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"fact-286": {
"value": "1 General information Moonpig Group plc (the \u201cCompany\u201d or \u201cParent Company\u201d) is a public limited company incorporated in the United Kingdom under the Companies Act 2006, whose shares are traded on the London Stock Exchange. The consolidated financial statements of the Company as at and for the year ended 30 April 2023 comprise the Company and its interests in subsidiaries (together referred to as the \u201cGroup\u201d). The Company is domiciled in the United Kingdom and its registered address is Herbal House, 10 Back Hill, London, EC1R 5EN, England, United Kingdom. The Company\u2019s LEI number is 213800VAYO5KCAXZHK83. Basis of preparation The consolidated financial statements of Moonpig Group plc have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. All figures presented are rounded to the nearest thousand (\u00a3000), unless otherwise stated. The consolidated financial statements have been prepared on the going concern basis and under the historical cost convention modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss. Basis of consolidation Subsidiaries are entities over which the Group has control. Control exists when the Group has existing rights that give it the ability to direct the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany transactions and balances between Group companies are eliminated on consolidation. The financial statements of all subsidiary undertakings are prepared to the same reporting date as the Company. All subsidiary undertakings have been consolidated. The subsidiary undertakings of the Company at 30 April 2023 are detailed in Note 25 to the consolidated financial statements on page 180. Consideration of climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosures on pages 32 to 47. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: \u2022 Going concern and viability of the Group over the next three years; \u2022 Cash flow forecasts used in the impairment assessments of non-current assets including goodwill and other intangible assets; \u2022 Carrying amount and useful economic lives of property, plant and equipment. Whilst there is currently no material medium-term financial impact expected from climate change, the Directors will assess climate- related risks at each reporting date against judgements and estimates made in preparation of the Group\u2019s financial statements. Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic report on pages 1 to 75. The Group has continued to generate positive operating cash flow and finished the year with liquidity headroom of \u00a3102,394,000 (2022: \u00a3121,677,000) comprising gross cash and unutilised committed senior facilities. The Group has a Senior Facilities Agreement which is committed until 8 December 2025 and comprises a Term Loan of \u00a3175,000,000, an Original RCF of \u00a320,000,000 and an Additional RCF of \u00a360,000,000, which was entered into during the year. The Term Loan and amounts drawn under the Original RCF and Additional RCF bear interest at a floating rate (which was linked to LIBOR until 8 December 2021 and linked to SONIA since that date) plus a margin. On 1 August 2022, the Group executed two interest rate derivative agreements, with the intention of hedging its exposure to increases in SONIA for broadly three quarters of its current expected future senior debt (net of cash) until November 2024. For the remaining term, the agreements comprise an interest rate swap at a rate of 2.4725% with a floor strike rate of 0% on \u00a355m notional until 30 November 2023 and an interest rate cap with a cap strike rate of 3.0000% on \u00a370m notional until 30 November 2024. The Senior Facilities Agreement is subject to a Total Net Debt to last twelve months\u2019 pro forma Adjusted EBITDA covenant of 4.00x at 30 April 2023 and 3.50x thereafter. It is tested on a semi-annual basis, with Total Net Debt and last twelve months\u2019 pro forma Adjusted EBITDA as defined in the Senior Facilities Agreement. The Group has complied with all covenants from entering the Senior Facilities Agreement until the date of these financial statements and is forecast to comply with these during the going concern assessment period. The Directors have reviewed the severe but plausible scenarios as described within the viability statement on pages 72 and 73; in these scenarios, the Group continues to have sufficient resources to continue in operational existence. In the event that more severe impacts occur, controllable mitigating actions are available to the Group should they be required. The Directors also reviewed the results of reverse stress testing performed throughout the going concern and viability periods, to provide an illustration of the extent to which existing customer purchase frequency and levels of new customer acquisition would need to deteriorate in order that their cumulative effect should either trigger a breach in the Group\u2019s covenants under the Senior Facilities Agreement or else exhaust liquidity. The probability of this scenario occurring was deemed to be remote given the resilient nature of the business model and strong cash conversion of the Group. After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements, in accordance with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. Critical accounting judgements and estimates In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.The areas of judgement which have the greatest potential effect on the amounts recognised in the financial statements are: Capitalisation of internally generated assets Certain costs incurred in the developmental phase of an internal project, which include the development of technology, app and platform enhancements, internally generated software and trademarks, are capitalised as intangible assets if a number of criteria are met. The costs of internally developed assets include capitalised expenses of employees working full time on software development projects, third-party firms and software licence fees. Management has made judgements and assumptions when assessing whether development meets these criteria and on measuring the costs attributed to such projects. Further details of the amounts of, and movements in, such assets are given in Note 11. Acquisition of Experiences On acquisition of Experience More Limited, the Group has used judgement in determining the fair values of identifiable assets acquired and liabilities assumed on business combination. This includes determining whether any intangible assets should be recognised separately from goodwill, and estimating their useful lives. The areas of estimates and assumptions which have the greatest potential effect on the amounts recognised in the financial statements are: Useful life of internally generated assets The estimated useful lives which are used to calculate amortisation of internally generated assets (the Group\u2019s platforms and applications) are based on the length of time these assets are expected to generate income and be of benefit to the Group. The uncertainty included in this estimate is that if the useful lives are estimated to differ from the actual useful lives of the intangible assets, this could result in accelerated amortisation in future years and/or impairments. The economic lives of internally generated intangible assets are estimated at three years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. If the useful life of internally generated assets were estimated to be shorter or longer by one year, than the current useful life of three years, the net book value would (decrease)/increase by (\u00a33,825,000)/\u00a31,912,000 from the amount recognised as at 30 April 2023. Further details of the amounts of, and movements in, such assets are given in Note 11. Experiences merchant accrual The merchant accrual has been identified as a significant estimate following the acquisition of Experiences, which acts as an agent at the point of sale. When a voucher is purchased, the expected value of future amounts that will become payable to merchant providers is recorded within Trade and Other Payables on the Balance Sheet. The Group takes into account historical redemption rates when estimating future payments to merchant providers, with the span between the upper and the lower ends of the range in historical trends for these rates equivalent to a \u00a32,916,000 movement in the amount recognised in revenue. The estimates are trued up for actual customer utilisation rates in the year. Carrying amount of Experiences goodwill Annually, the goodwill balance is subject to an impairment review. The critical accounting estimate made in the calculation of the recoverable amount is the pre-perpetuity compound annual revenue growth rate of 10.5% (April 2022: N/a). Sensitivity analysis relating to this critical account estimate and further disclosure is set out in Note 11. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-284": {
"value": "1 General information Moonpig Group plc (the \u201cCompany\u201d or \u201cParent Company\u201d) is a public limited company incorporated in the United Kingdom under the Companies Act 2006, whose shares are traded on the London Stock Exchange. The consolidated financial statements of the Company as at and for the year ended 30 April 2023 comprise the Company and its interests in subsidiaries (together referred to as the \u201cGroup\u201d). The Company is domiciled in the United Kingdom and its registered address is Herbal House, 10 Back Hill, London, EC1R 5EN, England, United Kingdom. The Company\u2019s LEI number is 213800VAYO5KCAXZHK83. Basis of preparation The consolidated financial statements of Moonpig Group plc have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. All figures presented are rounded to the nearest thousand (\u00a3000), unless otherwise stated. The consolidated financial statements have been prepared on the going concern basis and under the historical cost convention modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss. Basis of consolidation Subsidiaries are entities over which the Group has control. Control exists when the Group has existing rights that give it the ability to direct the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany transactions and balances between Group companies are eliminated on consolidation. The financial statements of all subsidiary undertakings are prepared to the same reporting date as the Company. All subsidiary undertakings have been consolidated. The subsidiary undertakings of the Company at 30 April 2023 are detailed in Note 25 to the consolidated financial statements on page 180. Consideration of climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosures on pages 32 to 47. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: \u2022 Going concern and viability of the Group over the next three years; \u2022 Cash flow forecasts used in the impairment assessments of non-current assets including goodwill and other intangible assets; \u2022 Carrying amount and useful economic lives of property, plant and equipment. Whilst there is currently no material medium-term financial impact expected from climate change, the Directors will assess climate- related risks at each reporting date against judgements and estimates made in preparation of the Group\u2019s financial statements. Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic report on pages 1 to 75. The Group has continued to generate positive operating cash flow and finished the year with liquidity headroom of \u00a3102,394,000 (2022: \u00a3121,677,000) comprising gross cash and unutilised committed senior facilities. The Group has a Senior Facilities Agreement which is committed until 8 December 2025 and comprises a Term Loan of \u00a3175,000,000, an Original RCF of \u00a320,000,000 and an Additional RCF of \u00a360,000,000, which was entered into during the year. The Term Loan and amounts drawn under the Original RCF and Additional RCF bear interest at a floating rate (which was linked to LIBOR until 8 December 2021 and linked to SONIA since that date) plus a margin. On 1 August 2022, the Group executed two interest rate derivative agreements, with the intention of hedging its exposure to increases in SONIA for broadly three quarters of its current expected future senior debt (net of cash) until November 2024. For the remaining term, the agreements comprise an interest rate swap at a rate of 2.4725% with a floor strike rate of 0% on \u00a355m notional until 30 November 2023 and an interest rate cap with a cap strike rate of 3.0000% on \u00a370m notional until 30 November 2024. Notes to the Consolidated Financial Statements The Senior Facilities Agreement is subject to a Total Net Debt to last twelve months\u2019 pro forma Adjusted EBITDA covenant of 4.00x
at 30 April 2023 and 3.50x thereafter. It is tested on a semi-annual basis, with Total Net Debt and last twelve months\u2019 pro forma
Adjusted EBITDA as defined in the Senior Facilities Agreement. The Group has complied with all covenants from entering the Senior
Facilities Agreement until the date of these financial statements and is forecast to comply with these during the going concern
assessment period.
The Directors have reviewed the severe but plausible scenarios as described within the viability statement on pages 72 and 73; in
these scenarios, the Group continues to have sufficient resources to continue in operational existence. In the event that more severe
impacts occur, controllable mitigating actions are available to the Group should they be required.
The Directors also reviewed the results of reverse stress testing performed throughout the going concern and viability periods, to
provide an illustration of the extent to which existing customer purchase frequency and levels of new customer acquisition would need
to deteriorate in order that their cumulative effect should either trigger a breach in the Group\u2019s covenants under the Senior Facilities
Agreement or else exhaust liquidity. The probability of this scenario occurring was deemed to be remote given the resilient nature of
the business model and strong cash conversion of the Group.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in
operational existence for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the
going concern basis in preparing the consolidated financial statements, in accordance with those parts of the Companies Act 2006
applicable to companies reporting under IFRS.
Critical accounting judgements and estimates
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application
of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas of judgement which have the greatest potential effect on the amounts recognised in the financial statements are:
Capitalisation of internally generated assets
Certain costs incurred in the developmental phase of an internal project, which include the development of technology, app and
platform enhancements, internally generated software and trademarks, are capitalised as intangible assets if a number of criteria are
met. The costs of internally developed assets include capitalised expenses of employees working full time on software development
projects, third-party firms and software licence fees. Management has made judgements and assumptions when assessing whether
development meets these criteria and on measuring the costs attributed to such projects. Further details of the amounts of, and
movements in, such assets are given in Note 11.
Acquisition of Experiences
On acquisition of Experience More Limited, the Group has used judgement in determining the fair values of identifiable assets acquired
and liabilities assumed on business combination. This includes determining whether any intangible assets should be recognised
separately from goodwill, and estimating their useful lives.
The areas of estimates and assumptions which have the greatest potential effect on the amounts recognised in the financial
statements are:
Useful life of internally generated assets
The estimated useful lives which are used to calculate amortisation of internally generated assets (the Group\u2019s platforms and
applications) are based on the length of time these assets are expected to generate income and be of benefit to the Group. The
uncertainty included in this estimate is that if the useful lives are estimated to differ from the actual useful lives of the intangible
assets, this could result in accelerated amortisation in future years and/or impairments. The economic lives of internally generated
intangible assets are estimated at three years. Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate. If the useful life of internally generated assets were estimated to be shorter or longer by one year,
than the current useful life of three years, the net book value would (decrease)/increase by (\u00a33,825,000)/\u00a31,912,000 from the amount
recognised as at 30 April 2023. Further details of the amounts of, and movements in, such assets are given in Note 11.
Experiences merchant accrual
The merchant accrual has been identified as a significant estimate following the acquisition of Experiences, which acts as an agent at
the point of sale. When a voucher is purchased, the expected value of future amounts that will become payable to merchant providers
is recorded within Trade and Other Payables on the Balance Sheet. The Group takes into account historical redemption rates when
estimating future payments to merchant providers, with the span between the upper and the lower ends of the range in historical
trends for these rates equivalent to a \u00a32,916,000 movement in the amount recognised in revenue. The estimates are trued up for actual
customer utilisation rates in the year.
Carrying amount of Experiences goodwill
Annually, the goodwill balance is subject to an impairment review. The critical accounting estimate made in the calculation of the
recoverable amount is the pre-perpetuity compound annual revenue growth rate of 10.5% (April 2022: N/a). Sensitivity analysis
relating to this critical account estimate and further disclosure is set out in Note 11.
2 Summary of significant accounting policies
New standards, amendments and interpretations adopted from 1 May 2022
The following amendments are effective for the year beginning 1 May 2022:
\u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract;
\u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use;
\u2022 Annual Improvements to IFRS Standards 2018-2020;
\u2022 Amendments to IFRS 17 Insurance contracts;
\u2022 Amendments to References to the Conceptual Framework in IFRS 3 (effective date to be confirmed).
These amendments to various IFRS standards are mandatorily effective for reporting periods beginning on or after 1 May 2022 and
had no material impact on the year-end consolidated financial statements of the Group.
New standards, amendments and interpretations not yet adopted
The following adopted IFRSs have been issued but have not been applied by the Group in these consolidated financial statements.
Their adoption is not expected to have material effect on the financial statements unless otherwise indicated:
The following amendments are effective for the year beginning 1 May 2023:
\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2);
\u2022 Definition of Accounting Estimates (amendments to IAS 8); and
\u2022 Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12).
The following amendments are effective for the year beginning 1 May 2024:
\u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback);
\u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-current); and
\u2022 IAS 1 Presentation of Financial statements (Amendment \u2013 Non-current Liabilities with Covenants).
The principal accounting policies are set out below. Policies have been applied consistently, other than where new policies have
been applied.
a) Foreign currency translation
The consolidated financial statements are presented in pounds sterling, which is the Group\u2019s presentational currency and are rounded
to the nearest thousand. The income and cash flow statements of Group undertakings that are expressed in other currencies are
translated to Sterling using exchange rates applicable on the dates of the underlying transactions. Average rates of exchange in each
year are used where the average rate approximates the relevant exchange rate on the date of the underlying transactions. Assets and
liabilities of Group undertakings are translated at the applicable rates of exchange at the end of each year.
The differences between retained profits translated at average and closing rates of exchange are taken to the foreign currency
translation reserve, as are differences arising on the retranslation to Sterling (using closing rates of exchange) of overseas net assets at
the beginning of the year and are presented as a separate component of equity. They are recognised in the income statement when
the gain or loss on disposal of a Group undertaking is recognised.
Foreign currency transactions are initially recognised in the functional currency of each entity in the Group using the exchange rate
ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of foreign currency assets and liabilities at year-end rates of exchange are recognised in the income statement. Foreign
exchange gains or losses recognised in the income statement are included in operating profit or finance costs / income depending on
the underlying transactions that gave rise to these exchange differences.
b) Revenue
The Group recognises revenue when it has satisfied its performance obligations to external customers and control of the goods has
been transferred. The Group is principally engaged in the sale of cards, physical gifts and gift experiences.
i) Sale of cards and physical gifts
The Group generates revenue from the sale of cards and physical gifts. Shipping and handling is not a separate performance
obligation and any shipping fees charged to the customer are included in the transaction price. The sale of goods and any shipping
and handling represents a single performance obligation which is satisfied upon delivery of the relevant goods and the transfer of
control to that customer. Revenue is measured at the transaction price received net of value added tax, discounts and is reduced
for provisions of customer returns and remakes based on the history of such matters. The cost of shipping is directly associated with
generating revenue and therefore presented within cost of sales.
ii) Subscription revenue
The Group operates subscription plans that provide access to products, services and product discounts on future purchases in return
for an annual fee. Revenue from the fee is recognised over the period to which the subscription relates. Amounts invoiced relating to
services not yet performed are reported as contract liabilities.
iii) Sale of gift experiences
The Group operates a platform for the distribution of gift experience vouchers that may be redeemed for a wide choice of experiences
provided by third party merchant partners and either gifted or kept for a consumer\u2019s own use. Revenue is recognised when a consumer
purchases a gift experience, acting as an agent at the point of sale. At this point the Group\u2019s obligations are substantially complete,
subject to a provision for refunds as stipulated in the terms of the sale, as gift experience services are provided by the Group\u2019s merchant
partners, following redemption either through the Group\u2019s websites or directly with the recipient\u2019s chosen merchant partner.
The amount of revenue recognised primarily comprises the expected value of fees and any other income receivable in accordance
with the Group\u2019s contracts with third party merchant partners, rather than the gross value of vouchers purchased. This includes an
estimate of the revenue to be recognised in relation to vouchers which are not redeemed based on historical rates.
Each voucher is multi-purpose and can be exchanged for any experience at any point until redemption, on account of which
merchants are not paid a share of the gross value of a voucher until after redemption. The expected value of future amounts that
will become payable to merchants is included within trade and other payables on the Balance Sheet. Where a recipient does not
redeem the voucher prior to its expiry date, the Group recognises revenue from unredeemed vouchers and derecognises the accrued
merchant payable once its legal obligations to the merchant expires.
c) Taxation
Taxation is chargeable on the profits for the year, together with deferred taxation.
The current income tax charge is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date in the
countries where the Group\u2019s subsidiaries operate and generate taxable income.
Deferred taxation is provided in full using the liability method for temporary differences between the carrying amount of assets and
liabilities for financial reporting purposes and the amount used for taxation purposes. A deferred tax asset is recognised only to the
extent that it is probable that future taxable profits will be available against which the asset can be utilised.
Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are
expected to apply when the related deferred tax asset is realised, or deferred tax liability is settled. Deferred tax relating to items
recognised outside of profit or loss is also recognised outside profit or loss. Deferred tax items are recognised in correlation to the
underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and liabilities are offset if a
legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the
same taxable entity and the same taxation authority.
Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or
directly in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity.
d) Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of
the consideration transferred which is measured at the acquisition date. The acquiree\u2019s identifiable assets, liabilities and contingent
liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the
acquisition date.
Acquisition-related items such as legal or professional fees are recognised as expenses in the year in which the costs are incurred as
adjusting items.
e) Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair
value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill relates
to the Greetz and Experiences cash-generating units.
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.
Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Any
impairment of goodwill is recognised immediately in the income statement and is not subsequently reversed. Goodwill is denominated
in the currency of the acquired entity and revalued to the closing exchange rate at each reporting year date.
Goodwill in respect of subsidiaries is included in intangible assets. On disposal of a subsidiary, the attributable amount of goodwill is
included in the determination of the profit or loss on disposal.
f) Intangible assets other than goodwill
i) Separately acquired intangible assets
Intangible assets acquired separately are measured on initial recognition at fair value at the acquisition date, provided they are
identifiable and capable of reliable measurement.
Intangible assets with a finite useful life that are acquired separately are carried at cost less accumulated amortisation and
impairment losses. These intangible assets are amortised on a straight-line basis over their remaining useful lives, consistent with the
pattern of economic benefits expected to be received. The amortisation charge is included within selling and administrative expenses
in the income statement.
ii) Internally generated research and development costs
Research expenditure is charged to the income statement in the year in which it is incurred. Development expenditure is charged to
the income statement in the year it is incurred unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as an
intangible asset.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated
amortisation and impairment losses. Amortisation begins when development is complete and the asset is available for use; the charge
is included within selling and administrative expenses in the income statement. The estimated useful lives of separately acquired and
internally generated assets are as follows:
Straight-line amortisation period
Trademark 10 years
Technology and development costs 3 years
Customer relationships 1 to 12 years
Software 3 to 5 years
Other intangibles 2 to 4 years
g) Impairment of non-financial assets
Assets are reviewed for impairment whenever events indicate that the carrying amount of a cash-generating unit or the carrying
amounts of non-financial assets may not be recoverable. In addition, assets that have indefinite useful lives are tested annually for
impairment. An impairment loss is recognised to the extent that the carrying amount exceeds the higher of the asset\u2019s fair value less
costs to sell and its value in use.
A cash-generating unit is the smallest identifiable group of assets that generates cash flows which are largely independent of the cash
flows from other assets or groups of assets. At the acquisition date, any goodwill acquired is allocated to the relevant cash-generating
unit or group of cash-generating units expected to benefit from the acquisition for the purpose of impairment testing of goodwill.
h) Impairment of financial assets held at amortised cost
As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of revenue under
IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses. Allowances in
respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses. Allowances are
measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases significantly after
initial recognition.
i) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is calculated on a
straight-line basis to write off the assets over their useful economic life. No depreciation is provided on freehold land.
The estimated useful lives are as follows:
Straight-line depreciation period
Freehold property 25 years
Plant and machinery 4 years
Fixtures and fittings 4 years
Leasehold improvements 10 years or the unexpired term of lease if lower
Computer equipment 3 years
Right-of-use assets (plant and machinery, land and buildings) Lease length
Climate change is not considered to materially impact the estimated useful lives of assets. Although extreme weather events could
potentially damage manufacturing and distribution facilities, the probability of this occurring at the Group\u2019s most vulnerable location,
Guernsey, is only 0.2% annually over the expected lifespan of the assets. Furthermore, the Group has flexibility in its production
network and could shift production to other locations to mitigate any business interruptions.
j) Leased assets
Group as lessee
The Group records its lease obligations in accordance with the principles for the recognition, measurement, presentation and
disclosures of leases as set out in IFRS 16. The Group applies IFRS 16 Leases to contractual arrangements which are, or contain, leases
of assets and consequently recognises right-of-use assets and lease liabilities at the commencement of the leasing arrangement, with
the asset included in Note 12 and the liabilities included as part of borrowings in Note 19. The nature of the Group\u2019s leases are offices,
warehouses, and printing machinery.
Lease liabilities are initially recognised at an amount equal to the present value of estimated contractual lease payments at the
inception of the lease, after taking into account any options to extend the term of the lease to the extent they are reasonably certain
to be exercised. Lease commitments are discounted to present value using the interest rate implicit in the lease if this can be readily
determined, or the applicable incremental rate of borrowing, as appropriate. Right-of-use assets are initially recognised at an amount
equal to the lease liability, adjusted for initial direct costs in relation to the assets, then depreciated over the shorter of the lease term
and their estimated useful lives.
Group as lessor
The Group has entered into a lease agreement as a lessor with respect to one of its properties. This is accounted for as an operating
lease as the lease does not transfer substantially all the risks and rewards of ownership to the lessee.
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is
classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs
incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a
straight-line basis over the lease term.
k) Inventories
Inventories include raw materials and finished goods and are stated at the lower of cost and net realisable value. Cost is based on the
weighted average cost incurred in acquiring inventories and bringing them to their existing location and condition, which will include
raw materials, direct labour and overheads, where appropriate.
l) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, call deposits, cash held by payment service providers and other short-term highly
liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value,
with a maturity of three months or less. Cash equivalents relate to cash in transit from various payment processing intermediaries that
provide receipting services to the Group.
For the purposes of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits as
defined above and are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the
balance sheet.
m) Financial instruments
The primary objective with regard to the management of cash of the Group\u2019s business model for managing financial assets is to
protect against the loss of principal. Additionally, the Group aims to maximise liquidity by concentrating cash centrally; to align the
maturity profile of external investments with that of the forecast liquidity profile; to wherever practicable, match the interest rate
profile of external investments to that of debt maturities or fixings; and to optimise the investment yield within the Group\u2019s investment
parameters.
Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant
instrument and derecognised when it ceases to be a party. Such assets and liabilities are classified as current if they are expected
to be realised or settled within 12 months after the balance sheet date. If not, they are classified as non-current. In addition, current
liabilities include amounts where the entity does not have an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date.
Non-derivative financial assets are classified on initial recognition in accordance with the Group\u2019s business model as investments,
loans and receivables, or cash and cash equivalents and accounted for as follows:
\u2022 Loans and other receivables: These are non-derivative financial assets with fixed or determinable payments that are solely
payments of principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash
flows. These balances include trade and other receivables and are measured at amortised cost, using the effective interest rate
method and stated net of allowances for credit losses.
\u2022 Cash and cash equivalents: Cash and cash equivalents include cash in hand and deposits held on call. Cash equivalents
normally comprise instruments with maturities of three months or less at their date of acquisition. In the cash flow statement, cash
and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the
balance sheet.
Non-derivative financial liabilities, including borrowings and trade payables, are stated at amortised cost using the effective interest
method. For borrowings, their carrying amount includes accrued interest payable.
Derivative financial instruments are used to manage risks arising from changes in interest rates relating to the Group\u2019s external debt.
The Group does not hold or issue derivative financial instruments for trading purposes. The Group uses the derivatives to hedge highly
probable forecast transactions and therefore, the instruments are designated as cash flow hedges.
Derivatives are initially recognised at fair value on the date a contract is entered into and are subsequently remeasured at their fair
value at each reporting date. At inception of designated hedging relationships, the Group documents the risk management objective
and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the
hedging instrument, including whether the changes in the cash flows of the hedged item and hedging instrument are expected to
offset each other.
The effective element of any gain or loss from remeasuring the derivative instrument is recognised in Other Comprehensive Income
(\u201cOCI\u201d) and accumulated in the hedging reserve (presented in \u201cOther Reserves\u201d in the Statement of Changes in Equity). Any change
in the fair value of time value of the derivative instrument is also recognised in OCI as part of cash flow hedges and accumulated in
the cost of hedging reserve (presented in \u201cOther Reserves\u201d in the Statement of Changes in Equity). Any element of the remeasurement
of the derivative instrument that does not meet the criteria for an effective hedge is recognised immediately in the Group Income
Statement within finance costs.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in OCI at that time remains in OCI and is recognised when the forecast transaction is ultimately recognised in
the Income Statement within finance costs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss
that was reported in OCI is recycled to the Income Statement. The full fair value of a hedging derivative is classified as a non-current
asset or liability if the remaining maturity of the hedged item is more than 12 months or, as a current asset or liability, if the remaining
maturity of the hedged item is less than 12 months.
n) Segmental analysis
The Group is organised and managed based on its segments (Moonpig, Greetz and Experiences). These are the reportable and
operating segments for the Group as they form the focus of the Group\u2019s internal reporting systems and are the basis used by the chief
operating decision maker (\u201cCODM\u201d), identified as the CEO and CFO, for assessing performance and allocating resources. The prices
agreed between Group companies for intra-group services and fees are based on normal commercial practices which would apply
between independent businesses.
o) Provisions
Provisions are recognised when either a legal or constructive obligation as a result of a past event exists at the balance sheet date,
it is probable that an outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made
of the amount of the obligation.
p) Pensions and other post-employment benefits
The Group contributes to defined contribution pensions schemes and payments to these are charged as an expense and accrued
over time.
q) Adjusting items
Adjusting items are significant items of income or expense which individually or, if of a similar type, in aggregate, are relevant to
an understanding of the Group\u2019s underlying financial performance because of their size, nature or incidence. In identifying and
quantifying adjusting items, the Group consistently applies a policy that defines criteria that are required to be met for an item to
be classified as an adjusting item. These items are separately disclosed in the segmental analyses or in the notes to the financial
statements as appropriate.
The Group believes that these items are useful to users of the consolidated financial statements in helping them to understand the
underlying business performance and are used to derive the Group\u2019s principal non-GAAP measure of Adjusted EBITDA, which is
before the impact of adjusting items and which is reconciled from operating profit.
r) Equity
Called-up share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction from the proceeds.
Share premium
The amount subscribed for the ordinary shares in excess of the nominal value of these new shares is recorded in share premium. Costs
that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax.
Merger reserve
The merger reserve relates to the merger reserve arising from the prior group restructuring, accounted for under common control.
Invested capital
Invested capital represents the total equity of the Group during the period prior to the restructuring that occurred as part of the
Group\u2019s IPO.
Other reserves
Share-based payment reserve
The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have
been recognised within the consolidated income statement.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments
related to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash
flow hedging instruments.
Foreign currency translation reserve
The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from
the impact of the translation of subsidiaries with a functional currency other than Sterling.
s) Earnings per share
The Group presents basic and diluted EPS for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding during the year. For diluted EPS, the weighted average
number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares.
t) Share-based payments
The Group has equity-settled compensation plans.
Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date
of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of awards that will
eventually vest. For plans where the vesting conditions are based on a market condition, such as total shareholder return, the fair
value at date of grant reflects the probability that this condition will not be met and therefore is fixed thereafter irrespective of actual
vesting.
Fair value is measured using the Black-Scholes and Monte Carlo option pricing model, except where vesting is subject to market
conditions when the Stochastic option pricing model is used. A Chaffe model is used to value the holding period. The expected term
used in the models has been adjusted based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions
and behavioural considerations.
3 Segmental analysis
The CODM reviews external revenues and Adjusted EBITDA to evaluate segment performance and allocate resources to the overall
business. \u201cAdjusted EBITDA\u201d is a non-GAAP measure. Adjustments are made to the statutory IFRS results to arrive at an underlying
result which is in line with how the business is managed and measured on a day-to-day basis. Adjustments are made for items that
are individually important in order to understand the financial performance. If included, these items could distort understanding of the
performance for the year and the comparability between periods. Management applies judgement in determining which items should
be excluded from underlying performance. See Note 5 for details of these adjustments.
The Group is organised and managed based on its segments, namely Moonpig and Experiences in the UK and Greetz in the
Netherlands. These are the reportable and operating segments for the Group as they form the focus of the Group\u2019s internal reporting
systems and are the basis used by the CODM for assessing performance and allocating resources.
Most of the Group\u2019s revenue is derived from the sale of cards, gifts and related services to consumers, or from the distribution of gift
experiences acting as agent. No single customer accounted for 10% or more of the Group\u2019s revenue.
Finance income and expense are not allocated to the reportable segments, as this activity is managed centrally.
In common with many retailers, revenue and trading profit are subject to seasonal fluctuations and are weighted towards the second
half of the year which includes the key peak periods for the business.
Segment analyses
The following table shows revenue by segment that reconciles to the consolidated revenue for the Group.
2023
\u00a3000
2022
\u00a3000
Moonpig 223,127 234,670
Greetz 55,421 69,663
Experiences 41,577 \u2013
Total external revenue 320,125 304,333
The following table shows revenue by key geography that reconciles to the consolidated revenue for the Group. The geographical split
of revenue is based on the ordering website location:
2023
\u00a3000
2022
\u00a3000
UK and Ireland 258,234 230,931
Netherlands 55,421 69,663
Rest of the world
1
6,470 3,739
Total external revenue 320,125 304,333
1 Rest of the world revenue includes the USA and Australia.
The following table shows the information regarding assets by segment that reconciles to the consolidated Group.
2023
\u00a3000
2022
\u00a3000
Moonpig
Non-current assets
1
41,063 35,986
Capital expenditure
2
(7,317) (7,329)
Intangible expenditure (11,668) (8,262)
Depreciation and amortisation (11,851) (8,803)
Greetz
Non-current assets
1
27,336 19,283
Capital expenditure
2
(8,770) (686)
Intangible expenditure \u2013 (35)
Depreciation and amortisation (3,861) (5,558)
Experiences
Non-current assets
1
174,342 \u2013
Capital expenditure (25) \u2013
Intangible expenditure (1,281) \u2013
Depreciation and amortisation (6,941) \u2013
Group
Non-current assets
1
242,741 55,269
Capital expenditure
2
(16,112) (8,015)
Intangible expenditure (12,949) (8,297)
Depreciation and amortisation (22,653) (14,361)
1 Comprises intangible assets, property, plant and equipment (inclusive of ROU assets).
2 Includes ROU assets capitalised in each year.
The Group\u2019s measure of segment profit, Adjusted EBITDA, excludes adjusting items; refer to the APMs section on pages 188 to 189 for
calculation.
2023
\u00a3000
2022
\u00a3000
Adjusted EBITDA
Moonpig 59,891 59,062
Greetz 11,262 15,821
Experiences 13,046 \u2013
Group Adjusted EBITDA 84,199 74,883
Depreciation and amortisation
Moonpig 11,851 8,803
Greetz
1
3,861 5,558
Experiences
2
6,941 \u2013
Group depreciation and amortisation 22,653 14,361
1 Includes amortisation arising on Group consolidation of intangibles forming part of the Greetz Cash Generating Unit (\u201cCGU\u201d).
2 Includes amortisation arising on consolidation of intangibles forming part of the Experiences CGU.
The following table shows Adjusted EBITDA that reconciles to the consolidated results of the Group.
Note
2023
\u00a3000
2022
\u00a3000
Adjusted EBITDA 84,199 74,883
Depreciation and amortisation 11,12 (22,653) (14,361)
Adjusting items 5 (13,085) (11,585)
Operating profit 48,461 48,937
Finance income 6 21 \u2013
Finance costs 6 (13,577) (8,977 )
Profit before taxation 34,905 39,960
Taxation charge 8 (8,298) (8,521)
Profit for the year 26,607 31,439
4 Operating profit
Nature of expenses charged/(credited) to operating profit from continuing operations:
2023
\u00a3000
2022
\u00a3000
Research and development expenses 1,732 1,608
Depreciation on property, plant and equipment 6,941 4,660
Amortisation of intangible fixed assets 15,712 9,701
Share-based payment charges (inclusive of NI) 7,9 19 8,308
Foreign exchange loss 67 69
Loss on disposal of tangible assets 48 215
Impairment of right-of-use asset 428 \u2013
Expense relating to short-term leases 12 12
Other income
1
(1,319) (1,433)
Auditors\u2019 remuneration:
\u2013 Fees to auditors for the audit of these consolidated financial statements 934 591
\u2013 Fees to auditors\u2019 firms and associates for local audits 82 77
Total audit fees expense 1,016 668
Fees to auditors\u2019 firms and associates for other services:
\u2013 Assurance services 141 107
1,157 775
1 Other income relates to a sublease with an associate of the Former Parent Undertaking for its portion of the space used at the Group\u2019s head offices at Herbal House.
During the year, PricewaterhouseCoopers LLP charged the Group as follows:
\u2022 In respect of audit-related assurance services: \u00a3141,000 (2022: \u00a3107,000).
\u2022 In respect of non-audit-related services: \u00a3nil (2022: \u00a3nil).
5 Adjusting items
2023
\u00a3000
2022
\u00a3000
Pre-IPO bonus awards (3,263) (3,618)
Pre-IPO share-based payment charges (5,419) (7,038)
M&A-related transaction costs (4,403) (929)
Total adjustments made to operating profit (13,085) (11,585)
Pre-IPO bonus awards
Pre-IPO bonus awards are one-off cash-settled bonuses, and the cash component of the Pre-IPO schemes, awarded in relation to the
IPO process that completed during the year ended 30 April 2021.
Pre-IPO share-based payment charges
Pre-IPO share-based payment charges relate to the Legacy Schemes, Pre-IPO awards that were granted in relation to the IPO process
that completed during the year ended 30 April 2021.
M&A-related transaction costs
M&A related transaction costs relate to fees and costs incurred in relation to the acquisition of the Experiences segment.
Cash paid in the year in relation to adjusting items totalled \u00a35,490,000 (2022: \u00a32,146,000).
6 Finance income and costs Finance income 2023 \u00a3000 2022 \u00a3000 Bank interest receivable 21 \u2013 Total finance income 21 \u2013 Finance costs 2023 \u00a3000 2022 \u00a3000 Interest payable on leases (863) (663) Bank interest payable (11,639) (6,297) Amortisation of capitalised borrowing costs (1,619) (1,360) Amortisation of interest rate cap premium (352) \u2013 Net foreign exchange gain/(loss) on financing activities 896 (657) Total finance costs (13,577) (8,977) Net finance costs (13,556) (8,977) 7 Employee benefit costs The average monthly number of employees (including Directors) during the year was made up as follows: 2023 Number 2022 Number Administration 582 358 Production 148 89 Total employees 730 447 2023 \u00a3000 2022 \u00a3000 Wages and salaries 41,664 33,343 Social security costs 5,047 4,753 Other pension costs 1,619 977 Share-based payment expense 7,27 0 7,701 Total gross employment costs 55,600 46,774 Staff costs capitalised as intangible assets (12,750) (8,297) Total net employment costs 42,850 38,477 The Group\u2019s employees are members of defined contribution pension schemes with obligations recognised as an operating cost in the income statement as incurred. The Group pays contributions into separate funds on behalf of the employee and has no further obligations to employees. The risks associated with this type of plan are assumed by the member. Contributions paid by the Group in respect of the current year are included within the consolidated income statement.8 Taxation
(a) Tax on profit
The tax charge is made up as follows:
2023
\u00a3000
2022
\u00a3000
Profit before taxation 34,905 39,960
Current tax:
UK corporation tax on profit for the year 8,385 7, 267
Foreign tax charge 1,644 2,959
Adjustment in respect of prior years (992) (654)
Total current tax 9,037 9,572
Deferred tax:
Origination and reversal of temporary differences (820) (1,224)
Impact of changes in tax law and rates \u2013 (75)
Adjustment in respect of prior years 81 248
Total deferred tax (739) (1,051)
Total tax charge in the income statement 8,298 8,521
(b) The tax assessed for the year is higher than the standard UK rate of corporation tax applicable of 19.4% (2022: 19.0%); the 19.4%
reflects eleven months of the financial year at a 19% rate of corporation tax and one month at 25%. The differences are explained
below:
2023
\u00a3000
2022
\u00a3000
Profit before taxation 34,905 39,960
Profit on ordinary activities multiplied by the UK tax rate 6,775 7,592
Effects of:
Expenses not deductible for tax purposes 2,079 1,391
Non-taxable income (20) (371)
Effect of higher tax rates in overseas territories 287 411
Adjustment in respect of prior years (912) (407)
Change in UK deferred tax rate 282 (204)
Other permanent differences (193) 109
Total tax charge for the year 8,298 8,521
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction.
The effective tax rate is higher than the UK tax rate, which primarily reflects the non-deductible nature of the M&A costs (refer to
Note 5).
(c) Deferred tax:
Accelerated
capital
allowances
\u00a3000
Intangible
assets
\u00a3000
Share-based
payments
\u00a3000
Other
short-term
temporary
differences
\u00a3000
Total
\u00a3000
Balance at 1 May 2021 (213) (3,819) 302 492 (3,238)
Adjustments in respect of prior years (522) 56 \u2013 218 (248)
Current year (credit)/charge to income statement (293) 926 481 185 1,299
Effects of movements in exchange rates \u2013 19 \u2013 \u2013 19
Balance at 30 April 2022 (1,028) (2,818) 783 895 (2,168)
Accelerated
capital
allowances
\u00a3000
Intangible
assets
\u00a3000
Share-based
payments
\u00a3000
Other
short-term
temporary
differences
\u00a3000
Total
\u00a3000
Balance at 1 May 2022 (1,028) (2,818) 783 895 (2,168)
Adjustments in respect of prior years \u2013 (10) (73) 2 (81)
Current year credit/(charge) to income statement (1,018) 1,331 482 25 820
Acquired through business combinations 157 (9,581) \u2013 28 (9,396)
Effects of movements in exchange rates \u2013 (153) \u2013 \u2013 (153)
Balance at 30 April 2023 (1,889) (11,231) 1,192 950 (10,978)
The Finance Bill 2021 included legislation to increase the main rate of corporation tax from 19% to 25% from 1 April 2023. This rate
change is included above as the Finance Bill 2021 has been substantively enacted.
According to the Netherlands 2023 Tax Plan, the general corporate income tax rate will remain 25.8% for the year 2023 whereby the
first \u20ac200K profit is taxed at 19%.
9 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number
of ordinary shares in issue during the year. For the purposes of this calculation, the weighted average number of ordinary shares in
issue during the year was 340,061,402 (2022: 339,036,292). The year-on-year increase reflects the release of 3,075,329 shares, on 7
January 2023, from repurchase obligations that were deducted from ordinary shares outstanding at 30 April 2022:
2023
Number of shares
2022
Number of shares
Weighted average number of shares in issue 342,111,621 342,111,621
Less: weighted average number of shares held subject to potential repurchase (2,050,219) (3,075,329)
Weighted average number of shares for calculated basic earnings per share 340,061,402 339,036,292
Diluted earnings per share
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all
potentially dilutive ordinary shares. The Group has potentially dilutive ordinary shares arising from share options granted to employees
under the share schemes as detailed in Note 20 of these financial statements.
Adjusted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, adjusted to remove the impact of adjusting items and the tax
impact of these; divided by the weighted average number of ordinary shares outstanding during the year.
2023
Number of shares
2022
Number of shares
Weighted average number of shares for calculated basic earnings per share 340,061,402 339,036,292
Weighted average number of dilutive shares 6,860,822 6,957,427
Total number of shares for calculated diluted earnings per share 346,922,224 345,993,719
2023
\u00a3000
2022
\u00a3000
Basic earnings attributable to equity holders of the Company 26,607 31,439
Adjusting items (see Note 5) 13,085 11,585
Tax on adjusting items (1,823) (1,350)
Adjusted earnings attributable to equity holders of the Company before adjusting items 37,869 41,674
2023 2022
Basic earnings per ordinary share (pence) 7.8 9.3
Diluted earnings per ordinary share (pence) 7.7 9.1
Basic earnings per ordinary share before adjusting items (pence) 11.1 12.3
Diluted earnings per ordinary share before adjusting items (pence) 10.9 12.0
10 Acquisition of subsidiary
On 13 July 2022, the Group acquired 100% of the issued share capital of Experience More Limited. The total outflow of cash to acquire
the subsidiary was \u00a388,598,000, comprising cash consideration of \u00a3124,313,000 net of cash balances acquired of \u00a335,715,000.
Details of the purchase consideration, goodwill and the fair value of identifiable assets and liabilities acquired are as follows:
Book value
\u00a3000
Fair value
adjustment
\u00a3000
Final fair
value
\u00a3000
Intangible assets 1,177 39,819 40,996
Tangibles assets 835 \u2013 835
Right-of-use asset 2,105 (801) 1,304
Investments 528 (528) \u2013
Inventories 1,335 47 1,382
Trade and other receivables 5,009 (255) 4,754
Trade and other payables (87,141 ) 89 (87,0 52 )
Lease liability (2,286) 1,299 (987)
Current tax asset 474 (154) 320
Provision (165) (651) (816)
Deferred tax asset / (liability) 176 (9,581) (9,405)
Total ( 77,953) 29,284 (48,669)
Goodwill recognised as a result of the acquisition is as follows:
\u00a3000
Cash consideration 124,313
Less: cash balances acquired (35,715)
Outflow of cash to acquire subsidiary, net of cash acquired 88,598
Fair value of identifiable liabilities 48,669
Goodwill 137, 2 67
Intangible assets:
Development costs 1,177
Customer relationships 32,133
Brand names 7,6 86
Total 40,996
None of the goodwill acquired is expected to be deductible for income tax purposes. The goodwill constitutes the value of a high-
quality complementary business that will significantly enhance the Group\u2019s overall gifting proposition, unlock innovation through
digital gifting and provide a profitable presence in the standalone gifting market.
Experiences contributed \u00a341,577,000 of revenue and \u00a311,409,000 on a profit before taxation basis for the period between the date of
acquisition and the Balance Sheet date.
If the acquisition of Experiences had completed on the first day of the financial year, Group revenue for the year would have been
\u00a36,282,000 higher and Group profit before taxation for the year would have been \u00a31,982,000 higher. The pre-acquisition profit before
tax was a loss of \u00a313,003,000. This loss before taxation includes a pre-acquisition charge of \u00a313,533,000 (recognised as a liability in
the opening balance sheet) relating to cash bonuses payable to the Experiences management team which vested upon completion of
the acquisition in accordance with an incentive scheme established by the vendor and fair value adjustments made by the Group on
acquisition.
Acquisition costs of \u00a35,332,000 arose as a result of the transaction, of which \u00a3929,000 were incurred in the year ended 30 April 2022
and \u00a34,403,000 were incurred in the year ended 30 April 2023. These have been recognised as Adjusting Items within operating profit
in the Consolidated Income Statement (see Note 5).
11 Intangible assets
Goodwill
\u00a3000
Trademark
\u00a3000
Technology
and
development
costs
1
\u00a3000
Customer
relationships
\u00a3000
Software
\u00a3000
Other
intangibles
\u00a3000
Total
\u00a3000
Cost
1 May 2021 6,459 8,855 16,382 15,241 714 1,573 49,224
Additions \u2013 35 8,262 \u2013 \u2013 \u2013 8,297
Disposals \u2013 \u2013 (4,602) \u2013 (423) \u2013 (5,025)
Transfers \u2013 \u2013 \u2013 \u2013 (9) \u2013 (9)
Foreign exchange (223) (311) (60) (53) 205 (54) (496)
30 April 2022 6,236 8,579 19,982 15,188 487 1,519 51,991
Accumulated amortisation and
impairment
1 May 2021 \u2013 2,332 4,460 4,187 350 1,573 12,902
Amortisation charge \u2013 766 5,519 3,207 209 \u2013 9,701
Disposals \u2013 \u2013 (4,602) \u2013 (344) \u2013 (4,946)
Transfers \u2013 \u2013 \u2013 \u2013 (4) \u2013 (4)
Foreign exchange \u2013 80 40 45 199 (54) 310
At 30 April 2022 \u2013 3,178 5,417 7,4 39 410 1,519 17,96 3
Net book value 30 April 2022 6,236 5,401 14,565 7,749 77 \u2013 34,028
Goodwill
\u00a3000
Trademark
\u00a3000
Technology and
development
costs
1
\u00a3000
Customer
relationships
\u00a3000
Software
\u00a3000
Other
intangibles
\u00a3000
Total
\u00a3000
Cost
1 May 2022 6,236 8,579 19,982 15,188 487 1,519 51,991
Additions \u2013 \u2013 12,749 \u2013 200 \u2013 12,949
Additions from acquisition of
subsidiary 13 7, 267 7,686 1,177 32,133 \u2013 \u2013 178,263
Disposals \u2013 \u2013 (3,653) \u2013 \u2013 (1,594) (5,247)
Foreign exchange 308 418 \u2013 750 4 75 1,555
30 April 2023 143,811 16,683 30,255 48,071 691 \u2013 239,511
Accumulated amortisation
and impairment
1 May 2022 \u2013 3,178 5,417 7,439 410 1,519 17,96 3
Amortisation charge \u2013 1,494 8,396 5,675 147 \u2013 15,712
Disposals \u2013 \u2013 (3,653) \u2013 \u2013 (1,594) (5,247)
Foreign exchange \u2013 179 \u2013 372 2 75 628
At 30 April 2023 \u2013 4,851 10,160 13,486 559 \u2013 29,056
Net book value 30 April 2023 143,811 11,832 20,095 34,585 132 \u2013 210,455
1 The technology and development costs include assets under construction of \u00a33,821,000 (2022: \u00a33,950,000).
(a) Goodwill
Goodwill of \u00a36,544,000 (2022: \u00a36,236,000) relates to the acquisition of Greetz in 2018, recognised within the Greetz CGU.
Goodwill of \u00a3137,267,000 (2022: nil) relates to the acquisition of Experiences and is allocated to the Experiences CGU.
(b) Trademark
\u00a34,627,000 (2022: \u00a35,401,000) of the asset balance are trademarks relating to the acquisition of Greetz with finite lives. The remaining
useful economic life at 30 April 2023 on the trademark is 5 years 4 months (2022: 6 years 4 months).
\u00a37,072,000 (2022: nil) of trademark assets relate to the brands valued on the acquisition of Experiences. The remaining useful
economic life at 30 April 2023 on these trademarks is 9 years and 3 months.
(c) Technology and development costs
Technology and development costs of \u00a319,232,000 (2022: \u00a314,565,000) relate to internally developed assets. The costs of these assets
include capitalised expenses of employees working full-time on software development projects and third-party consulting firms.
Technology and development costs of \u00a3864,000 (2022: nil) relate to the acquisition of Experiences and are allocated to the
Experiences CGU. The remaining useful economic life at 30 April 2023 is 2 years and 3 months.
(d) Customer relationships
\u00a37,173,000 (2022: \u00a37,749,000) of the asset balance relates to the valuation of existing customer relationships held by Greetz on acquisition.
The remaining useful economic life at 30 April 2023 on these customer relationships is 7 years 4 months (2022: 8 years 4 months).
\u00a327,411,000 (2022: nil) of customer relationship assets relates to those valued on the acquisition of the Experiences segment. The
remaining useful economic life at 30 April 2023 on these customer relationships ranges between 6 years 3 months and 5 months.
(e) Software
Software intangible assets include accounting and marketing software purchased by the Group and software licence fees from third-
party suppliers.
(f) Other intangibles
Other intangible assets include non-compete agreements and information content for products and software that have been valued
and separately recognised.
(g) Annual impairment tests
Goodwill
Goodwill is allocated to two cash-generating units (\u201cCGUs\u201d), namely the Greetz and Experiences segments, based on the smallest
identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of
a CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its value in use (\u201cVIU\u201d). In determining
VIU, estimated future cash flows are discounted to their present value. The Group performed its annual impairment test as at
30 April 2023.
The estimated future cash flows are based on the approved plan, including the FY24 budget, for the three years ending 30 April 2026.
The estimated future cash flows are identical to those used for the viability statement. They have been extended by a further four years
before applying a perpetuity using an estimated long-term growth rate. When estimating value in use, the Group does not include
estimated future cash flows that are expected to arise from improving or enhancing the asset\u2019s performance.
The use of a pre-perpetuity projections period of more than five years is an accounting judgement. The reasons why the Group
considers that a seven-year period is appropriate and why it considers that the Group meets the reliability requirements of IAS 36,
are set out at Note 4 to the Company Financial Statements on page 185.
The Group has considered the potential impact of climate change on estimated future cash flows, including the primary climate risks
discussed in the TCFD report on pages 32 to 47. These risks are not considered to have a material impact on estimated future cash
flows and therefore have not been modelled as part of the Group\u2019s forecasts. Any revenue upsides from climate opportunities are not
expected to be significant and have also not been modelled. The Group does not operate in an energy-intensive industry and any
cash outflows needed to factor in any incremental costs, other operational disruption that could impact operating margin or reduced
trade, are not expected to be material.
The Group has identified the following key assumptions as having the most significant impact on the VIU calculation:
Greetz CGU Experiences CGU
2023 2022 2023 2022
Pre-tax discount rate (%)
1
12.2% 9.6% 13.5% \u2013
Revenue growth rate (%)
2
12.4% 13.3% 10.5% \u2013
Pre-perpetuity period (years) 7 8 7 \u2013
1 The discount rate is a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the cash generating units. The pre-tax
discount rates used to calculate value in use are derived from the Group\u2019s post-tax weighted average cost of capital.
2 The compound annual growth rate (\u201cCAGR\u201d) represents the average yearly growth rate over the pre-perpetuity period.
The Group has performed sensitivity analysis to assess the impact of a change in each key assumption in the VIU. The relevant
scenario, in relation to a revenue decrease, is consistent with the more severe downside scenario (Plausible Scenario 2) prepared in
connection with the viability statement on pages 72 and 73.
For the goodwill allocated to the Experiences and Greetz CGUs the Group modelled the impact of a 1%pts increase in the discount
rate, a 15% decrease in the forecasted revenue and a reduction in the pre-perpetuity period from seven to six years. The Group also
modelled a scenario in which all three of these changes arise concurrently. The results of this sensitivity analysis are summarised
below:
Greetz CGU
Experiences
CGU
2023
\u00a3m
2023
\u00a3m
Original headroom 193.6 89.7
Headroom using a discount rate increased by 1%pts 167.7 64.1
Headroom using a 15% decrease in forecasted revenue 123.1 2.7
Headroom using a pre-perpetuity period reduced by one year 180.1 7 7.3
Headroom combining all three sensitivity scenarios detailed above 97.7 (21.2)
For goodwill allocated to the Greetz CGU, the headroom over carrying amount is more than adequate and there is no plausible
change in key assumptions including those relating to future sales performance that would lead to an impairment.
For goodwill allocated to the Experiences CGU, further modelling was undertaken to assess the point at which headroom would
be reduced to \u00a3nil for each of the individual sensitivities. For the carrying amount and recoverable amount to be equal, the pre-
tax discount rate would need to increase by 5.4%pts from 13.5% to 18.9%, the forecasted revenue would need to decrease by 16%
(assuming no action was taken to reduce indirect costs from the forecasted level) and the pre-perpetuity period would need to reduce
from seven to one year (each sensitivity applied individually).
No impairment to the carrying amount of Experiences goodwill has been recorded in the current period, reflecting the fact that it
remains lower than the recoverable amount. However, in view of the outcome of the sensitivity analysis, the Directors have identified
the compound annual revenue growth rate as a matter of major source of estimation uncertainty.
Other finite-life intangible assets
At each reporting year date, the Group reviews the carrying amounts of other finite-life intangible assets to determine whether there is
any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of
an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
12 Property, plant and equipment
Freehold
property
\u00a3000
Plant and
machinery
\u00a3000
Fixtures and
fittings
\u00a3000
Leasehold
improvements
\u00a3000
Computer
equipment
\u00a3000
Right-of-
use assets
plant and
machinery
\u00a3000
Right-of-use
assets land
and buildings
\u00a3000
Total
\u00a3000
Cost
1 May 2021 3,999 6,758 1,245 4,132 2,415 1,292 12,240 32,081
Additions \u2013 803 94 11 536 \u2013 6,571 8,015
Disposals (92) (812) (74) (420) (526) \u2013 \u2013 ( 1,924)
Foreign exchange \u2013 (75) (1) (15) (32) (39) (67) (229)
30 April 2022 3,907 6,674 1,264 3,708 2,393 1,253 18,744 37,943
Accumulated
depreciation and
impairment
1 May 2021 1,931 3,907 759 1,673 1,504 784 3,522 14,080
Depreciation charge 158 1,030 291 399 502 251 2,029 4,660
Disposals (36) (802) (73) (420) (488) 43 \u2013 (1,776)
Foreign exchange \u2013 (35) (1) (14) (15) (116) (81) (262)
30 April 2022 2,053 4,100 976 1,638 1,503 962 5,470 16,702
Net book value
30 April 2022 1,854 2,574 288 2,070 890 291 13,274 21,241
Freehold
property
\u00a3000
Plant and
machinery
\u00a3000
Fixtures and
fittings
\u00a3000
Leasehold
improvements
\u00a3000
Computer
equipment
\u00a3000
Right-of-
use assets
plant and
machinery
\u00a3000
Right-of-use
assets land
and buildings
\u00a3000
Total
\u00a3000
Cost
1 May 2022 3,907 6,674 1,264 3,708 2,393 1,253 18,744 37,943
Additions \u2013 2,146 268 6,679 587 880 5,552 16,112
Acquired additions \u2013 \u2013 2,875 \u2013 564 371 933 4,743
Disposals (2) (331) (1,867) (149) (961) (1,196) (2,063) (6,569)
Transfers \u2013 (1,701) 1,619 207 (125) \u2013 \u2013 \u2013
Foreign exchange \u2013 74 23 37 49 47 208 438
30 April 2023 3,905 6,862 4,182 10,482 2,507 1,355 23,374 52,667
Accumulated
depreciation and
impairment
1 May 2022 2,053 4,100 976 1,638 1,503 962 5,470 16,702
Depreciation charge 156 979 768 808 631 391 3,208 6,941
Acquired accumulated
depreciation \u2013 \u2013 2,182 \u2013 421 \u2013 \u2013 2,603
Disposals (2) (331) (1,867) (149) (941) (1,211) (2,020) (6,521)
Transfers \u2013 (821) 814 7 \u2013 \u2013 \u2013 \u2013
Impairment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 428 428
Foreign exchange \u2013 31 13 6 28 45 80 203
30 April 2023 2,207 3,958 2,886 2,310 1,642 187 7,16 6 20,356
Net book value
30 April 2023 1,698 2,904 1,296 8,172 865 1,168 16,208 32,311
13 Inventories
2023
\u00a3000
2022
\u00a3000
Raw materials and consumables 2,128 2,109
Finished goods 13,425 9,987
Total inventory 15,553 12,096
Less: Provision for write off of:
Raw materials and consumables (153) (194)
Finished goods (3,067) (1,785)
Net inventory 12,333 10,117
The cost of inventories recognised as an expense and included in cost of sales during the year amounted to \u00a345,855,000 (2022: \u00a351,313,000).
14 Trade and other receivables
2023
\u00a3000
2022
\u00a3000
Current:
Trade receivables 1,901 138
Less: provisions (470) \u2013
Trade receivables \u2013 net 1,431 138
Other receivables 2,117 1,944
Other receivables with entities formerly under common control 151 458
Prepayments 2,632 1,752
Total current trade and other receivables 6,331 4,292
The movements in provisions are as follows:
2023
\u00a3000
2022
\u00a3000
At 1 May \u2013 (17)
Acquired (310) \u2013
Charge for the year (160) \u2013
Utilised \u2013 \u2013
Released \u2013 17
At 30 April (470) \u2013
Trade and other receivables are predominantly denominated in the functional currencies of subsidiary undertakings. There is no
material difference between the above amounts for trade and other receivables (including loan receivables) and their fair value due
to their contractual maturity of less than 12 months.
Other receivables with entities formerly under common control relate to costs in connection with leased property.
As permitted by IFRS 9, the Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected
loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on
shared credit risk characteristics such as ageing of the debt and the credit risk of the customers. A historical credit loss rate is then
calculated and then adjusted to reflect expectations about future credit losses. A customer balance is written off when it is considered
that there is no reasonable expectation that the amount will be collected and legal enforcement activities have ceased.
The Group\u2019s credit risk on trade and other receivables is primarily attributable to trade receivables. There are no significant
concentrations of credit risk since the risk is spread over a large number of unrelated counterparties.
The Group\u2019s businesses implement policies, procedures and controls to manage customer credit risk. Outstanding balances are
regularly monitored and reviewed to identify any change in risk profile.
The Group considers its credit risk to be low with Group revenues derived from electronic payment processes (including credit card,
debit card, PayPal, iDeal and Single Euro Payments Area) executed over the internet, with the majority of receipts reaching the bank
accounts in one to two days.
At 30 April 2023, the Group had net trade receivables of \u00a31,431,000 (2022: \u00a3138,000). Trade receivables are reviewed regularly for any
risk of impairment and provisions are booked where necessary.
The maximum exposure to credit risk is the trade receivable balance at the year-end. The Group has assessed its exposure below:
Trade receivables ageing
2023
\u00a3000
2022
\u00a3000
Up to 30 days 973 74
Past due but not impaired:
30 to 90 days 250 55
More than 90 days 678 9
Gross 1,901 138
Less: provisions (all relating to balances more than 90 days) (470) \u2013
Net trade receivables 1,431 138
2023
\u00a3000
2022
\u00a3000
Non-current other receivables:
Other receivables 2,153 1,928
Total non-current trade and other receivables 2,153 1,928
Non-current other receivables relate to security deposits in connection with leased property.
15 Cash and cash equivalents
2023
\u00a3000
2022
\u00a3000
Cash and bank balances 19,597 100,242
Cash equivalents 2,797 1,435
Total cash and cash equivalents 22,394 101,677
The carrying amount of cash and cash equivalents approximates their fair value. Cash equivalents relate to cash in transit from various
payment processing intermediaries that provide receipting services to the Group.
Cash and cash equivalents are denominated in Pound Sterling or other currencies as shown below.
2023
\u00a3000
2022
\u00a3000
Pound Sterling 16,467 9 7,394
Euro 4,989 3,687
Australian Dollar 841 546
US Dollar 97 50
Total cash and cash equivalents 22,394 101,677
16 Trade and other payables
2023
\u00a3000
2022
\u00a3000
Current
Trade payables 26,726 19,402
Other payables 4,569 \u2013
Other taxation and social security 6,756 4,370
Accruals 16,272 19,530
Merchant accrual 55,796 \u2013
Total current trade and other payables 110,119 43,302
Trade and other payables are predominantly denominated in the functional currencies of subsidiary undertakings. The increase in
other payables relates to the vested tranche of the cash component of the Pre-IPO awards that will be paid out within one year. Refer
to Note 20 for further details.
There is no material difference between the above amounts for trade and other payables and their fair value due to materially all of
the trade and other payables having a contractual maturity of less than 12 months.
2023
\u00a3000
2022
\u00a3000
Non-current
Other payables 3,168 4,207
Other taxation and social security 1,052 1,338
Accruals \u2013 129
Other payables with entities formerly under common control 638 638
Total non-current trade and other payables 4,858 6,312
Non-current other payables predominantly relate to the cash component of the Pre-IPO awards, refer to Note 20 for further details.
17 Provisions for other liabilities and charges
Other
provisions
\u00a3000
Dilapidations
provisions
\u00a3000
Total
\u00a3000
At 1 May 2021 1,697 816 2,513
Charged in the year 235 693 928
Release of provisions in the year (64) \u2013 (64)
Foreign exchange (31) \u2013 (31)
At 30 April 2022 1,837 1,509 3,346
Analysed as:
Current 1,837 \u2013 1,837
Non-current \u2013 1,509 1,509
Other
provisions
\u00a3000
Dilapidations
provisions
\u00a3000
Total
\u00a3000
At 1 May 2022 1,837 1,509 3,346
Acquired 494 317 811
Charged in the year 1,093 724 1,817
Utilisation (938) \u2013 (938)
Release of provisions in the year (1,051) \u2013 (1,051)
Foreign exchange 26 19 45
At 30 April 2023 1,461 2,569 4,030
Analysed as:
Current 1,240 377 1,617
Non-current 221 2,192 2,413
Current provisions
Other provisions primarily relate to royalty provisions, a refund provision and a sabbatical provision. The above provisions are due
to be settled within the year. During the year the dilapidations provision for the former head office of the Experiences segment was
moved to current as it is due to be settled in 2023.
Non-current provisions
Dilapidations provisions relate to the Herbal House head office, Almere facility in the Netherlands and the Tamworth facility in the UK,
and are non-current due to their settlement date. The earliest current lease end date of these three locations is 2027.
18 Contract liabilities
In all material respects, current deferred revenue at 1 May 2021 and 1 May 2022 was recognised as revenue during the respective
subsequent year. Other than business-as-usual movements there were no significant changes in contract liability balances during the
year.
19 Borrowings
2023
\u00a3000
2022
\u00a3000
Current
Lease liabilities 3,443 2,151
Borrowings 27 213
Non-current
Lease liabilities 16,082 13,169
Borrowings 170,493 169,950
Total borrowings and lease liabilities 190,045 185,483
The Group\u2019s sources of borrowing for liquidity purposes include the Senior Facilities Agreement, which was executed on 7 January
2021 and amended on 22 June 2022. This facility comprises a Term Loan of \u00a3175,000,000, the Original RCF of \u00a320,000,000 and the
Additional RCF of \u00a360,000,000, provided by a syndicate of banks. All facilities provided under the Senior Facilities Agreement are
committed until 8 December 2025. Lease liabilities arising are also reported in borrowings. As at 30 April 2023 both the Original RCF
and the Additional RCF remain undrawn.
Interest on all amounts drawn under the Senior Facilities Agreement (referred to as \u201csenior debt\u201d) is calculated at a floating reference
rate plus a margin. Prior to December 8, 2021, the reference rate was LIBOR, and since that date, it has been SONIA.
On 1 August, the Group executed two interest rate derivative agreements, with the intention of hedging its exposure to increases in
SONIA for broadly three quarters of its current expected future senior net debt (net of cash) for the period until November 2024. The
agreements comprise an interest rate swap at a rate of 2.4725% with a floor strike rate of 0% on \u00a390m notional until 1 December 2022
and \u00a355m notional until the term expires on 30 Novemb er 2023 and an interest rate cap with a cap strike rate of 3.0000% on \u00a370m
notional until 30 November 2024.
The Senior Facilities Agreement is subject to a Total Net Debt to last twelve months\u2019 Adjusted EBITDA (stated pro forma to include a full
year\u2019s profit from acquired businesses) covenant of 4.00x at 30 April 2023 and 3.50x thereafter, tested semi-annually, with Total Net
Debt and Adjusted EBITDA as defined in the Senior Facilities Agreement.
Borrowings are repayable as follows:
2023
\u00a3000
2022
\u00a3000
Within one year 27 213
Within one and two years \u2013 \u2013
Within two and three years 170,493 \u2013
Within three and four years
1
\u2013 169,950
Within four and five years \u2013 \u2013
Beyond five years \u2013 \u2013
Total borrowings 170,520 170,163
1 Total borrowings include \u00a327,000 (2022: \u00a3213,000) in respect of accrued unpaid interest and are shown net of capitalised borrowing costs of \u00a34,507,000 (2022: \u00a35,050,000).
The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes.
Borrowings
\u00a3000
Lease
liabilities
\u00a3000
Total
\u00a3000
1 May 2021 169,071 12,032 181,103
Cash flow (6,451) (3,105) (9,556)
Foreign exchange \u2013 (68) (68)
Interest and other
1
7,5 43 6,461 14,004
30 April 2022 170,163 15,320 185,483
Cash flow (12,144) (3,504) (15,648)
Foreign exchange \u2013 98 98
Interest and other
1
12,501 7,611 20,112
30 April 2023 170,520 19,525 190,045
1 Interest and other within borrowings comprises amortisation of capitalised borrowing costs and the interest expense in the year. Interest and other within lease liabilities
comprises interest on leases as disclosed in Note 6 as well as the lease liability addition in relation to the new Netherlands facility and office and the lease liability
recognised on acquisition of the Experiences segment.
20 Share-based payments
Legacy schemes
Prior to Admission to the London Stock Exchange during the year ended 30 April 2021, share and cash-based incentives were
awarded by the Former Parent Undertaking in relation to legacy compensation agreements for certain employees, senior
management and Directors. Such shares have been converted into separate shares in Moonpig Group plc and other companies
formerly under common control. These were accounted for in accordance with IFRS 2 and disclosed in the Prospectus, which can be
found at www.moonpig.group/investors. The awards included 3,075,329 shares in Moonpig Group plc that did not vest at the date
of Admission, and which vested on the 7 January 2023. In respect of these shares, there were non-cash charges of \u00a33,260,000 in FY22
and \u00a32,251,000 in FY23. National Insurance is not included on these schemes as they operated at an unrestricted tax market value.
Pre-IPO awards
Awards were granted on 27 January 2021 and comprise two equal tranches, with the first tranche vesting on 30 April 2023 and
the second tranche on 30 April 2024. The share awards vesting is subject to the achievement of revenue and Adjusted EBITDA
performance conditions and participants to remain employed by the Company over the vesting period. Given the constituents of the
scheme, no attrition assumption has been applied. New share awards were granted under the existing scheme in May, September,
October and December 2022 and January, February and April 2023, they will all vest on 30 April 2024.
The performance period for the pre-IPO awards ended on 30 April 2023, with vesting subject to revenue (50% weighting) and
Adjusted EBITDA (50% weighting). For both of these financial performance conditions, the maximum target was met and would have
been met even excluding the revenue and profits of the acquired Experiences segment. The awards will be payable half in cash and
half in shares (based on the share price at Admission) in two tranches. The first tranche vested on 30 April 2023 and will be paid in July
2023, with the second tranche vesting on 30 April 2024 and payable immediately thereafter. The below tables give the assumptions
applied to the options granted in the year and the shares outstanding:
February 2023 January 2023 December 2022 October 2022 September 2022 May 2022
Valuation model Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes
Weighted average share price
(pence) 114.20 117.20 109.00 127.00 189.80 236.20
Exercise price (pence) 0 0 0 0 0 0
Expected dividend yield 0% 0% 0% 0% 0% 0%
Risk-free interest rate 3.94% 3.74% 3.56% 3.30% 3.10% 1.52%
Volatility 36.58% 35.86% 35.12% 33.97% 32.86% 34.64%
Expected term (years) 1.19 1.27 1.36 1.51 1.65 1.95
Weighted average fair value (pence) 114.20 117.20 109.00 127.00 189.80 236.20
Attrition 0% 0% 0% 0% 0% 0%
Weighted average remaining
contractual life (years) 1.00 1.00 1.00 1.00 1.00 1.00
Pre-IPO awards continued
Pre-IPO awards Number of shares
Weighted average
exercise price
(\u00a3)
Outstanding at the beginning of the year 2,546,859 \u2013
Granted 295,357 \u2013
Exercised \u2013 \u2013
Forfeited (225,500) \u2013
Outstanding at the end of the year 2,616,716 \u2013
Exercisable at the end of the year 1,165,753 \u2013
Long-Term Incentive Plan (\u201cLTIP\u201d)
Awards were granted on 1 February 2021 and will vest on 30 June 2024. Half of the share awards vesting is subject to a relative Total
Shareholder Return (\u201cTSR\u201d) performance condition measured against the constituents of the FTSE 250 Index (excluding Investment
Trusts). The other half of the share awards vesting is subject to the achievement of an Adjusted Basic Pre-Tax EPS performance condition
(calculated as Adjusted Profit Before Taxation, divided by the undiluted weighted average number of ordinary shares outstanding
during the year). Participants are also required to remain employed by the Company over the vesting period, with Executive Directors to
30 April 2026. Given the constituents of the scheme, no attrition assumption has been applied. On 5 July 2022 and 25 October 2022 new
awards were granted under the existing scheme and will vest on 5 July and 25 October 2025 respectively. Consistent with the existing
scheme, participants are required to remain employed by the Company over the vesting period, with the Executive Directors to 5 July
2027. The below tables give the assumptions applied to the options granted in the year and the shares outstanding:
October 2022 July 2022
Valuation model
Stochastic and
Black-Scholes
Stochastic, Black-
Scholes and Chaffe
Weighted average share price (pence) 127.00 211.20
Exercise price (pence) 0 0
Expected dividend yield 0% 0%
Risk-free interest rate 3.43% 1.64%/1.76%
Volatility 34.84% 35.10%/34.38%
Expected term (years) 3.00 3.00/2.00
Weighted average fair value (pence) 127.0/62.3 211.2/131.7
Attrition 0% 0%
Weighted average remaining contractual life (years) 2.49 2.30/1.30
LTIP awards Number of shares
Weighted average
exercise price
(\u00a3)
Outstanding at the beginning of the year 871,275 \u2013
Granted 2,296,209 \u2013
Exercised \u2013 \u2013
Forfeited (102,486) \u2013
Outstanding at the end of the year 3,064,998 \u2013
Exercisable at the end of the year \u2013 \u2013
Share Incentive Plan (\u201cSIP\u201d)
The SIP was used to grant share awards to all eligible employees at Admission based on their length of service. No costs were
incurred by employees to acquire the shares. The share awards were granted on 1 February 2021. The free share awards granted to
UK-based staff are subject to a minimum three-year holding period. The awards made to employees in Guernsey and the Netherlands
are not subject to a holding period.
Deferred Share Bonus Plan (\u201cDSBP\u201d)
The Group has bonus arrangements in place for Executive Directors and certain key management personnel within the Group whereby
a proportion of the annual bonus is subject to deferral over a period of three years with vesting subject to continued service only.
On 6 August 2021, 92,970 shares were granted in relation to the deferred element of the FY21 bonus. These shares will vest on 6 August 2024.
On 5 July 2022, 299,319 shares were granted in relation to the deferred element of the FY22 bonus. These shares will vest on 5 July 2025.
The outstanding number of shares at the end of the year is 392,289 (2022: 92,970).
July 2022
Valuation model Black-Scholes
Weighted average share price (pence) 211.20
Exercise price (pence) 0
Expected dividend yield 0%
Risk-free interest rate 1.64%
Volatility 35.10%
Expected term (years) 3.00
Weighted average fair value (pence) 211.20
Attrition 0%
Weighted average remaining contractual life (years) 2.30
DSBP
Number of
shares
Weighted
average
exercise price
(\u00a3)
Outstanding at the beginning of the year 92,970 \u2013
Granted 299,319 \u2013
Exercised \u2013 \u2013
Forfeited \u2013 \u2013
Outstanding at the end of the year 392,289 \u2013
Exercisable at the end of the year \u2013 \u2013
Save As You Earn (\u201cSAYE\u201d)
The Group entered a SAYE Scheme for all eligible employees under which employees are granted an option to purchase ordinary
shares in the Company at an option price set at a 20% discount to the average market price over the three days before the invitation
date, in three years\u2019 time, dependent on their entering into a contract to make monthly contributions into a savings account over the
relevant period.
The FY22 awards were granted on 3 September 2021 and will vest on 1 October 2024, with a six-month exercise period following
vesting. The awards are subject only to service conditions with the requirement for the recipients of awards to remain in employment
with the Company over the vesting period. FY23 awards were granted on 8 September 2022 and will vest on 1 October 2025, they are
subject to the same conditions as the FY22 grant. The below tables give the assumptions applied to the options granted in the year
and the shares outstanding:
SAYE
Valuation model Black-Scholes
Weighted average share price (pence) 194.90
Exercise price (pence) 162.00
Expected dividend yield 0%
Risk-free interest rate 2.93%
Volatility 34.47%
Expected term (years) 3.25
Weighted average fair value (pence) 59.11
Attrition 15%
Weighted average remaining contractual life (years) 2.40
SAYE
Number of
shares
Weighted
average
exercise price
(\u00a3)
Outstanding at the beginning of the year 318,021 \u2013
Granted 692,957 \u2013
Exercised \u2013 \u2013
Cancelled (209,399)
Forfeited ( 17,760) \u2013
Outstanding at the end of the year 783,819 \u2013
Exercisable at the end of the year \u2013 \u2013
The fair value of awards under the Pre-IPO and DSBP awards are equal to the share price on the date of award as there is no price
to be paid and employees are entitled to dividend equivalents. For awards with a market condition, volatility is calculated over the
period commensurate with the remainder of the performance period immediately prior to the date of grant. For all other conditions,
volatility is calculated over the period commensurate with the expected term. As the Company had only recently listed, a proxy
volatility equal to the median volatility of the FTSE 250 (excluding Investment Trusts) over the respective periods has been used.
Consideration has also been made to the trend of volatility to return to its mean, by disregarding extraordinary periods of volatility.
Share-based payments expenses recognised in the income statement:
2023
\u00a3000
2022
\u00a3000
Legacy schemes 2,251 3,260
Pre-IPO awards 3,168 3,778
LTIP 1,876 822
SAYE 351 79
DSBP 273 369
Share-based payments expense
1
7,9 19 8,308
1 The \u00a37,919,000 (FY22: \u00a38,308,000) stated above is presented inclusive of employer\u2019s national insurance contributions of \u00a3649,000 (FY22: \u00a3607,000).
21 Share capital and reserves
The Group considers its capital to comprise its ordinary share capital, share premium, merger reserve, retained earnings, share-based
payments reserve and foreign exchange translation reserve. Quantitative detail is shown in the consolidated statement of changes in
equity. The Directors\u2019 objective when managing capital is to safeguard the Group\u2019s ability to continue as a going concern in order to
provide returns for the shareholder and benefits for other stakeholders.
Called-up share capital
Ordinary share capital represents the number of shares in issue at their nominal value. Ordinary shares in the Company are issued,
allotted and fully paid up.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Company. The shareholding as at 30 April 2023 is:
2023 Number
of shares
2023
\u00a3000
2022 Number
of shares
2022
\u00a3000
Allotted, called-up and fully paid ordinary shares of \u00a30.10 each 342,111,621 34,211 342,111,621 34,211
Share premium
Share premium represents the amount over the par value which was received by the Company upon the sale of the ordinary shares.
Upon the date of listing the par value of the shares was \u00a30.10 but the initial offering price was \u00a33.50. Share premium is stated net of
direct costs of \u00a3736,000 (2022: \u00a3736,000) relating to the issue of the shares.
Merger reserve
The merger reserve arises from the Group reorganisation accounted for under common control. In the prior year \u00a37,560,000 was
reclassified between the merger reserve and retained earnings (net of \u00a32,445,000 included within other creditors) in relation to Group
relief settled with the Former Parent Undertaking in FY21.
Other reserves
Other reserves represent the share-based payment reserve, the foreign currency translation reserve and the hedging reserve.
Share-based payment reserve
The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have
been recognised within the consolidated income statement.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments
related to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash
flow hedging instruments.
Foreign currency translation reserve
The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from
the impact of the translation of subsidiaries with a functional currency other than Sterling.
Share-based
payment
reserve
\u00a3000
Foreign
currency
translation
reserve
\u00a3000
Hedging
reserve
\u00a3000
Total other
reserves
\u00a3000
At 1 May 2021 27, 24 0 (225) \u2013 27,015
Other comprehensive income \u2013 190 \u2013 190
Share-based payment charge (excluding National Insurance) 7,701 \u2013 \u2013 7,701
30 April 2022 34,941 (35) \u2013 34,906
Other comprehensive income:
Foreign currency translation reserve reclassification \u2013 (735) \u2013 (735)
Cash flow hedges:
Fair value changes in the year \u2013 \u2013 1,891 1,891
Cost of hedging reserve \u2013 \u2013 126 126
Fair value movements on cash flow hedges transferred to profit and loss \u2013 \u2013 (136) (136)
Exchange differences on translation of foreign operations \u2013 (158) \u2013 (158)
Share-based payment charge (excluding National Insurance) 7, 2 70 \u2013 \u2013 7, 270
30 April 2023 42,211 (928) 1,881 43,164
22 Financial risk management
The principal financial risks faced by the Group relate to capital risk, liquidity risk, credit risk, foreign currency risk and interest rate risk.
Market risk
Foreign currency risk
The Group\u2019s exposure to the risk of changes in foreign currency relates primarily to its operating activities. Operating companies
generally only trade in their own currency. The Group is therefore not subject to any significant foreign exchange transactional
exposure within these subsidiaries.
The Group transacts mainly in Sterling and Euros. The Group generates sufficient cash flows in each respective currency to service
operating costs, therefore it does not see foreign currency risk as a significant risk.
The Group\u2019s principal exposure to foreign currency lies in the translation of overseas profits into Sterling; this exposure is not hedged.
Other currency exposures comprise those currency gains and losses recognised in the income statement, reflecting other monetary
assets and liabilities that are not denominated in the functional currency of the entity involved. At 30 April 2023 and 30 April 2022,
these exposures were not material to the Group.
Interest rate risk
The Group is exposed to interest rate risk arising from borrowings under the Senior Facilities Agreement, which incurs interest at a
floating reference rate plus a margin. The reference rate was LIBOR until 8 December 2021, after which it was replaced by SONIA.
On 1 August 2022, the Group executed two interest rate derivative agreements, with the intention of hedging its exposure to increases
in SONIA for broadly three quarters of its current expected future senior net debt (net of cash) for the period until November 2024.
For the remaining term, the agreements comprise an interest rate swap at a rate of 2.4725% with a floor strike rate of 0% on \u00a355m
notional until 30 November 2023 and an interest rate cap with a cap strike rate of 3.0000% on \u00a370m notional until 30 November 2024.
The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial instruments. The Group enters into hedge
relationships where the critical terms of the hedging instrument and the hedged item match, therefore, for the prospective assessment
of effectiveness a qualitative assessment is performed. Hedge effectiveness is determined at the origination of the hedging
relationship. Quantitative effective tests are performed at each year end to determine the continuing effectiveness of the relationship.
The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the
interest rate, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging
relationship is expected to be, and has been, effective in offsetting changes in cash flows of the hedging item using the hypothetical
derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u2022 The effect of the counterparty and Group\u2019s own interest rate risk on the fair value of the cap and swap, which is not reflected in the
change in the fair value of the hedged cash flows attributable to the change in interest rates; and
\u2022 Changes in the timing of the hedged item.
The derivative financial assets are all net settled; therefore, the maximum exposure to interest rate risk at the reporting date is the fair
value of the derivative assets which are included in the Consolidated Balance Sheet:
Derivative financial assets
2023
\u00a3000
2022
\u00a3000
Derivatives designated as hedging instruments
Interest rate swaps \u2013 cash flow hedges 706 \u2013
Interest rate cap \u2013 cash flow hedges 1,762 \u2013
Total derivatives financial assets 2,468 \u2013
2023
\u00a3000
2022
\u00a3000
Current and non-current:
Current 711 \u2013
Non-current 1,757 \u2013
Total derivatives financial assets 2,468 \u2013
a) Cash flow interest rate swap and cap
The was no ineffective portion recognised in finance expense that arose from cash flow hedges during the year (2022: \u00a3nil).
At 30 April 2023, the main floating rates were SONIA. Gains and losses recognised in the cash flow hedging reserve in equity on
interest rate swap and cap contracts as at 30 April 2023 will be released to the consolidated statement of comprehensive income as
the related interest expense is recognised.
The effects of the cash flow interest rate swap and cap hedging relationships are as follows at 30 April:
Interest rate swap Interest rate cap
2023 2022 2023 2022
Carrying amount of derivatives (\u00a3000) 706 \u2013 1,762 \u2013
Changes in fair value of the designated hedged item (\u00a3000) 842 \u2013 1,175 \u2013
Notional amount (\u00a3000) 55,000 \u2013 70,000 \u2013
Hedge ratio 1:1 \u2013 1:1 \u2013
Maturity date 30/11/2023 \u2013 30/11/2024 \u2013
Interest rate movements on deposits, lease liabilities, trade payables, trade receivables and other financial instruments do not present
a material exposure to the Group\u2019s Balance Sheet.
Market risk sensitivity analysis
Financial instruments affected by market risks include borrowings and deposits.
The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to changes in market
variables, being Sterling interest rates, and Sterling/Euro exchange rates.
The sensitivity analysis assumes reasonable movements in foreign exchange and interest rates before the effect of tax. The Group
considers a reasonable interest rate movement in SONIA to be 3%, based on current interest rate projections. Similarly, sensitivity to
movements in Sterling/Euro exchange rates of 10% are shown, reflecting changes of reasonable proportion in the context of movement
in that currency pair over the last year.
The following table shows the illustrative effect on profit before tax resulting from a 10% change in Sterling/Euro exchange rates:
Income
(losses)/gains
2023
\u00a3000
Equity
(losses)/gains
2023
\u00a3000
Income
(losses)/gains
2022
\u00a3000
Equity
(losses)/gains
2022
\u00a3000
10% strengthening of Sterling versus the Euro (390) (814) (778) (662)
10% weakening of Sterling versus the Euro 477 995 951 809
The following table shows the illustrative effect on the consolidated income statement from a 3% change in market interest rates on
the Group\u2019s interest expense. Refer to borrowings in Note 19.
2023
\u00a3000
2022
\u00a3000
3% increase in market interest rates (6,350) (5,250)
3% decrease in market interest rates 6,350 5,250
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or banking institution fails to meet its contractual obligations.
The Group\u2019s credit risk primarily arises from trade and other receivables. The Group has a very low operational credit risk due to
the transactions being principally of a high volume, low value and short maturity. The Group has no significant concentration of
operational credit risk.
The credit risk on liquid funds held with HSBC, JP Morgan, Citibank, Rabobank and Bank of Scotland is considered to be low. The
long-term credit rating for HSBC is A1/A+ per Moody\u2019s/Standard & Poor\u2019s. The long-term credit rating for Rabobank is Aa2/A+ per
Moody\u2019s/Standard & Poor\u2019s. The long-term credit rating for Bank of Scotland is A/A-1. The long-term credit rating for both JP Morgan
and Citibank is Aa3/A+ per Moody\u2019s/Standard & Poor\u2019s.
Further information on the credit risk management procedures applied to trade receivables is given in Note 14 and to cash and cash
equivalents in Note 15. The carrying amounts of trade receivables and cash and cash equivalents shown in those notes represent the
Group\u2019s maximum exposure to credit risk and there is no customer that accounts for more than 10% of the balance.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that
are settled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group\u2019s reputation.
Cash flow forecasting is performed centrally with rolling forecasts of the Group\u2019s liquidity requirements regularly monitored to ensure
it has sufficient cash to meet operational needs. The Group\u2019s revenue model results in a strong level of cash conversion allowing it to
service working capital requirements.
The Group\u2019s sources of borrowing for liquidity purposes include the Senior Facilities Agreement, which was executed on 7 January
2021 and amended on 22 June 2022. These facilities comprise a Term Loan of \u00a3175,000,000, the Original RCF of \u00a320,000,000 and
the Additional RCF of \u00a360,000,000, provided by a syndicate of banks. All facilities provided under the Senior Facilities Agreement are
committed until 8 December 2025. Lease liabilities are also reported in borrowings.
The amounts in the consolidated balance sheet and related notes that are accounted for as financial instruments and their
classification under IFRS 9, are as follows:
Financial assets
Note
2023
\u00a3000
2022
\u00a3000
Financial assets at amortised cost:
Current assets
Trade and other receivables
1
14 3,699 2,540
Cash 15 22,394 101,677
Non-current assets
Trade and other receivables 14 2,153 1,928
Financial assets at fair value:
Current assets
Financial derivatives 711 \u2013
Non-current assets
Financial derivatives 1,757 \u2013
30,714 106,145
Financial liabilities
Note
2023
\u00a3000
2022
\u00a3000
Financial liabilities at amortised cost:
Current liabilities
Trade and other payables
2
16 103,363 38,932
Lease liabilities 19 3,443 2,151
Borrowings 19 27 213
Non-current liabilities
Trade and other payables
2
16 3,806 4,974
Lease liabilities 19 16,082 13,169
Borrowings 19 170,493 169,950
29 7, 2 14 229,389
1 Excluding prepayments.
2 Excluding other taxation and social security.
The following tables provide an analysis of the anticipated contractual cash flows including interest payable for the Group\u2019s financial
liabilities and derivative instruments on an undiscounted basis. Where interest payments are calculated at a floating rate, rates of
each cash flow until maturity of the instruments are calculated based on the forward yield curve prevailing at the respective year
ends. All derivative contracts are presented on a net basis:
Contractual cash flows
2023
Due within
1 year
\u00a3000
Due within 1 and
3 years
\u00a3000
Due between 3
and 5 years
\u00a3000
Due after
5 years
\u00a3000
Total
\u00a3000
Carrying amount
at balance sheet
date
\u00a3000
Borrowings
1
\u2013 175,000 \u2013 \u2013 175,000 170,493
Interest on borrowings 12,533 24,804 \u2013 \u2013 37,337 27
Lease capital repayments 3,444 6,212 4,946 4,923 19,525 19,525
Lease future interest payments 776 1,089 532 379 2,776 \u2013
Trade and other financial liabilities
2
103,363 3,806 \u2013 \u2013 10 7,169 10 7,169
Non-derivative financial liabilities 120,116 210,911 5,478 5,302 341,807 297, 214
Interest rate swap 723 \u2013 \u2013 \u2013 723 706
Interest rate cap 1,216 422 \u2013 \u2013 1,638 1,762
Derivative financial liabilities 1,939 422 \u2013 \u2013 2,361 2,468
Contractual cash flows
2022
Due within
1 year
\u00a3000
Due within 1 and
3 years
\u00a3000
Due between 3
and 5 years
\u00a3000
Due after
5 years
\u00a3000
Total
\u00a3000
Carrying amount
at balance sheet
date
\u00a3000
Borrowings
1
\u2013 175,000 \u2013 \u2013 175,000 169,950
Interest on borrowings 8,937 23,433 \u2013 \u2013 32,371 213
Lease capital repayments 2,151 4,391 4,811 3,967 15,320 15,320
Lease future interest payments 863 1,396 798 582 3,639 \u2013
Trade and other financial liabilities
2
38,932 4,974 \u2013 \u2013 43,906 43,906
Non-derivative financial liabilities 50,883 209,194 5,609 4,549 270,236 229,389
Interest rate swap \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Interest rate cap \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Derivative financial liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
1 For the purpose of these tables, borrowings are defined as gross borrowings excluding lease liabilities and fair value of derivative instruments.
2 Consists of trade and other payables that meet the definition of financial liabilities under IAS 32.
There is no difference between the fair value and carrying amounts of the financial assets and liabilities except for borrowings as
detailed below.
Capital management
The objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for
shareholders and benefits for other stakeholders and to maintain an efficient cost of capital structure. To maintain or adjust the capital
structure in future periods, the Group may pay dividends, return capital through share buybacks, issue new shares or take other steps
to increase share capital and reduce or increase debt facilities.
As at 30 April 2023, the Group had gross borrowings of \u00a3175,000,000 through the Term Loan B. At time, during FY23, the Additional
RCF of \u00a360,000,000 was drawn. The Group remains compliant with its banking covenants.
Interest on senior facilities is based on a margin ratchet, which operates within a range of 3.00% to 3.75% for the Term Loan B and a
range of 2.50% to 3.25% for the Additional RCF, dependent on the Group\u2019s latest six-monthly consolidated senior net leverage ratio:
\u2022 At 30 April 2022, the ratio was below 2.00:1, therefore interest was payable in the first half of FY23 at SONIA plus a margin of
3.00% on the Term Loan B and a margin of 2.50% on the Additional RCF.
\u2022 At 31 October 2022, the ratio was between 2.00:1 and 2.50:1, therefore interest was payable in the second half of FY23 at SONIA
plus a margin of 3.25% for the Term Loan B and 2.75% for the Additional RCF.
\u2022 At 30 April 2023, the ratio was below 2.00:1, therefore the margins payable on senior facilities in the first half of FY24 will revert to
the rates prevailing in H1 FY23.
Bank loans and loan notes
The fair value of bank loans is determined using a discounted cash flow valuation technique calculated at a prevailing interest rate of
7.47%, which is an unobservable input, and therefore can be considered as a level 3 fair value as defined within IFRS 13:
Note
2023
Book value
\u00a3000
2023
Fair value
\u00a3000
2022
Book value
\u00a3000
2022
Fair value
\u00a3000
Non-current borrowing \u2013 external bank loans 19 170,493 144,109 169,950 154,230
23 Commitments and contingencies
a) Commitments
The Group entered a financial commitment in respect of floristry supplies of \u00a359,000 (2022: \u00a3126,000) and rental commitments of
\u00a312,000 (2022: \u00a372,000) which are due within one year.
b) Contingencies
Group companies have given a guarantee in respect of the external bank borrowings of the Group which amounted to \u00a3255,000,000
at 30 April 2023. This includes the Term Loan B of \u00a3175,000,000, the Original RCF of \u00a320,000,000 and the Additional RCF of
\u00a360,000,000. Both the Original RCF and the Additional RCF are undrawn at 30 April 2023.
24 Related party transactions
Transactions with related parties
The Group has earned other income from subletting space at its head office to an entity formerly under common control.
2023
\u00a3000
2022
\u00a3000
Other income from related parties formerly under common control 1,319 1,433
At the balance sheet date, the Group had the following balances with entities formerly under common control:
2023
\u00a3000
2022
\u00a3000
Trade and other receivables from other related parties formerly under common control 150 458
Trade and other payables with other related parties formerly under common control (638) (638)
There is no expected credit loss provision recognised in relation to the above receivables as the probability of default and any
corresponding expected credit loss are immaterial to the Group.
Compensation of key management personnel of Moonpig Group plc The amounts disclosed in the table are the amounts recognised as an expense during the reporting year related to key management personnel. Key management personnel are defined as the Directors as they are the members of the Group with the authority and responsibility for planning, directing and controlling the activities of the Group. Further detail in respect of the Directors remuneration can be found within the Directors\u2019 Remuneration report on pages 104 to 124. 2023 \u00a3000 2022 \u00a3000 Short-term employee benefits 1,655 3,007 Post-employment pension and medical benefits 54 53 Share-based payment schemes 7,435 6,667 Total compensation relating to key management personnel 9,144 9,727 25 Related undertakings A full list of subsidiary undertakings as defined by IFRS as at 30 April 2023 is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held are in the form of ordinary shares or common stock. The effective percentage of equity shares held in subsidiary undertakings is 100% in all cases. Subsidiary undertakings Number Country of incorporation Principal activity Cards Holdco Limited 1 12170467 England and Wales Trading company, management services Moonpig.com Limited 1 03852652 England and Wales Trading company Titan Midco Limited 1 13014525 England and Wales Holding company Horizon Bidco B.V. 2 72238402 Netherlands Holding company Greetz B.V. 2 34312893 Netherlands Trading company Full Colour B.V. 2 34350020 Netherlands Trading company Experience More Limited 1 03883868 England and Wales Trading company 1 Registered office address is Herbal House, 10 Back Hill, London, EC1R 5EN, United Kingdom. 2 Registered office address is Herikerbergweg 1-35, 1101 CN Amsterdam, Noord-Holland. All subsidiaries have a year-end of 30 April. Titan Midco Limited is exempt from the Companies Act 2006 requirements relating to the audit of their individual financial statements by virtue of Section 479A of the Companies Act as this Company has guaranteed its subsidiary companies under Section 479C of the Companies Act. In accordance with article 408 of the Dutch Civil Code, Horizon Bidco B.V. issued a declaration of joint and several liability in respect of its consolidated participants. The declaration covered and resulted in the standalone Horizon Bidco B.V. entity being exempt from an audit. Additionally, Full Colour B.V. is exempt from an audit under the Dutch Civil Code by virtue of its size. Experience More Limited was acquired on 13 July 2022. 26 Events after the balance sheet date There were no adjusting or non-adjusting events after the balance sheet date.",
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"fact-4": {
"value": "Herbal House, 10 Back Hill, London, EC1R 5EN, England, United Kingdom. The Company\u2019s LEI number is 213800VAYO5KCAXZHK83",
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"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
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"fact-332": {
"value": "Basis of preparation The consolidated financial statements of Moonpig Group plc have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. All figures presented are rounded to the nearest thousand (\u00a3000), unless otherwise stated. The consolidated financial statements have been prepared on the going concern basis and under the historical cost convention modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-361": {
"value": "The consolidated financial statements of Moonpig Group plc have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-333": {
"value": "Basis of consolidation Subsidiaries are entities over which the Group has control. Control exists when the Group has existing rights that give it the ability to direct the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany transactions and balances between Group companies are eliminated on consolidation. The financial statements of all subsidiary undertakings are prepared to the same reporting date as the Company. All subsidiary undertakings have been consolidated. The subsidiary undertakings of the Company at 30 April 2023 are detailed in Note 25 to the consolidated financial statements on page 180. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-334": {
"value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic report on pages 1 to 75. The Group has continued to generate positive operating cash flow and finished the year with liquidity headroom of \u00a3102,394,000 (2022: \u00a3121,677,000) comprising gross cash and unutilised committed senior facilities. The Group has a Senior Facilities Agreement which is committed until 8 December 2025 and comprises a Term Loan of \u00a3175,000,000, an Original RCF of \u00a320,000,000 and an Additional RCF of \u00a360,000,000, which was entered into during the year. The Term Loan and amounts drawn under the Original RCF and Additional RCF bear interest at a floating rate (which was linked to LIBOR until 8 December 2021 and linked to SONIA since that date) plus a margin. On 1 August 2022, the Group executed two interest rate derivative agreements, with the intention of hedging its exposure to increases in SONIA for broadly three quarters of its current expected future senior debt (net of cash) until November 2024. For the remaining term, the agreements comprise an interest rate swap at a rate of 2.4725% with a floor strike rate of 0% on \u00a355m notional until 30 November 2023 and an interest rate cap with a cap strike rate of 3.0000% on \u00a370m notional until 30 November 2024. The Senior Facilities Agreement is subject to a Total Net Debt to last twelve months\u2019 pro forma Adjusted EBITDA covenant of 4.00x at 30 April 2023 and 3.50x thereafter. It is tested on a semi-annual basis, with Total Net Debt and last twelve months\u2019 pro forma Adjusted EBITDA as defined in the Senior Facilities Agreement. The Group has complied with all covenants from entering the Senior Facilities Agreement until the date of these financial statements and is forecast to comply with these during the going concern assessment period. The Directors have reviewed the severe but plausible scenarios as described within the viability statement on pages 72 and 73; in these scenarios, the Group continues to have sufficient resources to continue in operational existence. In the event that more severe impacts occur, controllable mitigating actions are available to the Group should they be required. The Directors also reviewed the results of reverse stress testing performed throughout the going concern and viability periods, to provide an illustration of the extent to which existing customer purchase frequency and levels of new customer acquisition would need to deteriorate in order that their cumulative effect should either trigger a breach in the Group\u2019s covenants under the Senior Facilities Agreement or else exhaust liquidity. The probability of this scenario occurring was deemed to be remote given the resilient nature of the business model and strong cash conversion of the Group. After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements, in accordance with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-335": {
"value": "Critical accounting judgements and estimates In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.The areas of judgement which have the greatest potential effect on the amounts recognised in the financial statements are: Capitalisation of internally generated assets Certain costs incurred in the developmental phase of an internal project, which include the development of technology, app and platform enhancements, internally generated software and trademarks, are capitalised as intangible assets if a number of criteria are met. The costs of internally developed assets include capitalised expenses of employees working full time on software development projects, third-party firms and software licence fees. Management has made judgements and assumptions when assessing whether development meets these criteria and on measuring the costs attributed to such projects. Further details of the amounts of, and movements in, such assets are given in Note 11. Acquisition of Experiences On acquisition of Experience More Limited, the Group has used judgement in determining the fair values of identifiable assets acquired and liabilities assumed on business combination. This includes determining whether any intangible assets should be recognised separately from goodwill, and estimating their useful lives. The areas of estimates and assumptions which have the greatest potential effect on the amounts recognised in the financial statements are: Useful life of internally generated assets The estimated useful lives which are used to calculate amortisation of internally generated assets (the Group\u2019s platforms and applications) are based on the length of time these assets are expected to generate income and be of benefit to the Group. The uncertainty included in this estimate is that if the useful lives are estimated to differ from the actual useful lives of the intangible assets, this could result in accelerated amortisation in future years and/or impairments. The economic lives of internally generated intangible assets are estimated at three years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. If the useful life of internally generated assets were estimated to be shorter or longer by one year, than the current useful life of three years, the net book value would (decrease)/increase by (\u00a33,825,000)/\u00a31,912,000 from the amount recognised as at 30 April 2023. Further details of the amounts of, and movements in, such assets are given in Note 11. Experiences merchant accrual The merchant accrual has been identified as a significant estimate following the acquisition of Experiences, which acts as an agent at the point of sale. When a voucher is purchased, the expected value of future amounts that will become payable to merchant providers is recorded within Trade and Other Payables on the Balance Sheet. The Group takes into account historical redemption rates when estimating future payments to merchant providers, with the span between the upper and the lower ends of the range in historical trends for these rates equivalent to a \u00a32,916,000 movement in the amount recognised in revenue. The estimates are trued up for actual customer utilisation rates in the year. Carrying amount of Experiences goodwill Annually, the goodwill balance is subject to an impairment review. The critical accounting estimate made in the calculation of the recoverable amount is the pre-perpetuity compound annual revenue growth rate of 10.5% (April 2022: N/a). Sensitivity analysis relating to this critical account estimate and further disclosure is set out in Note 11. ",
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"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-285": {
"value": "2 Summary of significant accounting policies New standards, amendments and interpretations adopted from 1 May 2022 The following amendments are effective for the year beginning 1 May 2022: \u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract; \u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use; \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Amendments to IFRS 17 Insurance contracts; \u2022 Amendments to References to the Conceptual Framework in IFRS 3 (effective date to be confirmed). These amendments to various IFRS standards are mandatorily effective for reporting periods beginning on or after 1 May 2022 and had no material impact on the year-end consolidated financial statements of the Group. New standards, amendments and interpretations not yet adopted The following adopted IFRSs have been issued but have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have material effect on the financial statements unless otherwise indicated: The following amendments are effective for the year beginning 1 May 2023: \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); \u2022 Definition of Accounting Estimates (amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The following amendments are effective for the year beginning 1 May 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback); \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-current); and \u2022 IAS 1 Presentation of Financial statements (Amendment \u2013 Non-current Liabilities with Covenants). The principal accounting policies are set out below. Policies have been applied consistently, other than where new policies have been applied. a) Foreign currency translation The consolidated financial statements are presented in pounds sterling, which is the Group\u2019s presentational currency and are rounded to the nearest thousand. The income and cash flow statements of Group undertakings that are expressed in other currencies are translated to Sterling using exchange rates applicable on the dates of the underlying transactions. Average rates of exchange in each year are used where the average rate approximates the relevant exchange rate on the date of the underlying transactions. Assets and liabilities of Group undertakings are translated at the applicable rates of exchange at the end of each year. The differences between retained profits translated at average and closing rates of exchange are taken to the foreign currency translation reserve, as are differences arising on the retranslation to Sterling (using closing rates of exchange) of overseas net assets at the beginning of the year and are presented as a separate component of equity. They are recognised in the income statement when the gain or loss on disposal of a Group undertaking is recognised. Foreign currency transactions are initially recognised in the functional currency of each entity in the Group using the exchange rate ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of foreign currency assets and liabilities at year-end rates of exchange are recognised in the income statement. Foreign exchange gains or losses recognised in the income statement are included in operating profit or finance costs / income depending on the underlying transactions that gave rise to these exchange differences. b) Revenue The Group recognises revenue when it has satisfied its performance obligations to external customers and control of the goods has been transferred. The Group is principally engaged in the sale of cards, physical gifts and gift experiences. i) Sale of cards and physical gifts The Group generates revenue from the sale of cards and physical gifts. Shipping and handling is not a separate performance obligation and any shipping fees charged to the customer are included in the transaction price. The sale of goods and any shipping and handling represents a single performance obligation which is satisfied upon delivery of the relevant goods and the transfer of control to that customer. Revenue is measured at the transaction price received net of value added tax, discounts and is reduced for provisions of customer returns and remakes based on the history of such matters. The cost of shipping is directly associated with generating revenue and therefore presented within cost of sales. ii) Subscription revenue The Group operates subscription plans that provide access to products, services and product discounts on future purchases in return for an annual fee. Revenue from the fee is recognised over the period to which the subscription relates. Amounts invoiced relating to services not yet performed are reported as contract liabilities. iii) Sale of gift experiences The Group operates a platform for the distribution of gift experience vouchers that may be redeemed for a wide choice of experiences provided by third party merchant partners and either gifted or kept for a consumer\u2019s own use. Revenue is recognised when a consumer purchases a gift experience, acting as an agent at the point of sale. At this point the Group\u2019s obligations are substantially complete, subject to a provision for refunds as stipulated in the terms of the sale, as gift experience services are provided by the Group\u2019s merchant partners, following redemption either through the Group\u2019s websites or directly with the recipient\u2019s chosen merchant partner.The amount of revenue recognised primarily comprises the expected value of fees and any other income receivable in accordance with the Group\u2019s contracts with third party merchant partners, rather than the gross value of vouchers purchased. This includes an estimate of the revenue to be recognised in relation to vouchers which are not redeemed based on historical rates. Each voucher is multi-purpose and can be exchanged for any experience at any point until redemption, on account of which merchants are not paid a share of the gross value of a voucher until after redemption. The expected value of future amounts that will become payable to merchants is included within trade and other payables on the Balance Sheet. Where a recipient does not redeem the voucher prior to its expiry date, the Group recognises revenue from unredeemed vouchers and derecognises the accrued merchant payable once its legal obligations to the merchant expires. c) Taxation Taxation is chargeable on the profits for the year, together with deferred taxation. The current income tax charge is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries operate and generate taxable income. Deferred taxation is provided in full using the liability method for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amount used for taxation purposes. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised, or deferred tax liability is settled. Deferred tax relating to items recognised outside of profit or loss is also recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity. d) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred which is measured at the acquisition date. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date. Acquisition-related items such as legal or professional fees are recognised as expenses in the year in which the costs are incurred as adjusting items. e) Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill relates to the Greetz and Experiences cash-generating units. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Any impairment of goodwill is recognised immediately in the income statement and is not subsequently reversed. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting year date. Goodwill in respect of subsidiaries is included in intangible assets. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. f) Intangible assets other than goodwill i) Separately acquired intangible assets Intangible assets acquired separately are measured on initial recognition at fair value at the acquisition date, provided they are identifiable and capable of reliable measurement. Intangible assets with a finite useful life that are acquired separately are carried at cost less accumulated amortisation and impairment losses. These intangible assets are amortised on a straight-line basis over their remaining useful lives, consistent with the pattern of economic benefits expected to be received. The amortisation charge is included within selling and administrative expenses in the income statement. ii) Internally generated research and development costs Research expenditure is charged to the income statement in the year in which it is incurred. Development expenditure is charged to the income statement in the year it is incurred unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as an intangible asset. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation begins when development is complete and the asset is available for use; the charge is included within selling and administrative expenses in the income statement. The estimated useful lives of separately acquired and internally generated assets are as follows: Straight-line amortisation period Trademark 10 years Technology and development costs 3 years Customer relationships 1 to 12 years Software 3 to 5 years Other intangibles 2 to 4 years g) Impairment of non-financial assets Assets are reviewed for impairment whenever events indicate that the carrying amount of a cash-generating unit or the carrying amounts of non-financial assets may not be recoverable. In addition, assets that have indefinite useful lives are tested annually for impairment. An impairment loss is recognised to the extent that the carrying amount exceeds the higher of the asset\u2019s fair value less costs to sell and its value in use. A cash-generating unit is the smallest identifiable group of assets that generates cash flows which are largely independent of the cash flows from other assets or groups of assets. At the acquisition date, any goodwill acquired is allocated to the relevant cash-generating unit or group of cash-generating units expected to benefit from the acquisition for the purpose of impairment testing of goodwill. h) Impairment of financial assets held at amortised cost As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of revenue under IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses. Allowances in respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses. Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases significantly after initial recognition. i) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight-line basis to write off the assets over their useful economic life. No depreciation is provided on freehold land. The estimated useful lives are as follows: Straight-line depreciation period Freehold property 25 years Plant and machinery 4 years Fixtures and fittings 4 years Leasehold improvements 10 years or the unexpired term of lease if lower Computer equipment 3 years Right-of-use assets (plant and machinery, land and buildings) Lease length Climate change is not considered to materially impact the estimated useful lives of assets. Although extreme weather events could potentially damage manufacturing and distribution facilities, the probability of this occurring at the Group\u2019s most vulnerable location, Guernsey, is only 0.2% annually over the expected lifespan of the assets. Furthermore, the Group has flexibility in its production network and could shift production to other locations to mitigate any business interruptions. j) Leased assets Group as lessee The Group records its lease obligations in accordance with the principles for the recognition, measurement, presentation and disclosures of leases as set out in IFRS 16. The Group applies IFRS 16 Leases to contractual arrangements which are, or contain, leases of assets and consequently recognises right-of-use assets and lease liabilities at the commencement of the leasing arrangement, with the asset included in Note 12 and the liabilities included as part of borrowings in Note 19. The nature of the Group\u2019s leases are offices, warehouses, and printing machinery. Lease liabilities are initially recognised at an amount equal to the present value of estimated contractual lease payments at the inception of the lease, after taking into account any options to extend the term of the lease to the extent they are reasonably certain to be exercised. Lease commitments are discounted to present value using the interest rate implicit in the lease if this can be readily determined, or the applicable incremental rate of borrowing, as appropriate. Right-of-use assets are initially recognised at an amount equal to the lease liability, adjusted for initial direct costs in relation to the assets, then depreciated over the shorter of the lease term and their estimated useful lives. Group as lessor The Group has entered into a lease agreement as a lessor with respect to one of its properties. This is accounted for as an operating lease as the lease does not transfer substantially all the risks and rewards of ownership to the lessee. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. k) Inventories Inventories include raw materials and finished goods and are stated at the lower of cost and net realisable value. Cost is based on the weighted average cost incurred in acquiring inventories and bringing them to their existing location and condition, which will include raw materials, direct labour and overheads, where appropriate. l) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, call deposits, cash held by payment service providers and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value, with a maturity of three months or less. Cash equivalents relate to cash in transit from various payment processing intermediaries that provide receipting services to the Group. For the purposes of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits as defined above and are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the balance sheet. m) Financial instruments The primary objective with regard to the management of cash of the Group\u2019s business model for managing financial assets is to protect against the loss of principal. Additionally, the Group aims to maximise liquidity by concentrating cash centrally; to align the maturity profile of external investments with that of the forecast liquidity profile; to wherever practicable, match the interest rate profile of external investments to that of debt maturities or fixings; and to optimise the investment yield within the Group\u2019s investment parameters. Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party. Such assets and liabilities are classified as current if they are expected to be realised or settled within 12 months after the balance sheet date. If not, they are classified as non-current. In addition, current liabilities include amounts where the entity does not have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Non-derivative financial assets are classified on initial recognition in accordance with the Group\u2019s business model as investments, loans and receivables, or cash and cash equivalents and accounted for as follows: \u2022 Loans and other receivables: These are non-derivative financial assets with fixed or determinable payments that are solely payments of principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These balances include trade and other receivables and are measured at amortised cost, using the effective interest rate method and stated net of allowances for credit losses. \u2022 Cash and cash equivalents: Cash and cash equivalents include cash in hand and deposits held on call. Cash equivalents normally comprise instruments with maturities of three months or less at their date of acquisition. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the balance sheet. Non-derivative financial liabilities, including borrowings and trade payables, are stated at amortised cost using the effective interest method. For borrowings, their carrying amount includes accrued interest payable. Derivative financial instruments are used to manage risks arising from changes in interest rates relating to the Group\u2019s external debt. The Group does not hold or issue derivative financial instruments for trading purposes. The Group uses the derivatives to hedge highly probable forecast transactions and therefore, the instruments are designated as cash flow hedges. Derivatives are initially recognised at fair value on the date a contract is entered into and are subsequently remeasured at their fair value at each reporting date. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in the cash flows of the hedged item and hedging instrument are expected to offset each other. The effective element of any gain or loss from remeasuring the derivative instrument is recognised in Other Comprehensive Income (\u201cOCI\u201d) and accumulated in the hedging reserve (presented in \u201cOther Reserves\u201d in the Statement of Changes in Equity). Any change in the fair value of time value of the derivative instrument is also recognised in OCI as part of cash flow hedges and accumulated in the cost of hedging reserve (presented in \u201cOther Reserves\u201d in the Statement of Changes in Equity). Any element of the remeasurement of the derivative instrument that does not meet the criteria for an effective hedge is recognised immediately in the Group Income Statement within finance costs. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecast transaction is ultimately recognised in the Income Statement within finance costs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is recycled to the Income Statement. The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months or, as a current asset or liability, if the remaining maturity of the hedged item is less than 12 months. n) Segmental analysis The Group is organised and managed based on its segments (Moonpig, Greetz and Experiences). These are the reportable and operating segments for the Group as they form the focus of the Group\u2019s internal reporting systems and are the basis used by the chief operating decision maker (\u201cCODM\u201d), identified as the CEO and CFO, for assessing performance and allocating resources. The prices agreed between Group companies for intra-group services and fees are based on normal commercial practices which would apply between independent businesses. o) Provisions Provisions are recognised when either a legal or constructive obligation as a result of a past event exists at the balance sheet date, it is probable that an outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made of the amount of the obligation. p) Pensions and other post-employment benefits The Group contributes to defined contribution pensions schemes and payments to these are charged as an expense and accrued over time. q) Adjusting items Adjusting items are significant items of income or expense which individually or, if of a similar type, in aggregate, are relevant to an understanding of the Group\u2019s underlying financial performance because of their size, nature or incidence. In identifying and quantifying adjusting items, the Group consistently applies a policy that defines criteria that are required to be met for an item to be classified as an adjusting item. These items are separately disclosed in the segmental analyses or in the notes to the financial statements as appropriate. The Group believes that these items are useful to users of the consolidated financial statements in helping them to understand the underlying business performance and are used to derive the Group\u2019s principal non-GAAP measure of Adjusted EBITDA, which is before the impact of adjusting items and which is reconciled from operating profit. r) Equity Called-up share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. Share premium The amount subscribed for the ordinary shares in excess of the nominal value of these new shares is recorded in share premium. Costs that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax. Merger reserve The merger reserve relates to the merger reserve arising from the prior group restructuring, accounted for under common control. Invested capital Invested capital represents the total equity of the Group during the period prior to the restructuring that occurred as part of the Group\u2019s IPO. Other reserves Share-based payment reserve The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have been recognised within the consolidated income statement. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash flow hedging instruments. Foreign currency translation reserve The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from the impact of the translation of subsidiaries with a functional currency other than Sterling. s) Earnings per share The Group presents basic and diluted EPS for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. For diluted EPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. t) Share-based payments The Group has equity-settled compensation plans. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of awards that will eventually vest. For plans where the vesting conditions are based on a market condition, such as total shareholder return, the fair value at date of grant reflects the probability that this condition will not be met and therefore is fixed thereafter irrespective of actual vesting. Fair value is measured using the Black-Scholes and Monte Carlo option pricing model, except where vesting is subject to market conditions when the Stochastic option pricing model is used. A Chaffe model is used to value the holding period. The expected term used in the models has been adjusted based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-287": {
"value": "New standards, amendments and interpretations adopted from 1 May 2022 The following amendments are effective for the year beginning 1 May 2022: \u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract; \u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use; \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Amendments to IFRS 17 Insurance contracts; \u2022 Amendments to References to the Conceptual Framework in IFRS 3 (effective date to be confirmed). These amendments to various IFRS standards are mandatorily effective for reporting periods beginning on or after 1 May 2022 and had no material impact on the year-end consolidated financial statements of the Group. New standards, amendments and interpretations not yet adopted The following adopted IFRSs have been issued but have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have material effect on the financial statements unless otherwise indicated: The following amendments are effective for the year beginning 1 May 2023: \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); \u2022 Definition of Accounting Estimates (amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The following amendments are effective for the year beginning 1 May 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback); \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-current); and \u2022 IAS 1 Presentation of Financial statements (Amendment \u2013 Non-current Liabilities with Covenants). The principal accounting policies are set out below. Policies have been applied consistently, other than where new policies have been applied. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-336": {
"value": "New standards, amendments and interpretations adopted from 1 May 2022 The following amendments are effective for the year beginning 1 May 2022: \u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract; \u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use; \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Amendments to IFRS 17 Insurance contracts; \u2022 Amendments to References to the Conceptual Framework in IFRS 3 (effective date to be confirmed). These amendments to various IFRS standards are mandatorily effective for reporting periods beginning on or after 1 May 2022 and had no material impact on the year-end consolidated financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-337": {
"value": "New standards, amendments and interpretations not yet adopted The following adopted IFRSs have been issued but have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have material effect on the financial statements unless otherwise indicated: The following amendments are effective for the year beginning 1 May 2023: \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); \u2022 Definition of Accounting Estimates (amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The following amendments are effective for the year beginning 1 May 2024: \u2022 IFRS 16 Leases (Amendment \u2013 Liability in a Sale and Leaseback); \u2022 IAS 1 Presentation of Financial Statements (Amendment \u2013 Classification of Liabilities as Current or Non-current); and \u2022 IAS 1 Presentation of Financial statements (Amendment \u2013 Non-current Liabilities with Covenants). The principal accounting policies are set out below. Policies have been applied consistently, other than where new policies have been applied. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-288": {
"value": "a) Foreign currency translation The consolidated financial statements are presented in pounds sterling, which is the Group\u2019s presentational currency and are rounded to the nearest thousand. The income and cash flow statements of Group undertakings that are expressed in other currencies are translated to Sterling using exchange rates applicable on the dates of the underlying transactions. Average rates of exchange in each year are used where the average rate approximates the relevant exchange rate on the date of the underlying transactions. Assets and liabilities of Group undertakings are translated at the applicable rates of exchange at the end of each year. The differences between retained profits translated at average and closing rates of exchange are taken to the foreign currency translation reserve, as are differences arising on the retranslation to Sterling (using closing rates of exchange) of overseas net assets at the beginning of the year and are presented as a separate component of equity. They are recognised in the income statement when the gain or loss on disposal of a Group undertaking is recognised. Foreign currency transactions are initially recognised in the functional currency of each entity in the Group using the exchange rate ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of foreign currency assets and liabilities at year-end rates of exchange are recognised in the income statement. Foreign exchange gains or losses recognised in the income statement are included in operating profit or finance costs / income depending on the underlying transactions that gave rise to these exchange differences. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-338": {
"value": "The consolidated financial statements are presented in pounds sterling, which is the Group\u2019s presentational currency and are rounded to the nearest thousand.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-289": {
"value": "b) Revenue The Group recognises revenue when it has satisfied its performance obligations to external customers and control of the goods has been transferred. The Group is principally engaged in the sale of cards, physical gifts and gift experiences. i) Sale of cards and physical gifts The Group generates revenue from the sale of cards and physical gifts. Shipping and handling is not a separate performance obligation and any shipping fees charged to the customer are included in the transaction price. The sale of goods and any shipping and handling represents a single performance obligation which is satisfied upon delivery of the relevant goods and the transfer of control to that customer. Revenue is measured at the transaction price received net of value added tax, discounts and is reduced for provisions of customer returns and remakes based on the history of such matters. The cost of shipping is directly associated with generating revenue and therefore presented within cost of sales. ii) Subscription revenue The Group operates subscription plans that provide access to products, services and product discounts on future purchases in return for an annual fee. Revenue from the fee is recognised over the period to which the subscription relates. Amounts invoiced relating to services not yet performed are reported as contract liabilities. iii) Sale of gift experiences The Group operates a platform for the distribution of gift experience vouchers that may be redeemed for a wide choice of experiences provided by third party merchant partners and either gifted or kept for a consumer\u2019s own use. Revenue is recognised when a consumer purchases a gift experience, acting as an agent at the point of sale. At this point the Group\u2019s obligations are substantially complete, subject to a provision for refunds as stipulated in the terms of the sale, as gift experience services are provided by the Group\u2019s merchant partners, following redemption either through the Group\u2019s websites or directly with the recipient\u2019s chosen merchant partner.The amount of revenue recognised primarily comprises the expected value of fees and any other income receivable in accordance with the Group\u2019s contracts with third party merchant partners, rather than the gross value of vouchers purchased. This includes an estimate of the revenue to be recognised in relation to vouchers which are not redeemed based on historical rates. Each voucher is multi-purpose and can be exchanged for any experience at any point until redemption, on account of which merchants are not paid a share of the gross value of a voucher until after redemption. The expected value of future amounts that will become payable to merchants is included within trade and other payables on the Balance Sheet. Where a recipient does not redeem the voucher prior to its expiry date, the Group recognises revenue from unredeemed vouchers and derecognises the accrued merchant payable once its legal obligations to the merchant expires. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-6": {
"value": "The Group is principally engaged in the sale of cards, physical gifts and gift experiences. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-339": {
"value": "c) Taxation Taxation is chargeable on the profits for the year, together with deferred taxation. The current income tax charge is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries operate and generate taxable income. Deferred taxation is provided in full using the liability method for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amount used for taxation purposes. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised, or deferred tax liability is settled. Deferred tax relating to items recognised outside of profit or loss is also recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-290": {
"value": "c) Taxation Taxation is chargeable on the profits for the year, together with deferred taxation. The current income tax charge is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries operate and generate taxable income. Deferred taxation is provided in full using the liability method for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amount used for taxation purposes. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised, or deferred tax liability is settled. Deferred tax relating to items recognised outside of profit or loss is also recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised in the statement of other comprehensive income or the statement of changes in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-340": {
"value": "d) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred which is measured at the acquisition date. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date. Acquisition-related items such as legal or professional fees are recognised as expenses in the year in which the costs are incurred as adjusting items. e) Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill relates to the Greetz and Experiences cash-generating units. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Any impairment of goodwill is recognised immediately in the income statement and is not subsequently reversed. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting year date. Goodwill in respect of subsidiaries is included in intangible assets. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-291": {
"value": "d) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred which is measured at the acquisition date. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date. Acquisition-related items such as legal or professional fees are recognised as expenses in the year in which the costs are incurred as adjusting items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-362": {
"value": "e) Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill relates to the Greetz and Experiences cash-generating units. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Any impairment of goodwill is recognised immediately in the income statement and is not subsequently reversed. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting year date. Goodwill in respect of subsidiaries is included in intangible assets. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. f) Intangible assets other than goodwill i) Separately acquired intangible assets Intangible assets acquired separately are measured on initial recognition at fair value at the acquisition date, provided they are identifiable and capable of reliable measurement. Intangible assets with a finite useful life that are acquired separately are carried at cost less accumulated amortisation and impairment losses. These intangible assets are amortised on a straight-line basis over their remaining useful lives, consistent with the pattern of economic benefits expected to be received. The amortisation charge is included within selling and administrative expenses in the income statement. ii) Internally generated research and development costs Research expenditure is charged to the income statement in the year in which it is incurred. Development expenditure is charged to the income statement in the year it is incurred unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as an intangible asset. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation begins when development is complete and the asset is available for use; the charge is included within selling and administrative expenses in the income statement. The estimated useful lives of separately acquired and internally generated assets are as follows: Straight-line amortisation period Trademark 10 years Technology and development costs 3 years Customer relationships 1 to 12 years Software 3 to 5 years Other intangibles 2 to 4 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-292": {
"value": "e) Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill relates to the Greetz and Experiences cash-generating units. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Any impairment of goodwill is recognised immediately in the income statement and is not subsequently reversed. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting year date. Goodwill in respect of subsidiaries is included in intangible assets. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-293": {
"value": "f) Intangible assets other than goodwill i) Separately acquired intangible assets Intangible assets acquired separately are measured on initial recognition at fair value at the acquisition date, provided they are identifiable and capable of reliable measurement. Intangible assets with a finite useful life that are acquired separately are carried at cost less accumulated amortisation and impairment losses. These intangible assets are amortised on a straight-line basis over their remaining useful lives, consistent with the pattern of economic benefits expected to be received. The amortisation charge is included within selling and administrative expenses in the income statement. ii) Internally generated research and development costs Research expenditure is charged to the income statement in the year in which it is incurred. Development expenditure is charged to the income statement in the year it is incurred unless it meets the recognition criteria of IAS 38 Intangible Assets to be capitalised as an intangible asset. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation begins when development is complete and the asset is available for use; the charge is included within selling and administrative expenses in the income statement. The estimated useful lives of separately acquired and internally generated assets are as follows: Straight-line amortisation period Trademark 10 years Technology and development costs 3 years Customer relationships 1 to 12 years Software 3 to 5 years Other intangibles 2 to 4 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-341": {
"value": "g) Impairment of non-financial assets Assets are reviewed for impairment whenever events indicate that the carrying amount of a cash-generating unit or the carrying amounts of non-financial assets may not be recoverable. In addition, assets that have indefinite useful lives are tested annually for impairment. An impairment loss is recognised to the extent that the carrying amount exceeds the higher of the asset\u2019s fair value less costs to sell and its value in use. A cash-generating unit is the smallest identifiable group of assets that generates cash flows which are largely independent of the cash flows from other assets or groups of assets. At the acquisition date, any goodwill acquired is allocated to the relevant cash-generating unit or group of cash-generating units expected to benefit from the acquisition for the purpose of impairment testing of goodwill. h) Impairment of financial assets held at amortised cost As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of revenue under IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses. Allowances in respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses. Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases significantly after initial recognition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-294": {
"value": "g) Impairment of non-financial assets Assets are reviewed for impairment whenever events indicate that the carrying amount of a cash-generating unit or the carrying amounts of non-financial assets may not be recoverable. In addition, assets that have indefinite useful lives are tested annually for impairment. An impairment loss is recognised to the extent that the carrying amount exceeds the higher of the asset\u2019s fair value less costs to sell and its value in use. A cash-generating unit is the smallest identifiable group of assets that generates cash flows which are largely independent of the cash flows from other assets or groups of assets. At the acquisition date, any goodwill acquired is allocated to the relevant cash-generating unit or group of cash-generating units expected to benefit from the acquisition for the purpose of impairment testing of goodwill. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-295": {
"value": "h) Impairment of financial assets held at amortised cost As permitted by IFRS 9 Financial Instruments, loss allowances on trade receivables arising from the recognition of revenue under IFRS 15 Revenue from Contracts with Customers are initially measured at an amount equal to lifetime expected losses. Allowances in respect of loans and other receivables are initially recognised at an amount equal to 12-month expected credit losses. Allowances are measured at an amount equal to the lifetime expected credit losses where the credit risk on the receivables increases significantly after initial recognition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-342": {
"value": "i) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight-line basis to write off the assets over their useful economic life. No depreciation is provided on freehold land. The estimated useful lives are as follows: Straight-line depreciation period Freehold property 25 years Plant and machinery 4 years Fixtures and fittings 4 years Leasehold improvements 10 years or the unexpired term of lease if lower Computer equipment 3 years Right-of-use assets (plant and machinery, land and buildings) Lease length Climate change is not considered to materially impact the estimated useful lives of assets. Although extreme weather events could potentially damage manufacturing and distribution facilities, the probability of this occurring at the Group\u2019s most vulnerable location, Guernsey, is only 0.2% annually over the expected lifespan of the assets. Furthermore, the Group has flexibility in its production network and could shift production to other locations to mitigate any business interruptions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-296": {
"value": "i) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight-line basis to write off the assets over their useful economic life. No depreciation is provided on freehold land. The estimated useful lives are as follows: Straight-line depreciation period Freehold property 25 years Plant and machinery 4 years Fixtures and fittings 4 years Leasehold improvements 10 years or the unexpired term of lease if lower Computer equipment 3 years Right-of-use assets (plant and machinery, land and buildings) Lease length Climate change is not considered to materially impact the estimated useful lives of assets. Although extreme weather events could potentially damage manufacturing and distribution facilities, the probability of this occurring at the Group\u2019s most vulnerable location, Guernsey, is only 0.2% annually over the expected lifespan of the assets. Furthermore, the Group has flexibility in its production network and could shift production to other locations to mitigate any business interruptions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-297": {
"value": "j) Leased assets Group as lessee The Group records its lease obligations in accordance with the principles for the recognition, measurement, presentation and disclosures of leases as set out in IFRS 16. The Group applies IFRS 16 Leases to contractual arrangements which are, or contain, leases of assets and consequently recognises right-of-use assets and lease liabilities at the commencement of the leasing arrangement, with the asset included in Note 12 and the liabilities included as part of borrowings in Note 19. The nature of the Group\u2019s leases are offices, warehouses, and printing machinery. Lease liabilities are initially recognised at an amount equal to the present value of estimated contractual lease payments at the inception of the lease, after taking into account any options to extend the term of the lease to the extent they are reasonably certain to be exercised. Lease commitments are discounted to present value using the interest rate implicit in the lease if this can be readily determined, or the applicable incremental rate of borrowing, as appropriate. Right-of-use assets are initially recognised at an amount equal to the lease liability, adjusted for initial direct costs in relation to the assets, then depreciated over the shorter of the lease term and their estimated useful lives. Group as lessor The Group has entered into a lease agreement as a lessor with respect to one of its properties. This is accounted for as an operating lease as the lease does not transfer substantially all the risks and rewards of ownership to the lessee. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-298": {
"value": "k) Inventories Inventories include raw materials and finished goods and are stated at the lower of cost and net realisable value. Cost is based on the weighted average cost incurred in acquiring inventories and bringing them to their existing location and condition, which will include raw materials, direct labour and overheads, where appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-299": {
"value": "l) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, call deposits, cash held by payment service providers and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value, with a maturity of three months or less. Cash equivalents relate to cash in transit from various payment processing intermediaries that provide receipting services to the Group. For the purposes of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits as defined above and are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-300": {
"value": "m) Financial instruments The primary objective with regard to the management of cash of the Group\u2019s business model for managing financial assets is to protect against the loss of principal. Additionally, the Group aims to maximise liquidity by concentrating cash centrally; to align the maturity profile of external investments with that of the forecast liquidity profile; to wherever practicable, match the interest rate profile of external investments to that of debt maturities or fixings; and to optimise the investment yield within the Group\u2019s investment parameters. Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party. Such assets and liabilities are classified as current if they are expected to be realised or settled within 12 months after the balance sheet date. If not, they are classified as non-current. In addition, current liabilities include amounts where the entity does not have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Non-derivative financial assets are classified on initial recognition in accordance with the Group\u2019s business model as investments, loans and receivables, or cash and cash equivalents and accounted for as follows: \u2022 Loans and other receivables: These are non-derivative financial assets with fixed or determinable payments that are solely payments of principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These balances include trade and other receivables and are measured at amortised cost, using the effective interest rate method and stated net of allowances for credit losses. \u2022 Cash and cash equivalents: Cash and cash equivalents include cash in hand and deposits held on call. Cash equivalents normally comprise instruments with maturities of three months or less at their date of acquisition. In the cash flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in the liabilities section on the balance sheet. Non-derivative financial liabilities, including borrowings and trade payables, are stated at amortised cost using the effective interest method. For borrowings, their carrying amount includes accrued interest payable. Derivative financial instruments are used to manage risks arising from changes in interest rates relating to the Group\u2019s external debt. The Group does not hold or issue derivative financial instruments for trading purposes. The Group uses the derivatives to hedge highly probable forecast transactions and therefore, the instruments are designated as cash flow hedges. Derivatives are initially recognised at fair value on the date a contract is entered into and are subsequently remeasured at their fair value at each reporting date. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in the cash flows of the hedged item and hedging instrument are expected to offset each other. The effective element of any gain or loss from remeasuring the derivative instrument is recognised in Other Comprehensive Income (\u201cOCI\u201d) and accumulated in the hedging reserve (presented in \u201cOther Reserves\u201d in the Statement of Changes in Equity). Any change in the fair value of time value of the derivative instrument is also recognised in OCI as part of cash flow hedges and accumulated in the cost of hedging reserve (presented in \u201cOther Reserves\u201d in the Statement of Changes in Equity). Any element of the remeasurement of the derivative instrument that does not meet the criteria for an effective hedge is recognised immediately in the Group Income Statement within finance costs. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecast transaction is ultimately recognised in the Income Statement within finance costs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is recycled to the Income Statement. The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months or, as a current asset or liability, if the remaining maturity of the hedged item is less than 12 months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-343": {
"value": "\u2022 Loans and other receivables: These are non-derivative financial assets with fixed or determinable payments that are solely payments of principal and interest on the principal amount outstanding, that are primarily held in order to collect contractual cash flows. These balances include trade and other receivables and are measured at amortised cost, using the effective interest rate method and stated net of allowances for credit losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-301": {
"value": "n) Segmental analysis The Group is organised and managed based on its segments (Moonpig, Greetz and Experiences). These are the reportable and operating segments for the Group as they form the focus of the Group\u2019s internal reporting systems and are the basis used by the chief operating decision maker (\u201cCODM\u201d), identified as the CEO and CFO, for assessing performance and allocating resources. The prices agreed between Group companies for intra-group services and fees are based on normal commercial practices which would apply between independent businesses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-302": {
"value": "o) Provisions Provisions are recognised when either a legal or constructive obligation as a result of a past event exists at the balance sheet date, it is probable that an outflow of economic resources will be required to settle the obligation and a reasonable estimate can be made of the amount of the obligation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-303": {
"value": "p) Pensions and other post-employment benefits The Group contributes to defined contribution pensions schemes and payments to these are charged as an expense and accrued over time. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-304": {
"value": "q) Adjusting items Adjusting items are significant items of income or expense which individually or, if of a similar type, in aggregate, are relevant to an understanding of the Group\u2019s underlying financial performance because of their size, nature or incidence. In identifying and quantifying adjusting items, the Group consistently applies a policy that defines criteria that are required to be met for an item to be classified as an adjusting item. These items are separately disclosed in the segmental analyses or in the notes to the financial statements as appropriate. The Group believes that these items are useful to users of the consolidated financial statements in helping them to understand the underlying business performance and are used to derive the Group\u2019s principal non-GAAP measure of Adjusted EBITDA, which is before the impact of adjusting items and which is reconciled from operating profit. ",
"dimensions": {
"concept": "moonpiggroupplc:DescriptionOfAccountingPolicyForAdjustingItems",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-305": {
"value": "r) Equity Called-up share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. Share premium The amount subscribed for the ordinary shares in excess of the nominal value of these new shares is recorded in share premium. Costs that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax. Merger reserve The merger reserve relates to the merger reserve arising from the prior group restructuring, accounted for under common control. Invested capital Invested capital represents the total equity of the Group during the period prior to the restructuring that occurred as part of the Group\u2019s IPO. Other reserves Share-based payment reserve The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have been recognised within the consolidated income statement. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash flow hedging instruments. Foreign currency translation reserve The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from the impact of the translation of subsidiaries with a functional currency other than Sterling. ",
"dimensions": {
"concept": "moonpiggroupplc:DescriptionOfAccountingPolicyForEquity",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-344": {
"value": "Called-up share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-306": {
"value": "s) Earnings per share The Group presents basic and diluted EPS for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. For diluted EPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-307": {
"value": "t) Share-based payments The Group has equity-settled compensation plans. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of awards that will eventually vest. For plans where the vesting conditions are based on a market condition, such as total shareholder return, the fair value at date of grant reflects the probability that this condition will not be met and therefore is fixed thereafter irrespective of actual vesting. Fair value is measured using the Black-Scholes and Monte Carlo option pricing model, except where vesting is subject to market conditions when the Stochastic option pricing model is used. A Chaffe model is used to value the holding period. The expected term used in the models has been adjusted based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-308": {
"value": "3 Segmental analysis The CODM reviews external revenues and Adjusted EBITDA to evaluate segment performance and allocate resources to the overall business. \u201cAdjusted EBITDA\u201d is a non-GAAP measure. Adjustments are made to the statutory IFRS results to arrive at an underlying result which is in line with how the business is managed and measured on a day-to-day basis. Adjustments are made for items that are individually important in order to understand the financial performance. If included, these items could distort understanding of the performance for the year and the comparability between periods. Management applies judgement in determining which items should be excluded from underlying performance. See Note 5 for details of these adjustments. The Group is organised and managed based on its segments, namely Moonpig and Experiences in the UK and Greetz in the Netherlands. These are the reportable and operating segments for the Group as they form the focus of the Group\u2019s internal reporting systems and are the basis used by the CODM for assessing performance and allocating resources. Most of the Group\u2019s revenue is derived from the sale of cards, gifts and related services to consumers, or from the distribution of gift experiences acting as agent. No single customer accounted for 10% or more of the Group\u2019s revenue. Finance income and expense are not allocated to the reportable segments, as this activity is managed centrally. In common with many retailers, revenue and trading profit are subject to seasonal fluctuations and are weighted towards the second half of the year which includes the key peak periods for the business. Segment analyses The following table shows revenue by segment that reconciles to the consolidated revenue for the Group. 2023 \u00a3000 2022 \u00a3000 Moonpig 223,127 234,670 Greetz 55,421 69,663 Experiences 41,577 \u2013 Total external revenue 320,125 304,333 The following table shows revenue by key geography that reconciles to the consolidated revenue for the Group. The geographical split of revenue is based on the ordering website location: 2023 \u00a3000 2022 \u00a3000 UK and Ireland 258,234 230,931 Netherlands 55,421 69,663 Rest of the world1 6,470 3,739 Total external revenue 320,125 304,333 1 Rest of the world revenue includes the USA and Australia. The following table shows the information regarding assets by segment that reconciles to the consolidated Group. 2023 \u00a3000 2022 \u00a3000 Moonpig Non-current assets1 41,063 35,986 Capital expenditure2 (7,317) (7,329) Intangible expenditure (11,668) (8,262) Depreciation and amortisation (11,851) (8,803) Greetz Non-current assets1 27,336 19,283 Capital expenditure2 (8,770) (686) Intangible expenditure \u2013 (35) Depreciation and amortisation (3,861) (5,558) Experiences Non-current assets1 174,342 \u2013 Capital expenditure (25) \u2013 Intangible expenditure (1,281) \u2013 Depreciation and amortisation (6,941) \u2013 Group Non-current assets1 242,741 55,269 Capital expenditure2 (16,112) (8,015) Intangible expenditure (12,949) (8,297) Depreciation and amortisation (22,653) (14,361) 1 Comprises intangible assets, property, plant and equipment (inclusive of ROU assets). 2 Includes ROU assets capitalised in each year. The Group\u2019s measure of segment profit, Adjusted EBITDA, excludes adjusting items; refer to the APMs section on pages 188 to 189 for calculation. 2023 \u00a3000 2022 \u00a3000 Adjusted EBITDA Moonpig 59,891 59,062 Greetz 11,262 15,821 Experiences 13,046 \u2013 Group Adjusted EBITDA 84,199 74,883 Depreciation and amortisation Moonpig 11,851 8,803 Greetz1 3,861 5,558 Experiences 2 6,941 \u2013 Group depreciation and amortisation 22,653 14,361 1 Includes amortisation arising on Group consolidation of intangibles forming part of the Greetz Cash Generating Unit (\u201cCGU\u201d). 2 Includes amortisation arising on consolidation of intangibles forming part of the Experiences CGU. The following table shows Adjusted EBITDA that reconciles to the consolidated results of the Group. Note 2023 \u00a3000 2022 \u00a3000 Adjusted EBITDA 84,199 74,883 Depreciation and amortisation 11,12 (22,653) (14,361) Adjusting items 5 (13,085) (11,585) Operating profit 48,461 48,937 Finance income 6 21 \u2013 Finance costs 6 (13,577) (8,977 ) Profit before taxation 34,905 39,960 Taxation charge 8 (8,298) (8,521) Profit for the year 26,607 31,439 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-345": {
"value": "4 Operating profit Nature of expenses charged/(credited) to operating profit from continuing operations: 2023 \u00a3000 2022 \u00a3000 Research and development expenses 1,732 1,608 Depreciation on property, plant and equipment 6,941 4,660 Amortisation of intangible fixed assets 15,712 9,701 Share-based payment charges (inclusive of NI) 7,9 19 8,308 Foreign exchange loss 67 69 Loss on disposal of tangible assets 48 215 Impairment of right-of-use asset 428 \u2013 Expense relating to short-term leases 12 12 Other income1 (1,319) (1,433) Auditors\u2019 remuneration: \u2013 Fees to auditors for the audit of these consolidated financial statements 934 591 \u2013 Fees to auditors\u2019 firms and associates for local audits 82 77 Total audit fees expense 1,016 668 Fees to auditors\u2019 firms and associates for other services: \u2013 Assurance services 141 107 1,157 775 1 Other income relates to a sublease with an associate of the Former Parent Undertaking for its portion of the space used at the Group\u2019s head offices at Herbal House. During the year, PricewaterhouseCoopers LLP charged the Group as follows: \u2022 In respect of audit-related assurance services: \u00a3141,000 (2022: \u00a3107,000). \u2022 In respect of non-audit-related services: \u00a3nil (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-309": {
"value": "4 Operating profit Nature of expenses charged/(credited) to operating profit from continuing operations: 2023 \u00a3000 2022 \u00a3000 Research and development expenses 1,732 1,608 Depreciation on property, plant and equipment 6,941 4,660 Amortisation of intangible fixed assets 15,712 9,701 Share-based payment charges (inclusive of NI) 7,9 19 8,308 Foreign exchange loss 67 69 Loss on disposal of tangible assets 48 215 Impairment of right-of-use asset 428 \u2013 Expense relating to short-term leases 12 12 Other income1 (1,319) (1,433) Auditors\u2019 remuneration: \u2013 Fees to auditors for the audit of these consolidated financial statements 934 591 \u2013 Fees to auditors\u2019 firms and associates for local audits 82 77 Total audit fees expense 1,016 668 Fees to auditors\u2019 firms and associates for other services: \u2013 Assurance services 141 107 1,157 775 1 Other income relates to a sublease with an associate of the Former Parent Undertaking for its portion of the space used at the Group\u2019s head offices at Herbal House. During the year, PricewaterhouseCoopers LLP charged the Group as follows: \u2022 In respect of audit-related assurance services: \u00a3141,000 (2022: \u00a3107,000). \u2022 In respect of non-audit-related services: \u00a3nil (2022: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-310": {
"value": "5 Adjusting items 2023 \u00a3000 2022 \u00a3000 Pre-IPO bonus awards (3,263) (3,618) Pre-IPO share-based payment charges (5,419) (7,038) M&A-related transaction costs (4,403) (929) Total adjustments made to operating profit (13,085) (11,585) Pre-IPO bonus awards Pre-IPO bonus awards are one-off cash-settled bonuses, and the cash component of the Pre-IPO schemes, awarded in relation to the IPO process that completed during the year ended 30 April 2021. Pre-IPO share-based payment charges Pre-IPO share-based payment charges relate to the Legacy Schemes, Pre-IPO awards that were granted in relation to the IPO process that completed during the year ended 30 April 2021. M&A-related transaction costs M&A related transaction costs relate to fees and costs incurred in relation to the acquisition of the Experiences segment. Cash paid in the year in relation to adjusting items totalled \u00a35,490,000 (2022: \u00a32,146,000). ",
"dimensions": {
"concept": "moonpiggroupplc:DisclosureOfAdjustingItems",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-311": {
"value": "6 Finance income and costs Finance income 2023 \u00a3000 2022 \u00a3000 Bank interest receivable 21 \u2013 Total finance income 21 \u2013 Finance costs 2023 \u00a3000 2022 \u00a3000 Interest payable on leases (863) (663) Bank interest payable (11,639) (6,297) Amortisation of capitalised borrowing costs (1,619) (1,360) Amortisation of interest rate cap premium (352) \u2013 Net foreign exchange gain/(loss) on financing activities 896 (657) Total finance costs (13,577) (8,977) Net finance costs (13,556) (8,977) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-363": {
"value": "6 Finance income and costs Finance income 2023 \u00a3000 2022 \u00a3000 Bank interest receivable 21 \u2013 Total finance income 21 \u2013 Finance costs 2023 \u00a3000 2022 \u00a3000 Interest payable on leases (863) (663) Bank interest payable (11,639) (6,297) Amortisation of capitalised borrowing costs (1,619) (1,360) Amortisation of interest rate cap premium (352) \u2013 Net foreign exchange gain/(loss) on financing activities 896 (657) Total finance costs (13,577) (8,977) Net finance costs (13,556) (8,977) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-346": {
"value": "6 Finance income and costs Finance income 2023 \u00a3000 2022 \u00a3000 Bank interest receivable 21 \u2013 Total finance income 21 \u2013 Finance costs 2023 \u00a3000 2022 \u00a3000 Interest payable on leases (863) (663) Bank interest payable (11,639) (6,297) Amortisation of capitalised borrowing costs (1,619) (1,360) Amortisation of interest rate cap premium (352) \u2013 Net foreign exchange gain/(loss) on financing activities 896 (657) Total finance costs (13,577) (8,977) Net finance costs (13,556) (8,977) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-312": {
"value": "7 Employee benefit costs The average monthly number of employees (including Directors) during the year was made up as follows: 2023 Number 2022 Number Administration 582 358 Production 148 89 Total employees 730 447 2023 \u00a3000 2022 \u00a3000 Wages and salaries 41,664 33,343 Social security costs 5,047 4,753 Other pension costs 1,619 977 Share-based payment expense 7,27 0 7,701 Total gross employment costs 55,600 46,774 Staff costs capitalised as intangible assets (12,750) (8,297) Total net employment costs 42,850 38,477 The Group\u2019s employees are members of defined contribution pension schemes with obligations recognised as an operating cost in the income statement as incurred. The Group pays contributions into separate funds on behalf of the employee and has no further obligations to employees. The risks associated with this type of plan are assumed by the member. Contributions paid by the Group in respect of the current year are included within the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-347": {
"value": "8 Taxation (a) Tax on profit The tax charge is made up as follows: 2023 \u00a3000 2022 \u00a3000 Profit before taxation 34,905 39,960 Current tax: UK corporation tax on profit for the year 8,385 7, 267 Foreign tax charge 1,644 2,959 Adjustment in respect of prior years (992) (654) Total current tax 9,037 9,572 Deferred tax: Origination and reversal of temporary differences (820) (1,224) Impact of changes in tax law and rates \u2013 (75) Adjustment in respect of prior years 81 248 Total deferred tax (739) (1,051) Total tax charge in the income statement 8,298 8,521 (b) The tax assessed for the year is higher than the standard UK rate of corporation tax applicable of 19.4% (2022: 19.0%); the 19.4% reflects eleven months of the financial year at a 19% rate of corporation tax and one month at 25%. The differences are explained below: 2023 \u00a3000 2022 \u00a3000 Profit before taxation 34,905 39,960 Profit on ordinary activities multiplied by the UK tax rate 6,775 7,592 Effects of: Expenses not deductible for tax purposes 2,079 1,391 Non-taxable income (20) (371) Effect of higher tax rates in overseas territories 287 411 Adjustment in respect of prior years (912) (407) Change in UK deferred tax rate 282 (204) Other permanent differences (193) 109 Total tax charge for the year 8,298 8,521 Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. The effective tax rate is higher than the UK tax rate, which primarily reflects the non-deductible nature of the M&A costs (refer to Note 5). (c) Deferred tax: Accelerated capital allowances \u00a3000 Intangible assets \u00a3000 Share-based payments \u00a3000 Other short-term temporary differences \u00a3000 Total \u00a3000 Balance at 1 May 2021 (213) (3,819) 302 492 (3,238) Adjustments in respect of prior years (522) 56 \u2013 218 (248) Current year (credit)/charge to income statement (293) 926 481 185 1,299 Effects of movements in exchange rates \u2013 19 \u2013 \u2013 19 Balance at 30 April 2022 (1,028) (2,818) 783 895 (2,168) Accelerated capital allowances \u00a3000 Intangible assets \u00a3000 Share-based payments \u00a3000 Other short-term temporary differences \u00a3000 Total \u00a3000 Balance at 1 May 2022 (1,028) (2,818) 783 895 (2,168) Adjustments in respect of prior years \u2013 (10) (73) 2 (81) Current year credit/(charge) to income statement (1,018) 1,331 482 25 820 Acquired through business combinations 157 (9,581) \u2013 28 (9,396) Effects of movements in exchange rates \u2013 (153) \u2013 \u2013 (153) Balance at 30 April 2023 (1,889) (11,231) 1,192 950 (10,978) The Finance Bill 2021 included legislation to increase the main rate of corporation tax from 19% to 25% from 1 April 2023. This rate change is included above as the Finance Bill 2021 has been substantively enacted. According to the Netherlands 2023 Tax Plan, the general corporate income tax rate will remain 25.8% for the year 2023 whereby the first \u20ac200K profit is taxed at 19%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-313": {
"value": "8 Taxation (a) Tax on profit The tax charge is made up as follows: 2023 \u00a3000 2022 \u00a3000 Profit before taxation 34,905 39,960 Current tax: UK corporation tax on profit for the year 8,385 7, 267 Foreign tax charge 1,644 2,959 Adjustment in respect of prior years (992) (654) Total current tax 9,037 9,572 Deferred tax: Origination and reversal of temporary differences (820) (1,224) Impact of changes in tax law and rates \u2013 (75) Adjustment in respect of prior years 81 248 Total deferred tax (739) (1,051) Total tax charge in the income statement 8,298 8,521 (b) The tax assessed for the year is higher than the standard UK rate of corporation tax applicable of 19.4% (2022: 19.0%); the 19.4% reflects eleven months of the financial year at a 19% rate of corporation tax and one month at 25%. The differences are explained below: 2023 \u00a3000 2022 \u00a3000 Profit before taxation 34,905 39,960 Profit on ordinary activities multiplied by the UK tax rate 6,775 7,592 Effects of: Expenses not deductible for tax purposes 2,079 1,391 Non-taxable income (20) (371) Effect of higher tax rates in overseas territories 287 411 Adjustment in respect of prior years (912) (407) Change in UK deferred tax rate 282 (204) Other permanent differences (193) 109 Total tax charge for the year 8,298 8,521 Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction. The effective tax rate is higher than the UK tax rate, which primarily reflects the non-deductible nature of the M&A costs (refer to Note 5). (c) Deferred tax: Accelerated capital allowances \u00a3000 Intangible assets \u00a3000 Share-based payments \u00a3000 Other short-term temporary differences \u00a3000 Total \u00a3000 Balance at 1 May 2021 (213) (3,819) 302 492 (3,238) Adjustments in respect of prior years (522) 56 \u2013 218 (248) Current year (credit)/charge to income statement (293) 926 481 185 1,299 Effects of movements in exchange rates \u2013 19 \u2013 \u2013 19 Balance at 30 April 2022 (1,028) (2,818) 783 895 (2,168) Accelerated capital allowances \u00a3000 Intangible assets \u00a3000 Share-based payments \u00a3000 Other short-term temporary differences \u00a3000 Total \u00a3000 Balance at 1 May 2022 (1,028) (2,818) 783 895 (2,168) Adjustments in respect of prior years \u2013 (10) (73) 2 (81) Current year credit/(charge) to income statement (1,018) 1,331 482 25 820 Acquired through business combinations 157 (9,581) \u2013 28 (9,396) Effects of movements in exchange rates \u2013 (153) \u2013 \u2013 (153) Balance at 30 April 2023 (1,889) (11,231) 1,192 950 (10,978) The Finance Bill 2021 included legislation to increase the main rate of corporation tax from 19% to 25% from 1 April 2023. This rate change is included above as the Finance Bill 2021 has been substantively enacted. According to the Netherlands 2023 Tax Plan, the general corporate income tax rate will remain 25.8% for the year 2023 whereby the first \u20ac200K profit is taxed at 19%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-314": {
"value": "9 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year. For the purposes of this calculation, the weighted average number of ordinary shares in issue during the year was 340,061,402 (2022: 339,036,292). The year-on-year increase reflects the release of 3,075,329 shares, on 7 January 2023, from repurchase obligations that were deducted from ordinary shares outstanding at 30 April 2022: 2023 Number of shares 2022 Number of shares Weighted average number of shares in issue 342,111,621 342,111,621 Less: weighted average number of shares held subject to potential repurchase (2,050,219) (3,075,329) Weighted average number of shares for calculated basic earnings per share 340,061,402 339,036,292 Diluted earnings per share For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. The Group has potentially dilutive ordinary shares arising from share options granted to employees under the share schemes as detailed in Note 20 of these financial statements. Adjusted earnings per share Earnings attributable to ordinary equity holders of the Group for the year, adjusted to remove the impact of adjusting items and the tax impact of these; divided by the weighted average number of ordinary shares outstanding during the year. 2023 Number of shares 2022 Number of shares Weighted average number of shares for calculated basic earnings per share 340,061,402 339,036,292 Weighted average number of dilutive shares 6,860,822 6,957,427 Total number of shares for calculated diluted earnings per share 346,922,224 345,993,719 2023 \u00a3000 2022 \u00a3000 Basic earnings attributable to equity holders of the Company 26,607 31,439 Adjusting items (see Note 5) 13,085 11,585 Tax on adjusting items (1,823) (1,350) Adjusted earnings attributable to equity holders of the Company before adjusting items 37,869 41,674 2023 2022 Basic earnings per ordinary share (pence) 7.8 9.3 Diluted earnings per ordinary share (pence) 7.7 9.1 Basic earnings per ordinary share before adjusting items (pence) 11.1 12.3 Diluted earnings per ordinary share before adjusting items (pence) 10.9 12.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-315": {
"value": "10 Acquisition of subsidiary On 13 July 2022, the Group acquired 100% of the issued share capital of Experience More Limited. The total outflow of cash to acquire the subsidiary was \u00a388,598,000, comprising cash consideration of \u00a3124,313,000 net of cash balances acquired of \u00a335,715,000. Details of the purchase consideration, goodwill and the fair value of identifiable assets and liabilities acquired are as follows: Book value \u00a3000 Fair value adjustment \u00a3000 Final fair value \u00a3000 Intangible assets 1,177 39,819 40,996 Tangibles assets 835 \u2013 835 Right-of-use asset 2,105 (801) 1,304 Investments 528 (528) \u2013 Inventories 1,335 47 1,382 Trade and other receivables 5,009 (255) 4,754 Trade and other payables (87,141 ) 89 (87,0 52 ) Lease liability (2,286) 1,299 (987) Current tax asset 474 (154) 320 Provision (165) (651) (816) Deferred tax asset / (liability) 176 (9,581) (9,405) Total ( 77,953) 29,284 (48,669) Goodwill recognised as a result of the acquisition is as follows: \u00a3000 Cash consideration 124,313 Less: cash balances acquired (35,715) Outflow of cash to acquire subsidiary, net of cash acquired 88,598 Fair value of identifiable liabilities 48,669 Goodwill 137, 2 67 Intangible assets: Development costs 1,177 Customer relationships 32,133 Brand names 7,6 86 Total 40,996 None of the goodwill acquired is expected to be deductible for income tax purposes. The goodwill constitutes the value of a high- quality complementary business that will significantly enhance the Group\u2019s overall gifting proposition, unlock innovation through digital gifting and provide a profitable presence in the standalone gifting market. Experiences contributed \u00a341,577,000 of revenue and \u00a311,409,000 on a profit before taxation basis for the period between the date of acquisition and the Balance Sheet date. If the acquisition of Experiences had completed on the first day of the financial year, Group revenue for the year would have been \u00a36,282,000 higher and Group profit before taxation for the year would have been \u00a31,982,000 higher. The pre-acquisition profit before tax was a loss of \u00a313,003,000. This loss before taxation includes a pre-acquisition charge of \u00a313,533,000 (recognised as a liability in the opening balance sheet) relating to cash bonuses payable to the Experiences management team which vested upon completion of the acquisition in accordance with an incentive scheme established by the vendor and fair value adjustments made by the Group on acquisition. Acquisition costs of \u00a35,332,000 arose as a result of the transaction, of which \u00a3929,000 were incurred in the year ended 30 April 2022 and \u00a34,403,000 were incurred in the year ended 30 April 2023. These have been recognised as Adjusting Items within operating profit in the Consolidated Income Statement (see Note 5). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-364": {
"value": "11 Intangible assets Goodwill \u00a3000 Trademark \u00a3000 Technology and development costs 1 \u00a3000 Customer relationships \u00a3000 Software \u00a3000 Other intangibles \u00a3000 Total \u00a3000 Cost 1 May 2021 6,459 8,855 16,382 15,241 714 1,573 49,224 Additions \u2013 35 8,262 \u2013 \u2013 \u2013 8,297 Disposals \u2013 \u2013 (4,602) \u2013 (423) \u2013 (5,025) Transfers \u2013 \u2013 \u2013 \u2013 (9) \u2013 (9) Foreign exchange (223) (311) (60) (53) 205 (54) (496) 30 April 2022 6,236 8,579 19,982 15,188 487 1,519 51,991 Accumulated amortisation and impairment 1 May 2021 \u2013 2,332 4,460 4,187 350 1,573 12,902 Amortisation charge \u2013 766 5,519 3,207 209 \u2013 9,701 Disposals \u2013 \u2013 (4,602) \u2013 (344) \u2013 (4,946) Transfers \u2013 \u2013 \u2013 \u2013 (4) \u2013 (4) Foreign exchange \u2013 80 40 45 199 (54) 310 At 30 April 2022 \u2013 3,178 5,417 7,4 39 410 1,519 17,96 3 Net book value 30 April 2022 6,236 5,401 14,565 7,749 77 \u2013 34,028 Goodwill \u00a3000 Trademark \u00a3000 Technology and development costs1 \u00a3000 Customer relationships \u00a3000 Software \u00a3000 Other intangibles \u00a3000 Total \u00a3000 Cost 1 May 2022 6,236 8,579 19,982 15,188 487 1,519 51,991 Additions \u2013 \u2013 12,749 \u2013 200 \u2013 12,949 Additions from acquisition of subsidiary 13 7, 267 7,686 1,177 32,133 \u2013 \u2013 178,263 Disposals \u2013 \u2013 (3,653) \u2013 \u2013 (1,594) (5,247) Foreign exchange 308 418 \u2013 750 4 75 1,555 30 April 2023 143,811 16,683 30,255 48,071 691 \u2013 239,511 Accumulated amortisation and impairment 1 May 2022 \u2013 3,178 5,417 7,439 410 1,519 17,96 3 Amortisation charge \u2013 1,494 8,396 5,675 147 \u2013 15,712 Disposals \u2013 \u2013 (3,653) \u2013 \u2013 (1,594) (5,247) Foreign exchange \u2013 179 \u2013 372 2 75 628 At 30 April 2023 \u2013 4,851 10,160 13,486 559 \u2013 29,056 Net book value 30 April 2023 143,811 11,832 20,095 34,585 132 \u2013 210,455 1 The technology and development costs include assets under construction of \u00a33,821,000 (2022: \u00a33,950,000). (a) Goodwill Goodwill of \u00a36,544,000 (2022: \u00a36,236,000) relates to the acquisition of Greetz in 2018, recognised within the Greetz CGU. Goodwill of \u00a3137,267,000 (2022: nil) relates to the acquisition of Experiences and is allocated to the Experiences CGU. (b) Trademark \u00a34,627,000 (2022: \u00a35,401,000) of the asset balance are trademarks relating to the acquisition of Greetz with finite lives. The remaining useful economic life at 30 April 2023 on the trademark is 5 years 4 months (2022: 6 years 4 months). \u00a37,072,000 (2022: nil) of trademark assets relate to the brands valued on the acquisition of Experiences. The remaining useful economic life at 30 April 2023 on these trademarks is 9 years and 3 months. (c) Technology and development costs Technology and development costs of \u00a319,232,000 (2022: \u00a314,565,000) relate to internally developed assets. The costs of these assets include capitalised expenses of employees working full-time on software development projects and third-party consulting firms. Technology and development costs of \u00a3864,000 (2022: nil) relate to the acquisition of Experiences and are allocated to the Experiences CGU. The remaining useful economic life at 30 April 2023 is 2 years and 3 months. (d) Customer relationships \u00a37,173,000 (2022: \u00a37,749,000) of the asset balance relates to the valuation of existing customer relationships held by Greetz on acquisition. The remaining useful economic life at 30 April 2023 on these customer relationships is 7 years 4 months (2022: 8 years 4 months). \u00a327,411,000 (2022: nil) of customer relationship assets relates to those valued on the acquisition of the Experiences segment. The remaining useful economic life at 30 April 2023 on these customer relationships ranges between 6 years 3 months and 5 months. (e) Software Software intangible assets include accounting and marketing software purchased by the Group and software licence fees from third- party suppliers. (f) Other intangibles Other intangible assets include non-compete agreements and information content for products and software that have been valued and separately recognised. (g) Annual impairment tests Goodwill Goodwill is allocated to two cash-generating units (\u201cCGUs\u201d), namely the Greetz and Experiences segments, based on the smallest identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of a CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its value in use (\u201cVIU\u201d). In determining VIU, estimated future cash flows are discounted to their present value. The Group performed its annual impairment test as at 30 April 2023. The estimated future cash flows are based on the approved plan, including the FY24 budget, for the three years ending 30 April 2026. The estimated future cash flows are identical to those used for the viability statement. They have been extended by a further four years before applying a perpetuity using an estimated long-term growth rate. When estimating value in use, the Group does not include estimated future cash flows that are expected to arise from improving or enhancing the asset\u2019s performance. The use of a pre-perpetuity projections period of more than five years is an accounting judgement. The reasons why the Group considers that a seven-year period is appropriate and why it considers that the Group meets the reliability requirements of IAS 36, are set out at Note 4 to the Company Financial Statements on page 185. The Group has considered the potential impact of climate change on estimated future cash flows, including the primary climate risks discussed in the TCFD report on pages 32 to 47. These risks are not considered to have a material impact on estimated future cash flows and therefore have not been modelled as part of the Group\u2019s forecasts. Any revenue upsides from climate opportunities are not expected to be significant and have also not been modelled. The Group does not operate in an energy-intensive industry and any cash outflows needed to factor in any incremental costs, other operational disruption that could impact operating margin or reduced trade, are not expected to be material. The Group has identified the following key assumptions as having the most significant impact on the VIU calculation: Greetz CGU Experiences CGU 2023 2022 2023 2022 Pre-tax discount rate (%)1 12.2% 9.6% 13.5% \u2013 Revenue growth rate (%)2 12.4% 13.3% 10.5% \u2013 Pre-perpetuity period (years) 7 8 7 \u2013 1 The discount rate is a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the cash generating units. The pre-tax discount rates used to calculate value in use are derived from the Group\u2019s post-tax weighted average cost of capital. 2 The compound annual growth rate (\u201cCAGR\u201d) represents the average yearly growth rate over the pre-perpetuity period. The Group has performed sensitivity analysis to assess the impact of a change in each key assumption in the VIU. The relevant scenario, in relation to a revenue decrease, is consistent with the more severe downside scenario (Plausible Scenario 2) prepared in connection with the viability statement on pages 72 and 73. For the goodwill allocated to the Experiences and Greetz CGUs the Group modelled the impact of a 1%pts increase in the discount rate, a 15% decrease in the forecasted revenue and a reduction in the pre-perpetuity period from seven to six years. The Group also modelled a scenario in which all three of these changes arise concurrently. The results of this sensitivity analysis are summarised below: Greetz CGU Experiences CGU 2023 \u00a3m 2023 \u00a3m Original headroom 193.6 89.7 Headroom using a discount rate increased by 1%pts 167.7 64.1 Headroom using a 15% decrease in forecasted revenue 123.1 2.7 Headroom using a pre-perpetuity period reduced by one year 180.1 7 7.3 Headroom combining all three sensitivity scenarios detailed above 97.7 (21.2) For goodwill allocated to the Greetz CGU, the headroom over carrying amount is more than adequate and there is no plausible change in key assumptions including those relating to future sales performance that would lead to an impairment. For goodwill allocated to the Experiences CGU, further modelling was undertaken to assess the point at which headroom would be reduced to \u00a3nil for each of the individual sensitivities. For the carrying amount and recoverable amount to be equal, the pre- tax discount rate would need to increase by 5.4%pts from 13.5% to 18.9%, the forecasted revenue would need to decrease by 16% (assuming no action was taken to reduce indirect costs from the forecasted level) and the pre-perpetuity period would need to reduce from seven to one year (each sensitivity applied individually). No impairment to the carrying amount of Experiences goodwill has been recorded in the current period, reflecting the fact that it remains lower than the recoverable amount. However, in view of the outcome of the sensitivity analysis, the Directors have identified the compound annual revenue growth rate as a matter of major source of estimation uncertainty. Other finite-life intangible assets At each reporting year date, the Group reviews the carrying amounts of other finite-life intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. ",
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"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-348": {
"value": "11 Intangible assets Goodwill \u00a3000 Trademark \u00a3000 Technology and development costs 1 \u00a3000 Customer relationships \u00a3000 Software \u00a3000 Other intangibles \u00a3000 Total \u00a3000 Cost 1 May 2021 6,459 8,855 16,382 15,241 714 1,573 49,224 Additions \u2013 35 8,262 \u2013 \u2013 \u2013 8,297 Disposals \u2013 \u2013 (4,602) \u2013 (423) \u2013 (5,025) Transfers \u2013 \u2013 \u2013 \u2013 (9) \u2013 (9) Foreign exchange (223) (311) (60) (53) 205 (54) (496) 30 April 2022 6,236 8,579 19,982 15,188 487 1,519 51,991 Accumulated amortisation and impairment 1 May 2021 \u2013 2,332 4,460 4,187 350 1,573 12,902 Amortisation charge \u2013 766 5,519 3,207 209 \u2013 9,701 Disposals \u2013 \u2013 (4,602) \u2013 (344) \u2013 (4,946) Transfers \u2013 \u2013 \u2013 \u2013 (4) \u2013 (4) Foreign exchange \u2013 80 40 45 199 (54) 310 At 30 April 2022 \u2013 3,178 5,417 7,4 39 410 1,519 17,96 3 Net book value 30 April 2022 6,236 5,401 14,565 7,749 77 \u2013 34,028 Goodwill \u00a3000 Trademark \u00a3000 Technology and development costs1 \u00a3000 Customer relationships \u00a3000 Software \u00a3000 Other intangibles \u00a3000 Total \u00a3000 Cost 1 May 2022 6,236 8,579 19,982 15,188 487 1,519 51,991 Additions \u2013 \u2013 12,749 \u2013 200 \u2013 12,949 Additions from acquisition of subsidiary 13 7, 267 7,686 1,177 32,133 \u2013 \u2013 178,263 Disposals \u2013 \u2013 (3,653) \u2013 \u2013 (1,594) (5,247) Foreign exchange 308 418 \u2013 750 4 75 1,555 30 April 2023 143,811 16,683 30,255 48,071 691 \u2013 239,511 Accumulated amortisation and impairment 1 May 2022 \u2013 3,178 5,417 7,439 410 1,519 17,96 3 Amortisation charge \u2013 1,494 8,396 5,675 147 \u2013 15,712 Disposals \u2013 \u2013 (3,653) \u2013 \u2013 (1,594) (5,247) Foreign exchange \u2013 179 \u2013 372 2 75 628 At 30 April 2023 \u2013 4,851 10,160 13,486 559 \u2013 29,056 Net book value 30 April 2023 143,811 11,832 20,095 34,585 132 \u2013 210,455 1 The technology and development costs include assets under construction of \u00a33,821,000 (2022: \u00a33,950,000). (a) Goodwill Goodwill of \u00a36,544,000 (2022: \u00a36,236,000) relates to the acquisition of Greetz in 2018, recognised within the Greetz CGU. Goodwill of \u00a3137,267,000 (2022: nil) relates to the acquisition of Experiences and is allocated to the Experiences CGU. (b) Trademark \u00a34,627,000 (2022: \u00a35,401,000) of the asset balance are trademarks relating to the acquisition of Greetz with finite lives. The remaining useful economic life at 30 April 2023 on the trademark is 5 years 4 months (2022: 6 years 4 months). \u00a37,072,000 (2022: nil) of trademark assets relate to the brands valued on the acquisition of Experiences. The remaining useful economic life at 30 April 2023 on these trademarks is 9 years and 3 months. (c) Technology and development costs Technology and development costs of \u00a319,232,000 (2022: \u00a314,565,000) relate to internally developed assets. The costs of these assets include capitalised expenses of employees working full-time on software development projects and third-party consulting firms. Technology and development costs of \u00a3864,000 (2022: nil) relate to the acquisition of Experiences and are allocated to the Experiences CGU. The remaining useful economic life at 30 April 2023 is 2 years and 3 months. (d) Customer relationships \u00a37,173,000 (2022: \u00a37,749,000) of the asset balance relates to the valuation of existing customer relationships held by Greetz on acquisition. The remaining useful economic life at 30 April 2023 on these customer relationships is 7 years 4 months (2022: 8 years 4 months). \u00a327,411,000 (2022: nil) of customer relationship assets relates to those valued on the acquisition of the Experiences segment. The remaining useful economic life at 30 April 2023 on these customer relationships ranges between 6 years 3 months and 5 months. (e) Software Software intangible assets include accounting and marketing software purchased by the Group and software licence fees from third- party suppliers. (f) Other intangibles Other intangible assets include non-compete agreements and information content for products and software that have been valued and separately recognised. (g) Annual impairment tests Goodwill Goodwill is allocated to two cash-generating units (\u201cCGUs\u201d), namely the Greetz and Experiences segments, based on the smallest identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of a CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its value in use (\u201cVIU\u201d). In determining VIU, estimated future cash flows are discounted to their present value. The Group performed its annual impairment test as at 30 April 2023. The estimated future cash flows are based on the approved plan, including the FY24 budget, for the three years ending 30 April 2026. The estimated future cash flows are identical to those used for the viability statement. They have been extended by a further four years before applying a perpetuity using an estimated long-term growth rate. When estimating value in use, the Group does not include estimated future cash flows that are expected to arise from improving or enhancing the asset\u2019s performance. The use of a pre-perpetuity projections period of more than five years is an accounting judgement. The reasons why the Group considers that a seven-year period is appropriate and why it considers that the Group meets the reliability requirements of IAS 36, are set out at Note 4 to the Company Financial Statements on page 185. The Group has considered the potential impact of climate change on estimated future cash flows, including the primary climate risks discussed in the TCFD report on pages 32 to 47. These risks are not considered to have a material impact on estimated future cash flows and therefore have not been modelled as part of the Group\u2019s forecasts. Any revenue upsides from climate opportunities are not expected to be significant and have also not been modelled. The Group does not operate in an energy-intensive industry and any cash outflows needed to factor in any incremental costs, other operational disruption that could impact operating margin or reduced trade, are not expected to be material. The Group has identified the following key assumptions as having the most significant impact on the VIU calculation: Greetz CGU Experiences CGU 2023 2022 2023 2022 Pre-tax discount rate (%)1 12.2% 9.6% 13.5% \u2013 Revenue growth rate (%)2 12.4% 13.3% 10.5% \u2013 Pre-perpetuity period (years) 7 8 7 \u2013 1 The discount rate is a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the cash generating units. The pre-tax discount rates used to calculate value in use are derived from the Group\u2019s post-tax weighted average cost of capital. 2 The compound annual growth rate (\u201cCAGR\u201d) represents the average yearly growth rate over the pre-perpetuity period. The Group has performed sensitivity analysis to assess the impact of a change in each key assumption in the VIU. The relevant scenario, in relation to a revenue decrease, is consistent with the more severe downside scenario (Plausible Scenario 2) prepared in connection with the viability statement on pages 72 and 73. For the goodwill allocated to the Experiences and Greetz CGUs the Group modelled the impact of a 1%pts increase in the discount rate, a 15% decrease in the forecasted revenue and a reduction in the pre-perpetuity period from seven to six years. The Group also modelled a scenario in which all three of these changes arise concurrently. The results of this sensitivity analysis are summarised below: Greetz CGU Experiences CGU 2023 \u00a3m 2023 \u00a3m Original headroom 193.6 89.7 Headroom using a discount rate increased by 1%pts 167.7 64.1 Headroom using a 15% decrease in forecasted revenue 123.1 2.7 Headroom using a pre-perpetuity period reduced by one year 180.1 7 7.3 Headroom combining all three sensitivity scenarios detailed above 97.7 (21.2) For goodwill allocated to the Greetz CGU, the headroom over carrying amount is more than adequate and there is no plausible change in key assumptions including those relating to future sales performance that would lead to an impairment. For goodwill allocated to the Experiences CGU, further modelling was undertaken to assess the point at which headroom would be reduced to \u00a3nil for each of the individual sensitivities. For the carrying amount and recoverable amount to be equal, the pre- tax discount rate would need to increase by 5.4%pts from 13.5% to 18.9%, the forecasted revenue would need to decrease by 16% (assuming no action was taken to reduce indirect costs from the forecasted level) and the pre-perpetuity period would need to reduce from seven to one year (each sensitivity applied individually). No impairment to the carrying amount of Experiences goodwill has been recorded in the current period, reflecting the fact that it remains lower than the recoverable amount. However, in view of the outcome of the sensitivity analysis, the Directors have identified the compound annual revenue growth rate as a matter of major source of estimation uncertainty. Other finite-life intangible assets At each reporting year date, the Group reviews the carrying amounts of other finite-life intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
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"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-316": {
"value": "11 Intangible assets Goodwill \u00a3000 Trademark \u00a3000 Technology and development costs 1 \u00a3000 Customer relationships \u00a3000 Software \u00a3000 Other intangibles \u00a3000 Total \u00a3000 Cost 1 May 2021 6,459 8,855 16,382 15,241 714 1,573 49,224 Additions \u2013 35 8,262 \u2013 \u2013 \u2013 8,297 Disposals \u2013 \u2013 (4,602) \u2013 (423) \u2013 (5,025) Transfers \u2013 \u2013 \u2013 \u2013 (9) \u2013 (9) Foreign exchange (223) (311) (60) (53) 205 (54) (496) 30 April 2022 6,236 8,579 19,982 15,188 487 1,519 51,991 Accumulated amortisation and impairment 1 May 2021 \u2013 2,332 4,460 4,187 350 1,573 12,902 Amortisation charge \u2013 766 5,519 3,207 209 \u2013 9,701 Disposals \u2013 \u2013 (4,602) \u2013 (344) \u2013 (4,946) Transfers \u2013 \u2013 \u2013 \u2013 (4) \u2013 (4) Foreign exchange \u2013 80 40 45 199 (54) 310 At 30 April 2022 \u2013 3,178 5,417 7,4 39 410 1,519 17,96 3 Net book value 30 April 2022 6,236 5,401 14,565 7,749 77 \u2013 34,028 Goodwill \u00a3000 Trademark \u00a3000 Technology and development costs1 \u00a3000 Customer relationships \u00a3000 Software \u00a3000 Other intangibles \u00a3000 Total \u00a3000 Cost 1 May 2022 6,236 8,579 19,982 15,188 487 1,519 51,991 Additions \u2013 \u2013 12,749 \u2013 200 \u2013 12,949 Additions from acquisition of subsidiary 13 7, 267 7,686 1,177 32,133 \u2013 \u2013 178,263 Disposals \u2013 \u2013 (3,653) \u2013 \u2013 (1,594) (5,247) Foreign exchange 308 418 \u2013 750 4 75 1,555 30 April 2023 143,811 16,683 30,255 48,071 691 \u2013 239,511 Accumulated amortisation and impairment 1 May 2022 \u2013 3,178 5,417 7,439 410 1,519 17,96 3 Amortisation charge \u2013 1,494 8,396 5,675 147 \u2013 15,712 Disposals \u2013 \u2013 (3,653) \u2013 \u2013 (1,594) (5,247) Foreign exchange \u2013 179 \u2013 372 2 75 628 At 30 April 2023 \u2013 4,851 10,160 13,486 559 \u2013 29,056 Net book value 30 April 2023 143,811 11,832 20,095 34,585 132 \u2013 210,455 1 The technology and development costs include assets under construction of \u00a33,821,000 (2022: \u00a33,950,000). (a) Goodwill Goodwill of \u00a36,544,000 (2022: \u00a36,236,000) relates to the acquisition of Greetz in 2018, recognised within the Greetz CGU. Goodwill of \u00a3137,267,000 (2022: nil) relates to the acquisition of Experiences and is allocated to the Experiences CGU. (b) Trademark \u00a34,627,000 (2022: \u00a35,401,000) of the asset balance are trademarks relating to the acquisition of Greetz with finite lives. The remaining useful economic life at 30 April 2023 on the trademark is 5 years 4 months (2022: 6 years 4 months). \u00a37,072,000 (2022: nil) of trademark assets relate to the brands valued on the acquisition of Experiences. The remaining useful economic life at 30 April 2023 on these trademarks is 9 years and 3 months. (c) Technology and development costs Technology and development costs of \u00a319,232,000 (2022: \u00a314,565,000) relate to internally developed assets. The costs of these assets include capitalised expenses of employees working full-time on software development projects and third-party consulting firms. Technology and development costs of \u00a3864,000 (2022: nil) relate to the acquisition of Experiences and are allocated to the Experiences CGU. The remaining useful economic life at 30 April 2023 is 2 years and 3 months. (d) Customer relationships \u00a37,173,000 (2022: \u00a37,749,000) of the asset balance relates to the valuation of existing customer relationships held by Greetz on acquisition. The remaining useful economic life at 30 April 2023 on these customer relationships is 7 years 4 months (2022: 8 years 4 months). \u00a327,411,000 (2022: nil) of customer relationship assets relates to those valued on the acquisition of the Experiences segment. The remaining useful economic life at 30 April 2023 on these customer relationships ranges between 6 years 3 months and 5 months. (e) Software Software intangible assets include accounting and marketing software purchased by the Group and software licence fees from third- party suppliers. (f) Other intangibles Other intangible assets include non-compete agreements and information content for products and software that have been valued and separately recognised. (g) Annual impairment tests Goodwill Goodwill is allocated to two cash-generating units (\u201cCGUs\u201d), namely the Greetz and Experiences segments, based on the smallest identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of a CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its value in use (\u201cVIU\u201d). In determining VIU, estimated future cash flows are discounted to their present value. The Group performed its annual impairment test as at 30 April 2023. The estimated future cash flows are based on the approved plan, including the FY24 budget, for the three years ending 30 April 2026. The estimated future cash flows are identical to those used for the viability statement. They have been extended by a further four years before applying a perpetuity using an estimated long-term growth rate. When estimating value in use, the Group does not include estimated future cash flows that are expected to arise from improving or enhancing the asset\u2019s performance. The use of a pre-perpetuity projections period of more than five years is an accounting judgement. The reasons why the Group considers that a seven-year period is appropriate and why it considers that the Group meets the reliability requirements of IAS 36, are set out at Note 4 to the Company Financial Statements on page 185. The Group has considered the potential impact of climate change on estimated future cash flows, including the primary climate risks discussed in the TCFD report on pages 32 to 47. These risks are not considered to have a material impact on estimated future cash flows and therefore have not been modelled as part of the Group\u2019s forecasts. Any revenue upsides from climate opportunities are not expected to be significant and have also not been modelled. The Group does not operate in an energy-intensive industry and any cash outflows needed to factor in any incremental costs, other operational disruption that could impact operating margin or reduced trade, are not expected to be material. The Group has identified the following key assumptions as having the most significant impact on the VIU calculation: Greetz CGU Experiences CGU 2023 2022 2023 2022 Pre-tax discount rate (%)1 12.2% 9.6% 13.5% \u2013 Revenue growth rate (%)2 12.4% 13.3% 10.5% \u2013 Pre-perpetuity period (years) 7 8 7 \u2013 1 The discount rate is a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the cash generating units. The pre-tax discount rates used to calculate value in use are derived from the Group\u2019s post-tax weighted average cost of capital. 2 The compound annual growth rate (\u201cCAGR\u201d) represents the average yearly growth rate over the pre-perpetuity period. The Group has performed sensitivity analysis to assess the impact of a change in each key assumption in the VIU. The relevant scenario, in relation to a revenue decrease, is consistent with the more severe downside scenario (Plausible Scenario 2) prepared in connection with the viability statement on pages 72 and 73. For the goodwill allocated to the Experiences and Greetz CGUs the Group modelled the impact of a 1%pts increase in the discount rate, a 15% decrease in the forecasted revenue and a reduction in the pre-perpetuity period from seven to six years. The Group also modelled a scenario in which all three of these changes arise concurrently. The results of this sensitivity analysis are summarised below: Greetz CGU Experiences CGU 2023 \u00a3m 2023 \u00a3m Original headroom 193.6 89.7 Headroom using a discount rate increased by 1%pts 167.7 64.1 Headroom using a 15% decrease in forecasted revenue 123.1 2.7 Headroom using a pre-perpetuity period reduced by one year 180.1 7 7.3 Headroom combining all three sensitivity scenarios detailed above 97.7 (21.2) For goodwill allocated to the Greetz CGU, the headroom over carrying amount is more than adequate and there is no plausible change in key assumptions including those relating to future sales performance that would lead to an impairment. For goodwill allocated to the Experiences CGU, further modelling was undertaken to assess the point at which headroom would be reduced to \u00a3nil for each of the individual sensitivities. For the carrying amount and recoverable amount to be equal, the pre- tax discount rate would need to increase by 5.4%pts from 13.5% to 18.9%, the forecasted revenue would need to decrease by 16% (assuming no action was taken to reduce indirect costs from the forecasted level) and the pre-perpetuity period would need to reduce from seven to one year (each sensitivity applied individually). No impairment to the carrying amount of Experiences goodwill has been recorded in the current period, reflecting the fact that it remains lower than the recoverable amount. However, in view of the outcome of the sensitivity analysis, the Directors have identified the compound annual revenue growth rate as a matter of major source of estimation uncertainty. Other finite-life intangible assets At each reporting year date, the Group reviews the carrying amounts of other finite-life intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-349": {
"value": "12 Property, plant and equipment Freehold property \u00a3000 Plant and machinery \u00a3000 Fixtures and fittings \u00a3000 Leasehold improvements \u00a3000 Computer equipment \u00a3000 Right-of- use assets plant and machinery \u00a3000 Right-of-use assets land and buildings \u00a3000 Total \u00a3000 Cost 1 May 2021 3,999 6,758 1,245 4,132 2,415 1,292 12,240 32,081 Additions \u2013 803 94 11 536 \u2013 6,571 8,015 Disposals (92) (812) (74) (420) (526) \u2013 \u2013 ( 1,924) Foreign exchange \u2013 (75) (1) (15) (32) (39) (67) (229) 30 April 2022 3,907 6,674 1,264 3,708 2,393 1,253 18,744 37,943 Accumulated depreciation and impairment 1 May 2021 1,931 3,907 759 1,673 1,504 784 3,522 14,080 Depreciation charge 158 1,030 291 399 502 251 2,029 4,660 Disposals (36) (802) (73) (420) (488) 43 \u2013 (1,776) Foreign exchange \u2013 (35) (1) (14) (15) (116) (81) (262) 30 April 2022 2,053 4,100 976 1,638 1,503 962 5,470 16,702 Net book value 30 April 2022 1,854 2,574 288 2,070 890 291 13,274 21,241 Freehold property \u00a3000 Plant and machinery \u00a3000 Fixtures and fittings \u00a3000 Leasehold improvements \u00a3000 Computer equipment \u00a3000 Right-of- use assets plant and machinery \u00a3000 Right-of-use assets land and buildings \u00a3000 Total \u00a3000 Cost 1 May 2022 3,907 6,674 1,264 3,708 2,393 1,253 18,744 37,943 Additions \u2013 2,146 268 6,679 587 880 5,552 16,112 Acquired additions \u2013 \u2013 2,875 \u2013 564 371 933 4,743 Disposals (2) (331) (1,867) (149) (961) (1,196) (2,063) (6,569) Transfers \u2013 (1,701) 1,619 207 (125) \u2013 \u2013 \u2013 Foreign exchange \u2013 74 23 37 49 47 208 438 30 April 2023 3,905 6,862 4,182 10,482 2,507 1,355 23,374 52,667 Accumulated depreciation and impairment 1 May 2022 2,053 4,100 976 1,638 1,503 962 5,470 16,702 Depreciation charge 156 979 768 808 631 391 3,208 6,941 Acquired accumulated depreciation \u2013 \u2013 2,182 \u2013 421 \u2013 \u2013 2,603 Disposals (2) (331) (1,867) (149) (941) (1,211) (2,020) (6,521) Transfers \u2013 (821) 814 7 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 428 428 Foreign exchange \u2013 31 13 6 28 45 80 203 30 April 2023 2,207 3,958 2,886 2,310 1,642 187 7,16 6 20,356 Net book value 30 April 2023 1,698 2,904 1,296 8,172 865 1,168 16,208 32,311 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-317": {
"value": "12 Property, plant and equipment Freehold property \u00a3000 Plant and machinery \u00a3000 Fixtures and fittings \u00a3000 Leasehold improvements \u00a3000 Computer equipment \u00a3000 Right-of- use assets plant and machinery \u00a3000 Right-of-use assets land and buildings \u00a3000 Total \u00a3000 Cost 1 May 2021 3,999 6,758 1,245 4,132 2,415 1,292 12,240 32,081 Additions \u2013 803 94 11 536 \u2013 6,571 8,015 Disposals (92) (812) (74) (420) (526) \u2013 \u2013 ( 1,924) Foreign exchange \u2013 (75) (1) (15) (32) (39) (67) (229) 30 April 2022 3,907 6,674 1,264 3,708 2,393 1,253 18,744 37,943 Accumulated depreciation and impairment 1 May 2021 1,931 3,907 759 1,673 1,504 784 3,522 14,080 Depreciation charge 158 1,030 291 399 502 251 2,029 4,660 Disposals (36) (802) (73) (420) (488) 43 \u2013 (1,776) Foreign exchange \u2013 (35) (1) (14) (15) (116) (81) (262) 30 April 2022 2,053 4,100 976 1,638 1,503 962 5,470 16,702 Net book value 30 April 2022 1,854 2,574 288 2,070 890 291 13,274 21,241 Freehold property \u00a3000 Plant and machinery \u00a3000 Fixtures and fittings \u00a3000 Leasehold improvements \u00a3000 Computer equipment \u00a3000 Right-of- use assets plant and machinery \u00a3000 Right-of-use assets land and buildings \u00a3000 Total \u00a3000 Cost 1 May 2022 3,907 6,674 1,264 3,708 2,393 1,253 18,744 37,943 Additions \u2013 2,146 268 6,679 587 880 5,552 16,112 Acquired additions \u2013 \u2013 2,875 \u2013 564 371 933 4,743 Disposals (2) (331) (1,867) (149) (961) (1,196) (2,063) (6,569) Transfers \u2013 (1,701) 1,619 207 (125) \u2013 \u2013 \u2013 Foreign exchange \u2013 74 23 37 49 47 208 438 30 April 2023 3,905 6,862 4,182 10,482 2,507 1,355 23,374 52,667 Accumulated depreciation and impairment 1 May 2022 2,053 4,100 976 1,638 1,503 962 5,470 16,702 Depreciation charge 156 979 768 808 631 391 3,208 6,941 Acquired accumulated depreciation \u2013 \u2013 2,182 \u2013 421 \u2013 \u2013 2,603 Disposals (2) (331) (1,867) (149) (941) (1,211) (2,020) (6,521) Transfers \u2013 (821) 814 7 \u2013 \u2013 \u2013 \u2013 Impairment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 428 428 Foreign exchange \u2013 31 13 6 28 45 80 203 30 April 2023 2,207 3,958 2,886 2,310 1,642 187 7,16 6 20,356 Net book value 30 April 2023 1,698 2,904 1,296 8,172 865 1,168 16,208 32,311 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-318": {
"value": "13 Inventories 2023 \u00a3000 2022 \u00a3000 Raw materials and consumables 2,128 2,109 Finished goods 13,425 9,987 Total inventory 15,553 12,096 Less: Provision for write off of: Raw materials and consumables (153) (194) Finished goods (3,067) (1,785) Net inventory 12,333 10,117 The cost of inventories recognised as an expense and included in cost of sales during the year amounted to \u00a345,855,000 (2022: \u00a351,313,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-319": {
"value": "14 Trade and other receivables 2023 \u00a3000 2022 \u00a3000 Current: Trade receivables 1,901 138 Less: provisions (470) \u2013 Trade receivables \u2013 net 1,431 138 Other receivables 2,117 1,944 Other receivables with entities formerly under common control 151 458 Prepayments 2,632 1,752 Total current trade and other receivables 6,331 4,292 The movements in provisions are as follows: 2023 \u00a3000 2022 \u00a3000 At 1 May \u2013 (17) Acquired (310) \u2013 Charge for the year (160) \u2013 Utilised \u2013 \u2013 Released \u2013 17 At 30 April (470) \u2013 Trade and other receivables are predominantly denominated in the functional currencies of subsidiary undertakings. There is no material difference between the above amounts for trade and other receivables (including loan receivables) and their fair value due to their contractual maturity of less than 12 months. Other receivables with entities formerly under common control relate to costs in connection with leased property. As permitted by IFRS 9, the Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics such as ageing of the debt and the credit risk of the customers. A historical credit loss rate is then calculated and then adjusted to reflect expectations about future credit losses. A customer balance is written off when it is considered that there is no reasonable expectation that the amount will be collected and legal enforcement activities have ceased. The Group\u2019s credit risk on trade and other receivables is primarily attributable to trade receivables. There are no significant concentrations of credit risk since the risk is spread over a large number of unrelated counterparties. The Group\u2019s businesses implement policies, procedures and controls to manage customer credit risk. Outstanding balances are regularly monitored and reviewed to identify any change in risk profile. The Group considers its credit risk to be low with Group revenues derived from electronic payment processes (including credit card, debit card, PayPal, iDeal and Single Euro Payments Area) executed over the internet, with the majority of receipts reaching the bank accounts in one to two days. At 30 April 2023, the Group had net trade receivables of \u00a31,431,000 (2022: \u00a3138,000). Trade receivables are reviewed regularly for any risk of impairment and provisions are booked where necessary. The maximum exposure to credit risk is the trade receivable balance at the year-end. The Group has assessed its exposure below: Trade receivables ageing 2023 \u00a3000 2022 \u00a3000 Up to 30 days 973 74 Past due but not impaired: 30 to 90 days 250 55 More than 90 days 678 9 Gross 1,901 138 Less: provisions (all relating to balances more than 90 days) (470) \u2013 Net trade receivables 1,431 138 2023 \u00a3000 2022 \u00a3000 Non-current other receivables: Other receivables 2,153 1,928 Total non-current trade and other receivables 2,153 1,928 Non-current other receivables relate to security deposits in connection with leased property. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-320": {
"value": "15 Cash and cash equivalents 2023 \u00a3000 2022 \u00a3000 Cash and bank balances 19,597 100,242 Cash equivalents 2,797 1,435 Total cash and cash equivalents 22,394 101,677 The carrying amount of cash and cash equivalents approximates their fair value. Cash equivalents relate to cash in transit from various payment processing intermediaries that provide receipting services to the Group. Cash and cash equivalents are denominated in Pound Sterling or other currencies as shown below. 2023 \u00a3000 2022 \u00a3000 Pound Sterling 16,467 9 7,394 Euro 4,989 3,687 Australian Dollar 841 546 US Dollar 97 50 Total cash and cash equivalents 22,394 101,677 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-321": {
"value": "16 Trade and other payables 2023 \u00a3000 2022 \u00a3000 Current Trade payables 26,726 19,402 Other payables 4,569 \u2013 Other taxation and social security 6,756 4,370 Accruals 16,272 19,530 Merchant accrual 55,796 \u2013 Total current trade and other payables 110,119 43,302 Trade and other payables are predominantly denominated in the functional currencies of subsidiary undertakings. The increase in other payables relates to the vested tranche of the cash component of the Pre-IPO awards that will be paid out within one year. Refer to Note 20 for further details. There is no material difference between the above amounts for trade and other payables and their fair value due to materially all of the trade and other payables having a contractual maturity of less than 12 months. 2023 \u00a3000 2022 \u00a3000 Non-current Other payables 3,168 4,207 Other taxation and social security 1,052 1,338 Accruals \u2013 129 Other payables with entities formerly under common control 638 638 Total non-current trade and other payables 4,858 6,312 Non-current other payables predominantly relate to the cash component of the Pre-IPO awards, refer to Note 20 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-350": {
"value": "17 Provisions for other liabilities and charges Other provisions \u00a3000 Dilapidations provisions \u00a3000 Total \u00a3000 At 1 May 2021 1,697 816 2,513 Charged in the year 235 693 928 Release of provisions in the year (64) \u2013 (64) Foreign exchange (31) \u2013 (31) At 30 April 2022 1,837 1,509 3,346 Analysed as: Current 1,837 \u2013 1,837 Non-current \u2013 1,509 1,509 Other provisions \u00a3000 Dilapidations provisions \u00a3000 Total \u00a3000 At 1 May 2022 1,837 1,509 3,346 Acquired 494 317 811 Charged in the year 1,093 724 1,817 Utilisation (938) \u2013 (938) Release of provisions in the year (1,051) \u2013 (1,051) Foreign exchange 26 19 45 At 30 April 2023 1,461 2,569 4,030 Analysed as: Current 1,240 377 1,617 Non-current 221 2,192 2,413 Current provisions Other provisions primarily relate to royalty provisions, a refund provision and a sabbatical provision. The above provisions are due to be settled within the year. During the year the dilapidations provision for the former head office of the Experiences segment was moved to current as it is due to be settled in 2023. Non-current provisions Dilapidations provisions relate to the Herbal House head office, Almere facility in the Netherlands and the Tamworth facility in the UK, and are non-current due to their settlement date. The earliest current lease end date of these three locations is 2027. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-322": {
"value": "17 Provisions for other liabilities and charges Other provisions \u00a3000 Dilapidations provisions \u00a3000 Total \u00a3000 At 1 May 2021 1,697 816 2,513 Charged in the year 235 693 928 Release of provisions in the year (64) \u2013 (64) Foreign exchange (31) \u2013 (31) At 30 April 2022 1,837 1,509 3,346 Analysed as: Current 1,837 \u2013 1,837 Non-current \u2013 1,509 1,509 Other provisions \u00a3000 Dilapidations provisions \u00a3000 Total \u00a3000 At 1 May 2022 1,837 1,509 3,346 Acquired 494 317 811 Charged in the year 1,093 724 1,817 Utilisation (938) \u2013 (938) Release of provisions in the year (1,051) \u2013 (1,051) Foreign exchange 26 19 45 At 30 April 2023 1,461 2,569 4,030 Analysed as: Current 1,240 377 1,617 Non-current 221 2,192 2,413 Current provisions Other provisions primarily relate to royalty provisions, a refund provision and a sabbatical provision. The above provisions are due to be settled within the year. During the year the dilapidations provision for the former head office of the Experiences segment was moved to current as it is due to be settled in 2023. Non-current provisions Dilapidations provisions relate to the Herbal House head office, Almere facility in the Netherlands and the Tamworth facility in the UK, and are non-current due to their settlement date. The earliest current lease end date of these three locations is 2027. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-323": {
"value": "18 Contract liabilities In all material respects, current deferred revenue at 1 May 2021 and 1 May 2022 was recognised as revenue during the respective subsequent year. Other than business-as-usual movements there were no significant changes in contract liability balances during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-324": {
"value": "19 Borrowings 2023 \u00a3000 2022 \u00a3000 Current Lease liabilities 3,443 2,151 Borrowings 27 213 Non-current Lease liabilities 16,082 13,169 Borrowings 170,493 169,950 Total borrowings and lease liabilities 190,045 185,483 The Group\u2019s sources of borrowing for liquidity purposes include the Senior Facilities Agreement, which was executed on 7 January 2021 and amended on 22 June 2022. This facility comprises a Term Loan of \u00a3175,000,000, the Original RCF of \u00a320,000,000 and the Additional RCF of \u00a360,000,000, provided by a syndicate of banks. All facilities provided under the Senior Facilities Agreement are committed until 8 December 2025. Lease liabilities arising are also reported in borrowings. As at 30 April 2023 both the Original RCF and the Additional RCF remain undrawn. Interest on all amounts drawn under the Senior Facilities Agreement (referred to as \u201csenior debt\u201d) is calculated at a floating reference rate plus a margin. Prior to December 8, 2021, the reference rate was LIBOR, and since that date, it has been SONIA. On 1 August, the Group executed two interest rate derivative agreements, with the intention of hedging its exposure to increases in SONIA for broadly three quarters of its current expected future senior net debt (net of cash) for the period until November 2024. The agreements comprise an interest rate swap at a rate of 2.4725% with a floor strike rate of 0% on \u00a390m notional until 1 December 2022 and \u00a355m notional until the term expires on 30 Novemb er 2023 and an interest rate cap with a cap strike rate of 3.0000% on \u00a370m notional until 30 November 2024. The Senior Facilities Agreement is subject to a Total Net Debt to last twelve months\u2019 Adjusted EBITDA (stated pro forma to include a full year\u2019s profit from acquired businesses) covenant of 4.00x at 30 April 2023 and 3.50x thereafter, tested semi-annually, with Total Net Debt and Adjusted EBITDA as defined in the Senior Facilities Agreement. Borrowings are repayable as follows: 2023 \u00a3000 2022 \u00a3000 Within one year 27 213 Within one and two years \u2013 \u2013 Within two and three years 170,493 \u2013 Within three and four years1 \u2013 169,950 Within four and five years \u2013 \u2013 Beyond five years \u2013 \u2013 Total borrowings 170,520 170,163 1 Total borrowings include \u00a327,000 (2022: \u00a3213,000) in respect of accrued unpaid interest and are shown net of capitalised borrowing costs of \u00a34,507,000 (2022: \u00a35,050,000). The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes. Borrowings \u00a3000 Lease liabilities \u00a3000 Total \u00a3000 1 May 2021 169,071 12,032 181,103 Cash flow (6,451) (3,105) (9,556) Foreign exchange \u2013 (68) (68) Interest and other1 7,5 43 6,461 14,004 30 April 2022 170,163 15,320 185,483 Cash flow (12,144) (3,504) (15,648) Foreign exchange \u2013 98 98 Interest and other1 12,501 7,611 20,112 30 April 2023 170,520 19,525 190,045 1 Interest and other within borrowings comprises amortisation of capitalised borrowing costs and the interest expense in the year. Interest and other within lease liabilities comprises interest on leases as disclosed in Note 6 as well as the lease liability addition in relation to the new Netherlands facility and office and the lease liability recognised on acquisition of the Experiences segment. ",
"dimensions": {
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"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-325": {
"value": "20 Share-based payments Legacy schemes Prior to Admission to the London Stock Exchange during the year ended 30 April 2021, share and cash-based incentives were awarded by the Former Parent Undertaking in relation to legacy compensation agreements for certain employees, senior management and Directors. Such shares have been converted into separate shares in Moonpig Group plc and other companies formerly under common control. These were accounted for in accordance with IFRS 2 and disclosed in the Prospectus, which can be found at www.moonpig.group/investors. The awards included 3,075,329 shares in Moonpig Group plc that did not vest at the date of Admission, and which vested on the 7 January 2023. In respect of these shares, there were non-cash charges of \u00a33,260,000 in FY22 and \u00a32,251,000 in FY23. National Insurance is not included on these schemes as they operated at an unrestricted tax market value. Pre-IPO awards Awards were granted on 27 January 2021 and comprise two equal tranches, with the first tranche vesting on 30 April 2023 and the second tranche on 30 April 2024. The share awards vesting is subject to the achievement of revenue and Adjusted EBITDA performance conditions and participants to remain employed by the Company over the vesting period. Given the constituents of the scheme, no attrition assumption has been applied. New share awards were granted under the existing scheme in May, September, October and December 2022 and January, February and April 2023, they will all vest on 30 April 2024. The performance period for the pre-IPO awards ended on 30 April 2023, with vesting subject to revenue (50% weighting) and Adjusted EBITDA (50% weighting). For both of these financial performance conditions, the maximum target was met and would have been met even excluding the revenue and profits of the acquired Experiences segment. The awards will be payable half in cash and half in shares (based on the share price at Admission) in two tranches. The first tranche vested on 30 April 2023 and will be paid in July 2023, with the second tranche vesting on 30 April 2024 and payable immediately thereafter. The below tables give the assumptions applied to the options granted in the year and the shares outstanding: February 2023 January 2023 December 2022 October 2022 September 2022 May 2022 Valuation model Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes Weighted average share price (pence) 114.20 117.20 109.00 127.00 189.80 236.20 Exercise price (pence) 0 0 0 0 0 0 Expected dividend yield 0% 0% 0% 0% 0% 0% Risk-free interest rate 3.94% 3.74% 3.56% 3.30% 3.10% 1.52% Volatility 36.58% 35.86% 35.12% 33.97% 32.86% 34.64% Expected term (years) 1.19 1.27 1.36 1.51 1.65 1.95 Weighted average fair value (pence) 114.20 117.20 109.00 127.00 189.80 236.20 Attrition 0% 0% 0% 0% 0% 0% Weighted average remaining contractual life (years) 1.00 1.00 1.00 1.00 1.00 1.00 Pre-IPO awards continued Pre-IPO awards Number of shares Weighted average exercise price (\u00a3) Outstanding at the beginning of the year 2,546,859 \u2013 Granted 295,357 \u2013 Exercised \u2013 \u2013 Forfeited (225,500) \u2013 Outstanding at the end of the year 2,616,716 \u2013 Exercisable at the end of the year 1,165,753 \u2013 Long-Term Incentive Plan (\u201cLTIP\u201d) Awards were granted on 1 February 2021 and will vest on 30 June 2024. Half of the share awards vesting is subject to a relative Total Shareholder Return (\u201cTSR\u201d) performance condition measured against the constituents of the FTSE 250 Index (excluding Investment Trusts). The other half of the share awards vesting is subject to the achievement of an Adjusted Basic Pre-Tax EPS performance condition (calculated as Adjusted Profit Before Taxation, divided by the undiluted weighted average number of ordinary shares outstanding during the year). Participants are also required to remain employed by the Company over the vesting period, with Executive Directors to 30 April 2026. Given the constituents of the scheme, no attrition assumption has been applied. On 5 July 2022 and 25 October 2022 new awards were granted under the existing scheme and will vest on 5 July and 25 October 2025 respectively. Consistent with the existing scheme, participants are required to remain employed by the Company over the vesting period, with the Executive Directors to 5 July 2027. The below tables give the assumptions applied to the options granted in the year and the shares outstanding:October 2022 July 2022 Valuation model Stochastic and Black-Scholes Stochastic, Black- Scholes and Chaffe Weighted average share price (pence) 127.00 211.20 Exercise price (pence) 0 0 Expected dividend yield 0% 0% Risk-free interest rate 3.43% 1.64%/1.76% Volatility 34.84% 35.10%/34.38% Expected term (years) 3.00 3.00/2.00 Weighted average fair value (pence) 127.0/62.3 211.2/131.7 Attrition 0% 0% Weighted average remaining contractual life (years) 2.49 2.30/1.30 LTIP awards Number of shares Weighted average exercise price (\u00a3) Outstanding at the beginning of the year 871,275 \u2013 Granted 2,296,209 \u2013 Exercised \u2013 \u2013 Forfeited (102,486) \u2013 Outstanding at the end of the year 3,064,998 \u2013 Exercisable at the end of the year \u2013 \u2013 Share Incentive Plan (\u201cSIP\u201d) The SIP was used to grant share awards to all eligible employees at Admission based on their length of service. No costs were incurred by employees to acquire the shares. The share awards were granted on 1 February 2021. The free share awards granted to UK-based staff are subject to a minimum three-year holding period. The awards made to employees in Guernsey and the Netherlands are not subject to a holding period. Deferred Share Bonus Plan (\u201cDSBP\u201d) The Group has bonus arrangements in place for Executive Directors and certain key management personnel within the Group whereby a proportion of the annual bonus is subject to deferral over a period of three years with vesting subject to continued service only. On 6 August 2021, 92,970 shares were granted in relation to the deferred element of the FY21 bonus. These shares will vest on 6 August 2024. On 5 July 2022, 299,319 shares were granted in relation to the deferred element of the FY22 bonus. These shares will vest on 5 July 2025. The outstanding number of shares at the end of the year is 392,289 (2022: 92,970). July 2022 Valuation model Black-Scholes Weighted average share price (pence) 211.20 Exercise price (pence) 0 Expected dividend yield 0% Risk-free interest rate 1.64% Volatility 35.10% Expected term (years) 3.00 Weighted average fair value (pence) 211.20 Attrition 0% Weighted average remaining contractual life (years) 2.30 DSBP Number of shares Weighted average exercise price (\u00a3) Outstanding at the beginning of the year 92,970 \u2013 Granted 299,319 \u2013 Exercised \u2013 \u2013 Forfeited \u2013 \u2013 Outstanding at the end of the year 392,289 \u2013 Exercisable at the end of the year \u2013 \u2013 Save As You Earn (\u201cSAYE\u201d) The Group entered a SAYE Scheme for all eligible employees under which employees are granted an option to purchase ordinary shares in the Company at an option price set at a 20% discount to the average market price over the three days before the invitation date, in three years\u2019 time, dependent on their entering into a contract to make monthly contributions into a savings account over the relevant period. The FY22 awards were granted on 3 September 2021 and will vest on 1 October 2024, with a six-month exercise period following vesting. The awards are subject only to service conditions with the requirement for the recipients of awards to remain in employment with the Company over the vesting period. FY23 awards were granted on 8 September 2022 and will vest on 1 October 2025, they are subject to the same conditions as the FY22 grant. The below tables give the assumptions applied to the options granted in the year and the shares outstanding: SAYE Valuation model Black-Scholes Weighted average share price (pence) 194.90 Exercise price (pence) 162.00 Expected dividend yield 0% Risk-free interest rate 2.93% Volatility 34.47% Expected term (years) 3.25 Weighted average fair value (pence) 59.11 Attrition 15% Weighted average remaining contractual life (years) 2.40 SAYE Number of shares Weighted average exercise price (\u00a3) Outstanding at the beginning of the year 318,021 \u2013 Granted 692,957 \u2013 Exercised \u2013 \u2013 Cancelled (209,399) Forfeited ( 17,760) \u2013 Outstanding at the end of the year 783,819 \u2013 Exercisable at the end of the year \u2013 \u2013 The fair value of awards under the Pre-IPO and DSBP awards are equal to the share price on the date of award as there is no price to be paid and employees are entitled to dividend equivalents. For awards with a market condition, volatility is calculated over the period commensurate with the remainder of the performance period immediately prior to the date of grant. For all other conditions, volatility is calculated over the period commensurate with the expected term. As the Company had only recently listed, a proxy volatility equal to the median volatility of the FTSE 250 (excluding Investment Trusts) over the respective periods has been used. Consideration has also been made to the trend of volatility to return to its mean, by disregarding extraordinary periods of volatility. Share-based payments expenses recognised in the income statement: 2023 \u00a3000 2022 \u00a3000 Legacy schemes 2,251 3,260 Pre-IPO awards 3,168 3,778 LTIP 1,876 822 SAYE 351 79 DSBP 273 369 Share-based payments expense1 7,9 19 8,308 1 The \u00a37,919,000 (FY22: \u00a38,308,000) stated above is presented inclusive of employer\u2019s national insurance contributions of \u00a3649,000 (FY22: \u00a3607,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-326": {
"value": "21 Share capital and reserves The Group considers its capital to comprise its ordinary share capital, share premium, merger reserve, retained earnings, share-based payments reserve and foreign exchange translation reserve. Quantitative detail is shown in the consolidated statement of changes in equity. The Directors\u2019 objective when managing capital is to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for the shareholder and benefits for other stakeholders. Called-up share capital Ordinary share capital represents the number of shares in issue at their nominal value. Ordinary shares in the Company are issued, allotted and fully paid up. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. The shareholding as at 30 April 2023 is: 2023 Number of shares 2023 \u00a3000 2022 Number of shares 2022 \u00a3000 Allotted, called-up and fully paid ordinary shares of \u00a30.10 each 342,111,621 34,211 342,111,621 34,211 Share premium Share premium represents the amount over the par value which was received by the Company upon the sale of the ordinary shares. Upon the date of listing the par value of the shares was \u00a30.10 but the initial offering price was \u00a33.50. Share premium is stated net of direct costs of \u00a3736,000 (2022: \u00a3736,000) relating to the issue of the shares. Merger reserve The merger reserve arises from the Group reorganisation accounted for under common control. In the prior year \u00a37,560,000 was reclassified between the merger reserve and retained earnings (net of \u00a32,445,000 included within other creditors) in relation to Group relief settled with the Former Parent Undertaking in FY21. Other reserves Other reserves represent the share-based payment reserve, the foreign currency translation reserve and the hedging reserve. Share-based payment reserve The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have been recognised within the consolidated income statement. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash flow hedging instruments. Foreign currency translation reserve The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from the impact of the translation of subsidiaries with a functional currency other than Sterling. Share-based payment reserve \u00a3000 Foreign currency translation reserve \u00a3000 Hedging reserve \u00a3000 Total other reserves \u00a3000 At 1 May 2021 27, 24 0 (225) \u2013 27,015 Other comprehensive income \u2013 190 \u2013 190 Share-based payment charge (excluding National Insurance) 7,701 \u2013 \u2013 7,701 30 April 2022 34,941 (35) \u2013 34,906 Other comprehensive income: Foreign currency translation reserve reclassification \u2013 (735) \u2013 (735) Cash flow hedges: Fair value changes in the year \u2013 \u2013 1,891 1,891 Cost of hedging reserve \u2013 \u2013 126 126 Fair value movements on cash flow hedges transferred to profit and loss \u2013 \u2013 (136) (136) Exchange differences on translation of foreign operations \u2013 (158) \u2013 (158) Share-based payment charge (excluding National Insurance) 7, 2 70 \u2013 \u2013 7, 270 30 April 2023 42,211 (928) 1,881 43,164 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-351": {
"value": "Called-up share capital Ordinary share capital represents the number of shares in issue at their nominal value. Ordinary shares in the Company are issued, allotted and fully paid up. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. The shareholding as at 30 April 2023 is: 2023 Number of shares 2023 \u00a3000 2022 Number of shares 2022 \u00a3000 Allotted, called-up and fully paid ordinary shares of \u00a30.10 each 342,111,621 34,211 342,111,621 34,211 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-352": {
"value": "Share premium Share premium represents the amount over the par value which was received by the Company upon the sale of the ordinary shares. Upon the date of listing the par value of the shares was \u00a30.10 but the initial offering price was \u00a33.50. Share premium is stated net of direct costs of \u00a3736,000 (2022: \u00a3736,000) relating to the issue of the shares. Merger reserve The merger reserve arises from the Group reorganisation accounted for under common control. In the prior year \u00a37,560,000 was reclassified between the merger reserve and retained earnings (net of \u00a32,445,000 included within other creditors) in relation to Group relief settled with the Former Parent Undertaking in FY21. Other reserves Other reserves represent the share-based payment reserve, the foreign currency translation reserve and the hedging reserve. Share-based payment reserve The share-based payment reserve is built up of charges in relation to equity-settled share-based payment arrangements which have been recognised within the consolidated income statement. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred and the cumulative net change in the fair value of time value on the cash flow hedging instruments. Foreign currency translation reserve The foreign currency translation reserve represents the accumulated exchange differences arising since the acquisition of Greetz from the impact of the translation of subsidiaries with a functional currency other than Sterling. Share-based payment reserve \u00a3000 Foreign currency translation reserve \u00a3000 Hedging reserve \u00a3000 Total other reserves \u00a3000 At 1 May 2021 27, 24 0 (225) \u2013 27,015 Other comprehensive income \u2013 190 \u2013 190 Share-based payment charge (excluding National Insurance) 7,701 \u2013 \u2013 7,701 30 April 2022 34,941 (35) \u2013 34,906 Other comprehensive income: Foreign currency translation reserve reclassification \u2013 (735) \u2013 (735) Cash flow hedges: Fair value changes in the year \u2013 \u2013 1,891 1,891 Cost of hedging reserve \u2013 \u2013 126 126 Fair value movements on cash flow hedges transferred to profit and loss \u2013 \u2013 (136) (136) Exchange differences on translation of foreign operations \u2013 (158) \u2013 (158) Share-based payment charge (excluding National Insurance) 7, 2 70 \u2013 \u2013 7, 270 30 April 2023 42,211 (928) 1,881 43,164 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-327": {
"value": "22 Financial risk management The principal financial risks faced by the Group relate to capital risk, liquidity risk, credit risk, foreign currency risk and interest rate risk. Market risk Foreign currency risk The Group\u2019s exposure to the risk of changes in foreign currency relates primarily to its operating activities. Operating companies generally only trade in their own currency. The Group is therefore not subject to any significant foreign exchange transactional exposure within these subsidiaries. The Group transacts mainly in Sterling and Euros. The Group generates sufficient cash flows in each respective currency to service operating costs, therefore it does not see foreign currency risk as a significant risk. The Group\u2019s principal exposure to foreign currency lies in the translation of overseas profits into Sterling; this exposure is not hedged. Other currency exposures comprise those currency gains and losses recognised in the income statement, reflecting other monetary assets and liabilities that are not denominated in the functional currency of the entity involved. At 30 April 2023 and 30 April 2022, these exposures were not material to the Group. Interest rate risk The Group is exposed to interest rate risk arising from borrowings under the Senior Facilities Agreement, which incurs interest at a floating reference rate plus a margin. The reference rate was LIBOR until 8 December 2021, after which it was replaced by SONIA. On 1 August 2022, the Group executed two interest rate derivative agreements, with the intention of hedging its exposure to increases in SONIA for broadly three quarters of its current expected future senior net debt (net of cash) for the period until November 2024. For the remaining term, the agreements comprise an interest rate swap at a rate of 2.4725% with a floor strike rate of 0% on \u00a355m notional until 30 November 2023 and an interest rate cap with a cap strike rate of 3.0000% on \u00a370m notional until 30 November 2024. The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial instruments. The Group enters into hedge relationships where the critical terms of the hedging instrument and the hedged item match, therefore, for the prospective assessment of effectiveness a qualitative assessment is performed. Hedge effectiveness is determined at the origination of the hedging relationship. Quantitative effective tests are performed at each year end to determine the continuing effectiveness of the relationship. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the interest rate, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be, and has been, effective in offsetting changes in cash flows of the hedging item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 The effect of the counterparty and Group\u2019s own interest rate risk on the fair value of the cap and swap, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and \u2022 Changes in the timing of the hedged item. The derivative financial assets are all net settled; therefore, the maximum exposure to interest rate risk at the reporting date is the fair value of the derivative assets which are included in the Consolidated Balance Sheet: Derivative financial assets 2023 \u00a3000 2022 \u00a3000 Derivatives designated as hedging instruments Interest rate swaps \u2013 cash flow hedges 706 \u2013 Interest rate cap \u2013 cash flow hedges 1,762 \u2013 Total derivatives financial assets 2,468 \u2013 2023 \u00a3000 2022 \u00a3000 Current and non-current: Current 711 \u2013 Non-current 1,757 \u2013 Total derivatives financial assets 2,468 \u2013 a) Cash flow interest rate swap and cap The was no ineffective portion recognised in finance expense that arose from cash flow hedges during the year (2022: \u00a3nil). At 30 April 2023, the main floating rates were SONIA. Gains and losses recognised in the cash flow hedging reserve in equity on interest rate swap and cap contracts as at 30 April 2023 will be released to the consolidated statement of comprehensive income as the related interest expense is recognised. The effects of the cash flow interest rate swap and cap hedging relationships are as follows at 30 April: Interest rate swap Interest rate cap 2023 2022 2023 2022 Carrying amount of derivatives (\u00a3000) 706 \u2013 1,762 \u2013 Changes in fair value of the designated hedged item (\u00a3000) 842 \u2013 1,175 \u2013 Notional amount (\u00a3000) 55,000 \u2013 70,000 \u2013 Hedge ratio 1:1 \u2013 1:1 \u2013 Maturity date 30/11/2023 \u2013 30/11/2024 \u2013 Interest rate movements on deposits, lease liabilities, trade payables, trade receivables and other financial instruments do not present a material exposure to the Group\u2019s Balance Sheet. Market risk sensitivity analysis Financial instruments affected by market risks include borrowings and deposits. The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to changes in market variables, being Sterling interest rates, and Sterling/Euro exchange rates. The sensitivity analysis assumes reasonable movements in foreign exchange and interest rates before the effect of tax. The Group considers a reasonable interest rate movement in SONIA to be 3%, based on current interest rate projections. Similarly, sensitivity to movements in Sterling/Euro exchange rates of 10% are shown, reflecting changes of reasonable proportion in the context of movement in that currency pair over the last year. The following table shows the illustrative effect on profit before tax resulting from a 10% change in Sterling/Euro exchange rates: Income (losses)/gains 2023 \u00a3000 Equity (losses)/gains 2023 \u00a3000 Income (losses)/gains 2022 \u00a3000 Equity (losses)/gains 2022 \u00a3000 10% strengthening of Sterling versus the Euro (390) (814) (778) (662) 10% weakening of Sterling versus the Euro 477 995 951 809 The following table shows the illustrative effect on the consolidated income statement from a 3% change in market interest rates on the Group\u2019s interest expense. Refer to borrowings in Note 19. 2023 \u00a3000 2022 \u00a3000 3% increase in market interest rates (6,350) (5,250) 3% decrease in market interest rates 6,350 5,250 Credit risk Credit risk is the risk of financial loss to the Group if a customer or banking institution fails to meet its contractual obligations. The Group\u2019s credit risk primarily arises from trade and other receivables. The Group has a very low operational credit risk due to the transactions being principally of a high volume, low value and short maturity. The Group has no significant concentration of operational credit risk. The credit risk on liquid funds held with HSBC, JP Morgan, Citibank, Rabobank and Bank of Scotland is considered to be low. The long-term credit rating for HSBC is A1/A+ per Moody\u2019s/Standard & Poor\u2019s. The long-term credit rating for Rabobank is Aa2/A+ per Moody\u2019s/Standard & Poor\u2019s. The long-term credit rating for Bank of Scotland is A/A-1. The long-term credit rating for both JP Morgan and Citibank is Aa3/A+ per Moody\u2019s/Standard & Poor\u2019s. Further information on the credit risk management procedures applied to trade receivables is given in Note 14 and to cash and cash equivalents in Note 15. The carrying amounts of trade receivables and cash and cash equivalents shown in those notes represent the Group\u2019s maximum exposure to credit risk and there is no customer that accounts for more than 10% of the balance. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Cash flow forecasting is performed centrally with rolling forecasts of the Group\u2019s liquidity requirements regularly monitored to ensure it has sufficient cash to meet operational needs. The Group\u2019s revenue model results in a strong level of cash conversion allowing it to service working capital requirements. The Group\u2019s sources of borrowing for liquidity purposes include the Senior Facilities Agreement, which was executed on 7 January 2021 and amended on 22 June 2022. These facilities comprise a Term Loan of \u00a3175,000,000, the Original RCF of \u00a320,000,000 and the Additional RCF of \u00a360,000,000, provided by a syndicate of banks. All facilities provided under the Senior Facilities Agreement are committed until 8 December 2025. Lease liabilities are also reported in borrowings. The amounts in the consolidated balance sheet and related notes that are accounted for as financial instruments and their classification under IFRS 9, are as follows: Financial assets Note 2023 \u00a3000 2022 \u00a3000 Financial assets at amortised cost: Current assets Trade and other receivables1 14 3,699 2,540 Cash 15 22,394 101,677 Non-current assets Trade and other receivables 14 2,153 1,928 Financial assets at fair value: Current assets Financial derivatives 711 \u2013 Non-current assets Financial derivatives 1,757 \u2013 30,714 106,145 Financial liabilities Note 2023 \u00a3000 2022 \u00a3000 Financial liabilities at amortised cost: Current liabilities Trade and other payables2 16 103,363 38,932 Lease liabilities 19 3,443 2,151 Borrowings 19 27 213 Non-current liabilities Trade and other payables2 16 3,806 4,974 Lease liabilities 19 16,082 13,169 Borrowings 19 170,493 169,950 29 7, 2 14 229,389 1 Excluding prepayments. 2 Excluding other taxation and social security. The following tables provide an analysis of the anticipated contractual cash flows including interest payable for the Group\u2019s financial liabilities and derivative instruments on an undiscounted basis. Where interest payments are calculated at a floating rate, rates of each cash flow until maturity of the instruments are calculated based on the forward yield curve prevailing at the respective year ends. All derivative contracts are presented on a net basis: Contractual cash flows 2023 Due within 1 year \u00a3000 Due within 1 and 3 years \u00a3000 Due between 3 and 5 years \u00a3000 Due after 5 years \u00a3000 Total \u00a3000 Carrying amount at balance sheet date \u00a3000 Borrowings1 \u2013 175,000 \u2013 \u2013 175,000 170,493 Interest on borrowings 12,533 24,804 \u2013 \u2013 37,337 27 Lease capital repayments 3,444 6,212 4,946 4,923 19,525 19,525 Lease future interest payments 776 1,089 532 379 2,776 \u2013 Trade and other financial liabilities 2 103,363 3,806 \u2013 \u2013 10 7,169 10 7,169 Non-derivative financial liabilities 120,116 210,911 5,478 5,302 341,807 297, 214 Interest rate swap 723 \u2013 \u2013 \u2013 723 706 Interest rate cap 1,216 422 \u2013 \u2013 1,638 1,762 Derivative financial liabilities 1,939 422 \u2013 \u2013 2,361 2,468 Contractual cash flows 2022 Due within 1 year \u00a3000 Due within 1 and 3 years \u00a3000 Due between 3 and 5 years \u00a3000 Due after 5 years \u00a3000 Total \u00a3000 Carrying amount at balance sheet date \u00a3000 Borrowings1 \u2013 175,000 \u2013 \u2013 175,000 169,950 Interest on borrowings 8,937 23,433 \u2013 \u2013 32,371 213 Lease capital repayments 2,151 4,391 4,811 3,967 15,320 15,320 Lease future interest payments 863 1,396 798 582 3,639 \u2013 Trade and other financial liabilities 2 38,932 4,974 \u2013 \u2013 43,906 43,906 Non-derivative financial liabilities 50,883 209,194 5,609 4,549 270,236 229,389 Interest rate swap \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest rate cap \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Derivative financial liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1 For the purpose of these tables, borrowings are defined as gross borrowings excluding lease liabilities and fair value of derivative instruments. 2 Consists of trade and other payables that meet the definition of financial liabilities under IAS 32. There is no difference between the fair value and carrying amounts of the financial assets and liabilities except for borrowings as detailed below. Capital management The objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an efficient cost of capital structure. To maintain or adjust the capital structure in future periods, the Group may pay dividends, return capital through share buybacks, issue new shares or take other steps to increase share capital and reduce or increase debt facilities. As at 30 April 2023, the Group had gross borrowings of \u00a3175,000,000 through the Term Loan B. At time, during FY23, the Additional RCF of \u00a360,000,000 was drawn. The Group remains compliant with its banking covenants. Interest on senior facilities is based on a margin ratchet, which operates within a range of 3.00% to 3.75% for the Term Loan B and a range of 2.50% to 3.25% for the Additional RCF, dependent on the Group\u2019s latest six-monthly consolidated senior net leverage ratio: \u2022 At 30 April 2022, the ratio was below 2.00:1, therefore interest was payable in the first half of FY23 at SONIA plus a margin of 3.00% on the Term Loan B and a margin of 2.50% on the Additional RCF. \u2022 At 31 October 2022, the ratio was between 2.00:1 and 2.50:1, therefore interest was payable in the second half of FY23 at SONIA plus a margin of 3.25% for the Term Loan B and 2.75% for the Additional RCF. \u2022 At 30 April 2023, the ratio was below 2.00:1, therefore the margins payable on senior facilities in the first half of FY24 will revert to the rates prevailing in H1 FY23. Bank loans and loan notes The fair value of bank loans is determined using a discounted cash flow valuation technique calculated at a prevailing interest rate of 7.47%, which is an unobservable input, and therefore can be considered as a level 3 fair value as defined within IFRS 13: Note 2023 Book value \u00a3000 2023 Fair value \u00a3000 2022 Book value \u00a3000 2022 Fair value \u00a3000 Non-current borrowing \u2013 external bank loans 19 170,493 144,109 169,950 154,230 ",
"dimensions": {
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"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
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},
"fact-353": {
"value": "Market risk Foreign currency risk The Group\u2019s exposure to the risk of changes in foreign currency relates primarily to its operating activities. Operating companies generally only trade in their own currency. The Group is therefore not subject to any significant foreign exchange transactional exposure within these subsidiaries. The Group transacts mainly in Sterling and Euros. The Group generates sufficient cash flows in each respective currency to service operating costs, therefore it does not see foreign currency risk as a significant risk. The Group\u2019s principal exposure to foreign currency lies in the translation of overseas profits into Sterling; this exposure is not hedged. Other currency exposures comprise those currency gains and losses recognised in the income statement, reflecting other monetary assets and liabilities that are not denominated in the functional currency of the entity involved. At 30 April 2023 and 30 April 2022, these exposures were not material to the Group. Interest rate risk The Group is exposed to interest rate risk arising from borrowings under the Senior Facilities Agreement, which incurs interest at a floating reference rate plus a margin. The reference rate was LIBOR until 8 December 2021, after which it was replaced by SONIA. On 1 August 2022, the Group executed two interest rate derivative agreements, with the intention of hedging its exposure to increases in SONIA for broadly three quarters of its current expected future senior net debt (net of cash) for the period until November 2024. For the remaining term, the agreements comprise an interest rate swap at a rate of 2.4725% with a floor strike rate of 0% on \u00a355m notional until 30 November 2023 and an interest rate cap with a cap strike rate of 3.0000% on \u00a370m notional until 30 November 2024. The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial instruments. The Group enters into hedge relationships where the critical terms of the hedging instrument and the hedged item match, therefore, for the prospective assessment of effectiveness a qualitative assessment is performed. Hedge effectiveness is determined at the origination of the hedging relationship. Quantitative effective tests are performed at each year end to determine the continuing effectiveness of the relationship. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the interest rate, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be, and has been, effective in offsetting changes in cash flows of the hedging item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 The effect of the counterparty and Group\u2019s own interest rate risk on the fair value of the cap and swap, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and \u2022 Changes in the timing of the hedged item. The derivative financial assets are all net settled; therefore, the maximum exposure to interest rate risk at the reporting date is the fair value of the derivative assets which are included in the Consolidated Balance Sheet: Derivative financial assets 2023 \u00a3000 2022 \u00a3000 Derivatives designated as hedging instruments Interest rate swaps \u2013 cash flow hedges 706 \u2013 Interest rate cap \u2013 cash flow hedges 1,762 \u2013 Total derivatives financial assets 2,468 \u2013 2023 \u00a3000 2022 \u00a3000 Current and non-current: Current 711 \u2013 Non-current 1,757 \u2013 Total derivatives financial assets 2,468 \u2013 a) Cash flow interest rate swap and cap The was no ineffective portion recognised in finance expense that arose from cash flow hedges during the year (2022: \u00a3nil). At 30 April 2023, the main floating rates were SONIA. Gains and losses recognised in the cash flow hedging reserve in equity on interest rate swap and cap contracts as at 30 April 2023 will be released to the consolidated statement of comprehensive income as the related interest expense is recognised. The effects of the cash flow interest rate swap and cap hedging relationships are as follows at 30 April: Interest rate swap Interest rate cap 2023 2022 2023 2022 Carrying amount of derivatives (\u00a3000) 706 \u2013 1,762 \u2013 Changes in fair value of the designated hedged item (\u00a3000) 842 \u2013 1,175 \u2013 Notional amount (\u00a3000) 55,000 \u2013 70,000 \u2013 Hedge ratio 1:1 \u2013 1:1 \u2013 Maturity date 30/11/2023 \u2013 30/11/2024 \u2013 Interest rate movements on deposits, lease liabilities, trade payables, trade receivables and other financial instruments do not present a material exposure to the Group\u2019s Balance Sheet. Market risk sensitivity analysis Financial instruments affected by market risks include borrowings and deposits. The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to changes in market variables, being Sterling interest rates, and Sterling/Euro exchange rates. The sensitivity analysis assumes reasonable movements in foreign exchange and interest rates before the effect of tax. The Group considers a reasonable interest rate movement in SONIA to be 3%, based on current interest rate projections. Similarly, sensitivity to movements in Sterling/Euro exchange rates of 10% are shown, reflecting changes of reasonable proportion in the context of movement in that currency pair over the last year. The following table shows the illustrative effect on profit before tax resulting from a 10% change in Sterling/Euro exchange rates: Income (losses)/gains 2023 \u00a3000 Equity (losses)/gains 2023 \u00a3000 Income (losses)/gains 2022 \u00a3000 Equity (losses)/gains 2022 \u00a3000 10% strengthening of Sterling versus the Euro (390) (814) (778) (662) 10% weakening of Sterling versus the Euro 477 995 951 809 The following table shows the illustrative effect on the consolidated income statement from a 3% change in market interest rates on the Group\u2019s interest expense. Refer to borrowings in Note 19. 2023 \u00a3000 2022 \u00a3000 3% increase in market interest rates (6,350) (5,250) 3% decrease in market interest rates 6,350 5,250 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-354": {
"value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or banking institution fails to meet its contractual obligations. The Group\u2019s credit risk primarily arises from trade and other receivables. The Group has a very low operational credit risk due to the transactions being principally of a high volume, low value and short maturity. The Group has no significant concentration of operational credit risk. The credit risk on liquid funds held with HSBC, JP Morgan, Citibank, Rabobank and Bank of Scotland is considered to be low. The long-term credit rating for HSBC is A1/A+ per Moody\u2019s/Standard & Poor\u2019s. The long-term credit rating for Rabobank is Aa2/A+ per Moody\u2019s/Standard & Poor\u2019s. The long-term credit rating for Bank of Scotland is A/A-1. The long-term credit rating for both JP Morgan and Citibank is Aa3/A+ per Moody\u2019s/Standard & Poor\u2019s. Further information on the credit risk management procedures applied to trade receivables is given in Note 14 and to cash and cash equivalents in Note 15. The carrying amounts of trade receivables and cash and cash equivalents shown in those notes represent the Group\u2019s maximum exposure to credit risk and there is no customer that accounts for more than 10% of the balance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-355": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Cash flow forecasting is performed centrally with rolling forecasts of the Group\u2019s liquidity requirements regularly monitored to ensure it has sufficient cash to meet operational needs. The Group\u2019s revenue model results in a strong level of cash conversion allowing it to service working capital requirements. The Group\u2019s sources of borrowing for liquidity purposes include the Senior Facilities Agreement, which was executed on 7 January 2021 and amended on 22 June 2022. These facilities comprise a Term Loan of \u00a3175,000,000, the Original RCF of \u00a320,000,000 and the Additional RCF of \u00a360,000,000, provided by a syndicate of banks. All facilities provided under the Senior Facilities Agreement are committed until 8 December 2025. Lease liabilities are also reported in borrowings. The amounts in the consolidated balance sheet and related notes that are accounted for as financial instruments and their classification under IFRS 9, are as follows: Financial assets Note 2023 \u00a3000 2022 \u00a3000 Financial assets at amortised cost: Current assets Trade and other receivables1 14 3,699 2,540 Cash 15 22,394 101,677 Non-current assets Trade and other receivables 14 2,153 1,928 Financial assets at fair value: Current assets Financial derivatives 711 \u2013 Non-current assets Financial derivatives 1,757 \u2013 30,714 106,145 Financial liabilities Note 2023 \u00a3000 2022 \u00a3000 Financial liabilities at amortised cost: Current liabilities Trade and other payables2 16 103,363 38,932 Lease liabilities 19 3,443 2,151 Borrowings 19 27 213 Non-current liabilities Trade and other payables2 16 3,806 4,974 Lease liabilities 19 16,082 13,169 Borrowings 19 170,493 169,950 29 7, 2 14 229,389 1 Excluding prepayments. 2 Excluding other taxation and social security. The following tables provide an analysis of the anticipated contractual cash flows including interest payable for the Group\u2019s financial liabilities and derivative instruments on an undiscounted basis. Where interest payments are calculated at a floating rate, rates of each cash flow until maturity of the instruments are calculated based on the forward yield curve prevailing at the respective year ends. All derivative contracts are presented on a net basis: Contractual cash flows 2023 Due within 1 year \u00a3000 Due within 1 and 3 years \u00a3000 Due between 3 and 5 years \u00a3000 Due after 5 years \u00a3000 Total \u00a3000 Carrying amount at balance sheet date \u00a3000 Borrowings1 \u2013 175,000 \u2013 \u2013 175,000 170,493 Interest on borrowings 12,533 24,804 \u2013 \u2013 37,337 27 Lease capital repayments 3,444 6,212 4,946 4,923 19,525 19,525 Lease future interest payments 776 1,089 532 379 2,776 \u2013 Trade and other financial liabilities 2 103,363 3,806 \u2013 \u2013 10 7,169 10 7,169 Non-derivative financial liabilities 120,116 210,911 5,478 5,302 341,807 297, 214 Interest rate swap 723 \u2013 \u2013 \u2013 723 706 Interest rate cap 1,216 422 \u2013 \u2013 1,638 1,762 Derivative financial liabilities 1,939 422 \u2013 \u2013 2,361 2,468 Contractual cash flows 2022 Due within 1 year \u00a3000 Due within 1 and 3 years \u00a3000 Due between 3 and 5 years \u00a3000 Due after 5 years \u00a3000 Total \u00a3000 Carrying amount at balance sheet date \u00a3000 Borrowings1 \u2013 175,000 \u2013 \u2013 175,000 169,950 Interest on borrowings 8,937 23,433 \u2013 \u2013 32,371 213 Lease capital repayments 2,151 4,391 4,811 3,967 15,320 15,320 Lease future interest payments 863 1,396 798 582 3,639 \u2013 Trade and other financial liabilities 2 38,932 4,974 \u2013 \u2013 43,906 43,906 Non-derivative financial liabilities 50,883 209,194 5,609 4,549 270,236 229,389 Interest rate swap \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest rate cap \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Derivative financial liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1 For the purpose of these tables, borrowings are defined as gross borrowings excluding lease liabilities and fair value of derivative instruments. 2 Consists of trade and other payables that meet the definition of financial liabilities under IAS 32. There is no difference between the fair value and carrying amounts of the financial assets and liabilities except for borrowings as detailed below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
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"fact-356": {
"value": "Capital management The objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an efficient cost of capital structure. To maintain or adjust the capital structure in future periods, the Group may pay dividends, return capital through share buybacks, issue new shares or take other steps to increase share capital and reduce or increase debt facilities. As at 30 April 2023, the Group had gross borrowings of \u00a3175,000,000 through the Term Loan B. At time, during FY23, the Additional RCF of \u00a360,000,000 was drawn. The Group remains compliant with its banking covenants. Interest on senior facilities is based on a margin ratchet, which operates within a range of 3.00% to 3.75% for the Term Loan B and a range of 2.50% to 3.25% for the Additional RCF, dependent on the Group\u2019s latest six-monthly consolidated senior net leverage ratio: \u2022 At 30 April 2022, the ratio was below 2.00:1, therefore interest was payable in the first half of FY23 at SONIA plus a margin of 3.00% on the Term Loan B and a margin of 2.50% on the Additional RCF. \u2022 At 31 October 2022, the ratio was between 2.00:1 and 2.50:1, therefore interest was payable in the second half of FY23 at SONIA plus a margin of 3.25% for the Term Loan B and 2.75% for the Additional RCF. \u2022 At 30 April 2023, the ratio was below 2.00:1, therefore the margins payable on senior facilities in the first half of FY24 will revert to the rates prevailing in H1 FY23. Bank loans and loan notes The fair value of bank loans is determined using a discounted cash flow valuation technique calculated at a prevailing interest rate of 7.47%, which is an unobservable input, and therefore can be considered as a level 3 fair value as defined within IFRS 13: Note 2023 Book value \u00a3000 2023 Fair value \u00a3000 2022 Book value \u00a3000 2022 Fair value \u00a3000 Non-current borrowing \u2013 external bank loans 19 170,493 144,109 169,950 154,230 ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
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"fact-328": {
"value": "23 Commitments and contingencies a) Commitments The Group entered a financial commitment in respect of floristry supplies of \u00a359,000 (2022: \u00a3126,000) and rental commitments of \u00a312,000 (2022: \u00a372,000) which are due within one year. b) Contingencies Group companies have given a guarantee in respect of the external bank borrowings of the Group which amounted to \u00a3255,000,000 at 30 April 2023. This includes the Term Loan B of \u00a3175,000,000, the Original RCF of \u00a320,000,000 and the Additional RCF of \u00a360,000,000. Both the Original RCF and the Additional RCF are undrawn at 30 April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
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"fact-357": {
"value": "a) Commitments The Group entered a financial commitment in respect of floristry supplies of \u00a359,000 (2022: \u00a3126,000) and rental commitments of \u00a312,000 (2022: \u00a372,000) which are due within one year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-358": {
"value": "b) Contingencies Group companies have given a guarantee in respect of the external bank borrowings of the Group which amounted to \u00a3255,000,000 at 30 April 2023. This includes the Term Loan B of \u00a3175,000,000, the Original RCF of \u00a320,000,000 and the Additional RCF of \u00a360,000,000. Both the Original RCF and the Additional RCF are undrawn at 30 April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-329": {
"value": "24 Related party transactions Transactions with related parties The Group has earned other income from subletting space at its head office to an entity formerly under common control. 2023 \u00a3000 2022 \u00a3000 Other income from related parties formerly under common control 1,319 1,433 At the balance sheet date, the Group had the following balances with entities formerly under common control: 2023 \u00a3000 2022 \u00a3000 Trade and other receivables from other related parties formerly under common control 150 458 Trade and other payables with other related parties formerly under common control (638) (638) There is no expected credit loss provision recognised in relation to the above receivables as the probability of default and any corresponding expected credit loss are immaterial to the Group. Compensation of key management personnel of Moonpig Group plc The amounts disclosed in the table are the amounts recognised as an expense during the reporting year related to key management personnel. Key management personnel are defined as the Directors as they are the members of the Group with the authority and responsibility for planning, directing and controlling the activities of the Group. Further detail in respect of the Directors remuneration can be found within the Directors\u2019 Remuneration report on pages 104 to 124. 2023 \u00a3000 2022 \u00a3000 Short-term employee benefits 1,655 3,007 Post-employment pension and medical benefits 54 53 Share-based payment schemes 7,435 6,667 Total compensation relating to key management personnel 9,144 9,727 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
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"fact-359": {
"value": "Compensation of key management personnel of Moonpig Group plc The amounts disclosed in the table are the amounts recognised as an expense during the reporting year related to key management personnel. Key management personnel are defined as the Directors as they are the members of the Group with the authority and responsibility for planning, directing and controlling the activities of the Group. Further detail in respect of the Directors remuneration can be found within the Directors\u2019 Remuneration report on pages 104 to 124. 2023 \u00a3000 2022 \u00a3000 Short-term employee benefits 1,655 3,007 Post-employment pension and medical benefits 54 53 Share-based payment schemes 7,435 6,667 Total compensation relating to key management personnel 9,144 9,727 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-360": {
"value": "25 Related undertakings A full list of subsidiary undertakings as defined by IFRS as at 30 April 2023 is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held are in the form of ordinary shares or common stock. The effective percentage of equity shares held in subsidiary undertakings is 100% in all cases. Subsidiary undertakings Number Country of incorporation Principal activity Cards Holdco Limited 1 12170467 England and Wales Trading company, management services Moonpig.com Limited 1 03852652 England and Wales Trading company Titan Midco Limited 1 13014525 England and Wales Holding company Horizon Bidco B.V. 2 72238402 Netherlands Holding company Greetz B.V. 2 34312893 Netherlands Trading company Full Colour B.V. 2 34350020 Netherlands Trading company Experience More Limited 1 03883868 England and Wales Trading company 1 Registered office address is Herbal House, 10 Back Hill, London, EC1R 5EN, United Kingdom. 2 Registered office address is Herikerbergweg 1-35, 1101 CN Amsterdam, Noord-Holland. All subsidiaries have a year-end of 30 April. Titan Midco Limited is exempt from the Companies Act 2006 requirements relating to the audit of their individual financial statements by virtue of Section 479A of the Companies Act as this Company has guaranteed its subsidiary companies under Section 479C of the Companies Act. In accordance with article 408 of the Dutch Civil Code, Horizon Bidco B.V. issued a declaration of joint and several liability in respect of its consolidated participants. The declaration covered and resulted in the standalone Horizon Bidco B.V. entity being exempt from an audit. Additionally, Full Colour B.V. is exempt from an audit under the Dutch Civil Code by virtue of its size. Experience More Limited was acquired on 13 July 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-330": {
"value": "25 Related undertakings A full list of subsidiary undertakings as defined by IFRS as at 30 April 2023 is disclosed below. Titan Midco Limited is held directly by the Company and all other subsidiary undertakings are held indirectly. The equity shares held are in the form of ordinary shares or common stock. The effective percentage of equity shares held in subsidiary undertakings is 100% in all cases. Subsidiary undertakings Number Country of incorporation Principal activity Cards Holdco Limited 1 12170467 England and Wales Trading company, management services Moonpig.com Limited 1 03852652 England and Wales Trading company Titan Midco Limited 1 13014525 England and Wales Holding company Horizon Bidco B.V. 2 72238402 Netherlands Holding company Greetz B.V. 2 34312893 Netherlands Trading company Full Colour B.V. 2 34350020 Netherlands Trading company Experience More Limited 1 03883868 England and Wales Trading company 1 Registered office address is Herbal House, 10 Back Hill, London, EC1R 5EN, United Kingdom. 2 Registered office address is Herikerbergweg 1-35, 1101 CN Amsterdam, Noord-Holland. All subsidiaries have a year-end of 30 April. Titan Midco Limited is exempt from the Companies Act 2006 requirements relating to the audit of their individual financial statements by virtue of Section 479A of the Companies Act as this Company has guaranteed its subsidiary companies under Section 479C of the Companies Act. In accordance with article 408 of the Dutch Civil Code, Horizon Bidco B.V. issued a declaration of joint and several liability in respect of its consolidated participants. The declaration covered and resulted in the standalone Horizon Bidco B.V. entity being exempt from an audit. Additionally, Full Colour B.V. is exempt from an audit under the Dutch Civil Code by virtue of its size. Experience More Limited was acquired on 13 July 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-331": {
"value": "26 Events after the balance sheet date There were no adjusting or non-adjusting events after the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800VAYO5KCAXZHK83",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
}
}
}