalancesWithBanks", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "217000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BalancesWithBanks", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-353": { "value": "342000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "217000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "fact-356": { "value": "
1 General information and basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted IFRS and EU-adopted IFRS accounting standards. Dual
adoption of accounting standards is a result of three entities within the Group relocating to Jersey from Luxembourg. B&M European Value Retail plc
migrated on 27 February 2026 and both B&M European Value Retail 1 Ltd and B&M European Value Retail 2 Ltd migrated on 18 March 2026.
The Group\u2019s trade is general retail, with continuing trading taking place in the UK and France. The Group has been listed on the London Stock Exchange
since June 2014.
The consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and
financial liabilities at fair value through profit or loss. The measurement basis and principal accounting policies of the Group are set out below and
have been applied consistently throughout the consolidated financial statements.
The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest million (\u00a3\u2019m), except when
otherwise indicated.
The consolidated financial statements cover the 52-week period from 30 March 2025 to 28 March 2026 which is a different period to the parent
company standalone accounts (from 1 April 2025 to 31 March 2026).
The year end for the Group, in any year, will not be more than six days prior to the parent company year end. The next accounting period for the
Group will be a 52-week period, from 29 March 2026 to 27 March 2027.
B&M European Value Retail plc (the \u2018Company\u2019) is at the head of the Group and there is no consolidation that takes place above the level of this company.
The principal accounting policies of the Group are set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-408": { "value": "1 General information and basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted IFRS and EU-adopted IFRS accounting standards. Dual adoption of accounting standards is a result of three entities within the Group relocating to Jersey from Luxembourg. B&M European Value Retail plc migrated on 27 February 2026 and both B&M European Value Retail 1 Ltd and B&M European Value Retail 2 Ltd migrated on 18 March 2026. The Group\u2019s trade is general retail, with continuing trading taking place in the UK and France. The Group has been listed on the London Stock Exchange since June 2014. The consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. The measurement basis and principal accounting policies of the Group are set out below and have been applied consistently throughout the consolidated financial statements. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest million (\u00a3\u2019m), except when otherwise indicated. The consolidated financial statements cover the 52-week period from 30 March 2025 to 28 March 2026 which is a different period to the parent company standalone accounts (from 1 April 2025 to 31 March 2026). The year end for the Group, in any year, will not be more than six days prior to the parent company year end. The next accounting period for the Group will be a 52-week period, from 29 March 2026 to 27 March 2027. B&M European Value Retail plc (the \u2018Company\u2019) is at the head of the Group and there is no consolidation that takes place above the level of this company. The principal accounting policies of the Group are set out below.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-439": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted IFRS and EU-adopted IFRS accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-7": { "value": "UK and France", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-8": { "value": "B&M European Value Retail plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-357": { "value": "
Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings, together with the Group\u2019s share
of the net assets and results of associated undertakings, for the period from 30 March 2025 to 28 March 2026. Acquisitions of subsidiaries are dealt
with by the acquisition method of accounting. The results of companies acquired are included in the consolidated statement of comprehensive income
from the acquisition date.
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.
Specifically, the Group controls an investee if and only if the Group has:
\u2022 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
\u2022 exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 the ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including:
\u2022 the contractual arrangements with the other vote holders of the investee;
\u2022 rights arising from other contractual arrangements; and
\u2022 the Group\u2019s voting rights and potential voting rights.
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 statement of
comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary, excluding the situations
as outlined in the basis of preparation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-409": { "value": "Basis of consolidation The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings, together with the Group\u2019s share of the net assets and results of associated undertakings, for the period from 30 March 2025 to 28 March 2026. Acquisitions of subsidiaries are dealt with by the acquisition method of accounting. The results of companies acquired are included in the consolidated statement of comprehensive income from the acquisition date. 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. Specifically, the Group controls an investee if and only if the Group has: \u2022 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect its returns. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 the contractual arrangements with the other vote holders of the investee; \u2022 rights arising from other contractual arrangements; and \u2022 the Group\u2019s voting rights and potential voting rights. 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 statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary, excluding the situations as outlined in the basis of preparation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-358": { "value": "
Restatement
We have voluntarily restated the prior year reserves balances to reflect alignment between the share premium balance between the parent company
and the Group. This difference arose as previously in the Group financial statements the credit previously recognised in retained earnings for share
options accounting was reclassified to share premium when employee share options were exercised. This was not reflected in the parent company.
The reclassification aligns the presentation in the Group accounts with that of the parent company. The impact of the restatement is to increase
retained earnings and decrease share premium by \u00a37 million at 30 March 2024 and by \u00a310 million at 29 March 2025. There was no impact on the
profit for the period ended 29 March 2025 or on the net assets at 30 March 2024 or 29 March 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureAmountAndCorrectionOfAccountingErrorsInPriorPeriodsEstimate", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-362": { "value": "
Going concern
In adopting the going concern basis for preparing the financial statements, the Directors have considered the business activities including the
Group\u2019s principal risks and uncertainties. The Board also considered the Group\u2019s current cash position, the repayment profile of its obligations, its
financial covenants and the resilience of its 12-month cash flow forecasts to a series of severe but plausible downside scenarios. The scenarios
considered as part of the going concern assessment are consistent with those used in the longer-term viability statement in the \u2018Principal risks
and uncertainties\u2019 section of this Annual Report, such as a material deterioration in trading performance or a cyber attack. Having considered
these factors the Board is satisfied the Group has adequate resources to continue in operational existence for at least 12 months from the date of
approval of these financial statements, meet its financial covenants and therefore it is appropriate to adopt the going concern basis in preparing the
consolidated financial statements for the 52 weeks to 28 March 2026. There have been no significant post balance sheet changes to liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-359": { "value": "
Revenue
Under IFRS 15 Revenue is recognised when all the following criteria are met:
\u2022 the parties to the contract have approved the contract;
\u2022 the Group can identify each party\u2019s rights regarding the goods to be transferred;
\u2022 the Group can identify the payment terms;
\u2022 the contract has commercial substance; and
\u2022 it is probable that the Group will collect the consideration we are entitled to in respect to the goods to be transferred.
In the vast majority of cases the Group\u2019s sales are made through stores and the control of goods is immediately transferred at the same time as the
consideration is received via our tills. Therefore, revenue is recognised at this point.
The Group sells a small quantity of gift vouchers for use in the future and, as such, a small amount of deferred revenue is recognised. At the period
end, the value held on the balance sheet was \u00a31m (2025: <\u00a31m).
The Group operates a small wholesale function which recognises revenue on despatch of the goods, which is when the performance obligation is
satisfied and the invoice is raised. The invoice is raised at the same time the goods are despatched which satisfies the performance obligation. The
revenue is considered collectable as the Group\u2019s wholesale customers are usually related parties to the Group (such as our associates) or are subject
to credit checks before trade takes place. See note 2 for the split of wholesale sales to store sales.
Revenue is the total amount receivable by the Group for goods supplied, in the ordinary course of business, excluding VAT and trade discounts, and
after deducting returns and relevant vouchers and offers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-355": { "value": "Revenue Under IFRS 15 Revenue is recognised when all the following criteria are met: \u2022 the parties to the contract have approved the contract; \u2022 the Group can identify each party\u2019s rights regarding the goods to be transferred; \u2022 the Group can identify the payment terms; \u2022 the contract has commercial substance; and \u2022 it is probable that the Group will collect the consideration we are entitled to in respect to the goods to be transferred. In the vast majority of cases the Group\u2019s sales are made through stores and the control of goods is immediately transferred at the same time as the consideration is received via our tills. Therefore, revenue is recognised at this point. The Group sells a small quantity of gift vouchers for use in the future and, as such, a small amount of deferred revenue is recognised. At the period end, the value held on the balance sheet was \u00a31m (2025: <\u00a31m). The Group operates a small wholesale function which recognises revenue on despatch of the goods, which is when the performance obligation is satisfied and the invoice is raised. The invoice is raised at the same time the goods are despatched which satisfies the performance obligation. The revenue is considered collectable as the Group\u2019s wholesale customers are usually related parties to the Group (such as our associates) or are subject to credit checks before trade takes place. See note 2 for the split of wholesale sales to store sales. Revenue is the total amount receivable by the Group for goods supplied, in the ordinary course of business, excluding VAT and trade discounts, and after deducting returns and relevant vouchers and offers. Administrative expenses Administrative expenses include all running costs of the business, except those relating to inventory (which are expensed through cost of sales), tax, interest and other comprehensive income. Transport and warehouse costs are included in this caption. Elements which are unusual and significant may be separated as a line item. Goodwill Goodwill is initially measured at cost, being the excess of the fair value of consideration transferred over the fair value of the net identifiable assets acquired and liabilities assumed at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the relevant cash-generating units (CGUs) that are expected to benefit from the combination. The CGUs are individual stores and the groups of CGUs are the store portfolios in each operational segment. Goodwill is tested for impairment at least once per year and specifically at any time where there is any indication that it may be impaired. Internally generated goodwill is not recognised as an asset. Segment reporting Operating segments are reported in a manner consistent with internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the Executive Directors of the Group. The Executive Directors are responsible for assessing the performance of the business for the purpose of making decisions about resources to be allocated.
Alternative performance measures
The Group reports a selection of alternative performance measures (APMs) as detailed below and in note 3, as the Directors believe that these
measures provide additional information that is useful to the users of our accounts.
The APMs we report in these accounts are:
\u2022 Like-for-like sales (LFL)
\u2022 Earnings before interest, tax, depreciation and amortisation (EBITDA)
\u2022 Adjusted EBITDA
\u2022 Adjusted operating profit
\u2022 Adjusted profit before tax
\u2022 Adjusted profit after tax
\u2022 Adjusted earnings per share (EPS)
\u2022 Post-tax free cash flow
To aide comparability with the figures presented in previous periods, and as they are the measures used in respect of internal reporting, pre-IFRS 16
versions of these APMs have also been calculated, where appropriate.
Like-for-like sales include each store\u2019s revenue for that part of the current period that falls at least 14 months after it opened compared with its
revenue for the corresponding part of the prior period.
Interest, tax, depreciation and amortisation are as defined statutorily whilst the items we adjust for are those we consider not to be reflective of the
underlying performance of the business as detailed in note 3. These adjustments include the non-underlying impact of foreign exchange (which
chiefly comprises the fair value and foreign exchange impact of derivatives that have not been designated as part of a hedge accounting relationship
and which are yet to mature), any significant impairment charge of assets as a result of an assessment of individual store profitability, and costs
incurred in relation to significant projects, where such costs are considered to have had a meaningful impact in the presented period, which are non-
recurring and do not relate to underlying trading.
Underlying performance has been determined so as to align with how the Group financial performance is monitored on an ongoing basis by
management. In particular, this reflects certain adjustments being made to consider an adjusted operating profit measure of performance.
Adjusted finance costs reflect the ongoing charges associated with our debt structure and exclude one-off effects of refinancing.
The Directors believe that our adjusted APMs provide users of the account with measures of performance which are appropriate to the retail industry
and presented by peers and competitors. Adjusted values are considered to be appropriate to exclude unusual, non-trading and/or non-recurring
impacts on performance which therefore provides the user of the accounts with an additional metric to compare periods of account.
The APMs used are not measures of performance or liquidity under IFRS and should not be considered in isolation or as a substitute for measures
of profit, or as an indicator of the Group\u2019s operating performance or cash flows from operating activities as determined in accordance with IFRS.
Brands
Brands acquired by the business are amortised if the corresponding agreement is specifically time limited, or if the fair valuation exercise (carried out
for brands acquired via business combinations) identifies a fair lifespan for the brand. This amortisation is charged to administrative expenses.
Otherwise, brands are considered to have an indefinite life on the basis that they form part of the CGUs within the Group which will continue in
operation indefinitely, with no foreseeable limit to the period over which they are expected to generate net cash inflows.
Where brands are considered to have an indefinite life they are reviewed at least annually for impairment or whenever events or changes in
circumstances indicate that their carrying amount may not be recoverable.
Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value-in-use and fair value less costs to sell), the asset is
impaired accordingly with the impairment charged to administration expenses.
Intangible assets
Intangible assets acquired separately, including computer software, are measured on initial recognition at cost comprising the purchase price and
any directly attributable costs of preparing the asset for use.
Following initial recognition, assets are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation begins
when an asset is available for use and is calculated on a straight-line basis to allocate the cost of the asset over its estimated useful life as follows:
Computer software acquired \u2013 3 or 4 years
Amortisation method, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.
Cost comprises purchase price and directly attributable costs. Unless significant or incurred as part of a refit programme, subsequent expenditure
will usually be treated as repairs or maintenance and expensed to the statement of comprehensive income.
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 benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. Depreciation Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost, less residual value of the assets, over their estimated useful lives as follows: Leasehold buildings \u2013 Life of lease (max 50 years) Freehold buildings \u2013 2% - 4% straight line Plant, fixtures and equipment \u2013 10% - 33% straight line Motor vehicles \u2013 12.5% - 33% straight line Residual values and useful lives are reviewed annually and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits 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 statement of comprehensive income when the asset is derecognised.Leases The Group applies the leasing standard, IFRS 16, to all contracts identified as leases at their inception, unless they are considered a short-term lease (with a term less than a year) or where the asset is of a low underlying value. Assets which may fall into these categorisations include printers, vending machines and security cameras, and the lease expense is within administrative expenses. The Group has lease contracts in relation to property, equipment, fixtures & fittings and vehicles. A contract is classified as a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When a lease contract is recognised, the business assesses the term for which we are reasonably certain to hold that lease, and the minimum lease payments over that term are discounted to give the initial lease liability. The initial right-of-use asset is then recognised at the same value, adjusted for incentives or payments made on the day that the lease was acquired. Under IFRS 16, variable payments that depend on index or rate are included in the measurement of the lease assets and liabilities. Other variable payments are recognised in profit or loss in the period in which the performance or use occurs. The date that the lease is brought into the accounts is the date from which the lease has been effectively agreed by both parties as evidenced by the Group\u2019s ability to use that property. The right-of-use asset is subsequently depreciated on a straight-line basis over the term of that lease, or useful life (whichever is shorter) with the charge being made to administrative costs. The lease liability attracts interest which is charged to finance costs, and is measured at amortised cost using the effective interest method. Right-of-use assets may be impaired if, for instance, a lease becomes onerous. Impairment costs are charged to administrative costs. Lease modifications are recorded where there is a change in the expected cash flows associated with a lease, such as through a rent review. When a lease modification occurs the lease liability is recalculated and an equivalent adjustment is made to the right-of-use asset, unless that asset would be reduced below zero, in which case the excess is expensed in administrative costs. The recalculation is carried out with an unchanged discount unless the change has affected management\u2019s assessment of the term of the lease. If there is a significant event, such as the lease reaching its expiry date, the likely exercise of a previously unrecognised break clause, or the signing of an extension lease, the lease term is re-assessed by management as to how long we can reasonably stay in that property, and a new lease agreement or modification (if the change is made before the expiry date) is recognised for the re-assessed term, with a recalculated discount rate. Lease modifications are also recorded where there is a change in the expected cash flows associated with the lease, such as through a rent review. Unless the change affects the term, the discount rate is not recalculated. A lease modification results in a recalculation of the lease liability with a corresponding adjustment made to the right-of-use asset. The discount rate used is individual to each lease. Where a lease contract includes an implicit interest rate, that rate is used. In the majority of leases this is not the case and the discount rate is taken to be the incremental borrowing rate as related to that specific asset. This is a calculation based upon the external market rate of borrowing for the Group, as well as several factors specific to the asset to be discounted. The Group separates lease payments between lease and non-lease components (such as service charges on property) at the point at which the lease is recognised. Non-lease components are charged through administrative expenses.
Sale and leaseback transactions
The Group recognises a sale and leaseback transaction when the Group sells an asset that has been previously recognised in property, plant and
equipment, and subsequently leases it back as part of the same or a linked transaction.
Management use the provisions of IFRS 15 to assess if a sale has taken place, and the provisions of IFRS 16 to recognise the resulting lease, with
the liability and discount rate calculated in line with our lease policy and the asset subject to an adjustment based upon the net book value of the
disposed asset, the opening lease liability, the consideration received and the fair value of the asset on the date it was sold.
Resulting gains or losses are recognised in administrative expenses.
Investments in associates
Associates are those entities over which the Group has significant influence, but which are neither subsidiaries nor interests in joint ventures.
Investments in associates are recognised initially at cost and subsequently accounted for using the equity method. However, any goodwill or fair
value adjustment attributable to the Group\u2019s share of associates is included in the amount recognised as investment in associates.
All subsequent changes to the share of interest in the equity of the associate are recognised in the Group\u2019s carrying amount of the investment, including
a reduction in the carrying amount equal to any dividend received. Changes resulting from the profit or loss generated by the associate are reported
in the \u2018Share of profits/(losses) of associates\u2019 caption in the consolidated statement of comprehensive income and therefore affect net results of the
Group. These changes include subsequent depreciation, amortisation and impairment of the fair value adjustments of assets and liabilities.
Items that have been recognised directly in the associate\u2019s other comprehensive income are recognised in the consolidated other comprehensive
income of the Group. However, when the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not
recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. If the associate subsequently reports
profits, the investor resumes recognising its share of those profits only after its share of the profits equals the share of losses not recognised.
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the
consolidated financial statements of associates have been adjusted where necessary to ensure consistency with the accounting policies adopted by
the Group.
Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual
impairment testing for an asset is required (for goodwill or indefinite life assets), the Group estimates the asset\u2019s recoverable amount.
The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately for each of the Group\u2019s cash-generating
units (CGUs) to which the individual assets are allocated. These budgets and forecast calculations are usually prepared in January and cover a period
of five years. For longer periods, a long-term growth rate is calculated and applied to the projected future cash flows after the fifth year. The Group\u2019s
three-year plan is usually approved in March. If due to the passage of time there are significant differences in the key assumptions between the
forecast and plan, or if management consider that the forecast has a more sensitive level of headroom, then the impairment test will be additionally
sensitised to the plan assumptions.
Indications of impairment might include (for goodwill and the brand assets, for instance) a significant decrease in the like-for-like sales of established
stores of sustained negative publicity.
An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs to sell and its value-in-use. It is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the
carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the assets or CGUs.
Impairment losses of continuing operations are recognised in the statement of comprehensive income in those expense categories consistent with
the function of the impaired asset.
For assets excluding goodwill and acquired brands with indefinite lives, an assessment is made at each reporting date as to whether there is any
indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates
the asset\u2019s or CGU\u2019s recoverable amount.
A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable
amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable
amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the
asset in prior years. Such reversal is recognised in the statement of comprehensive income, except for impairment of goodwill which is not reversed.
Inventories Inventories are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, using the weighted average method. Stock purchased in foreign currency is booked in at the hedge rate applicable to that stock (if effectively hedged) or the underlying foreign currency rate on the date that the item is brought into stock. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs to sell. The consolidated financial statements for the current year include an allocation of transport costs. Warehouse and distribution costs are not included in inventory. The Group receives supplier rebates which are included in the cost of inventory balance (and which therefore ultimately flow through to cost of sales). These rebates are recognised on an accruals basis according to purchase levels achieved at the end of each period. Share options The Group operates several equity-settled share option schemes. The schemes have been accounted for under the provisions of IFRS 2 and, accordingly, have been fair valued on their inception date using appropriate methodology (the Black Scholes and Monte Carlo models). A cost is recorded through the statement of comprehensive income in respect of the number of options outstanding and the fair value of those options. A corresponding credit is made to the retained earnings reserve and the effect of this can be seen in the statement of changes in equity. See note 8 for more details. Taxation Current income tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the countries where the Group operates and generates taxable income. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2022 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is highly probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Financial instruments The Group uses derivative financial instruments such as forward currency contracts to reduce its foreign currency risk, commodity price risk and interest rate risk. Derivative financial instruments are recognised at fair value. The fair value is derived using an internal model and supported by valuation reports from the issuing banks. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income. Effectiveness of the derivatives subject to hedge accounting is assessed prospectively at inception of the derivative, and at each reporting period end date prior to maturity. Where a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset, such as an item of inventory, the associated gains and losses are recognised in the initial cost of that asset. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified in the statement of other comprehensive income immediately. Financial assets Under IFRS 9, on initial recognition, a financial asset is classified as measured at amortised cost, fair value through profit or loss, or fair value though other comprehensive income. A financial asset is measured at amortised cost using the effective interest rate if it meets both of the following conditions: it is held within a business model whose objective is to hold assets to collect contractual cash flows; and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under IFRS 9 trade receivables, without a significant financing component, are classified and held at amortised cost, being initially measured at the transaction price and subsequently measured at amortised cost less any impairment loss. IFRS 9 includes an \u2018expected loss\u2019 model (\u2018ECL\u2019) for recognising impairment of financial assets held at amortised cost. The Group has elected to measure loss allowances for trade receivables at an amount equal to lifetime ECL\u2019s. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group performs the calculation of expected credit losses separately for each customer group. The balances involved are immaterial for further disclosure. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income comprise derivative financial instruments entered into by the Group that are designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at fair value through other comprehensive income are carried in the statement of financial position at fair value with changes in fair value recognised in other comprehensive income. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with changes in fair value recognised in profit and loss. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when the rights to receive cash flows from the asset have expired and the entity has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full and either (a) the entity has transferred substantially all the risks and rewards of the asset, or (b) the entity has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of financial assets The Group assesses at each reporting date, on a forward-looking basis the ECL\u2019s associated with our financial assets carried at amortised cost. Financial liabilities Initial recognition and measurement Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or other financial liabilities. The entity determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial derivatives held for trading. Financial liabilities are classified as held-for-trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Group. Gains or losses on liabilities held-for-trading are recognised in profit and loss. Other financial liabilities After initial recognition, interest-bearing loans and borrowings, trade and other payables and other liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of comprehensive income when the liabilities are derecognised as well as through the effective interest rate method (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 in finance costs. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to mark-to-market valuations obtained from the relevant bank (bid price for long positions and ask price for short positions), without any deduction for transaction costs. Refinancing Where bank borrowings are refinanced, the Group assesses whether the transaction results in new facilities or a modification of the previous facilities. Where the transaction results in a modification of the facilities, the Group assesses whether that modification is substantial by reference both to whether the present value of the cash flows of the new facilities is more than 10% different to the present value of the cash flows of the previous facilities and by reference to any qualitative differences between the old and new agreements. Where a modification is substantial, the Group derecognises the original liability and recognises a new liability for the modified facilities with any transaction costs expensed to the income statement. Where the modification is non-substantial, the Group amends the carrying amount of the liability to reflect the updated cash flows and amends the EIR from the modification date. Cash and cash equivalents Cash and cash equivalents comprise of cash at bank and in hand, less bank overdrafts to the extent the Group have the right to offset and settle these balances net. The Group\u2019s cash and cash equivalents balance includes \u00a338m (2025: \u00a338m) of credit card receivables due to be received within three working days of the year-end date. Equity Equity comprises the following: \u2022 Share capital represents the nominal value of equity shares; \u2022 Share premium represents the excess of the consideration made for the shares, over and above the nominal valuation of those shares; \u2022 Retained earnings reserve represents retained profits; \u2022 Hedging reserve representing the movement in derivatives held by the Group at the period end that are accounted for under hedge accounting and that represent effective hedges; \u2022 Other reserve representing the statutory reserve brought forward from the apportionment of profit within each Luxembourg company. This was previously represented as the \u2018legal reserve\u2019 until the redomicile to Jersey completed early in 2026. Following the redomicile, the Board intends to recycle this reserve balance to the retained earnings reserve in FY27; \u2022 Merger reserve representing the reserve created during the reorganisation of the Group in 2014; and \u2022 Foreign exchange reserve represents the cumulative differences arising in retranslation of the subsidiary\u2019s and associate\u2019s results. Foreign currency translation These consolidated financial statements are presented in pounds sterling. The following Group companies have a functional currency of pounds sterling: \u2022 B&M European Value Retail plc (formerly B&M European Value Retail S.A.) \u2022 B&M European Value Retail 1 Ltd (formerly B&M European Value Retail 1 S.\u00e0 r.l.) (Jersey Holdco 1) \u2022 B&M European Value Retail 2 Ltd (formerly B&M European Value Retail 2 S.\u00e0 r.l.) (Jersey Holdco 2) \u2022 B&M European Value Retail Holdco 1 Ltd (UK Holdco 1) \u2022 B&M European Value Retail Holdco 2 Ltd (UK Holdco 2) \u2022 B&M European Value Retail Holdco 3 Ltd (UK Holdco 3) \u2022 B&M European Value Retail Holdco 4 Ltd (UK Holdco 4) \u2022 EV Retail Ltd \u2022 B&M Retail Ltd \u2022 Opus Homewares Ltd \u2022 Heron Food Group Ltd \u2022 Heron Foods Ltd \u2022 Cooltrader Ltd \u2022 Heron Properties (Hull) Ltd \u2022 Centz N.I. Limited
The following Group companies have a functional currency of the Euro:
\u2022 B&M France SAS
Previously, B&M European Value Retail 2 S.\u00e0 r.l. had a functional currency of the Euro but upon redomiciliation on 18 March 2026, the functional
currency became pounds sterling.
The Group company whose functional currency is the Euro has been consolidated into the Group via retranslation of their results in line with IAS 21
\u2018Effects of Changes in Foreign Exchange Rates\u2019. The assets and liabilities are translated into pounds sterling at the period end exchange rate. The
revenues and expenses are translated into pounds sterling at the average exchange rate during the period. Any resulting foreign exchange difference
is cumulatively recorded in the foreign exchange reserve with the annual effect being charged or credited to other comprehensive income.
Transactions entered into by the company in a currency other than the currency of the primary economic environment in which it operates (the
\u2018functional currency\u2019) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated
at the rates ruling at the balance sheet date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are
recognised immediately in profit or loss.
Pension costs
The Group operates a defined contribution scheme and contributions are charged to profit or loss in the period in which they are incurred.
Provisions
Provisions are recognised when a present obligation (legal or constructive) exists as a result of a past event and where it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are
discounted where the time value of money is considered to be material.
The property provision contains expected dilapidation costs, which covers expected dilapidation costs for any lease considered onerous, any related
to stores recently closed, any stores which are planned or at risk of closure and those stores occupied but not under contract. At the period end,
148 stores were provided against (2025: 146). This year-on-year increase is reflective of the rolling number of out of contract leases which increases
as the store estate increases, and against each of which we hold a small dilapidations provision.
We do not provide against stores which are under contract and not considered at risk of closure (comprising the majority of the estate) as management
consider that such a provision would be minimal as a result of regular store maintenance and limited fixed fit out costs.
We also provide against the terminal dilapidation expense on our major distribution centres, which is built up over the term of the leases held over
those distribution centres.
Climate change considerations
In preparing the financial statements, the Group has considered the impact of climate change, particularly in the context of the TCFD disclosures and
the Group\u2019s ESG strategy included in the Annual Report.
The Group\u2019s existing fixed asset replacement programme is phased over several years and therefore any changes in the requirements associated with
climate change would not have a material impact in any given year. The costs expected to be incurred in connection with the Group\u2019s commitments are
included within the Group\u2019s budget used to support the going concern and viability assessments and the impairment reviews of non-current assets.
Given the identified risks are expected to be present in the medium to long-term, the impact of climate change on the going concern and viability
of the Group over the next three years is not expected to be material and is therefore not currently classified as a key source of estimation of
uncertainty.
Critical judgements and key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its
assumptions and estimates on parameters available when the financial information was prepared. However, existing circumstances and assumptions
about future developments may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected
in the assumptions when they occur.
Critical judgements
Investments in associates
Multi-lines International Company Ltd (Multi-lines), which is 50% owned by the Group, has been judged by management to be an associate rather
than a subsidiary or a joint venture.
Under IFRS 10 control is determined by:
\u2022 Power over the investee
\u2022 Exposure, or rights, to variable returns from its involvement with the investee
\u2022 The ability to use its power over the investee to affect the amount of the investor\u2019s returns
Although 50% owned, B&M Group does not have majority, or casting, voting rights or other substantive rights. Therefore, the level of power over the
business is considered to be more in keeping with that of an associate than a joint-venture and, therefore, it has been treated as such within these
consolidated financial statements.
Hedge accounting
The Group hedge accounts for stock purchases made in US Dollars.
There is significant management judgement involved in forecasting the level of dollar purchases to be made within the period that the forward hedge
has been bought for.
Management takes a cautious view that no more than 80% of the operational hedging in place can be subject to hedge accounting, due to forecast
uncertainties, and assesses every forward hedge taken out, on inception, if that figure should be reduced further by considering general purchasing
trends, and discussion of specific purchasing decisions.
Impairment
The Group\u2019s impairment calculation reflects assumptions that are based upon management\u2019s judgement.
The key assumptions include, the anticipated like-for-like sales performance and gross margin rates which are based upon the historical
performance of the entity and strategic decisions in relation to this entity. See note 12 for further details.
Estimation uncertainty
There are no areas of estimation uncertainty where management consider that there is a significant risk of a material adjustment to the carrying
amounts of assets and liabilities within the next financial year.
Standards and interpretations not yet applied by the Group
For the current financial year, the Group accounts are prepared under both EU-adopted IFRS and UK-adopted IFRS to comply with Disclosure and
Transparency Rules. This is as a result of our Parent Company, B&M European Value Retail plc, redomiciling to Jersey from Luxembourg. This involved
relocating the company\u2019s corporate structure from one jurisdiction to another while retaining its legal personality. Due to changes in Jersey law, for
annual periods beginning on or after 1 April 2025, EU-IFRS will no longer need to be applied and UK-IFRS adoption only will apply.
The following amendments to accounting standards and interpretations, issued by the International Accounting Standards Board (IASB), have not
yet been applied by the Group in the period. The impact of these amendments on the Group\u2019s consolidated results or financial position is expected to
be significant.
IASB effective for annual periods beginning on or after 1 January 2026
Standard
Summary of changes
EU endorsement status
Amendments to IFRS 9 The amendments provide an exception for the derecognition of financial liabilities, Not yet endorsed.
Recognition of a Financial Asset allowing companies to derecognise its trade payable before the settlement date, when
or Financial Liability it uses an electronic payment system that meets all of the exception criteria. This is
expected to be effective for B&M for the year ended 27 March 2027.
IASB effective for annual periods beginning on or after 1 January 2027
Standard
Summary of changes
EU endorsement status
IFRS 18 Presentation and IFRS 18 replaces IAS 1 and introduces new presentation and disclosure requirements. Not yet endorsed.
Disclosure in Financial It requires entities to categorise income and expenses into five defined groups and
Statements present a new operating profit subtotal, without affecting overall net profit. It also
mandates disclosure of MPMs in a single note that are not subtotalled in the financial
statements.
Additionally, operating profit must be used as the starting point for cash flows under
the indirect method. The Group is still in the process of assessing the impact of the
new accounting standard, particularly with respect to the structure of the Group\u2019s
statement of profit or loss, the statement of cash flows and the additional disclosures
required for MPMs. The Group is also assessing the impact on how information is
grouped in the financial statements, including for items currently labelled as \u2018other\u2019.
This is expected to be effective for B&M for the year ended 1 April 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-410": { "value": "
Administrative expenses
Administrative expenses include all running costs of the business, except those relating to inventory (which are expensed through cost of sales), tax,
interest and other comprehensive income. Transport and warehouse costs are included in this caption.
Elements which are unusual and significant may be separated as a line item.
Depreciation Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost, less residual value of the assets, over their estimated useful lives as follows: Leasehold buildings \u2013 Life of lease (max 50 years) Freehold buildings \u2013 2% - 4% straight line Plant, fixtures and equipment \u2013 10% - 33% straight line Motor vehicles \u2013 12.5% - 33% straight line Residual values and useful lives are reviewed annually and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits 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 statement of comprehensive income when the asset is derecognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-360": { "value": "
Goodwill
Goodwill is initially measured at cost, being the excess of the fair value of consideration transferred over the fair value of the net identifiable assets
acquired and liabilities assumed at the date of acquisition.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to the relevant cash-generating units (CGUs) that are expected to benefit
from the combination.
The CGUs are individual stores and the groups of CGUs are the store portfolios in each operational segment.
Goodwill is tested for impairment at least once per year and specifically at any time where there is any indication that it may be impaired. Internally
generated goodwill is not recognised as an asset.
Intangible assets Intangible assets acquired separately, including computer software, are measured on initial recognition at cost comprising the purchase price and any directly attributable costs of preparing the asset for use. Following initial recognition, assets are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation begins when an asset is available for use and is calculated on a straight-line basis to allocate the cost of the asset over its estimated useful life as follows: Computer software acquired \u2013 3 or 4 years Amortisation method, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-440": { "value": "Goodwill Goodwill is initially measured at cost, being the excess of the fair value of consideration transferred over the fair value of the net identifiable assets acquired and liabilities assumed at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the relevant cash-generating units (CGUs) that are expected to benefit from the combination. The CGUs are individual stores and the groups of CGUs are the store portfolios in each operational segment. Goodwill is tested for impairment at least once per year and specifically at any time where there is any indication that it may be impaired. Internally generated goodwill is not recognised as an asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-411": { "value": "Goodwill Goodwill is initially measured at cost, being the excess of the fair value of consideration transferred over the fair value of the net identifiable assets acquired and liabilities assumed at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the relevant cash-generating units (CGUs) that are expected to benefit from the combination. The CGUs are individual stores and the groups of CGUs are the store portfolios in each operational segment. Goodwill is tested for impairment at least once per year and specifically at any time where there is any indication that it may be impaired. Internally generated goodwill is not recognised as an asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-361": { "value": "
Segment reporting
Operating segments are reported in a manner consistent with internal reporting provided to the chief operating decision maker. The chief operating
decision maker has been identified as the Executive Directors of the Group. The Executive Directors are responsible for assessing the performance
of the business for the purpose of making decisions about resources to be allocated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-365": { "value": "Alternative performance measures The Group reports a selection of alternative performance measures (APMs) as detailed below and in note 3, as the Directors believe that these measures provide additional information that is useful to the users of our accounts. The APMs we report in these accounts are: \u2022 Like-for-like sales (LFL) \u2022 Earnings before interest, tax, depreciation and amortisation (EBITDA) \u2022 Adjusted EBITDA \u2022 Adjusted operating profit \u2022 Adjusted profit before tax \u2022 Adjusted profit after tax \u2022 Adjusted earnings per share (EPS) \u2022 Post-tax free cash flow To aide comparability with the figures presented in previous periods, and as they are the measures used in respect of internal reporting, pre-IFRS 16 versions of these APMs have also been calculated, where appropriate. Like-for-like sales include each store\u2019s revenue for that part of the current period that falls at least 14 months after it opened compared with its revenue for the corresponding part of the prior period. Interest, tax, depreciation and amortisation are as defined statutorily whilst the items we adjust for are those we consider not to be reflective of the underlying performance of the business as detailed in note 3. These adjustments include the non-underlying impact of foreign exchange (which chiefly comprises the fair value and foreign exchange impact of derivatives that have not been designated as part of a hedge accounting relationship and which are yet to mature), any significant impairment charge of assets as a result of an assessment of individual store profitability, and costs incurred in relation to significant projects, where such costs are considered to have had a meaningful impact in the presented period, which are non- recurring and do not relate to underlying trading. Underlying performance has been determined so as to align with how the Group financial performance is monitored on an ongoing basis by management. In particular, this reflects certain adjustments being made to consider an adjusted operating profit measure of performance. Adjusted finance costs reflect the ongoing charges associated with our debt structure and exclude one-off effects of refinancing. The Directors believe that our adjusted APMs provide users of the account with measures of performance which are appropriate to the retail industry and presented by peers and competitors. Adjusted values are considered to be appropriate to exclude unusual, non-trading and/or non-recurring impacts on performance which therefore provides the user of the accounts with an additional metric to compare periods of account. The APMs used are not measures of performance or liquidity under IFRS and should not be considered in isolation or as a substitute for measures of profit, or as an indicator of the Group\u2019s operating performance or cash flows from operating activities as determined in accordance with IFRS. ", "dimensions": { "concept": "bm:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-363": { "value": "Brands Brands acquired by the business are amortised if the corresponding agreement is specifically time limited, or if the fair valuation exercise (carried out for brands acquired via business combinations) identifies a fair lifespan for the brand. This amortisation is charged to administrative expenses. Otherwise, brands are considered to have an indefinite life on the basis that they form part of the CGUs within the Group which will continue in operation indefinitely, with no foreseeable limit to the period over which they are expected to generate net cash inflows. Where brands are considered to have an indefinite life they are reviewed at least annually for impairment or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value-in-use and fair value less costs to sell), the asset is impaired accordingly with the impairment charged to administration expenses. ", "dimensions": { "concept": "bm:DescriptionOfAccountingPolicyForBrands", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-412": { "value": "Intangible assets Intangible assets acquired separately, including computer software, are measured on initial recognition at cost comprising the purchase price and any directly attributable costs of preparing the asset for use. Following initial recognition, assets are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation begins when an asset is available for use and is calculated on a straight-line basis to allocate the cost of the asset over its estimated useful life as follows: Computer software acquired \u2013 3 or 4 years Amortisation method, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-364": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Cost comprises purchase price and directly attributable costs. Unless significant or incurred as part of a refit programme, subsequent expenditure will usually be treated as repairs or maintenance and expensed to the statement of comprehensive income. 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 benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. Depreciation Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost, less residual value of the assets, over their estimated useful lives as follows: Leasehold buildings \u2013 Life of lease (max 50 years) Freehold buildings \u2013 2% - 4% straight line Plant, fixtures and equipment \u2013 10% - 33% straight line Motor vehicles \u2013 12.5% - 33% straight line Residual values and useful lives are reviewed annually and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits 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 statement of comprehensive income when the asset is derecognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-441": { "value": "
Depreciation
Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost, less
residual value of the assets, over their estimated useful lives as follows:
Leasehold buildings \u2013 Life of lease (max 50 years)
Freehold buildings \u2013 2% - 4% straight line
Plant, fixtures and equipment \u2013 10% - 33% straight line
Motor vehicles \u2013 12.5% - 33% straight line
Residual values and useful lives are reviewed annually and adjusted prospectively, if appropriate.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits 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 statement of comprehensive income when the asset is derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-366": { "value": "
Leases
The Group applies the leasing standard, IFRS 16, to all contracts identified as leases at their inception, unless they are considered a short-term
lease (with a term less than a year) or where the asset is of a low underlying value. Assets which may fall into these categorisations include printers,
vending machines and security cameras, and the lease expense is within administrative expenses.
The Group has lease contracts in relation to property, equipment, fixtures & fittings and vehicles. A contract is classified as a lease if it conveys the
right to control the use of an identified asset for a period of time in exchange for consideration.
When a lease contract is recognised, the business assesses the term for which we are reasonably certain to hold that lease, and the minimum lease
payments over that term are discounted to give the initial lease liability. The initial right-of-use asset is then recognised at the same value, adjusted
for incentives or payments made on the day that the lease was acquired. Under IFRS 16, variable payments that depend on index or rate are included
in the measurement of the lease assets and liabilities. Other variable payments are recognised in profit or loss in the period in which the performance
or use occurs.
The date that the lease is brought into the accounts is the date from which the lease has been effectively agreed by both parties as evidenced by the
Group\u2019s ability to use that property.
The right-of-use asset is subsequently depreciated on a straight-line basis over the term of that lease, or useful life (whichever is shorter) with the
charge being made to administrative costs. The lease liability attracts interest which is charged to finance costs, and is measured at amortised cost
using the effective interest method.
Right-of-use assets may be impaired if, for instance, a lease becomes onerous. Impairment costs are charged to administrative costs.
Lease modifications are recorded where there is a change in the expected cash flows associated with a lease, such as through a rent review. When a
lease modification occurs the lease liability is recalculated and an equivalent adjustment is made to the right-of-use asset, unless that asset would
be reduced below zero, in which case the excess is expensed in administrative costs. The recalculation is carried out with an unchanged discount
unless the change has affected management\u2019s assessment of the term of the lease.
If there is a significant event, such as the lease reaching its expiry date, the likely exercise of a previously unrecognised break clause, or the signing
of an extension lease, the lease term is re-assessed by management as to how long we can reasonably stay in that property, and a new lease
agreement or modification (if the change is made before the expiry date) is recognised for the re-assessed term, with a recalculated discount rate.
Lease modifications are also recorded where there is a change in the expected cash flows associated with the lease, such as through a rent review.
Unless the change affects the term, the discount rate is not recalculated. A lease modification results in a recalculation of the lease liability with a
corresponding adjustment made to the right-of-use asset.
The discount rate used is individual to each lease. Where a lease contract includes an implicit interest rate, that rate is used. In the majority of leases
this is not the case and the discount rate is taken to be the incremental borrowing rate as related to that specific asset. This is a calculation based
upon the external market rate of borrowing for the Group, as well as several factors specific to the asset to be discounted.
The Group separates lease payments between lease and non-lease components (such as service charges on property) at the point at which the
lease is recognised. Non-lease components are charged through administrative expenses.
Sale and leaseback transactions The Group recognises a sale and leaseback transaction when the Group sells an asset that has been previously recognised in property, plant and equipment, and subsequently leases it back as part of the same or a linked transaction. Management use the provisions of IFRS 15 to assess if a sale has taken place, and the provisions of IFRS 16 to recognise the resulting lease, with the liability and discount rate calculated in line with our lease policy and the asset subject to an adjustment based upon the net book value of the disposed asset, the opening lease liability, the consideration received and the fair value of the asset on the date it was sold. Resulting gains or losses are recognised in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-413": { "value": "Investments in associates Associates are those entities over which the Group has significant influence, but which are neither subsidiaries nor interests in joint ventures. Investments in associates are recognised initially at cost and subsequently accounted for using the equity method. However, any goodwill or fair value adjustment attributable to the Group\u2019s share of associates is included in the amount recognised as investment in associates. All subsequent changes to the share of interest in the equity of the associate are recognised in the Group\u2019s carrying amount of the investment, including a reduction in the carrying amount equal to any dividend received. Changes resulting from the profit or loss generated by the associate are reported in the \u2018Share of profits/(losses) of associates\u2019 caption in the consolidated statement of comprehensive income and therefore affect net results of the Group. These changes include subsequent depreciation, amortisation and impairment of the fair value adjustments of assets and liabilities. Items that have been recognised directly in the associate\u2019s other comprehensive income are recognised in the consolidated other comprehensive income of the Group. However, when the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. If the associate subsequently reports profits, the investor resumes recognising its share of those profits only after its share of the profits equals the share of losses not recognised. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the consolidated financial statements of associates have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-367": { "value": "Investments in associates Associates are those entities over which the Group has significant influence, but which are neither subsidiaries nor interests in joint ventures. Investments in associates are recognised initially at cost and subsequently accounted for using the equity method. However, any goodwill or fair value adjustment attributable to the Group\u2019s share of associates is included in the amount recognised as investment in associates. All subsequent changes to the share of interest in the equity of the associate are recognised in the Group\u2019s carrying amount of the investment, including a reduction in the carrying amount equal to any dividend received. Changes resulting from the profit or loss generated by the associate are reported in the \u2018Share of profits/(losses) of associates\u2019 caption in the consolidated statement of comprehensive income and therefore affect net results of the Group. These changes include subsequent depreciation, amortisation and impairment of the fair value adjustments of assets and liabilities. Items that have been recognised directly in the associate\u2019s other comprehensive income are recognised in the consolidated other comprehensive income of the Group. However, when the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. If the associate subsequently reports profits, the investor resumes recognising its share of those profits only after its share of the profits equals the share of losses not recognised. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the consolidated financial statements of associates have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-442": { "value": "Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required (for goodwill or indefinite life assets), the Group estimates the asset\u2019s recoverable amount. The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately for each of the Group\u2019s cash-generating units (CGUs) to which the individual assets are allocated. These budgets and forecast calculations are usually prepared in January and cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to the projected future cash flows after the fifth year. The Group\u2019s three-year plan is usually approved in March. If due to the passage of time there are significant differences in the key assumptions between the forecast and plan, or if management consider that the forecast has a more sensitive level of headroom, then the impairment test will be additionally sensitised to the plan assumptions. Indications of impairment might include (for goodwill and the brand assets, for instance) a significant decrease in the like-for-like sales of established stores of sustained negative publicity. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs to sell and its value-in-use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the assets or CGUs. Impairment losses of continuing operations are recognised in the statement of comprehensive income in those expense categories consistent with the function of the impaired asset. For assets excluding goodwill and acquired brands with indefinite lives, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of comprehensive income, except for impairment of goodwill which is not reversed. Impairment of financial assets The Group assesses at each reporting date, on a forward-looking basis the ECL\u2019s associated with our financial assets carried at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-368": { "value": "Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required (for goodwill or indefinite life assets), the Group estimates the asset\u2019s recoverable amount. The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately for each of the Group\u2019s cash-generating units (CGUs) to which the individual assets are allocated. These budgets and forecast calculations are usually prepared in January and cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to the projected future cash flows after the fifth year. The Group\u2019s three-year plan is usually approved in March. If due to the passage of time there are significant differences in the key assumptions between the forecast and plan, or if management consider that the forecast has a more sensitive level of headroom, then the impairment test will be additionally sensitised to the plan assumptions. Indications of impairment might include (for goodwill and the brand assets, for instance) a significant decrease in the like-for-like sales of established stores of sustained negative publicity. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs to sell and its value-in-use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the assets or CGUs. Impairment losses of continuing operations are recognised in the statement of comprehensive income in those expense categories consistent with the function of the impaired asset. For assets excluding goodwill and acquired brands with indefinite lives, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of comprehensive income, except for impairment of goodwill which is not reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-372": { "value": "
Inventories
Inventories are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, using the
weighted average method.
Stock purchased in foreign currency is booked in at the hedge rate applicable to that stock (if effectively hedged) or the underlying foreign currency
rate on the date that the item is brought into stock.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs to sell. The consolidated financial
statements for the current year include an allocation of transport costs. Warehouse and distribution costs are not included in inventory.
The Group receives supplier rebates which are included in the cost of inventory balance (and which therefore ultimately flow through to cost of sales).
These rebates are recognised on an accruals basis according to purchase levels achieved at the end of each period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-369": { "value": "
Share options
The Group operates several equity-settled share option schemes.
The schemes have been accounted for under the provisions of IFRS 2 and, accordingly, have been fair valued on their inception date using appropriate
methodology (the Black Scholes and Monte Carlo models).
A cost is recorded through the statement of comprehensive income in respect of the number of options outstanding and the fair value of those options.
A corresponding credit is made to the retained earnings reserve and the effect of this can be seen in the statement of changes in equity. See note 8
for more details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-371": { "value": "
Taxation
Current income tax
Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in
the countries where the Group operates and generates taxable income. Tax is recognised in the statement of comprehensive income, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2022 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the
timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent
that it is highly probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses can be utilised, except:
\u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
\u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax
assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit
will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-415": { "value": "Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2022 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is highly probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-370": { "value": "
Financial instruments
The Group uses derivative financial instruments such as forward currency contracts to reduce its foreign currency risk, commodity price risk and
interest rate risk. Derivative financial instruments are recognised at fair value. The fair value is derived using an internal model and supported by
valuation reports from the issuing banks.
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income. Effectiveness of the derivatives subject to hedge accounting is assessed prospectively at inception of the derivative, and at each reporting period end date prior to maturity. Where a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset, such as an item of inventory, the associated gains and losses are recognised in the initial cost of that asset. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified in the statement of other comprehensive income immediately. Financial assets Under IFRS 9, on initial recognition, a financial asset is classified as measured at amortised cost, fair value through profit or loss, or fair value though other comprehensive income. A financial asset is measured at amortised cost using the effective interest rate if it meets both of the following conditions: it is held within a business model whose objective is to hold assets to collect contractual cash flows; and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under IFRS 9 trade receivables, without a significant financing component, are classified and held at amortised cost, being initially measured at the transaction price and subsequently measured at amortised cost less any impairment loss. IFRS 9 includes an \u2018expected loss\u2019 model (\u2018ECL\u2019) for recognising impairment of financial assets held at amortised cost. The Group has elected to measure loss allowances for trade receivables at an amount equal to lifetime ECL\u2019s. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group performs the calculation of expected credit losses separately for each customer group. The balances involved are immaterial for further disclosure. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income comprise derivative financial instruments entered into by the Group that are designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at fair value through other comprehensive income are carried in the statement of financial position at fair value with changes in fair value recognised in other comprehensive income. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with changes in fair value recognised in profit and loss. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when the rights to receive cash flows from the asset have expired and the entity has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full and either (a) the entity has transferred substantially all the risks and rewards of the asset, or (b) the entity has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of financial assets The Group assesses at each reporting date, on a forward-looking basis the ECL\u2019s associated with our financial assets carried at amortised cost. Financial liabilities Initial recognition and measurement Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or other financial liabilities. The entity determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial derivatives held for trading. Financial liabilities are classified as held-for-trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Group. Gains or losses on liabilities held-for-trading are recognised in profit and loss. Other financial liabilities After initial recognition, interest-bearing loans and borrowings, trade and other payables and other liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of comprehensive income when the liabilities are derecognised as well as through the effective interest rate method (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 in finance costs. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to mark-to-market valuations obtained from the relevant bank (bid price for long positions and ask price for short positions), without any deduction for transaction costs. Refinancing Where bank borrowings are refinanced, the Group assesses whether the transaction results in new facilities or a modification of the previous facilities. Where the transaction results in a modification of the facilities, the Group assesses whether that modification is substantial by reference both to whether the present value of the cash flows of the new facilities is more than 10% different to the present value of the cash flows of the previous facilities and by reference to any qualitative differences between the old and new agreements. Where a modification is substantial, the Group derecognises the original liability and recognises a new liability for the modified facilities with any transaction costs expensed to the income statement. Where the modification is non-substantial, the Group amends the carrying amount of the liability to reflect the updated cash flows and amends the EIR from the modification date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-459": { "value": "Financial instruments The Group uses derivative financial instruments such as forward currency contracts to reduce its foreign currency risk, commodity price risk and interest rate risk. Derivative financial instruments are recognised at fair value. The fair value is derived using an internal model and supported by valuation reports from the issuing banks. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income. Effectiveness of the derivatives subject to hedge accounting is assessed prospectively at inception of the derivative, and at each reporting period end date prior to maturity. Where a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset, such as an item of inventory, the associated gains and losses are recognised in the initial cost of that asset. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified in the statement of other comprehensive income immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-443": { "value": "Financial instruments The Group uses derivative financial instruments such as forward currency contracts to reduce its foreign currency risk, commodity price risk and interest rate risk. Derivative financial instruments are recognised at fair value. The fair value is derived using an internal model and supported by valuation reports from the issuing banks. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income. Effectiveness of the derivatives subject to hedge accounting is assessed prospectively at inception of the derivative, and at each reporting period end date prior to maturity. Where a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset, such as an item of inventory, the associated gains and losses are recognised in the initial cost of that asset. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified in the statement of other comprehensive income immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-414": { "value": "Financial instruments The Group uses derivative financial instruments such as forward currency contracts to reduce its foreign currency risk, commodity price risk and interest rate risk. Derivative financial instruments are recognised at fair value. The fair value is derived using an internal model and supported by valuation reports from the issuing banks.
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable
forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income
and accumulated in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the statement of comprehensive income.
Effectiveness of the derivatives subject to hedge accounting is assessed prospectively at inception of the derivative, and at each reporting period
end date prior to maturity.
Where a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset, such as an item of inventory, the associated
gains and losses are recognised in the initial cost of that asset.
When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged
forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the
above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss
recognised in equity is reclassified in the statement of other comprehensive income immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-417": { "value": "
Financial assets
Under IFRS 9, on initial recognition, a financial asset is classified as measured at amortised cost, fair value through profit or loss, or fair value though
other comprehensive income.
A financial asset is measured at amortised cost using the effective interest rate if it meets both of the following conditions: it is held within a business
model whose objective is to hold assets to collect contractual cash flows; and its contractual terms give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding. Under IFRS 9 trade receivables, without a significant financing
component, are classified and held at amortised cost, being initially measured at the transaction price and subsequently measured at amortised
cost less any impairment loss.
IFRS 9 includes an \u2018expected loss\u2019 model (\u2018ECL\u2019) for recognising impairment of financial assets held at amortised cost. The Group has elected to measure
loss allowances for trade receivables at an amount equal to lifetime ECL\u2019s. Credit losses are measured as the present value of all cash shortfalls
(i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected
credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes
both quantitative and qualitative information and analysis based on the Group\u2019s historical experience and informed credit assessment and including
forward-looking information. The Group performs the calculation of expected credit losses separately for each customer group. The balances
involved are immaterial for further disclosure.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income comprise derivative financial instruments entered into by the Group that are
designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at fair value through other comprehensive income
are carried in the statement of financial position at fair value with changes in fair value recognised in other comprehensive income.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include derivative financial instruments entered into by the Group that are not designated as
hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at fair value through profit or loss are carried in the statement of
financial position at fair value with changes in fair value recognised in profit and loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when the rights to
receive cash flows from the asset have expired and the entity has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full and either (a) the entity has transferred substantially all the risks and rewards of the asset, or (b) the
entity has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Impairment of financial assets
The Group assesses at each reporting date, on a forward-looking basis the ECL\u2019s associated with our financial assets carried at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-445": { "value": "Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income comprise derivative financial instruments entered into by the Group that are designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at fair value through other comprehensive income are carried in the statement of financial position at fair value with changes in fair value recognised in other comprehensive income. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with changes in fair value recognised in profit and loss. Initial recognition and measurement Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or other financial liabilities. The entity determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial derivatives held for trading. Financial liabilities are classified as held-for-trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Group. Gains or losses on liabilities held-for-trading are recognised in profit and loss.
Fair value of financial instruments
The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to mark-to-market valuations
obtained from the relevant bank (bid price for long positions and ask price for short positions), without any deduction for transaction costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-460": { "value": "Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with changes in fair value recognised in profit and loss. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial derivatives held for trading. Financial liabilities are classified as held-for-trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Group. Gains or losses on liabilities held-for-trading are recognised in profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-444": { "value": "Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when the rights to receive cash flows from the asset have expired and the entity has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full and either (a) the entity has transferred substantially all the risks and rewards of the asset, or (b) the entity has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-461": { "value": "Impairment of financial assets The Group assesses at each reporting date, on a forward-looking basis the ECL\u2019s associated with our financial assets carried at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-416": { "value": "
Financial liabilities
Initial recognition and measurement
Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or other financial liabilities.
The entity determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial derivatives held for trading. Financial liabilities are classified as held-for-trading
if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Group.
Gains or losses on liabilities held-for-trading are recognised in profit and loss.
Other financial liabilities After initial recognition, interest-bearing loans and borrowings, trade and other payables and other liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of comprehensive income when the liabilities are derecognised as well as through the effective interest rate method (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 in finance costs. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to mark-to-market valuations obtained from the relevant bank (bid price for long positions and ask price for short positions), without any deduction for transaction costs. Refinancing Where bank borrowings are refinanced, the Group assesses whether the transaction results in new facilities or a modification of the previous facilities. Where the transaction results in a modification of the facilities, the Group assesses whether that modification is substantial by reference both to whether the present value of the cash flows of the new facilities is more than 10% different to the present value of the cash flows of the previous facilities and by reference to any qualitative differences between the old and new agreements. Where a modification is substantial, the Group derecognises the original liability and recognises a new liability for the modified facilities with any transaction costs expensed to the income statement. Where the modification is non-substantial, the Group amends the carrying amount of the liability to reflect the updated cash flows and amends the EIR from the modification date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-446": { "value": "
Other financial liabilities
After initial recognition, interest-bearing loans and borrowings, trade and other payables and other liabilities are subsequently measured at amortised
cost using the effective interest rate method. Gains and losses are recognised in the statement of comprehensive income when the liabilities are
derecognised as well as through the effective interest rate method (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 in finance costs.
Refinancing
Where bank borrowings are refinanced, the Group assesses whether the transaction results in new facilities or a modification of the previous facilities.
Where the transaction results in a modification of the facilities, the Group assesses whether that modification is substantial by reference both to
whether the present value of the cash flows of the new facilities is more than 10% different to the present value of the cash flows of the previous
facilities and by reference to any qualitative differences between the old and new agreements.
Where a modification is substantial, the Group derecognises the original liability and recognises a new liability for the modified facilities with any
transaction costs expensed to the income statement. Where the modification is non-substantial, the Group amends the carrying amount of the
liability to reflect the updated cash flows and amends the EIR from the modification date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-462": { "value": "Other financial liabilities After initial recognition, interest-bearing loans and borrowings, trade and other payables and other liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of comprehensive income when the liabilities are derecognised as well as through the effective interest rate method (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 in finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-373": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank and in hand, less bank overdrafts to the extent the Group have the right to offset and settle
these balances net.
The Group\u2019s cash and cash equivalents balance includes \u00a338m (2025: \u00a338m) of credit card receivables due to be received within three working days
of the year-end date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-375": { "value": "
Equity
Equity comprises the following:
\u2022 Share capital represents the nominal value of equity shares;
\u2022 Share premium represents the excess of the consideration made for the shares, over and above the nominal valuation of those shares;
\u2022 Retained earnings reserve represents retained profits;
\u2022 Hedging reserve representing the movement in derivatives held by the Group at the period end that are accounted for under hedge accounting
and that represent effective hedges;
\u2022 Other reserve representing the statutory reserve brought forward from the apportionment of profit within each Luxembourg company. This was
previously represented as the \u2018legal reserve\u2019 until the redomicile to Jersey completed early in 2026. Following the redomicile, the Board intends to
recycle this reserve balance to the retained earnings reserve in FY27;
\u2022 Merger reserve representing the reserve created during the reorganisation of the Group in 2014; and
\u2022 Foreign exchange reserve represents the cumulative differences arising in retranslation of the subsidiary\u2019s and associate\u2019s results.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-374": { "value": "
Foreign currency translation
These consolidated financial statements are presented in pounds sterling.
The following Group companies have a functional currency of pounds sterling:
\u2022 B&M European Value Retail plc (formerly B&M European Value Retail S.A.)
\u2022 B&M European Value Retail 1 Ltd (formerly B&M European Value Retail 1 S.\u00e0 r.l.) (Jersey Holdco 1)
\u2022 B&M European Value Retail 2 Ltd (formerly B&M European Value Retail 2 S.\u00e0 r.l.) (Jersey Holdco 2)
\u2022 B&M European Value Retail Holdco 1 Ltd (UK Holdco 1)
\u2022 B&M European Value Retail Holdco 2 Ltd (UK Holdco 2)
\u2022 B&M European Value Retail Holdco 3 Ltd (UK Holdco 3)
\u2022 B&M European Value Retail Holdco 4 Ltd (UK Holdco 4)
\u2022 EV Retail Ltd
\u2022 B&M Retail Ltd
\u2022 Opus Homewares Ltd
\u2022 Heron Food Group Ltd
\u2022 Heron Foods Ltd
\u2022 Cooltrader Ltd
\u2022 Heron Properties (Hull) Ltd
\u2022 Centz N.I. Limited
The following Group companies have a functional currency of the Euro: \u2022 B&M France SAS Previously, B&M European Value Retail 2 S.\u00e0 r.l. had a functional currency of the Euro but upon redomiciliation on 18 March 2026, the functional currency became pounds sterling. The Group company whose functional currency is the Euro has been consolidated into the Group via retranslation of their results in line with IAS 21 \u2018Effects of Changes in Foreign Exchange Rates\u2019. The assets and liabilities are translated into pounds sterling at the period end exchange rate. The revenues and expenses are translated into pounds sterling at the average exchange rate during the period. Any resulting foreign exchange difference is cumulatively recorded in the foreign exchange reserve with the annual effect being charged or credited to other comprehensive income. Transactions entered into by the company in a currency other than the currency of the primary economic environment in which it operates (the \u2018functional currency\u2019) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised immediately in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-418": { "value": "Foreign currency translation These consolidated financial statements are presented in pounds sterling. The following Group companies have a functional currency of pounds sterling: \u2022 B&M European Value Retail plc (formerly B&M European Value Retail S.A.) \u2022 B&M European Value Retail 1 Ltd (formerly B&M European Value Retail 1 S.\u00e0 r.l.) (Jersey Holdco 1) \u2022 B&M European Value Retail 2 Ltd (formerly B&M European Value Retail 2 S.\u00e0 r.l.) (Jersey Holdco 2) \u2022 B&M European Value Retail Holdco 1 Ltd (UK Holdco 1) \u2022 B&M European Value Retail Holdco 2 Ltd (UK Holdco 2) \u2022 B&M European Value Retail Holdco 3 Ltd (UK Holdco 3) \u2022 B&M European Value Retail Holdco 4 Ltd (UK Holdco 4) \u2022 EV Retail Ltd \u2022 B&M Retail Ltd \u2022 Opus Homewares Ltd \u2022 Heron Food Group Ltd \u2022 Heron Foods Ltd \u2022 Cooltrader Ltd \u2022 Heron Properties (Hull) Ltd \u2022 Centz N.I. Limited The following Group companies have a functional currency of the Euro: \u2022 B&M France SAS Previously, B&M European Value Retail 2 S.\u00e0 r.l. had a functional currency of the Euro but upon redomiciliation on 18 March 2026, the functional currency became pounds sterling. The Group company whose functional currency is the Euro has been consolidated into the Group via retranslation of their results in line with IAS 21 \u2018Effects of Changes in Foreign Exchange Rates\u2019. The assets and liabilities are translated into pounds sterling at the period end exchange rate. The revenues and expenses are translated into pounds sterling at the average exchange rate during the period. Any resulting foreign exchange difference is cumulatively recorded in the foreign exchange reserve with the annual effect being charged or credited to other comprehensive income. Transactions entered into by the company in a currency other than the currency of the primary economic environment in which it operates (the \u2018functional currency\u2019) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised immediately in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-376": { "value": "Pension costs The Group operates a defined contribution scheme and contributions are charged to profit or loss in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-377": { "value": "Provisions Provisions are recognised when a present obligation (legal or constructive) exists as a result of a past event and where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are discounted where the time value of money is considered to be material. The property provision contains expected dilapidation costs, which covers expected dilapidation costs for any lease considered onerous, any related to stores recently closed, any stores which are planned or at risk of closure and those stores occupied but not under contract. At the period end, 148 stores were provided against (2025: 146). This year-on-year increase is reflective of the rolling number of out of contract leases which increases as the store estate increases, and against each of which we hold a small dilapidations provision. We do not provide against stores which are under contract and not considered at risk of closure (comprising the majority of the estate) as management consider that such a provision would be minimal as a result of regular store maintenance and limited fixed fit out costs. We also provide against the terminal dilapidation expense on our major distribution centres, which is built up over the term of the leases held over those distribution centres. Climate change considerations In preparing the financial statements, the Group has considered the impact of climate change, particularly in the context of the TCFD disclosures and the Group\u2019s ESG strategy included in the Annual Report. The Group\u2019s existing fixed asset replacement programme is phased over several years and therefore any changes in the requirements associated with climate change would not have a material impact in any given year. The costs expected to be incurred in connection with the Group\u2019s commitments are included within the Group\u2019s budget used to support the going concern and viability assessments and the impairment reviews of non-current assets. Given the identified risks are expected to be present in the medium to long-term, the impact of climate change on the going concern and viability of the Group over the next three years is not expected to be material and is therefore not currently classified as a key source of estimation of uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-378": { "value": "Critical judgements and key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the financial information was prepared. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Critical judgements Investments in associates Multi-lines International Company Ltd (Multi-lines), which is 50% owned by the Group, has been judged by management to be an associate rather than a subsidiary or a joint venture. Under IFRS 10 control is determined by: \u2022 Power over the investee \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect the amount of the investor\u2019s returns Although 50% owned, B&M Group does not have majority, or casting, voting rights or other substantive rights. Therefore, the level of power over the business is considered to be more in keeping with that of an associate than a joint-venture and, therefore, it has been treated as such within these consolidated financial statements. Hedge accounting The Group hedge accounts for stock purchases made in US Dollars. There is significant management judgement involved in forecasting the level of dollar purchases to be made within the period that the forward hedge has been bought for. Management takes a cautious view that no more than 80% of the operational hedging in place can be subject to hedge accounting, due to forecast uncertainties, and assesses every forward hedge taken out, on inception, if that figure should be reduced further by considering general purchasing trends, and discussion of specific purchasing decisions. Impairment The Group\u2019s impairment calculation reflects assumptions that are based upon management\u2019s judgement. The key assumptions include, the anticipated like-for-like sales performance and gross margin rates which are based upon the historical performance of the entity and strategic decisions in relation to this entity. See note 12 for further details. Estimation uncertainty There are no areas of estimation uncertainty where management consider that there is a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-419": { "value": "Standards and interpretations not yet applied by the Group For the current financial year, the Group accounts are prepared under both EU-adopted IFRS and UK-adopted IFRS to comply with Disclosure and Transparency Rules. This is as a result of our Parent Company, B&M European Value Retail plc, redomiciling to Jersey from Luxembourg. This involved relocating the company\u2019s corporate structure from one jurisdiction to another while retaining its legal personality. Due to changes in Jersey law, for annual periods beginning on or after 1 April 2025, EU-IFRS will no longer need to be applied and UK-IFRS adoption only will apply. The following amendments to accounting standards and interpretations, issued by the International Accounting Standards Board (IASB), have not yet been applied by the Group in the period. The impact of these amendments on the Group\u2019s consolidated results or financial position is expected to be significant. IASB effective for annual periods beginning on or after 1 January 2026
Standard
Summary of changes
EU endorsement status
Amendments to IFRS 9 The amendments provide an exception for the derecognition of financial liabilities, Not yet endorsed.
Recognition of a Financial Asset allowing companies to derecognise its trade payable before the settlement date, when
or Financial Liability it uses an electronic payment system that meets all of the exception criteria. This is
expected to be effective for B&M for the year ended 27 March 2027.
IASB effective for annual periods beginning on or after 1 January 2027
Standard
Summary of changes
EU endorsement status
IFRS 18 Presentation and IFRS 18 replaces IAS 1 and introduces new presentation and disclosure requirements. Not yet endorsed.
Disclosure in Financial It requires entities to categorise income and expenses into five defined groups and
Statements present a new operating profit subtotal, without affecting overall net profit. It also
mandates disclosure of MPMs in a single note that are not subtotalled in the financial
statements.
Additionally, operating profit must be used as the starting point for cash flows under
the indirect method. The Group is still in the process of assessing the impact of the
new accounting standard, particularly with respect to the structure of the Group\u2019s
statement of profit or loss, the statement of cash flows and the additional disclosures
required for MPMs. The Group is also assessing the impact on how information is
grouped in the financial statements, including for items currently labelled as \u2018other\u2019.
This is expected to be effective for B&M for the year ended 1 April 2028.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-379": { "value": "Standards and interpretations not yet applied by the Group For the current financial year, the Group accounts are prepared under both EU-adopted IFRS and UK-adopted IFRS to comply with Disclosure and Transparency Rules. This is as a result of our Parent Company, B&M European Value Retail plc, redomiciling to Jersey from Luxembourg. This involved relocating the company\u2019s corporate structure from one jurisdiction to another while retaining its legal personality. Due to changes in Jersey law, for annual periods beginning on or after 1 April 2025, EU-IFRS will no longer need to be applied and UK-IFRS adoption only will apply. The following amendments to accounting standards and interpretations, issued by the International Accounting Standards Board (IASB), have not yet been applied by the Group in the period. The impact of these amendments on the Group\u2019s consolidated results or financial position is expected to be significant. IASB effective for annual periods beginning on or after 1 January 2026
Standard
Summary of changes
EU endorsement status
Amendments to IFRS 9 The amendments provide an exception for the derecognition of financial liabilities, Not yet endorsed.
Recognition of a Financial Asset allowing companies to derecognise its trade payable before the settlement date, when
or Financial Liability it uses an electronic payment system that meets all of the exception criteria. This is
expected to be effective for B&M for the year ended 27 March 2027.
IASB effective for annual periods beginning on or after 1 January 2027
Standard
Summary of changes
EU endorsement status
IFRS 18 Presentation and IFRS 18 replaces IAS 1 and introduces new presentation and disclosure requirements. Not yet endorsed.
Disclosure in Financial It requires entities to categorise income and expenses into five defined groups and
Statements present a new operating profit subtotal, without affecting overall net profit. It also
mandates disclosure of MPMs in a single note that are not subtotalled in the financial
statements.
Additionally, operating profit must be used as the starting point for cash flows under
the indirect method. The Group is still in the process of assessing the impact of the
new accounting standard, particularly with respect to the structure of the Group\u2019s
statement of profit or loss, the statement of cash flows and the additional disclosures
required for MPMs. The Group is also assessing the impact on how information is
grouped in the financial statements, including for items currently labelled as \u2018other\u2019.
This is expected to be effective for B&M for the year ended 1 April 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-420": { "value": "
2 Segmental information
IFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about the components of the Group that
are regularly reviewed by the chief operating decision maker to assess performance and allocate resources across each reporting segment.
The chief operating decision maker has been identified as the Executive Directors who monitor the operating results of the operating segments for
the purpose of making decisions about resource allocation and performance assessment.
For management purposes, the Group is organised into three operating segments, B&M UK, Heron UK and B&M France segments comprising the
three separately operated business units within the Group.
Items that fall into the corporate category, which is not a separate segment but is presented to reconcile the balances to those presented in the main
statements, include those related to the Jersey or associate entities, Group financing, corporate transactions, any tax adjustments and items we
consider to be adjusting (see note 3).
The average Euro rate for translation purposes was \u20ac1.1564/\u00a3 during the year, with the period-end rate being \u20ac1.1538/\u00a3 (2025: \u20ac1.1885/\u00a3 and
\u20ac1.1955/\u00a3 respectively).
B&M UK Heron Foods B&M France Corporate Total
52 week period to 28 March 2026
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
\u00a3\u2019m
Revenue
4,615
544
616
\u2013
5,775
EBITDA (note 3)
602
29
103
(62)
672
Depreciation and amortisation
(227)
(22)
(48)
\u2013
(297)
Net finance expense
(56)
(3)
(19)
(70)
(148)
Profit/(loss) before tax
319
4
36
(132)
227
Income tax (charge)/credit
(83)
(0)
(9)
29
(63)
Segment profit/(loss)
236
4
27
(103)
164
Total assets
3,185
264
474
50
3,973
Total liabilities
(1,656)
(120)
(331)
(1,068)
(3,175)
Capital expenditure*
(110)
(15)
(17)
\u2013
(142)
B&M UK Heron Foods B&M France Corporate Total
52 week period to 29 March 2025
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
\u00a3\u2019m
Revenue
4,483
546
542
\u2013
5,571
EBITDA (note 3)
737
39
91
(27)
840
Depreciation and amortisation
(207)
(23)
(43)
\u2013
(273)
Net finance expense
(51)
(2)
(16)
(67)
(136)
Profit/(loss) before tax
479
14
32
(94)
431
Income tax (charge)/credit
(123)
(3)
(8)
22
(112)
Segment profit/(loss)
356
11
24
(72)
319
Total assets
3,265
280
436
26
4,007
Total liabilities
(1,601)
(120)
(321)
(1,213)
(3,255)
Capital expenditure*
(103)
(14)
(16)
\u2013
(133)
* Capital expenditure includes both tangible and intangible capital.
Revenue is disaggregated geographically as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period to \u00a3\u2019m \u00a3\u2019m
Revenue due from UK operations
5,159
5,029
Revenue due from French operations
616
542
Overall revenue
5,775
5,571
Non-current assets (excluding deferred tax and financial instruments) are disaggregated geographically as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
UK operations
2,392
2,381
French operations
282
271
Jersey operations*
7
7
Overall non-current assets
2,681
2,659
* Prior year was Luxembourg. The Group operates a small wholesale operation, with the relevant disaggregation of revenue as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period to \u00a3\u2019m \u00a3\u2019m
Revenue due to sales made in stores
5,745
5,541
Revenue due to wholesale activities
30
30
Overall revenue
5,775
5,571
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-380": { "value": "2 Segmental information IFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about the components of the Group that are regularly reviewed by the chief operating decision maker to assess performance and allocate resources across each reporting segment. The chief operating decision maker has been identified as the Executive Directors who monitor the operating results of the operating segments for the purpose of making decisions about resource allocation and performance assessment. For management purposes, the Group is organised into three operating segments, B&M UK, Heron UK and B&M France segments comprising the three separately operated business units within the Group. Items that fall into the corporate category, which is not a separate segment but is presented to reconcile the balances to those presented in the main statements, include those related to the Jersey or associate entities, Group financing, corporate transactions, any tax adjustments and items we consider to be adjusting (see note 3). The average Euro rate for translation purposes was \u20ac1.1564/\u00a3 during the year, with the period-end rate being \u20ac1.1538/\u00a3 (2025: \u20ac1.1885/\u00a3 and \u20ac1.1955/\u00a3 respectively).
B&M UK Heron Foods B&M France Corporate Total
52 week period to 28 March 2026
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
\u00a3\u2019m
Revenue
4,615
544
616
\u2013
5,775
EBITDA (note 3)
602
29
103
(62)
672
Depreciation and amortisation
(227)
(22)
(48)
\u2013
(297)
Net finance expense
(56)
(3)
(19)
(70)
(148)
Profit/(loss) before tax
319
4
36
(132)
227
Income tax (charge)/credit
(83)
(0)
(9)
29
(63)
Segment profit/(loss)
236
4
27
(103)
164
Total assets
3,185
264
474
50
3,973
Total liabilities
(1,656)
(120)
(331)
(1,068)
(3,175)
Capital expenditure*
(110)
(15)
(17)
\u2013
(142)
B&M UK Heron Foods B&M France Corporate Total
52 week period to 29 March 2025
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
\u00a3\u2019m
Revenue
4,483
546
542
\u2013
5,571
EBITDA (note 3)
737
39
91
(27)
840
Depreciation and amortisation
(207)
(23)
(43)
\u2013
(273)
Net finance expense
(51)
(2)
(16)
(67)
(136)
Profit/(loss) before tax
479
14
32
(94)
431
Income tax (charge)/credit
(123)
(3)
(8)
22
(112)
Segment profit/(loss)
356
11
24
(72)
319
Total assets
3,265
280
436
26
4,007
Total liabilities
(1,601)
(120)
(321)
(1,213)
(3,255)
Capital expenditure*
(103)
(14)
(16)
\u2013
(133)
* Capital expenditure includes both tangible and intangible capital. Revenue is disaggregated geographically as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period to \u00a3\u2019m \u00a3\u2019m
Revenue due from UK operations
5,159
5,029
Revenue due from French operations
616
542
Overall revenue
5,775
5,571
Non-current assets (excluding deferred tax and financial instruments) are disaggregated geographically as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
UK operations
2,392
2,381
French operations
282
271
Jersey operations*
7
7
Overall non-current assets
2,681
2,659
* Prior year was Luxembourg.
The Group operates a small wholesale operation, with the relevant disaggregation of revenue as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period to \u00a3\u2019m \u00a3\u2019m
Revenue due to sales made in stores
5,745
5,541
Revenue due to wholesale activities
30
30
Overall revenue
5,775
5,571
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-447": { "value": "2 Segmental information IFRS 8 \u2018Operating Segments\u2019 requires the Group\u2019s segments to be identified on the basis of internal reports about the components of the Group that are regularly reviewed by the chief operating decision maker to assess performance and allocate resources across each reporting segment. The chief operating decision maker has been identified as the Executive Directors who monitor the operating results of the operating segments for the purpose of making decisions about resource allocation and performance assessment. For management purposes, the Group is organised into three operating segments, B&M UK, Heron UK and B&M France segments comprising the three separately operated business units within the Group. Items that fall into the corporate category, which is not a separate segment but is presented to reconcile the balances to those presented in the main statements, include those related to the Jersey or associate entities, Group financing, corporate transactions, any tax adjustments and items we consider to be adjusting (see note 3). The average Euro rate for translation purposes was \u20ac1.1564/\u00a3 during the year, with the period-end rate being \u20ac1.1538/\u00a3 (2025: \u20ac1.1885/\u00a3 and \u20ac1.1955/\u00a3 respectively).
B&M UK Heron Foods B&M France Corporate Total
52 week period to 28 March 2026
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
\u00a3\u2019m
Revenue
4,615
544
616
\u2013
5,775
EBITDA (note 3)
602
29
103
(62)
672
Depreciation and amortisation
(227)
(22)
(48)
\u2013
(297)
Net finance expense
(56)
(3)
(19)
(70)
(148)
Profit/(loss) before tax
319
4
36
(132)
227
Income tax (charge)/credit
(83)
(0)
(9)
29
(63)
Segment profit/(loss)
236
4
27
(103)
164
Total assets
3,185
264
474
50
3,973
Total liabilities
(1,656)
(120)
(331)
(1,068)
(3,175)
Capital expenditure*
(110)
(15)
(17)
\u2013
(142)
B&M UK Heron Foods B&M France Corporate Total
52 week period to 29 March 2025
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
\u00a3\u2019m
Revenue
4,483
546
542
\u2013
5,571
EBITDA (note 3)
737
39
91
(27)
840
Depreciation and amortisation
(207)
(23)
(43)
\u2013
(273)
Net finance expense
(51)
(2)
(16)
(67)
(136)
Profit/(loss) before tax
479
14
32
(94)
431
Income tax (charge)/credit
(123)
(3)
(8)
22
(112)
Segment profit/(loss)
356
11
24
(72)
319
Total assets
3,265
280
436
26
4,007
Total liabilities
(1,601)
(120)
(321)
(1,213)
(3,255)
Capital expenditure*
(103)
(14)
(16)
\u2013
(133)
* Capital expenditure includes both tangible and intangible capital. Revenue is disaggregated geographically as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period to \u00a3\u2019m \u00a3\u2019m
Revenue due from UK operations
5,159
5,029
Revenue due from French operations
616
542
Overall revenue
5,775
5,571
Non-current assets (excluding deferred tax and financial instruments) are disaggregated geographically as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
UK operations
2,392
2,381
French operations
282
271
Jersey operations*
7
7
Overall non-current assets
2,681
2,659
* Prior year was Luxembourg. The Group operates a small wholesale operation, with the relevant disaggregation of revenue as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period to \u00a3\u2019m \u00a3\u2019m
Revenue due to sales made in stores
5,745
5,541
Revenue due to wholesale activities
30
30
Overall revenue
5,775
5,571
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-463": { "value": "Revenue is disaggregated geographically as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period to \u00a3\u2019m \u00a3\u2019m
Revenue due from UK operations
5,159
5,029
Revenue due from French operations
616
542
Overall revenue
5,775
5,571
Non-current assets (excluding deferred tax and financial instruments) are disaggregated geographically as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
UK operations
2,392
2,381
French operations
282
271
Jersey operations*
7
7
Overall non-current assets
2,681
2,659
* Prior year was Luxembourg. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-381": { "value": "
3 Reconciliation of non-IFRS measures from the statement of comprehensive income
The Group reports a selection of alternative performance measures as detailed below. The Directors believe that these measures provide additional
information that is useful to the users of the accounts.
EBITDA, adjusted EBITDA, adjusted operating profit before tax and adjusted profit after tax are all non-IFRS measures and therefore a reconciliation
from the statement of comprehensive income is set out below.
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period to \u00a3\u2019m \u00a3\u2019m
Profit on ordinary activities before interest and tax
375
567
Add back depreciation and amortisation
297
273
EBITDA
672
840
Impairment charge
36
\u2013
Costs in relation to significant infrastructure projects
7
4
Costs in relation to the redomicile project
7
\u2013
External costs in relation to strategic business projects
4
\u2013
Costs incurred in strategic leadership reset
4
\u2013
Costs in relation to significant property transactions
\u2013
5
Group trading director settlement
\u2013
12
Non-underlying impact of foreign exchange
(1)
3
Adjusted EBITDA
729
864
Depreciation and amortisation
(297)
(273)
Adjusted operating profit
432
591
Interest costs related to lease liabilities (note 5)
(84)
(77)
Net other finance costs (note 5)
(64)
(59)
Adjusted profit before tax
284
455
Adjusted tax
(70)
(118)
Adjusted profit for the period
214
337
On a pre-IFRS 16 basis, the costs in relation to significant infrastructure projects adjusting item was \u00a310m and the total of the pre-IFRS 16 adjusting
items was \u00a360m compared to the \u00a357m above on a post-IFRS 16 basis (2025: \u00a325m/\u00a324m).
Adjusted EBITDA (pre-IFRS 16), adjusted operating profit (pre-IFRS 16) and adjusted profit (pre-IFRS 16) are also non-IFRS measures and are
reconciled as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period to \u00a3\u2019m \u00a3\u2019m
EBITDA (above)
672
840
Remove effects of IFRS 16 on EBITDA
(273)
(245)
EBITDA (pre-IFRS 16)
399
595
Adjusting items (above)
60
25
Adjusted EBITDA (pre-IFRS 16)
459
620
Pre-IFRS 16 depreciation and amortisation
(99)
(92)
Adjusted operating profit (pre-IFRS 16)
360
528
Net other finance costs
(64)
(59)
Adjusted profit before tax (pre-IFRS 16)
296
469
Adjusted tax
(71)
(122)
Adjusted profit (pre-IFRS 16) for the period
225
347
The effects of IFRS 16 on the EBITDA caption reflects the difference between IAS 17 and IFRS 16 accounting and largely consists of the additional rent
expense the Group would have incurred under the IAS 17 standard.
Adjusting items include gains and losses associated with any significant projects and the non-underlying impact of foreign exchange.
In reference to the captions in the tables above;
Impairment charge relates to the impairments of assets across the three segments as a result of an assessment of individual store profitability
within those segments. These have been treated as an adjusting item as they are one-off in nature and of meaningful magnitude whilst not relating
to underlying performance in the period.
The impairments relate directly to the assets held by the stores, including their lease asset, and an apportionment of assets held centrally.
The figure adjusted for includes both the gross impairment made (\u00a342m) and the release against that impairment which represents a lower
depreciation charge in the year (\u00a36m), giving a net value of \u00a336m. In the prior year, the value of impairments was gross \u00a33m and therefore not
considered meaningful for adjustment.
Costs in relation to significant infrastructure projects includes the pre-operational and ramp up costs of our Ellesmere Port Import Centre
and the dual-running costs associated with the replacement of our Middlewich DC with a third-party operated site in Rugby. In the prior year, it also
included the disruption costs related to our DC expansion project in France.
All projects are significant in nature, with Ellesmere Port representing the largest infrastructure project within the Group since Bedford opened in
2020, the Rugby site representing a significant project of relocating warehouse operations whilst incurring dual-running costs of running both sites
during the crossover period and the French project representing a step change in the capacity of that segment.
In the prior period in France, the disruption costs experienced were calculated by reference to increased cost to serve per volume unit, which were
driven by increased headcount required over a specific time period within the prior year. These costs were normalised prior to the prior year-end date.
The Ellesmere Port Import Centre is due to be fully operational early in FY27. The Rugby DC is scheduled to be fully operational and the Middlewich DC
is scheduled to fully close early in FY27.
Costs in relation to the redomicile project includes any fees related to the redomicile of the Group\u2019s Luxembourg entities to Jersey.
This project is significant in nature and the costs in the current year were meaningful and non-recurring, and as such they have been included in our
adjusting items for this period.
Whilst this project had commenced in the prior year, the cost incurred in that year of \u00a31m were considered to be insubstantial and were therefore not
included as an adjusting item for that period.
The project has now completed, with remaining costs relating only to the wind down costs of our Luxembourg operations which are not expected to
be significant.
External costs in relation to strategic business projects relates to external costs incurred in operating the Back to B&M Basics project which is a
significant strategic project that required external input into the formative stages of the project. External costs in relation to this project are expected
to be lower in FY27.
Costs incurred in strategic leadership reset. The senior leadership team of the business has undergone significant changes during the year
under review, and the costs associated with those changes have been meaningful. We do not expect meaningful costs in relation to leadership
change in FY27. Further details around specifically the changes in our directors is also included in note 31.
Costs in relation to significant property projects includes the expenses associated with the acquisition of options in relation to several ex-
Wilko and ex-Homebase stores. These deals completed in the year ended 29 March 2025 and no further expense has occurred in relation to these
transactions in the current period.
Group trading director settlement represents the sum payable to the former Group trading director in respect of the revised agreements made
with this director in June and December 2024. These agreements included specifying his retirement as director of Group subsidiaries in March 2025,
and his entitlement to \u00a35m termination and \u00a36m consultancy payments in relation to the periods in FY25 (after June 2024) and FY26 respectively,
with the remainder of the presented adjusting item consisting of employer payroll taxes. No further costs were incurred in relation to this item in FY26.
Non-underlying impact of foreign exchange includes the fair value of derivatives which have yet to mature and any gains or losses in relation
to foreign exchange on intercompany balances. In addition, this year also includes any foreign exchange that arises as a point-in-time adjustment
on our stock, creditor or cash balances in relation to any stock which has not yet been sold, which arises as a timing difference, since we aim to
fully operationally hedge for our stock purchased in dollars, and whilst our achieved rate is directly reflected in our cost price and margins in internal
reporting, we cannot account for it in this way on a statutory basis.
The actual achieved rate is reflected in the reports reviewed by the management which are used in making pricing decisions and, as such,
management consider that the timing difference adjusted for is not reflective of our underlying trading performance.
Any foreign exchange arising outside of our operational hedging programme has been included in the underlying figures presented
Adjusted tax represents the tax charge per the statement of comprehensive income as adjusted only for the effects of the adjusting items detailed above.
The following table reconciles the statutory figures to the adjusted and adjusted (pre-IFRS 16) figures in the statutory profit and loss format on a
line-by-line basis:
Statutory Adjusting Adjusted Impact of Adjusted
figures items figures IFRS 16 (pre-IFRS 16)
52-week period to 28 March 2026 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Revenue
5,775
\u2013
5,775
\u2013
5,775
Cost of sales
(3,670)
\u2013
(3,670)
\u2013
(3,670)
Gross profit
2,105
\u2013
2,105
\u2013
2,105
Depreciation and amortisation
(297)
\u2013
(297)
198
(99)
Other administrative expenses
(1,434)
57
(1,377)
(270)
(1,647)
Operating profit
374
57
431
(72)
359
Share of profits in associates
1
\u2013
1
\u2013
1
Profit before interest and tax
375
57
432
(72)
360
Finance costs relating to right-of-use assets
(84)
\u2013
(84)
84
\u2013
Other finance costs
(70)
\u2013
(70)
\u2013
(70)
Finance income
6
\u2013
6
\u2013
6
Profit before tax
227
57
284
12
296
Income tax expense
(63)
(7)
(70)
(1)
(71)
Profit for the period
164
50
214
11
225
Statutory Adjusting Adjusted Impact of Adjusted
figures items figures IFRS 16 (pre-IFRS 16)
52-week period to 28 March 2025 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Revenue
5,571
\u2013
5,571
\u2013
5,571
Cost of sales
(3,479)
\u2013
(3,479)
\u2013
(3,479)
Gross profit
2,092
\u2013
2,092
\u2013
2,092
Depreciation and amortisation
(273)
\u2013
(273)
181
(92)
Other administrative expenses
(1,253)
24
(1,229)
(244)
(1,473)
Operating profit
566
24
590
(63)
527
Share of losses in associates
1
\u2013
1
\u2013
1
Profit before interest and tax
567
24
591
(63)
528
Finance costs relating to right-of-use assets
(77)
\u2013
(77)
77
\u2013
Other finance costs
(66)
\u2013
(66)
(0)
(66)
Finance income
7
\u2013
7
\u2013
7
Profit before tax
431
24
455
14
469
Income tax expense
(112)
(6)
(118)
(4)
(122)
Profit for the period
319
18
337
10
347
The tables below give the reconciliation between the operating profit and adjusted EBITDA (pre-IFRS 16) by segment:
B&M UK Heron Foods B&M France Corporate Total
52-week period to 28 March 2026 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Profit/(loss) before interest and tax
375
7
55
(62)
375
Net finance charges
(56)
(3)
(19)
(70)
(148)
Profit/(loss) before tax
319
4
36
(132)
227
Adjusting items (above)
\u2013
\u2013
\u2013
57
57
Adjusted profit/(loss) before tax
319
4
36
(75)
284
Net finance charges added back
56
3
19
70
148
Adjusted operating profit/(loss)
375
7
55
(5)
432
Depreciation and amortisation (pre-IFRS 16)
73
13
13
\u2013
99
Impact of IFRS 16
(53)
(4)
(15)
\u2013
(72)
Adjusted EBITDA (pre-IFRS 16)
395
16
53
(5)
459
B&M UK Heron Foods B&M France Corporate Total
52-week period to 28 March 2025 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Profit/(loss) before interest and tax
530
16
48
(27)
567
Net finance charges
(51)
(2)
(16)
(67)
(136)
Profit/(loss) before tax
479
14
32
(94)
431
Adjusting items (above)
\u2013
\u2013
\u2013
24
24
Adjusted profit/(loss) before tax
479
14
32
(70)
455
Net finance charges added back
51
2
16
67
136
Adjusted operating profit/(loss)
530
16
48
(3)
591
Depreciation and amortisation (pre-IFRS 16)
66
14
12
\u2013
92
Impact of IFRS 16
(51)
(0)
(12)
0
(63)
Adjusted EBITDA (pre-IFRS 16)
545
30
48
(3)
620
The segmental split in EBITDA and adjusted EBITDA reconciles as follows:
B&M UK Heron Foods B&M France Corporate Total
52-week period to 28 March 2026 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Profit/(loss) before tax
319
4
36
(132)
227
Add back depreciation and amortisation
227
22
48
\u2013
297
Add back net finance charges
56
3
19
70
148
EBITDA
602
29
103
(62)
672
Adjusting items (above)
\u2013
\u2013
\u2013
57
57
Adjusted EBITDA
602
29
103
(5)
729
B&M UK Heron Foods B&M France Corporate Total
52-week period to 28 March 2025 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Profit/(loss) before tax
479
14
32
(93)
432
Add back depreciation and amortisation
207
23
43
\u2013
273
Add back net finance charges
51
2
16
66
135
EBITDA
737
39
91
(27)
840
Adjusting items (above)
\u2013
\u2013
\u2013
24
24
Adjusted EBITDA
737
39
91
(3)
864
Adjusted EPS and diluted EPS measures are reconciled in note 10.
Post-tax free cash flow is reconciled to the consolidated statement of cash flows as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Cash flows from operating activities
801
784
Income tax paid
(65)
(109)
Purchase of property, plant and equipment
(139)
(131)
Purchase of intangible assets
(3)
(2)
Proceeds from sale of property, plant and equipment
3
22
Repayment of the principal in relation to lease liabilities
(192)
(176)
Payment of interest in relation to right-of-use assets
(84)
(77)
Post-tax free cash flow
321
311
Adjusted EBITDA and related measures are not measures of performance or liquidity under IFRS and should not be considered in isolation or as a
substitute for measures of profit, or as an indicator of the Group\u2019s operating performance or cash flows from operating activities as determined in
accordance with IFRS.
", "dimensions": { "concept": "bm:DisclosureOfReconciliationOfNonIFRSMeasuresFromStatementOfComprehensiveIncome", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-382": { "value": "
4 Operating profit
The following items have been charged in arriving at operating profit:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Auditor\u2019s remuneration
2
1
Payments to auditors in respect of non-audit services:
Other assurance services
0
0
Cost of inventories recognised as an expense (included in cost of sales)
3,670
3,479
Depreciation of owned property, plant and equipment
95
88
Amortisation (included within administration costs)
2
2
Impairment of owned property, plant and equipment
17
\u2013
Depreciation of right-of-use assets
200
183
Impairment of right-of-use assets
25
3
Operating lease rentals
7
4
Sublet income
(2)
(2)
Other operational income
(8)
(9)
Loss/(profit) on sale of property, plant and equipment
1
(0)
Profit on sale and leasebacks
\u2013
(0)
Loss on foreign exchange
2
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-470": { "value": "4 Operating profit The following items have been charged in arriving at operating profit:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Auditor\u2019s remuneration
2
1
Payments to auditors in respect of non-audit services:
Other assurance services
0
0
Cost of inventories recognised as an expense (included in cost of sales)
3,670
3,479
Depreciation of owned property, plant and equipment
95
88
Amortisation (included within administration costs)
2
2
Impairment of owned property, plant and equipment
17
\u2013
Depreciation of right-of-use assets
200
183
Impairment of right-of-use assets
25
3
Operating lease rentals
7
4
Sublet income
(2)
(2)
Other operational income
(8)
(9)
Loss/(profit) on sale of property, plant and equipment
1
(0)
Profit on sale and leasebacks
\u2013
(0)
Loss on foreign exchange
2
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-464": { "value": "4 Operating profit The following items have been charged in arriving at operating profit:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Auditor\u2019s remuneration
2
1
Payments to auditors in respect of non-audit services:
Other assurance services
0
0
Cost of inventories recognised as an expense (included in cost of sales)
3,670
3,479
Depreciation of owned property, plant and equipment
95
88
Amortisation (included within administration costs)
2
2
Impairment of owned property, plant and equipment
17
\u2013
Depreciation of right-of-use assets
200
183
Impairment of right-of-use assets
25
3
Operating lease rentals
7
4
Sublet income
(2)
(2)
Other operational income
(8)
(9)
Loss/(profit) on sale of property, plant and equipment
1
(0)
Profit on sale and leasebacks
\u2013
(0)
Loss on foreign exchange
2
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-448": { "value": "4 Operating profit The following items have been charged in arriving at operating profit:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Auditor\u2019s remuneration
2
1
Payments to auditors in respect of non-audit services:
Other assurance services
0
0
Cost of inventories recognised as an expense (included in cost of sales)
3,670
3,479
Depreciation of owned property, plant and equipment
95
88
Amortisation (included within administration costs)
2
2
Impairment of owned property, plant and equipment
17
\u2013
Depreciation of right-of-use assets
200
183
Impairment of right-of-use assets
25
3
Operating lease rentals
7
4
Sublet income
(2)
(2)
Other operational income
(8)
(9)
Loss/(profit) on sale of property, plant and equipment
1
(0)
Profit on sale and leasebacks
\u2013
(0)
Loss on foreign exchange
2
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-421": { "value": "4 Operating profit The following items have been charged in arriving at operating profit:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Auditor\u2019s remuneration
2
1
Payments to auditors in respect of non-audit services:
Other assurance services
0
0
Cost of inventories recognised as an expense (included in cost of sales)
3,670
3,479
Depreciation of owned property, plant and equipment
95
88
Amortisation (included within administration costs)
2
2
Impairment of owned property, plant and equipment
17
\u2013
Depreciation of right-of-use assets
200
183
Impairment of right-of-use assets
25
3
Operating lease rentals
7
4
Sublet income
(2)
(2)
Other operational income
(8)
(9)
Loss/(profit) on sale of property, plant and equipment
1
(0)
Profit on sale and leasebacks
\u2013
(0)
Loss on foreign exchange
2
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-383": { "value": "
5 Finance costs and finance income
Finance costs include all interest-related income and expenses. The following amounts have been included in the continuing profit line for each
reporting period presented:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest on debt and borrowings
(67)
(63)
Ongoing amortisation of finance fees
(2)
(2)
Interest rate swap derivative
(1)
(1)
Total adjusted finance expense
(70)
(66)
Finance costs on lease liabilities
(84)
(77)
Total finance expense
(154)
(143)
The finance expense reconciles to the statement of cash flows as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Cash
Finance costs paid in relation to debt and borrowings
70
56
Finance costs paid in relation to lease liabilities
84
77
Fees paid in relation to refinancing
0
4
Finance costs paid
154
137
Non-cash
Movement of accruals in relation to debt and borrowings
(3)
7
Capitalisation of paid fees in relation to new facilities
\u2013
(4)
Ongoing amortisation of finance fees
2
2
Interest rate swap derivative
1
1
Total finance expense
154
143
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest income on loans and bank accounts
6
7
Total finance income
6
7
Total net adjusted finance costs are therefore:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Total adjusted finance expense
(70)
(66)
Total finance income
6
7
Total net adjusted finance costs
(64)
(59)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-474": { "value": "5 Finance costs and finance income Finance costs include all interest-related income and expenses. The following amounts have been included in the continuing profit line for each reporting period presented:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest on debt and borrowings
(67)
(63)
Ongoing amortisation of finance fees
(2)
(2)
Interest rate swap derivative
(1)
(1)
Total adjusted finance expense
(70)
(66)
Finance costs on lease liabilities
(84)
(77)
Total finance expense
(154)
(143)
The finance expense reconciles to the statement of cash flows as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Cash
Finance costs paid in relation to debt and borrowings
70
56
Finance costs paid in relation to lease liabilities
84
77
Fees paid in relation to refinancing
0
4
Finance costs paid
154
137
Non-cash
Movement of accruals in relation to debt and borrowings
(3)
7
Capitalisation of paid fees in relation to new facilities
\u2013
(4)
Ongoing amortisation of finance fees
2
2
Interest rate swap derivative
1
1
Total finance expense
154
143
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest income on loans and bank accounts
6
7
Total finance income
6
7
Total net adjusted finance costs are therefore:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Total adjusted finance expense
(70)
(66)
Total finance income
6
7
Total net adjusted finance costs
(64)
(59)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-471": { "value": "5 Finance costs and finance income Finance costs include all interest-related income and expenses. The following amounts have been included in the continuing profit line for each reporting period presented:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest on debt and borrowings
(67)
(63)
Ongoing amortisation of finance fees
(2)
(2)
Interest rate swap derivative
(1)
(1)
Total adjusted finance expense
(70)
(66)
Finance costs on lease liabilities
(84)
(77)
Total finance expense
(154)
(143)
The finance expense reconciles to the statement of cash flows as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Cash
Finance costs paid in relation to debt and borrowings
70
56
Finance costs paid in relation to lease liabilities
84
77
Fees paid in relation to refinancing
0
4
Finance costs paid
154
137
Non-cash
Movement of accruals in relation to debt and borrowings
(3)
7
Capitalisation of paid fees in relation to new facilities
\u2013
(4)
Ongoing amortisation of finance fees
2
2
Interest rate swap derivative
1
1
Total finance expense
154
143
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest income on loans and bank accounts
6
7
Total finance income
6
7
Total net adjusted finance costs are therefore:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Total adjusted finance expense
(70)
(66)
Total finance income
6
7
Total net adjusted finance costs
(64)
(59)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-465": { "value": "5 Finance costs and finance income Finance costs include all interest-related income and expenses. The following amounts have been included in the continuing profit line for each reporting period presented:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest on debt and borrowings
(67)
(63)
Ongoing amortisation of finance fees
(2)
(2)
Interest rate swap derivative
(1)
(1)
Total adjusted finance expense
(70)
(66)
Finance costs on lease liabilities
(84)
(77)
Total finance expense
(154)
(143)
The finance expense reconciles to the statement of cash flows as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Cash
Finance costs paid in relation to debt and borrowings
70
56
Finance costs paid in relation to lease liabilities
84
77
Fees paid in relation to refinancing
0
4
Finance costs paid
154
137
Non-cash
Movement of accruals in relation to debt and borrowings
(3)
7
Capitalisation of paid fees in relation to new facilities
\u2013
(4)
Ongoing amortisation of finance fees
2
2
Interest rate swap derivative
1
1
Total finance expense
154
143
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest income on loans and bank accounts
6
7
Total finance income
6
7
Total net adjusted finance costs are therefore:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Total adjusted finance expense
(70)
(66)
Total finance income
6
7
Total net adjusted finance costs
(64)
(59)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-449": { "value": "5 Finance costs and finance income Finance costs include all interest-related income and expenses. The following amounts have been included in the continuing profit line for each reporting period presented:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest on debt and borrowings
(67)
(63)
Ongoing amortisation of finance fees
(2)
(2)
Interest rate swap derivative
(1)
(1)
Total adjusted finance expense
(70)
(66)
Finance costs on lease liabilities
(84)
(77)
Total finance expense
(154)
(143)
The finance expense reconciles to the statement of cash flows as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Cash
Finance costs paid in relation to debt and borrowings
70
56
Finance costs paid in relation to lease liabilities
84
77
Fees paid in relation to refinancing
0
4
Finance costs paid
154
137
Non-cash
Movement of accruals in relation to debt and borrowings
(3)
7
Capitalisation of paid fees in relation to new facilities
\u2013
(4)
Ongoing amortisation of finance fees
2
2
Interest rate swap derivative
1
1
Total finance expense
154
143
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest income on loans and bank accounts
6
7
Total finance income
6
7
Total net adjusted finance costs are therefore:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Total adjusted finance expense
(70)
(66)
Total finance income
6
7
Total net adjusted finance costs
(64)
(59)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-422": { "value": "5 Finance costs and finance income Finance costs include all interest-related income and expenses. The following amounts have been included in the continuing profit line for each reporting period presented:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest on debt and borrowings
(67)
(63)
Ongoing amortisation of finance fees
(2)
(2)
Interest rate swap derivative
(1)
(1)
Total adjusted finance expense
(70)
(66)
Finance costs on lease liabilities
(84)
(77)
Total finance expense
(154)
(143)
The finance expense reconciles to the statement of cash flows as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Cash
Finance costs paid in relation to debt and borrowings
70
56
Finance costs paid in relation to lease liabilities
84
77
Fees paid in relation to refinancing
0
4
Finance costs paid
154
137
Non-cash
Movement of accruals in relation to debt and borrowings
(3)
7
Capitalisation of paid fees in relation to new facilities
\u2013
(4)
Ongoing amortisation of finance fees
2
2
Interest rate swap derivative
1
1
Total finance expense
154
143
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Interest income on loans and bank accounts
6
7
Total finance income
6
7
Total net adjusted finance costs are therefore:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Total adjusted finance expense
(70)
(66)
Total finance income
6
7
Total net adjusted finance costs
(64)
(59)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-384": { "value": "
6 Employee remuneration
Expense recognised for employee benefits is analysed below:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Wages and salaries
744
719
Social security costs
84
56
Share-based payment expense
3
3
Pensions \u2013 defined contribution plans
13
12
Total remuneration
844
790
There are \u00a32m of defined contribution pension liabilities owed by the Group at the period end (2025: \u00a32m).
B&M France operates a scheme where they must provide a certain amount per employee to pay upon their retirement date. The accrual on this scheme
at the period end was <\u00a31m (2025: <\u00a31m).
The average monthly number of persons employed by the Group during the period was:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Sales staff
39,748
39,347
Administration
1,239
1,294
Total staff
40,987
40,641
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-386": { "value": "
7 Key management remuneration
Key management personnel and Directors\u2019 remuneration includes the following:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Directors\u2019 remuneration:
Short-term employee benefits
4
4
Termination payments
1
1
Benefits accrued under the share option scheme
0
0
Total
5
5
Key management expense (includes Directors\u2019 remuneration):
Short-term employee benefits
10
13
Termination payments
2
7
Benefits accrued under the share option scheme
1
1
Pension
0
0
Other long-term benefits
0
1
Total
13
22
Amounts in respect of the highest paid director emoluments:
Short-term employee benefits
2
2
Termination payments
\u2013
1
Benefits accrued under the share option scheme
\u2013
0
Total
2
3
The emoluments disclosed above are of the Directors and key management personnel who have served as a Director within any of the continuing
Group companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-385": { "value": "
8 Share options
The Group operates three equity-settled share option schemes which split down to various tranches. Details of these schemes follow.
1) Long-Term Incentive Plan (LTIP) awards
The LTIP was re-adopted by the Board on 23 July 2024. No grant under this scheme can be made more than 10 years after this date.
Eligibility
Employees and Executive Directors of the Group are eligible for the LTIP and the awards are made at the discretion of the remuneration committee.
Limits & pricing
A fixed number of options are offered to each participant, with the pricing set at \u00a3nil. The options offered to each individual cannot exceed a total
value of 250% of the participants base salary where the value is measured as the market value of the shares on grant multiplied by the number
of options awarded, with the whole scheme limited to 10% of the share capital in issue.
Dividend credits
All participants in LTIP awards are entitled to dividend credits, where the notional dividend they would have received on the maximum number
of shares available under their award is converted into new share options and added to the award based upon the share price on the date of the
dividend. These additional awards have been reflected in the tables below.
Vesting & exercise
The share options are subject to a set of conditions measured over a three-year performance period as follows:
LTIP Executive (\u2018A\u2019) awards
\u2022 50% of the awards are subject to a TSR performance condition, where the Group\u2019s TSR over the performance period is compared with a
comparator group. The awards vest on a sliding scale where the full 50% is awarded if the Group falls in the upper quartile, 12.5% vests if the
Group falls exactly at the median, and 0% below that.
\u2022 50% of the awards are subject to a diluted EPS performance target. The awards vest on sliding scales based upon the EPS as follows:
50% 42.5% 12.5%
Award
EPS as at
paid at paid at paid at
LTIP 2019A
March-22
33.0p
n/a
27.0p
LTIP 2020A
March-23
30.0p
n/a
25.0p
LTIP
2021
A
March-24
45.0p
n/a
37.0p
LTIP 2022A
March-25
50.0p
n/a
42.0p
LTIP 2
02
3A
March-26
43.9p
n/a
37.9p
LTIP
2
024A
March-27
47.4p
42.3p
38.3p
LTIP 2
02
5A
March-28
41.9p
n/a
34.9p
Below the 12.5% boundary, no options vest. Diluted EPS is defined as adjusted (pre-IFRS 16) diluted EPS on all schemes until LTIP 2024A where it is
adjusted diluted EPS, see note 10.
\u2022 The performance period is the three years ending the period end specified in the EPS table above.
\u2022 Once the performance period concludes, the calculated number of share options remaining are then subject to a two-year holding period.
\u2022 The share options vest at the conclusion of the holding period.
LTIP Restricted (\u2018B\u2019) awards
\u2022 Group EBITDA must be positive in each year of the LTIP.
\u2022 The awards also have an employee performance condition attached.
Vested awards can be exercised up to the tenth anniversary of grant.
Tranches
There have been several awards of the LTIP, with the details as follows.
Note that the LTIP Executive awards have been split into the element subject to the TSR (50%) and the element subject to the EPS (50%) since these
were valued separately.
The TSR awards market condition has been included in the fair value calculation for those awards while all non-market conditions have not been
included. Expected volatility has been calculated based upon the historic share price volatility of the Group and those of comparable companies.
The key information used in the valuation of these tranches is as follows:
Original options Fair value of Expected life
Scheme
Date of grant
granted
each option
Risk free rate
(years)
Volatility
2019A-
TSR
22 Aug 19
275,640.5
251p
0.37%
5
31%
2019A
-EPS
22 Aug 19
275,640.5
361p
0.37%
5
31%
2020A-
TSR
30 Jul 20
141,718
409p
-0.11%
5
48%
2020A-EPS
30 Jul 20
141,718
464p
-0.11%
5
48%
2021
A-TSR
3 Aug 21
218,861
354p
0.23%
5
37%
2021A-EPS
3 Aug 21
218,861
560p
0.23%
5
37%
2022
A-TSR
17 Nov 22
309,342
124p
3.16%
5
31%
202
2A-EPS
17 Nov 22
309,342
386p
3.16%
5
31%
2023A-
TSR
1 Aug 23
224,422
409p
4.75%
5
32%
2023
A-EPS
1 Aug 23
224,422
548p
4.75%
5
32%
202
4A-TSR
1 Aug 24
342,624
174p
4.04%
5
31%
2
024A-EPS
1 Aug 24
342,625
456p
4.04%
5
31%
2025A-
TSR
28 Jul 25
695,541
113p
4.03%
5
33%
2025
A-EPS
28 Jul 25
695,542
227p
4.03%
5
33%
2021/B1
3 Aug 21
281,950
560p
0.12%
3
42%
2022/B1
3 Aug 22
396,877
437p
1.75%
3
32%
2022/B2
15 Dec 22
3,641
412p
1.75%
3
32%
2023/B1
1 Aug 23
414,833
548p
4.77%
3
31%
2024/B1
1 Aug 24
554,001
445p
3.77%
3
31%
2025/B1
28 Jul 25
1,024,887
227p
3.91%
3
31%
Options at Dividend Options at
Scheme
29 Mar 25
Granted
credit
Forfeited
Exercised
28 Mar 26
2020A-
TSR
214,392*
\u2013
8,637
\u2013
(223,029)
\u2013
2020A-EPS
214,392*
\u2013
8,637
\u2013
(223,029)
\u2013
202
1A-TSR
183,080*
\u2013
11,416
\u2013
\u2013
194,496*
2021
A-EPS
100,916*
\u2013
6,293
\u2013
\u2013
107,209*
202
2A-TSR
379,685
\u2013
\u2013
(379,685)
\u2013
\u2013
2022
A-EPS
379,685
\u2013
\u2013
(379,685)
\u2013
\u2013
2023A-
TSR
198,417
\u2013
12,166
(9,741)
\u2013
200,842
2023A-EPS
198,418
\u2013
12,166
(9,741)
\u2013
200,843
2
0
24A-TSR
187, 297
\u2013
10,712
(45,602)
\u2013
152,407
20
24A-EPS
187,298
\u2013
10,712
(45,603)
\u2013
152,407
2025
A-TSR
\u2013
695,541
11,543
(151,332)
\u2013
555,752
2025
A-EPS
\u2013
695,542
11,543
(151,332)
\u2013
555,753
2021/B1
5,569
\u2013
\u2013
\u2013
(5,569)
\u2013
2022/B1
385,746
\u2013
15,533
(391)
(393,463)
7,425
2022/B2
4,411
\u2013
178
\u2013
(4,589)
\u2013
2023/B1
360,108
\u2013
22,070
(11,250)
\u2013
370,928
2024/B1
492,657
15,391
31,701
(40,694)
\u2013
499,055
2025/B1
\u2013
1,024,887
19,886
(103,847)
\u2013
940,926
Options at Dividend Options at
Scheme
30 Mar 24
Granted
credit
Forfeited
Exercised
29 Mar 25
2019A-
TSR
312,583*
\u2013
6,467
\u2013
(319,050)
\u2013
2019A
-EPS
312,583*
\u2013
6,467
\u2013
(319,050)
\u2013
2020A-
TSR
197,369*
\u2013
17,023
\u2013
\u2013
214,392*
2020A-EPS
197,369*
\u2013
17,023
\u2013
\u2013
214,392*
2021
A-TSR
191,790
\u2013
14,537
(23,247)
\u2013
183,080*
2021A-EPS
191,790
\u2013
8,013
(98,887)
\u2013
100,916*
2022
A-TSR
349,537
\u2013
30,148
\u2013
\u2013
379,685
202
2A-EPS
349,537
\u2013
30,148
\u2013
\u2013
379,685
2023A-
TSR
235,204
\u2013
20,286
(57,073)
\u2013
198,417
2023
A-EPS
235,204
\u2013
20,286
(57,072)
\u2013
198,418
202
4A-TSR
\u2013
342,624
22,005
(177,332)
\u2013
187,297
2
024A-EPS
\u2013
342,625
22,005
(177,332)
\u2013
187,298
2021/B1
251,134
\u2013
5,031
(2,182)
(248,414)
5,569
2022/B1
380,862
\u2013
32,183
(27,299)
\u2013
385,746
2022/B2
4,061
\u2013
350
\u2013
\u2013
4,411
2023/B1
387,478
\u2013
32,344
(59,714)
\u2013
360,108
2024/B1
\u2013
554,001
35,053
(96,397)
\u2013
492,657
* These share options are in a two-year holding period.
2) Deferred Bonus Share Plan (DBSP) awards
The DBSP was adopted by the Board on 30 July 2018. No grant under this scheme can be made more than 10 years after this date.
The DBSP differs from the LTIP awards in that there are no vesting conditions.
The scheme has been set up in order to allocate a specified proportion of the Executive Director\u2019s annual bonus into \u00a3nil price share options which
are then placed in holding for three years.
As there are no vesting conditions, these awards have been valued at the amount of the bonus to be converted into share options under the scheme.
There are annual awards of the scheme. The 2026 award will be made after this set of statutory accounts have been published and will therefore be
reported in the next Annual Report.
Options at Dividend Options at
Scheme
29 Mar 25
Granted
credit
Forfeited
Exercised
28 Mar 26
2022
Bonus allocation
352,507
\u2013
14,199
\u2013
(366,706)
\u2013
2023
Bonus allocation
179,929
\u2013
11,219
\u2013
\u2013
191,148
2024
Bonus allocation
266,096
\u2013
16,593
\u2013
\u2013
282,689
2025
Bonus allocation
\u2013
211,093
13,161
\u2013
\u2013
224,254
Options at Dividend Options at
Scheme
30 Mar 24
Granted
credit
Forfeited
Exercised
29 Mar 25
2021
Bonus allocation
104,359
\u2013
2,160
\u2013
(106,519)
\u2013
2022
Bonus allocation
324,517
\u2013
27,990
\u2013
\u2013
352,507
2023
Bonus allocation
165,640
\u2013
14,289
\u2013
\u2013
179,929
2024
Bonus allocation
\u2013
244,969
21,127
\u2013
\u2013
266,096
The fair values of the presented schemes on inception were \u00a30.6m (2025) \u00a31.2m (2024), \u00a30.8m (2023), \u00a31.1m (2022) and \u00a30.5m (2021).
3) Specific LTIP awards
The remuneration committee are able to award specific share schemes under the LTIP framework, where considered appropriate. In the prior year,
there was one such scheme which was fully exercised in that period. There were no such schemes in the current year. Details given below.
Options at Dividend Options at
Scheme
30 Mar 24
Granted
credit
Forfeited
Exercised
29 Mar 25
Buy-out Nov-24
36,601
\u2013
1,341
\u2013
(37,942)
\u2013
The fair value of the presented scheme on inception was \u00a30.1m.
The summary period-end position is as follows:
28 March 29 March
Period ended 2026 2025
Share options outstanding at the start of the year
4,290,603
4,227,618
Share options granted during the year (including via dividend credit)
2,890,819
1,870,495
Share options forfeited or lapsed during the year
(1,328,903)
(776,535)
Share options exercised in the year
(1,216,385)
(1,030,975)
Share options outstanding at the end of the year
4,636,134
4,290,603
Of which;
Share options that are not vested
3,628,913
2,773,722
Share options that are in holding
999,796
1,511,312
Share options that are vested and eligible for exercise
7,425
5,569
All exercised options are satisfied by the issue of new share capital. The weighted average share price on exercise was \u00a32.25 (2025: \u00a34.26).
All outstanding options have a \u00a3nil (2025: \u00a3nil) exercise price and the weighted average remaining contractual life is 2.3 years (2025: 1.9 years).
In the year, \u00a33m has been charged to the consolidated statement of comprehensive income in respect to the share option schemes (2025: \u00a33m).
At the end of the year the outstanding share options had a carrying value of \u00a37m (2025: \u00a38m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-387": { "value": "
9 Taxation
The relationship between the expected tax expense based on the standard rate of corporation tax in the UK of 25% in both periods and the tax
expense actually recognised in the consolidated statement of comprehensive income can be reconciled as follows:
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Current tax expense
57
105
Deferred tax charge
6
7
Total tax expense recorded in profit and loss
63
112
Current tax charge/(credit) in other comprehensive income
0
(0)
Deferred tax charge in other comprehensive income
3
1
Total tax charge recorded in other comprehensive income
3
1
Result for the year before tax
227
431
Expected tax charge at the standard tax rate
57
108
Effect of:
Expenses not deductible for tax purposes
10
5
Income not taxable
(2)
(0)
Lease accounting
(2)
(1)
Foreign operations taxed at local rates
0
1
Current tax prior period adjustment
(2)
(1)
Deferred tax prior period adjustment
1
\u2013
Hold over gains on fixed assets
(0)
1
Relating to share options
1
0
Other
0
(1)
Actual tax expense
63
112
Deferred taxation
28 March 29 March
2026 2025
Statement of financial position \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(30)
(24)
Relating to intangible brand assets
(28)
(27)
Fair valuing of assets and liabilities (asset)
4
3
Fair valuing of assets and liabilities (liability)
(4)
(2)
Temporary differences relating to the tax accounting for leases (asset)
90
92
Temporary differences relating to the tax accounting for leases (liability)
(68)
(70)
Movement in provision
0
0
Relating to share options
1
2
Held over gains on fixed assets
(4)
(4)
Other temporary differences
0
0
Net deferred tax liability
(39)
(30)
Analysed as;
Deferred tax asset
6
5
Deferred tax liability
(45)
(35)
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Statement of comprehensive income \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(6)
(7)
Relating to intangible brand assets
(1)
\u2013
Fair valuing of assets and liabilities
(2)
1
Temporary differences relating to the tax accounting for leases
1
0
Movement in provision
(0)
(0)
Relating to share options
(1)
(2)
Held over gains on fixed assets
\u2013
(0)
Other temporary differences
0
0
Net deferred tax charge
(9)
(8)
Analysed as;
Total deferred tax charge in profit or loss
(6)
(7)
Total deferred tax charge in other comprehensive income
(3)
(1)
At the period end there are \u00a31m of unrecognised deferred tax assets within the Group in relation to a corporate interest restriction (2025: \u00a31m)
and there were no unrecognised deferred tax assets in respect of carried forward losses in our Jersey entities from before the redomicile from
Luxembourg, since they cannot be utilised in the future due to the redomicile to Jersey (2025: \u00a320m).
The deferred tax liability relating to the intangible brand has been recognised in respect of the temporary difference created by the recognition of the
B&M brand at fair value on the business combination when the Group was formed.
The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the
deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
The Group has performed an assessment of the potential exposure to Pillar Two income taxes under Jersey legislation with its external tax specialists.
This assessment was based upon our most recent country-by-country reporting and the methodology we intend to use in our future country-by-
country and Pillar Two reporting and the most recent financial statements for the constituents of the Group. Based on the assessment, the Pillar Two
effective tax rates in all the jurisdictions in which the Group have trading operations are above 15%, which is expected to continue in future years and
other jurisdictions have been analysed to meet other safe harbour tests or are not expected to have significant impact. We therefore intend to apply
the transitional safe harbour rules which will exempt the Group from applying the full Pillar Two rules from the first year of their application.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-475": { "value": "Deferred taxation
28 March 29 March
2026 2025
Statement of financial position \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(30)
(24)
Relating to intangible brand assets
(28)
(27)
Fair valuing of assets and liabilities (asset)
4
3
Fair valuing of assets and liabilities (liability)
(4)
(2)
Temporary differences relating to the tax accounting for leases (asset)
90
92
Temporary differences relating to the tax accounting for leases (liability)
(68)
(70)
Movement in provision
0
0
Relating to share options
1
2
Held over gains on fixed assets
(4)
(4)
Other temporary differences
0
0
Net deferred tax liability
(39)
(30)
Analysed as;
Deferred tax asset
6
5
Deferred tax liability
(45)
(35)
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Statement of comprehensive income \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(6)
(7)
Relating to intangible brand assets
(1)
\u2013
Fair valuing of assets and liabilities
(2)
1
Temporary differences relating to the tax accounting for leases
1
0
Movement in provision
(0)
(0)
Relating to share options
(1)
(2)
Held over gains on fixed assets
\u2013
(0)
Other temporary differences
0
0
Net deferred tax charge
(9)
(8)
Analysed as;
Total deferred tax charge in profit or loss
(6)
(7)
Total deferred tax charge in other comprehensive income
(3)
(1)
At the period end there are \u00a31m of unrecognised deferred tax assets within the Group in relation to a corporate interest restriction (2025: \u00a31m) and there were no unrecognised deferred tax assets in respect of carried forward losses in our Jersey entities from before the redomicile from Luxembourg, since they cannot be utilised in the future due to the redomicile to Jersey (2025: \u00a320m). The deferred tax liability relating to the intangible brand has been recognised in respect of the temporary difference created by the recognition of the B&M brand at fair value on the business combination when the Group was formed. The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. The Group has performed an assessment of the potential exposure to Pillar Two income taxes under Jersey legislation with its external tax specialists. This assessment was based upon our most recent country-by-country reporting and the methodology we intend to use in our future country-by- country and Pillar Two reporting and the most recent financial statements for the constituents of the Group. Based on the assessment, the Pillar Two effective tax rates in all the jurisdictions in which the Group have trading operations are above 15%, which is expected to continue in future years and other jurisdictions have been analysed to meet other safe harbour tests or are not expected to have significant impact. We therefore intend to apply the transitional safe harbour rules which will exempt the Group from applying the full Pillar Two rules from the first year of their application. 18 Trade and other payables
28 March
29 March
2026
2025
As at
Current
\u00a3\u2019m
\u00a3\u2019m
Trade payables
410
395
Other tax and social security payments
106
81
Accruals and deferred income
99
105
Related party trade payables
19
7
Other payables
27
30
Total current payables
661
618
Trade payables are generally on 30-day terms and are not interest-bearing. The carrying value of trade payables approximates to their fair value. For further details on the related party trade payables, see note 26. The Group had supply chain financing facilities in place during the year. The facilities are operated by major banking partners with high credit ratings and are limited to \u00a370m (2025: \u00a370m) total exposure at any one time. The exposure at the period end was \u00a317m, out of our total trade payable balance of \u00a3410m (2025: \u00a312m, out of \u00a3395m) and at the period end date \u00a310m of this balance had been drawn down by our suppliers (2025: \u00a32m). The average balance over the year was \u00a326m (2025: \u00a324m). The payment due dates on all the supplier finance arrangements are 60 days after the invoice date, which is the same as comparable trade payables for suppliers not on the supplier finance arrangements (2025: same). There were no significant non-cash changes in the carrying amount of financial liabilities subject to supplier finance arrangements. The purpose of the arrangement is to enable our participating suppliers, at their discretion, to draw down against their receivables from the Group prior to their usual due date. From the Group\u2019s perspective, the invoices subject to these schemes are treated in the same way as those not subject to these schemes. That is that they are approved under our usual processes (and cannot be drawn down against until they have been approved) and paid on the usual due date, which is in line with the payment terms of our other international suppliers. We do not benefit from the margin charged by the banks for any early draw down, and the banks do not benefit from additional security when compared to the security originally enjoyed by the supplier. There is no impact on potential liquidity risk as the cash flow timings and amounts are unchanged for those invoices in the schemes against those not in these schemes. There would be no impact on the Group if the facilities became unavailable and there are no fees or charges payable by the Group in regard to these arrangements. As these invoices continue to be part of the normal operating cycle of the Group, the schemes do not change the recognition of the invoices subject to them, so they continue to be recognised as trade payables, with the associated cash flows presented within operating cash flows and without affecting the calculation of Group net debt. 19 Other financial assets and liabilities Other financial assets
28 March
29 March
2026
2025
As at
Current financial assets at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
7
2
Current financial assets held at amortised cost:
Money market deposit
\u2013
150
Current financial assets at fair value through other comprehensive income:
Foreign exchange forward contracts
6
1
Total current other financial assets
13
153
Total other financial assets
13
153
Financial assets through profit or loss reflect the fair value of those derivatives that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. In the prior year, the money market deposit reflects \u00a3150m placed on a 7-month term with a fixed interest rate applied. The funds were returned in July 2025 as intended and were used to repay our \u00a3156m high yield bond notes at that time, see note 20. Other financial liabilities
28 March
29 March
2026
2025
As at
Current financial liabilities at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
1
7
Current financial liabilities at fair value through other comprehensive income:
Foreign exchange forward contracts
2
6
Total current other financial liabilities
3
13
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Total non-current other financial liabilities
0
0
Total other financial liabilities
3
13
The other financial liabilities through profit or loss reflect the fair value of those foreign exchange forward contracts that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. As at the reporting dates, the Group held the following financial instruments carried at fair value on the balance sheet:
Total Level 1 Level 2 Level 3
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Foreign exchange contracts
10
\u2013
10
\u2013
29 March 2025
Foreign exchange contracts
(10)
\u2013
(10)
\u2013
The financial instruments have been valued by an internal model which is based upon a report from the issuing bank, using a mark to market method. The bank has used various inputs to compute the valuations, which include inter alia the relevant maturity date and strike rates, the current exchange rate, fuel prices and relevant interbank floating interest rate levels. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-472": { "value": "Deferred taxation
28 March 29 March
2026 2025
Statement of financial position \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(30)
(24)
Relating to intangible brand assets
(28)
(27)
Fair valuing of assets and liabilities (asset)
4
3
Fair valuing of assets and liabilities (liability)
(4)
(2)
Temporary differences relating to the tax accounting for leases (asset)
90
92
Temporary differences relating to the tax accounting for leases (liability)
(68)
(70)
Movement in provision
0
0
Relating to share options
1
2
Held over gains on fixed assets
(4)
(4)
Other temporary differences
0
0
Net deferred tax liability
(39)
(30)
Analysed as;
Deferred tax asset
6
5
Deferred tax liability
(45)
(35)
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Statement of comprehensive income \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(6)
(7)
Relating to intangible brand assets
(1)
\u2013
Fair valuing of assets and liabilities
(2)
1
Temporary differences relating to the tax accounting for leases
1
0
Movement in provision
(0)
(0)
Relating to share options
(1)
(2)
Held over gains on fixed assets
\u2013
(0)
Other temporary differences
0
0
Net deferred tax charge
(9)
(8)
Analysed as;
Total deferred tax charge in profit or loss
(6)
(7)
Total deferred tax charge in other comprehensive income
(3)
(1)
At the period end there are \u00a31m of unrecognised deferred tax assets within the Group in relation to a corporate interest restriction (2025: \u00a31m) and there were no unrecognised deferred tax assets in respect of carried forward losses in our Jersey entities from before the redomicile from Luxembourg, since they cannot be utilised in the future due to the redomicile to Jersey (2025: \u00a320m). The deferred tax liability relating to the intangible brand has been recognised in respect of the temporary difference created by the recognition of the B&M brand at fair value on the business combination when the Group was formed. The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. The Group has performed an assessment of the potential exposure to Pillar Two income taxes under Jersey legislation with its external tax specialists. This assessment was based upon our most recent country-by-country reporting and the methodology we intend to use in our future country-by- country and Pillar Two reporting and the most recent financial statements for the constituents of the Group. Based on the assessment, the Pillar Two effective tax rates in all the jurisdictions in which the Group have trading operations are above 15%, which is expected to continue in future years and other jurisdictions have been analysed to meet other safe harbour tests or are not expected to have significant impact. We therefore intend to apply the transitional safe harbour rules which will exempt the Group from applying the full Pillar Two rules from the first year of their application. 16 Trade and other receivables
28 March 29 March
2026 2025
\u00a3\u2019m \u00a3\u2019m
Non-current
Other receivables
9
6
Total non-current receivables
9
6
Current
Trade receivables
6
7
Deposits on account
1
5
Provision for impairment
(0)
(0)
Net trade receivables to non-related parties
7
12
Prepayments
32
37
Related party receivables
4
3
Other tax
2
9
Other receivables
14
18
Total current receivables
59
79
Trade receivables are stated initially at their fair value and then at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The carrying amount is determined by the Directors to be a reasonable approximation of fair value. The following table sets out an analysis of provisions for impairment of trade receivables:
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Provision for impairment at the start of the period
(0)
(2)
Impairment during the period
(0)
(0)
Utilised/released during the period
0
2
Balance at the period end
(0)
(0)
Trade receivables are non-interest-bearing and are generally on terms of 30 days or less. The following table sets out a maturity analysis of trade receivables, including those which are current:
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Current
5
5
1-30 days past due
0
1
31-90 days past due
0
1
Over 90 days past due
1
0
Balance at the period end
6
7
19 Other financial assets and liabilities Other financial assets
28 March
29 March
2026
2025
As at
Current financial assets at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
7
2
Current financial assets held at amortised cost:
Money market deposit
\u2013
150
Current financial assets at fair value through other comprehensive income:
Foreign exchange forward contracts
6
1
Total current other financial assets
13
153
Total other financial assets
13
153
Financial assets through profit or loss reflect the fair value of those derivatives that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. In the prior year, the money market deposit reflects \u00a3150m placed on a 7-month term with a fixed interest rate applied. The funds were returned in July 2025 as intended and were used to repay our \u00a3156m high yield bond notes at that time, see note 20. Other financial liabilities
28 March
29 March
2026
2025
As at
Current financial liabilities at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
1
7
Current financial liabilities at fair value through other comprehensive income:
Foreign exchange forward contracts
2
6
Total current other financial liabilities
3
13
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Total non-current other financial liabilities
0
0
Total other financial liabilities
3
13
The other financial liabilities through profit or loss reflect the fair value of those foreign exchange forward contracts that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. As at the reporting dates, the Group held the following financial instruments carried at fair value on the balance sheet:
Total Level 1 Level 2 Level 3
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Foreign exchange contracts
10
\u2013
10
\u2013
29 March 2025
Foreign exchange contracts
(10)
\u2013
(10)
\u2013
The financial instruments have been valued by an internal model which is based upon a report from the issuing bank, using a mark to market method. The bank has used various inputs to compute the valuations, which include inter alia the relevant maturity date and strike rates, the current exchange rate, fuel prices and relevant interbank floating interest rate levels. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-450": { "value": "Deferred taxation
28 March 29 March
2026 2025
Statement of financial position \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(30)
(24)
Relating to intangible brand assets
(28)
(27)
Fair valuing of assets and liabilities (asset)
4
3
Fair valuing of assets and liabilities (liability)
(4)
(2)
Temporary differences relating to the tax accounting for leases (asset)
90
92
Temporary differences relating to the tax accounting for leases (liability)
(68)
(70)
Movement in provision
0
0
Relating to share options
1
2
Held over gains on fixed assets
(4)
(4)
Other temporary differences
0
0
Net deferred tax liability
(39)
(30)
Analysed as;
Deferred tax asset
6
5
Deferred tax liability
(45)
(35)
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Statement of comprehensive income \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(6)
(7)
Relating to intangible brand assets
(1)
\u2013
Fair valuing of assets and liabilities
(2)
1
Temporary differences relating to the tax accounting for leases
1
0
Movement in provision
(0)
(0)
Relating to share options
(1)
(2)
Held over gains on fixed assets
\u2013
(0)
Other temporary differences
0
0
Net deferred tax charge
(9)
(8)
Analysed as;
Total deferred tax charge in profit or loss
(6)
(7)
Total deferred tax charge in other comprehensive income
(3)
(1)
At the period end there are \u00a31m of unrecognised deferred tax assets within the Group in relation to a corporate interest restriction (2025: \u00a31m) and there were no unrecognised deferred tax assets in respect of carried forward losses in our Jersey entities from before the redomicile from Luxembourg, since they cannot be utilised in the future due to the redomicile to Jersey (2025: \u00a320m). The deferred tax liability relating to the intangible brand has been recognised in respect of the temporary difference created by the recognition of the B&M brand at fair value on the business combination when the Group was formed. The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. The Group has performed an assessment of the potential exposure to Pillar Two income taxes under Jersey legislation with its external tax specialists. This assessment was based upon our most recent country-by-country reporting and the methodology we intend to use in our future country-by- country and Pillar Two reporting and the most recent financial statements for the constituents of the Group. Based on the assessment, the Pillar Two effective tax rates in all the jurisdictions in which the Group have trading operations are above 15%, which is expected to continue in future years and other jurisdictions have been analysed to meet other safe harbour tests or are not expected to have significant impact. We therefore intend to apply the transitional safe harbour rules which will exempt the Group from applying the full Pillar Two rules from the first year of their application. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-423": { "value": "Deferred taxation
28 March 29 March
2026 2025
Statement of financial position \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(30)
(24)
Relating to intangible brand assets
(28)
(27)
Fair valuing of assets and liabilities (asset)
4
3
Fair valuing of assets and liabilities (liability)
(4)
(2)
Temporary differences relating to the tax accounting for leases (asset)
90
92
Temporary differences relating to the tax accounting for leases (liability)
(68)
(70)
Movement in provision
0
0
Relating to share options
1
2
Held over gains on fixed assets
(4)
(4)
Other temporary differences
0
0
Net deferred tax liability
(39)
(30)
Analysed as;
Deferred tax asset
6
5
Deferred tax liability
(45)
(35)
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Statement of comprehensive income \u00a3\u2019m \u00a3\u2019m
Accelerated tax depreciation
(6)
(7)
Relating to intangible brand assets
(1)
\u2013
Fair valuing of assets and liabilities
(2)
1
Temporary differences relating to the tax accounting for leases
1
0
Movement in provision
(0)
(0)
Relating to share options
(1)
(2)
Held over gains on fixed assets
\u2013
(0)
Other temporary differences
0
0
Net deferred tax charge
(9)
(8)
Analysed as;
Total deferred tax charge in profit or loss
(6)
(7)
Total deferred tax charge in other comprehensive income
(3)
(1)
At the period end there are \u00a31m of unrecognised deferred tax assets within the Group in relation to a corporate interest restriction (2025: \u00a31m) and there were no unrecognised deferred tax assets in respect of carried forward losses in our Jersey entities from before the redomicile from Luxembourg, since they cannot be utilised in the future due to the redomicile to Jersey (2025: \u00a320m). The deferred tax liability relating to the intangible brand has been recognised in respect of the temporary difference created by the recognition of the B&M brand at fair value on the business combination when the Group was formed. The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. The Group has performed an assessment of the potential exposure to Pillar Two income taxes under Jersey legislation with its external tax specialists. This assessment was based upon our most recent country-by-country reporting and the methodology we intend to use in our future country-by- country and Pillar Two reporting and the most recent financial statements for the constituents of the Group. Based on the assessment, the Pillar Two effective tax rates in all the jurisdictions in which the Group have trading operations are above 15%, which is expected to continue in future years and other jurisdictions have been analysed to meet other safe harbour tests or are not expected to have significant impact. We therefore intend to apply the transitional safe harbour rules which will exempt the Group from applying the full Pillar Two rules from the first year of their application. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-477": { "value": "The Group has performed an assessment of the potential exposure to Pillar Two income taxes under Jersey legislation with its external tax specialists. This assessment was based upon our most recent country-by-country reporting and the methodology we intend to use in our future country-by- country and Pillar Two reporting and the most recent financial statements for the constituents of the Group. Based on the assessment, the Pillar Two effective tax rates in all the jurisdictions in which the Group have trading operations are above 15%, which is expected to continue in future years and other jurisdictions have been analysed to meet other safe harbour tests or are not expected to have significant impact. We therefore intend to apply the transitional safe harbour rules which will exempt the Group from applying the full Pillar Two rules from the first year of their application. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-388": { "value": "
10 Earnings per share
Basic earnings per share (EPS) amounts are calculated by dividing the net profit or loss for the financial period attributable to ordinary equity holders
of the parent by the weighted average number of ordinary shares outstanding during the period.
Diluted EPS amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent by the weighted average number
of ordinary shares outstanding during each year plus the weighted average number of ordinary shares that would be issued on conversion of any
dilutive potential ordinary shares into ordinary shares.
Adjusted (and adjusted (pre-IFRS 16)) basic and diluted EPS are calculated in the same way as above, except using adjusted profit attributable to
ordinary equity holders of the parent, as defined in note 3.
There are share option schemes in place (see note 8) which have a dilutive effect on both periods presented.
The following reflects the income and share data used in the EPS computations:
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Profit for the period attributable to owners of the parent
164
319
Adjusted profit for the period attributable to owners of the parent
214
337
Adjusted (pre-IFRS 16) profit for the period attributable to owners of the parent
225
347
Thousands
Thousands
Weighted average number of ordinary shares for basic earnings per share
1,004,701
1,003,386
Dilutive effect of employee share options
1,219
1,869
Weighted average number of ordinary shares adjusted for the effect of dilution
1,005,920
1,005,255
Pence
Pence
Basic earnings per share
16.3
31.8
Diluted earnings per share
16.3
31.8
Adjusted basic earnings per share
21.3
33.6
Adjusted diluted earnings per share
21.3
33.5
Adjusted (pre-IFRS 16) basic earnings per share
22.4
34.6
Adjusted (pre-IFRS 16) diluted earnings per share
22.4
34.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-389": { "value": "
11 Investments in associates
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Net book value
Carrying value at the start of the period
6
5
Share of profits in associates since the prior year valuation exercise
1
1
Effect of foreign exchange on translation
(0)
(0)
Carrying value at the end of the period
7
6
The Group has a 50% interest in Multi-lines International Company Ltd (Multi-lines), a company incorporated in Hong Kong. The principal activity of the
company is the purchase and sale of goods and their registered address is 29/F, Tower B, Capital Tower, 38 Wai Yip Street, Kowloon Bay, Hong Kong.
The Group has a 22.5% holding in Centz Retail Holdings Limited (Centz), a company incorporated in Ireland. The principal activity of the company is
retail sales and their registered address is 5 Old Dublin Road, Stillorgan, Co. Dublin.
None of the entities have discontinued operations or other comprehensive income, except that on consolidation both entities have a foreign
exchange translation difference.
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Multi-lines
Non-current assets
16
19
Current assets
60
56
Current liabilities
(72)
(71)
Net assets
4
4
Revenue
229
301
(Loss)/profit
(0)
1
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Centz
Non-current assets
8
9
Current assets
33
28
Non-current liabilities
(6)
(6)
Current liabilities
(11)
(11)
Net assets
24
20
Revenue
68
65
Profit
4
3
The figures for both associates show 12 months to December 2025 (prior year: 12 months to December 2024), being the period used in the valuation
of the associate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-451": { "value": "11 Investments in associates
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Net book value
Carrying value at the start of the period
6
5
Share of profits in associates since the prior year valuation exercise
1
1
Effect of foreign exchange on translation
(0)
(0)
Carrying value at the end of the period
7
6
The Group has a 50% interest in Multi-lines International Company Ltd (Multi-lines), a company incorporated in Hong Kong. The principal activity of the company is the purchase and sale of goods and their registered address is 29/F, Tower B, Capital Tower, 38 Wai Yip Street, Kowloon Bay, Hong Kong. The Group has a 22.5% holding in Centz Retail Holdings Limited (Centz), a company incorporated in Ireland. The principal activity of the company is retail sales and their registered address is 5 Old Dublin Road, Stillorgan, Co. Dublin. None of the entities have discontinued operations or other comprehensive income, except that on consolidation both entities have a foreign exchange translation difference.
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Multi-lines
Non-current assets
16
19
Current assets
60
56
Current liabilities
(72)
(71)
Net assets
4
4
Revenue
229
301
(Loss)/profit
(0)
1
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Centz
Non-current assets
8
9
Current assets
33
28
Non-current liabilities
(6)
(6)
Current liabilities
(11)
(11)
Net assets
24
20
Revenue
68
65
Profit
4
3
The figures for both associates show 12 months to December 2025 (prior year: 12 months to December 2024), being the period used in the valuation of the associate.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-424": { "value": "11 Investments in associates
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Net book value
Carrying value at the start of the period
6
5
Share of profits in associates since the prior year valuation exercise
1
1
Effect of foreign exchange on translation
(0)
(0)
Carrying value at the end of the period
7
6
The Group has a 50% interest in Multi-lines International Company Ltd (Multi-lines), a company incorporated in Hong Kong. The principal activity of the company is the purchase and sale of goods and their registered address is 29/F, Tower B, Capital Tower, 38 Wai Yip Street, Kowloon Bay, Hong Kong. The Group has a 22.5% holding in Centz Retail Holdings Limited (Centz), a company incorporated in Ireland. The principal activity of the company is retail sales and their registered address is 5 Old Dublin Road, Stillorgan, Co. Dublin. None of the entities have discontinued operations or other comprehensive income, except that on consolidation both entities have a foreign exchange translation difference.
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Multi-lines
Non-current assets
16
19
Current assets
60
56
Current liabilities
(72)
(71)
Net assets
4
4
Revenue
229
301
(Loss)/profit
(0)
1
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Centz
Non-current assets
8
9
Current assets
33
28
Non-current liabilities
(6)
(6)
Current liabilities
(11)
(11)
Net assets
24
20
Revenue
68
65
Profit
4
3
The figures for both associates show 12 months to December 2025 (prior year: 12 months to December 2024), being the period used in the valuation of the associate.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-390": { "value": "
12 Intangible assets
Goodwill Software Brands Other Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost or valuation
At 30 March 2024
921
13
114
1
1,049
Additions
\u2013
2
\u2013
\u2013
2
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
(1)
(0)
\u2013
(0)
(1)
At 29 March 2025
920
15
114
1
1,050
Additions
\u2013
3
\u2013
\u2013
3
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
1
(1)
\u2013
0
0
At 28 March 2026
921
17
114
1
1,053
Accumulated amortisation/impairment
At 30 March 2024
\u2013
7
0
\u2013
7
Charge for the year
\u2013
2
0
\u2013
2
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
\u2013
1
\u2013
\u2013
1
At 29 March 2025
\u2013
10
0
\u2013
10
Charge for the year
\u2013
2
0
\u2013
2
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
\u2013
0
(0)
\u2013
0
At 28 March 2026
\u2013
12
0
\u2013
12
Net book value at 28 March 2026
921
5
114
1
1,041
Net book value at 29 March 2025
920
5
114
1
1,040
At both period ends, no software was being developed that is not yet in use, and the Group was not committed to the purchase of any intangible assets.
Impairment review of intangible assets held with indefinite life
The Group holds the following assets with indefinite life:
28 March 28 March 29 March 29 March
2026 2026 2025 2025
Goodwill Brand Goodwill Brand
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
B&M UK
807
99
807
99
Heron UK
88
14
88
14
B&M France
26
\u2013
25
\u2013
Not all items in the brand classification have an indefinite life as some are time limited. The brand intangible assets that have been identified as
having an indefinite life are designated as such as management believe that these assets will hold their value for an indefinite period of time.
Specifically, the B&M and Heron brands represent leading brands in their sectors with significant histories and growth prospects.
The B&M France goodwill is held in Euros, with an underlying balance of \u20ac30m (2025: \u20ac30m).
In each case the goodwill and brand assets have been allocated to one group of CGUs, being the store estate within the specific segment to which
those assets relate.
The Group performs impairment tests at each period end. The impairment test involves assessing the net present value of the expected cash flows
in relation to the stores within each CGU according to a number of assumptions to calculate the value-in-use for the group of CGUs.
The key assumptions in assessing the value-in-use as at 28 March 2026 were;
The Group\u2019s pre-tax discount rate
This was calculated using an internal CAPM model which includes external estimates of the risk-free rate, cost of debt, equity beta and market risk
premium. It is adjusted for which country the segment is in and how large the segment is. The discount rates have decreased in both the UK and
France during the year, which is reflective of changes in the risk-free rate.
The inflation rate for expenses
This is based upon the consumer price index for the relevant country, official reports from the relevant central bank, agreed legislation and
management\u2019s assessment of the cost inflation related to ongoing initiatives within that segment.
Like-for-like sales growth
This is an estimate made by management which encompasses the historical sales trends of the entity and management\u2019s assessment of how each
segment will perform in the context of the current economic environment.
Change in gross margin
The standing assumption made by management is that forecast gross margin is the change in gross margin relative to the prior year, and the result
is subsequently sensitised to the gross margin input to demonstrate the robustness of the projection against this assumption.
Terminal growth rate
An estimate made by management based upon the expected position of the business at the end of the five-year forecast period in the context of the
macro growth level of the economic environment in which that segment operates.
The assumptions were as follows:
28 March 29 March
2026 2025
Pre-tax discount rate (B&M UK)
10.6%
11.3%
Pre-tax discount rate (Heron)
11.7%
13.1%
Pre-tax discount rate (B&M France)
10.3%
10.9%
Inflation rate for expenses (B&M UK)
5.0%/2.0%*
2.8%/2.0%*
Inflation rate for expenses (Heron)
1.0%/2.0%
2.8%/2.0%
Inflation rate for expenses (B&M France)
1.0%
1.5%
Like-for-like sales growth (B&M UK)
2.8%/3.0%*
2.0%
Like-for-like sales growth (Heron)
1.6%/2.0%*
3.0%/2.0%*
Like-for-like sales growth (B&M France)
2.0%
3.5%
Change in gross margin (B&M UK)
75bps/125bps/170bps*
\u00b10bps
Change in gross margin (Heron)
23bps
\u00b10bps
Change in gross margin (B&M France)
(25)bps
\u00b10bps
Terminal growth rate (B&M UK)
1.7%
1.0%
Terminal growth rate (Heron)
1.7%
1.7%
Terminal growth rate (B&M France)
1.4%
1.4%
* The first figure reflects the assumption in year one, the second figure reflects the assumption in year two for B&M UK\u2019s gross margin, with the final figure representing the long-term rate.
These assumptions are reflected for five years in the CGU forecasts and beyond this a perpetuity calculation is performed using the assumptions
made regarding terminal growth rates.
In each case, the results of the impairment tests on the continuing operations identified that the value-in-use was in excess of the carrying value of
assets within each group of CGUs at the period-end dates. The headroom with the base case assumptions in B&M UK was \u00a33,500m, Heron \u00a316m
and B&M France \u20ac938m (2025: \u00a33,804m, \u00a399m and \u20ac937m respectively).
Heron\u2019s value-in-use calculation identified a low level of headroom. The Directors consider that the forecast used in calculating Heron\u2019s value-in-use
contained the most appropriate assumptions, and they are the assumptions reflected in the Group\u2019s internal approved plan for the entity, with additional
risk factors applied to forecast costs, applied on the cost lines and no allowance for any store growth resulting from capital investment (as this is not
permitted in an impairment review).
Any further under-performance in relation to the entity will, however, indicate that an impairment will be required.
Such scenarios include like-for-like sales of +0.6%, a margin reduction of 5bps, or cost inflation of 2.2%. Nil like-for-like would imply an impairment to
Goodwill of \u00a312m, whilst no margin growth leaves headroom of only \u00a33m with all other inputs held.
Professional experts have also created a report to measure the entities fair value less costs to sell, with an indication that this valuation would require
an immaterial impairment to Goodwill. Given that we are required to measure recoverable amount at the higher of the value-in-use and fair value
less costs to sell, management\u2019s judgement is that it is appropriate that no goodwill impairment is currently required, although this will be monitored
before or at the half year date and reported as part of those accounts.
No indicators of impairment were noted in the other segments and the impairment tests were sensitised with reference to the key assumptions for
reasonable possible scenarios.
To further quantify the sensitivity, the below tables demonstrate the point at which each impairment test would first fail for changes in each of the key
assumptions in year one (except terminal growth rate from the end of year 5 and the discount rate which applies throughout), whilst assuming each
other key assumption is held level (e.g. for inflation sensitivity, the like-for-like was not adjusted):
28 March 29 March
2026 2025
B&M UK
Pre-tax discount rate
23.4%
30.8%
Inflation rate for expenses
33.0%
60.6%
Like-for-like sales
(13.6)%
(19.8)%
Change in gross margin
(516)bps
(793)bps
Terminal growth rate
(30.9)%
(35.3)%
B&M France
Pre-tax discount rate
37.6%
47.0%
Inflation rate for expenses
43.6%
88.9%
Like-for-like sales
(21.7)%
(23.8)%
Change in gross margin
<(1,000)bps
<(1,190)bps
Terminal growth rate
<(100)%
(40.8)%
Heron UK
Pre-tax discount rate
12.7%
19.5%
Inflation rate for expenses
2.2%
14.8%
Like-for-like sales
0.6%
(3.5)%
Change in gross margin
(5)bps
(197)bps
Terminal growth rate
0.4%
(6.4)%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-452": { "value": "12 Intangible assets
Goodwill Software Brands Other Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost or valuation
At 30 March 2024
921
13
114
1
1,049
Additions
\u2013
2
\u2013
\u2013
2
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
(1)
(0)
\u2013
(0)
(1)
At 29 March 2025
920
15
114
1
1,050
Additions
\u2013
3
\u2013
\u2013
3
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
1
(1)
\u2013
0
0
At 28 March 2026
921
17
114
1
1,053
Accumulated amortisation/impairment
At 30 March 2024
\u2013
7
0
\u2013
7
Charge for the year
\u2013
2
0
\u2013
2
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
\u2013
1
\u2013
\u2013
1
At 29 March 2025
\u2013
10
0
\u2013
10
Charge for the year
\u2013
2
0
\u2013
2
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
\u2013
0
(0)
\u2013
0
At 28 March 2026
\u2013
12
0
\u2013
12
Net book value at 28 March 2026
921
5
114
1
1,041
Net book value at 29 March 2025
920
5
114
1
1,040
At both period ends, no software was being developed that is not yet in use, and the Group was not committed to the purchase of any intangible assets. Impairment review of intangible assets held with indefinite life The Group holds the following assets with indefinite life:
28 March 28 March 29 March 29 March
2026 2026 2025 2025
Goodwill Brand Goodwill Brand
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
B&M UK
807
99
807
99
Heron UK
88
14
88
14
B&M France
26
\u2013
25
\u2013
Not all items in the brand classification have an indefinite life as some are time limited. The brand intangible assets that have been identified as having an indefinite life are designated as such as management believe that these assets will hold their value for an indefinite period of time. Specifically, the B&M and Heron brands represent leading brands in their sectors with significant histories and growth prospects. The B&M France goodwill is held in Euros, with an underlying balance of \u20ac30m (2025: \u20ac30m). In each case the goodwill and brand assets have been allocated to one group of CGUs, being the store estate within the specific segment to which those assets relate. The Group performs impairment tests at each period end. The impairment test involves assessing the net present value of the expected cash flows in relation to the stores within each CGU according to a number of assumptions to calculate the value-in-use for the group of CGUs. The key assumptions in assessing the value-in-use as at 28 March 2026 were; The Group\u2019s pre-tax discount rate This was calculated using an internal CAPM model which includes external estimates of the risk-free rate, cost of debt, equity beta and market risk premium. It is adjusted for which country the segment is in and how large the segment is. The discount rates have decreased in both the UK and France during the year, which is reflective of changes in the risk-free rate. The inflation rate for expenses This is based upon the consumer price index for the relevant country, official reports from the relevant central bank, agreed legislation and management\u2019s assessment of the cost inflation related to ongoing initiatives within that segment. Like-for-like sales growth This is an estimate made by management which encompasses the historical sales trends of the entity and management\u2019s assessment of how each segment will perform in the context of the current economic environment. Change in gross margin The standing assumption made by management is that forecast gross margin is the change in gross margin relative to the prior year, and the result is subsequently sensitised to the gross margin input to demonstrate the robustness of the projection against this assumption. Terminal growth rate An estimate made by management based upon the expected position of the business at the end of the five-year forecast period in the context of the macro growth level of the economic environment in which that segment operates. The assumptions were as follows:
28 March 29 March
2026 2025
Pre-tax discount rate (B&M UK)
10.6%
11.3%
Pre-tax discount rate (Heron)
11.7%
13.1%
Pre-tax discount rate (B&M France)
10.3%
10.9%
Inflation rate for expenses (B&M UK)
5.0%/2.0%*
2.8%/2.0%*
Inflation rate for expenses (Heron)
1.0%/2.0%
2.8%/2.0%
Inflation rate for expenses (B&M France)
1.0%
1.5%
Like-for-like sales growth (B&M UK)
2.8%/3.0%*
2.0%
Like-for-like sales growth (Heron)
1.6%/2.0%*
3.0%/2.0%*
Like-for-like sales growth (B&M France)
2.0%
3.5%
Change in gross margin (B&M UK)
75bps/125bps/170bps*
\u00b10bps
Change in gross margin (Heron)
23bps
\u00b10bps
Change in gross margin (B&M France)
(25)bps
\u00b10bps
Terminal growth rate (B&M UK)
1.7%
1.0%
Terminal growth rate (Heron)
1.7%
1.7%
Terminal growth rate (B&M France)
1.4%
1.4%
* The first figure reflects the assumption in year one, the second figure reflects the assumption in year two for B&M UK\u2019s gross margin, with the final figure representing the long-term rate. These assumptions are reflected for five years in the CGU forecasts and beyond this a perpetuity calculation is performed using the assumptions made regarding terminal growth rates. In each case, the results of the impairment tests on the continuing operations identified that the value-in-use was in excess of the carrying value of assets within each group of CGUs at the period-end dates. The headroom with the base case assumptions in B&M UK was \u00a33,500m, Heron \u00a316m and B&M France \u20ac938m (2025: \u00a33,804m, \u00a399m and \u20ac937m respectively). Heron\u2019s value-in-use calculation identified a low level of headroom. The Directors consider that the forecast used in calculating Heron\u2019s value-in-use contained the most appropriate assumptions, and they are the assumptions reflected in the Group\u2019s internal approved plan for the entity, with additional risk factors applied to forecast costs, applied on the cost lines and no allowance for any store growth resulting from capital investment (as this is not permitted in an impairment review). Any further under-performance in relation to the entity will, however, indicate that an impairment will be required. Such scenarios include like-for-like sales of +0.6%, a margin reduction of 5bps, or cost inflation of 2.2%. Nil like-for-like would imply an impairment to Goodwill of \u00a312m, whilst no margin growth leaves headroom of only \u00a33m with all other inputs held. Professional experts have also created a report to measure the entities fair value less costs to sell, with an indication that this valuation would require an immaterial impairment to Goodwill. Given that we are required to measure recoverable amount at the higher of the value-in-use and fair value less costs to sell, management\u2019s judgement is that it is appropriate that no goodwill impairment is currently required, although this will be monitored before or at the half year date and reported as part of those accounts. No indicators of impairment were noted in the other segments and the impairment tests were sensitised with reference to the key assumptions for reasonable possible scenarios. To further quantify the sensitivity, the below tables demonstrate the point at which each impairment test would first fail for changes in each of the key assumptions in year one (except terminal growth rate from the end of year 5 and the discount rate which applies throughout), whilst assuming each other key assumption is held level (e.g. for inflation sensitivity, the like-for-like was not adjusted):
28 March 29 March
2026 2025
B&M UK
Pre-tax discount rate
23.4%
30.8%
Inflation rate for expenses
33.0%
60.6%
Like-for-like sales
(13.6)%
(19.8)%
Change in gross margin
(516)bps
(793)bps
Terminal growth rate
(30.9)%
(35.3)%
B&M France
Pre-tax discount rate
37.6%
47.0%
Inflation rate for expenses
43.6%
88.9%
Like-for-like sales
(21.7)%
(23.8)%
Change in gross margin
<(1,000)bps
<(1,190)bps
Terminal growth rate
<(100)%
(40.8)%
Heron UK
Pre-tax discount rate
12.7%
19.5%
Inflation rate for expenses
2.2%
14.8%
Like-for-like sales
0.6%
(3.5)%
Change in gross margin
(5)bps
(197)bps
Terminal growth rate
0.4%
(6.4)%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-425": { "value": "12 Intangible assets
Goodwill Software Brands Other Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost or valuation
At 30 March 2024
921
13
114
1
1,049
Additions
\u2013
2
\u2013
\u2013
2
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
(1)
(0)
\u2013
(0)
(1)
At 29 March 2025
920
15
114
1
1,050
Additions
\u2013
3
\u2013
\u2013
3
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
1
(1)
\u2013
0
0
At 28 March 2026
921
17
114
1
1,053
Accumulated amortisation/impairment
At 30 March 2024
\u2013
7
0
\u2013
7
Charge for the year
\u2013
2
0
\u2013
2
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
\u2013
1
\u2013
\u2013
1
At 29 March 2025
\u2013
10
0
\u2013
10
Charge for the year
\u2013
2
0
\u2013
2
Disposals
\u2013
(0)
\u2013
\u2013
(0)
Effect of retranslation
\u2013
0
(0)
\u2013
0
At 28 March 2026
\u2013
12
0
\u2013
12
Net book value at 28 March 2026
921
5
114
1
1,041
Net book value at 29 March 2025
920
5
114
1
1,040
At both period ends, no software was being developed that is not yet in use, and the Group was not committed to the purchase of any intangible assets. Impairment review of intangible assets held with indefinite life The Group holds the following assets with indefinite life:
28 March 28 March 29 March 29 March
2026 2026 2025 2025
Goodwill Brand Goodwill Brand
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
B&M UK
807
99
807
99
Heron UK
88
14
88
14
B&M France
26
\u2013
25
\u2013
Not all items in the brand classification have an indefinite life as some are time limited. The brand intangible assets that have been identified as having an indefinite life are designated as such as management believe that these assets will hold their value for an indefinite period of time. Specifically, the B&M and Heron brands represent leading brands in their sectors with significant histories and growth prospects. The B&M France goodwill is held in Euros, with an underlying balance of \u20ac30m (2025: \u20ac30m). In each case the goodwill and brand assets have been allocated to one group of CGUs, being the store estate within the specific segment to which those assets relate. The Group performs impairment tests at each period end. The impairment test involves assessing the net present value of the expected cash flows in relation to the stores within each CGU according to a number of assumptions to calculate the value-in-use for the group of CGUs. The key assumptions in assessing the value-in-use as at 28 March 2026 were; The Group\u2019s pre-tax discount rate This was calculated using an internal CAPM model which includes external estimates of the risk-free rate, cost of debt, equity beta and market risk premium. It is adjusted for which country the segment is in and how large the segment is. The discount rates have decreased in both the UK and France during the year, which is reflective of changes in the risk-free rate. The inflation rate for expenses This is based upon the consumer price index for the relevant country, official reports from the relevant central bank, agreed legislation and management\u2019s assessment of the cost inflation related to ongoing initiatives within that segment. Like-for-like sales growth This is an estimate made by management which encompasses the historical sales trends of the entity and management\u2019s assessment of how each segment will perform in the context of the current economic environment. Change in gross margin The standing assumption made by management is that forecast gross margin is the change in gross margin relative to the prior year, and the result is subsequently sensitised to the gross margin input to demonstrate the robustness of the projection against this assumption. Terminal growth rate An estimate made by management based upon the expected position of the business at the end of the five-year forecast period in the context of the macro growth level of the economic environment in which that segment operates. The assumptions were as follows:
28 March 29 March
2026 2025
Pre-tax discount rate (B&M UK)
10.6%
11.3%
Pre-tax discount rate (Heron)
11.7%
13.1%
Pre-tax discount rate (B&M France)
10.3%
10.9%
Inflation rate for expenses (B&M UK)
5.0%/2.0%*
2.8%/2.0%*
Inflation rate for expenses (Heron)
1.0%/2.0%
2.8%/2.0%
Inflation rate for expenses (B&M France)
1.0%
1.5%
Like-for-like sales growth (B&M UK)
2.8%/3.0%*
2.0%
Like-for-like sales growth (Heron)
1.6%/2.0%*
3.0%/2.0%*
Like-for-like sales growth (B&M France)
2.0%
3.5%
Change in gross margin (B&M UK)
75bps/125bps/170bps*
\u00b10bps
Change in gross margin (Heron)
23bps
\u00b10bps
Change in gross margin (B&M France)
(25)bps
\u00b10bps
Terminal growth rate (B&M UK)
1.7%
1.0%
Terminal growth rate (Heron)
1.7%
1.7%
Terminal growth rate (B&M France)
1.4%
1.4%
* The first figure reflects the assumption in year one, the second figure reflects the assumption in year two for B&M UK\u2019s gross margin, with the final figure representing the long-term rate. These assumptions are reflected for five years in the CGU forecasts and beyond this a perpetuity calculation is performed using the assumptions made regarding terminal growth rates. In each case, the results of the impairment tests on the continuing operations identified that the value-in-use was in excess of the carrying value of assets within each group of CGUs at the period-end dates. The headroom with the base case assumptions in B&M UK was \u00a33,500m, Heron \u00a316m and B&M France \u20ac938m (2025: \u00a33,804m, \u00a399m and \u20ac937m respectively). Heron\u2019s value-in-use calculation identified a low level of headroom. The Directors consider that the forecast used in calculating Heron\u2019s value-in-use contained the most appropriate assumptions, and they are the assumptions reflected in the Group\u2019s internal approved plan for the entity, with additional risk factors applied to forecast costs, applied on the cost lines and no allowance for any store growth resulting from capital investment (as this is not permitted in an impairment review). Any further under-performance in relation to the entity will, however, indicate that an impairment will be required. Such scenarios include like-for-like sales of +0.6%, a margin reduction of 5bps, or cost inflation of 2.2%. Nil like-for-like would imply an impairment to Goodwill of \u00a312m, whilst no margin growth leaves headroom of only \u00a33m with all other inputs held. Professional experts have also created a report to measure the entities fair value less costs to sell, with an indication that this valuation would require an immaterial impairment to Goodwill. Given that we are required to measure recoverable amount at the higher of the value-in-use and fair value less costs to sell, management\u2019s judgement is that it is appropriate that no goodwill impairment is currently required, although this will be monitored before or at the half year date and reported as part of those accounts. No indicators of impairment were noted in the other segments and the impairment tests were sensitised with reference to the key assumptions for reasonable possible scenarios. To further quantify the sensitivity, the below tables demonstrate the point at which each impairment test would first fail for changes in each of the key assumptions in year one (except terminal growth rate from the end of year 5 and the discount rate which applies throughout), whilst assuming each other key assumption is held level (e.g. for inflation sensitivity, the like-for-like was not adjusted):
28 March 29 March
2026 2025
B&M UK
Pre-tax discount rate
23.4%
30.8%
Inflation rate for expenses
33.0%
60.6%
Like-for-like sales
(13.6)%
(19.8)%
Change in gross margin
(516)bps
(793)bps
Terminal growth rate
(30.9)%
(35.3)%
B&M France
Pre-tax discount rate
37.6%
47.0%
Inflation rate for expenses
43.6%
88.9%
Like-for-like sales
(21.7)%
(23.8)%
Change in gross margin
<(1,000)bps
<(1,190)bps
Terminal growth rate
<(100)%
(40.8)%
Heron UK
Pre-tax discount rate
12.7%
19.5%
Inflation rate for expenses
2.2%
14.8%
Like-for-like sales
0.6%
(3.5)%
Change in gross margin
(5)bps
(197)bps
Terminal growth rate
0.4%
(6.4)%
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-391": { "value": "
13 Property, plant and equipment
Land and Motor Plant, fixtures
buildings vehicles and equipment Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost or valuation
At 30 March 2024
107
36
637
780
Additions
6
20
105
131
Disposals
(7)
(14)
(3)
(24)
Effect of retranslation
(0)
(0)
(2)
(2)
At 29 March 2025
106
42
737
885
Additions
6
17
116
139
Disposals
(1)
(6)
(9)
(16)
Effect of retranslation
0
0
3
3
At 28 March 2026
111
53
847
1,011
Accumulated depreciation and impairment charges
At 30 March 2024
22
18
319
359
Charge for the period
5
6
77
88
Disposals
(1)
(5)
(3)
(9)
Effect of retranslation
\u2013
(0)
(1)
(1)
At 29 March 2025
26
19
392
437
Charge for the period
5
8
82
95
Impairment
1
\u2013
16
17
Disposals
0
(4)
(8)
(12)
Effect of retranslation
0
0
3
3
At 28 March 2026
32
23
485
540
Net book value at 28 March 2026
79
30
362
471
Net book value at 29 March 2025
80
23
345
448
Under the terms of the loan and notes facilities in place at 28 March 2026, fixed and floating charges were held over \u00a378m of the net book value of
land and buildings, \u00a330m of the net book value of motor vehicles and \u00a3323m of the net book value of the plant, fixtures and equipment (2025: \u00a380m,
\u00a323m and \u00a3309m respectively).
At the period end, \u00a34m of assets were under construction (2025: \u00a37m).
Included within land and buildings is land with a cost of \u00a35m (2025: \u00a35m) which is not depreciated.
The gross carrying amount of fully depreciated property, plant and equipment that is still in use as at the period end was \u00a3232m (FY25: \u00a3165m).
Capital commitments
At the period end, there were \u00a316m of contractual capital commitments not provided within the Group financial statements (2025: \u00a314m).
Impairment
During the year, we have impaired a total of \u00a317m of fixed assets in relation to property, plant and equipment held in the Group. This breaks down by
segment to B&M UK \u00a36m, Heron \u00a311m, B&M France <\u00a31m (2025: B&M UK \u00a3nil, Heron \u00a3nil, B&M France \u00a3nil).
The circumstances that have led to the impairment is poorer than expected store performance.
The total asset value tested for impairment was \u00a327m (2025: \u00a34m), this breaks down at a segment level to B&M UK \u00a311m, Heron \u00a310m, B&M France
\u00a33m (2025: B&M UK <\u00a31m, Heron \u00a32m, B&M France \u00a32m).
The key assumptions used were those used in our goodwill impairment test, see note 12, and the impairment would not be materially impacted by
any reasonably possible changes to these assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-453": { "value": "Capital commitments At the period end, there were \u00a316m of contractual capital commitments not provided within the Group financial statements (2025: \u00a314m). 30 Contingent liabilities and guarantees As at 28 March 2026, B&M European Value Retail plc, B&M European Value Retail 1 Ltd, B&M European Value Retail 2 Ltd, B&M European Value Retail Holdco 1 Ltd, B&M European Value Retail Holdco 2 Ltd, B&M European Value Retail Holdco 3 Ltd, B&M European Value Retail Holdco 4 Ltd, EV Retail Ltd, B&M Retail Ltd, Heron Food Group Ltd and Heron Foods Ltd are all guarantors to both the loan and notes agreements which are formally held within B&M European Value Retail plc. The amounts outstanding as at the period end were \u00a3225m for the loans, with the balance held in B&M European Value Retail Holdco 4 Ltd, and \u00a3750m for the notes, with the balance held in B&M European Value Retail plc. As at 29 March 2025, B&M European Value Retail S.A., B&M European Value Retail 1 S.\u00e0 r.l., B&M European Value Retail 2 S.\u00e0 r.l., B&M European Value Retail Holdco 1 Ltd, B&M European Value Retail Holdco 2 Ltd, B&M European Value Retail Holdco 3 Ltd, B&M European Value Retail Holdco 4 Ltd, EV Retail Ltd, B&M Retail Ltd, Heron Food Group Ltd and Heron Foods Ltd were all guarantors to both the loan and notes agreements which were formally held within B&M European Value Retail S.A. The amounts outstanding as at the period end were \u00a3225m for the loans, with the balance held in B&M European Value Retail Holdco 4 Ltd, and \u00a3906m for the notes, with the balance held in B&M European Value Retail S.A. For details relating to the UK Waste Electrical and Electronic Equipment Regulations and Batteries and Accumulators Regulations provision, please see note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-426": { "value": "Capital commitments At the period end, there were \u00a316m of contractual capital commitments not provided within the Group financial statements (2025: \u00a314m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-392": { "value": "
14 Right-of-use assets
Land and Motor Plant, fixtures
buildings vehicles and equipment Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Net book value
As at 30 March 2024
1,088
4
9
1,101
Additions
228
14
9
251
Modifications
24
\u2013
\u2013
24
Disposals
(26)
(0)
(0)
(26)
Impairment
(3)
\u2013
\u2013
(3)
Depreciation
(176)
(4)
(3)
(183)
Foreign exchange
(5)
(0)
0
(5)
As at 29 March 2025
1,130
14
15
1,159
Additions
212
6
20
238
Modifications
11
\u2013
\u2013
11
Disposals
(36)
(0)
(0)
(36)
Impairment
(25)
\u2013
\u2013
(25)
Depreciation
(189)
(5)
(6)
(200)
Foreign exchange
6
0
0
6
As at 28 March 2026
1,109
15
29
1,153
The vast majority of the Group\u2019s leases are in relation to the property comprising the store and warehouse network for the business. The other leases
recognised are trucks, trailers, company cars, manual handling equipment and various fixtures and fittings. The leases are separately negotiated and
no sub-group is considered to be individually significant nor to contain individually significant terms.
The Group recognises a lease term appropriate to the business expectation of the term of use for the asset which usually assumes that all extension
clauses are taken, and break clauses are not, unless the business considers there is a good reason to recognise otherwise.
At the period end, there was one property with a significant unrecognised extension clause for which the Group has full autonomy over exercising in
2040. On the date of recognition of the relevant right-of-use asset, in March 2020, the extension period liability had a net present value of \u00a330m.
There are no material covenants imposed by our right-of-use leases.
In the year the Group expensed \u00a33m (2025: \u00a35m) in relation to low value leases and <\u00a31m (2025: <\u00a31m) in relation to short-term leases for which the
Group applied the practical expedient under IFRS 16.
The Group expensed <\u00a31m (2025: <\u00a31m) in relation to variable lease payments. The agreements are ongoing and future payments are expected to
be in-line with those expensed recently.
The Group received \u00a32m (2025: \u00a32m) in relation to subletting right-of-use assets.
Impairments
The impairments noted in the table above are recorded when the carrying value of a right-of-use asset exceeds the value-in-use of that asset. These
arise when we exit a store before the related lease has come to an end, or as the outcome of our annual store impairment review. All impairments are
in relation to store and central property leases. No impairments have been reversed in the presented periods.
The segmental splits of the impairments were B&M UK \u00a315m, Heron \u00a39m, B&M France \u00a31m (2025: B&M UK \u00a31m, Heron \u00a32m, B&M France <\u00a31m).
The total asset value tested for impairment was \u00a356m (2025: \u00a313m), this breaks down at a segment level to B&M UK \u00a331m, Heron \u00a313m, B&M France
\u00a312m (2025: B&M UK \u00a34m, Heron \u00a33m, B&M France \u00a36m).
The key assumptions used were those used in our goodwill impairment test, see note 12, and the impairment would not be materially impacted by any
reasonably possible changes to these assumptions.
The change in lease liability reconciles to the figures presented in the consolidated statement of cash flows as follows:
28 March 29 March
2026 2025
\u00a3\u2019m \u00a3\u2019m
Lease liabilities brought forward
1,430
1,357
Cash
Repayment of the principal in relation to right-of-use assets
(192)
(176)
Payment of interest in relation to right-of-use assets
(84)
(77)
Non-cash
Interest charge
84
77
Effects on lease liability relating to lease additions, modifications and disposals
211
254
Effects of foreign exchange
8
(5)
Total cash movement in the year
(276)
(253)
Total non-cash movement in the year
303
326
Movement in the year
27
73
Lease liabilities carried forward
1,457
1,430
Of which current
217
188
Of which non-current
1,240
1,242
Discount rates
Where, as in most cases, a discount rate implicit to the lease is not available, discount rates are calculated for each lease with reference to the
underlying cost of borrowing available to the business and several other factors specific to the asset.
We have calculated the weighted average discount rates and sensitivity to a 50bps change in the discount rate to the interest charge as follows:
28 March 29 March
2026 2025
Weighted average discount rate
Property
5.8%
5.5%
Equipment
5.8%
5.5%
All right-of-use assets
5.8%
5.5%
Effect on finance costs with a change of 50bps to the discount rate
\u00a3\u2019m
\u00a3\u2019m
Property
7
7
Equipment
0
0
All right-of-use assets
7
7
Sale and leasebacks
During the year, the business did not undertake any sale and leasebacks (2025: 11 properties and one tranche of trailers).
The details of the prior period transactions were as follows:
29 March
2025
\u00a3\u2019m
Consideration received
11
Net book value of the assets disposed
(6)
Costs of sale when specifically recognised
\u2013
Profit per pre-IFRS 16 accounting standards
5
Opening adjustment to the right-of-use asset
(5)
Profit recognised in the statement of comprehensive income
0
Initial right-of-use asset recognised
6
Initial lease liability recognised
(11)
The pre-IFRS 16 profit is higher because the provisions of IFRS 16 require that a portion of the profit relating to the sale and leaseback is instead
recognised as a reduction in the opening right-of-use asset, and therefore the benefit is released over the term of the contract.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-427": { "value": "14 Right-of-use assets
Land and Motor Plant, fixtures
buildings vehicles and equipment Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Net book value
As at 30 March 2024
1,088
4
9
1,101
Additions
228
14
9
251
Modifications
24
\u2013
\u2013
24
Disposals
(26)
(0)
(0)
(26)
Impairment
(3)
\u2013
\u2013
(3)
Depreciation
(176)
(4)
(3)
(183)
Foreign exchange
(5)
(0)
0
(5)
As at 29 March 2025
1,130
14
15
1,159
Additions
212
6
20
238
Modifications
11
\u2013
\u2013
11
Disposals
(36)
(0)
(0)
(36)
Impairment
(25)
\u2013
\u2013
(25)
Depreciation
(189)
(5)
(6)
(200)
Foreign exchange
6
0
0
6
As at 28 March 2026
1,109
15
29
1,153
The vast majority of the Group\u2019s leases are in relation to the property comprising the store and warehouse network for the business. The other leases recognised are trucks, trailers, company cars, manual handling equipment and various fixtures and fittings. The leases are separately negotiated and no sub-group is considered to be individually significant nor to contain individually significant terms. The Group recognises a lease term appropriate to the business expectation of the term of use for the asset which usually assumes that all extension clauses are taken, and break clauses are not, unless the business considers there is a good reason to recognise otherwise. At the period end, there was one property with a significant unrecognised extension clause for which the Group has full autonomy over exercising in 2040. On the date of recognition of the relevant right-of-use asset, in March 2020, the extension period liability had a net present value of \u00a330m. There are no material covenants imposed by our right-of-use leases. In the year the Group expensed \u00a33m (2025: \u00a35m) in relation to low value leases and <\u00a31m (2025: <\u00a31m) in relation to short-term leases for which the Group applied the practical expedient under IFRS 16. The Group expensed <\u00a31m (2025: <\u00a31m) in relation to variable lease payments. The agreements are ongoing and future payments are expected to be in-line with those expensed recently. The Group received \u00a32m (2025: \u00a32m) in relation to subletting right-of-use assets. Impairments The impairments noted in the table above are recorded when the carrying value of a right-of-use asset exceeds the value-in-use of that asset. These arise when we exit a store before the related lease has come to an end, or as the outcome of our annual store impairment review. All impairments are in relation to store and central property leases. No impairments have been reversed in the presented periods. The segmental splits of the impairments were B&M UK \u00a315m, Heron \u00a39m, B&M France \u00a31m (2025: B&M UK \u00a31m, Heron \u00a32m, B&M France <\u00a31m). The total asset value tested for impairment was \u00a356m (2025: \u00a313m), this breaks down at a segment level to B&M UK \u00a331m, Heron \u00a313m, B&M France \u00a312m (2025: B&M UK \u00a34m, Heron \u00a33m, B&M France \u00a36m). The key assumptions used were those used in our goodwill impairment test, see note 12, and the impairment would not be materially impacted by any reasonably possible changes to these assumptions. The change in lease liability reconciles to the figures presented in the consolidated statement of cash flows as follows:
28 March 29 March
2026 2025
\u00a3\u2019m \u00a3\u2019m
Lease liabilities brought forward
1,430
1,357
Cash
Repayment of the principal in relation to right-of-use assets
(192)
(176)
Payment of interest in relation to right-of-use assets
(84)
(77)
Non-cash
Interest charge
84
77
Effects on lease liability relating to lease additions, modifications and disposals
211
254
Effects of foreign exchange
8
(5)
Total cash movement in the year
(276)
(253)
Total non-cash movement in the year
303
326
Movement in the year
27
73
Lease liabilities carried forward
1,457
1,430
Of which current
217
188
Of which non-current
1,240
1,242
Discount rates Where, as in most cases, a discount rate implicit to the lease is not available, discount rates are calculated for each lease with reference to the underlying cost of borrowing available to the business and several other factors specific to the asset. We have calculated the weighted average discount rates and sensitivity to a 50bps change in the discount rate to the interest charge as follows:
28 March 29 March
2026 2025
Weighted average discount rate
Property
5.8%
5.5%
Equipment
5.8%
5.5%
All right-of-use assets
5.8%
5.5%
Effect on finance costs with a change of 50bps to the discount rate
\u00a3\u2019m
\u00a3\u2019m
Property
7
7
Equipment
0
0
All right-of-use assets
7
7
Sale and leasebacks During the year, the business did not undertake any sale and leasebacks (2025: 11 properties and one tranche of trailers). The details of the prior period transactions were as follows:
29 March
2025
\u00a3\u2019m
Consideration received
11
Net book value of the assets disposed
(6)
Costs of sale when specifically recognised
\u2013
Profit per pre-IFRS 16 accounting standards
5
Opening adjustment to the right-of-use asset
(5)
Profit recognised in the statement of comprehensive income
0
Initial right-of-use asset recognised
6
Initial lease liability recognised
(11)
The pre-IFRS 16 profit is higher because the provisions of IFRS 16 require that a portion of the profit relating to the sale and leaseback is instead recognised as a reduction in the opening right-of-use asset, and therefore the benefit is released over the term of the contract.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-394": { "value": "
15 Inventories
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Goods for resale
849
883
Included in the amount above was a net charge of \u00a34m related to inventory provisions (2025: \u00a3<1m net charge). In the period to 28 March 2026,
\u00a33,670m (2025: \u00a33,479m) was recognised as an expense for inventories and \u00a333m of supplier rebates were received (2025: \u00a333m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-393": { "value": "
16 Trade and other receivables
28 March 29 March
2026 2025
\u00a3\u2019m \u00a3\u2019m
Non-current
Other receivables
9
6
Total non-current receivables
9
6
Current
Trade receivables
6
7
Deposits on account
1
5
Provision for impairment
(0)
(0)
Net trade receivables to non-related parties
7
12
Prepayments
32
37
Related party receivables
4
3
Other tax
2
9
Other receivables
14
18
Total current receivables
59
79
Trade receivables are stated initially at their fair value and then at amortised cost as reduced by appropriate allowances for estimated irrecoverable
amounts. The carrying amount is determined by the Directors to be a reasonable approximation of fair value.
The following table sets out an analysis of provisions for impairment of trade receivables:
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Provision for impairment at the start of the period
(0)
(2)
Impairment during the period
(0)
(0)
Utilised/released during the period
0
2
Balance at the period end
(0)
(0)
Trade receivables are non-interest-bearing and are generally on terms of 30 days or less.
The following table sets out a maturity analysis of trade receivables, including those which are current:
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Current
5
5
1-30 days past due
0
1
31-90 days past due
0
1
Over 90 days past due
1
0
Balance at the period end
6
7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-466": { "value": "16 Trade and other receivables
28 March 29 March
2026 2025
\u00a3\u2019m \u00a3\u2019m
Non-current
Other receivables
9
6
Total non-current receivables
9
6
Current
Trade receivables
6
7
Deposits on account
1
5
Provision for impairment
(0)
(0)
Net trade receivables to non-related parties
7
12
Prepayments
32
37
Related party receivables
4
3
Other tax
2
9
Other receivables
14
18
Total current receivables
59
79
Trade receivables are stated initially at their fair value and then at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The carrying amount is determined by the Directors to be a reasonable approximation of fair value. The following table sets out an analysis of provisions for impairment of trade receivables:
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Provision for impairment at the start of the period
(0)
(2)
Impairment during the period
(0)
(0)
Utilised/released during the period
0
2
Balance at the period end
(0)
(0)
Trade receivables are non-interest-bearing and are generally on terms of 30 days or less. The following table sets out a maturity analysis of trade receivables, including those which are current:
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Current
5
5
1-30 days past due
0
1
31-90 days past due
0
1
Over 90 days past due
1
0
Balance at the period end
6
7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-454": { "value": "16 Trade and other receivables
28 March 29 March
2026 2025
\u00a3\u2019m \u00a3\u2019m
Non-current
Other receivables
9
6
Total non-current receivables
9
6
Current
Trade receivables
6
7
Deposits on account
1
5
Provision for impairment
(0)
(0)
Net trade receivables to non-related parties
7
12
Prepayments
32
37
Related party receivables
4
3
Other tax
2
9
Other receivables
14
18
Total current receivables
59
79
Trade receivables are stated initially at their fair value and then at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The carrying amount is determined by the Directors to be a reasonable approximation of fair value. The following table sets out an analysis of provisions for impairment of trade receivables:
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Provision for impairment at the start of the period
(0)
(2)
Impairment during the period
(0)
(0)
Utilised/released during the period
0
2
Balance at the period end
(0)
(0)
Trade receivables are non-interest-bearing and are generally on terms of 30 days or less. The following table sets out a maturity analysis of trade receivables, including those which are current:
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Current
5
5
1-30 days past due
0
1
31-90 days past due
0
1
Over 90 days past due
1
0
Balance at the period end
6
7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-428": { "value": "16 Trade and other receivables
28 March 29 March
2026 2025
\u00a3\u2019m \u00a3\u2019m
Non-current
Other receivables
9
6
Total non-current receivables
9
6
Current
Trade receivables
6
7
Deposits on account
1
5
Provision for impairment
(0)
(0)
Net trade receivables to non-related parties
7
12
Prepayments
32
37
Related party receivables
4
3
Other tax
2
9
Other receivables
14
18
Total current receivables
59
79
Trade receivables are stated initially at their fair value and then at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The carrying amount is determined by the Directors to be a reasonable approximation of fair value. The following table sets out an analysis of provisions for impairment of trade receivables:
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Provision for impairment at the start of the period
(0)
(2)
Impairment during the period
(0)
(0)
Utilised/released during the period
0
2
Balance at the period end
(0)
(0)
Trade receivables are non-interest-bearing and are generally on terms of 30 days or less. The following table sets out a maturity analysis of trade receivables, including those which are current:
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Current
5
5
1-30 days past due
0
1
31-90 days past due
0
1
Over 90 days past due
1
0
Balance at the period end
6
7
Other financial assets
28 March
29 March
2026
2025
As at
Current financial assets at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
7
2
Current financial assets held at amortised cost:
Money market deposit
\u2013
150
Current financial assets at fair value through other comprehensive income:
Foreign exchange forward contracts
6
1
Total current other financial assets
13
153
Total other financial assets
13
153
Financial assets through profit or loss reflect the fair value of those derivatives that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. In the prior year, the money market deposit reflects \u00a3150m placed on a 7-month term with a fixed interest rate applied. The funds were returned in July 2025 as intended and were used to repay our \u00a3156m high yield bond notes at that time, see note 20. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-395": { "value": "
17 Cash and cash equivalents
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Cash and cash equivalents
342
217
The cash and cash equivalents balance includes \u00a338m (2025: \u00a338m) in respect of credit card receivables.
In the prior year, the Group also held \u00a3150m held in a short-term money market deposit which matured in July 2025 and was included in the current
other financial assets caption, see note 19.
As at the period end the Group had available \u00a3265m of undrawn committed borrowing facilities (2025: \u00a3240m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-430": { "value": "17 Cash and cash equivalents
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Cash and cash equivalents
342
217
The cash and cash equivalents balance includes \u00a338m (2025: \u00a338m) in respect of credit card receivables. In the prior year, the Group also held \u00a3150m held in a short-term money market deposit which matured in July 2025 and was included in the current other financial assets caption, see note 19. As at the period end the Group had available \u00a3265m of undrawn committed borrowing facilities (2025: \u00a3240m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-396": { "value": "
18 Trade and other payables
28 March
29 March
2026
2025
As at
Current
\u00a3\u2019m
\u00a3\u2019m
Trade payables
410
395
Other tax and social security payments
106
81
Accruals and deferred income
99
105
Related party trade payables
19
7
Other payables
27
30
Total current payables
661
618
Trade payables are generally on 30-day terms and are not interest-bearing. The carrying value of trade payables approximates to their fair value.
For further details on the related party trade payables, see note 26.
The Group had supply chain financing facilities in place during the year. The facilities are operated by major banking partners with high credit ratings
and are limited to \u00a370m (2025: \u00a370m) total exposure at any one time.
The exposure at the period end was \u00a317m, out of our total trade payable balance of \u00a3410m (2025: \u00a312m, out of \u00a3395m) and at the period end date
\u00a310m of this balance had been drawn down by our suppliers (2025: \u00a32m). The average balance over the year was \u00a326m (2025: \u00a324m).
The payment due dates on all the supplier finance arrangements are 60 days after the invoice date, which is the same as comparable trade payables
for suppliers not on the supplier finance arrangements (2025: same).
There were no significant non-cash changes in the carrying amount of financial liabilities subject to supplier finance arrangements.
The purpose of the arrangement is to enable our participating suppliers, at their discretion, to draw down against their receivables from the Group
prior to their usual due date.
From the Group\u2019s perspective, the invoices subject to these schemes are treated in the same way as those not subject to these schemes. That is
that they are approved under our usual processes (and cannot be drawn down against until they have been approved) and paid on the usual due
date, which is in line with the payment terms of our other international suppliers. We do not benefit from the margin charged by the banks for any
early draw down, and the banks do not benefit from additional security when compared to the security originally enjoyed by the supplier. There is no
impact on potential liquidity risk as the cash flow timings and amounts are unchanged for those invoices in the schemes against those not in these
schemes.
There would be no impact on the Group if the facilities became unavailable and there are no fees or charges payable by the Group in regard to these
arrangements.
As these invoices continue to be part of the normal operating cycle of the Group, the schemes do not change the recognition of the invoices subject
to them, so they continue to be recognised as trade payables, with the associated cash flows presented within operating cash flows and without
affecting the calculation of Group net debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-429": { "value": "
28 March
29 March
2026
2025
As at
Current
\u00a3\u2019m
\u00a3\u2019m
Trade payables
410
395
Other tax and social security payments
106
81
Accruals and deferred income
99
105
Related party trade payables
19
7
Other payables
27
30
Total current payables
661
618
Other financial liabilities
28 March
29 March
2026
2025
As at
Current financial liabilities at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
1
7
Current financial liabilities at fair value through other comprehensive income:
Foreign exchange forward contracts
2
6
Total current other financial liabilities
3
13
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Total non-current other financial liabilities
0
0
Total other financial liabilities
3
13
The other financial liabilities through profit or loss reflect the fair value of those foreign exchange forward contracts that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-455": { "value": "
28 March
29 March
2026
2025
As at
Current
\u00a3\u2019m
\u00a3\u2019m
Trade payables
410
395
Other tax and social security payments
106
81
Accruals and deferred income
99
105
Related party trade payables
19
7
Other payables
27
30
Total current payables
661
618
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-467": { "value": "
28 March
29 March
2026
2025
As at
Current
\u00a3\u2019m
\u00a3\u2019m
Trade payables
410
395
Other tax and social security payments
106
81
Accruals and deferred income
99
105
Related party trade payables
19
7
Other payables
27
30
Total current payables
661
618
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-397": { "value": "
19 Other financial assets and liabilities
Other financial assets
28 March
29 March
2026
2025
As at
Current financial assets at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
7
2
Current financial assets held at amortised cost:
Money market deposit
\u2013
150
Current financial assets at fair value through other comprehensive income:
Foreign exchange forward contracts
6
1
Total current other financial assets
13
153
Total other financial assets
13
153
Financial assets through profit or loss reflect the fair value of those derivatives that are not designated as hedge relationships but are nevertheless
intended to reduce the level of risk for expected sales and purchases.
In the prior year, the money market deposit reflects \u00a3150m placed on a 7-month term with a fixed interest rate applied. The funds were returned in
July 2025 as intended and were used to repay our \u00a3156m high yield bond notes at that time, see note 20.
Other financial liabilities
28 March
29 March
2026
2025
As at
Current financial liabilities at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
1
7
Current financial liabilities at fair value through other comprehensive income:
Foreign exchange forward contracts
2
6
Total current other financial liabilities
3
13
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Total non-current other financial liabilities
0
0
Total other financial liabilities
3
13
The other financial liabilities through profit or loss reflect the fair value of those foreign exchange forward contracts that are not designated as hedge
relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
\u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
\u2022 Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
As at the reporting dates, the Group held the following financial instruments carried at fair value on the balance sheet:
Total Level 1 Level 2 Level 3
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Foreign exchange contracts
10
\u2013
10
\u2013
29 March 2025
Foreign exchange contracts
(10)
\u2013
(10)
\u2013
The financial instruments have been valued by an internal model which is based upon a report from the issuing bank, using a mark to market method. The bank has used various inputs to compute the valuations, which include inter alia the relevant maturity date and strike rates, the current exchange rate, fuel prices and relevant interbank floating interest rate levels. 20 Financial liabilities \u2013 borrowings The table below relates to the net cash amounts of the borrowing facilities, with the figures inclusive of amortised fees.
28 March
29 March
2026
2025
As at
Current
\u00a3\u2019m
\u00a3\u2019m
High yield bond notes
\u2013
155
B&M France loan facilities
7
5
Total
7
160
Non-current
High yield bond notes
744
742
Term facility bank loan
222
222
B&M France loan facilities
16
13
Total
982
977
Bond repayment On 13 July 2025, the Group drew the \u00a3150m of cash placed on money market deposit in the prior period and repaid the remaining \u00a3156m of high yield bond notes (2020) on their maturity date. Increasing the revolving credit facility limit On 3 July 2025, the Group increased its revolving credit facility by \u00a325m to \u00a3250m. Transactions fees of <\u00a31m were incurred and were expensed directly to the statement of comprehensive income within finance costs. Bond refinancing In the prior period, on 19 November 2024, the Group issued \u00a3250m of high yield bond notes, maturing in November 2031 with an interest rate of 6.5%. \u00a3150m of cash received from these high yield bond notes was placed on money market deposit and was ring-fenced for the purpose of repaying the remaining \u00a3156m of high yield bond notes (2020), as mentioned above. Extension of senior loan facilities In the prior period, in March 2025, the Group and the banking syndicate confirmed the activation of the second and final 1-year extension, extending the maturity date of the banking facilities to March 2030. Other borrowings The carrying values given above include fees incurred on refinancing which are to be amortised over the terms of those facilities. More details of these are given below. The Group holds three tranches of high yield bond notes which are each held at amortised cost. The three tranches of bonds were issued in November 2021, November 2023 and November 2024, with \u00a33m, \u00a34m and \u00a33m, respectively, of fees capitalised at inception.
The maturities, which only relate to the position as at 28 March 2026, and gross cash amounts of these facilities are included in the table below.
Interest 28 March 29 March
rate 2026 2025
%
Maturity
\u00a3\u2019m \u00a3\u2019m
Revolving facility loan
2.00% + SONIA
n/a
\u2013
\u2013
Term facility bank loan A
2.25% + SONIA
Mar-30
225
225
High yield bond notes (2020)
3.625%
n/a
\u2013
156
High yield bond notes (2021)
4.000%
Nov-28
250
250
High yield bond notes (2023)
8.125%
Nov-30
250
250
High yield bond notes (2024)
6.500%
Nov-31
250
250
B&M France \u2013 BNP Paribas
3.30-3.97%
Feb-28 to Aug-29
6
8
B&M France \u2013 Caisse d\u2019\u00c9pargne
2.60%
Nov-29
1
1
B&M France \u2013 CIC
0.71-2.75%
Jan-27 to Dec-29
4
4
B&M France \u2013 Cr\u00e9dit Agricole
0.81-3.18%
Jan-28 to Mar-31
5
0
B&M France \u2013 Cr\u00e9dit Lyonnais
0.69-3.65%
Mar-27 to Jul-29
5
4
B&M France \u2013 Societe Generale
2.70%
May-30
2
\u2013
Total
998
1,148
The revolving facility of \u00a3250m is committed until March 2030.
The term facility bank loans and the high yield bond notes have carrying values which include transaction fees allocated on inception.
All B&M France facilities have gross values in Euros, and the values above have been translated at the period-end rates of \u20ac1.1538/\u00a3 (2025: \u20ac1.1955/\u00a3).
The movement in the loan liabilities during the year breaks down as follows:
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Borrowings brought forward
1,137
910
Cash
Net repayment of Group revolving credit facilities
\u2013
(25)
Repayment of corporate bonds
(156)
\u2013
Receipt due to newly issued corporate bonds
\u2013
250
Receipt of loan facilities held in France
12
9
Repayment of loan facilities held in France
(7)
(5)
Capitalised fees on refinancing
\u2013
(4)
Non-cash
Foreign exchange on loan balances
1
(0)
Ongoing amortisation of finance fees
2
2
Total cash movement in the year
(151)
225
Total non-cash movement in the year
3
2
Movement in the year
(148)
227
Borrowings carried forward
989
1,137
Of which current
7
160
Of which non-current
982
977
25 Financial risk management The Group uses various financial instruments, including bank loans, related party loans, finance company loans, cash, equity investment, derivatives and various items, such as trade receivables and trade payables that arise directly from its operations. The main risks arising from the Group\u2019s financial instruments are market risk, currency risk, cash flow interest rate risk, credit risk and liquidity risk. The Directors review and agree policies for managing each of these risks and they are summarised below. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below. In order to manage the Group\u2019s exposure to those risks, in particular the Group\u2019s exposure to currency risk, the Group enters into forward foreign currency contracts. No transactions in derivatives are undertaken of a speculative nature. Market risk Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and commodity price risk. Commodity price risk is not considered material to the business as the Group is able to pass on pricing changes to its customers. The Group\u2019s policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled \u2018interest rate risk\u2019 below. Currency risk The Group is exposed to translation and transaction foreign exchange risk arising from exchange rate fluctuations on its purchases from overseas suppliers. In relation to translation risk, this is not considered material to the business as amounts owed in foreign currency are short term of up to 30 days and are of a relatively modest nature. Transaction exposures, including those associated with forecast transactions, are hedged when known, principally using forward currency contracts. The majority of the Group\u2019s sales are to customers in the UK and France and there is no material currency exposure in this respect. A proportion of the Group\u2019s purchases are priced in US Dollars and the Group generally uses forward currency contracts to minimise the risk associated with that exposure. Approach to hedge accounting As part of the Group\u2019s response to currency risk the currency forwards taken out are intended to prudently cover the majority of our stock purchases forecast for that period. However, the Group only hedge accounts for that part of the forward contract that we are reasonably certain will be spent in the forecast period, allowing for potential volatility. Therefore, management always consider the likely volatility for a period and assign a percentage to each tranche of forwards purchased, usually in the range 50-80%, and never more than 80%. Effectiveness of the hedged forward is then assessed against the Group hedge ratio, which has been set by management at 80% as a reasonable guide to the certainty level we expect the hedged portions of our forwards to at least achieve. If they fail, or are expected to fail, to meet this ratio of effectiveness then they are treated as non-hedged items, and immediately expensed through administrative expenses in profit and loss. Ineffectiveness can be caused by exceptional volatility in the market, by the timing of product availability, or the desire to manage short-term company cash flows, for instance, when a large amount of cash is required at relatively short notice. Where a hedged derivative matures efficiently, the fair value is transferred to inventory and subsequently to cost of sales when that item is sold. If the Group did not hedge account, then the difference is that the gain or loss in other comprehensive income would be presented in profit or loss and the assets and liabilities presented under the classification fair value through other comprehensive income would be at fair value through profit or loss. In the period, the Group has had $661m of hedged derivatives mature (2025: $648m). The difference to profit before tax if none of our forwards had been hedge accounted during the year would have been a loss of \u00a317m (2025: \u00a32m profit) and a pre-tax gain in other comprehensive income of \u00a39m (2025: \u00a32m profit). The net effective hedging loss transferred to the cost of inventories in the year was \u00a319m (2025: net loss of \u00a38m). At the period end, the amount of outstanding US Dollar contracts covered by hedge accounting was $590m (2025: $698m), which mature over the next 12 months (2025: 15 months). The change in fair value of the hedging instruments used as the basis for recognising hedge ineffectiveness was \u00a3nil (2025: \u00a3nil), achieved effectiveness was 100% (2025: 100%
Foreign currency sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in US Dollar period-end exchange rates with all other variables held
constant. The impact on the Group\u2019s profit before tax and other comprehensive income (net of tax) is largely due to changes in the fair value of our
foreign exchange derivatives and revaluation of creditors and deposits held on account with our US Dollar suppliers.
28 March 29 March
Change in 2026 2025
As at USD rate \u00a3\u2019m \u00a3\u2019m
Effect on profit before tax
+2.5%
(10)
(10)
-2.5%
10
10
Effect on other comprehensive income
+2.5%
(11)
(13)
-2.5%
11
14
Profit before tax and other comprehensive income are not sensitive to the effects of a reasonably possible change in the Euro period-end exchange
rates.
These calculations have been performed by taking the period-end translation rate used in the accounts and applying the changes noted above. The
balance sheet valuations are then directly calculated. The valuation of the foreign exchange derivatives were projected based upon the spot rate
changing and all other variables being held equal.
Interest rate risk
Interest rate risk is the risk of variability of the Group cash flows due to changes in the interest rate. The Group is exposed to changes in interest rates
as a portion of the Group\u2019s bank borrowings are subject to a floating rate based on SONIA.
The Group\u2019s interest rate risk arises mainly from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest
rate risk.
If floating interest rates had been 50 basis points higher or lower throughout the year with all other variables held constant, the effect upon pre-tax
profit for the year would have been:
Basis point 28 March 29 March
increase/ 2026 2025
As at decrease \u00a3\u2019m \u00a3\u2019m
Effect on profit before tax
+50
(1)
(1)
-50
1
1
This sensitivity has been calculated by changing the interest rate for each interest receipt, payment and accrual made by the Group over the period,
by the amount specified in the table above, and then calculating the difference that would have resulted.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
The Group\u2019s principal financial assets are cash, derivatives and trade receivables. The prior year also included money market deposits. The credit
risks associated with cash, money market deposits and derivatives are limited as the main counterparties are banks with high credit ratings (A long
term and A-1 short term (Standard & Poor) or better, (2025: A, A-1 (or better) respectively). The principal credit risk arises therefore from the Group\u2019s
trade receivables.
Credit risk is further limited by the fact that the vast majority of sales transactions are made through the store registers, direct from the customer at
the point of purchase, leading to a low trade receivables balance.
In order to manage credit risk, the Directors set limits for customers based on a combination of payment history and third-party credit references.
Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. Provisions against bad
debts are made where appropriate.
Liquidity risk
Any impact on available cash and therefore the liquidity of the Group could have a material effect on the business as a result.
The Group\u2019s borrowings are subject to semi-annual banking covenants against which the Group has had significant headroom to date with no
anticipated issues based upon forecasts made. Short-term flexibility is achieved via the Group\u2019s revolving credit facility. The following table shows
the liquidity risk maturity of financial liabilities grouping based on their remaining period at the balance sheet date. The amounts disclosed are the
contractual undiscounted cash flows:
Within Between Between More than
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Interest-bearing loans
66
65
870
262
1,263
Lease liabilities
283
273
660
602
1,818
Trade payables
429
\u2013
\u2013
\u2013
429
29 March 2025
Interest-bearing loans
222
64
425
769
1,480
Lease liabilities
265
258
653
627
1,803
Trade payables
402
\u2013
\u2013
\u2013
402
Fair value
The fair value of our corporate bonds, which are all financial liabilities held at amortised cost, has been determined by using the relevant quoted bid
price for those bonds. These differ to the carrying values as shown below.
Fair Value (Level 1)
Carrying Value
28 March 29 March 28 March 29 March
2026 2025 2026 2025
As at \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
High yield bond notes (2020)
\u2013
154
\u2013
155
High yield bond notes (2021)
235
231
249
249
High yield bond notes (2023)
254
260
247
247
High yield bond notes (2024)
237
244
247
247
The fair value of the other financial assets and liabilities of the Group are not materially different from their carrying value. Refer to the table below.
These all represent financial assets and liabilities measured at amortised cost except where stated as measured at fair value through profit and loss
or fair value through other comprehensive income.
28 March
29 March
2026
2025
As at
Financial assets
\u00a3\u2019m
\u00a3\u2019m
Fair value through profit and loss
Forward foreign exchange contracts
7
2
Fair value through other comprehensive income
Forward foreign exchange contracts
6
1
Loans and receivables
Cash and cash equivalents
342
217
Money market deposit
\u2013
150
Trade receivables
11
15
Other receivables
14
18
28 March
29 March
2026
2025
As at
Financial liabilities
\u00a3\u2019m
\u00a3\u2019m
Fair value through profit and loss
Forward foreign exchange contracts
1
7
Fair value through other comprehensive income
Forward foreign exchange contracts
2
6
Amortised cost
Lease liabilities
1,457
1,430
Interest-bearing loans and borrowings (excluding corporate bonds)
245
239
Trade payables
429
402
Other payables
27
30
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-478": { "value": "19 Other financial assets and liabilities Other financial assets
28 March
29 March
2026
2025
As at
Current financial assets at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
7
2
Current financial assets held at amortised cost:
Money market deposit
\u2013
150
Current financial assets at fair value through other comprehensive income:
Foreign exchange forward contracts
6
1
Total current other financial assets
13
153
Total other financial assets
13
153
Financial assets through profit or loss reflect the fair value of those derivatives that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. In the prior year, the money market deposit reflects \u00a3150m placed on a 7-month term with a fixed interest rate applied. The funds were returned in July 2025 as intended and were used to repay our \u00a3156m high yield bond notes at that time, see note 20. Other financial liabilities
28 March
29 March
2026
2025
As at
Current financial liabilities at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
1
7
Current financial liabilities at fair value through other comprehensive income:
Foreign exchange forward contracts
2
6
Total current other financial liabilities
3
13
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Total non-current other financial liabilities
0
0
Total other financial liabilities
3
13
The other financial liabilities through profit or loss reflect the fair value of those foreign exchange forward contracts that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. As at the reporting dates, the Group held the following financial instruments carried at fair value on the balance sheet:
Total Level 1 Level 2 Level 3
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Foreign exchange contracts
10
\u2013
10
\u2013
29 March 2025
Foreign exchange contracts
(10)
\u2013
(10)
\u2013
The financial instruments have been valued by an internal model which is based upon a report from the issuing bank, using a mark to market method. The bank has used various inputs to compute the valuations, which include inter alia the relevant maturity date and strike rates, the current exchange rate, fuel prices and relevant interbank floating interest rate levels. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-468": { "value": "19 Other financial assets and liabilities Other financial assets
28 March
29 March
2026
2025
As at
Current financial assets at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
7
2
Current financial assets held at amortised cost:
Money market deposit
\u2013
150
Current financial assets at fair value through other comprehensive income:
Foreign exchange forward contracts
6
1
Total current other financial assets
13
153
Total other financial assets
13
153
Financial assets through profit or loss reflect the fair value of those derivatives that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. In the prior year, the money market deposit reflects \u00a3150m placed on a 7-month term with a fixed interest rate applied. The funds were returned in July 2025 as intended and were used to repay our \u00a3156m high yield bond notes at that time, see note 20. Other financial liabilities
28 March
29 March
2026
2025
As at
Current financial liabilities at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
1
7
Current financial liabilities at fair value through other comprehensive income:
Foreign exchange forward contracts
2
6
Total current other financial liabilities
3
13
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Total non-current other financial liabilities
0
0
Total other financial liabilities
3
13
The other financial liabilities through profit or loss reflect the fair value of those foreign exchange forward contracts that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. As at the reporting dates, the Group held the following financial instruments carried at fair value on the balance sheet:
Total Level 1 Level 2 Level 3
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Foreign exchange contracts
10
\u2013
10
\u2013
29 March 2025
Foreign exchange contracts
(10)
\u2013
(10)
\u2013
The financial instruments have been valued by an internal model which is based upon a report from the issuing bank, using a mark to market method. The bank has used various inputs to compute the valuations, which include inter alia the relevant maturity date and strike rates, the current exchange rate, fuel prices and relevant interbank floating interest rate levels. 20 Financial liabilities \u2013 borrowings The table below relates to the net cash amounts of the borrowing facilities, with the figures inclusive of amortised fees.
28 March
29 March
2026
2025
As at
Current
\u00a3\u2019m
\u00a3\u2019m
High yield bond notes
\u2013
155
B&M France loan facilities
7
5
Total
7
160
Non-current
High yield bond notes
744
742
Term facility bank loan
222
222
B&M France loan facilities
16
13
Total
982
977
Bond repayment On 13 July 2025, the Group drew the \u00a3150m of cash placed on money market deposit in the prior period and repaid the remaining \u00a3156m of high yield bond notes (2020) on their maturity date. Increasing the revolving credit facility limit On 3 July 2025, the Group increased its revolving credit facility by \u00a325m to \u00a3250m. Transactions fees of <\u00a31m were incurred and were expensed directly to the statement of comprehensive income within finance costs. Bond refinancing In the prior period, on 19 November 2024, the Group issued \u00a3250m of high yield bond notes, maturing in November 2031 with an interest rate of 6.5%. \u00a3150m of cash received from these high yield bond notes was placed on money market deposit and was ring-fenced for the purpose of repaying the remaining \u00a3156m of high yield bond notes (2020), as mentioned above. Extension of senior loan facilities In the prior period, in March 2025, the Group and the banking syndicate confirmed the activation of the second and final 1-year extension, extending the maturity date of the banking facilities to March 2030. Other borrowings The carrying values given above include fees incurred on refinancing which are to be amortised over the terms of those facilities. More details of these are given below. The Group holds three tranches of high yield bond notes which are each held at amortised cost. The three tranches of bonds were issued in November 2021, November 2023 and November 2024, with \u00a33m, \u00a34m and \u00a33m, respectively, of fees capitalised at inception. The maturities, which only relate to the position as at 28 March 2026, and gross cash amounts of these facilities are included in the table below.
Interest 28 March 29 March
rate 2026 2025
%
Maturity
\u00a3\u2019m \u00a3\u2019m
Revolving facility loan
2.00% + SONIA
n/a
\u2013
\u2013
Term facility bank loan A
2.25% + SONIA
Mar-30
225
225
High yield bond notes (2020)
3.625%
n/a
\u2013
156
High yield bond notes (2021)
4.000%
Nov-28
250
250
High yield bond notes (2023)
8.125%
Nov-30
250
250
High yield bond notes (2024)
6.500%
Nov-31
250
250
B&M France \u2013 BNP Paribas
3.30-3.97%
Feb-28 to Aug-29
6
8
B&M France \u2013 Caisse d\u2019\u00c9pargne
2.60%
Nov-29
1
1
B&M France \u2013 CIC
0.71-2.75%
Jan-27 to Dec-29
4
4
B&M France \u2013 Cr\u00e9dit Agricole
0.81-3.18%
Jan-28 to Mar-31
5
0
B&M France \u2013 Cr\u00e9dit Lyonnais
0.69-3.65%
Mar-27 to Jul-29
5
4
B&M France \u2013 Societe Generale
2.70%
May-30
2
\u2013
Total
998
1,148
The revolving facility of \u00a3250m is committed until March 2030. The term facility bank loans and the high yield bond notes have carrying values which include transaction fees allocated on inception. All B&M France facilities have gross values in Euros, and the values above have been translated at the period-end rates of \u20ac1.1538/\u00a3 (2025: \u20ac1.1955/\u00a3). The movement in the loan liabilities during the year breaks down as follows:
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Borrowings brought forward
1,137
910
Cash
Net repayment of Group revolving credit facilities
\u2013
(25)
Repayment of corporate bonds
(156)
\u2013
Receipt due to newly issued corporate bonds
\u2013
250
Receipt of loan facilities held in France
12
9
Repayment of loan facilities held in France
(7)
(5)
Capitalised fees on refinancing
\u2013
(4)
Non-cash
Foreign exchange on loan balances
1
(0)
Ongoing amortisation of finance fees
2
2
Total cash movement in the year
(151)
225
Total non-cash movement in the year
3
2
Movement in the year
(148)
227
Borrowings carried forward
989
1,137
Of which current
7
160
Of which non-current
982
977
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-456": { "value": "19 Other financial assets and liabilities Other financial assets
28 March
29 March
2026
2025
As at
Current financial assets at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
7
2
Current financial assets held at amortised cost:
Money market deposit
\u2013
150
Current financial assets at fair value through other comprehensive income:
Foreign exchange forward contracts
6
1
Total current other financial assets
13
153
Total other financial assets
13
153
Financial assets through profit or loss reflect the fair value of those derivatives that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. In the prior year, the money market deposit reflects \u00a3150m placed on a 7-month term with a fixed interest rate applied. The funds were returned in July 2025 as intended and were used to repay our \u00a3156m high yield bond notes at that time, see note 20. Other financial liabilities
28 March
29 March
2026
2025
As at
Current financial liabilities at fair value through profit and loss:
\u00a3\u2019m
\u00a3\u2019m
Foreign exchange forward contracts
1
7
Current financial liabilities at fair value through other comprehensive income:
Foreign exchange forward contracts
2
6
Total current other financial liabilities
3
13
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Non-current financial liabilities at fair value through profit and loss:
Foreign exchange forward contracts
\u2013
0
Total non-current other financial liabilities
0
0
Total other financial liabilities
3
13
The other financial liabilities through profit or loss reflect the fair value of those foreign exchange forward contracts that are not designated as hedge relationships but are nevertheless intended to reduce the level of risk for expected sales and purchases. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. As at the reporting dates, the Group held the following financial instruments carried at fair value on the balance sheet:
Total Level 1 Level 2 Level 3
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Foreign exchange contracts
10
\u2013
10
\u2013
29 March 2025
Foreign exchange contracts
(10)
\u2013
(10)
\u2013
The financial instruments have been valued by an internal model which is based upon a report from the issuing bank, using a mark to market method. The bank has used various inputs to compute the valuations, which include inter alia the relevant maturity date and strike rates, the current exchange rate, fuel prices and relevant interbank floating interest rate levels. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-479": { "value": "Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. As at the reporting dates, the Group held the following financial instruments carried at fair value on the balance sheet:
Total Level 1 Level 2 Level 3
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Foreign exchange contracts
10
\u2013
10
\u2013
29 March 2025
Foreign exchange contracts
(10)
\u2013
(10)
\u2013
The financial instruments have been valued by an internal model which is based upon a report from the issuing bank, using a mark to market method. The bank has used various inputs to compute the valuations, which include inter alia the relevant maturity date and strike rates, the current exchange rate, fuel prices and relevant interbank floating interest rate levels. Fair value The fair value of our corporate bonds, which are all financial liabilities held at amortised cost, has been determined by using the relevant quoted bid price for those bonds. These differ to the carrying values as shown below.
Fair Value (Level 1)
Carrying Value
28 March 29 March 28 March 29 March
2026 2025 2026 2025
As at \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
High yield bond notes (2020)
\u2013
154
\u2013
155
High yield bond notes (2021)
235
231
249
249
High yield bond notes (2023)
254
260
247
247
High yield bond notes (2024)
237
244
247
247
The fair value of the other financial assets and liabilities of the Group are not materially different from their carrying value. Refer to the table below. These all represent financial assets and liabilities measured at amortised cost except where stated as measured at fair value through profit and loss or fair value through other comprehensive income.
28 March
29 March
2026
2025
As at
Financial assets
\u00a3\u2019m
\u00a3\u2019m
Fair value through profit and loss
Forward foreign exchange contracts
7
2
Fair value through other comprehensive income
Forward foreign exchange contracts
6
1
Loans and receivables
Cash and cash equivalents
342
217
Money market deposit
\u2013
150
Trade receivables
11
15
Other receivables
14
18
28 March
29 March
2026
2025
As at
Financial liabilities
\u00a3\u2019m
\u00a3\u2019m
Fair value through profit and loss
Forward foreign exchange contracts
1
7
Fair value through other comprehensive income
Forward foreign exchange contracts
2
6
Amortised cost
Lease liabilities
1,457
1,430
Interest-bearing loans and borrowings (excluding corporate bonds)
245
239
Trade payables
429
402
Other payables
27
30
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-431": { "value": "Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
As at the reporting dates, the Group held the following financial instruments carried at fair value on the balance sheet:
Total Level 1 Level 2 Level 3
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Foreign exchange contracts
10
\u2013
10
\u2013
29 March 2025
Foreign exchange contracts
(10)
\u2013
(10)
\u2013
The financial instruments have been valued by an internal model which is based upon a report from the issuing bank, using a mark to market method.
The bank has used various inputs to compute the valuations, which include inter alia the relevant maturity date and strike rates, the current exchange
rate, fuel prices and relevant interbank floating interest rate levels.
Fair value The fair value of our corporate bonds, which are all financial liabilities held at amortised cost, has been determined by using the relevant quoted bid price for those bonds. These differ to the carrying values as shown below.
Fair Value (Level 1)
Carrying Value
28 March 29 March 28 March 29 March
2026 2025 2026 2025
As at \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
High yield bond notes (2020)
\u2013
154
\u2013
155
High yield bond notes (2021)
235
231
249
249
High yield bond notes (2023)
254
260
247
247
High yield bond notes (2024)
237
244
247
247
The fair value of the other financial assets and liabilities of the Group are not materially different from their carrying value. Refer to the table below. These all represent financial assets and liabilities measured at amortised cost except where stated as measured at fair value through profit and loss or fair value through other comprehensive income.
28 March
29 March
2026
2025
As at
Financial assets
\u00a3\u2019m
\u00a3\u2019m
Fair value through profit and loss
Forward foreign exchange contracts
7
2
Fair value through other comprehensive income
Forward foreign exchange contracts
6
1
Loans and receivables
Cash and cash equivalents
342
217
Money market deposit
\u2013
150
Trade receivables
11
15
Other receivables
14
18
28 March
29 March
2026
2025
As at
Financial liabilities
\u00a3\u2019m
\u00a3\u2019m
Fair value through profit and loss
Forward foreign exchange contracts
1
7
Fair value through other comprehensive income
Forward foreign exchange contracts
2
6
Amortised cost
Lease liabilities
1,457
1,430
Interest-bearing loans and borrowings (excluding corporate bonds)
245
239
Trade payables
429
402
Other payables
27
30
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-432": { "value": "
20 Financial liabilities \u2013 borrowings
The table below relates to the net cash amounts of the borrowing facilities, with the figures inclusive of amortised fees.
28 March
29 March
2026
2025
As at
Current
\u00a3\u2019m
\u00a3\u2019m
High yield bond notes
\u2013
155
B&M France loan facilities
7
5
Total
7
160
Non-current
High yield bond notes
744
742
Term facility bank loan
222
222
B&M France loan facilities
16
13
Total
982
977
Bond repayment
On 13 July 2025, the Group drew the \u00a3150m of cash placed on money market deposit in the prior period and repaid the remaining \u00a3156m of high
yield bond notes (2020) on their maturity date.
Increasing the revolving credit facility limit
On 3 July 2025, the Group increased its revolving credit facility by \u00a325m to \u00a3250m. Transactions fees of <\u00a31m were incurred and were expensed
directly to the statement of comprehensive income within finance costs.
Bond refinancing
In the prior period, on 19 November 2024, the Group issued \u00a3250m of high yield bond notes, maturing in November 2031 with an interest rate of 6.5%.
\u00a3150m of cash received from these high yield bond notes was placed on money market deposit and was ring-fenced for the purpose of repaying the
remaining \u00a3156m of high yield bond notes (2020), as mentioned above.
Extension of senior loan facilities
In the prior period, in March 2025, the Group and the banking syndicate confirmed the activation of the second and final 1-year extension, extending
the maturity date of the banking facilities to March 2030.
Other borrowings
The carrying values given above include fees incurred on refinancing which are to be amortised over the terms of those facilities. More details of
these are given below.
The Group holds three tranches of high yield bond notes which are each held at amortised cost. The three tranches of bonds were issued in
November 2021, November 2023 and November 2024, with \u00a33m, \u00a34m and \u00a33m, respectively, of fees capitalised at inception.
The maturities, which only relate to the position as at 28 March 2026, and gross cash amounts of these facilities are included in the table below.
Interest 28 March 29 March
rate 2026 2025
%
Maturity
\u00a3\u2019m \u00a3\u2019m
Revolving facility loan
2.00% + SONIA
n/a
\u2013
\u2013
Term facility bank loan A
2.25% + SONIA
Mar-30
225
225
High yield bond notes (2020)
3.625%
n/a
\u2013
156
High yield bond notes (2021)
4.000%
Nov-28
250
250
High yield bond notes (2023)
8.125%
Nov-30
250
250
High yield bond notes (2024)
6.500%
Nov-31
250
250
B&M France \u2013 BNP Paribas
3.30-3.97%
Feb-28 to Aug-29
6
8
B&M France \u2013 Caisse d\u2019\u00c9pargne
2.60%
Nov-29
1
1
B&M France \u2013 CIC
0.71-2.75%
Jan-27 to Dec-29
4
4
B&M France \u2013 Cr\u00e9dit Agricole
0.81-3.18%
Jan-28 to Mar-31
5
0
B&M France \u2013 Cr\u00e9dit Lyonnais
0.69-3.65%
Mar-27 to Jul-29
5
4
B&M France \u2013 Societe Generale
2.70%
May-30
2
\u2013
Total
998
1,148
The revolving facility of \u00a3250m is committed until March 2030. The term facility bank loans and the high yield bond notes have carrying values which include transaction fees allocated on inception. All B&M France facilities have gross values in Euros, and the values above have been translated at the period-end rates of \u20ac1.1538/\u00a3 (2025: \u20ac1.1955/\u00a3). The movement in the loan liabilities during the year breaks down as follows:
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Borrowings brought forward
1,137
910
Cash
Net repayment of Group revolving credit facilities
\u2013
(25)
Repayment of corporate bonds
(156)
\u2013
Receipt due to newly issued corporate bonds
\u2013
250
Receipt of loan facilities held in France
12
9
Repayment of loan facilities held in France
(7)
(5)
Capitalised fees on refinancing
\u2013
(4)
Non-cash
Foreign exchange on loan balances
1
(0)
Ongoing amortisation of finance fees
2
2
Total cash movement in the year
(151)
225
Total non-cash movement in the year
3
2
Movement in the year
(148)
227
Borrowings carried forward
989
1,137
Of which current
7
160
Of which non-current
982
977
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-399": { "value": "
21 Provisions
Property
provisions Other Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 30 March 2024
6
4
10
Provided in the period
2
9
11
Utilised during the period
(0)
(3)
(3)
Released during the period
(1)
(1)
(2)
At 29 March 2025
7
9
16
Provided in the period
2
3
5
Utilised during the period
(0)
(8)
(8)
Released during the period
(2)
\u2013
(2)
At 28 March 2026
7
4
11
At 28 March 2026
Current liabilities
2
4
6
Non-current liabilities
5
\u2013
5
At 29 March 2025
Current liabilities
3
9
12
Non-current liabilities
4
\u2013
4
The property provision relates to the expected future costs on specific leasehold properties. This is inclusive of dilapidations on these properties.
The timing in relation to utilisation is dependent upon the individual lease terms.
The other provisions caption includes the portion of the Group Trading Director settlement which was provided against in the prior period and fully released
in the current period, and disputes in relation to our insured liability claims in both years. A prudent amount has been set aside for each insurance
claim as per legal advice received by the Group with the claims individually non-significant and averaging \u00a310k per claim (2025: \u00a310k per claim).
The Group is subject to an ongoing investigation by the UK Environment Agency in relation to its historical compliance with the UK Waste Electrical
and Electronic Equipment Regulations and Batteries and Accumulators Regulations. The investigation primarily relates to the period 2014\u20132022
and, whilst the Group expects an outflow in respect of this period, the amount is not expected to be material and no provision has been made as at
28 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-434": { "value": "21 Provisions
Property
provisions Other Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 30 March 2024
6
4
10
Provided in the period
2
9
11
Utilised during the period
(0)
(3)
(3)
Released during the period
(1)
(1)
(2)
At 29 March 2025
7
9
16
Provided in the period
2
3
5
Utilised during the period
(0)
(8)
(8)
Released during the period
(2)
\u2013
(2)
At 28 March 2026
7
4
11
At 28 March 2026
Current liabilities
2
4
6
Non-current liabilities
5
\u2013
5
At 29 March 2025
Current liabilities
3
9
12
Non-current liabilities
4
\u2013
4
The property provision relates to the expected future costs on specific leasehold properties. This is inclusive of dilapidations on these properties. The timing in relation to utilisation is dependent upon the individual lease terms. The other provisions caption includes the portion of the Group Trading Director settlement which was provided against in the prior period and fully released in the current period, and disputes in relation to our insured liability claims in both years. A prudent amount has been set aside for each insurance claim as per legal advice received by the Group with the claims individually non-significant and averaging \u00a310k per claim (2025: \u00a310k per claim). The Group is subject to an ongoing investigation by the UK Environment Agency in relation to its historical compliance with the UK Waste Electrical and Electronic Equipment Regulations and Batteries and Accumulators Regulations. The investigation primarily relates to the period 2014\u20132022 and, whilst the Group expects an outflow in respect of this period, the amount is not expected to be material and no provision has been made as at 28 March 2026.
30 Contingent liabilities and guarantees
As at 28 March 2026, B&M European Value Retail plc, B&M European Value Retail 1 Ltd, B&M European Value Retail 2 Ltd, B&M European Value
Retail Holdco 1 Ltd, B&M European Value Retail Holdco 2 Ltd, B&M European Value Retail Holdco 3 Ltd, B&M European Value Retail Holdco 4 Ltd, EV
Retail Ltd, B&M Retail Ltd, Heron Food Group Ltd and Heron Foods Ltd are all guarantors to both the loan and notes agreements which are formally
held within B&M European Value Retail plc. The amounts outstanding as at the period end were \u00a3225m for the loans, with the balance held in B&M
European Value Retail Holdco 4 Ltd, and \u00a3750m for the notes, with the balance held in B&M European Value Retail plc.
As at 29 March 2025, B&M European Value Retail S.A., B&M European Value Retail 1 S.\u00e0 r.l., B&M European Value Retail 2 S.\u00e0 r.l., B&M European Value
Retail Holdco 1 Ltd, B&M European Value Retail Holdco 2 Ltd, B&M European Value Retail Holdco 3 Ltd, B&M European Value Retail Holdco 4 Ltd,
EV Retail Ltd, B&M Retail Ltd, Heron Food Group Ltd and Heron Foods Ltd were all guarantors to both the loan and notes agreements which were
formally held within B&M European Value Retail S.A. The amounts outstanding as at the period end were \u00a3225m for the loans, with the balance held
in B&M European Value Retail Holdco 4 Ltd, and \u00a3906m for the notes, with the balance held in B&M European Value Retail S.A.
For details relating to the UK Waste Electrical and Electronic Equipment Regulations and Batteries and Accumulators Regulations provision, please
see note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-398": { "value": "
22 Share capital
Allotted, called up and fully paid
Shares
\u00a3\u2019m
B&M European Value Retail plc ordinary shares of 10p each
As at 30 March 2024
1,002,790,896
100
Release of shares related to employee share options
1,030,975
0
As at 29 March 2025
1,003,821,871
100
Release of shares related to employee share options
1,216,385
1
As at 28 March 2026
1,005,038,256
101
Ordinary shares
Each ordinary share ranks pari passu with each other ordinary share and each share carries one vote. The Group parent is authorised to issue up to
an additional 2,968,400,351 ordinary shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-433": { "value": "22 Share capital
Allotted, called up and fully paid
Shares
\u00a3\u2019m
B&M European Value Retail plc ordinary shares of 10p each
As at 30 March 2024
1,002,790,896
100
Release of shares related to employee share options
1,030,975
0
As at 29 March 2025
1,003,821,871
100
Release of shares related to employee share options
1,216,385
1
As at 28 March 2026
1,005,038,256
101
Ordinary shares Each ordinary share ranks pari passu with each other ordinary share and each share carries one vote. The Group parent is authorised to issue up to an additional 2,968,400,351 ordinary shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-400": { "value": "
23 Cash generated from operations
52 weeks ended 52 weeks ended
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Profit before tax
227
431
Adjustments for:
Net interest expense
148
136
Depreciation on property, plant and equipment
95
88
Impairment of property, plant and equipment
17
3
Depreciation on right-of-use assets
200
183
Impairment of right-of-use assets
25
3
Amortisation of intangible assets
2
2
(Profit) on sale and leasebacks
\u2013
(0)
Loss/(Profit) on disposal of property, plant and equipment
1
(0)
Share option expense
3
3
Change in inventories
38
(109)
Change in trade and other receivables
18
(3)
Change in trade and other payables
40
41
Change in provisions
(6)
7
Share of profits from associates
(1)
(1)
(Profit)/loss resulting from fair value of financial derivatives
(6)
3
Cash generated from operations
801
784
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-401": { "value": "
24 Group information and ultimate parent undertaking
The financial results of the Group include the following entities.
Percent held
Company name
Country
Date of incorporation
within the Group
Principal activity
B&M European Value Retail plc
Jersey
May 2014
Parent
Holding company
B&M European Value Retail 1 Ltd
Jersey
November 2012
100%
Holding company
B&M European Value Retail Holdco 1 Ltd
UK
December 2012
100%
Holding company
B&M European Value Retail Holdco 2 Ltd
UK
December 2012
100%
Holding company
B&M European Value Retail Holdco 3 Ltd
UK
November 2012
100%
Holding company
B&M European Value Retail Holdco 4 Ltd
UK
November 2012
100%
Holding company
B&M European Value Retail 2 Ltd
Jersey
September 2012
100%
Holding company
EV Retail Limited
UK
September 1996
100%
Holding company
B&M Retail Limited
UK
March 1978
100%
General retail
Opus Homewares Limited
UK
April 2003
100%
Property management
Heron Food Group Ltd
UK
August 2002
100%
Holding company
Heron Foods Ltd
UK
October 1978
100%
Convenience retail
Cooltrader Ltd
UK
September 2012
100%
Dormant
Heron Properties (Hull) Ltd
UK
February 2003
100%
Dormant
B&M France SAS
France
November 1977
100%
General retail
Centz N.I. Limited
UK
January 2021
100%
Property management
Registered offices
\u2022 The Jersey entities are all registered at 26 New Street, St Helier, Jersey, JE2 3RA.
\u2022 Centz N.I. Limited is registered at Murray House, 4 Murray Street, Belfast, United Kingdom, BT1 6DN.
\u2022 The other UK entities are all registered at The Vault, Dakota Drive, Estuary Commerce Park, Speke, Liverpool, L24 8RJ.
\u2022 B&M France is registered at 8 rue du Bois Joli, 63800 Cournon d\u2019Auvergne.
Redomicile
As part of the redomicile project detailed in note 1, the three Luxembourg entities within the Group redomiciled to Jersey in the current year; B&M
European Value Retail plc on 27 February 2026 and both B&M European Value Retail 1 Ltd and B&M European Value Retail 2 Ltd on 18 March 2026.
B&M European Value Retail plc, B&M European Value Retail 1 Ltd, B&M European Value Retail 2 Ltd in prior year were registered as B&M European
Value Retail S.A., B&M European Value Retail 1 S.\u00e0 r.l., B&M European Value Retail 2 S.\u00e0 r.l., respectively.
Associates
The Group has a 50% interest in Multi-lines International Company Limited, a company incorporated in Hong Kong, and a 22.5% interest in
Centz Retail Holdings Limited, a company incorporated in the Republic of Ireland. The share of profit or loss from the associates is included in the
consolidated statement of comprehensive income, see note 11.
Ultimate parent undertaking
The Directors of the Group consider the parent and the ultimate controlling related party of this Group to be B&M European Value Retail plc,
registered in Jersey following completion of the redomicile project this year, detailed in note 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-9": { "value": "As part of the redomicile project detailed in note 1, the three Luxembourg entities within the Group redomiciled to Jersey in the current year; B&M European Value Retail plc on 27 February 2026 and both B&M European Value Retail 1 Ltd and B&M European Value Retail 2 Ltd on 18 March 2026. B&M European Value Retail plc, B&M European Value Retail 1 Ltd, B&M European Value Retail 2 Ltd in prior year were registered as B&M European Value Retail S.A., B&M European Value Retail 1 S.\u00e0 r.l., B&M European Value Retail 2 S.\u00e0 r.l., respectively. ", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-473": { "value": "25 Financial risk management The Group uses various financial instruments, including bank loans, related party loans, finance company loans, cash, equity investment, derivatives and various items, such as trade receivables and trade payables that arise directly from its operations. The main risks arising from the Group\u2019s financial instruments are market risk, currency risk, cash flow interest rate risk, credit risk and liquidity risk. The Directors review and agree policies for managing each of these risks and they are summarised below. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below. In order to manage the Group\u2019s exposure to those risks, in particular the Group\u2019s exposure to currency risk, the Group enters into forward foreign currency contracts. No transactions in derivatives are undertaken of a speculative nature. Market risk Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and commodity price risk. Commodity price risk is not considered material to the business as the Group is able to pass on pricing changes to its customers. The Group\u2019s policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled \u2018interest rate risk\u2019 below. Currency risk The Group is exposed to translation and transaction foreign exchange risk arising from exchange rate fluctuations on its purchases from overseas suppliers. In relation to translation risk, this is not considered material to the business as amounts owed in foreign currency are short term of up to 30 days and are of a relatively modest nature. Transaction exposures, including those associated with forecast transactions, are hedged when known, principally using forward currency contracts. The majority of the Group\u2019s sales are to customers in the UK and France and there is no material currency exposure in this respect. A proportion of the Group\u2019s purchases are priced in US Dollars and the Group generally uses forward currency contracts to minimise the risk associated with that exposure. Approach to hedge accounting As part of the Group\u2019s response to currency risk the currency forwards taken out are intended to prudently cover the majority of our stock purchases forecast for that period. However, the Group only hedge accounts for that part of the forward contract that we are reasonably certain will be spent in the forecast period, allowing for potential volatility. Therefore, management always consider the likely volatility for a period and assign a percentage to each tranche of forwards purchased, usually in the range 50-80%, and never more than 80%. Effectiveness of the hedged forward is then assessed against the Group hedge ratio, which has been set by management at 80% as a reasonable guide to the certainty level we expect the hedged portions of our forwards to at least achieve. If they fail, or are expected to fail, to meet this ratio of effectiveness then they are treated as non-hedged items, and immediately expensed through administrative expenses in profit and loss. Ineffectiveness can be caused by exceptional volatility in the market, by the timing of product availability, or the desire to manage short-term company cash flows, for instance, when a large amount of cash is required at relatively short notice. Where a hedged derivative matures efficiently, the fair value is transferred to inventory and subsequently to cost of sales when that item is sold. If the Group did not hedge account, then the difference is that the gain or loss in other comprehensive income would be presented in profit or loss and the assets and liabilities presented under the classification fair value through other comprehensive income would be at fair value through profit or loss. In the period, the Group has had $661m of hedged derivatives mature (2025: $648m). The difference to profit before tax if none of our forwards had been hedge accounted during the year would have been a loss of \u00a317m (2025: \u00a32m profit) and a pre-tax gain in other comprehensive income of \u00a39m (2025: \u00a32m profit). The net effective hedging loss transferred to the cost of inventories in the year was \u00a319m (2025: net loss of \u00a38m). At the period end, the amount of outstanding US Dollar contracts covered by hedge accounting was $590m (2025: $698m), which mature over the next 12 months (2025: 15 months). The change in fair value of the hedging instruments used as the basis for recognising hedge ineffectiveness was \u00a3nil (2025: \u00a3nil), achieved effectiveness was 100% (2025: 100% Foreign currency sensitivity The following table demonstrates the sensitivity to a reasonably possible change in US Dollar period-end exchange rates with all other variables held constant. The impact on the Group\u2019s profit before tax and other comprehensive income (net of tax) is largely due to changes in the fair value of our foreign exchange derivatives and revaluation of creditors and deposits held on account with our US Dollar suppliers.
28 March 29 March
Change in 2026 2025
As at USD rate \u00a3\u2019m \u00a3\u2019m
Effect on profit before tax
+2.5%
(10)
(10)
-2.5%
10
10
Effect on other comprehensive income
+2.5%
(11)
(13)
-2.5%
11
14
Profit before tax and other comprehensive income are not sensitive to the effects of a reasonably possible change in the Euro period-end exchange rates. These calculations have been performed by taking the period-end translation rate used in the accounts and applying the changes noted above. The balance sheet valuations are then directly calculated. The valuation of the foreign exchange derivatives were projected based upon the spot rate changing and all other variables being held equal. Interest rate risk Interest rate risk is the risk of variability of the Group cash flows due to changes in the interest rate. The Group is exposed to changes in interest rates as a portion of the Group\u2019s bank borrowings are subject to a floating rate based on SONIA. The Group\u2019s interest rate risk arises mainly from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. If floating interest rates had been 50 basis points higher or lower throughout the year with all other variables held constant, the effect upon pre-tax profit for the year would have been:
Basis point 28 March 29 March
increase/ 2026 2025
As at decrease \u00a3\u2019m \u00a3\u2019m
Effect on profit before tax
+50
(1)
(1)
-50
1
1
This sensitivity has been calculated by changing the interest rate for each interest receipt, payment and accrual made by the Group over the period, by the amount specified in the table above, and then calculating the difference that would have resulted. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group\u2019s principal financial assets are cash, derivatives and trade receivables. The prior year also included money market deposits. The credit risks associated with cash, money market deposits and derivatives are limited as the main counterparties are banks with high credit ratings (A long term and A-1 short term (Standard & Poor) or better, (2025: A, A-1 (or better) respectively). The principal credit risk arises therefore from the Group\u2019s trade receivables. Credit risk is further limited by the fact that the vast majority of sales transactions are made through the store registers, direct from the customer at the point of purchase, leading to a low trade receivables balance. In order to manage credit risk, the Directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. Provisions against bad debts are made where appropriate. Liquidity risk Any impact on available cash and therefore the liquidity of the Group could have a material effect on the business as a result. The Group\u2019s borrowings are subject to semi-annual banking covenants against which the Group has had significant headroom to date with no anticipated issues based upon forecasts made. Short-term flexibility is achieved via the Group\u2019s revolving credit facility. The following table shows the liquidity risk maturity of financial liabilities grouping based on their remaining period at the balance sheet date. The amounts disclosed are the contractual undiscounted cash flows:
Within Between Between More than
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Interest-bearing loans
66
65
870
262
1,263
Lease liabilities
283
273
660
602
1,818
Trade payables
429
\u2013
\u2013
\u2013
429
29 March 2025
Interest-bearing loans
222
64
425
769
1,480
Lease liabilities
265
258
653
627
1,803
Trade payables
402
\u2013
\u2013
\u2013
402
Fair value The fair value of our corporate bonds, which are all financial liabilities held at amortised cost, has been determined by using the relevant quoted bid price for those bonds. These differ to the carrying values as shown below.
Fair Value (Level 1)
Carrying Value
28 March 29 March 28 March 29 March
2026 2025 2026 2025
As at \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
High yield bond notes (2020)
\u2013
154
\u2013
155
High yield bond notes (2021)
235
231
249
249
High yield bond notes (2023)
254
260
247
247
High yield bond notes (2024)
237
244
247
247
The fair value of the other financial assets and liabilities of the Group are not materially different from their carrying value. Refer to the table below. These all represent financial assets and liabilities measured at amortised cost except where stated as measured at fair value through profit and loss or fair value through other comprehensive income.
28 March
29 March
2026
2025
As at
Financial assets
\u00a3\u2019m
\u00a3\u2019m
Fair value through profit and loss
Forward foreign exchange contracts
7
2
Fair value through other comprehensive income
Forward foreign exchange contracts
6
1
Loans and receivables
Cash and cash equivalents
342
217
Money market deposit
\u2013
150
Trade receivables
11
15
Other receivables
14
18
28 March
29 March
2026
2025
As at
Financial liabilities
\u00a3\u2019m
\u00a3\u2019m
Fair value through profit and loss
Forward foreign exchange contracts
1
7
Fair value through other comprehensive income
Forward foreign exchange contracts
2
6
Amortised cost
Lease liabilities
1,457
1,430
Interest-bearing loans and borrowings (excluding corporate bonds)
245
239
Trade payables
429
402
Other payables
27
30
27 Capital management For the purpose of the Group\u2019s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to maximise the shareholder value. In order to achieve this overall objective, the Group\u2019s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current or prior period. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group defines net debt as: external interest-bearing loans and borrowings less cash and short-term deposits. The interest-bearing loans figure used is the gross amount of cash borrowed at that time, as opposed to the carrying value under the amortised cost method. The difference between pre and post IFRS 16 net debt is the inclusion of our full lease liability in the latter. Short-term deposits includes any term deposits held with a maturity of less than one year.
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Interest-bearing loans and borrowings (note 20)
998
1,148
Less: cash (note 17)
(342)
(217)
Less: short-term deposits (note 19)
\u2013
(150)
Net debt (pre-IFRS 16)
656
781
Total lease liabilities (note 14)
1,457
1,430
Net debt (post-IFRS 16)
2,113
2,211
The Group\u2019s leverage ratio is defined as net debt divided by EBITDA (note 3) and calculates to be 2.9 on a post-IFRS 16 basis and 1.4 on a pre-IFRS 16 basis (2025: 2.6 and 1.3, respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-435": { "value": "
Market risk
Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and commodity price risk. Commodity price risk is not
considered material to the business as the Group is able to pass on pricing changes to its customers.
The Group\u2019s policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out
in the subsection entitled \u2018interest rate risk\u2019 below.
Currency risk
The Group is exposed to translation and transaction foreign exchange risk arising from exchange rate fluctuations on its purchases from overseas
suppliers.
In relation to translation risk, this is not considered material to the business as amounts owed in foreign currency are short term of up to 30 days and
are of a relatively modest nature. Transaction exposures, including those associated with forecast transactions, are hedged when known, principally
using forward currency contracts.
The majority of the Group\u2019s sales are to customers in the UK and France and there is no material currency exposure in this respect. A proportion of
the Group\u2019s purchases are priced in US Dollars and the Group generally uses forward currency contracts to minimise the risk associated with that
exposure.
Approach to hedge accounting
As part of the Group\u2019s response to currency risk the currency forwards taken out are intended to prudently cover the majority of our stock purchases
forecast for that period. However, the Group only hedge accounts for that part of the forward contract that we are reasonably certain will be spent in
the forecast period, allowing for potential volatility. Therefore, management always consider the likely volatility for a period and assign a percentage
to each tranche of forwards purchased, usually in the range 50-80%, and never more than 80%.
Effectiveness of the hedged forward is then assessed against the Group hedge ratio, which has been set by management at 80% as a reasonable
guide to the certainty level we expect the hedged portions of our forwards to at least achieve. If they fail, or are expected to fail, to meet this ratio of
effectiveness then they are treated as non-hedged items, and immediately expensed through administrative expenses in profit and loss.
Ineffectiveness can be caused by exceptional volatility in the market, by the timing of product availability, or the desire to manage short-term
company cash flows, for instance, when a large amount of cash is required at relatively short notice.
Where a hedged derivative matures efficiently, the fair value is transferred to inventory and subsequently to cost of sales when that item is sold. If the
Group did not hedge account, then the difference is that the gain or loss in other comprehensive income would be presented in profit or loss and the
assets and liabilities presented under the classification fair value through other comprehensive income would be at fair value through profit or loss.
In the period, the Group has had $661m of hedged derivatives mature (2025: $648m). The difference to profit before tax if none of our forwards had
been hedge accounted during the year would have been a loss of \u00a317m (2025: \u00a32m profit) and a pre-tax gain in other comprehensive income of
\u00a39m (2025: \u00a32m profit).
The net effective hedging loss transferred to the cost of inventories in the year was \u00a319m (2025: net loss of \u00a38m). At the period end, the amount of
outstanding US Dollar contracts covered by hedge accounting was $590m (2025: $698m), which mature over the next 12 months (2025: 15 months).
The change in fair value of the hedging instruments used as the basis for recognising hedge ineffectiveness was \u00a3nil (2025: \u00a3nil), achieved effectiveness
was 100% (2025: 100% ).
Foreign currency sensitivity The following table demonstrates the sensitivity to a reasonably possible change in US Dollar period-end exchange rates with all other variables held constant. The impact on the Group\u2019s profit before tax and other comprehensive income (net of tax) is largely due to changes in the fair value of our foreign exchange derivatives and revaluation of creditors and deposits held on account with our US Dollar suppliers.
28 March 29 March
Change in 2026 2025
As at USD rate \u00a3\u2019m \u00a3\u2019m
Effect on profit before tax
+2.5%
(10)
(10)
-2.5%
10
10
Effect on other comprehensive income
+2.5%
(11)
(13)
-2.5%
11
14
Profit before tax and other comprehensive income are not sensitive to the effects of a reasonably possible change in the Euro period-end exchange rates. These calculations have been performed by taking the period-end translation rate used in the accounts and applying the changes noted above. The balance sheet valuations are then directly calculated. The valuation of the foreign exchange derivatives were projected based upon the spot rate changing and all other variables being held equal. Interest rate risk Interest rate risk is the risk of variability of the Group cash flows due to changes in the interest rate. The Group is exposed to changes in interest rates as a portion of the Group\u2019s bank borrowings are subject to a floating rate based on SONIA. The Group\u2019s interest rate risk arises mainly from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. If floating interest rates had been 50 basis points higher or lower throughout the year with all other variables held constant, the effect upon pre-tax profit for the year would have been:
Basis point 28 March 29 March
increase/ 2026 2025
As at decrease \u00a3\u2019m \u00a3\u2019m
Effect on profit before tax
+50
(1)
(1)
-50
1
1
This sensitivity has been calculated by changing the interest rate for each interest receipt, payment and accrual made by the Group over the period, by the amount specified in the table above, and then calculating the difference that would have resulted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-476": { "value": "Approach to hedge accounting As part of the Group\u2019s response to currency risk the currency forwards taken out are intended to prudently cover the majority of our stock purchases forecast for that period. However, the Group only hedge accounts for that part of the forward contract that we are reasonably certain will be spent in the forecast period, allowing for potential volatility. Therefore, management always consider the likely volatility for a period and assign a percentage to each tranche of forwards purchased, usually in the range 50-80%, and never more than 80%. Effectiveness of the hedged forward is then assessed against the Group hedge ratio, which has been set by management at 80% as a reasonable guide to the certainty level we expect the hedged portions of our forwards to at least achieve. If they fail, or are expected to fail, to meet this ratio of effectiveness then they are treated as non-hedged items, and immediately expensed through administrative expenses in profit and loss. Ineffectiveness can be caused by exceptional volatility in the market, by the timing of product availability, or the desire to manage short-term company cash flows, for instance, when a large amount of cash is required at relatively short notice. Where a hedged derivative matures efficiently, the fair value is transferred to inventory and subsequently to cost of sales when that item is sold. If the Group did not hedge account, then the difference is that the gain or loss in other comprehensive income would be presented in profit or loss and the assets and liabilities presented under the classification fair value through other comprehensive income would be at fair value through profit or loss. In the period, the Group has had $661m of hedged derivatives mature (2025: $648m). The difference to profit before tax if none of our forwards had been hedge accounted during the year would have been a loss of \u00a317m (2025: \u00a32m profit) and a pre-tax gain in other comprehensive income of \u00a39m (2025: \u00a32m profit). The net effective hedging loss transferred to the cost of inventories in the year was \u00a319m (2025: net loss of \u00a38m). At the period end, the amount of outstanding US Dollar contracts covered by hedge accounting was $590m (2025: $698m), which mature over the next 12 months (2025: 15 months). The change in fair value of the hedging instruments used as the basis for recognising hedge ineffectiveness was \u00a3nil (2025: \u00a3nil), achieved effectiveness was 100% (2025: 100% ). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-469": { "value": "Approach to hedge accounting As part of the Group\u2019s response to currency risk the currency forwards taken out are intended to prudently cover the majority of our stock purchases forecast for that period. However, the Group only hedge accounts for that part of the forward contract that we are reasonably certain will be spent in the forecast period, allowing for potential volatility. Therefore, management always consider the likely volatility for a period and assign a percentage to each tranche of forwards purchased, usually in the range 50-80%, and never more than 80%. Effectiveness of the hedged forward is then assessed against the Group hedge ratio, which has been set by management at 80% as a reasonable guide to the certainty level we expect the hedged portions of our forwards to at least achieve. If they fail, or are expected to fail, to meet this ratio of effectiveness then they are treated as non-hedged items, and immediately expensed through administrative expenses in profit and loss. Ineffectiveness can be caused by exceptional volatility in the market, by the timing of product availability, or the desire to manage short-term company cash flows, for instance, when a large amount of cash is required at relatively short notice. Where a hedged derivative matures efficiently, the fair value is transferred to inventory and subsequently to cost of sales when that item is sold. If the Group did not hedge account, then the difference is that the gain or loss in other comprehensive income would be presented in profit or loss and the assets and liabilities presented under the classification fair value through other comprehensive income would be at fair value through profit or loss. In the period, the Group has had $661m of hedged derivatives mature (2025: $648m). The difference to profit before tax if none of our forwards had been hedge accounted during the year would have been a loss of \u00a317m (2025: \u00a32m profit) and a pre-tax gain in other comprehensive income of \u00a39m (2025: \u00a32m profit). The net effective hedging loss transferred to the cost of inventories in the year was \u00a319m (2025: net loss of \u00a38m). At the period end, the amount of outstanding US Dollar contracts covered by hedge accounting was $590m (2025: $698m), which mature over the next 12 months (2025: 15 months). The change in fair value of the hedging instruments used as the basis for recognising hedge ineffectiveness was \u00a3nil (2025: \u00a3nil), achieved effectiveness was 100% (2025: 100% ). ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-457": { "value": "Foreign currency sensitivity The following table demonstrates the sensitivity to a reasonably possible change in US Dollar period-end exchange rates with all other variables held constant. The impact on the Group\u2019s profit before tax and other comprehensive income (net of tax) is largely due to changes in the fair value of our foreign exchange derivatives and revaluation of creditors and deposits held on account with our US Dollar suppliers.
28 March 29 March
Change in 2026 2025
As at USD rate \u00a3\u2019m \u00a3\u2019m
Effect on profit before tax
+2.5%
(10)
(10)
-2.5%
10
10
Effect on other comprehensive income
+2.5%
(11)
(13)
-2.5%
11
14
Profit before tax and other comprehensive income are not sensitive to the effects of a reasonably possible change in the Euro period-end exchange rates. These calculations have been performed by taking the period-end translation rate used in the accounts and applying the changes noted above. The balance sheet valuations are then directly calculated. The valuation of the foreign exchange derivatives were projected based upon the spot rate changing and all other variables being held equal. If floating interest rates had been 50 basis points higher or lower throughout the year with all other variables held constant, the effect upon pre-tax profit for the year would have been:
Basis point 28 March 29 March
increase/ 2026 2025
As at decrease \u00a3\u2019m \u00a3\u2019m
Effect on profit before tax
+50
(1)
(1)
-50
1
1
This sensitivity has been calculated by changing the interest rate for each interest receipt, payment and accrual made by the Group over the period, by the amount specified in the table above, and then calculating the difference that would have resulted. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-437": { "value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group\u2019s principal financial assets are cash, derivatives and trade receivables. The prior year also included money market deposits. The credit risks associated with cash, money market deposits and derivatives are limited as the main counterparties are banks with high credit ratings (A long term and A-1 short term (Standard & Poor) or better, (2025: A, A-1 (or better) respectively). The principal credit risk arises therefore from the Group\u2019s trade receivables. Credit risk is further limited by the fact that the vast majority of sales transactions are made through the store registers, direct from the customer at the point of purchase, leading to a low trade receivables balance. In order to manage credit risk, the Directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. Provisions against bad debts are made where appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-436": { "value": "Liquidity risk Any impact on available cash and therefore the liquidity of the Group could have a material effect on the business as a result. The Group\u2019s borrowings are subject to semi-annual banking covenants against which the Group has had significant headroom to date with no anticipated issues based upon forecasts made. Short-term flexibility is achieved via the Group\u2019s revolving credit facility. The following table shows the liquidity risk maturity of financial liabilities grouping based on their remaining period at the balance sheet date. The amounts disclosed are the contractual undiscounted cash flows:
Within Between Between More than
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
28 March 2026
Interest-bearing loans
66
65
870
262
1,263
Lease liabilities
283
273
660
602
1,818
Trade payables
429
\u2013
\u2013
\u2013
429
29 March 2025
Interest-bearing loans
222
64
425
769
1,480
Lease liabilities
265
258
653
627
1,803
Trade payables
402
\u2013
\u2013
\u2013
402
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-402": { "value": "
26 Related party transactions
The Group has transacted with the following related parties over the periods:
Multi-lines International Company Limited, a supplier, and Centz Retail Holdings Limited, a customer, are associates of the Group.
Ropley Properties Ltd, Triple Jersey Ltd, TJL UK Ltd, Rani Investments, Fulland Investments Limited, Golden Honest International Investments Limited,
Hammond Investments Limited, Joint Sino Investments Limited and Ocean Sense Investments Limited, all landlords of properties occupied by the
Group, and Rani 1 Holdings Limited, Rani 2 Holdings Limited and SSA Investments, Bondholders and beneficial owners of equipment hired to the
Group, are directly or indirectly owned by Bobby Arora, formerly a key member of the management team, his family, or his family trusts (together, the
Arora related parties). These entities have ceased to be related parties as at 30 March 2025, on Bobby Arora\u2019s exit from the business. Transactions
have continued with these entities but are excluded in the current period from the related party tables below since they are no longer related parties,
two days into the current period and the transactions during that period are immaterial.
The overall position at the prior year end is summarised in the table below:
52 weeks ended
29 March
2025
\u00a3\u2019m
SSA Investments (4.000%, 2021 bonds)
99
Total
99
The expense incurred during the prior year, and the accrual at the end of the prior year are shown in the table below:
Expense to Accrual on
29 March 29 March
2025 2025
\u00a3\u2019m \u00a3\u2019m
SSA Investments
4.0
1.5
Total
4.0
1.5
The following table sets out the total amount of trading transactions with related parties included in the statement of comprehensive income:
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Sales to associates of the Group
Centz Retail Holdings Limited
30
29
Total sales to related parties
30
29
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Purchases from associates of the Group
Multi-lines International Company Ltd
250.1
234.3
Purchases from parties related to key management personnel
Fulland Investments Limited
\u2013
0.3
Golden Honest International Investments Limited
\u2013
0.2
Hammond Investments Limited
\u2013
0.3
Joint Sino Investments Limited
\u2013
0.2
Ocean Sense Investments Limited
\u2013
0.3
Total purchases from related parties
250.1
235.6
There are no leases held with related parties at the end of this period. At the end of prior period, the IFRS 16 lease figures in relation to the following
related parties, which were all related to key management personnel, were as follows:
Depreciation Interest Total Right-of-use Lease Net
charge charge charge asset liability liability
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Period ended 29 March 2025
Rani Investments
0
0
0
0
(0)
(0)
Ropley Properties
2
1
3
6
(8)
(2)
TJL UK Limited
1
0
1
9
(11)
(2)
Triple Jersey Limited
9
4
13
57
(68)
(11)
Total
12
5
17
72
(87)
(15)
The following tables set out the total amount of trading balances with related parties outstanding at the period end.
28 March
29 March
2026
2025
As at
Trade receivables from associates of the Group
\u00a3\u2019m
\u00a3\u2019m
Centz Retail Holdings Ltd
4
2
Multi-lines International Company Ltd
\u2013
1
Total related party trade receivables
4
3
28 March
29 March
2026
2025
As at
Trade payables to associates of the Group
\u00a3\u2019m
\u00a3\u2019m
Multi-lines International Company Ltd
19
5
Trade payables to companies owned by key management personnel
Ropley Properties Ltd
\u2013
0
TJL UK Limited
\u2013
0
Triple Jersey Ltd
\u2013
2
Total related party trade payables
19
7
Outstanding trade balances at the balance sheet dates are unsecured and interest free and settlement occurs in cash. There have been no
guarantees provided or received for any related party trade receivables or payables.
The balance with Multi-lines International Company Ltd includes \u00a311m (2025: \u00a314m) held within a supply chain facility. See note 18 for more details.
The facility is operated by major banking partners with high credit ratings and is limited to \u00a370m total exposure at any one time.
The purpose of the arrangement is to enable our participating suppliers, at their discretion, to draw down against their receivables from the Group
prior to their usual due date.
There would be no impact on the Group if the facility became unavailable and there are no fees or charges payable by the Group in regards to this
arrangement.
As these invoices continue to be part of the normal operating cycle of the Group, the scheme does not change the recognition of the invoices subject
to the scheme, so they continue to be recognised as trade payables, with the associated cash flows presented within operating cash flows and
without affecting the calculation of Group net debt.
The business has not recorded any impairment of trade receivables relating to amounts owed by related parties in any of the presented periods. This
assessment is through examining the financial position of the related party and the market in which the related party operates.
As at the prior year end, the future lease commitments on the Arora related party properties were:
29 March
2025
As at \u00a3\u2019m
Not later than one year
17
Later than one year and not later than two years
17
Later than two years and not later than five years
40
Later than five years
31
Total
105
See note 11 for further information on the Group\u2019s associates.
For further details on the transactions with key management personnel, see note 7 and the Directors\u2019 remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-438": { "value": "26 Related party transactions The Group has transacted with the following related parties over the periods: Multi-lines International Company Limited, a supplier, and Centz Retail Holdings Limited, a customer, are associates of the Group. Ropley Properties Ltd, Triple Jersey Ltd, TJL UK Ltd, Rani Investments, Fulland Investments Limited, Golden Honest International Investments Limited, Hammond Investments Limited, Joint Sino Investments Limited and Ocean Sense Investments Limited, all landlords of properties occupied by the Group, and Rani 1 Holdings Limited, Rani 2 Holdings Limited and SSA Investments, Bondholders and beneficial owners of equipment hired to the Group, are directly or indirectly owned by Bobby Arora, formerly a key member of the management team, his family, or his family trusts (together, the Arora related parties). These entities have ceased to be related parties as at 30 March 2025, on Bobby Arora\u2019s exit from the business. Transactions have continued with these entities but are excluded in the current period from the related party tables below since they are no longer related parties, two days into the current period and the transactions during that period are immaterial. The overall position at the prior year end is summarised in the table below:
52 weeks ended
29 March
2025
\u00a3\u2019m
SSA Investments (4.000%, 2021 bonds)
99
Total
99
The expense incurred during the prior year, and the accrual at the end of the prior year are shown in the table below:
Expense to Accrual on
29 March 29 March
2025 2025
\u00a3\u2019m \u00a3\u2019m
SSA Investments
4.0
1.5
Total
4.0
1.5
The following table sets out the total amount of trading transactions with related parties included in the statement of comprehensive income:
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Sales to associates of the Group
Centz Retail Holdings Limited
30
29
Total sales to related parties
30
29
28 March 29 March
2026 2025
Period ended \u00a3\u2019m \u00a3\u2019m
Purchases from associates of the Group
Multi-lines International Company Ltd
250.1
234.3
Purchases from parties related to key management personnel
Fulland Investments Limited
\u2013
0.3
Golden Honest International Investments Limited
\u2013
0.2
Hammond Investments Limited
\u2013
0.3
Joint Sino Investments Limited
\u2013
0.2
Ocean Sense Investments Limited
\u2013
0.3
Total purchases from related parties
250.1
235.6
There are no leases held with related parties at the end of this period. At the end of prior period, the IFRS 16 lease figures in relation to the following related parties, which were all related to key management personnel, were as follows:
Depreciation Interest Total Right-of-use Lease Net
charge charge charge asset liability liability
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Period ended 29 March 2025
Rani Investments
0
0
0
0
(0)
(0)
Ropley Properties
2
1
3
6
(8)
(2)
TJL UK Limited
1
0
1
9
(11)
(2)
Triple Jersey Limited
9
4
13
57
(68)
(11)
Total
12
5
17
72
(87)
(15)
The following tables set out the total amount of trading balances with related parties outstanding at the period end.
28 March
29 March
2026
2025
As at
Trade receivables from associates of the Group
\u00a3\u2019m
\u00a3\u2019m
Centz Retail Holdings Ltd
4
2
Multi-lines International Company Ltd
\u2013
1
Total related party trade receivables
4
3
28 March
29 March
2026
2025
As at
Trade payables to associates of the Group
\u00a3\u2019m
\u00a3\u2019m
Multi-lines International Company Ltd
19
5
Trade payables to companies owned by key management personnel
Ropley Properties Ltd
\u2013
0
TJL UK Limited
\u2013
0
Triple Jersey Ltd
\u2013
2
Total related party trade payables
19
7
Outstanding trade balances at the balance sheet dates are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party trade receivables or payables. The balance with Multi-lines International Company Ltd includes \u00a311m (2025: \u00a314m) held within a supply chain facility. See note 18 for more details. The facility is operated by major banking partners with high credit ratings and is limited to \u00a370m total exposure at any one time. The purpose of the arrangement is to enable our participating suppliers, at their discretion, to draw down against their receivables from the Group prior to their usual due date. There would be no impact on the Group if the facility became unavailable and there are no fees or charges payable by the Group in regards to this arrangement. As these invoices continue to be part of the normal operating cycle of the Group, the scheme does not change the recognition of the invoices subject to the scheme, so they continue to be recognised as trade payables, with the associated cash flows presented within operating cash flows and without affecting the calculation of Group net debt. The business has not recorded any impairment of trade receivables relating to amounts owed by related parties in any of the presented periods. This assessment is through examining the financial position of the related party and the market in which the related party operates. As at the prior year end, the future lease commitments on the Arora related party properties were:
29 March
2025
As at \u00a3\u2019m
Not later than one year
17
Later than one year and not later than two years
17
Later than two years and not later than five years
40
Later than five years
31
Total
105
See note 11 for further information on the Group\u2019s associates. For further details on the transactions with key management personnel, see note 7 and the Directors\u2019 remuneration report.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-403": { "value": "
27 Capital management
For the purpose of the Group\u2019s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of
the parent. The primary objective of the Group\u2019s capital management is to maximise the shareholder value.
In order to achieve this overall objective, the Group\u2019s capital management, amongst other things, aims to ensure that it meets financial covenants
attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would
permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and
borrowing in the current or prior period.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial
covenants.
To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new
shares.
The Group defines net debt as: external interest-bearing loans and borrowings less cash and short-term deposits.
The interest-bearing loans figure used is the gross amount of cash borrowed at that time, as opposed to the carrying value under the amortised cost
method. The difference between pre and post IFRS 16 net debt is the inclusion of our full lease liability in the latter.
Short-term deposits includes any term deposits held with a maturity of less than one year.
28 March 29 March
2026 2025
As at \u00a3\u2019m \u00a3\u2019m
Interest-bearing loans and borrowings (note 20)
998
1,148
Less: cash (note 17)
(342)
(217)
Less: short-term deposits (note 19)
\u2013
(150)
Net debt (pre-IFRS 16)
656
781
Total lease liabilities (note 14)
1,457
1,430
Net debt (post-IFRS 16)
2,113
2,211
The Group\u2019s leverage ratio is defined as net debt divided by EBITDA (note 3) and calculates to be 2.9 on a post-IFRS 16 basis and 1.4 on a pre-IFRS 16
basis (2025: 2.6 and 1.3, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-404": { "value": "
28 Post balance sheet events
On 10 April 2026, the Group announced that Helen Cowing had stepped down from her role as interim Chief Financial Officer and that Peter
Waterhouse, previously B&M Finance Director, will be her successor as interim Chief Financial Officer, with effect immediately.
Also on 10 April 2026, the Group announced that Peter Pritchard has been appointed to the Board as a Non-Executive Director, with effect
immediately.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-405": { "value": "
29 Dividends
An interim dividend of 3.5 pence per share (\u00a335.2m) was declared in November 2025 and has been paid.
A final dividend of 6.1 pence per share (\u00a361.3m), giving a full year dividend of 9.6 pence per share (\u00a396.5m), is proposed.
Relating to the prior year;
An interim dividend of 5.3 pence per share (\u00a353.2m) was declared in November 2024 and has been paid.
A special dividend of 15.0 pence per share (\u00a3150.6m), was declared in January 2025 and has been paid.
A final dividend of 9.7 pence per share (\u00a397.4m), giving a full year dividend of 15 .0 pence per share (\u00a3150.6m), was declared in July 2025 and has
been paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-458": { "value": "0.15", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-407": { "value": "30 Contingent liabilities and guarantees As at 28 March 2026, B&M European Value Retail plc, B&M European Value Retail 1 Ltd, B&M European Value Retail 2 Ltd, B&M European Value Retail Holdco 1 Ltd, B&M European Value Retail Holdco 2 Ltd, B&M European Value Retail Holdco 3 Ltd, B&M European Value Retail Holdco 4 Ltd, EV Retail Ltd, B&M Retail Ltd, Heron Food Group Ltd and Heron Foods Ltd are all guarantors to both the loan and notes agreements which are formally held within B&M European Value Retail plc. The amounts outstanding as at the period end were \u00a3225m for the loans, with the balance held in B&M European Value Retail Holdco 4 Ltd, and \u00a3750m for the notes, with the balance held in B&M European Value Retail plc. As at 29 March 2025, B&M European Value Retail S.A., B&M European Value Retail 1 S.\u00e0 r.l., B&M European Value Retail 2 S.\u00e0 r.l., B&M European Value Retail Holdco 1 Ltd, B&M European Value Retail Holdco 2 Ltd, B&M European Value Retail Holdco 3 Ltd, B&M European Value Retail Holdco 4 Ltd, EV Retail Ltd, B&M Retail Ltd, Heron Food Group Ltd and Heron Foods Ltd were all guarantors to both the loan and notes agreements which were formally held within B&M European Value Retail S.A. The amounts outstanding as at the period end were \u00a3225m for the loans, with the balance held in B&M European Value Retail Holdco 4 Ltd, and \u00a3906m for the notes, with the balance held in B&M European Value Retail S.A. For details relating to the UK Waste Electrical and Electronic Equipment Regulations and Batteries and Accumulators Regulations provision, please see note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-406": { "value": "
31 Directors
The Directors that served during the period were:
T Hall (Chair)
T Jegen (CEO) (appointed 16 June 2025)
A Russo (CEO) (retired 30 April 2025)
H Cowing (Interim CFO) (appointed 1 December 2025, resigned 10 April 2026)
M Schmidt (CFO) (resigned 1 December 2025)
P MacKenzie
H Lasry
O Tant
N Shouraboura
E Sutherland (appointed 20 January 2025)
Tjeerd Jegen was appointed as Chief Executive Officer with effect from 16 June 2025.
Alex Russo served as Chief Executive Officer of the B&M Group from September 2022 until his retirement from the Board on 30 April 2025.
As previously announced by the Group on 20 October 2025, Mike Schmidt stepped down from his role as Chief Financial Officer.
On 12 November 2025, Helen Cowing was appointed as interim Chief Financial Officer and was appointed to the Board on 1 December.
On 10 April 2026, the Group announced that Helen Cowing had stepped down from her role as interim Chief Financial Officer and that Peter
Waterhouse, previously B&M Finance Director, will be her successor as interim Chief Financial Officer, with effect immediately.
Also on 10 April 2026, the Group announced that Peter Pritchard has been appointed to the Board as a Non-Executive Director, with effect
immediately.
All directors served for the whole period except where indicated above.
", "dimensions": { "concept": "bm:DisclosureOfDirectors", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-10": { "value": "26 New Street, St Helier, Jersey JE2 3RA", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800UK7ZRLY2K1X530", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } } } }